KATHMANDU, July 30: The government has initiated the process of opening 57 more mountain peaks in Nepal for climbing.…
KATHMANDU, July 30: The government has initiated the process of opening 57 more mountain peaks in Nepal for climbing.…
Sukilumba Airport in Ilam has been closed for two months due to adverse weather…
MYAGDI, July 29: A new species of bird has been found in Mustang. Ornithologists Sanjay Shrestha and Shankar Tiwari found the new species of bird in Upper Mustang, according to the Nepal Ornithologists…
KATHMANDU, July 29: Nepal Rastra Bank (NRB) has reduced the limit of service charge during the disbursement of loans from microfinance institutions by revising its Unified Directives, 2079, for such…
BARDIYA, July 29: The number of Royal Bengal Tigers in Bardiya National Park has surged to around…
KATHMANDU, July 29: The Securities Board of Nepal (SEBON) has announced plans to extend the current lock-in period for founder shares of listed organizations.…
The Nepal Stock Exchange (NEPSE) experienced a decline of 20.46 points, or 0.76%, closing at 2,661.09 on Monday, the second trading day of the…
KATHMANDU, July 29: Nepal Rastra Bank (NRB) has announced to take the responsibility for the risk caused by exchange rate fluctuation when banks and financial institutions take loans in foreign currencies other than Indian currency.…
POKHARA, July 29: A school bus accident in Pokhara on Monday morning claimed the lives of two people while 28 others sustained…
The price of gold increased by Rs 400 per tola (11.66 grams) in the domestic market on…
BIRATNAGAR, July 29: After Indian and Bangladeshi companies expressed interest in resuming operations at Nepal's first industry, Biratnagar Jute Mill, the government is preparing to form a board of directors and hold a general assembly.…
KATHMANDU, July 29: Nepal imported Chinese goods worth Rs 65.22 billion via the Rasuwagadhi customs point in the last fiscal year.…
JHAPA, July 28: Nepal exported 99,801 metric tons of plywood and other wood products worth Rs 2.96 billion to India in FY 2023/24.…
Mechinagar Municipality collected internal revenue amounting to Rs 135,205,897 in the fiscal year 2080/81. This represents an increase of Rs 19,084,200 compared to the fiscal year…
KATHMANDU, July 28: Nepal has become the net-exporter of electricity, three years after entering in the energy trade with…
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', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU, July 30: The government has initiated the process of opening 57 more mountain peaks in Nepal for climbing. The Department of Tourism has submitted a proposal to the Ministry of Culture, Tourism, and Civil Aviation with a list of mountains to be opened for climbing.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Kali Bahadur Bhujel, spokesperson for the Department of Tourism, said that 57 new mountains will be opened for climbing after the ministry's approval. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"We tried to complete the process of opening the new mountains for climbing in the last fiscal year, FY 2023/24 but we were able to submit the proposal only in the beginning of the current fiscal year," Bhujel said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The government’s policies and programmes of the last fiscal year mentioned about opening new mountains for climbing. The department informed that the policy will be implemented this year. According to Bhujel, most of the rural municipalities have agreed to open the mountains.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Last June, the department asked those rural municipalities for their opinions on whether the mountains could be opened, considering religious, cultural, and geographical factors. According to the department, most of the new mountains to be opened this time are in Karnali Province. The department has proposed to open 20 mountains in Karnali Province alone.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, the department has propsed opening 17 mountains in Koshi Province and 16 mountains in Gandaki Province for climbing. So far, the department has opened 405 mountains for climbing.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The height of the proposed mountains and peaks ranges from a minimum of 5,000 meters to a maximum of 6,093 meters. Bhujel mentioned that many more mountains are yet to be opened for climbing and that the department will take initiative to open those mountains as well.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The department collected revenue of Rs 771.3 million in the last fiscal year, FY 2023/24, as royalties from the mountains currently open for climbing.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-30', 'modified' => '2024-07-30', 'keywords' => '', 'description' => '', 'sortorder' => '21407', 'image' => '20240730105250_DKL-Phuning.9.jpg', 'article_date' => '2024-07-30 10:52:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21680', 'article_category_id' => '1', 'title' => 'Sukilumba Airport Closed for Two Months', 'sub_title' => '', 'summary' => 'Sukilumba Airport in Ilam has been closed for two months due to adverse weather conditions.', 'content' => '<p><span style="font-size:20px">July 30: Sukilumba Airport in Ilam has been closed for two months due to adverse weather conditions.</span></p> <p><span style="font-size:20px">The last flight operated by Nepal Airlines was on the 13th of Jestha. On the 17th of Jestha, a flight from Kathmandu to Ilam had to return to Kathmandu because it could not land in Ilam due to poor weather conditions.</span></p> <p><span style="font-size:20px">Since then, all flights to and from Sukilumba Airport have been halted, according to Station In-Charge Dinesh Sundas. He stated that flights will not resume until the weather improves.</span></p> <p><span style="font-size:20px">Nepal Airlines had been operating flights on the Ilam-Kathmandu route since the 1st of Magh, 2079 BS, with two flights a week on Sundays and Thursdays. Before Nepal Airlines, Sita Airlines was providing flights on this route.</span></p> <p><span style="font-size:20px">Sukilumba Airport is located in Ilam Municipality-9. The suspension of flights has caused inconvenience for passengers, who now have to travel via Bhadrapur Airport in Jhapa.</span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-30', 'modified' => '2024-07-30', 'keywords' => '', 'description' => '', 'sortorder' => '21406', 'image' => '20240730060315_collage (81).jpg', 'article_date' => '2024-07-30 06:01:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '21679', 'article_category_id' => '1', 'title' => 'New Species of Bird Found in Mustang ', 'sub_title' => '', 'summary' => 'MYAGDI, July 29: A new species of bird has been found in Mustang. Ornithologists Sanjay Shrestha and Shankar Tiwari found the new species of bird in Upper Mustang, according to the Nepal Ornithologists Association. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">MYAGDI, July 29: A new species of bird has been found in Mustang. Ornithologists Sanjay Shrestha and Shankar Tiwari found the new species of bird in Upper Mustang, according to the Nepal Ornithologists Association. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Spotted Flycatcher bird was found for the first time in Nepal, said Dr Tulasi Subedi, Chair of Nepal Bird Records Committee through a statement on Monday. The scientific name of the bird is Muscicapa Striata and is locally called Taludharse Arjunak. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The picture of the bird taken by Shrestha and Tiwari at an altitude of 3,650 meters above the sea level was sent to the Nepal Bird Records Committee for confirmation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Based on the available evidence, detailed study and suggestions from national and international ornithologists, Taludharse Arjunak has been confirmed as a species and added to the records of birds found in Nepal, said Subedi. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This takes the number of bird species found in Nepal to 896. This bird is also found in Mongolia, in northern China and in Afghanistan and Pakistan. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21405', 'image' => '20240729090110_2213685375-Species-Spotted-Flycatcher-on-branch.jpg', 'article_date' => '2024-07-29 21:00:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21678', 'article_category_id' => '1', 'title' => 'NRB Reduces Service Charge Limit for Microfinance Institutions', 'sub_title' => 'The other amendments include changes to loan disbursement practices and guidelines for client protection and employee management', 'summary' => 'KATHMANDU, July 29: Nepal Rastra Bank (NRB) has reduced the limit of service charge during the disbursement of loans from microfinance institutions by revising its Unified Directives, 2079, for such institutions. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, July 29: </span></span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal Rastra Bank (NRB) has reduced the limit of service charge during the disbursement of loans from microfinance institutions by revising its Unified Directives, 2079, for such institutions. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The new amendment includes reduction in service fees, changes to loan disbursement practices, and updated guidelines for client protection and employee management. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“When disbursing a loan, no amount other than the specified service fee can be deducted from the approved loan amount and kept as savings," reads the revised directive. "While disbursing the loan, microfinance institutions can charge a service fee of up to 1.3% of the approved loan. In case of providing loans for a period of less than one year, they can only charge a service fee proportional to that rate based on the loan period, not exceeding 1.3% per annum.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The earlier provision allowed microfinance institutions to charge a service fee of up to 1.5% of the approved loans.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The new amendment has also allowed a borrower to get loans from two microfinance institutions. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Earlier, borrowers could secure loans only from a single microfinance institution.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“When providing micro-loans without collateral or under the security of collateral, a maximum of two microfinance institutions can provide loans to one borrower without exceeding the loan limit as per this provision," reads the revised unified directives. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The new revision also mandates that borrowers who have taken loans from commercial banks, development banks, or finance companies will not be eligible to take loans from microfinance institutions.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Focusing on poor and low-income people, there is a provision that small loans of up to Rs 500,000 can be provided per group member for the purpose of running a small enterprise or business. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A limit of Rs 700,000 has been set for group members who have availed loans in the past two years and are in good standing. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The central bank has introduced a new arrangement to provide a family guaranteed loan of up to Rs 25,000 per family.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The guidelines related to the Client Protection Fund also have been revised. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Previously, if a company proposed to allocate 1% of its net profit and more than 15% of its annual dividend (cash or bonus), it was required to allocate 35% of the proposed dividend to the Client Protection Fund. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the revised provision, a company will have to keep an amount equal to 1.5% of its related fiscal year’ net profit by mid-July 2025, 2% of its related fiscal year’s net profit by mid-July 2026 and 3% of its related fiscal year’s net profit by mid-July 2027 in its Client Protection Fund.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The provision to retain 35% of the dividend exceeding 15% remains unchanged. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The central bank has also directed all microfinance institutions to carry out an internal audit of each branch office at least once a year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The provisions regarding the blacklisting of microfinance borrowers have also been amended. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Even if the microfinance financial institution includes a non-paying borrower in the blacklist of the credit information centre, the institution may arrange to remove the borrower from the blacklist for six months if it believes the borrower will repay the loan soon.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Otherwise, the institution will have to recommend the borrower be included in the blacklist.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Borrowers who take loans from microfinance institutions and do not repay them will need to be classified accordingly.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A new system related to the selection, transfer, promotion, posting, and evaluation of employees in microfinance institutions has been introduced through the revised directives. -- RSS</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21404', 'image' => '20240729070027_20240316111149_cooperative-new.jpg', 'article_date' => '2024-07-29 18:59:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21677', 'article_category_id' => '1', 'title' => 'Tiger Population Soars to Around 125 in Bardiya Naional Park', 'sub_title' => 'The national park has become the second largest home for the big cats in Nepal', 'summary' => 'BARDIYA, July 29: The number of Royal Bengal Tigers in Bardiya National Park has surged to around 125', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">BARDIYA, July 29: </span></span></span></span><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The number of Royal Bengal Tigers in Bardiya National Park has surged to around 125, making it Nepal's second-largest habitat for the big cats only behind Chitwan National Park which holds the top spot with 128 tigers.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Until 2010, Bardiya was home to 18 big cats of this species. However, the number surged three folds by 2022, thanks to the conservation efforts of the local community, said Purusottam Wagle, conservation officer at the park.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The national park made the number public marking the International Tiger Day celebrated every year on July 29 to raise awareness about one of the most endangered animals in the world.</span></span><br /> <br /> Wagle claimed that the cases of human-animal conflict in the park’s buffer zones involving the Tiger has declined in the past two years.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“We have emphasised habitat management for tigers and carried out community awareness programmes,” said Wagle. “We have also set up electric fencing and erected concrete walls to prevent human-wildlife conflict, besides developing necessary infrastructure and implementing various methods to protect the animals in the park.”</span></span><br /> <br /> Along with the rise in the number of big cats, their movement in Khata biological corridor and adjacent forest areas has also increased.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Five people lost their lives to tiger and cheetah attacks in the last fiscal year, senior officer at the park, Tanka Gurung, said.</span></span><br /> <br /> “We have plans in place to minimise human-animal conflict in the national park areas this fiscal year,” Gurung said. -RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21403', 'image' => '20240729050221_8.jpg', 'article_date' => '2024-07-29 17:01:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21676', 'article_category_id' => '1', 'title' => 'SEBON to Extend Lock-in Period for Founder Shares', 'sub_title' => '', 'summary' => 'KATHMANDU, July 29: The Securities Board of Nepal (SEBON) has announced plans to extend the current lock-in period for founder shares of listed organizations. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Prajita Bhduathoki</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">KATHMANDU, July 29: The Securities Board of Nepal (SEBON) has announced plans to extend the current lock-in period for founder shares of listed organizations. Currently, the lock-in period for founder shares is three years, during which these shares cannot be sold following the company's listing on the Nepal Stock Exchange. Despite this, founding shareholders have been pressurizing to shorten this period.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">On Sunday, SEBON disclosed a revision of the lock-in period in its policies and programs related to the securities market for the fiscal year 2081/82 (2024/25).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">SEBON spokesperson Dr. Navraj Adhikari explained that as soon as the lock-in period ends, the process for founder shareholders to exit the company accelerates, increasing the risk to general shareholders. Therefore, the lock-in period will be extended. Founder shareholders are viewed as the 'parents' of the company.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">“They have extensive knowledge about the company's financial health, and we aim to extend the lock-in period to ensure they remain more responsible toward the company,” Dr. Adhikari told New Business Age.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The board's study indicates that this tendency is particularly pronounced among founders of hydropower companies. The study revealed that many founder shareholders of Hydropower Group sold their shares immediately after the lock-in period ended, which could jeopardize public investments.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Previously, under the influence of the current Minister for Energy, Water Resources, and Irrigation, Deepak Khadka, the Ministry of Finance had requested SEBON to remove the lock-in period for Menchiam Hydropower Limited, which was promoted by him.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">There is confusion regarding the share ownership of general people, especially since hydropower projects built under the Construction, Ownership, Operation, and Transfer (BOOT) model must be handed over to the government after a specified period. In such cases, when founders sell their shares, the public bears the entire risk. Additionally, SEBON plans to amend regulations and guidelines concerning public issues of securities through book building.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">So far, Sarbottam Cement and Reliance Spinning Mills have received SEBON’s approval for share issuance via book building method. However, the IPO process for Reliance Spinning Mills, which has courted controversy, has been halted. In the book building method, qualified institutional investors purchase a portion of a company’s shares at a set price before the IPO. The public issuance is based on this price.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The spokesperson noted that there have been suspicions of collusion in public securities issuance via book building, prompting necessary amendments to current regulations and guidelines.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Although the net worth is low, the suspicion of collusion has increased as institutional investors are seen purchasing shares at high prices. Currently, qualified institutional investors are required to purchase 40 percent of the shares initially, compared to 70 percent in India. The board is considering increasing this ratio to reduce risk to common investors.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">In the case of Reliance Spinning Mills, qualified institutional investors paid Rs 912 per share. According to regulations, shares can be sold to the general public at a 10 percent lower price. However, after attempting this, the company reported a decrease in net worth per share by half, raising concerns about the risk associated with purchasing shares of Reliance Spinning Mills.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The decline in the company's net worth is attributed to potential liability for the trunk line and dedicated feeder expenses to the Nepal Electricity Authority, which were not accounted for when selling shares to institutional investors.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Previously, collusion was also suspected in the sale of Sarvottam Cement shares through the book-building method.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The board has indicated that new laws will be enacted to facilitate the issuance and trading of green bonds, energy bonds, and other new financial instruments. Additionally, the board has included in its policy and program the implementation of reporting formats for statements submitted by securities brokers and traders, merchant bankers, and collective investment funds.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21402', 'image' => '20240729032445_Sebon-update.jpg', 'article_date' => '2024-07-29 15:24:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21675', 'article_category_id' => '1', 'title' => 'NEPSE Sheds 20.46 Points; Turnover Exceeds Rs 19 Billion', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) experienced a decline of 20.46 points, or 0.76%, closing at 2,661.09 on Monday, the second trading day of the week.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 29: The Nepal Stock Exchange (NEPSE) experienced a decline of 20.46 points, or 0.76%, closing at 2,661.09 on Monday, the second trading day of the week.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In today's trading session, 325 scrips were traded via 222,660 transactions, with a total of 47,790,837 shares exchanged. This resulted in a total turnover of Rs 19.60 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Shivam Cements Limited (SHIVM) led in turnover, with transactions worth Rs 61 crores. Nepal Finance Limited (NFS) recorded the highest gain of the day, rising 9.77% to close at Rs 1,629 per share. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Conversely, Aarambha Chautari Laghubitta Bittiya Sanstha Limited (ACLBSL) suffered the biggest loss, dropping 8.35% to settle at Rs 1,247 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Sensitive Index decreased by 0.96%, while the Float Index and Sensitive Float Index declined by 0.83% and 1.17%, respectively.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Regarding sector indices, all sectors closed in the red except for the Finance Index and Hydropower Index. The Finance Index saw the highest gain of 1.88%, while the Trading Index experienced the largest loss, falling by 4.54%.</span></span></p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21401', 'image' => '20240729032222_collage (80).jpg', 'article_date' => '2024-07-29 15:21:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '21674', 'article_category_id' => '1', 'title' => 'NRB to Bear the Risk of Exchange Rate in Foreign Loans Taken by Banks', 'sub_title' => '', 'summary' => 'KATHMANDU, July 29: Nepal Rastra Bank (NRB) has announced to take the responsibility for the risk caused by exchange rate fluctuation when banks and financial institutions take loans in foreign currencies other than Indian currency. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, July 29: Nepal Rastra Bank (NRB) has announced to take the responsibility for the risk caused by exchange rate fluctuation when banks and financial institutions take loans in foreign currencies other than Indian currency. On Sunday, NRB issued the Swap Transaction Regulation-2081, which has a provision that foreign currency loans can be bought and sold at a fixed rate.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to the regulation, "buying and selling US dollar/Nepali rupee" can be done between the banks that bring loans in foreign currency and NRB. In the first phase of such transactions, NRB will buy US dollars and sell Nepali rupees at a specified rate from the lending bank. In the second phase, NRB will sell US dollars to the bank and buy Nepali rupees at the specified date and exchange rate.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Tulsi Prasad Ghimire, Executive Director of the Foreign Exchange Department of NRB, informed that according to the regulations, NRB can now buy foreign currency at a fixed rate and sell foreign currency at a fixed rate when repaying the banks' loans. This arrangement means banks do not have to bear the risk of exchange rate changes when taking loans in foreign currency.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">NRB had arranged for banks to bring in foreign currency loans eight years ago. However, banks have not shown interest due to the risk of exchange rate fluctuations. Therefore, NRB issued the swap transaction regulation to reduce and manage the foreign exchange rate risk in loans borrowed by banks and financial institutions from abroad. The regulation specifies the US dollar amount to be bought and sold, the exchange rate, the clearing date of the first phase of the transaction, as well as the exchange rate and clearing date in the swap transaction.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Licensed commercial banks, development banks, finance companies, microfinance institutions, and infrastructure development banks licensed to finance loans in foreign currencies other than the Indian rupee are eligible to carry out swap transactions. Banks can apply for a minimum amount of USD 1 million and a maximum of USD 10 million.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The regulations also established a swap transaction committee under the chairmanship of the deputy governor in charge of the foreign exchange management department of NRB. The executive directors of the foreign exchange management, monetary management, economic research, banking, and finance management departments of NRB will be members of the committee, with the director of the foreign exchange management department serving as the member-secretary.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">For the first time in March 2018, NRB allowed commercial banks to borrow up to 25 percent of primary capital from abroad. By making the provision more flexible, NRB has recently allowed commercial banks, development banks, finance companies, and microfinance institutions to take loans. Banks can also take loans in Indian currency.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Currently, banks can borrow up to 100 percent of their primary capital from foreign banks. These loans can be invested in renewable energy generation and transmission lines, road infrastructure, airports, cable cars, bridges, tourism, agriculture, small and medium industries, manufacturing sectors, and the microfinance sector. Banks can take loans from foreign banks as well as approved pension funds, hedge funds, etc. Loans taken from abroad should be determined by adding 4 percent to the 6-month interbank rate. There is a provision that no mortgage guarantee or bank guarantee can be given for this loan, which ranges from 1 to 5 years.</span></span></p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21400', 'image' => '20240729025500_NRB new building.jpg', 'article_date' => '2024-07-29 14:54:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21673', 'article_category_id' => '1', 'title' => 'Two Dead, 28 Injured in School Bus Accident in Pokhara', 'sub_title' => 'The deceased were the 33-years old mother and her six years old son, according to police.', 'summary' => 'POKHARA, July 29: A school bus accident in Pokhara on Monday morning claimed the lives of two people while 28 others sustained injuries.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">POKHARA, July 29: </span></span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A school bus accident in Pokhara on Monday morning claimed the lives of two people while 28 others sustained injuries.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The bus, which belonged to LP Devkota Memorial School at Birauta in Pokhara Metropolitan City-17, fell 50 metres off the road after losing control at Gudku in Pokhara Metropolitan City-21. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The deceased were 33 years old Arati BK and her six years old son Prince BK, according to Deputy Superintendent Basanta Kumar Sharma, the spokesperson at Kaski District Police Office. Arati worked at the school as an office helper and Prince studied there. “Both died while undergoing treatment at the Gandaki Medical College.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While 13 of the injured students, teachers and parents are being treated at the Gandaki Medical College, 12 have been taken to Western Regional Hospital under the Pokhara Academy of Health Sciences and three others to Manipal Teaching Hospital, said police.</span></span></span></span></p> <p><br /> </p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21399', 'image' => '20240729022518_blank eight by six.jpg', 'article_date' => '2024-07-29 14:24:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21672', 'article_category_id' => '1', 'title' => 'Prices of Gold and Silver Surge in Domestic Market', 'sub_title' => 'The Precious Yellow Metal becomes Dearer by Rs 400 per Tola.', 'summary' => 'The price of gold increased by Rs 400 per tola (11.66 grams) in the domestic market on Monday.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, July 29</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The price of gold increased by Rs 400 per tola (11.66 grams) in the domestic market on Monday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the Federation of Nepal Gold and Silver Dealers’ Association, fine gold, which was traded at Rs 145,700 per tola on Sunday, is being traded at Rs 146,100 per tola on Monday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Similarly, the price of worked gold has surged to Rs 145,400 per tola from Rs 145,000 on Sunday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The price of silver has also risen in the domestic market of Nepal by Rs 10 per tola. Silver is currently being traded at Rs 1,750 per tola, up from Rs 1,740 per tola the previous day. -- RSS</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21398', 'image' => '20240729021448_cd5483b7.jpeg', 'article_date' => '2024-07-29 14:14:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21671', 'article_category_id' => '1', 'title' => 'Foreign Companies Show Interest in Resuming Biratnagar Jute Mill', 'sub_title' => '', 'summary' => 'BIRATNAGAR, July 29: After Indian and Bangladeshi companies expressed interest in resuming operations at Nepal's first industry, Biratnagar Jute Mill, the government is preparing to form a board of directors and hold a general assembly. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Bedraj Pooudel</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">BIRATNAGAR, July 29: After Indian and Bangladeshi companies expressed interest in resuming operations at Nepal's first industry, Biratnagar Jute Mill, the government is preparing to form a board of directors and hold a general assembly. The government has started homework to collaborate with private companies after Tata Group of India showed keen interest in operating the jute mill and also conducted a technical study.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The government has appointed Rajendra Karki as the chairman of the newly formed five-member board of Biratnagar Jute Mill. Members include Tikaraj Dhakal, Mukunda Prasad Nepal, the head of the Treasury and Finance Comptroller Office, and the head of the Commerce Office. On January 15, 2010, the industry, which had gone on 'payoff,' retained 40 employees under contract for re-operation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Chairman Karki stated that a technician from Tata company studied the mill for about 20 days. He emphasized the need for reliable private sector investment alongside government efforts. A general assembly has been called for October to discuss the mill's operation. Tata, already operating a jute mill in India, has shown interest in the Biratnagar Jute Mill.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to Karki, 70 percent of the jute mill's machines are operational. Previously, it was costly to operate up to 60 looms with a single high-capacity motor, but now each loom will have its own motor, increasing production efficiency. The loom has been successfully tested with the new system, allowing individual looms to be stopped without affecting others.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Until 1995, the jute mill made an annual profit of Rs 280 million, operating round the clock in three shifts, producing 45 tons of jute products daily, and providing jobs to 3,600 individuals. The government owns 68 percent stakes of the jute mill and the private sector owns 32 percent. Accounts Officer Shyam Kumar Lama noted that the industry owes contract employees Rs 40 million in salaries, which must be paid before operations can resume.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The closed jute mill has debts of Rs 5.42 billion. The jute mill was established with loan investments from Rastriya Banijya Bank, Nepal Bank, Udayapur Cement Factory, and others. Unpaid taxes since 1981 amount to Rs 210 million. The mill, which was closed for six years, appointed a new board of directors on June 11, 2024. Board member Dhakal mentioned interest from Bangladeshi companies in operating the mill using raw jute brought through Phulbari port.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">If operational, the mill could employ around 3,000 people. Manoj Khadka, an activist and former mill employee, expressed concern over land encroachment and unauthorized construction on the mill’s property. The mill still has 69 bighas of land in its name, though much has been encroached upon by individuals.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In 2008, Utim Lal Yadav took 2 bighas, 5 kathas, and 16 dhurs of land in his name and sold it. According to Khadka, there are 45 bighas of land inside the mill compound and additional land in various locations, all encroached upon by people.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21397', 'image' => '20240729011927_Biratnagar-Jute-mill-image-1.jpg', 'article_date' => '2024-07-29 13:18:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21670', 'article_category_id' => '1', 'title' => 'Nepal Imports Goods Worth Rs 65 Billion from China via Rasuwagadhi', 'sub_title' => '', 'summary' => 'KATHMANDU, July 29: Nepal imported Chinese goods worth Rs 65.22 billion via the Rasuwagadhi customs point in the last fiscal year. ', 'content' => '<h3><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU, July 29: Nepal imported Chinese goods worth Rs 65.22 billion via the Rasuwagadhi customs point in the last fiscal year. Chief of Rasuwa Customs Office, Timure, Ram Prasad Pathak, stated that the imports included vehicles, readymade goods, rubber, shoes, handbags, raw materials for shoes, apples, garlic, and more. A large number of electric vehicles were also imported.</span></span></h3> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepal imported a total of 7,377 vehicles made in China, including buses, cars, tricycles, vans, and others, with the value exceeding Rs 19.57 billion in the fiscal year 2023/24. However, Nepal exported goods worth just Rs 1.96 billion from the Rasuwagadhi customs point, indicating a significant trade deficit with China.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The exports included copper utensils, carpets, noodles, zinc sheets, aluminum goods, woolen shawls, and readymade clothes. The Customs Office deposited Rs 20.36 billion in the state treasury, including customs duty, penalties, and VAT in the fiscal year 2023/24.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Another major customs point for trade with China is the Tatopani customs point. However, this border was completely closed for 4 and a half years after the devastating earthquake in 2015. It reopened in May 2019 but was closed again in March 2020 due to the COVID-19 pandemic. Of late there has been some improvement in trade through this checkpoint.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although Nepal and China have been discussing to reopen other border checkpoints, it has not been effective till date. <em>(with inputs from RSS)</em></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21396', 'image' => '20240729121556_20200721032617_1595263977.rasuwagadhi.jpg', 'article_date' => '2024-07-29 12:15:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21669', 'article_category_id' => '1', 'title' => 'Nepal Exports Plywood and Veneer Worth Rs 3 Billion to India in FY 2023/24', 'sub_title' => '', 'summary' => 'JHAPA, July 28: Nepal exported 99,801 metric tons of plywood and other wood products worth Rs 2.96 billion to India in FY 2023/24. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">JHAPA, July 28: Nepal exported 99,801 metric tons of plywood and other wood products worth Rs 2.96 billion to India in FY 2023/24. Plywood is produced by planting fast-growing trees such as uttis (Alder tree) in the farmlands of the eastern hills in Nepal.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Veneer wood is produced from wooden boards and processed to make plywood for furniture and other wooden items.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">During the review period, 21,994 metric tons of veneer worth Rs 241 million were exported to India, according to Chandreshwar Yadav, the information officer at Plant Quarantine Office Kakarvitta. He further shared that plywood worth Rs 2.71 billion has been exported to India during the same period. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21395', 'image' => '20240729110954_20220916121009_ply.jpg', 'article_date' => '2024-07-29 11:09:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21668', 'article_category_id' => '1', 'title' => 'Mechinagar Municipality Collects Over Rs 130 Million in Internal Revenue', 'sub_title' => '', 'summary' => 'Mechinagar Municipality collected internal revenue amounting to Rs 135,205,897 in the fiscal year 2080/81. This represents an increase of Rs 19,084,200 compared to the fiscal year 2079/80.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 29: Mechinagar Municipality collected internal revenue amounting to Rs 135,205,897 in the fiscal year 2080/81. This represents an increase of Rs 19,084,200 compared to the fiscal year 2079/80.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Meena Pokhrel Upreti, the coordinator of the municipality's Revenue Advisory Committee and deputy mayor, informed that Rs 116,121,697 was collected as internal revenue in the fiscal year 2079/80. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Upreti said that an increase of approximately Rs 20 million in internal revenue within a year is encouraging from an economic standpoint.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The municipality's revenue sub-division has been collecting revenue under 50 different headings. Property tax accounted for Rs 34,019,645, and service charges accounted for Rs 23,197,381. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Other revenue sources and headings include business taxes, map approval fees, and recommendation fees, said Upreti. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Among the 15 wards in Mechinagar, Ward No. 6 collected the highest revenue during this period, amounting to Rs 17,627,701, according to Chief Administrative Officer Agni Prasad Adhikari. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Ward No. 10 followed in second place with Rs 16,399,545 in revenue collection. On a ward basis, Ward No. 10 collected the highest property tax, amounting to Rs 5,979,043.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Prem Prasad Parajuli, the head of the revenue sub-division, stated that the municipality has set the target to collect Rs 167,700,000 in internal revenue in the current fiscal year. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The total budget of the municipality for the current fiscal year is Rs 2,052,902,000.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21394', 'image' => '20240729055415_collage (79).jpg', 'article_date' => '2024-07-29 05:52:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 14 => array( 'Article' => array( 'id' => '21667', 'article_category_id' => '1', 'title' => 'Nepal’s Electricity Export Surpasses Import in Last Fiscal Year', 'sub_title' => 'Electricity export to India exceeded the import from the Southern neighbour by around Rs. 122 million, according to the NEA', 'summary' => 'KATHMANDU, July 28: Nepal has become the net-exporter of electricity, three years after entering in the energy trade with India.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, July 28:</span></span> <span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal has become the net-exporter of electricity, three years after entering in the energy trade with India.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal exported around 1.94 billion units of electricity worth Rs 16.93 billion to India during the rainy season in the last fiscal year, 2023-24, while importing electricity worth Rs 16.81 billion from the southern neighbour during the dry season in the same year, according to the Nepal Electricity Authority (NEA).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The NEA has been selling surplus energy generated in the country in the day-ahead and real-time markets of the Indian Energy Exchange at competitive rates as well as to the NTPC Vidyut Vyapar Nigam Limited (NVVN) of India as per the mid-term energy trade. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The NVVN sells the energy bought from Nepal in India’s Haryana state at an average rate of Rs 8.72 per unit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the NEA, Nepal imported around 1.83 billion units of electricity during the dry season in the last fiscal year, at an average rate of Rs 9.17 per unit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Electricity exports exceeded imports by around Rs 122 million in the last fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In terms of quantity, Nepal exported around 109 million units more electricity to India than it imported.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In the previous fiscal year, 2022-23, Nepal had exported electricity worth around Rs 10.45 billion to India while importing electricity worth around Rs 19.45 billion from the southern neighbour.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kul Man Ghising, the executive director of NEA, said while Nepal might continue to import electricity from India to fulfil the domestic demand in the dry season for a few more years, the country’s export will continue to rise.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Though we have become a net exporter by a small margin, it is an important milestone in the energy sector,” said Ghising, claiming that the regular supply of electricity in the market has increased the use of electric vehicles and induction stoves, causing reduction in the import of petroleum products. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The surge in electricity export has contributed to reduce Nepal’s trade deficit with India,” Ghising added. “It has also positively impacted the country’s foreign exchange reserves.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal was allowed to enter in the day-ahead market of the Indian Energy Exchange on May 1, 2021 for the import while it was given the go ahead to export electricity on November 3, 2021.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal has been selling 690 megawatts of electricity daily in the medium term, day-ahead and real-time markets in India, produced from 16 hydropower projects across the country.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NEA is in the process of being allowed to export an additional 400 megawatts of electricity as per the mid-term agreement, according to Ghising. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“We are also in the process of completing the agreement with Bangladesh to export 40 megawatts of electricity this year,” he added.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">However, the tripartite agreement to be signed between Nepal, Bangladesh and India today (July 28) has been postponed indefinitely due to the students’ protest in Bangladesh. <em>(With inputs from RSS)</em></span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-07-28', 'modified' => '2024-07-28', 'keywords' => '', 'description' => '', 'sortorder' => '21393', 'image' => '20240728063840_20240611013350_20231120013615_20230716115331_eee.jpg', 'article_date' => '2024-07-28 18:37:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude 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Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '21681', 'article_category_id' => '1', 'title' => 'Preparation Afoot to Open 57 New Mountains for Climbing', 'sub_title' => '', 'summary' => 'KATHMANDU, July 30: The government has initiated the process of opening 57 more mountain peaks in Nepal for climbing. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU, July 30: The government has initiated the process of opening 57 more mountain peaks in Nepal for climbing. The Department of Tourism has submitted a proposal to the Ministry of Culture, Tourism, and Civil Aviation with a list of mountains to be opened for climbing.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Kali Bahadur Bhujel, spokesperson for the Department of Tourism, said that 57 new mountains will be opened for climbing after the ministry's approval. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"We tried to complete the process of opening the new mountains for climbing in the last fiscal year, FY 2023/24 but we were able to submit the proposal only in the beginning of the current fiscal year," Bhujel said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The government’s policies and programmes of the last fiscal year mentioned about opening new mountains for climbing. The department informed that the policy will be implemented this year. According to Bhujel, most of the rural municipalities have agreed to open the mountains.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Last June, the department asked those rural municipalities for their opinions on whether the mountains could be opened, considering religious, cultural, and geographical factors. According to the department, most of the new mountains to be opened this time are in Karnali Province. The department has proposed to open 20 mountains in Karnali Province alone.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, the department has propsed opening 17 mountains in Koshi Province and 16 mountains in Gandaki Province for climbing. So far, the department has opened 405 mountains for climbing.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The height of the proposed mountains and peaks ranges from a minimum of 5,000 meters to a maximum of 6,093 meters. Bhujel mentioned that many more mountains are yet to be opened for climbing and that the department will take initiative to open those mountains as well.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The department collected revenue of Rs 771.3 million in the last fiscal year, FY 2023/24, as royalties from the mountains currently open for climbing.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-30', 'modified' => '2024-07-30', 'keywords' => '', 'description' => '', 'sortorder' => '21407', 'image' => '20240730105250_DKL-Phuning.9.jpg', 'article_date' => '2024-07-30 10:52:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21680', 'article_category_id' => '1', 'title' => 'Sukilumba Airport Closed for Two Months', 'sub_title' => '', 'summary' => 'Sukilumba Airport in Ilam has been closed for two months due to adverse weather conditions.', 'content' => '<p><span style="font-size:20px">July 30: Sukilumba Airport in Ilam has been closed for two months due to adverse weather conditions.</span></p> <p><span style="font-size:20px">The last flight operated by Nepal Airlines was on the 13th of Jestha. On the 17th of Jestha, a flight from Kathmandu to Ilam had to return to Kathmandu because it could not land in Ilam due to poor weather conditions.</span></p> <p><span style="font-size:20px">Since then, all flights to and from Sukilumba Airport have been halted, according to Station In-Charge Dinesh Sundas. He stated that flights will not resume until the weather improves.</span></p> <p><span style="font-size:20px">Nepal Airlines had been operating flights on the Ilam-Kathmandu route since the 1st of Magh, 2079 BS, with two flights a week on Sundays and Thursdays. Before Nepal Airlines, Sita Airlines was providing flights on this route.</span></p> <p><span style="font-size:20px">Sukilumba Airport is located in Ilam Municipality-9. The suspension of flights has caused inconvenience for passengers, who now have to travel via Bhadrapur Airport in Jhapa.</span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-30', 'modified' => '2024-07-30', 'keywords' => '', 'description' => '', 'sortorder' => '21406', 'image' => '20240730060315_collage (81).jpg', 'article_date' => '2024-07-30 06:01:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '21679', 'article_category_id' => '1', 'title' => 'New Species of Bird Found in Mustang ', 'sub_title' => '', 'summary' => 'MYAGDI, July 29: A new species of bird has been found in Mustang. Ornithologists Sanjay Shrestha and Shankar Tiwari found the new species of bird in Upper Mustang, according to the Nepal Ornithologists Association. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">MYAGDI, July 29: A new species of bird has been found in Mustang. Ornithologists Sanjay Shrestha and Shankar Tiwari found the new species of bird in Upper Mustang, according to the Nepal Ornithologists Association. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Spotted Flycatcher bird was found for the first time in Nepal, said Dr Tulasi Subedi, Chair of Nepal Bird Records Committee through a statement on Monday. The scientific name of the bird is Muscicapa Striata and is locally called Taludharse Arjunak. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The picture of the bird taken by Shrestha and Tiwari at an altitude of 3,650 meters above the sea level was sent to the Nepal Bird Records Committee for confirmation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Based on the available evidence, detailed study and suggestions from national and international ornithologists, Taludharse Arjunak has been confirmed as a species and added to the records of birds found in Nepal, said Subedi. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This takes the number of bird species found in Nepal to 896. This bird is also found in Mongolia, in northern China and in Afghanistan and Pakistan. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21405', 'image' => '20240729090110_2213685375-Species-Spotted-Flycatcher-on-branch.jpg', 'article_date' => '2024-07-29 21:00:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21678', 'article_category_id' => '1', 'title' => 'NRB Reduces Service Charge Limit for Microfinance Institutions', 'sub_title' => 'The other amendments include changes to loan disbursement practices and guidelines for client protection and employee management', 'summary' => 'KATHMANDU, July 29: Nepal Rastra Bank (NRB) has reduced the limit of service charge during the disbursement of loans from microfinance institutions by revising its Unified Directives, 2079, for such institutions. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, July 29: </span></span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal Rastra Bank (NRB) has reduced the limit of service charge during the disbursement of loans from microfinance institutions by revising its Unified Directives, 2079, for such institutions. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The new amendment includes reduction in service fees, changes to loan disbursement practices, and updated guidelines for client protection and employee management. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“When disbursing a loan, no amount other than the specified service fee can be deducted from the approved loan amount and kept as savings," reads the revised directive. "While disbursing the loan, microfinance institutions can charge a service fee of up to 1.3% of the approved loan. In case of providing loans for a period of less than one year, they can only charge a service fee proportional to that rate based on the loan period, not exceeding 1.3% per annum.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The earlier provision allowed microfinance institutions to charge a service fee of up to 1.5% of the approved loans.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The new amendment has also allowed a borrower to get loans from two microfinance institutions. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Earlier, borrowers could secure loans only from a single microfinance institution.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“When providing micro-loans without collateral or under the security of collateral, a maximum of two microfinance institutions can provide loans to one borrower without exceeding the loan limit as per this provision," reads the revised unified directives. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The new revision also mandates that borrowers who have taken loans from commercial banks, development banks, or finance companies will not be eligible to take loans from microfinance institutions.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Focusing on poor and low-income people, there is a provision that small loans of up to Rs 500,000 can be provided per group member for the purpose of running a small enterprise or business. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A limit of Rs 700,000 has been set for group members who have availed loans in the past two years and are in good standing. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The central bank has introduced a new arrangement to provide a family guaranteed loan of up to Rs 25,000 per family.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The guidelines related to the Client Protection Fund also have been revised. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Previously, if a company proposed to allocate 1% of its net profit and more than 15% of its annual dividend (cash or bonus), it was required to allocate 35% of the proposed dividend to the Client Protection Fund. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the revised provision, a company will have to keep an amount equal to 1.5% of its related fiscal year’ net profit by mid-July 2025, 2% of its related fiscal year’s net profit by mid-July 2026 and 3% of its related fiscal year’s net profit by mid-July 2027 in its Client Protection Fund.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The provision to retain 35% of the dividend exceeding 15% remains unchanged. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The central bank has also directed all microfinance institutions to carry out an internal audit of each branch office at least once a year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The provisions regarding the blacklisting of microfinance borrowers have also been amended. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Even if the microfinance financial institution includes a non-paying borrower in the blacklist of the credit information centre, the institution may arrange to remove the borrower from the blacklist for six months if it believes the borrower will repay the loan soon.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Otherwise, the institution will have to recommend the borrower be included in the blacklist.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Borrowers who take loans from microfinance institutions and do not repay them will need to be classified accordingly.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A new system related to the selection, transfer, promotion, posting, and evaluation of employees in microfinance institutions has been introduced through the revised directives. -- RSS</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21404', 'image' => '20240729070027_20240316111149_cooperative-new.jpg', 'article_date' => '2024-07-29 18:59:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21677', 'article_category_id' => '1', 'title' => 'Tiger Population Soars to Around 125 in Bardiya Naional Park', 'sub_title' => 'The national park has become the second largest home for the big cats in Nepal', 'summary' => 'BARDIYA, July 29: The number of Royal Bengal Tigers in Bardiya National Park has surged to around 125', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">BARDIYA, July 29: </span></span></span></span><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The number of Royal Bengal Tigers in Bardiya National Park has surged to around 125, making it Nepal's second-largest habitat for the big cats only behind Chitwan National Park which holds the top spot with 128 tigers.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Until 2010, Bardiya was home to 18 big cats of this species. However, the number surged three folds by 2022, thanks to the conservation efforts of the local community, said Purusottam Wagle, conservation officer at the park.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The national park made the number public marking the International Tiger Day celebrated every year on July 29 to raise awareness about one of the most endangered animals in the world.</span></span><br /> <br /> Wagle claimed that the cases of human-animal conflict in the park’s buffer zones involving the Tiger has declined in the past two years.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“We have emphasised habitat management for tigers and carried out community awareness programmes,” said Wagle. “We have also set up electric fencing and erected concrete walls to prevent human-wildlife conflict, besides developing necessary infrastructure and implementing various methods to protect the animals in the park.”</span></span><br /> <br /> Along with the rise in the number of big cats, their movement in Khata biological corridor and adjacent forest areas has also increased.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Five people lost their lives to tiger and cheetah attacks in the last fiscal year, senior officer at the park, Tanka Gurung, said.</span></span><br /> <br /> “We have plans in place to minimise human-animal conflict in the national park areas this fiscal year,” Gurung said. -RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21403', 'image' => '20240729050221_8.jpg', 'article_date' => '2024-07-29 17:01:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21676', 'article_category_id' => '1', 'title' => 'SEBON to Extend Lock-in Period for Founder Shares', 'sub_title' => '', 'summary' => 'KATHMANDU, July 29: The Securities Board of Nepal (SEBON) has announced plans to extend the current lock-in period for founder shares of listed organizations. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Prajita Bhduathoki</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">KATHMANDU, July 29: The Securities Board of Nepal (SEBON) has announced plans to extend the current lock-in period for founder shares of listed organizations. Currently, the lock-in period for founder shares is three years, during which these shares cannot be sold following the company's listing on the Nepal Stock Exchange. Despite this, founding shareholders have been pressurizing to shorten this period.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">On Sunday, SEBON disclosed a revision of the lock-in period in its policies and programs related to the securities market for the fiscal year 2081/82 (2024/25).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">SEBON spokesperson Dr. Navraj Adhikari explained that as soon as the lock-in period ends, the process for founder shareholders to exit the company accelerates, increasing the risk to general shareholders. Therefore, the lock-in period will be extended. Founder shareholders are viewed as the 'parents' of the company.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">“They have extensive knowledge about the company's financial health, and we aim to extend the lock-in period to ensure they remain more responsible toward the company,” Dr. Adhikari told New Business Age.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The board's study indicates that this tendency is particularly pronounced among founders of hydropower companies. The study revealed that many founder shareholders of Hydropower Group sold their shares immediately after the lock-in period ended, which could jeopardize public investments.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Previously, under the influence of the current Minister for Energy, Water Resources, and Irrigation, Deepak Khadka, the Ministry of Finance had requested SEBON to remove the lock-in period for Menchiam Hydropower Limited, which was promoted by him.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">There is confusion regarding the share ownership of general people, especially since hydropower projects built under the Construction, Ownership, Operation, and Transfer (BOOT) model must be handed over to the government after a specified period. In such cases, when founders sell their shares, the public bears the entire risk. Additionally, SEBON plans to amend regulations and guidelines concerning public issues of securities through book building.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">So far, Sarbottam Cement and Reliance Spinning Mills have received SEBON’s approval for share issuance via book building method. However, the IPO process for Reliance Spinning Mills, which has courted controversy, has been halted. In the book building method, qualified institutional investors purchase a portion of a company’s shares at a set price before the IPO. The public issuance is based on this price.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The spokesperson noted that there have been suspicions of collusion in public securities issuance via book building, prompting necessary amendments to current regulations and guidelines.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Although the net worth is low, the suspicion of collusion has increased as institutional investors are seen purchasing shares at high prices. Currently, qualified institutional investors are required to purchase 40 percent of the shares initially, compared to 70 percent in India. The board is considering increasing this ratio to reduce risk to common investors.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">In the case of Reliance Spinning Mills, qualified institutional investors paid Rs 912 per share. According to regulations, shares can be sold to the general public at a 10 percent lower price. However, after attempting this, the company reported a decrease in net worth per share by half, raising concerns about the risk associated with purchasing shares of Reliance Spinning Mills.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The decline in the company's net worth is attributed to potential liability for the trunk line and dedicated feeder expenses to the Nepal Electricity Authority, which were not accounted for when selling shares to institutional investors.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Previously, collusion was also suspected in the sale of Sarvottam Cement shares through the book-building method.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The board has indicated that new laws will be enacted to facilitate the issuance and trading of green bonds, energy bonds, and other new financial instruments. Additionally, the board has included in its policy and program the implementation of reporting formats for statements submitted by securities brokers and traders, merchant bankers, and collective investment funds.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21402', 'image' => '20240729032445_Sebon-update.jpg', 'article_date' => '2024-07-29 15:24:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21675', 'article_category_id' => '1', 'title' => 'NEPSE Sheds 20.46 Points; Turnover Exceeds Rs 19 Billion', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) experienced a decline of 20.46 points, or 0.76%, closing at 2,661.09 on Monday, the second trading day of the week.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 29: The Nepal Stock Exchange (NEPSE) experienced a decline of 20.46 points, or 0.76%, closing at 2,661.09 on Monday, the second trading day of the week.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In today's trading session, 325 scrips were traded via 222,660 transactions, with a total of 47,790,837 shares exchanged. This resulted in a total turnover of Rs 19.60 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Shivam Cements Limited (SHIVM) led in turnover, with transactions worth Rs 61 crores. Nepal Finance Limited (NFS) recorded the highest gain of the day, rising 9.77% to close at Rs 1,629 per share. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Conversely, Aarambha Chautari Laghubitta Bittiya Sanstha Limited (ACLBSL) suffered the biggest loss, dropping 8.35% to settle at Rs 1,247 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Sensitive Index decreased by 0.96%, while the Float Index and Sensitive Float Index declined by 0.83% and 1.17%, respectively.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Regarding sector indices, all sectors closed in the red except for the Finance Index and Hydropower Index. The Finance Index saw the highest gain of 1.88%, while the Trading Index experienced the largest loss, falling by 4.54%.</span></span></p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21401', 'image' => '20240729032222_collage (80).jpg', 'article_date' => '2024-07-29 15:21:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '21674', 'article_category_id' => '1', 'title' => 'NRB to Bear the Risk of Exchange Rate in Foreign Loans Taken by Banks', 'sub_title' => '', 'summary' => 'KATHMANDU, July 29: Nepal Rastra Bank (NRB) has announced to take the responsibility for the risk caused by exchange rate fluctuation when banks and financial institutions take loans in foreign currencies other than Indian currency. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, July 29: Nepal Rastra Bank (NRB) has announced to take the responsibility for the risk caused by exchange rate fluctuation when banks and financial institutions take loans in foreign currencies other than Indian currency. On Sunday, NRB issued the Swap Transaction Regulation-2081, which has a provision that foreign currency loans can be bought and sold at a fixed rate.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to the regulation, "buying and selling US dollar/Nepali rupee" can be done between the banks that bring loans in foreign currency and NRB. In the first phase of such transactions, NRB will buy US dollars and sell Nepali rupees at a specified rate from the lending bank. In the second phase, NRB will sell US dollars to the bank and buy Nepali rupees at the specified date and exchange rate.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Tulsi Prasad Ghimire, Executive Director of the Foreign Exchange Department of NRB, informed that according to the regulations, NRB can now buy foreign currency at a fixed rate and sell foreign currency at a fixed rate when repaying the banks' loans. This arrangement means banks do not have to bear the risk of exchange rate changes when taking loans in foreign currency.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">NRB had arranged for banks to bring in foreign currency loans eight years ago. However, banks have not shown interest due to the risk of exchange rate fluctuations. Therefore, NRB issued the swap transaction regulation to reduce and manage the foreign exchange rate risk in loans borrowed by banks and financial institutions from abroad. The regulation specifies the US dollar amount to be bought and sold, the exchange rate, the clearing date of the first phase of the transaction, as well as the exchange rate and clearing date in the swap transaction.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Licensed commercial banks, development banks, finance companies, microfinance institutions, and infrastructure development banks licensed to finance loans in foreign currencies other than the Indian rupee are eligible to carry out swap transactions. Banks can apply for a minimum amount of USD 1 million and a maximum of USD 10 million.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The regulations also established a swap transaction committee under the chairmanship of the deputy governor in charge of the foreign exchange management department of NRB. The executive directors of the foreign exchange management, monetary management, economic research, banking, and finance management departments of NRB will be members of the committee, with the director of the foreign exchange management department serving as the member-secretary.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">For the first time in March 2018, NRB allowed commercial banks to borrow up to 25 percent of primary capital from abroad. By making the provision more flexible, NRB has recently allowed commercial banks, development banks, finance companies, and microfinance institutions to take loans. Banks can also take loans in Indian currency.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Currently, banks can borrow up to 100 percent of their primary capital from foreign banks. These loans can be invested in renewable energy generation and transmission lines, road infrastructure, airports, cable cars, bridges, tourism, agriculture, small and medium industries, manufacturing sectors, and the microfinance sector. Banks can take loans from foreign banks as well as approved pension funds, hedge funds, etc. Loans taken from abroad should be determined by adding 4 percent to the 6-month interbank rate. There is a provision that no mortgage guarantee or bank guarantee can be given for this loan, which ranges from 1 to 5 years.</span></span></p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21400', 'image' => '20240729025500_NRB new building.jpg', 'article_date' => '2024-07-29 14:54:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21673', 'article_category_id' => '1', 'title' => 'Two Dead, 28 Injured in School Bus Accident in Pokhara', 'sub_title' => 'The deceased were the 33-years old mother and her six years old son, according to police.', 'summary' => 'POKHARA, July 29: A school bus accident in Pokhara on Monday morning claimed the lives of two people while 28 others sustained injuries.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">POKHARA, July 29: </span></span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A school bus accident in Pokhara on Monday morning claimed the lives of two people while 28 others sustained injuries.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The bus, which belonged to LP Devkota Memorial School at Birauta in Pokhara Metropolitan City-17, fell 50 metres off the road after losing control at Gudku in Pokhara Metropolitan City-21. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The deceased were 33 years old Arati BK and her six years old son Prince BK, according to Deputy Superintendent Basanta Kumar Sharma, the spokesperson at Kaski District Police Office. Arati worked at the school as an office helper and Prince studied there. “Both died while undergoing treatment at the Gandaki Medical College.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While 13 of the injured students, teachers and parents are being treated at the Gandaki Medical College, 12 have been taken to Western Regional Hospital under the Pokhara Academy of Health Sciences and three others to Manipal Teaching Hospital, said police.</span></span></span></span></p> <p><br /> </p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21399', 'image' => '20240729022518_blank eight by six.jpg', 'article_date' => '2024-07-29 14:24:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21672', 'article_category_id' => '1', 'title' => 'Prices of Gold and Silver Surge in Domestic Market', 'sub_title' => 'The Precious Yellow Metal becomes Dearer by Rs 400 per Tola.', 'summary' => 'The price of gold increased by Rs 400 per tola (11.66 grams) in the domestic market on Monday.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, July 29</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The price of gold increased by Rs 400 per tola (11.66 grams) in the domestic market on Monday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the Federation of Nepal Gold and Silver Dealers’ Association, fine gold, which was traded at Rs 145,700 per tola on Sunday, is being traded at Rs 146,100 per tola on Monday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Similarly, the price of worked gold has surged to Rs 145,400 per tola from Rs 145,000 on Sunday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The price of silver has also risen in the domestic market of Nepal by Rs 10 per tola. Silver is currently being traded at Rs 1,750 per tola, up from Rs 1,740 per tola the previous day. -- RSS</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21398', 'image' => '20240729021448_cd5483b7.jpeg', 'article_date' => '2024-07-29 14:14:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21671', 'article_category_id' => '1', 'title' => 'Foreign Companies Show Interest in Resuming Biratnagar Jute Mill', 'sub_title' => '', 'summary' => 'BIRATNAGAR, July 29: After Indian and Bangladeshi companies expressed interest in resuming operations at Nepal's first industry, Biratnagar Jute Mill, the government is preparing to form a board of directors and hold a general assembly. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Bedraj Pooudel</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">BIRATNAGAR, July 29: After Indian and Bangladeshi companies expressed interest in resuming operations at Nepal's first industry, Biratnagar Jute Mill, the government is preparing to form a board of directors and hold a general assembly. The government has started homework to collaborate with private companies after Tata Group of India showed keen interest in operating the jute mill and also conducted a technical study.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The government has appointed Rajendra Karki as the chairman of the newly formed five-member board of Biratnagar Jute Mill. Members include Tikaraj Dhakal, Mukunda Prasad Nepal, the head of the Treasury and Finance Comptroller Office, and the head of the Commerce Office. On January 15, 2010, the industry, which had gone on 'payoff,' retained 40 employees under contract for re-operation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Chairman Karki stated that a technician from Tata company studied the mill for about 20 days. He emphasized the need for reliable private sector investment alongside government efforts. A general assembly has been called for October to discuss the mill's operation. Tata, already operating a jute mill in India, has shown interest in the Biratnagar Jute Mill.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to Karki, 70 percent of the jute mill's machines are operational. Previously, it was costly to operate up to 60 looms with a single high-capacity motor, but now each loom will have its own motor, increasing production efficiency. The loom has been successfully tested with the new system, allowing individual looms to be stopped without affecting others.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Until 1995, the jute mill made an annual profit of Rs 280 million, operating round the clock in three shifts, producing 45 tons of jute products daily, and providing jobs to 3,600 individuals. The government owns 68 percent stakes of the jute mill and the private sector owns 32 percent. Accounts Officer Shyam Kumar Lama noted that the industry owes contract employees Rs 40 million in salaries, which must be paid before operations can resume.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The closed jute mill has debts of Rs 5.42 billion. The jute mill was established with loan investments from Rastriya Banijya Bank, Nepal Bank, Udayapur Cement Factory, and others. Unpaid taxes since 1981 amount to Rs 210 million. The mill, which was closed for six years, appointed a new board of directors on June 11, 2024. Board member Dhakal mentioned interest from Bangladeshi companies in operating the mill using raw jute brought through Phulbari port.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">If operational, the mill could employ around 3,000 people. Manoj Khadka, an activist and former mill employee, expressed concern over land encroachment and unauthorized construction on the mill’s property. The mill still has 69 bighas of land in its name, though much has been encroached upon by individuals.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In 2008, Utim Lal Yadav took 2 bighas, 5 kathas, and 16 dhurs of land in his name and sold it. According to Khadka, there are 45 bighas of land inside the mill compound and additional land in various locations, all encroached upon by people.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21397', 'image' => '20240729011927_Biratnagar-Jute-mill-image-1.jpg', 'article_date' => '2024-07-29 13:18:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21670', 'article_category_id' => '1', 'title' => 'Nepal Imports Goods Worth Rs 65 Billion from China via Rasuwagadhi', 'sub_title' => '', 'summary' => 'KATHMANDU, July 29: Nepal imported Chinese goods worth Rs 65.22 billion via the Rasuwagadhi customs point in the last fiscal year. ', 'content' => '<h3><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU, July 29: Nepal imported Chinese goods worth Rs 65.22 billion via the Rasuwagadhi customs point in the last fiscal year. Chief of Rasuwa Customs Office, Timure, Ram Prasad Pathak, stated that the imports included vehicles, readymade goods, rubber, shoes, handbags, raw materials for shoes, apples, garlic, and more. A large number of electric vehicles were also imported.</span></span></h3> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepal imported a total of 7,377 vehicles made in China, including buses, cars, tricycles, vans, and others, with the value exceeding Rs 19.57 billion in the fiscal year 2023/24. However, Nepal exported goods worth just Rs 1.96 billion from the Rasuwagadhi customs point, indicating a significant trade deficit with China.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The exports included copper utensils, carpets, noodles, zinc sheets, aluminum goods, woolen shawls, and readymade clothes. The Customs Office deposited Rs 20.36 billion in the state treasury, including customs duty, penalties, and VAT in the fiscal year 2023/24.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Another major customs point for trade with China is the Tatopani customs point. However, this border was completely closed for 4 and a half years after the devastating earthquake in 2015. It reopened in May 2019 but was closed again in March 2020 due to the COVID-19 pandemic. Of late there has been some improvement in trade through this checkpoint.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although Nepal and China have been discussing to reopen other border checkpoints, it has not been effective till date. <em>(with inputs from RSS)</em></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21396', 'image' => '20240729121556_20200721032617_1595263977.rasuwagadhi.jpg', 'article_date' => '2024-07-29 12:15:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21669', 'article_category_id' => '1', 'title' => 'Nepal Exports Plywood and Veneer Worth Rs 3 Billion to India in FY 2023/24', 'sub_title' => '', 'summary' => 'JHAPA, July 28: Nepal exported 99,801 metric tons of plywood and other wood products worth Rs 2.96 billion to India in FY 2023/24. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">JHAPA, July 28: Nepal exported 99,801 metric tons of plywood and other wood products worth Rs 2.96 billion to India in FY 2023/24. Plywood is produced by planting fast-growing trees such as uttis (Alder tree) in the farmlands of the eastern hills in Nepal.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Veneer wood is produced from wooden boards and processed to make plywood for furniture and other wooden items.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">During the review period, 21,994 metric tons of veneer worth Rs 241 million were exported to India, according to Chandreshwar Yadav, the information officer at Plant Quarantine Office Kakarvitta. He further shared that plywood worth Rs 2.71 billion has been exported to India during the same period. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21395', 'image' => '20240729110954_20220916121009_ply.jpg', 'article_date' => '2024-07-29 11:09:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21668', 'article_category_id' => '1', 'title' => 'Mechinagar Municipality Collects Over Rs 130 Million in Internal Revenue', 'sub_title' => '', 'summary' => 'Mechinagar Municipality collected internal revenue amounting to Rs 135,205,897 in the fiscal year 2080/81. This represents an increase of Rs 19,084,200 compared to the fiscal year 2079/80.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 29: Mechinagar Municipality collected internal revenue amounting to Rs 135,205,897 in the fiscal year 2080/81. This represents an increase of Rs 19,084,200 compared to the fiscal year 2079/80.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Meena Pokhrel Upreti, the coordinator of the municipality's Revenue Advisory Committee and deputy mayor, informed that Rs 116,121,697 was collected as internal revenue in the fiscal year 2079/80. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Upreti said that an increase of approximately Rs 20 million in internal revenue within a year is encouraging from an economic standpoint.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The municipality's revenue sub-division has been collecting revenue under 50 different headings. Property tax accounted for Rs 34,019,645, and service charges accounted for Rs 23,197,381. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Other revenue sources and headings include business taxes, map approval fees, and recommendation fees, said Upreti. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Among the 15 wards in Mechinagar, Ward No. 6 collected the highest revenue during this period, amounting to Rs 17,627,701, according to Chief Administrative Officer Agni Prasad Adhikari. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Ward No. 10 followed in second place with Rs 16,399,545 in revenue collection. On a ward basis, Ward No. 10 collected the highest property tax, amounting to Rs 5,979,043.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Prem Prasad Parajuli, the head of the revenue sub-division, stated that the municipality has set the target to collect Rs 167,700,000 in internal revenue in the current fiscal year. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The total budget of the municipality for the current fiscal year is Rs 2,052,902,000.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21394', 'image' => '20240729055415_collage (79).jpg', 'article_date' => '2024-07-29 05:52:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 14 => array( 'Article' => array( 'id' => '21667', 'article_category_id' => '1', 'title' => 'Nepal’s Electricity Export Surpasses Import in Last Fiscal Year', 'sub_title' => 'Electricity export to India exceeded the import from the Southern neighbour by around Rs. 122 million, according to the NEA', 'summary' => 'KATHMANDU, July 28: Nepal has become the net-exporter of electricity, three years after entering in the energy trade with India.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, July 28:</span></span> <span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal has become the net-exporter of electricity, three years after entering in the energy trade with India.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal exported around 1.94 billion units of electricity worth Rs 16.93 billion to India during the rainy season in the last fiscal year, 2023-24, while importing electricity worth Rs 16.81 billion from the southern neighbour during the dry season in the same year, according to the Nepal Electricity Authority (NEA).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The NEA has been selling surplus energy generated in the country in the day-ahead and real-time markets of the Indian Energy Exchange at competitive rates as well as to the NTPC Vidyut Vyapar Nigam Limited (NVVN) of India as per the mid-term energy trade. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The NVVN sells the energy bought from Nepal in India’s Haryana state at an average rate of Rs 8.72 per unit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the NEA, Nepal imported around 1.83 billion units of electricity during the dry season in the last fiscal year, at an average rate of Rs 9.17 per unit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Electricity exports exceeded imports by around Rs 122 million in the last fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In terms of quantity, Nepal exported around 109 million units more electricity to India than it imported.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In the previous fiscal year, 2022-23, Nepal had exported electricity worth around Rs 10.45 billion to India while importing electricity worth around Rs 19.45 billion from the southern neighbour.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kul Man Ghising, the executive director of NEA, said while Nepal might continue to import electricity from India to fulfil the domestic demand in the dry season for a few more years, the country’s export will continue to rise.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Though we have become a net exporter by a small margin, it is an important milestone in the energy sector,” said Ghising, claiming that the regular supply of electricity in the market has increased the use of electric vehicles and induction stoves, causing reduction in the import of petroleum products. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The surge in electricity export has contributed to reduce Nepal’s trade deficit with India,” Ghising added. “It has also positively impacted the country’s foreign exchange reserves.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal was allowed to enter in the day-ahead market of the Indian Energy Exchange on May 1, 2021 for the import while it was given the go ahead to export electricity on November 3, 2021.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal has been selling 690 megawatts of electricity daily in the medium term, day-ahead and real-time markets in India, produced from 16 hydropower projects across the country.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NEA is in the process of being allowed to export an additional 400 megawatts of electricity as per the mid-term agreement, according to Ghising. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“We are also in the process of completing the agreement with Bangladesh to export 40 megawatts of electricity this year,” he added.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">However, the tripartite agreement to be signed between Nepal, Bangladesh and India today (July 28) has been postponed indefinitely due to the students’ protest in Bangladesh. <em>(With inputs from RSS)</em></span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-07-28', 'modified' => '2024-07-28', 'keywords' => '', 'description' => '', 'sortorder' => '21393', 'image' => '20240728063840_20240611013350_20231120013615_20230716115331_eee.jpg', 'article_date' => '2024-07-28 18:37:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = 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', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU, July 30: The government has initiated the process of opening 57 more mountain peaks in Nepal for climbing. The Department of Tourism has submitted a proposal to the Ministry of Culture, Tourism, and Civil Aviation with a list of mountains to be opened for climbing.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Kali Bahadur Bhujel, spokesperson for the Department of Tourism, said that 57 new mountains will be opened for climbing after the ministry's approval. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"We tried to complete the process of opening the new mountains for climbing in the last fiscal year, FY 2023/24 but we were able to submit the proposal only in the beginning of the current fiscal year," Bhujel said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The government’s policies and programmes of the last fiscal year mentioned about opening new mountains for climbing. The department informed that the policy will be implemented this year. According to Bhujel, most of the rural municipalities have agreed to open the mountains.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Last June, the department asked those rural municipalities for their opinions on whether the mountains could be opened, considering religious, cultural, and geographical factors. According to the department, most of the new mountains to be opened this time are in Karnali Province. The department has proposed to open 20 mountains in Karnali Province alone.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, the department has propsed opening 17 mountains in Koshi Province and 16 mountains in Gandaki Province for climbing. So far, the department has opened 405 mountains for climbing.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The height of the proposed mountains and peaks ranges from a minimum of 5,000 meters to a maximum of 6,093 meters. Bhujel mentioned that many more mountains are yet to be opened for climbing and that the department will take initiative to open those mountains as well.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The department collected revenue of Rs 771.3 million in the last fiscal year, FY 2023/24, as royalties from the mountains currently open for climbing.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-30', 'modified' => '2024-07-30', 'keywords' => '', 'description' => '', 'sortorder' => '21407', 'image' => '20240730105250_DKL-Phuning.9.jpg', 'article_date' => '2024-07-30 10:52:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21680', 'article_category_id' => '1', 'title' => 'Sukilumba Airport Closed for Two Months', 'sub_title' => '', 'summary' => 'Sukilumba Airport in Ilam has been closed for two months due to adverse weather conditions.', 'content' => '<p><span style="font-size:20px">July 30: Sukilumba Airport in Ilam has been closed for two months due to adverse weather conditions.</span></p> <p><span style="font-size:20px">The last flight operated by Nepal Airlines was on the 13th of Jestha. On the 17th of Jestha, a flight from Kathmandu to Ilam had to return to Kathmandu because it could not land in Ilam due to poor weather conditions.</span></p> <p><span style="font-size:20px">Since then, all flights to and from Sukilumba Airport have been halted, according to Station In-Charge Dinesh Sundas. He stated that flights will not resume until the weather improves.</span></p> <p><span style="font-size:20px">Nepal Airlines had been operating flights on the Ilam-Kathmandu route since the 1st of Magh, 2079 BS, with two flights a week on Sundays and Thursdays. Before Nepal Airlines, Sita Airlines was providing flights on this route.</span></p> <p><span style="font-size:20px">Sukilumba Airport is located in Ilam Municipality-9. The suspension of flights has caused inconvenience for passengers, who now have to travel via Bhadrapur Airport in Jhapa.</span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-30', 'modified' => '2024-07-30', 'keywords' => '', 'description' => '', 'sortorder' => '21406', 'image' => '20240730060315_collage (81).jpg', 'article_date' => '2024-07-30 06:01:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '21679', 'article_category_id' => '1', 'title' => 'New Species of Bird Found in Mustang ', 'sub_title' => '', 'summary' => 'MYAGDI, July 29: A new species of bird has been found in Mustang. Ornithologists Sanjay Shrestha and Shankar Tiwari found the new species of bird in Upper Mustang, according to the Nepal Ornithologists Association. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">MYAGDI, July 29: A new species of bird has been found in Mustang. Ornithologists Sanjay Shrestha and Shankar Tiwari found the new species of bird in Upper Mustang, according to the Nepal Ornithologists Association. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Spotted Flycatcher bird was found for the first time in Nepal, said Dr Tulasi Subedi, Chair of Nepal Bird Records Committee through a statement on Monday. The scientific name of the bird is Muscicapa Striata and is locally called Taludharse Arjunak. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The picture of the bird taken by Shrestha and Tiwari at an altitude of 3,650 meters above the sea level was sent to the Nepal Bird Records Committee for confirmation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Based on the available evidence, detailed study and suggestions from national and international ornithologists, Taludharse Arjunak has been confirmed as a species and added to the records of birds found in Nepal, said Subedi. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This takes the number of bird species found in Nepal to 896. This bird is also found in Mongolia, in northern China and in Afghanistan and Pakistan. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21405', 'image' => '20240729090110_2213685375-Species-Spotted-Flycatcher-on-branch.jpg', 'article_date' => '2024-07-29 21:00:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21678', 'article_category_id' => '1', 'title' => 'NRB Reduces Service Charge Limit for Microfinance Institutions', 'sub_title' => 'The other amendments include changes to loan disbursement practices and guidelines for client protection and employee management', 'summary' => 'KATHMANDU, July 29: Nepal Rastra Bank (NRB) has reduced the limit of service charge during the disbursement of loans from microfinance institutions by revising its Unified Directives, 2079, for such institutions. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, July 29: </span></span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal Rastra Bank (NRB) has reduced the limit of service charge during the disbursement of loans from microfinance institutions by revising its Unified Directives, 2079, for such institutions. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The new amendment includes reduction in service fees, changes to loan disbursement practices, and updated guidelines for client protection and employee management. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“When disbursing a loan, no amount other than the specified service fee can be deducted from the approved loan amount and kept as savings," reads the revised directive. "While disbursing the loan, microfinance institutions can charge a service fee of up to 1.3% of the approved loan. In case of providing loans for a period of less than one year, they can only charge a service fee proportional to that rate based on the loan period, not exceeding 1.3% per annum.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The earlier provision allowed microfinance institutions to charge a service fee of up to 1.5% of the approved loans.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The new amendment has also allowed a borrower to get loans from two microfinance institutions. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Earlier, borrowers could secure loans only from a single microfinance institution.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“When providing micro-loans without collateral or under the security of collateral, a maximum of two microfinance institutions can provide loans to one borrower without exceeding the loan limit as per this provision," reads the revised unified directives. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The new revision also mandates that borrowers who have taken loans from commercial banks, development banks, or finance companies will not be eligible to take loans from microfinance institutions.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Focusing on poor and low-income people, there is a provision that small loans of up to Rs 500,000 can be provided per group member for the purpose of running a small enterprise or business. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A limit of Rs 700,000 has been set for group members who have availed loans in the past two years and are in good standing. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The central bank has introduced a new arrangement to provide a family guaranteed loan of up to Rs 25,000 per family.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The guidelines related to the Client Protection Fund also have been revised. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Previously, if a company proposed to allocate 1% of its net profit and more than 15% of its annual dividend (cash or bonus), it was required to allocate 35% of the proposed dividend to the Client Protection Fund. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the revised provision, a company will have to keep an amount equal to 1.5% of its related fiscal year’ net profit by mid-July 2025, 2% of its related fiscal year’s net profit by mid-July 2026 and 3% of its related fiscal year’s net profit by mid-July 2027 in its Client Protection Fund.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The provision to retain 35% of the dividend exceeding 15% remains unchanged. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The central bank has also directed all microfinance institutions to carry out an internal audit of each branch office at least once a year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The provisions regarding the blacklisting of microfinance borrowers have also been amended. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Even if the microfinance financial institution includes a non-paying borrower in the blacklist of the credit information centre, the institution may arrange to remove the borrower from the blacklist for six months if it believes the borrower will repay the loan soon.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Otherwise, the institution will have to recommend the borrower be included in the blacklist.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Borrowers who take loans from microfinance institutions and do not repay them will need to be classified accordingly.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A new system related to the selection, transfer, promotion, posting, and evaluation of employees in microfinance institutions has been introduced through the revised directives. -- RSS</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21404', 'image' => '20240729070027_20240316111149_cooperative-new.jpg', 'article_date' => '2024-07-29 18:59:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21677', 'article_category_id' => '1', 'title' => 'Tiger Population Soars to Around 125 in Bardiya Naional Park', 'sub_title' => 'The national park has become the second largest home for the big cats in Nepal', 'summary' => 'BARDIYA, July 29: The number of Royal Bengal Tigers in Bardiya National Park has surged to around 125', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">BARDIYA, July 29: </span></span></span></span><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The number of Royal Bengal Tigers in Bardiya National Park has surged to around 125, making it Nepal's second-largest habitat for the big cats only behind Chitwan National Park which holds the top spot with 128 tigers.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Until 2010, Bardiya was home to 18 big cats of this species. However, the number surged three folds by 2022, thanks to the conservation efforts of the local community, said Purusottam Wagle, conservation officer at the park.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The national park made the number public marking the International Tiger Day celebrated every year on July 29 to raise awareness about one of the most endangered animals in the world.</span></span><br /> <br /> Wagle claimed that the cases of human-animal conflict in the park’s buffer zones involving the Tiger has declined in the past two years.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“We have emphasised habitat management for tigers and carried out community awareness programmes,” said Wagle. “We have also set up electric fencing and erected concrete walls to prevent human-wildlife conflict, besides developing necessary infrastructure and implementing various methods to protect the animals in the park.”</span></span><br /> <br /> Along with the rise in the number of big cats, their movement in Khata biological corridor and adjacent forest areas has also increased.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Five people lost their lives to tiger and cheetah attacks in the last fiscal year, senior officer at the park, Tanka Gurung, said.</span></span><br /> <br /> “We have plans in place to minimise human-animal conflict in the national park areas this fiscal year,” Gurung said. -RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21403', 'image' => '20240729050221_8.jpg', 'article_date' => '2024-07-29 17:01:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21676', 'article_category_id' => '1', 'title' => 'SEBON to Extend Lock-in Period for Founder Shares', 'sub_title' => '', 'summary' => 'KATHMANDU, July 29: The Securities Board of Nepal (SEBON) has announced plans to extend the current lock-in period for founder shares of listed organizations. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Prajita Bhduathoki</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">KATHMANDU, July 29: The Securities Board of Nepal (SEBON) has announced plans to extend the current lock-in period for founder shares of listed organizations. Currently, the lock-in period for founder shares is three years, during which these shares cannot be sold following the company's listing on the Nepal Stock Exchange. Despite this, founding shareholders have been pressurizing to shorten this period.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">On Sunday, SEBON disclosed a revision of the lock-in period in its policies and programs related to the securities market for the fiscal year 2081/82 (2024/25).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">SEBON spokesperson Dr. Navraj Adhikari explained that as soon as the lock-in period ends, the process for founder shareholders to exit the company accelerates, increasing the risk to general shareholders. Therefore, the lock-in period will be extended. Founder shareholders are viewed as the 'parents' of the company.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">“They have extensive knowledge about the company's financial health, and we aim to extend the lock-in period to ensure they remain more responsible toward the company,” Dr. Adhikari told New Business Age.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The board's study indicates that this tendency is particularly pronounced among founders of hydropower companies. The study revealed that many founder shareholders of Hydropower Group sold their shares immediately after the lock-in period ended, which could jeopardize public investments.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Previously, under the influence of the current Minister for Energy, Water Resources, and Irrigation, Deepak Khadka, the Ministry of Finance had requested SEBON to remove the lock-in period for Menchiam Hydropower Limited, which was promoted by him.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">There is confusion regarding the share ownership of general people, especially since hydropower projects built under the Construction, Ownership, Operation, and Transfer (BOOT) model must be handed over to the government after a specified period. In such cases, when founders sell their shares, the public bears the entire risk. Additionally, SEBON plans to amend regulations and guidelines concerning public issues of securities through book building.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">So far, Sarbottam Cement and Reliance Spinning Mills have received SEBON’s approval for share issuance via book building method. However, the IPO process for Reliance Spinning Mills, which has courted controversy, has been halted. In the book building method, qualified institutional investors purchase a portion of a company’s shares at a set price before the IPO. The public issuance is based on this price.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The spokesperson noted that there have been suspicions of collusion in public securities issuance via book building, prompting necessary amendments to current regulations and guidelines.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Although the net worth is low, the suspicion of collusion has increased as institutional investors are seen purchasing shares at high prices. Currently, qualified institutional investors are required to purchase 40 percent of the shares initially, compared to 70 percent in India. The board is considering increasing this ratio to reduce risk to common investors.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">In the case of Reliance Spinning Mills, qualified institutional investors paid Rs 912 per share. According to regulations, shares can be sold to the general public at a 10 percent lower price. However, after attempting this, the company reported a decrease in net worth per share by half, raising concerns about the risk associated with purchasing shares of Reliance Spinning Mills.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The decline in the company's net worth is attributed to potential liability for the trunk line and dedicated feeder expenses to the Nepal Electricity Authority, which were not accounted for when selling shares to institutional investors.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Previously, collusion was also suspected in the sale of Sarvottam Cement shares through the book-building method.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The board has indicated that new laws will be enacted to facilitate the issuance and trading of green bonds, energy bonds, and other new financial instruments. Additionally, the board has included in its policy and program the implementation of reporting formats for statements submitted by securities brokers and traders, merchant bankers, and collective investment funds.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21402', 'image' => '20240729032445_Sebon-update.jpg', 'article_date' => '2024-07-29 15:24:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21675', 'article_category_id' => '1', 'title' => 'NEPSE Sheds 20.46 Points; Turnover Exceeds Rs 19 Billion', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) experienced a decline of 20.46 points, or 0.76%, closing at 2,661.09 on Monday, the second trading day of the week.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 29: The Nepal Stock Exchange (NEPSE) experienced a decline of 20.46 points, or 0.76%, closing at 2,661.09 on Monday, the second trading day of the week.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In today's trading session, 325 scrips were traded via 222,660 transactions, with a total of 47,790,837 shares exchanged. This resulted in a total turnover of Rs 19.60 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Shivam Cements Limited (SHIVM) led in turnover, with transactions worth Rs 61 crores. Nepal Finance Limited (NFS) recorded the highest gain of the day, rising 9.77% to close at Rs 1,629 per share. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Conversely, Aarambha Chautari Laghubitta Bittiya Sanstha Limited (ACLBSL) suffered the biggest loss, dropping 8.35% to settle at Rs 1,247 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Sensitive Index decreased by 0.96%, while the Float Index and Sensitive Float Index declined by 0.83% and 1.17%, respectively.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Regarding sector indices, all sectors closed in the red except for the Finance Index and Hydropower Index. The Finance Index saw the highest gain of 1.88%, while the Trading Index experienced the largest loss, falling by 4.54%.</span></span></p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21401', 'image' => '20240729032222_collage (80).jpg', 'article_date' => '2024-07-29 15:21:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '21674', 'article_category_id' => '1', 'title' => 'NRB to Bear the Risk of Exchange Rate in Foreign Loans Taken by Banks', 'sub_title' => '', 'summary' => 'KATHMANDU, July 29: Nepal Rastra Bank (NRB) has announced to take the responsibility for the risk caused by exchange rate fluctuation when banks and financial institutions take loans in foreign currencies other than Indian currency. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, July 29: Nepal Rastra Bank (NRB) has announced to take the responsibility for the risk caused by exchange rate fluctuation when banks and financial institutions take loans in foreign currencies other than Indian currency. On Sunday, NRB issued the Swap Transaction Regulation-2081, which has a provision that foreign currency loans can be bought and sold at a fixed rate.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to the regulation, "buying and selling US dollar/Nepali rupee" can be done between the banks that bring loans in foreign currency and NRB. In the first phase of such transactions, NRB will buy US dollars and sell Nepali rupees at a specified rate from the lending bank. In the second phase, NRB will sell US dollars to the bank and buy Nepali rupees at the specified date and exchange rate.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Tulsi Prasad Ghimire, Executive Director of the Foreign Exchange Department of NRB, informed that according to the regulations, NRB can now buy foreign currency at a fixed rate and sell foreign currency at a fixed rate when repaying the banks' loans. This arrangement means banks do not have to bear the risk of exchange rate changes when taking loans in foreign currency.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">NRB had arranged for banks to bring in foreign currency loans eight years ago. However, banks have not shown interest due to the risk of exchange rate fluctuations. Therefore, NRB issued the swap transaction regulation to reduce and manage the foreign exchange rate risk in loans borrowed by banks and financial institutions from abroad. The regulation specifies the US dollar amount to be bought and sold, the exchange rate, the clearing date of the first phase of the transaction, as well as the exchange rate and clearing date in the swap transaction.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Licensed commercial banks, development banks, finance companies, microfinance institutions, and infrastructure development banks licensed to finance loans in foreign currencies other than the Indian rupee are eligible to carry out swap transactions. Banks can apply for a minimum amount of USD 1 million and a maximum of USD 10 million.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The regulations also established a swap transaction committee under the chairmanship of the deputy governor in charge of the foreign exchange management department of NRB. The executive directors of the foreign exchange management, monetary management, economic research, banking, and finance management departments of NRB will be members of the committee, with the director of the foreign exchange management department serving as the member-secretary.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">For the first time in March 2018, NRB allowed commercial banks to borrow up to 25 percent of primary capital from abroad. By making the provision more flexible, NRB has recently allowed commercial banks, development banks, finance companies, and microfinance institutions to take loans. Banks can also take loans in Indian currency.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Currently, banks can borrow up to 100 percent of their primary capital from foreign banks. These loans can be invested in renewable energy generation and transmission lines, road infrastructure, airports, cable cars, bridges, tourism, agriculture, small and medium industries, manufacturing sectors, and the microfinance sector. Banks can take loans from foreign banks as well as approved pension funds, hedge funds, etc. Loans taken from abroad should be determined by adding 4 percent to the 6-month interbank rate. There is a provision that no mortgage guarantee or bank guarantee can be given for this loan, which ranges from 1 to 5 years.</span></span></p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21400', 'image' => '20240729025500_NRB new building.jpg', 'article_date' => '2024-07-29 14:54:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21673', 'article_category_id' => '1', 'title' => 'Two Dead, 28 Injured in School Bus Accident in Pokhara', 'sub_title' => 'The deceased were the 33-years old mother and her six years old son, according to police.', 'summary' => 'POKHARA, July 29: A school bus accident in Pokhara on Monday morning claimed the lives of two people while 28 others sustained injuries.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">POKHARA, July 29: </span></span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A school bus accident in Pokhara on Monday morning claimed the lives of two people while 28 others sustained injuries.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The bus, which belonged to LP Devkota Memorial School at Birauta in Pokhara Metropolitan City-17, fell 50 metres off the road after losing control at Gudku in Pokhara Metropolitan City-21. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The deceased were 33 years old Arati BK and her six years old son Prince BK, according to Deputy Superintendent Basanta Kumar Sharma, the spokesperson at Kaski District Police Office. Arati worked at the school as an office helper and Prince studied there. “Both died while undergoing treatment at the Gandaki Medical College.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While 13 of the injured students, teachers and parents are being treated at the Gandaki Medical College, 12 have been taken to Western Regional Hospital under the Pokhara Academy of Health Sciences and three others to Manipal Teaching Hospital, said police.</span></span></span></span></p> <p><br /> </p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21399', 'image' => '20240729022518_blank eight by six.jpg', 'article_date' => '2024-07-29 14:24:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21672', 'article_category_id' => '1', 'title' => 'Prices of Gold and Silver Surge in Domestic Market', 'sub_title' => 'The Precious Yellow Metal becomes Dearer by Rs 400 per Tola.', 'summary' => 'The price of gold increased by Rs 400 per tola (11.66 grams) in the domestic market on Monday.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, July 29</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The price of gold increased by Rs 400 per tola (11.66 grams) in the domestic market on Monday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the Federation of Nepal Gold and Silver Dealers’ Association, fine gold, which was traded at Rs 145,700 per tola on Sunday, is being traded at Rs 146,100 per tola on Monday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Similarly, the price of worked gold has surged to Rs 145,400 per tola from Rs 145,000 on Sunday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The price of silver has also risen in the domestic market of Nepal by Rs 10 per tola. Silver is currently being traded at Rs 1,750 per tola, up from Rs 1,740 per tola the previous day. -- RSS</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21398', 'image' => '20240729021448_cd5483b7.jpeg', 'article_date' => '2024-07-29 14:14:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21671', 'article_category_id' => '1', 'title' => 'Foreign Companies Show Interest in Resuming Biratnagar Jute Mill', 'sub_title' => '', 'summary' => 'BIRATNAGAR, July 29: After Indian and Bangladeshi companies expressed interest in resuming operations at Nepal's first industry, Biratnagar Jute Mill, the government is preparing to form a board of directors and hold a general assembly. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Bedraj Pooudel</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">BIRATNAGAR, July 29: After Indian and Bangladeshi companies expressed interest in resuming operations at Nepal's first industry, Biratnagar Jute Mill, the government is preparing to form a board of directors and hold a general assembly. The government has started homework to collaborate with private companies after Tata Group of India showed keen interest in operating the jute mill and also conducted a technical study.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The government has appointed Rajendra Karki as the chairman of the newly formed five-member board of Biratnagar Jute Mill. Members include Tikaraj Dhakal, Mukunda Prasad Nepal, the head of the Treasury and Finance Comptroller Office, and the head of the Commerce Office. On January 15, 2010, the industry, which had gone on 'payoff,' retained 40 employees under contract for re-operation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Chairman Karki stated that a technician from Tata company studied the mill for about 20 days. He emphasized the need for reliable private sector investment alongside government efforts. A general assembly has been called for October to discuss the mill's operation. Tata, already operating a jute mill in India, has shown interest in the Biratnagar Jute Mill.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to Karki, 70 percent of the jute mill's machines are operational. Previously, it was costly to operate up to 60 looms with a single high-capacity motor, but now each loom will have its own motor, increasing production efficiency. The loom has been successfully tested with the new system, allowing individual looms to be stopped without affecting others.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Until 1995, the jute mill made an annual profit of Rs 280 million, operating round the clock in three shifts, producing 45 tons of jute products daily, and providing jobs to 3,600 individuals. The government owns 68 percent stakes of the jute mill and the private sector owns 32 percent. Accounts Officer Shyam Kumar Lama noted that the industry owes contract employees Rs 40 million in salaries, which must be paid before operations can resume.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The closed jute mill has debts of Rs 5.42 billion. The jute mill was established with loan investments from Rastriya Banijya Bank, Nepal Bank, Udayapur Cement Factory, and others. Unpaid taxes since 1981 amount to Rs 210 million. The mill, which was closed for six years, appointed a new board of directors on June 11, 2024. Board member Dhakal mentioned interest from Bangladeshi companies in operating the mill using raw jute brought through Phulbari port.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">If operational, the mill could employ around 3,000 people. Manoj Khadka, an activist and former mill employee, expressed concern over land encroachment and unauthorized construction on the mill’s property. The mill still has 69 bighas of land in its name, though much has been encroached upon by individuals.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In 2008, Utim Lal Yadav took 2 bighas, 5 kathas, and 16 dhurs of land in his name and sold it. According to Khadka, there are 45 bighas of land inside the mill compound and additional land in various locations, all encroached upon by people.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21397', 'image' => '20240729011927_Biratnagar-Jute-mill-image-1.jpg', 'article_date' => '2024-07-29 13:18:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21670', 'article_category_id' => '1', 'title' => 'Nepal Imports Goods Worth Rs 65 Billion from China via Rasuwagadhi', 'sub_title' => '', 'summary' => 'KATHMANDU, July 29: Nepal imported Chinese goods worth Rs 65.22 billion via the Rasuwagadhi customs point in the last fiscal year. ', 'content' => '<h3><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU, July 29: Nepal imported Chinese goods worth Rs 65.22 billion via the Rasuwagadhi customs point in the last fiscal year. Chief of Rasuwa Customs Office, Timure, Ram Prasad Pathak, stated that the imports included vehicles, readymade goods, rubber, shoes, handbags, raw materials for shoes, apples, garlic, and more. A large number of electric vehicles were also imported.</span></span></h3> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepal imported a total of 7,377 vehicles made in China, including buses, cars, tricycles, vans, and others, with the value exceeding Rs 19.57 billion in the fiscal year 2023/24. However, Nepal exported goods worth just Rs 1.96 billion from the Rasuwagadhi customs point, indicating a significant trade deficit with China.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The exports included copper utensils, carpets, noodles, zinc sheets, aluminum goods, woolen shawls, and readymade clothes. The Customs Office deposited Rs 20.36 billion in the state treasury, including customs duty, penalties, and VAT in the fiscal year 2023/24.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Another major customs point for trade with China is the Tatopani customs point. However, this border was completely closed for 4 and a half years after the devastating earthquake in 2015. It reopened in May 2019 but was closed again in March 2020 due to the COVID-19 pandemic. Of late there has been some improvement in trade through this checkpoint.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although Nepal and China have been discussing to reopen other border checkpoints, it has not been effective till date. <em>(with inputs from RSS)</em></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21396', 'image' => '20240729121556_20200721032617_1595263977.rasuwagadhi.jpg', 'article_date' => '2024-07-29 12:15:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21669', 'article_category_id' => '1', 'title' => 'Nepal Exports Plywood and Veneer Worth Rs 3 Billion to India in FY 2023/24', 'sub_title' => '', 'summary' => 'JHAPA, July 28: Nepal exported 99,801 metric tons of plywood and other wood products worth Rs 2.96 billion to India in FY 2023/24. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">JHAPA, July 28: Nepal exported 99,801 metric tons of plywood and other wood products worth Rs 2.96 billion to India in FY 2023/24. Plywood is produced by planting fast-growing trees such as uttis (Alder tree) in the farmlands of the eastern hills in Nepal.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Veneer wood is produced from wooden boards and processed to make plywood for furniture and other wooden items.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">During the review period, 21,994 metric tons of veneer worth Rs 241 million were exported to India, according to Chandreshwar Yadav, the information officer at Plant Quarantine Office Kakarvitta. He further shared that plywood worth Rs 2.71 billion has been exported to India during the same period. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21395', 'image' => '20240729110954_20220916121009_ply.jpg', 'article_date' => '2024-07-29 11:09:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21668', 'article_category_id' => '1', 'title' => 'Mechinagar Municipality Collects Over Rs 130 Million in Internal Revenue', 'sub_title' => '', 'summary' => 'Mechinagar Municipality collected internal revenue amounting to Rs 135,205,897 in the fiscal year 2080/81. This represents an increase of Rs 19,084,200 compared to the fiscal year 2079/80.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 29: Mechinagar Municipality collected internal revenue amounting to Rs 135,205,897 in the fiscal year 2080/81. This represents an increase of Rs 19,084,200 compared to the fiscal year 2079/80.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Meena Pokhrel Upreti, the coordinator of the municipality's Revenue Advisory Committee and deputy mayor, informed that Rs 116,121,697 was collected as internal revenue in the fiscal year 2079/80. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Upreti said that an increase of approximately Rs 20 million in internal revenue within a year is encouraging from an economic standpoint.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The municipality's revenue sub-division has been collecting revenue under 50 different headings. Property tax accounted for Rs 34,019,645, and service charges accounted for Rs 23,197,381. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Other revenue sources and headings include business taxes, map approval fees, and recommendation fees, said Upreti. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Among the 15 wards in Mechinagar, Ward No. 6 collected the highest revenue during this period, amounting to Rs 17,627,701, according to Chief Administrative Officer Agni Prasad Adhikari. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Ward No. 10 followed in second place with Rs 16,399,545 in revenue collection. On a ward basis, Ward No. 10 collected the highest property tax, amounting to Rs 5,979,043.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Prem Prasad Parajuli, the head of the revenue sub-division, stated that the municipality has set the target to collect Rs 167,700,000 in internal revenue in the current fiscal year. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The total budget of the municipality for the current fiscal year is Rs 2,052,902,000.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21394', 'image' => '20240729055415_collage (79).jpg', 'article_date' => '2024-07-29 05:52:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 14 => array( 'Article' => array( 'id' => '21667', 'article_category_id' => '1', 'title' => 'Nepal’s Electricity Export Surpasses Import in Last Fiscal Year', 'sub_title' => 'Electricity export to India exceeded the import from the Southern neighbour by around Rs. 122 million, according to the NEA', 'summary' => 'KATHMANDU, July 28: Nepal has become the net-exporter of electricity, three years after entering in the energy trade with India.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, July 28:</span></span> <span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal has become the net-exporter of electricity, three years after entering in the energy trade with India.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal exported around 1.94 billion units of electricity worth Rs 16.93 billion to India during the rainy season in the last fiscal year, 2023-24, while importing electricity worth Rs 16.81 billion from the southern neighbour during the dry season in the same year, according to the Nepal Electricity Authority (NEA).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The NEA has been selling surplus energy generated in the country in the day-ahead and real-time markets of the Indian Energy Exchange at competitive rates as well as to the NTPC Vidyut Vyapar Nigam Limited (NVVN) of India as per the mid-term energy trade. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The NVVN sells the energy bought from Nepal in India’s Haryana state at an average rate of Rs 8.72 per unit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the NEA, Nepal imported around 1.83 billion units of electricity during the dry season in the last fiscal year, at an average rate of Rs 9.17 per unit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Electricity exports exceeded imports by around Rs 122 million in the last fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In terms of quantity, Nepal exported around 109 million units more electricity to India than it imported.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In the previous fiscal year, 2022-23, Nepal had exported electricity worth around Rs 10.45 billion to India while importing electricity worth around Rs 19.45 billion from the southern neighbour.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kul Man Ghising, the executive director of NEA, said while Nepal might continue to import electricity from India to fulfil the domestic demand in the dry season for a few more years, the country’s export will continue to rise.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Though we have become a net exporter by a small margin, it is an important milestone in the energy sector,” said Ghising, claiming that the regular supply of electricity in the market has increased the use of electric vehicles and induction stoves, causing reduction in the import of petroleum products. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The surge in electricity export has contributed to reduce Nepal’s trade deficit with India,” Ghising added. “It has also positively impacted the country’s foreign exchange reserves.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal was allowed to enter in the day-ahead market of the Indian Energy Exchange on May 1, 2021 for the import while it was given the go ahead to export electricity on November 3, 2021.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal has been selling 690 megawatts of electricity daily in the medium term, day-ahead and real-time markets in India, produced from 16 hydropower projects across the country.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NEA is in the process of being allowed to export an additional 400 megawatts of electricity as per the mid-term agreement, according to Ghising. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“We are also in the process of completing the agreement with Bangladesh to export 40 megawatts of electricity this year,” he added.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">However, the tripartite agreement to be signed between Nepal, Bangladesh and India today (July 28) has been postponed indefinitely due to the students’ protest in Bangladesh. <em>(With inputs from RSS)</em></span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-07-28', 'modified' => '2024-07-28', 'keywords' => '', 'description' => '', 'sortorder' => '21393', 'image' => '20240728063840_20240611013350_20231120013615_20230716115331_eee.jpg', 'article_date' => '2024-07-28 18:37:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = 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', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU, July 30: The government has initiated the process of opening 57 more mountain peaks in Nepal for climbing. The Department of Tourism has submitted a proposal to the Ministry of Culture, Tourism, and Civil Aviation with a list of mountains to be opened for climbing.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Kali Bahadur Bhujel, spokesperson for the Department of Tourism, said that 57 new mountains will be opened for climbing after the ministry's approval. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"We tried to complete the process of opening the new mountains for climbing in the last fiscal year, FY 2023/24 but we were able to submit the proposal only in the beginning of the current fiscal year," Bhujel said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The government’s policies and programmes of the last fiscal year mentioned about opening new mountains for climbing. The department informed that the policy will be implemented this year. According to Bhujel, most of the rural municipalities have agreed to open the mountains.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Last June, the department asked those rural municipalities for their opinions on whether the mountains could be opened, considering religious, cultural, and geographical factors. According to the department, most of the new mountains to be opened this time are in Karnali Province. The department has proposed to open 20 mountains in Karnali Province alone.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, the department has propsed opening 17 mountains in Koshi Province and 16 mountains in Gandaki Province for climbing. So far, the department has opened 405 mountains for climbing.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The height of the proposed mountains and peaks ranges from a minimum of 5,000 meters to a maximum of 6,093 meters. Bhujel mentioned that many more mountains are yet to be opened for climbing and that the department will take initiative to open those mountains as well.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The department collected revenue of Rs 771.3 million in the last fiscal year, FY 2023/24, as royalties from the mountains currently open for climbing.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-30', 'modified' => '2024-07-30', 'keywords' => '', 'description' => '', 'sortorder' => '21407', 'image' => '20240730105250_DKL-Phuning.9.jpg', 'article_date' => '2024-07-30 10:52:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21680', 'article_category_id' => '1', 'title' => 'Sukilumba Airport Closed for Two Months', 'sub_title' => '', 'summary' => 'Sukilumba Airport in Ilam has been closed for two months due to adverse weather conditions.', 'content' => '<p><span style="font-size:20px">July 30: Sukilumba Airport in Ilam has been closed for two months due to adverse weather conditions.</span></p> <p><span style="font-size:20px">The last flight operated by Nepal Airlines was on the 13th of Jestha. On the 17th of Jestha, a flight from Kathmandu to Ilam had to return to Kathmandu because it could not land in Ilam due to poor weather conditions.</span></p> <p><span style="font-size:20px">Since then, all flights to and from Sukilumba Airport have been halted, according to Station In-Charge Dinesh Sundas. He stated that flights will not resume until the weather improves.</span></p> <p><span style="font-size:20px">Nepal Airlines had been operating flights on the Ilam-Kathmandu route since the 1st of Magh, 2079 BS, with two flights a week on Sundays and Thursdays. Before Nepal Airlines, Sita Airlines was providing flights on this route.</span></p> <p><span style="font-size:20px">Sukilumba Airport is located in Ilam Municipality-9. The suspension of flights has caused inconvenience for passengers, who now have to travel via Bhadrapur Airport in Jhapa.</span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-30', 'modified' => '2024-07-30', 'keywords' => '', 'description' => '', 'sortorder' => '21406', 'image' => '20240730060315_collage (81).jpg', 'article_date' => '2024-07-30 06:01:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '21679', 'article_category_id' => '1', 'title' => 'New Species of Bird Found in Mustang ', 'sub_title' => '', 'summary' => 'MYAGDI, July 29: A new species of bird has been found in Mustang. Ornithologists Sanjay Shrestha and Shankar Tiwari found the new species of bird in Upper Mustang, according to the Nepal Ornithologists Association. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">MYAGDI, July 29: A new species of bird has been found in Mustang. Ornithologists Sanjay Shrestha and Shankar Tiwari found the new species of bird in Upper Mustang, according to the Nepal Ornithologists Association. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Spotted Flycatcher bird was found for the first time in Nepal, said Dr Tulasi Subedi, Chair of Nepal Bird Records Committee through a statement on Monday. The scientific name of the bird is Muscicapa Striata and is locally called Taludharse Arjunak. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The picture of the bird taken by Shrestha and Tiwari at an altitude of 3,650 meters above the sea level was sent to the Nepal Bird Records Committee for confirmation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Based on the available evidence, detailed study and suggestions from national and international ornithologists, Taludharse Arjunak has been confirmed as a species and added to the records of birds found in Nepal, said Subedi. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This takes the number of bird species found in Nepal to 896. This bird is also found in Mongolia, in northern China and in Afghanistan and Pakistan. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21405', 'image' => '20240729090110_2213685375-Species-Spotted-Flycatcher-on-branch.jpg', 'article_date' => '2024-07-29 21:00:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21678', 'article_category_id' => '1', 'title' => 'NRB Reduces Service Charge Limit for Microfinance Institutions', 'sub_title' => 'The other amendments include changes to loan disbursement practices and guidelines for client protection and employee management', 'summary' => 'KATHMANDU, July 29: Nepal Rastra Bank (NRB) has reduced the limit of service charge during the disbursement of loans from microfinance institutions by revising its Unified Directives, 2079, for such institutions. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, July 29: </span></span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal Rastra Bank (NRB) has reduced the limit of service charge during the disbursement of loans from microfinance institutions by revising its Unified Directives, 2079, for such institutions. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The new amendment includes reduction in service fees, changes to loan disbursement practices, and updated guidelines for client protection and employee management. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“When disbursing a loan, no amount other than the specified service fee can be deducted from the approved loan amount and kept as savings," reads the revised directive. "While disbursing the loan, microfinance institutions can charge a service fee of up to 1.3% of the approved loan. In case of providing loans for a period of less than one year, they can only charge a service fee proportional to that rate based on the loan period, not exceeding 1.3% per annum.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The earlier provision allowed microfinance institutions to charge a service fee of up to 1.5% of the approved loans.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The new amendment has also allowed a borrower to get loans from two microfinance institutions. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Earlier, borrowers could secure loans only from a single microfinance institution.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“When providing micro-loans without collateral or under the security of collateral, a maximum of two microfinance institutions can provide loans to one borrower without exceeding the loan limit as per this provision," reads the revised unified directives. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The new revision also mandates that borrowers who have taken loans from commercial banks, development banks, or finance companies will not be eligible to take loans from microfinance institutions.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Focusing on poor and low-income people, there is a provision that small loans of up to Rs 500,000 can be provided per group member for the purpose of running a small enterprise or business. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A limit of Rs 700,000 has been set for group members who have availed loans in the past two years and are in good standing. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The central bank has introduced a new arrangement to provide a family guaranteed loan of up to Rs 25,000 per family.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The guidelines related to the Client Protection Fund also have been revised. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Previously, if a company proposed to allocate 1% of its net profit and more than 15% of its annual dividend (cash or bonus), it was required to allocate 35% of the proposed dividend to the Client Protection Fund. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the revised provision, a company will have to keep an amount equal to 1.5% of its related fiscal year’ net profit by mid-July 2025, 2% of its related fiscal year’s net profit by mid-July 2026 and 3% of its related fiscal year’s net profit by mid-July 2027 in its Client Protection Fund.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The provision to retain 35% of the dividend exceeding 15% remains unchanged. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The central bank has also directed all microfinance institutions to carry out an internal audit of each branch office at least once a year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The provisions regarding the blacklisting of microfinance borrowers have also been amended. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Even if the microfinance financial institution includes a non-paying borrower in the blacklist of the credit information centre, the institution may arrange to remove the borrower from the blacklist for six months if it believes the borrower will repay the loan soon.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Otherwise, the institution will have to recommend the borrower be included in the blacklist.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Borrowers who take loans from microfinance institutions and do not repay them will need to be classified accordingly.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A new system related to the selection, transfer, promotion, posting, and evaluation of employees in microfinance institutions has been introduced through the revised directives. -- RSS</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21404', 'image' => '20240729070027_20240316111149_cooperative-new.jpg', 'article_date' => '2024-07-29 18:59:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21677', 'article_category_id' => '1', 'title' => 'Tiger Population Soars to Around 125 in Bardiya Naional Park', 'sub_title' => 'The national park has become the second largest home for the big cats in Nepal', 'summary' => 'BARDIYA, July 29: The number of Royal Bengal Tigers in Bardiya National Park has surged to around 125', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">BARDIYA, July 29: </span></span></span></span><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The number of Royal Bengal Tigers in Bardiya National Park has surged to around 125, making it Nepal's second-largest habitat for the big cats only behind Chitwan National Park which holds the top spot with 128 tigers.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Until 2010, Bardiya was home to 18 big cats of this species. However, the number surged three folds by 2022, thanks to the conservation efforts of the local community, said Purusottam Wagle, conservation officer at the park.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The national park made the number public marking the International Tiger Day celebrated every year on July 29 to raise awareness about one of the most endangered animals in the world.</span></span><br /> <br /> Wagle claimed that the cases of human-animal conflict in the park’s buffer zones involving the Tiger has declined in the past two years.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“We have emphasised habitat management for tigers and carried out community awareness programmes,” said Wagle. “We have also set up electric fencing and erected concrete walls to prevent human-wildlife conflict, besides developing necessary infrastructure and implementing various methods to protect the animals in the park.”</span></span><br /> <br /> Along with the rise in the number of big cats, their movement in Khata biological corridor and adjacent forest areas has also increased.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Five people lost their lives to tiger and cheetah attacks in the last fiscal year, senior officer at the park, Tanka Gurung, said.</span></span><br /> <br /> “We have plans in place to minimise human-animal conflict in the national park areas this fiscal year,” Gurung said. -RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21403', 'image' => '20240729050221_8.jpg', 'article_date' => '2024-07-29 17:01:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21676', 'article_category_id' => '1', 'title' => 'SEBON to Extend Lock-in Period for Founder Shares', 'sub_title' => '', 'summary' => 'KATHMANDU, July 29: The Securities Board of Nepal (SEBON) has announced plans to extend the current lock-in period for founder shares of listed organizations. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Prajita Bhduathoki</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">KATHMANDU, July 29: The Securities Board of Nepal (SEBON) has announced plans to extend the current lock-in period for founder shares of listed organizations. Currently, the lock-in period for founder shares is three years, during which these shares cannot be sold following the company's listing on the Nepal Stock Exchange. Despite this, founding shareholders have been pressurizing to shorten this period.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">On Sunday, SEBON disclosed a revision of the lock-in period in its policies and programs related to the securities market for the fiscal year 2081/82 (2024/25).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">SEBON spokesperson Dr. Navraj Adhikari explained that as soon as the lock-in period ends, the process for founder shareholders to exit the company accelerates, increasing the risk to general shareholders. Therefore, the lock-in period will be extended. Founder shareholders are viewed as the 'parents' of the company.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">“They have extensive knowledge about the company's financial health, and we aim to extend the lock-in period to ensure they remain more responsible toward the company,” Dr. Adhikari told New Business Age.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The board's study indicates that this tendency is particularly pronounced among founders of hydropower companies. The study revealed that many founder shareholders of Hydropower Group sold their shares immediately after the lock-in period ended, which could jeopardize public investments.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Previously, under the influence of the current Minister for Energy, Water Resources, and Irrigation, Deepak Khadka, the Ministry of Finance had requested SEBON to remove the lock-in period for Menchiam Hydropower Limited, which was promoted by him.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">There is confusion regarding the share ownership of general people, especially since hydropower projects built under the Construction, Ownership, Operation, and Transfer (BOOT) model must be handed over to the government after a specified period. In such cases, when founders sell their shares, the public bears the entire risk. Additionally, SEBON plans to amend regulations and guidelines concerning public issues of securities through book building.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">So far, Sarbottam Cement and Reliance Spinning Mills have received SEBON’s approval for share issuance via book building method. However, the IPO process for Reliance Spinning Mills, which has courted controversy, has been halted. In the book building method, qualified institutional investors purchase a portion of a company’s shares at a set price before the IPO. The public issuance is based on this price.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The spokesperson noted that there have been suspicions of collusion in public securities issuance via book building, prompting necessary amendments to current regulations and guidelines.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Although the net worth is low, the suspicion of collusion has increased as institutional investors are seen purchasing shares at high prices. Currently, qualified institutional investors are required to purchase 40 percent of the shares initially, compared to 70 percent in India. The board is considering increasing this ratio to reduce risk to common investors.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">In the case of Reliance Spinning Mills, qualified institutional investors paid Rs 912 per share. According to regulations, shares can be sold to the general public at a 10 percent lower price. However, after attempting this, the company reported a decrease in net worth per share by half, raising concerns about the risk associated with purchasing shares of Reliance Spinning Mills.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The decline in the company's net worth is attributed to potential liability for the trunk line and dedicated feeder expenses to the Nepal Electricity Authority, which were not accounted for when selling shares to institutional investors.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Previously, collusion was also suspected in the sale of Sarvottam Cement shares through the book-building method.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The board has indicated that new laws will be enacted to facilitate the issuance and trading of green bonds, energy bonds, and other new financial instruments. Additionally, the board has included in its policy and program the implementation of reporting formats for statements submitted by securities brokers and traders, merchant bankers, and collective investment funds.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21402', 'image' => '20240729032445_Sebon-update.jpg', 'article_date' => '2024-07-29 15:24:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21675', 'article_category_id' => '1', 'title' => 'NEPSE Sheds 20.46 Points; Turnover Exceeds Rs 19 Billion', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) experienced a decline of 20.46 points, or 0.76%, closing at 2,661.09 on Monday, the second trading day of the week.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 29: The Nepal Stock Exchange (NEPSE) experienced a decline of 20.46 points, or 0.76%, closing at 2,661.09 on Monday, the second trading day of the week.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In today's trading session, 325 scrips were traded via 222,660 transactions, with a total of 47,790,837 shares exchanged. This resulted in a total turnover of Rs 19.60 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Shivam Cements Limited (SHIVM) led in turnover, with transactions worth Rs 61 crores. Nepal Finance Limited (NFS) recorded the highest gain of the day, rising 9.77% to close at Rs 1,629 per share. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Conversely, Aarambha Chautari Laghubitta Bittiya Sanstha Limited (ACLBSL) suffered the biggest loss, dropping 8.35% to settle at Rs 1,247 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Sensitive Index decreased by 0.96%, while the Float Index and Sensitive Float Index declined by 0.83% and 1.17%, respectively.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Regarding sector indices, all sectors closed in the red except for the Finance Index and Hydropower Index. The Finance Index saw the highest gain of 1.88%, while the Trading Index experienced the largest loss, falling by 4.54%.</span></span></p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21401', 'image' => '20240729032222_collage (80).jpg', 'article_date' => '2024-07-29 15:21:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '21674', 'article_category_id' => '1', 'title' => 'NRB to Bear the Risk of Exchange Rate in Foreign Loans Taken by Banks', 'sub_title' => '', 'summary' => 'KATHMANDU, July 29: Nepal Rastra Bank (NRB) has announced to take the responsibility for the risk caused by exchange rate fluctuation when banks and financial institutions take loans in foreign currencies other than Indian currency. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, July 29: Nepal Rastra Bank (NRB) has announced to take the responsibility for the risk caused by exchange rate fluctuation when banks and financial institutions take loans in foreign currencies other than Indian currency. On Sunday, NRB issued the Swap Transaction Regulation-2081, which has a provision that foreign currency loans can be bought and sold at a fixed rate.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to the regulation, "buying and selling US dollar/Nepali rupee" can be done between the banks that bring loans in foreign currency and NRB. In the first phase of such transactions, NRB will buy US dollars and sell Nepali rupees at a specified rate from the lending bank. In the second phase, NRB will sell US dollars to the bank and buy Nepali rupees at the specified date and exchange rate.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Tulsi Prasad Ghimire, Executive Director of the Foreign Exchange Department of NRB, informed that according to the regulations, NRB can now buy foreign currency at a fixed rate and sell foreign currency at a fixed rate when repaying the banks' loans. This arrangement means banks do not have to bear the risk of exchange rate changes when taking loans in foreign currency.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">NRB had arranged for banks to bring in foreign currency loans eight years ago. However, banks have not shown interest due to the risk of exchange rate fluctuations. Therefore, NRB issued the swap transaction regulation to reduce and manage the foreign exchange rate risk in loans borrowed by banks and financial institutions from abroad. The regulation specifies the US dollar amount to be bought and sold, the exchange rate, the clearing date of the first phase of the transaction, as well as the exchange rate and clearing date in the swap transaction.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Licensed commercial banks, development banks, finance companies, microfinance institutions, and infrastructure development banks licensed to finance loans in foreign currencies other than the Indian rupee are eligible to carry out swap transactions. Banks can apply for a minimum amount of USD 1 million and a maximum of USD 10 million.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The regulations also established a swap transaction committee under the chairmanship of the deputy governor in charge of the foreign exchange management department of NRB. The executive directors of the foreign exchange management, monetary management, economic research, banking, and finance management departments of NRB will be members of the committee, with the director of the foreign exchange management department serving as the member-secretary.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">For the first time in March 2018, NRB allowed commercial banks to borrow up to 25 percent of primary capital from abroad. By making the provision more flexible, NRB has recently allowed commercial banks, development banks, finance companies, and microfinance institutions to take loans. Banks can also take loans in Indian currency.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Currently, banks can borrow up to 100 percent of their primary capital from foreign banks. These loans can be invested in renewable energy generation and transmission lines, road infrastructure, airports, cable cars, bridges, tourism, agriculture, small and medium industries, manufacturing sectors, and the microfinance sector. Banks can take loans from foreign banks as well as approved pension funds, hedge funds, etc. Loans taken from abroad should be determined by adding 4 percent to the 6-month interbank rate. There is a provision that no mortgage guarantee or bank guarantee can be given for this loan, which ranges from 1 to 5 years.</span></span></p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21400', 'image' => '20240729025500_NRB new building.jpg', 'article_date' => '2024-07-29 14:54:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21673', 'article_category_id' => '1', 'title' => 'Two Dead, 28 Injured in School Bus Accident in Pokhara', 'sub_title' => 'The deceased were the 33-years old mother and her six years old son, according to police.', 'summary' => 'POKHARA, July 29: A school bus accident in Pokhara on Monday morning claimed the lives of two people while 28 others sustained injuries.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">POKHARA, July 29: </span></span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A school bus accident in Pokhara on Monday morning claimed the lives of two people while 28 others sustained injuries.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The bus, which belonged to LP Devkota Memorial School at Birauta in Pokhara Metropolitan City-17, fell 50 metres off the road after losing control at Gudku in Pokhara Metropolitan City-21. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The deceased were 33 years old Arati BK and her six years old son Prince BK, according to Deputy Superintendent Basanta Kumar Sharma, the spokesperson at Kaski District Police Office. Arati worked at the school as an office helper and Prince studied there. “Both died while undergoing treatment at the Gandaki Medical College.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While 13 of the injured students, teachers and parents are being treated at the Gandaki Medical College, 12 have been taken to Western Regional Hospital under the Pokhara Academy of Health Sciences and three others to Manipal Teaching Hospital, said police.</span></span></span></span></p> <p><br /> </p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21399', 'image' => '20240729022518_blank eight by six.jpg', 'article_date' => '2024-07-29 14:24:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21672', 'article_category_id' => '1', 'title' => 'Prices of Gold and Silver Surge in Domestic Market', 'sub_title' => 'The Precious Yellow Metal becomes Dearer by Rs 400 per Tola.', 'summary' => 'The price of gold increased by Rs 400 per tola (11.66 grams) in the domestic market on Monday.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, July 29</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The price of gold increased by Rs 400 per tola (11.66 grams) in the domestic market on Monday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the Federation of Nepal Gold and Silver Dealers’ Association, fine gold, which was traded at Rs 145,700 per tola on Sunday, is being traded at Rs 146,100 per tola on Monday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Similarly, the price of worked gold has surged to Rs 145,400 per tola from Rs 145,000 on Sunday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The price of silver has also risen in the domestic market of Nepal by Rs 10 per tola. Silver is currently being traded at Rs 1,750 per tola, up from Rs 1,740 per tola the previous day. -- RSS</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21398', 'image' => '20240729021448_cd5483b7.jpeg', 'article_date' => '2024-07-29 14:14:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21671', 'article_category_id' => '1', 'title' => 'Foreign Companies Show Interest in Resuming Biratnagar Jute Mill', 'sub_title' => '', 'summary' => 'BIRATNAGAR, July 29: After Indian and Bangladeshi companies expressed interest in resuming operations at Nepal's first industry, Biratnagar Jute Mill, the government is preparing to form a board of directors and hold a general assembly. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Bedraj Pooudel</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">BIRATNAGAR, July 29: After Indian and Bangladeshi companies expressed interest in resuming operations at Nepal's first industry, Biratnagar Jute Mill, the government is preparing to form a board of directors and hold a general assembly. The government has started homework to collaborate with private companies after Tata Group of India showed keen interest in operating the jute mill and also conducted a technical study.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The government has appointed Rajendra Karki as the chairman of the newly formed five-member board of Biratnagar Jute Mill. Members include Tikaraj Dhakal, Mukunda Prasad Nepal, the head of the Treasury and Finance Comptroller Office, and the head of the Commerce Office. On January 15, 2010, the industry, which had gone on 'payoff,' retained 40 employees under contract for re-operation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Chairman Karki stated that a technician from Tata company studied the mill for about 20 days. He emphasized the need for reliable private sector investment alongside government efforts. A general assembly has been called for October to discuss the mill's operation. Tata, already operating a jute mill in India, has shown interest in the Biratnagar Jute Mill.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to Karki, 70 percent of the jute mill's machines are operational. Previously, it was costly to operate up to 60 looms with a single high-capacity motor, but now each loom will have its own motor, increasing production efficiency. The loom has been successfully tested with the new system, allowing individual looms to be stopped without affecting others.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Until 1995, the jute mill made an annual profit of Rs 280 million, operating round the clock in three shifts, producing 45 tons of jute products daily, and providing jobs to 3,600 individuals. The government owns 68 percent stakes of the jute mill and the private sector owns 32 percent. Accounts Officer Shyam Kumar Lama noted that the industry owes contract employees Rs 40 million in salaries, which must be paid before operations can resume.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The closed jute mill has debts of Rs 5.42 billion. The jute mill was established with loan investments from Rastriya Banijya Bank, Nepal Bank, Udayapur Cement Factory, and others. Unpaid taxes since 1981 amount to Rs 210 million. The mill, which was closed for six years, appointed a new board of directors on June 11, 2024. Board member Dhakal mentioned interest from Bangladeshi companies in operating the mill using raw jute brought through Phulbari port.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">If operational, the mill could employ around 3,000 people. Manoj Khadka, an activist and former mill employee, expressed concern over land encroachment and unauthorized construction on the mill’s property. The mill still has 69 bighas of land in its name, though much has been encroached upon by individuals.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In 2008, Utim Lal Yadav took 2 bighas, 5 kathas, and 16 dhurs of land in his name and sold it. According to Khadka, there are 45 bighas of land inside the mill compound and additional land in various locations, all encroached upon by people.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21397', 'image' => '20240729011927_Biratnagar-Jute-mill-image-1.jpg', 'article_date' => '2024-07-29 13:18:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21670', 'article_category_id' => '1', 'title' => 'Nepal Imports Goods Worth Rs 65 Billion from China via Rasuwagadhi', 'sub_title' => '', 'summary' => 'KATHMANDU, July 29: Nepal imported Chinese goods worth Rs 65.22 billion via the Rasuwagadhi customs point in the last fiscal year. ', 'content' => '<h3><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU, July 29: Nepal imported Chinese goods worth Rs 65.22 billion via the Rasuwagadhi customs point in the last fiscal year. Chief of Rasuwa Customs Office, Timure, Ram Prasad Pathak, stated that the imports included vehicles, readymade goods, rubber, shoes, handbags, raw materials for shoes, apples, garlic, and more. A large number of electric vehicles were also imported.</span></span></h3> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepal imported a total of 7,377 vehicles made in China, including buses, cars, tricycles, vans, and others, with the value exceeding Rs 19.57 billion in the fiscal year 2023/24. However, Nepal exported goods worth just Rs 1.96 billion from the Rasuwagadhi customs point, indicating a significant trade deficit with China.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The exports included copper utensils, carpets, noodles, zinc sheets, aluminum goods, woolen shawls, and readymade clothes. The Customs Office deposited Rs 20.36 billion in the state treasury, including customs duty, penalties, and VAT in the fiscal year 2023/24.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Another major customs point for trade with China is the Tatopani customs point. However, this border was completely closed for 4 and a half years after the devastating earthquake in 2015. It reopened in May 2019 but was closed again in March 2020 due to the COVID-19 pandemic. Of late there has been some improvement in trade through this checkpoint.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although Nepal and China have been discussing to reopen other border checkpoints, it has not been effective till date. <em>(with inputs from RSS)</em></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21396', 'image' => '20240729121556_20200721032617_1595263977.rasuwagadhi.jpg', 'article_date' => '2024-07-29 12:15:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21669', 'article_category_id' => '1', 'title' => 'Nepal Exports Plywood and Veneer Worth Rs 3 Billion to India in FY 2023/24', 'sub_title' => '', 'summary' => 'JHAPA, July 28: Nepal exported 99,801 metric tons of plywood and other wood products worth Rs 2.96 billion to India in FY 2023/24. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">JHAPA, July 28: Nepal exported 99,801 metric tons of plywood and other wood products worth Rs 2.96 billion to India in FY 2023/24. Plywood is produced by planting fast-growing trees such as uttis (Alder tree) in the farmlands of the eastern hills in Nepal.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Veneer wood is produced from wooden boards and processed to make plywood for furniture and other wooden items.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">During the review period, 21,994 metric tons of veneer worth Rs 241 million were exported to India, according to Chandreshwar Yadav, the information officer at Plant Quarantine Office Kakarvitta. He further shared that plywood worth Rs 2.71 billion has been exported to India during the same period. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21395', 'image' => '20240729110954_20220916121009_ply.jpg', 'article_date' => '2024-07-29 11:09:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21668', 'article_category_id' => '1', 'title' => 'Mechinagar Municipality Collects Over Rs 130 Million in Internal Revenue', 'sub_title' => '', 'summary' => 'Mechinagar Municipality collected internal revenue amounting to Rs 135,205,897 in the fiscal year 2080/81. This represents an increase of Rs 19,084,200 compared to the fiscal year 2079/80.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 29: Mechinagar Municipality collected internal revenue amounting to Rs 135,205,897 in the fiscal year 2080/81. This represents an increase of Rs 19,084,200 compared to the fiscal year 2079/80.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Meena Pokhrel Upreti, the coordinator of the municipality's Revenue Advisory Committee and deputy mayor, informed that Rs 116,121,697 was collected as internal revenue in the fiscal year 2079/80. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Upreti said that an increase of approximately Rs 20 million in internal revenue within a year is encouraging from an economic standpoint.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The municipality's revenue sub-division has been collecting revenue under 50 different headings. Property tax accounted for Rs 34,019,645, and service charges accounted for Rs 23,197,381. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Other revenue sources and headings include business taxes, map approval fees, and recommendation fees, said Upreti. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Among the 15 wards in Mechinagar, Ward No. 6 collected the highest revenue during this period, amounting to Rs 17,627,701, according to Chief Administrative Officer Agni Prasad Adhikari. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Ward No. 10 followed in second place with Rs 16,399,545 in revenue collection. On a ward basis, Ward No. 10 collected the highest property tax, amounting to Rs 5,979,043.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Prem Prasad Parajuli, the head of the revenue sub-division, stated that the municipality has set the target to collect Rs 167,700,000 in internal revenue in the current fiscal year. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The total budget of the municipality for the current fiscal year is Rs 2,052,902,000.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-29', 'modified' => '2024-07-29', 'keywords' => '', 'description' => '', 'sortorder' => '21394', 'image' => '20240729055415_collage (79).jpg', 'article_date' => '2024-07-29 05:52:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 14 => array( 'Article' => array( 'id' => '21667', 'article_category_id' => '1', 'title' => 'Nepal’s Electricity Export Surpasses Import in Last Fiscal Year', 'sub_title' => 'Electricity export to India exceeded the import from the Southern neighbour by around Rs. 122 million, according to the NEA', 'summary' => 'KATHMANDU, July 28: Nepal has become the net-exporter of electricity, three years after entering in the energy trade with India.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, July 28:</span></span> <span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal has become the net-exporter of electricity, three years after entering in the energy trade with India.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal exported around 1.94 billion units of electricity worth Rs 16.93 billion to India during the rainy season in the last fiscal year, 2023-24, while importing electricity worth Rs 16.81 billion from the southern neighbour during the dry season in the same year, according to the Nepal Electricity Authority (NEA).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The NEA has been selling surplus energy generated in the country in the day-ahead and real-time markets of the Indian Energy Exchange at competitive rates as well as to the NTPC Vidyut Vyapar Nigam Limited (NVVN) of India as per the mid-term energy trade. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The NVVN sells the energy bought from Nepal in India’s Haryana state at an average rate of Rs 8.72 per unit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the NEA, Nepal imported around 1.83 billion units of electricity during the dry season in the last fiscal year, at an average rate of Rs 9.17 per unit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Electricity exports exceeded imports by around Rs 122 million in the last fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In terms of quantity, Nepal exported around 109 million units more electricity to India than it imported.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In the previous fiscal year, 2022-23, Nepal had exported electricity worth around Rs 10.45 billion to India while importing electricity worth around Rs 19.45 billion from the southern neighbour.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kul Man Ghising, the executive director of NEA, said while Nepal might continue to import electricity from India to fulfil the domestic demand in the dry season for a few more years, the country’s export will continue to rise.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Though we have become a net exporter by a small margin, it is an important milestone in the energy sector,” said Ghising, claiming that the regular supply of electricity in the market has increased the use of electric vehicles and induction stoves, causing reduction in the import of petroleum products. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The surge in electricity export has contributed to reduce Nepal’s trade deficit with India,” Ghising added. “It has also positively impacted the country’s foreign exchange reserves.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal was allowed to enter in the day-ahead market of the Indian Energy Exchange on May 1, 2021 for the import while it was given the go ahead to export electricity on November 3, 2021.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal has been selling 690 megawatts of electricity daily in the medium term, day-ahead and real-time markets in India, produced from 16 hydropower projects across the country.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NEA is in the process of being allowed to export an additional 400 megawatts of electricity as per the mid-term agreement, according to Ghising. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“We are also in the process of completing the agreement with Bangladesh to export 40 megawatts of electricity this year,” he added.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">However, the tripartite agreement to be signed between Nepal, Bangladesh and India today (July 28) has been postponed indefinitely due to the students’ protest in Bangladesh. <em>(With inputs from RSS)</em></span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-07-28', 'modified' => '2024-07-28', 'keywords' => '', 'description' => '', 'sortorder' => '21393', 'image' => '20240728063840_20240611013350_20231120013615_20230716115331_eee.jpg', 'article_date' => '2024-07-28 18:37:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = 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| 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
