December 15: Thirty percent of families in Karnali Province are self-reliant on agricultural productions, according to the National Agriculture Census,…
December 15: Thirty percent of families in Karnali Province are self-reliant on agricultural productions, according to the National Agriculture Census,…
December 15: The country received remittances worth Rs 477.96 billion in the first four months of the current fiscal year, according to the latest report of Nepal Rastra…
The Asian Development Bank (ADB) has approved a financing package totaling $166 million to enhance Nepal's local economy. The funds will be utilized to construct climate and disaster-resilient cities that prioritize sustainable tourism and aim to enhance the quality of life for…
The Nepal Stock Exchange (NEPSE) Index experienced an increase of 6.55 points or 0.325%, reaching a closing value of 1994.60 on the final trading day of the week on…
December 14: Nepal Rastra Bank (NRB) has failed to implement the interest rate corridor, which was initiated with the aim of maintaining interest rate stability while minimizing the fluctuations in short-term interest…
December 14: The Confederation of Nepalese Industries has released a report on climate change impact and business adaptation in Nepal prepared in collaboration with PricewaterhouseCoopers (PwC),…
December 14: The Department of Foreign Employment has urged everyone to remain alert to potential fraud in the name of employment in…
December 14: The government's plan to bring 1 million metric tons of paddy from India has become…
December 14: Public transport entrepreneurs have suggested the government to establish a competent transport authority for the improvement of public transport in the…
December 14: It has been 12 years since the government announced the apple self-sufficiency…
December 14: The commission formed by the government to resolve usury related cases has settled 5,155 cases out of over 28,000 complaints filed so…
December 14: Police have arrested 32 people including two government officials on charge of illegally sending Nepali citizens to foreign…
Prime Minister Pushpa Kamal Dahal 'Prachanda' has said green energy has huge potential in Nepal. He also laid emphasis on properly capitalizing the potentials of 'clean energy, green…
The Nepal Stock Exchange (NEPSE) Index showed a modest increase of 2.60 points or 0.13%, concluding the fourth trading day of the week at 1988.04 points on…
December 13: The government has shown lack of interest in reliving the public from the burden of double taxation and to create a conducive environment for…
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The census report made public by the National Statistics Office shows that majority of families or 70 percent of the farmers’ population cannot feed themselves with home-grown products throughout the year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Out of the total 302,000 families who are involved in agriculture in the province, the production sustains only 90,600 families throughout the year, states the report published by the National Statistics Office. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A total of 82.63 percent of people in Karnali Province are farmers who cultivate food in 17,411 hectares of land. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As a large number of people are dependent on agriculture, but the production is not enough to sustain their livelihood, the NSO has suggested the government should bring a production-friendly policy, said NSO Director Badri Kumar Karki. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Most of the citizens of Karnali are involved in agriculture. But the production is very low. It is necessary for the government to bring a production friendly plan in the days to come," he said. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The report states that farmers have used new technology replacing the old one. For an instance, tractors and power tillers have replaced iron or wooden ploughs, according to the report. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Due to the increasing trend of people from rural areas migrating to city areas and foreign countries for various purposes including job opportunities, many lands especially in the hill areas have remained barren, says the report. Against this backdrop, experts have suggested the government to announce plan based on the data that show decline in production activities.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Saying that it was difficult to bring a plan and a budget due to the lack of statistics of the province, Minister for Land Management, Agriculture and Cooperatives of the province, Bhim Prakash Sharma said these statistics would help the government to make a plan and bring a budget accordingly. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He also stressed the need for the government at all three levels to bring a plan so as to increase the productions and guarantee a market. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Around 7,000 workforces were mobilised for the census and it took 45 days, said Dr Dilliraj Joshi, joint secretary and deputy chief of the NSO. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19466', 'image' => '20231215110529_agri maize.jpg', 'article_date' => '2023-12-15 11:04:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '19737', 'article_category_id' => '1', 'title' => 'Nepal Receives Remittances of Rs 477.96 Million in Four Months ', 'sub_title' => '', 'summary' => 'December 15: The country received remittances worth Rs 477.96 billion in the first four months of the current fiscal year, according to the latest report of Nepal Rastra Bank. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 15: The country received remittances worth Rs 477.96 billion in the first four months of the current fiscal year, according to the latest report of Nepal Rastra Bank. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Current Macroeconomic and Financial Situation Report of Nepal released by the central bank on Thursday shows that the inflow of remittance increased by 26.4 percent to reach Rs 477.96 billion as of mid-November in the current FY against 20.4 percent increase in remittance inflow in the corresponding period of the previous year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In terms of the US dollar, remittance inflow increased 23.1 percent this year to 3.60 billion against 10.8 percent in the corresponding of last year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the review period, the number of Nepali workers, both institutional and individual, taking first-time approval for foreign employment stood at 137,475 while those taking approval for renew entry was 68,841. Last year, such numbers were 196,735 and 87,428 respectively. According to the NRB report, the net transfer increased 24.9 percent to Rs 521.40 billion in the review period. Such a transfer had increased 20.2 percent in the same period of the last fiscal year. </span></span></span></p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19465', 'image' => '20231215103744_Remittance.jpg', 'article_date' => '2023-12-15 10:36:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '19736', 'article_category_id' => '1', 'title' => 'ADB Approves $166 Million Financing Package', 'sub_title' => '', 'summary' => 'The Asian Development Bank (ADB) has approved a financing package totaling $166 million to enhance Nepal's local economy. The funds will be utilized to construct climate and disaster-resilient cities that prioritize sustainable tourism and aim to enhance the quality of life for residents.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 15: The Asian Development Bank (ADB) has approved a financing package totaling $166 million to enhance Nepal's local economy. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The funds will be utilized to construct climate and disaster-resilient cities that prioritize sustainable tourism and aim to enhance the quality of life for residents. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">A $6 million grant from the Asian Development Fund is included in the package. The beneficiary cities encompass Pokhara Metropolitan City, Janakpur Sub-Metropolitan City, Devdaha, Lumbini Sanskritik, Sainamaina, Siddharthanagar, and Tilottama municipalities.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The initiative, known as the Urban Resilience and Livability Improvement Project, is designed to contribute to the economic growth, resilience, and livability of the aforementioned cities. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The ADB plans to reinforce municipal resilience to climate and disaster risks through infrastructure development, involving the construction of 150 kilometers of drainage, rebuilding 100 kilometers of roads, and 45 kilometers of footpaths, as per a statement released by the ADB Headquarters on Thursday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Laxmi Sharma, ADB Senior Urban Development Specialist, emphasized that the project aligns with the government’s National Urban Development Strategy, aiming to enhance planning and investments in urban corridors for sustainable economic growth.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The initiative extends the ADB’s longstanding commitment to Nepal, focusing on strengthening municipal governance and improving the delivery of basic services.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Sharma added, “ADB’s support will help the concerned municipalities design climate-resilient urban infrastructure, develop tourism potential, and strengthen institutional capacity to achieve their full economic potential and sustainable growth.”</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> The project is anticipated to foster tourism development, thereby stimulating the local economy and enhancing historical, cultural, and natural heritage sites. (RSS)</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19464', 'image' => '20231215060753_collage (10).jpg', 'article_date' => '2023-12-15 06:05:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 3 => array( 'Article' => array( 'id' => '19735', 'article_category_id' => '1', 'title' => 'NEPSE Gains 6.55 to Close at 1994.60', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced an increase of 6.55 points or 0.325%, reaching a closing value of 1994.60 on the final trading day of the week on Thursday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 14: The Nepal Stock Exchange (NEPSE) Index experienced an increase of 6.55 points or 0.325%, reaching a closing value of 1994.60 on the final trading day of the week on Thursday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">This positive trend in the NEPSE Index has been ongoing since the release of the Nepal Rastra Bank's first quarterly review on the monetary policy for the fiscal year 2023-2024. The review included a reduction in the risk weightage from 150% to 125% for margin lending against shares.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today’s trading session, a total of 300 scrips were traded through 66,955 transactions, involving 9,637,455 traded shares. The overall turnover amounted to Rs 3.15 billion. Sonapur Minerals and Oil Limited (SONA) achieved the highest turnover of Rs 16 crores.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Different companies, including Bottlers Nepal Limited (BNL), Himalayan Laghubitta Bittiya Sanstha (HLBSL), Nepal Republic Media (NRM), and Nepal Hydro Developers Limited (NHDL), experienced a 10% rise, hitting the positive circuit for the day. Conversely, Gurans Laghubitta Bittiya Sanstha Limited (GLBSL) incurred the most significant loss at 4.98%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In terms of sector indices, all sectors closed in the green zone except for the Banking Subindex, Investment Index, Life Insurance, Microfinance Index, and Trading Index. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Others Index witnessed the highest gain at 1.51, while the Trading Index recorded the most significant loss at 0.92%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-14', 'modified' => '2023-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '19463', 'image' => '20231214040445_collage (12).jpg', 'article_date' => '2023-12-14 16:03:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 4 => array( 'Article' => array( 'id' => '19734', 'article_category_id' => '1', 'title' => 'Nepal Rastra Bank Fails to Implement Interest Rate Corridor', 'sub_title' => '', 'summary' => 'December 14: Nepal Rastra Bank (NRB) has failed to implement the interest rate corridor, which was initiated with the aim of maintaining interest rate stability while minimizing the fluctuations in short-term interest rates.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">December 14: Nepal Rastra Bank (NRB) has failed to implement the interest rate corridor, which was initiated with the aim of maintaining interest rate stability while minimizing the fluctuations in short-term interest rates. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Even though the interbank interest rate fell below the target limit from mid-September of the current fiscal year (FY) </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2080/81</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, the central bank has failed to implement the interest rate corridor by mopping excess liquidity through the means of monetary instruments.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Since mid-September, the interbank interest rate has been consistently below the monetary policy target. Even when the interbank interest rate fell below the limit, the central bank did not use any monetary instrument to increase it till mid-October. After mid-November, the NRB used the deposit collection instruments in a hurry, but the interest rate has not been maintained within the limits of the corridor.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The arrangement for the interest rate corridor was introduced through the monetary policy of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2074. </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In order to make it effective, the central bank has implemented the 'Interest Rate Corridor Procedure </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2076</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">', according to which the interest rate corridor is considered as one of the main goals of the monetary policy.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the procedure, the central bank should fix the upper limit of the bank rate and the lower limit of the deposit collection rate and the interbank interest rate should be kept in between these two. In order to maintain this corridor, Nepal Rastra Bank can use various monetary instruments to release liquidity or to mop excess liquidity from the market. The monetary policy of the current year as set the target to keep the average interbank interest rate lower than the bank rate and higher than the deposit collection rate.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Last Friday, while releasing the first quarterly review of the monetary policy, the central bank lowered the bank rate from </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent and the deposit collection rate from </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. But on Monday, the average interbank interest rate remained at </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2.47</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. The inter-bank interest rate, which fell below </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent on December 7, is yet to rise within the limit although it has increased after excess liquidity was mopped from the market through deposit collection tools.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">From November </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">22</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> to December </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">0, the central bank collected Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">125</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion from the market through deposit collection tools. Of that, Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">45</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion have matured and returned to the market. Deposits worth Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">10</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion will be maturing on Wednesday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In the first quarterly review of the monetary policy, the central bank has admitted that the interest rate corridor could not be implemented in the current fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">During a press conference held after the release of the quarterly review report of the monetary policy, NRB Governor Maha Prasad Adhikari mentioned that the implementation of the interest rate corridor will be effective in the coming days.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Due to non-disbursement of loans compared to the increase in deposits of banks and financial institutions, more liquidity has been seen in the financial system in the current fiscal year. The central bank has said that the interest rate will decrease after the review of the monetary policy, and this will increase the credit flow. As a result, it will help in maintaining the interest rate corridor.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-14', 'modified' => '2023-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '19462', 'image' => '20231214022054_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2023-12-14 14:20:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '19733', 'article_category_id' => '1', 'title' => 'CNI Publishes Report on Impact of Climate Change on Economy', 'sub_title' => '', 'summary' => 'December 14: The Confederation of Nepalese Industries has released a report on climate change impact and business adaptation in Nepal prepared in collaboration with PricewaterhouseCoopers (PwC), India.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">December 14: The Confederation of Nepalese Industries has released a report on climate change impact and business adaptation in Nepal prepared in collaboration with PricewaterhouseCoopers (PwC), India. The study report was handed over to Prime Minister Pushpa Kamal Dahal on Wednesday. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The report has suggested collaboration between the government and the private sector to address the impacts of climate change on Nepal's economy and business. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The report has pointed out the risks faced by large and small industries of Nepal due to climate change and has also suggested solutions. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The report covers issues such as creating a conducive environment for business, adopting risk reduction strategies, maintaining the value chain and capitalizing on the opportunities for climate adaptation. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">"Nepal has been effectively raising the issue of global climate change and its effects on Nepal in the international forum," reads a statement issued by the CNI, adding, “Even the private sector has given it high priority. Cooperation between the government, civil society, and the business sector is important to face the challenges posed by climate change.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Rajesh Kumar Agarwal, president of the CNI, said that the report will help Nepali businesses to prepare an action plan to prevent the effects of climate change. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Similarly, the Managing Director of PwC, India, Jaivir Singh, emphasized that there should be a solid strategy to minimize the effects of climate change for the sustainable development of the industry. He expressed his belief that the report will help in building a flexible and sustainable business environment. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Vice President of the CNI, Nirwan Chaudhary, said that Nepal, which has a negligible role in global climate change, is one of the countries most affected by climate change. He said that this report will be important for making a risk reduction strategy against the impact of climate change.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-12-14', 'modified' => '2023-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '19461', 'image' => '20231214015214_cni.jpg', 'article_date' => '2023-12-14 13:50:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '19732', 'article_category_id' => '1', 'title' => 'DoFE urges People to Remain Alert about Possible Fraud in the Name of Foreign Employment ', 'sub_title' => '', 'summary' => 'December 14: The Department of Foreign Employment has urged everyone to remain alert to potential fraud in the name of employment in Israel. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 14: The Department of Foreign Employment has urged everyone to remain alert to potential fraud in the name of employment in Israel. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the department’s Spokesperson and Information Officer, Kabiraj Upreti, sending Nepali migrant workers to Israel-based care homes is currently being facilitated through official channels as per the labour agreement reached between the Nepal Government and Israel. He said that discussions are ongoing with Israel regarding the deployment of Nepali migrant workers for agricultural purposes, but no conclusive decision has been made yet. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department has warned that a group of fraudsters is actively involved in falsely claiming to facilitate employment for migrant workers in Israel’s farming sector under the 'Learn and Earn' programme. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department said it is minutely investigating the matter. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-12-14', 'modified' => '2023-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '19460', 'image' => '20231214122344_foreign emp.jpg', 'article_date' => '2023-12-14 12:23:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '19729', 'article_category_id' => '1', 'title' => 'Government Fails to Import Paddy from India as Food Crisis Looms', 'sub_title' => 'Nepal has stock of rice for only three months, price likely to increase', 'summary' => 'December 14: The government's plan to bring 1 million metric tons of paddy from India has become uncertain.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">December 14: The government's plan to bring </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million metric tons of paddy from India has become uncertain. Although the Ministry of Foreign Affairs wrote a letter to the Government of India on August 4, demanding </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million tons of paddy, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million tons of rice and </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">50,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> tons of sugar under customs exemption, New Delhi has not given a concrete answer. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">This year, the production of paddy in Nepal has declined due to low rainfall at the time of planting. Anticipating the possibility of food crisis, the government tried to import paddy from India but has not been successful so far. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Gajendra Kumar Thakur, the spokesperson for the Ministry of Industry, Commerce and Supplies (MoICS), informed New Business Age that despite several high-level diplomatic discussions with the Government of India, the two sides have not reached a concrete decision. So far, India has only agreed to supply </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">95,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> tons of rice. However, the issue of supplying paddy and sugar has not been finalized.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The new season for paddy plantation has already started. However, the Ministry of Agriculture has not yet released the data on how much rice has been produced in the country this year and how much is insufficient. “We can confirm the quantity of rice to be imported only after the agriculture ministry releases production data," said Thakur, spokesperson of MoICS, adding, "The Ministry of Agriculture will release the data in a few days and it will be easy for us to confirm the quantity required. Rice production is likely to decline even in India this year due to less rainfall, so we may not get as much as we ask for.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The state-owned Food Management and Trading Company Limited and Salt Trading Corporation have been entrusted with the responsibility of importing </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">95,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> tons of rice that India has agreed to provide. Thakur said that the two companies have admitted that they cannot bring that much quantity of rice due to lack of storage facility and budget. Thakur added that the private sector can bring the rice that the state-owned companies cannot bring.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">At present, the country has stock of rice that will only last for three months. So, the businessmen have requested the government to arrange the import of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million tons of rise as soon as possible to avoid the risk of food crisis. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The Nepal Rice Oil Lentil Industry Association met Prime Minister Pushpa Kamal Dahal and Industry, Commerce and Supply Minister Ramesh Rijal on Tuesday and made this demand.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The president of the association Kumud Kumar Dugad said the price of rice is likely to increase in the country due to the delay in importing rice from India.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the data of the ministry, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">54</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">86</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">472</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> metric tons of rice was produced in Nepal in the last fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Besides banning the export of rice, the Indian government has imposed a </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent customs duty on rice exports. It has had a direct impact on Nepal. As a result, the price of paddy has increased by Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">10 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">per kg this year compared to last year. The price is expected to increase further in the coming days.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-14', 'modified' => '2023-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '19458', 'image' => '20231214122049_1702529815.1592406845.dhan.jpg', 'article_date' => '2023-12-14 12:19:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '19730', 'article_category_id' => '1', 'title' => 'Transport Entrepreneurs Suggest Ways to Improve Public Transport ', 'sub_title' => '', 'summary' => 'December 14: Public transport entrepreneurs have suggested the government to establish a competent transport authority for the improvement of public transport in the country. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 14: Public transport entrepreneurs have suggested the government to establish a competent transport authority for the improvement of public transport in the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Handing over a memorandum to Prime Minister Pushpa Kamal Dahal on Wednesday, the transport entrepreneurs affiliated to the Republican Transport Entrepreneurs Association demanded that the government should resume registration of associations and committees in the transport sector, establish a transport directorate or authority, stop unnecessary tax revenue on public vehicles, register vehicles as per the provinces and set up training centers for producing drivers. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The team led by the president of the association Gyanendra Shrestha also called for abolition of the five percent value added tax imposed on transportation. They also urged the government to include transport workers in the social security fund, invest in public transport and to remove the impractical traffic fine policy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the transport entrepreneurs also requested the government to review the 20-year-scrap policy imposed on public vehicles and to allow vehicles to be operated on the basis of the 'condition' of the vehicles. They also demanded an end to the system of allowing vehicles coming from India to operate in Nepal without restrictions, according to Treasurer of the Association Purushottam Simkhada. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-12-14', 'modified' => '2023-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '19457', 'image' => '20231214122202_20200910122940_1599687709.4.jpg', 'article_date' => '2023-12-14 12:21:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '19728', 'article_category_id' => '1', 'title' => 'Nepal Fails to become Self-Sufficient in Apple Production', 'sub_title' => '', 'summary' => 'December 14: It has been 12 years since the government announced the apple self-sufficiency programme.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">December 14: It has been 12 years since the government announced the apple self-sufficiency programme. The programme was announced to make the country self-sufficient in apple production by discouraging the import of apples. However, the country still meets its domestic demand by importing apples. Due to the dependence on imports, consumers in Nepal have to pay Rs 50 more for a kilogram of apples even during the peak season.</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"">Nepal imports apples from India, China, Indonesia, Turkey and America. Nepal imports 70,000 to 80,000 metric tons of apples worth Rs 7 billion annually.</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"">According to the data of the Ministry of Agriculture and Livestock Development, 52,753 metric tons of apples were produced in the country in the fiscal year 2078/79 on 13,813 hectares of land. This is only about half of the imports. In the previous year, the cultivation area and production were even less.</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"">When domestic production is unable to meet the domestic demand, the government increases the price of imported apples to discourage imports. Professor of Economics Dr Bed Prasad Acharya said that this will lead to a price hike and shortage of apples. He argues that the government should not introduce a programme to discourage imports as the programme to become self-sufficient in apple production is ineffective.</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"">Recently, the data from the Department of Customs has shown that the import of apples from India and third countries has started to decrease. In the year 2077/78, most apples were imported from China. In that year, 70,799 metric tons of apples were imported from China and 18,188 metric tons from India. Similarly, 1.8 metric tons of apples were imported from Indonesia, 9.9 metric tons from Turkey and 58.4 metric tons from America.</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"">In the year 2077/78, a total of 89,058 tons of apples were imported into the country. In the year 2078/79, apple import seems to have declined compared to the previous year. It seems that 86,796 tons of apples were imported that year. Import of apples decreased in the year 2079/80 as well with 83,274 tons of apples being imported from abroad.</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"">According to Ankit Sharma, information officer of the Biratnagar Customs Office, the import of apples has decreased due to the economic recession and the introduction of VAT by the government. Importing apples from third countries incurs a tax of 24.5 per cent, including 10 per cent customs duty, 13 per cent value-added tax and 1.5 per cent advance income tax. </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"">Importing apples from India is taxed at 23.5 per cent, including a 9 per cent agrarian reform fee, 13 per cent value-added tax and 1.5 per cent advance income tax.</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"">Bijay Sah, the owner of New Jagdamba Fruit Centre, an apple importer, said earlier that all food was imported by paying a 15 per cent tax. He said that the price has increased by Rs 30 to 50 per kilo because the government has increased the tax to 27 per cent.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-12-14', 'modified' => '2023-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '19456', 'image' => '20231214113245_1702439701.1588827198.jpg', 'article_date' => '2023-12-14 11:31:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '19727', 'article_category_id' => '1', 'title' => 'Over 5,000 Loan Shark Victims' Problems Resolved ', 'sub_title' => '', 'summary' => 'December 14: The commission formed by the government to resolve usury related cases has settled 5,155 cases out of over 28,000 complaints filed so far. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 14: The commission formed by the government to resolve usury related cases has settled 5,155 cases out of over 28,000 complaints filed so far. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Former Additional Inspector General (AIG) of Police Uttamraj Subedi, a member of the commission, shared that a total of 218 bighas 10 katthas 7 dhurs of land have been returned to the loan shark victims from their lenders through reconciliation since the formation of the commission. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The study conducted by the commission showed that there were written transactions of over Rs 5.857 billion between the victims and the loan sharks while the loan sharks were found to have claimed that over Rs 1.62 billion remained to be recovered from the victims. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Among them, transaction amounting to over Rs 1.72 billion was settled in consensus between both parties, the commission said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The commission had collected applications from the victims from April 30 to May 28. Altogether 21,552 complaints were lodged in eight districts of Madhesh Province while 1,862 complaints were filed in Nawalparashi West. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The commission’s Chairperson Gauri Bahadur Karki shared that the commission submitted its report to the prime minister last Tuesday. According to Chairperson Karki, there was no problem of usury in 39 districts where only a couple of such cases were registered and resolved. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The incumbent government had formed a three-member high-powered commission to address the issues to those subjugated to loan-sharking. The parliament also has passed the law regarding this and the law has been enforced as well. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-12-14', 'modified' => '2023-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '19455', 'image' => '20231214110902_1702466332.jpg', 'article_date' => '2023-12-14 11:08:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '19726', 'article_category_id' => '1', 'title' => 'Police Apprehend 32 including Government Officials on charge of Illegally Sending Nepalis Abroad ', 'sub_title' => '', 'summary' => 'December 14: Police have arrested 32 people including two government officials on charge of illegally sending Nepali citizens to foreign countries.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 14: Police have arrested 32 people including two government officials on charge of illegally sending Nepali citizens to foreign countries. The arrests were made since October 6. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Those arrested have been accused of working in collusion with human trafficking rackets to facilitate the departure of Nepali nationals to foreign countries promising lucrative jobs by showing fake documents, said Senior Superintendent of Police Somendra Singh Rathore.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Organising a press conference on Wednesday, SSP Rathore said that the arrestees charged between Rs 15,000 to Rs 55,000 per person with fake promises. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">A team from the Kathmandu Valley Crime Division made the arrests. The arrestees includes two government officials – Arbinda Yadav, a staffer of the state-owned Nepal Airlines Corporation and Narbir Khadka, an officer at the Department of Immigration. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-12-14', 'modified' => '2023-12-14', 'keywords' => 'police, arrest, Nepalis, foreign, employment, jobs, lucrative, Nepal', 'description' => '', 'sortorder' => '19454', 'image' => '20231214102909_TIAA.jpg', 'article_date' => '2023-12-14 10:28:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '19725', 'article_category_id' => '1', 'title' => 'Nepal Has Abundant Potential of Green Energy, says PM Dahal', 'sub_title' => '', 'summary' => 'Prime Minister Pushpa Kamal Dahal 'Prachanda' has said green energy has huge potential in Nepal. He also laid emphasis on properly capitalizing the potentials of 'clean energy, green energy'.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 13: Prime Minister Pushpa Kamal Dahal 'Prachanda' has said green energy has huge potential in Nepal. He also laid emphasis on properly capitalizing the potentials of 'clean energy, green energy'. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Laying the foundation stone of 'women entrepreneurs green industrial park' to be constructed in Panchkhal municipality-7 of Kavrepalanchowk today, Prime Minister Dahal said clean energy-green energy will be put on priority while embarking on the new era of green revolution. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Dahal reasoned that switching to clean energy will mark a beginning of the campaign to end pollution in Nepal. “We should cash in on the vast array of the potentials of clean energy-green energy,” he added.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">On the occasion, Finance Minister Dr Prakash Sharan Mahat pledged to arrange budget for the green park to be constructed in Panchkhal in the next fiscal year while sharing that the government is scaling up the park construction in all seven provinces.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Panchkhal municipality's mayor Mahesh Kharel said the park will be constructed to promote women entrepreneurship and the initiative will be fruitful to add value to the local production. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The park is under construction at the initiative of the South Asian Women Development Forum in collaboration with the Ministry of Industry, Commerce and Supplies and Panchakhal municipality.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The park will have training center, store house, cold storage, packaging, processing, drying and grading of agriculture products. (RSS)</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-14', 'modified' => '2023-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '19453', 'image' => '20231214060521_collage (9).jpg', 'article_date' => '2023-12-14 06:03:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '19724', 'article_category_id' => '1', 'title' => 'NEPSE Closes with Modest Gain', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index showed a modest increase of 2.60 points or 0.13%, concluding the fourth trading day of the week at 1988.04 points on Wednesday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 13: The Nepal Stock Exchange (NEPSE) Index showed a modest increase of 2.60 points or 0.13%, concluding the fourth trading day of the week at 1988.04 points on Wednesday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today’s trading session, 292 scrips were traded in 81,451 transactions, involving a total of 12,095,539 traded shares. The overall turnover amounted to Rs 3.90 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Sonapur Minerals and Oil Limited (SONA) stood out with the highest turnover, reaching Rs 14 crores. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Bottlers Nepal Limited (BNL) experienced the most significant gain, marking a 10% increase and hitting the positive circuit for the day. On the other hand, Kutheli Bukhari Small Hydropower Limited (KBSH) incurred the highest loss at 5.59%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In terms of sector performance, all sectors closed in the green zone except for Hotels and Tourism Index, Life Insurance, Non-Life Insurance, and Trading Index.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> The Development Bank Index saw the most substantial gain at 1.15%, while the Hotels and Tourism Index suffered the most significant loss at 1.62%.</span></span></p> ', 'published' => true, 'created' => '2023-12-13', 'modified' => '2023-12-13', 'keywords' => '', 'description' => '', 'sortorder' => '19452', 'image' => '20231213033739_collage (11).jpg', 'article_date' => '2023-12-13 15:36:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 14 => array( 'Article' => array( 'id' => '19723', 'article_category_id' => '1', 'title' => 'Government Reluctant to Sign Double Tax Exemption Agreement ', 'sub_title' => '', 'summary' => 'December 13: The government has shown lack of interest in reliving the public from the burden of double taxation and to create a conducive environment for investment.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">December 13: The government has shown lack of interest in reliving the public from the burden of double taxation and to create a conducive environment for investment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Since the double tax exemption agreement was signed with Bangladesh on March 5, 2019, no such agreement has been signed with any other country. Even though the government sent a proposal to countries like Malaysia, Canada, Brazil, and the UAE a decade ago, no progress has been made in this regard so far. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The files sent abroad could not be processed due to the lack of double tax exemption agreements on the priority of government officials. The tax exemption agreement has failed to make a headway for a long time because the government officials did not follow up on those files and did not respond to some of the proposals sent by those countries. The Income Tax Act of Nepal has given the government the right to enter into international agreements and double taxation exemption agreements. However, the government does not seem to prioritize it.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The government made many efforts to reach an agreement with Bangladesh. According to the then official, the tax exemption agreement was reached between the two countries after four attempts. The then prime minister and finance ministers showed special interest in it, which is not the case now. The government has signed double tax exemption agreements with 11 countries so far. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">On May 13, 1996, the first tax exemption agreement was signed with Norway. Then agreements were made with Thailand, Sri Lanka, Mauritius, Australia, Pakistan, China, Korea, Qatar and India respectively.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Homework has been going on for a decade with Malaysia, Singapore, the United Kingdom, America, Japan, Canada, Brazil, and Oman for a double tax exemption agreement. However, result-oriented progress has not been achieved. Officials of the Inland Revenue Department say that even though proposals have been received from those countries, no agreement has been reached so far. Ananda Gupta, director of the international tax branch of the department, admitted that after the agreement with Bangladesh, no agreement could be reached with any other country. He said, "Proposals have come from other countries, but we have not done it." He did not reveal the reason why there was not a single agreement this year. The tax exemption agreement benefits businessmen who do business in more than one country in the same income year. It is said that it will play a supporting role in financing foreign direct investment. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to Inland Revenue Department sources, although Malaysia, Canada, Brazil, the UAE, and Singapore have expressed their desire for a double tax exemption agreement, the Government of Nepal has shown no interest in this regard. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-13', 'modified' => '2023-12-13', 'keywords' => '', 'description' => '', 'sortorder' => '19451', 'image' => '20231213025546_taxxxxx.jpg', 'article_date' => '2023-12-13 14:54:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (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' => '19738', 'article_category_id' => '1', 'title' => '30 Percent Families in Karnali Province Self-Reliant in Agricultural Production ', 'sub_title' => '', 'summary' => 'December 15: Thirty percent of families in Karnali Province are self-reliant on agricultural productions, according to the National Agriculture Census, 2078.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 15: Thirty percent of families in Karnali Province are self-reliant on agricultural productions, according to the National Agriculture Census, 2078. The census report made public by the National Statistics Office shows that majority of families or 70 percent of the farmers’ population cannot feed themselves with home-grown products throughout the year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Out of the total 302,000 families who are involved in agriculture in the province, the production sustains only 90,600 families throughout the year, states the report published by the National Statistics Office. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A total of 82.63 percent of people in Karnali Province are farmers who cultivate food in 17,411 hectares of land. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As a large number of people are dependent on agriculture, but the production is not enough to sustain their livelihood, the NSO has suggested the government should bring a production-friendly policy, said NSO Director Badri Kumar Karki. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Most of the citizens of Karnali are involved in agriculture. But the production is very low. It is necessary for the government to bring a production friendly plan in the days to come," he said. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The report states that farmers have used new technology replacing the old one. For an instance, tractors and power tillers have replaced iron or wooden ploughs, according to the report. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Due to the increasing trend of people from rural areas migrating to city areas and foreign countries for various purposes including job opportunities, many lands especially in the hill areas have remained barren, says the report. Against this backdrop, experts have suggested the government to announce plan based on the data that show decline in production activities.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Saying that it was difficult to bring a plan and a budget due to the lack of statistics of the province, Minister for Land Management, Agriculture and Cooperatives of the province, Bhim Prakash Sharma said these statistics would help the government to make a plan and bring a budget accordingly. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He also stressed the need for the government at all three levels to bring a plan so as to increase the productions and guarantee a market. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Around 7,000 workforces were mobilised for the census and it took 45 days, said Dr Dilliraj Joshi, joint secretary and deputy chief of the NSO. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19466', 'image' => '20231215110529_agri maize.jpg', 'article_date' => '2023-12-15 11:04:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '19737', 'article_category_id' => '1', 'title' => 'Nepal Receives Remittances of Rs 477.96 Million in Four Months ', 'sub_title' => '', 'summary' => 'December 15: The country received remittances worth Rs 477.96 billion in the first four months of the current fiscal year, according to the latest report of Nepal Rastra Bank. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 15: The country received remittances worth Rs 477.96 billion in the first four months of the current fiscal year, according to the latest report of Nepal Rastra Bank. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Current Macroeconomic and Financial Situation Report of Nepal released by the central bank on Thursday shows that the inflow of remittance increased by 26.4 percent to reach Rs 477.96 billion as of mid-November in the current FY against 20.4 percent increase in remittance inflow in the corresponding period of the previous year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In terms of the US dollar, remittance inflow increased 23.1 percent this year to 3.60 billion against 10.8 percent in the corresponding of last year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the review period, the number of Nepali workers, both institutional and individual, taking first-time approval for foreign employment stood at 137,475 while those taking approval for renew entry was 68,841. Last year, such numbers were 196,735 and 87,428 respectively. According to the NRB report, the net transfer increased 24.9 percent to Rs 521.40 billion in the review period. Such a transfer had increased 20.2 percent in the same period of the last fiscal year. </span></span></span></p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19465', 'image' => '20231215103744_Remittance.jpg', 'article_date' => '2023-12-15 10:36:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '19736', 'article_category_id' => '1', 'title' => 'ADB Approves $166 Million Financing Package', 'sub_title' => '', 'summary' => 'The Asian Development Bank (ADB) has approved a financing package totaling $166 million to enhance Nepal's local economy. The funds will be utilized to construct climate and disaster-resilient cities that prioritize sustainable tourism and aim to enhance the quality of life for residents.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 15: The Asian Development Bank (ADB) has approved a financing package totaling $166 million to enhance Nepal's local economy. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The funds will be utilized to construct climate and disaster-resilient cities that prioritize sustainable tourism and aim to enhance the quality of life for residents. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">A $6 million grant from the Asian Development Fund is included in the package. The beneficiary cities encompass Pokhara Metropolitan City, Janakpur Sub-Metropolitan City, Devdaha, Lumbini Sanskritik, Sainamaina, Siddharthanagar, and Tilottama municipalities.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The initiative, known as the Urban Resilience and Livability Improvement Project, is designed to contribute to the economic growth, resilience, and livability of the aforementioned cities. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The ADB plans to reinforce municipal resilience to climate and disaster risks through infrastructure development, involving the construction of 150 kilometers of drainage, rebuilding 100 kilometers of roads, and 45 kilometers of footpaths, as per a statement released by the ADB Headquarters on Thursday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Laxmi Sharma, ADB Senior Urban Development Specialist, emphasized that the project aligns with the government’s National Urban Development Strategy, aiming to enhance planning and investments in urban corridors for sustainable economic growth.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The initiative extends the ADB’s longstanding commitment to Nepal, focusing on strengthening municipal governance and improving the delivery of basic services.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Sharma added, “ADB’s support will help the concerned municipalities design climate-resilient urban infrastructure, develop tourism potential, and strengthen institutional capacity to achieve their full economic potential and sustainable growth.”</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> The project is anticipated to foster tourism development, thereby stimulating the local economy and enhancing historical, cultural, and natural heritage sites. (RSS)</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19464', 'image' => '20231215060753_collage (10).jpg', 'article_date' => '2023-12-15 06:05:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 3 => array( 'Article' => array( 'id' => '19735', 'article_category_id' => '1', 'title' => 'NEPSE Gains 6.55 to Close at 1994.60', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced an increase of 6.55 points or 0.325%, reaching a closing value of 1994.60 on the final trading day of the week on Thursday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 14: The Nepal Stock Exchange (NEPSE) Index experienced an increase of 6.55 points or 0.325%, reaching a closing value of 1994.60 on the final trading day of the week on Thursday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">This positive trend in the NEPSE Index has been ongoing since the release of the Nepal Rastra Bank's first quarterly review on the monetary policy for the fiscal year 2023-2024. The review included a reduction in the risk weightage from 150% to 125% for margin lending against shares.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today’s trading session, a total of 300 scrips were traded through 66,955 transactions, involving 9,637,455 traded shares. The overall turnover amounted to Rs 3.15 billion. Sonapur Minerals and Oil Limited (SONA) achieved the highest turnover of Rs 16 crores.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Different companies, including Bottlers Nepal Limited (BNL), Himalayan Laghubitta Bittiya Sanstha (HLBSL), Nepal Republic Media (NRM), and Nepal Hydro Developers Limited (NHDL), experienced a 10% rise, hitting the positive circuit for the day. Conversely, Gurans Laghubitta Bittiya Sanstha Limited (GLBSL) incurred the most significant loss at 4.98%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In terms of sector indices, all sectors closed in the green zone except for the Banking Subindex, Investment Index, Life Insurance, Microfinance Index, and Trading Index. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Others Index witnessed the highest gain at 1.51, while the Trading Index recorded the most significant loss at 0.92%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-14', 'modified' => '2023-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '19463', 'image' => '20231214040445_collage (12).jpg', 'article_date' => '2023-12-14 16:03:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 4 => array( 'Article' => array( 'id' => '19734', 'article_category_id' => '1', 'title' => 'Nepal Rastra Bank Fails to Implement Interest Rate Corridor', 'sub_title' => '', 'summary' => 'December 14: Nepal Rastra Bank (NRB) has failed to implement the interest rate corridor, which was initiated with the aim of maintaining interest rate stability while minimizing the fluctuations in short-term interest rates.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">December 14: Nepal Rastra Bank (NRB) has failed to implement the interest rate corridor, which was initiated with the aim of maintaining interest rate stability while minimizing the fluctuations in short-term interest rates. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Even though the interbank interest rate fell below the target limit from mid-September of the current fiscal year (FY) </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2080/81</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, the central bank has failed to implement the interest rate corridor by mopping excess liquidity through the means of monetary instruments.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Since mid-September, the interbank interest rate has been consistently below the monetary policy target. Even when the interbank interest rate fell below the limit, the central bank did not use any monetary instrument to increase it till mid-October. After mid-November, the NRB used the deposit collection instruments in a hurry, but the interest rate has not been maintained within the limits of the corridor.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The arrangement for the interest rate corridor was introduced through the monetary policy of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2074. </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In order to make it effective, the central bank has implemented the 'Interest Rate Corridor Procedure </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2076</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">', according to which the interest rate corridor is considered as one of the main goals of the monetary policy.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the procedure, the central bank should fix the upper limit of the bank rate and the lower limit of the deposit collection rate and the interbank interest rate should be kept in between these two. In order to maintain this corridor, Nepal Rastra Bank can use various monetary instruments to release liquidity or to mop excess liquidity from the market. The monetary policy of the current year as set the target to keep the average interbank interest rate lower than the bank rate and higher than the deposit collection rate.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Last Friday, while releasing the first quarterly review of the monetary policy, the central bank lowered the bank rate from </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent and the deposit collection rate from </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. But on Monday, the average interbank interest rate remained at </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2.47</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. The inter-bank interest rate, which fell below </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent on December 7, is yet to rise within the limit although it has increased after excess liquidity was mopped from the market through deposit collection tools.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">From November </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">22</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> to December </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">0, the central bank collected Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">125</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion from the market through deposit collection tools. Of that, Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">45</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion have matured and returned to the market. Deposits worth Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">10</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion will be maturing on Wednesday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In the first quarterly review of the monetary policy, the central bank has admitted that the interest rate corridor could not be implemented in the current fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">During a press conference held after the release of the quarterly review report of the monetary policy, NRB Governor Maha Prasad Adhikari mentioned that the implementation of the interest rate corridor will be effective in the coming days.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Due to non-disbursement of loans compared to the increase in deposits of banks and financial institutions, more liquidity has been seen in the financial system in the current fiscal year. The central bank has said that the interest rate will decrease after the review of the monetary policy, and this will increase the credit flow. As a result, it will help in maintaining the interest rate corridor.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-14', 'modified' => '2023-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '19462', 'image' => '20231214022054_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2023-12-14 14:20:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '19733', 'article_category_id' => '1', 'title' => 'CNI Publishes Report on Impact of Climate Change on Economy', 'sub_title' => '', 'summary' => 'December 14: The Confederation of Nepalese Industries has released a report on climate change impact and business adaptation in Nepal prepared in collaboration with PricewaterhouseCoopers (PwC), India.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">December 14: The Confederation of Nepalese Industries has released a report on climate change impact and business adaptation in Nepal prepared in collaboration with PricewaterhouseCoopers (PwC), India. The study report was handed over to Prime Minister Pushpa Kamal Dahal on Wednesday. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The report has suggested collaboration between the government and the private sector to address the impacts of climate change on Nepal's economy and business. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The report has pointed out the risks faced by large and small industries of Nepal due to climate change and has also suggested solutions. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The report covers issues such as creating a conducive environment for business, adopting risk reduction strategies, maintaining the value chain and capitalizing on the opportunities for climate adaptation. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">"Nepal has been effectively raising the issue of global climate change and its effects on Nepal in the international forum," reads a statement issued by the CNI, adding, “Even the private sector has given it high priority. Cooperation between the government, civil society, and the business sector is important to face the challenges posed by climate change.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Rajesh Kumar Agarwal, president of the CNI, said that the report will help Nepali businesses to prepare an action plan to prevent the effects of climate change. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Similarly, the Managing Director of PwC, India, Jaivir Singh, emphasized that there should be a solid strategy to minimize the effects of climate change for the sustainable development of the industry. He expressed his belief that the report will help in building a flexible and sustainable business environment. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Vice President of the CNI, Nirwan Chaudhary, said that Nepal, which has a negligible role in global climate change, is one of the countries most affected by climate change. He said that this report will be important for making a risk reduction strategy against the impact of climate change.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-12-14', 'modified' => '2023-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '19461', 'image' => '20231214015214_cni.jpg', 'article_date' => '2023-12-14 13:50:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '19732', 'article_category_id' => '1', 'title' => 'DoFE urges People to Remain Alert about Possible Fraud in the Name of Foreign Employment ', 'sub_title' => '', 'summary' => 'December 14: The Department of Foreign Employment has urged everyone to remain alert to potential fraud in the name of employment in Israel. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 14: The Department of Foreign Employment has urged everyone to remain alert to potential fraud in the name of employment in Israel. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the department’s Spokesperson and Information Officer, Kabiraj Upreti, sending Nepali migrant workers to Israel-based care homes is currently being facilitated through official channels as per the labour agreement reached between the Nepal Government and Israel. He said that discussions are ongoing with Israel regarding the deployment of Nepali migrant workers for agricultural purposes, but no conclusive decision has been made yet. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department has warned that a group of fraudsters is actively involved in falsely claiming to facilitate employment for migrant workers in Israel’s farming sector under the 'Learn and Earn' programme. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department said it is minutely investigating the matter. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-12-14', 'modified' => '2023-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '19460', 'image' => '20231214122344_foreign emp.jpg', 'article_date' => '2023-12-14 12:23:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '19729', 'article_category_id' => '1', 'title' => 'Government Fails to Import Paddy from India as Food Crisis Looms', 'sub_title' => 'Nepal has stock of rice for only three months, price likely to increase', 'summary' => 'December 14: The government's plan to bring 1 million metric tons of paddy from India has become uncertain.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">December 14: The government's plan to bring </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million metric tons of paddy from India has become uncertain. Although the Ministry of Foreign Affairs wrote a letter to the Government of India on August 4, demanding </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million tons of paddy, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million tons of rice and </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">50,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> tons of sugar under customs exemption, New Delhi has not given a concrete answer. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">This year, the production of paddy in Nepal has declined due to low rainfall at the time of planting. Anticipating the possibility of food crisis, the government tried to import paddy from India but has not been successful so far. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Gajendra Kumar Thakur, the spokesperson for the Ministry of Industry, Commerce and Supplies (MoICS), informed New Business Age that despite several high-level diplomatic discussions with the Government of India, the two sides have not reached a concrete decision. So far, India has only agreed to supply </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">95,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> tons of rice. However, the issue of supplying paddy and sugar has not been finalized.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The new season for paddy plantation has already started. However, the Ministry of Agriculture has not yet released the data on how much rice has been produced in the country this year and how much is insufficient. “We can confirm the quantity of rice to be imported only after the agriculture ministry releases production data," said Thakur, spokesperson of MoICS, adding, "The Ministry of Agriculture will release the data in a few days and it will be easy for us to confirm the quantity required. Rice production is likely to decline even in India this year due to less rainfall, so we may not get as much as we ask for.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The state-owned Food Management and Trading Company Limited and Salt Trading Corporation have been entrusted with the responsibility of importing </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">95,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> tons of rice that India has agreed to provide. Thakur said that the two companies have admitted that they cannot bring that much quantity of rice due to lack of storage facility and budget. Thakur added that the private sector can bring the rice that the state-owned companies cannot bring.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">At present, the country has stock of rice that will only last for three months. So, the businessmen have requested the government to arrange the import of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million tons of rise as soon as possible to avoid the risk of food crisis. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The Nepal Rice Oil Lentil Industry Association met Prime Minister Pushpa Kamal Dahal and Industry, Commerce and Supply Minister Ramesh Rijal on Tuesday and made this demand.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The president of the association Kumud Kumar Dugad said the price of rice is likely to increase in the country due to the delay in importing rice from India.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the data of the ministry, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">54</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">86</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">472</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> metric tons of rice was produced in Nepal in the last fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Besides banning the export of rice, the Indian government has imposed a </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent customs duty on rice exports. It has had a direct impact on Nepal. As a result, the price of paddy has increased by Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">10 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">per kg this year compared to last year. The price is expected to increase further in the coming days.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-14', 'modified' => '2023-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '19458', 'image' => '20231214122049_1702529815.1592406845.dhan.jpg', 'article_date' => '2023-12-14 12:19:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '19730', 'article_category_id' => '1', 'title' => 'Transport Entrepreneurs Suggest Ways to Improve Public Transport ', 'sub_title' => '', 'summary' => 'December 14: Public transport entrepreneurs have suggested the government to establish a competent transport authority for the improvement of public transport in the country. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 14: Public transport entrepreneurs have suggested the government to establish a competent transport authority for the improvement of public transport in the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Handing over a memorandum to Prime Minister Pushpa Kamal Dahal on Wednesday, the transport entrepreneurs affiliated to the Republican Transport Entrepreneurs Association demanded that the government should resume registration of associations and committees in the transport sector, establish a transport directorate or authority, stop unnecessary tax revenue on public vehicles, register vehicles as per the provinces and set up training centers for producing drivers. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The team led by the president of the association Gyanendra Shrestha also called for abolition of the five percent value added tax imposed on transportation. They also urged the government to include transport workers in the social security fund, invest in public transport and to remove the impractical traffic fine policy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the transport entrepreneurs also requested the government to review the 20-year-scrap policy imposed on public vehicles and to allow vehicles to be operated on the basis of the 'condition' of the vehicles. They also demanded an end to the system of allowing vehicles coming from India to operate in Nepal without restrictions, according to Treasurer of the Association Purushottam Simkhada. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-12-14', 'modified' => '2023-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '19457', 'image' => '20231214122202_20200910122940_1599687709.4.jpg', 'article_date' => '2023-12-14 12:21:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '19728', 'article_category_id' => '1', 'title' => 'Nepal Fails to become Self-Sufficient in Apple Production', 'sub_title' => '', 'summary' => 'December 14: It has been 12 years since the government announced the apple self-sufficiency programme.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">December 14: It has been 12 years since the government announced the apple self-sufficiency programme. The programme was announced to make the country self-sufficient in apple production by discouraging the import of apples. However, the country still meets its domestic demand by importing apples. Due to the dependence on imports, consumers in Nepal have to pay Rs 50 more for a kilogram of apples even during the peak season.</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"">Nepal imports apples from India, China, Indonesia, Turkey and America. Nepal imports 70,000 to 80,000 metric tons of apples worth Rs 7 billion annually.</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"">According to the data of the Ministry of Agriculture and Livestock Development, 52,753 metric tons of apples were produced in the country in the fiscal year 2078/79 on 13,813 hectares of land. This is only about half of the imports. In the previous year, the cultivation area and production were even less.</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"">When domestic production is unable to meet the domestic demand, the government increases the price of imported apples to discourage imports. Professor of Economics Dr Bed Prasad Acharya said that this will lead to a price hike and shortage of apples. He argues that the government should not introduce a programme to discourage imports as the programme to become self-sufficient in apple production is ineffective.</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"">Recently, the data from the Department of Customs has shown that the import of apples from India and third countries has started to decrease. In the year 2077/78, most apples were imported from China. In that year, 70,799 metric tons of apples were imported from China and 18,188 metric tons from India. Similarly, 1.8 metric tons of apples were imported from Indonesia, 9.9 metric tons from Turkey and 58.4 metric tons from America.</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"">In the year 2077/78, a total of 89,058 tons of apples were imported into the country. In the year 2078/79, apple import seems to have declined compared to the previous year. It seems that 86,796 tons of apples were imported that year. Import of apples decreased in the year 2079/80 as well with 83,274 tons of apples being imported from abroad.</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"">According to Ankit Sharma, information officer of the Biratnagar Customs Office, the import of apples has decreased due to the economic recession and the introduction of VAT by the government. Importing apples from third countries incurs a tax of 24.5 per cent, including 10 per cent customs duty, 13 per cent value-added tax and 1.5 per cent advance income tax. </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"">Importing apples from India is taxed at 23.5 per cent, including a 9 per cent agrarian reform fee, 13 per cent value-added tax and 1.5 per cent advance income tax.</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"">Bijay Sah, the owner of New Jagdamba Fruit Centre, an apple importer, said earlier that all food was imported by paying a 15 per cent tax. He said that the price has increased by Rs 30 to 50 per kilo because the government has increased the tax to 27 per cent.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-12-14', 'modified' => '2023-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '19456', 'image' => '20231214113245_1702439701.1588827198.jpg', 'article_date' => '2023-12-14 11:31:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '19727', 'article_category_id' => '1', 'title' => 'Over 5,000 Loan Shark Victims' Problems Resolved ', 'sub_title' => '', 'summary' => 'December 14: The commission formed by the government to resolve usury related cases has settled 5,155 cases out of over 28,000 complaints filed so far. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 14: The commission formed by the government to resolve usury related cases has settled 5,155 cases out of over 28,000 complaints filed so far. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Former Additional Inspector General (AIG) of Police Uttamraj Subedi, a member of the commission, shared that a total of 218 bighas 10 katthas 7 dhurs of land have been returned to the loan shark victims from their lenders through reconciliation since the formation of the commission. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The study conducted by the commission showed that there were written transactions of over Rs 5.857 billion between the victims and the loan sharks while the loan sharks were found to have claimed that over Rs 1.62 billion remained to be recovered from the victims. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Among them, transaction amounting to over Rs 1.72 billion was settled in consensus between both parties, the commission said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The commission had collected applications from the victims from April 30 to May 28. Altogether 21,552 complaints were lodged in eight districts of Madhesh Province while 1,862 complaints were filed in Nawalparashi West. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The commission’s Chairperson Gauri Bahadur Karki shared that the commission submitted its report to the prime minister last Tuesday. According to Chairperson Karki, there was no problem of usury in 39 districts where only a couple of such cases were registered and resolved. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The incumbent government had formed a three-member high-powered commission to address the issues to those subjugated to loan-sharking. The parliament also has passed the law regarding this and the law has been enforced as well. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-12-14', 'modified' => '2023-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '19455', 'image' => '20231214110902_1702466332.jpg', 'article_date' => '2023-12-14 11:08:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '19726', 'article_category_id' => '1', 'title' => 'Police Apprehend 32 including Government Officials on charge of Illegally Sending Nepalis Abroad ', 'sub_title' => '', 'summary' => 'December 14: Police have arrested 32 people including two government officials on charge of illegally sending Nepali citizens to foreign countries.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 14: Police have arrested 32 people including two government officials on charge of illegally sending Nepali citizens to foreign countries. The arrests were made since October 6. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Those arrested have been accused of working in collusion with human trafficking rackets to facilitate the departure of Nepali nationals to foreign countries promising lucrative jobs by showing fake documents, said Senior Superintendent of Police Somendra Singh Rathore.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Organising a press conference on Wednesday, SSP Rathore said that the arrestees charged between Rs 15,000 to Rs 55,000 per person with fake promises. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">A team from the Kathmandu Valley Crime Division made the arrests. The arrestees includes two government officials – Arbinda Yadav, a staffer of the state-owned Nepal Airlines Corporation and Narbir Khadka, an officer at the Department of Immigration. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-12-14', 'modified' => '2023-12-14', 'keywords' => 'police, arrest, Nepalis, foreign, employment, jobs, lucrative, Nepal', 'description' => '', 'sortorder' => '19454', 'image' => '20231214102909_TIAA.jpg', 'article_date' => '2023-12-14 10:28:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '19725', 'article_category_id' => '1', 'title' => 'Nepal Has Abundant Potential of Green Energy, says PM Dahal', 'sub_title' => '', 'summary' => 'Prime Minister Pushpa Kamal Dahal 'Prachanda' has said green energy has huge potential in Nepal. He also laid emphasis on properly capitalizing the potentials of 'clean energy, green energy'.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 13: Prime Minister Pushpa Kamal Dahal 'Prachanda' has said green energy has huge potential in Nepal. He also laid emphasis on properly capitalizing the potentials of 'clean energy, green energy'. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Laying the foundation stone of 'women entrepreneurs green industrial park' to be constructed in Panchkhal municipality-7 of Kavrepalanchowk today, Prime Minister Dahal said clean energy-green energy will be put on priority while embarking on the new era of green revolution. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Dahal reasoned that switching to clean energy will mark a beginning of the campaign to end pollution in Nepal. “We should cash in on the vast array of the potentials of clean energy-green energy,” he added.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">On the occasion, Finance Minister Dr Prakash Sharan Mahat pledged to arrange budget for the green park to be constructed in Panchkhal in the next fiscal year while sharing that the government is scaling up the park construction in all seven provinces.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Panchkhal municipality's mayor Mahesh Kharel said the park will be constructed to promote women entrepreneurship and the initiative will be fruitful to add value to the local production. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The park is under construction at the initiative of the South Asian Women Development Forum in collaboration with the Ministry of Industry, Commerce and Supplies and Panchakhal municipality.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The park will have training center, store house, cold storage, packaging, processing, drying and grading of agriculture products. (RSS)</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-14', 'modified' => '2023-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '19453', 'image' => '20231214060521_collage (9).jpg', 'article_date' => '2023-12-14 06:03:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '19724', 'article_category_id' => '1', 'title' => 'NEPSE Closes with Modest Gain', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index showed a modest increase of 2.60 points or 0.13%, concluding the fourth trading day of the week at 1988.04 points on Wednesday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 13: The Nepal Stock Exchange (NEPSE) Index showed a modest increase of 2.60 points or 0.13%, concluding the fourth trading day of the week at 1988.04 points on Wednesday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today’s trading session, 292 scrips were traded in 81,451 transactions, involving a total of 12,095,539 traded shares. The overall turnover amounted to Rs 3.90 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Sonapur Minerals and Oil Limited (SONA) stood out with the highest turnover, reaching Rs 14 crores. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Bottlers Nepal Limited (BNL) experienced the most significant gain, marking a 10% increase and hitting the positive circuit for the day. On the other hand, Kutheli Bukhari Small Hydropower Limited (KBSH) incurred the highest loss at 5.59%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In terms of sector performance, all sectors closed in the green zone except for Hotels and Tourism Index, Life Insurance, Non-Life Insurance, and Trading Index.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> The Development Bank Index saw the most substantial gain at 1.15%, while the Hotels and Tourism Index suffered the most significant loss at 1.62%.</span></span></p> ', 'published' => true, 'created' => '2023-12-13', 'modified' => '2023-12-13', 'keywords' => '', 'description' => '', 'sortorder' => '19452', 'image' => '20231213033739_collage (11).jpg', 'article_date' => '2023-12-13 15:36:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 14 => array( 'Article' => array( 'id' => '19723', 'article_category_id' => '1', 'title' => 'Government Reluctant to Sign Double Tax Exemption Agreement ', 'sub_title' => '', 'summary' => 'December 13: The government has shown lack of interest in reliving the public from the burden of double taxation and to create a conducive environment for investment.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">December 13: The government has shown lack of interest in reliving the public from the burden of double taxation and to create a conducive environment for investment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Since the double tax exemption agreement was signed with Bangladesh on March 5, 2019, no such agreement has been signed with any other country. Even though the government sent a proposal to countries like Malaysia, Canada, Brazil, and the UAE a decade ago, no progress has been made in this regard so far. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The files sent abroad could not be processed due to the lack of double tax exemption agreements on the priority of government officials. The tax exemption agreement has failed to make a headway for a long time because the government officials did not follow up on those files and did not respond to some of the proposals sent by those countries. The Income Tax Act of Nepal has given the government the right to enter into international agreements and double taxation exemption agreements. However, the government does not seem to prioritize it.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The government made many efforts to reach an agreement with Bangladesh. According to the then official, the tax exemption agreement was reached between the two countries after four attempts. The then prime minister and finance ministers showed special interest in it, which is not the case now. The government has signed double tax exemption agreements with 11 countries so far. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">On May 13, 1996, the first tax exemption agreement was signed with Norway. Then agreements were made with Thailand, Sri Lanka, Mauritius, Australia, Pakistan, China, Korea, Qatar and India respectively.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Homework has been going on for a decade with Malaysia, Singapore, the United Kingdom, America, Japan, Canada, Brazil, and Oman for a double tax exemption agreement. However, result-oriented progress has not been achieved. Officials of the Inland Revenue Department say that even though proposals have been received from those countries, no agreement has been reached so far. Ananda Gupta, director of the international tax branch of the department, admitted that after the agreement with Bangladesh, no agreement could be reached with any other country. He said, "Proposals have come from other countries, but we have not done it." He did not reveal the reason why there was not a single agreement this year. The tax exemption agreement benefits businessmen who do business in more than one country in the same income year. It is said that it will play a supporting role in financing foreign direct investment. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to Inland Revenue Department sources, although Malaysia, Canada, Brazil, the UAE, and Singapore have expressed their desire for a double tax exemption agreement, the Government of Nepal has shown no interest in this regard. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-13', 'modified' => '2023-12-13', 'keywords' => '', 'description' => '', 'sortorder' => '19451', 'image' => '20231213025546_taxxxxx.jpg', 'article_date' => '2023-12-13 14:54:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (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' => '19738', 'article_category_id' => '1', 'title' => '30 Percent Families in Karnali Province Self-Reliant in Agricultural Production ', 'sub_title' => '', 'summary' => 'December 15: Thirty percent of families in Karnali Province are self-reliant on agricultural productions, according to the National Agriculture Census, 2078.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 15: Thirty percent of families in Karnali Province are self-reliant on agricultural productions, according to the National Agriculture Census, 2078. The census report made public by the National Statistics Office shows that majority of families or 70 percent of the farmers’ population cannot feed themselves with home-grown products throughout the year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Out of the total 302,000 families who are involved in agriculture in the province, the production sustains only 90,600 families throughout the year, states the report published by the National Statistics Office. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A total of 82.63 percent of people in Karnali Province are farmers who cultivate food in 17,411 hectares of land. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As a large number of people are dependent on agriculture, but the production is not enough to sustain their livelihood, the NSO has suggested the government should bring a production-friendly policy, said NSO Director Badri Kumar Karki. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Most of the citizens of Karnali are involved in agriculture. But the production is very low. It is necessary for the government to bring a production friendly plan in the days to come," he said. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The report states that farmers have used new technology replacing the old one. For an instance, tractors and power tillers have replaced iron or wooden ploughs, according to the report. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Due to the increasing trend of people from rural areas migrating to city areas and foreign countries for various purposes including job opportunities, many lands especially in the hill areas have remained barren, says the report. Against this backdrop, experts have suggested the government to announce plan based on the data that show decline in production activities.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Saying that it was difficult to bring a plan and a budget due to the lack of statistics of the province, Minister for Land Management, Agriculture and Cooperatives of the province, Bhim Prakash Sharma said these statistics would help the government to make a plan and bring a budget accordingly. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He also stressed the need for the government at all three levels to bring a plan so as to increase the productions and guarantee a market. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Around 7,000 workforces were mobilised for the census and it took 45 days, said Dr Dilliraj Joshi, joint secretary and deputy chief of the NSO. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19466', 'image' => '20231215110529_agri maize.jpg', 'article_date' => '2023-12-15 11:04:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '19737', 'article_category_id' => '1', 'title' => 'Nepal Receives Remittances of Rs 477.96 Million in Four Months ', 'sub_title' => '', 'summary' => 'December 15: The country received remittances worth Rs 477.96 billion in the first four months of the current fiscal year, according to the latest report of Nepal Rastra Bank. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 15: The country received remittances worth Rs 477.96 billion in the first four months of the current fiscal year, according to the latest report of Nepal Rastra Bank. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Current Macroeconomic and Financial Situation Report of Nepal released by the central bank on Thursday shows that the inflow of remittance increased by 26.4 percent to reach Rs 477.96 billion as of mid-November in the current FY against 20.4 percent increase in remittance inflow in the corresponding period of the previous year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In terms of the US dollar, remittance inflow increased 23.1 percent this year to 3.60 billion against 10.8 percent in the corresponding of last year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the review period, the number of Nepali workers, both institutional and individual, taking first-time approval for foreign employment stood at 137,475 while those taking approval for renew entry was 68,841. Last year, such numbers were 196,735 and 87,428 respectively. According to the NRB report, the net transfer increased 24.9 percent to Rs 521.40 billion in the review period. Such a transfer had increased 20.2 percent in the same period of the last fiscal year. </span></span></span></p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19465', 'image' => '20231215103744_Remittance.jpg', 'article_date' => '2023-12-15 10:36:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '19736', 'article_category_id' => '1', 'title' => 'ADB Approves $166 Million Financing Package', 'sub_title' => '', 'summary' => 'The Asian Development Bank (ADB) has approved a financing package totaling $166 million to enhance Nepal's local economy. The funds will be utilized to construct climate and disaster-resilient cities that prioritize sustainable tourism and aim to enhance the quality of life for residents.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 15: The Asian Development Bank (ADB) has approved a financing package totaling $166 million to enhance Nepal's local economy. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The funds will be utilized to construct climate and disaster-resilient cities that prioritize sustainable tourism and aim to enhance the quality of life for residents. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">A $6 million grant from the Asian Development Fund is included in the package. The beneficiary cities encompass Pokhara Metropolitan City, Janakpur Sub-Metropolitan City, Devdaha, Lumbini Sanskritik, Sainamaina, Siddharthanagar, and Tilottama municipalities.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The initiative, known as the Urban Resilience and Livability Improvement Project, is designed to contribute to the economic growth, resilience, and livability of the aforementioned cities. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The ADB plans to reinforce municipal resilience to climate and disaster risks through infrastructure development, involving the construction of 150 kilometers of drainage, rebuilding 100 kilometers of roads, and 45 kilometers of footpaths, as per a statement released by the ADB Headquarters on Thursday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Laxmi Sharma, ADB Senior Urban Development Specialist, emphasized that the project aligns with the government’s National Urban Development Strategy, aiming to enhance planning and investments in urban corridors for sustainable economic growth.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The initiative extends the ADB’s longstanding commitment to Nepal, focusing on strengthening municipal governance and improving the delivery of basic services.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Sharma added, “ADB’s support will help the concerned municipalities design climate-resilient urban infrastructure, develop tourism potential, and strengthen institutional capacity to achieve their full economic potential and sustainable growth.”</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> The project is anticipated to foster tourism development, thereby stimulating the local economy and enhancing historical, cultural, and natural heritage sites. (RSS)</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19464', 'image' => '20231215060753_collage (10).jpg', 'article_date' => '2023-12-15 06:05:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 3 => array( 'Article' => array( 'id' => '19735', 'article_category_id' => '1', 'title' => 'NEPSE Gains 6.55 to Close at 1994.60', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced an increase of 6.55 points or 0.325%, reaching a closing value of 1994.60 on the final trading day of the week on Thursday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 14: The Nepal Stock Exchange (NEPSE) Index experienced an increase of 6.55 points or 0.325%, reaching a closing value of 1994.60 on the final trading day of the week on Thursday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">This positive trend in the NEPSE Index has been ongoing since the release of the Nepal Rastra Bank's first quarterly review on the monetary policy for the fiscal year 2023-2024. The review included a reduction in the risk weightage from 150% to 125% for margin lending against shares.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today’s trading session, a total of 300 scrips were traded through 66,955 transactions, involving 9,637,455 traded shares. The overall turnover amounted to Rs 3.15 billion. Sonapur Minerals and Oil Limited (SONA) achieved the highest turnover of Rs 16 crores.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Different companies, including Bottlers Nepal Limited (BNL), Himalayan Laghubitta Bittiya Sanstha (HLBSL), Nepal Republic Media (NRM), and Nepal Hydro Developers Limited (NHDL), experienced a 10% rise, hitting the positive circuit for the day. Conversely, Gurans Laghubitta Bittiya Sanstha Limited (GLBSL) incurred the most significant loss at 4.98%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In terms of sector indices, all sectors closed in the green zone except for the Banking Subindex, Investment Index, Life Insurance, Microfinance Index, and Trading Index. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Others Index witnessed the highest gain at 1.51, while the Trading Index recorded the most significant loss at 0.92%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-14', 'modified' => '2023-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '19463', 'image' => '20231214040445_collage (12).jpg', 'article_date' => '2023-12-14 16:03:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 4 => array( 'Article' => array( 'id' => '19734', 'article_category_id' => '1', 'title' => 'Nepal Rastra Bank Fails to Implement Interest Rate Corridor', 'sub_title' => '', 'summary' => 'December 14: Nepal Rastra Bank (NRB) has failed to implement the interest rate corridor, which was initiated with the aim of maintaining interest rate stability while minimizing the fluctuations in short-term interest rates.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">December 14: Nepal Rastra Bank (NRB) has failed to implement the interest rate corridor, which was initiated with the aim of maintaining interest rate stability while minimizing the fluctuations in short-term interest rates. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Even though the interbank interest rate fell below the target limit from mid-September of the current fiscal year (FY) </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2080/81</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, the central bank has failed to implement the interest rate corridor by mopping excess liquidity through the means of monetary instruments.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Since mid-September, the interbank interest rate has been consistently below the monetary policy target. Even when the interbank interest rate fell below the limit, the central bank did not use any monetary instrument to increase it till mid-October. After mid-November, the NRB used the deposit collection instruments in a hurry, but the interest rate has not been maintained within the limits of the corridor.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The arrangement for the interest rate corridor was introduced through the monetary policy of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2074. </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In order to make it effective, the central bank has implemented the 'Interest Rate Corridor Procedure </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2076</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">', according to which the interest rate corridor is considered as one of the main goals of the monetary policy.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the procedure, the central bank should fix the upper limit of the bank rate and the lower limit of the deposit collection rate and the interbank interest rate should be kept in between these two. In order to maintain this corridor, Nepal Rastra Bank can use various monetary instruments to release liquidity or to mop excess liquidity from the market. The monetary policy of the current year as set the target to keep the average interbank interest rate lower than the bank rate and higher than the deposit collection rate.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Last Friday, while releasing the first quarterly review of the monetary policy, the central bank lowered the bank rate from </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent and the deposit collection rate from </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. But on Monday, the average interbank interest rate remained at </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2.47</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. The inter-bank interest rate, which fell below </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent on December 7, is yet to rise within the limit although it has increased after excess liquidity was mopped from the market through deposit collection tools.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">From November </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">22</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> to December </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">0, the central bank collected Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">125</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion from the market through deposit collection tools. Of that, Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">45</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion have matured and returned to the market. Deposits worth Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">10</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion will be maturing on Wednesday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In the first quarterly review of the monetary policy, the central bank has admitted that the interest rate corridor could not be implemented in the current fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">During a press conference held after the release of the quarterly review report of the monetary policy, NRB Governor Maha Prasad Adhikari mentioned that the implementation of the interest rate corridor will be effective in the coming days.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Due to non-disbursement of loans compared to the increase in deposits of banks and financial institutions, more liquidity has been seen in the financial system in the current fiscal year. The central bank has said that the interest rate will decrease after the review of the monetary policy, and this will increase the credit flow. As a result, it will help in maintaining the interest rate corridor.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-14', 'modified' => '2023-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '19462', 'image' => '20231214022054_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2023-12-14 14:20:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '19733', 'article_category_id' => '1', 'title' => 'CNI Publishes Report on Impact of Climate Change on Economy', 'sub_title' => '', 'summary' => 'December 14: The Confederation of Nepalese Industries has released a report on climate change impact and business adaptation in Nepal prepared in collaboration with PricewaterhouseCoopers (PwC), India.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">December 14: The Confederation of Nepalese Industries has released a report on climate change impact and business adaptation in Nepal prepared in collaboration with PricewaterhouseCoopers (PwC), India. The study report was handed over to Prime Minister Pushpa Kamal Dahal on Wednesday. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The report has suggested collaboration between the government and the private sector to address the impacts of climate change on Nepal's economy and business. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The report has pointed out the risks faced by large and small industries of Nepal due to climate change and has also suggested solutions. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The report covers issues such as creating a conducive environment for business, adopting risk reduction strategies, maintaining the value chain and capitalizing on the opportunities for climate adaptation. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">"Nepal has been effectively raising the issue of global climate change and its effects on Nepal in the international forum," reads a statement issued by the CNI, adding, “Even the private sector has given it high priority. Cooperation between the government, civil society, and the business sector is important to face the challenges posed by climate change.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Rajesh Kumar Agarwal, president of the CNI, said that the report will help Nepali businesses to prepare an action plan to prevent the effects of climate change. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Similarly, the Managing Director of PwC, India, Jaivir Singh, emphasized that there should be a solid strategy to minimize the effects of climate change for the sustainable development of the industry. He expressed his belief that the report will help in building a flexible and sustainable business environment. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Vice President of the CNI, Nirwan Chaudhary, said that Nepal, which has a negligible role in global climate change, is one of the countries most affected by climate change. He said that this report will be important for making a risk reduction strategy against the impact of climate change.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-12-14', 'modified' => '2023-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '19461', 'image' => '20231214015214_cni.jpg', 'article_date' => '2023-12-14 13:50:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '19732', 'article_category_id' => '1', 'title' => 'DoFE urges People to Remain Alert about Possible Fraud in the Name of Foreign Employment ', 'sub_title' => '', 'summary' => 'December 14: The Department of Foreign Employment has urged everyone to remain alert to potential fraud in the name of employment in Israel. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 14: The Department of Foreign Employment has urged everyone to remain alert to potential fraud in the name of employment in Israel. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the department’s Spokesperson and Information Officer, Kabiraj Upreti, sending Nepali migrant workers to Israel-based care homes is currently being facilitated through official channels as per the labour agreement reached between the Nepal Government and Israel. He said that discussions are ongoing with Israel regarding the deployment of Nepali migrant workers for agricultural purposes, but no conclusive decision has been made yet. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department has warned that a group of fraudsters is actively involved in falsely claiming to facilitate employment for migrant workers in Israel’s farming sector under the 'Learn and Earn' programme. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department said it is minutely investigating the matter. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-12-14', 'modified' => '2023-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '19460', 'image' => '20231214122344_foreign emp.jpg', 'article_date' => '2023-12-14 12:23:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '19729', 'article_category_id' => '1', 'title' => 'Government Fails to Import Paddy from India as Food Crisis Looms', 'sub_title' => 'Nepal has stock of rice for only three months, price likely to increase', 'summary' => 'December 14: The government's plan to bring 1 million metric tons of paddy from India has become uncertain.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">December 14: The government's plan to bring </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million metric tons of paddy from India has become uncertain. Although the Ministry of Foreign Affairs wrote a letter to the Government of India on August 4, demanding </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million tons of paddy, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million tons of rice and </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">50,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> tons of sugar under customs exemption, New Delhi has not given a concrete answer. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">This year, the production of paddy in Nepal has declined due to low rainfall at the time of planting. Anticipating the possibility of food crisis, the government tried to import paddy from India but has not been successful so far. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Gajendra Kumar Thakur, the spokesperson for the Ministry of Industry, Commerce and Supplies (MoICS), informed New Business Age that despite several high-level diplomatic discussions with the Government of India, the two sides have not reached a concrete decision. So far, India has only agreed to supply </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">95,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> tons of rice. However, the issue of supplying paddy and sugar has not been finalized.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The new season for paddy plantation has already started. However, the Ministry of Agriculture has not yet released the data on how much rice has been produced in the country this year and how much is insufficient. “We can confirm the quantity of rice to be imported only after the agriculture ministry releases production data," said Thakur, spokesperson of MoICS, adding, "The Ministry of Agriculture will release the data in a few days and it will be easy for us to confirm the quantity required. Rice production is likely to decline even in India this year due to less rainfall, so we may not get as much as we ask for.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The state-owned Food Management and Trading Company Limited and Salt Trading Corporation have been entrusted with the responsibility of importing </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">95,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> tons of rice that India has agreed to provide. Thakur said that the two companies have admitted that they cannot bring that much quantity of rice due to lack of storage facility and budget. Thakur added that the private sector can bring the rice that the state-owned companies cannot bring.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">At present, the country has stock of rice that will only last for three months. So, the businessmen have requested the government to arrange the import of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million tons of rise as soon as possible to avoid the risk of food crisis. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The Nepal Rice Oil Lentil Industry Association met Prime Minister Pushpa Kamal Dahal and Industry, Commerce and Supply Minister Ramesh Rijal on Tuesday and made this demand.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The president of the association Kumud Kumar Dugad said the price of rice is likely to increase in the country due to the delay in importing rice from India.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the data of the ministry, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">54</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">86</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">472</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> metric tons of rice was produced in Nepal in the last fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Besides banning the export of rice, the Indian government has imposed a </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent customs duty on rice exports. It has had a direct impact on Nepal. As a result, the price of paddy has increased by Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">10 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">per kg this year compared to last year. The price is expected to increase further in the coming days.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-14', 'modified' => '2023-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '19458', 'image' => '20231214122049_1702529815.1592406845.dhan.jpg', 'article_date' => '2023-12-14 12:19:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '19730', 'article_category_id' => '1', 'title' => 'Transport Entrepreneurs Suggest Ways to Improve Public Transport ', 'sub_title' => '', 'summary' => 'December 14: Public transport entrepreneurs have suggested the government to establish a competent transport authority for the improvement of public transport in the country. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 14: Public transport entrepreneurs have suggested the government to establish a competent transport authority for the improvement of public transport in the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Handing over a memorandum to Prime Minister Pushpa Kamal Dahal on Wednesday, the transport entrepreneurs affiliated to the Republican Transport Entrepreneurs Association demanded that the government should resume registration of associations and committees in the transport sector, establish a transport directorate or authority, stop unnecessary tax revenue on public vehicles, register vehicles as per the provinces and set up training centers for producing drivers. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The team led by the president of the association Gyanendra Shrestha also called for abolition of the five percent value added tax imposed on transportation. They also urged the government to include transport workers in the social security fund, invest in public transport and to remove the impractical traffic fine policy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the transport entrepreneurs also requested the government to review the 20-year-scrap policy imposed on public vehicles and to allow vehicles to be operated on the basis of the 'condition' of the vehicles. They also demanded an end to the system of allowing vehicles coming from India to operate in Nepal without restrictions, according to Treasurer of the Association Purushottam Simkhada. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-12-14', 'modified' => '2023-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '19457', 'image' => '20231214122202_20200910122940_1599687709.4.jpg', 'article_date' => '2023-12-14 12:21:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '19728', 'article_category_id' => '1', 'title' => 'Nepal Fails to become Self-Sufficient in Apple Production', 'sub_title' => '', 'summary' => 'December 14: It has been 12 years since the government announced the apple self-sufficiency programme.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">December 14: It has been 12 years since the government announced the apple self-sufficiency programme. The programme was announced to make the country self-sufficient in apple production by discouraging the import of apples. However, the country still meets its domestic demand by importing apples. Due to the dependence on imports, consumers in Nepal have to pay Rs 50 more for a kilogram of apples even during the peak season.</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"">Nepal imports apples from India, China, Indonesia, Turkey and America. Nepal imports 70,000 to 80,000 metric tons of apples worth Rs 7 billion annually.</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"">According to the data of the Ministry of Agriculture and Livestock Development, 52,753 metric tons of apples were produced in the country in the fiscal year 2078/79 on 13,813 hectares of land. This is only about half of the imports. In the previous year, the cultivation area and production were even less.</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"">When domestic production is unable to meet the domestic demand, the government increases the price of imported apples to discourage imports. Professor of Economics Dr Bed Prasad Acharya said that this will lead to a price hike and shortage of apples. He argues that the government should not introduce a programme to discourage imports as the programme to become self-sufficient in apple production is ineffective.</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"">Recently, the data from the Department of Customs has shown that the import of apples from India and third countries has started to decrease. In the year 2077/78, most apples were imported from China. In that year, 70,799 metric tons of apples were imported from China and 18,188 metric tons from India. Similarly, 1.8 metric tons of apples were imported from Indonesia, 9.9 metric tons from Turkey and 58.4 metric tons from America.</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"">In the year 2077/78, a total of 89,058 tons of apples were imported into the country. In the year 2078/79, apple import seems to have declined compared to the previous year. It seems that 86,796 tons of apples were imported that year. Import of apples decreased in the year 2079/80 as well with 83,274 tons of apples being imported from abroad.</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"">According to Ankit Sharma, information officer of the Biratnagar Customs Office, the import of apples has decreased due to the economic recession and the introduction of VAT by the government. Importing apples from third countries incurs a tax of 24.5 per cent, including 10 per cent customs duty, 13 per cent value-added tax and 1.5 per cent advance income tax. </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"">Importing apples from India is taxed at 23.5 per cent, including a 9 per cent agrarian reform fee, 13 per cent value-added tax and 1.5 per cent advance income tax.</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"">Bijay Sah, the owner of New Jagdamba Fruit Centre, an apple importer, said earlier that all food was imported by paying a 15 per cent tax. He said that the price has increased by Rs 30 to 50 per kilo because the government has increased the tax to 27 per cent.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-12-14', 'modified' => '2023-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '19456', 'image' => '20231214113245_1702439701.1588827198.jpg', 'article_date' => '2023-12-14 11:31:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '19727', 'article_category_id' => '1', 'title' => 'Over 5,000 Loan Shark Victims' Problems Resolved ', 'sub_title' => '', 'summary' => 'December 14: The commission formed by the government to resolve usury related cases has settled 5,155 cases out of over 28,000 complaints filed so far. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 14: The commission formed by the government to resolve usury related cases has settled 5,155 cases out of over 28,000 complaints filed so far. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Former Additional Inspector General (AIG) of Police Uttamraj Subedi, a member of the commission, shared that a total of 218 bighas 10 katthas 7 dhurs of land have been returned to the loan shark victims from their lenders through reconciliation since the formation of the commission. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The study conducted by the commission showed that there were written transactions of over Rs 5.857 billion between the victims and the loan sharks while the loan sharks were found to have claimed that over Rs 1.62 billion remained to be recovered from the victims. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Among them, transaction amounting to over Rs 1.72 billion was settled in consensus between both parties, the commission said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The commission had collected applications from the victims from April 30 to May 28. Altogether 21,552 complaints were lodged in eight districts of Madhesh Province while 1,862 complaints were filed in Nawalparashi West. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The commission’s Chairperson Gauri Bahadur Karki shared that the commission submitted its report to the prime minister last Tuesday. According to Chairperson Karki, there was no problem of usury in 39 districts where only a couple of such cases were registered and resolved. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The incumbent government had formed a three-member high-powered commission to address the issues to those subjugated to loan-sharking. The parliament also has passed the law regarding this and the law has been enforced as well. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-12-14', 'modified' => '2023-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '19455', 'image' => '20231214110902_1702466332.jpg', 'article_date' => '2023-12-14 11:08:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '19726', 'article_category_id' => '1', 'title' => 'Police Apprehend 32 including Government Officials on charge of Illegally Sending Nepalis Abroad ', 'sub_title' => '', 'summary' => 'December 14: Police have arrested 32 people including two government officials on charge of illegally sending Nepali citizens to foreign countries.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 14: Police have arrested 32 people including two government officials on charge of illegally sending Nepali citizens to foreign countries. The arrests were made since October 6. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Those arrested have been accused of working in collusion with human trafficking rackets to facilitate the departure of Nepali nationals to foreign countries promising lucrative jobs by showing fake documents, said Senior Superintendent of Police Somendra Singh Rathore.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Organising a press conference on Wednesday, SSP Rathore said that the arrestees charged between Rs 15,000 to Rs 55,000 per person with fake promises. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">A team from the Kathmandu Valley Crime Division made the arrests. The arrestees includes two government officials – Arbinda Yadav, a staffer of the state-owned Nepal Airlines Corporation and Narbir Khadka, an officer at the Department of Immigration. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-12-14', 'modified' => '2023-12-14', 'keywords' => 'police, arrest, Nepalis, foreign, employment, jobs, lucrative, Nepal', 'description' => '', 'sortorder' => '19454', 'image' => '20231214102909_TIAA.jpg', 'article_date' => '2023-12-14 10:28:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '19725', 'article_category_id' => '1', 'title' => 'Nepal Has Abundant Potential of Green Energy, says PM Dahal', 'sub_title' => '', 'summary' => 'Prime Minister Pushpa Kamal Dahal 'Prachanda' has said green energy has huge potential in Nepal. He also laid emphasis on properly capitalizing the potentials of 'clean energy, green energy'.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 13: Prime Minister Pushpa Kamal Dahal 'Prachanda' has said green energy has huge potential in Nepal. He also laid emphasis on properly capitalizing the potentials of 'clean energy, green energy'. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Laying the foundation stone of 'women entrepreneurs green industrial park' to be constructed in Panchkhal municipality-7 of Kavrepalanchowk today, Prime Minister Dahal said clean energy-green energy will be put on priority while embarking on the new era of green revolution. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Dahal reasoned that switching to clean energy will mark a beginning of the campaign to end pollution in Nepal. “We should cash in on the vast array of the potentials of clean energy-green energy,” he added.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">On the occasion, Finance Minister Dr Prakash Sharan Mahat pledged to arrange budget for the green park to be constructed in Panchkhal in the next fiscal year while sharing that the government is scaling up the park construction in all seven provinces.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Panchkhal municipality's mayor Mahesh Kharel said the park will be constructed to promote women entrepreneurship and the initiative will be fruitful to add value to the local production. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The park is under construction at the initiative of the South Asian Women Development Forum in collaboration with the Ministry of Industry, Commerce and Supplies and Panchakhal municipality.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The park will have training center, store house, cold storage, packaging, processing, drying and grading of agriculture products. (RSS)</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-14', 'modified' => '2023-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '19453', 'image' => '20231214060521_collage (9).jpg', 'article_date' => '2023-12-14 06:03:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '19724', 'article_category_id' => '1', 'title' => 'NEPSE Closes with Modest Gain', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index showed a modest increase of 2.60 points or 0.13%, concluding the fourth trading day of the week at 1988.04 points on Wednesday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 13: The Nepal Stock Exchange (NEPSE) Index showed a modest increase of 2.60 points or 0.13%, concluding the fourth trading day of the week at 1988.04 points on Wednesday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today’s trading session, 292 scrips were traded in 81,451 transactions, involving a total of 12,095,539 traded shares. The overall turnover amounted to Rs 3.90 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Sonapur Minerals and Oil Limited (SONA) stood out with the highest turnover, reaching Rs 14 crores. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Bottlers Nepal Limited (BNL) experienced the most significant gain, marking a 10% increase and hitting the positive circuit for the day. On the other hand, Kutheli Bukhari Small Hydropower Limited (KBSH) incurred the highest loss at 5.59%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In terms of sector performance, all sectors closed in the green zone except for Hotels and Tourism Index, Life Insurance, Non-Life Insurance, and Trading Index.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> The Development Bank Index saw the most substantial gain at 1.15%, while the Hotels and Tourism Index suffered the most significant loss at 1.62%.</span></span></p> ', 'published' => true, 'created' => '2023-12-13', 'modified' => '2023-12-13', 'keywords' => '', 'description' => '', 'sortorder' => '19452', 'image' => '20231213033739_collage (11).jpg', 'article_date' => '2023-12-13 15:36:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 14 => array( 'Article' => array( 'id' => '19723', 'article_category_id' => '1', 'title' => 'Government Reluctant to Sign Double Tax Exemption Agreement ', 'sub_title' => '', 'summary' => 'December 13: The government has shown lack of interest in reliving the public from the burden of double taxation and to create a conducive environment for investment.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">December 13: The government has shown lack of interest in reliving the public from the burden of double taxation and to create a conducive environment for investment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Since the double tax exemption agreement was signed with Bangladesh on March 5, 2019, no such agreement has been signed with any other country. Even though the government sent a proposal to countries like Malaysia, Canada, Brazil, and the UAE a decade ago, no progress has been made in this regard so far. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The files sent abroad could not be processed due to the lack of double tax exemption agreements on the priority of government officials. The tax exemption agreement has failed to make a headway for a long time because the government officials did not follow up on those files and did not respond to some of the proposals sent by those countries. The Income Tax Act of Nepal has given the government the right to enter into international agreements and double taxation exemption agreements. However, the government does not seem to prioritize it.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The government made many efforts to reach an agreement with Bangladesh. According to the then official, the tax exemption agreement was reached between the two countries after four attempts. The then prime minister and finance ministers showed special interest in it, which is not the case now. The government has signed double tax exemption agreements with 11 countries so far. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">On May 13, 1996, the first tax exemption agreement was signed with Norway. Then agreements were made with Thailand, Sri Lanka, Mauritius, Australia, Pakistan, China, Korea, Qatar and India respectively.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Homework has been going on for a decade with Malaysia, Singapore, the United Kingdom, America, Japan, Canada, Brazil, and Oman for a double tax exemption agreement. However, result-oriented progress has not been achieved. Officials of the Inland Revenue Department say that even though proposals have been received from those countries, no agreement has been reached so far. Ananda Gupta, director of the international tax branch of the department, admitted that after the agreement with Bangladesh, no agreement could be reached with any other country. He said, "Proposals have come from other countries, but we have not done it." He did not reveal the reason why there was not a single agreement this year. The tax exemption agreement benefits businessmen who do business in more than one country in the same income year. It is said that it will play a supporting role in financing foreign direct investment. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to Inland Revenue Department sources, although Malaysia, Canada, Brazil, the UAE, and Singapore have expressed their desire for a double tax exemption agreement, the Government of Nepal has shown no interest in this regard. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-13', 'modified' => '2023-12-13', 'keywords' => '', 'description' => '', 'sortorder' => '19451', 'image' => '20231213025546_taxxxxx.jpg', 'article_date' => '2023-12-13 14:54:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 133]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (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' => '19738', 'article_category_id' => '1', 'title' => '30 Percent Families in Karnali Province Self-Reliant in Agricultural Production ', 'sub_title' => '', 'summary' => 'December 15: Thirty percent of families in Karnali Province are self-reliant on agricultural productions, according to the National Agriculture Census, 2078.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 15: Thirty percent of families in Karnali Province are self-reliant on agricultural productions, according to the National Agriculture Census, 2078. The census report made public by the National Statistics Office shows that majority of families or 70 percent of the farmers’ population cannot feed themselves with home-grown products throughout the year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Out of the total 302,000 families who are involved in agriculture in the province, the production sustains only 90,600 families throughout the year, states the report published by the National Statistics Office. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A total of 82.63 percent of people in Karnali Province are farmers who cultivate food in 17,411 hectares of land. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As a large number of people are dependent on agriculture, but the production is not enough to sustain their livelihood, the NSO has suggested the government should bring a production-friendly policy, said NSO Director Badri Kumar Karki. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Most of the citizens of Karnali are involved in agriculture. But the production is very low. It is necessary for the government to bring a production friendly plan in the days to come," he said. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The report states that farmers have used new technology replacing the old one. For an instance, tractors and power tillers have replaced iron or wooden ploughs, according to the report. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Due to the increasing trend of people from rural areas migrating to city areas and foreign countries for various purposes including job opportunities, many lands especially in the hill areas have remained barren, says the report. Against this backdrop, experts have suggested the government to announce plan based on the data that show decline in production activities.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Saying that it was difficult to bring a plan and a budget due to the lack of statistics of the province, Minister for Land Management, Agriculture and Cooperatives of the province, Bhim Prakash Sharma said these statistics would help the government to make a plan and bring a budget accordingly. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He also stressed the need for the government at all three levels to bring a plan so as to increase the productions and guarantee a market. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Around 7,000 workforces were mobilised for the census and it took 45 days, said Dr Dilliraj Joshi, joint secretary and deputy chief of the NSO. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19466', 'image' => '20231215110529_agri maize.jpg', 'article_date' => '2023-12-15 11:04:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '19737', 'article_category_id' => '1', 'title' => 'Nepal Receives Remittances of Rs 477.96 Million in Four Months ', 'sub_title' => '', 'summary' => 'December 15: The country received remittances worth Rs 477.96 billion in the first four months of the current fiscal year, according to the latest report of Nepal Rastra Bank. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 15: The country received remittances worth Rs 477.96 billion in the first four months of the current fiscal year, according to the latest report of Nepal Rastra Bank. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Current Macroeconomic and Financial Situation Report of Nepal released by the central bank on Thursday shows that the inflow of remittance increased by 26.4 percent to reach Rs 477.96 billion as of mid-November in the current FY against 20.4 percent increase in remittance inflow in the corresponding period of the previous year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In terms of the US dollar, remittance inflow increased 23.1 percent this year to 3.60 billion against 10.8 percent in the corresponding of last year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the review period, the number of Nepali workers, both institutional and individual, taking first-time approval for foreign employment stood at 137,475 while those taking approval for renew entry was 68,841. Last year, such numbers were 196,735 and 87,428 respectively. According to the NRB report, the net transfer increased 24.9 percent to Rs 521.40 billion in the review period. Such a transfer had increased 20.2 percent in the same period of the last fiscal year. </span></span></span></p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19465', 'image' => '20231215103744_Remittance.jpg', 'article_date' => '2023-12-15 10:36:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '19736', 'article_category_id' => '1', 'title' => 'ADB Approves $166 Million Financing Package', 'sub_title' => '', 'summary' => 'The Asian Development Bank (ADB) has approved a financing package totaling $166 million to enhance Nepal's local economy. The funds will be utilized to construct climate and disaster-resilient cities that prioritize sustainable tourism and aim to enhance the quality of life for residents.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 15: The Asian Development Bank (ADB) has approved a financing package totaling $166 million to enhance Nepal's local economy. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The funds will be utilized to construct climate and disaster-resilient cities that prioritize sustainable tourism and aim to enhance the quality of life for residents. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">A $6 million grant from the Asian Development Fund is included in the package. The beneficiary cities encompass Pokhara Metropolitan City, Janakpur Sub-Metropolitan City, Devdaha, Lumbini Sanskritik, Sainamaina, Siddharthanagar, and Tilottama municipalities.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The initiative, known as the Urban Resilience and Livability Improvement Project, is designed to contribute to the economic growth, resilience, and livability of the aforementioned cities. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The ADB plans to reinforce municipal resilience to climate and disaster risks through infrastructure development, involving the construction of 150 kilometers of drainage, rebuilding 100 kilometers of roads, and 45 kilometers of footpaths, as per a statement released by the ADB Headquarters on Thursday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Laxmi Sharma, ADB Senior Urban Development Specialist, emphasized that the project aligns with the government’s National Urban Development Strategy, aiming to enhance planning and investments in urban corridors for sustainable economic growth.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The initiative extends the ADB’s longstanding commitment to Nepal, focusing on strengthening municipal governance and improving the delivery of basic services.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Sharma added, “ADB’s support will help the concerned municipalities design climate-resilient urban infrastructure, develop tourism potential, and strengthen institutional capacity to achieve their full economic potential and sustainable growth.”</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> The project is anticipated to foster tourism development, thereby stimulating the local economy and enhancing historical, cultural, and natural heritage sites. (RSS)</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19464', 'image' => '20231215060753_collage (10).jpg', 'article_date' => '2023-12-15 06:05:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 3 => array( 'Article' => array( 'id' => '19735', 'article_category_id' => '1', 'title' => 'NEPSE Gains 6.55 to Close at 1994.60', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced an increase of 6.55 points or 0.325%, reaching a closing value of 1994.60 on the final trading day of the week on Thursday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 14: The Nepal Stock Exchange (NEPSE) Index experienced an increase of 6.55 points or 0.325%, reaching a closing value of 1994.60 on the final trading day of the week on Thursday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">This positive trend in the NEPSE Index has been ongoing since the release of the Nepal Rastra Bank's first quarterly review on the monetary policy for the fiscal year 2023-2024. The review included a reduction in the risk weightage from 150% to 125% for margin lending against shares.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today’s trading session, a total of 300 scrips were traded through 66,955 transactions, involving 9,637,455 traded shares. The overall turnover amounted to Rs 3.15 billion. Sonapur Minerals and Oil Limited (SONA) achieved the highest turnover of Rs 16 crores.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Different companies, including Bottlers Nepal Limited (BNL), Himalayan Laghubitta Bittiya Sanstha (HLBSL), Nepal Republic Media (NRM), and Nepal Hydro Developers Limited (NHDL), experienced a 10% rise, hitting the positive circuit for the day. Conversely, Gurans Laghubitta Bittiya Sanstha Limited (GLBSL) incurred the most significant loss at 4.98%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In terms of sector indices, all sectors closed in the green zone except for the Banking Subindex, Investment Index, Life Insurance, Microfinance Index, and Trading Index. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Others Index witnessed the highest gain at 1.51, while the Trading Index recorded the most significant loss at 0.92%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-14', 'modified' => '2023-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '19463', 'image' => '20231214040445_collage (12).jpg', 'article_date' => '2023-12-14 16:03:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 4 => array( 'Article' => array( 'id' => '19734', 'article_category_id' => '1', 'title' => 'Nepal Rastra Bank Fails to Implement Interest Rate Corridor', 'sub_title' => '', 'summary' => 'December 14: Nepal Rastra Bank (NRB) has failed to implement the interest rate corridor, which was initiated with the aim of maintaining interest rate stability while minimizing the fluctuations in short-term interest rates.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">December 14: Nepal Rastra Bank (NRB) has failed to implement the interest rate corridor, which was initiated with the aim of maintaining interest rate stability while minimizing the fluctuations in short-term interest rates. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Even though the interbank interest rate fell below the target limit from mid-September of the current fiscal year (FY) </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2080/81</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, the central bank has failed to implement the interest rate corridor by mopping excess liquidity through the means of monetary instruments.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Since mid-September, the interbank interest rate has been consistently below the monetary policy target. Even when the interbank interest rate fell below the limit, the central bank did not use any monetary instrument to increase it till mid-October. After mid-November, the NRB used the deposit collection instruments in a hurry, but the interest rate has not been maintained within the limits of the corridor.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The arrangement for the interest rate corridor was introduced through the monetary policy of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2074. </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In order to make it effective, the central bank has implemented the 'Interest Rate Corridor Procedure </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2076</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">', according to which the interest rate corridor is considered as one of the main goals of the monetary policy.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the procedure, the central bank should fix the upper limit of the bank rate and the lower limit of the deposit collection rate and the interbank interest rate should be kept in between these two. In order to maintain this corridor, Nepal Rastra Bank can use various monetary instruments to release liquidity or to mop excess liquidity from the market. The monetary policy of the current year as set the target to keep the average interbank interest rate lower than the bank rate and higher than the deposit collection rate.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Last Friday, while releasing the first quarterly review of the monetary policy, the central bank lowered the bank rate from </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent and the deposit collection rate from </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. But on Monday, the average interbank interest rate remained at </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2.47</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. The inter-bank interest rate, which fell below </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent on December 7, is yet to rise within the limit although it has increased after excess liquidity was mopped from the market through deposit collection tools.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">From November </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">22</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> to December </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">0, the central bank collected Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">125</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion from the market through deposit collection tools. Of that, Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">45</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion have matured and returned to the market. Deposits worth Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">10</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion will be maturing on Wednesday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In the first quarterly review of the monetary policy, the central bank has admitted that the interest rate corridor could not be implemented in the current fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">During a press conference held after the release of the quarterly review report of the monetary policy, NRB Governor Maha Prasad Adhikari mentioned that the implementation of the interest rate corridor will be effective in the coming days.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Due to non-disbursement of loans compared to the increase in deposits of banks and financial institutions, more liquidity has been seen in the financial system in the current fiscal year. The central bank has said that the interest rate will decrease after the review of the monetary policy, and this will increase the credit flow. As a result, it will help in maintaining the interest rate corridor.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-14', 'modified' => '2023-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '19462', 'image' => '20231214022054_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2023-12-14 14:20:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '19733', 'article_category_id' => '1', 'title' => 'CNI Publishes Report on Impact of Climate Change on Economy', 'sub_title' => '', 'summary' => 'December 14: The Confederation of Nepalese Industries has released a report on climate change impact and business adaptation in Nepal prepared in collaboration with PricewaterhouseCoopers (PwC), India.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">December 14: The Confederation of Nepalese Industries has released a report on climate change impact and business adaptation in Nepal prepared in collaboration with PricewaterhouseCoopers (PwC), India. The study report was handed over to Prime Minister Pushpa Kamal Dahal on Wednesday. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The report has suggested collaboration between the government and the private sector to address the impacts of climate change on Nepal's economy and business. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The report has pointed out the risks faced by large and small industries of Nepal due to climate change and has also suggested solutions. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The report covers issues such as creating a conducive environment for business, adopting risk reduction strategies, maintaining the value chain and capitalizing on the opportunities for climate adaptation. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">"Nepal has been effectively raising the issue of global climate change and its effects on Nepal in the international forum," reads a statement issued by the CNI, adding, “Even the private sector has given it high priority. Cooperation between the government, civil society, and the business sector is important to face the challenges posed by climate change.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Rajesh Kumar Agarwal, president of the CNI, said that the report will help Nepali businesses to prepare an action plan to prevent the effects of climate change. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Similarly, the Managing Director of PwC, India, Jaivir Singh, emphasized that there should be a solid strategy to minimize the effects of climate change for the sustainable development of the industry. He expressed his belief that the report will help in building a flexible and sustainable business environment. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Vice President of the CNI, Nirwan Chaudhary, said that Nepal, which has a negligible role in global climate change, is one of the countries most affected by climate change. He said that this report will be important for making a risk reduction strategy against the impact of climate change.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-12-14', 'modified' => '2023-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '19461', 'image' => '20231214015214_cni.jpg', 'article_date' => '2023-12-14 13:50:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '19732', 'article_category_id' => '1', 'title' => 'DoFE urges People to Remain Alert about Possible Fraud in the Name of Foreign Employment ', 'sub_title' => '', 'summary' => 'December 14: The Department of Foreign Employment has urged everyone to remain alert to potential fraud in the name of employment in Israel. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 14: The Department of Foreign Employment has urged everyone to remain alert to potential fraud in the name of employment in Israel. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the department’s Spokesperson and Information Officer, Kabiraj Upreti, sending Nepali migrant workers to Israel-based care homes is currently being facilitated through official channels as per the labour agreement reached between the Nepal Government and Israel. He said that discussions are ongoing with Israel regarding the deployment of Nepali migrant workers for agricultural purposes, but no conclusive decision has been made yet. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department has warned that a group of fraudsters is actively involved in falsely claiming to facilitate employment for migrant workers in Israel’s farming sector under the 'Learn and Earn' programme. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department said it is minutely investigating the matter. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-12-14', 'modified' => '2023-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '19460', 'image' => '20231214122344_foreign emp.jpg', 'article_date' => '2023-12-14 12:23:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '19729', 'article_category_id' => '1', 'title' => 'Government Fails to Import Paddy from India as Food Crisis Looms', 'sub_title' => 'Nepal has stock of rice for only three months, price likely to increase', 'summary' => 'December 14: The government's plan to bring 1 million metric tons of paddy from India has become uncertain.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">December 14: The government's plan to bring </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million metric tons of paddy from India has become uncertain. Although the Ministry of Foreign Affairs wrote a letter to the Government of India on August 4, demanding </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million tons of paddy, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million tons of rice and </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">50,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> tons of sugar under customs exemption, New Delhi has not given a concrete answer. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">This year, the production of paddy in Nepal has declined due to low rainfall at the time of planting. Anticipating the possibility of food crisis, the government tried to import paddy from India but has not been successful so far. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Gajendra Kumar Thakur, the spokesperson for the Ministry of Industry, Commerce and Supplies (MoICS), informed New Business Age that despite several high-level diplomatic discussions with the Government of India, the two sides have not reached a concrete decision. So far, India has only agreed to supply </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">95,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> tons of rice. However, the issue of supplying paddy and sugar has not been finalized.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The new season for paddy plantation has already started. However, the Ministry of Agriculture has not yet released the data on how much rice has been produced in the country this year and how much is insufficient. “We can confirm the quantity of rice to be imported only after the agriculture ministry releases production data," said Thakur, spokesperson of MoICS, adding, "The Ministry of Agriculture will release the data in a few days and it will be easy for us to confirm the quantity required. Rice production is likely to decline even in India this year due to less rainfall, so we may not get as much as we ask for.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The state-owned Food Management and Trading Company Limited and Salt Trading Corporation have been entrusted with the responsibility of importing </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">95,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> tons of rice that India has agreed to provide. Thakur said that the two companies have admitted that they cannot bring that much quantity of rice due to lack of storage facility and budget. Thakur added that the private sector can bring the rice that the state-owned companies cannot bring.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">At present, the country has stock of rice that will only last for three months. So, the businessmen have requested the government to arrange the import of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million tons of rise as soon as possible to avoid the risk of food crisis. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The Nepal Rice Oil Lentil Industry Association met Prime Minister Pushpa Kamal Dahal and Industry, Commerce and Supply Minister Ramesh Rijal on Tuesday and made this demand.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The president of the association Kumud Kumar Dugad said the price of rice is likely to increase in the country due to the delay in importing rice from India.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the data of the ministry, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">54</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">86</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">472</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> metric tons of rice was produced in Nepal in the last fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Besides banning the export of rice, the Indian government has imposed a </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent customs duty on rice exports. It has had a direct impact on Nepal. As a result, the price of paddy has increased by Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">10 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">per kg this year compared to last year. The price is expected to increase further in the coming days.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-14', 'modified' => '2023-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '19458', 'image' => '20231214122049_1702529815.1592406845.dhan.jpg', 'article_date' => '2023-12-14 12:19:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '19730', 'article_category_id' => '1', 'title' => 'Transport Entrepreneurs Suggest Ways to Improve Public Transport ', 'sub_title' => '', 'summary' => 'December 14: Public transport entrepreneurs have suggested the government to establish a competent transport authority for the improvement of public transport in the country. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 14: Public transport entrepreneurs have suggested the government to establish a competent transport authority for the improvement of public transport in the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Handing over a memorandum to Prime Minister Pushpa Kamal Dahal on Wednesday, the transport entrepreneurs affiliated to the Republican Transport Entrepreneurs Association demanded that the government should resume registration of associations and committees in the transport sector, establish a transport directorate or authority, stop unnecessary tax revenue on public vehicles, register vehicles as per the provinces and set up training centers for producing drivers. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The team led by the president of the association Gyanendra Shrestha also called for abolition of the five percent value added tax imposed on transportation. They also urged the government to include transport workers in the social security fund, invest in public transport and to remove the impractical traffic fine policy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the transport entrepreneurs also requested the government to review the 20-year-scrap policy imposed on public vehicles and to allow vehicles to be operated on the basis of the 'condition' of the vehicles. They also demanded an end to the system of allowing vehicles coming from India to operate in Nepal without restrictions, according to Treasurer of the Association Purushottam Simkhada. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-12-14', 'modified' => '2023-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '19457', 'image' => '20231214122202_20200910122940_1599687709.4.jpg', 'article_date' => '2023-12-14 12:21:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '19728', 'article_category_id' => '1', 'title' => 'Nepal Fails to become Self-Sufficient in Apple Production', 'sub_title' => '', 'summary' => 'December 14: It has been 12 years since the government announced the apple self-sufficiency programme.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">December 14: It has been 12 years since the government announced the apple self-sufficiency programme. The programme was announced to make the country self-sufficient in apple production by discouraging the import of apples. However, the country still meets its domestic demand by importing apples. Due to the dependence on imports, consumers in Nepal have to pay Rs 50 more for a kilogram of apples even during the peak season.</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"">Nepal imports apples from India, China, Indonesia, Turkey and America. Nepal imports 70,000 to 80,000 metric tons of apples worth Rs 7 billion annually.</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"">According to the data of the Ministry of Agriculture and Livestock Development, 52,753 metric tons of apples were produced in the country in the fiscal year 2078/79 on 13,813 hectares of land. This is only about half of the imports. In the previous year, the cultivation area and production were even less.</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"">When domestic production is unable to meet the domestic demand, the government increases the price of imported apples to discourage imports. Professor of Economics Dr Bed Prasad Acharya said that this will lead to a price hike and shortage of apples. He argues that the government should not introduce a programme to discourage imports as the programme to become self-sufficient in apple production is ineffective.</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"">Recently, the data from the Department of Customs has shown that the import of apples from India and third countries has started to decrease. In the year 2077/78, most apples were imported from China. In that year, 70,799 metric tons of apples were imported from China and 18,188 metric tons from India. Similarly, 1.8 metric tons of apples were imported from Indonesia, 9.9 metric tons from Turkey and 58.4 metric tons from America.</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"">In the year 2077/78, a total of 89,058 tons of apples were imported into the country. In the year 2078/79, apple import seems to have declined compared to the previous year. It seems that 86,796 tons of apples were imported that year. Import of apples decreased in the year 2079/80 as well with 83,274 tons of apples being imported from abroad.</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"">According to Ankit Sharma, information officer of the Biratnagar Customs Office, the import of apples has decreased due to the economic recession and the introduction of VAT by the government. Importing apples from third countries incurs a tax of 24.5 per cent, including 10 per cent customs duty, 13 per cent value-added tax and 1.5 per cent advance income tax. </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"">Importing apples from India is taxed at 23.5 per cent, including a 9 per cent agrarian reform fee, 13 per cent value-added tax and 1.5 per cent advance income tax.</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"">Bijay Sah, the owner of New Jagdamba Fruit Centre, an apple importer, said earlier that all food was imported by paying a 15 per cent tax. He said that the price has increased by Rs 30 to 50 per kilo because the government has increased the tax to 27 per cent.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-12-14', 'modified' => '2023-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '19456', 'image' => '20231214113245_1702439701.1588827198.jpg', 'article_date' => '2023-12-14 11:31:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '19727', 'article_category_id' => '1', 'title' => 'Over 5,000 Loan Shark Victims' Problems Resolved ', 'sub_title' => '', 'summary' => 'December 14: The commission formed by the government to resolve usury related cases has settled 5,155 cases out of over 28,000 complaints filed so far. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 14: The commission formed by the government to resolve usury related cases has settled 5,155 cases out of over 28,000 complaints filed so far. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Former Additional Inspector General (AIG) of Police Uttamraj Subedi, a member of the commission, shared that a total of 218 bighas 10 katthas 7 dhurs of land have been returned to the loan shark victims from their lenders through reconciliation since the formation of the commission. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The study conducted by the commission showed that there were written transactions of over Rs 5.857 billion between the victims and the loan sharks while the loan sharks were found to have claimed that over Rs 1.62 billion remained to be recovered from the victims. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Among them, transaction amounting to over Rs 1.72 billion was settled in consensus between both parties, the commission said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The commission had collected applications from the victims from April 30 to May 28. Altogether 21,552 complaints were lodged in eight districts of Madhesh Province while 1,862 complaints were filed in Nawalparashi West. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The commission’s Chairperson Gauri Bahadur Karki shared that the commission submitted its report to the prime minister last Tuesday. According to Chairperson Karki, there was no problem of usury in 39 districts where only a couple of such cases were registered and resolved. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The incumbent government had formed a three-member high-powered commission to address the issues to those subjugated to loan-sharking. The parliament also has passed the law regarding this and the law has been enforced as well. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-12-14', 'modified' => '2023-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '19455', 'image' => '20231214110902_1702466332.jpg', 'article_date' => '2023-12-14 11:08:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '19726', 'article_category_id' => '1', 'title' => 'Police Apprehend 32 including Government Officials on charge of Illegally Sending Nepalis Abroad ', 'sub_title' => '', 'summary' => 'December 14: Police have arrested 32 people including two government officials on charge of illegally sending Nepali citizens to foreign countries.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 14: Police have arrested 32 people including two government officials on charge of illegally sending Nepali citizens to foreign countries. The arrests were made since October 6. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Those arrested have been accused of working in collusion with human trafficking rackets to facilitate the departure of Nepali nationals to foreign countries promising lucrative jobs by showing fake documents, said Senior Superintendent of Police Somendra Singh Rathore.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Organising a press conference on Wednesday, SSP Rathore said that the arrestees charged between Rs 15,000 to Rs 55,000 per person with fake promises. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">A team from the Kathmandu Valley Crime Division made the arrests. The arrestees includes two government officials – Arbinda Yadav, a staffer of the state-owned Nepal Airlines Corporation and Narbir Khadka, an officer at the Department of Immigration. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-12-14', 'modified' => '2023-12-14', 'keywords' => 'police, arrest, Nepalis, foreign, employment, jobs, lucrative, Nepal', 'description' => '', 'sortorder' => '19454', 'image' => '20231214102909_TIAA.jpg', 'article_date' => '2023-12-14 10:28:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '19725', 'article_category_id' => '1', 'title' => 'Nepal Has Abundant Potential of Green Energy, says PM Dahal', 'sub_title' => '', 'summary' => 'Prime Minister Pushpa Kamal Dahal 'Prachanda' has said green energy has huge potential in Nepal. He also laid emphasis on properly capitalizing the potentials of 'clean energy, green energy'.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 13: Prime Minister Pushpa Kamal Dahal 'Prachanda' has said green energy has huge potential in Nepal. He also laid emphasis on properly capitalizing the potentials of 'clean energy, green energy'. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Laying the foundation stone of 'women entrepreneurs green industrial park' to be constructed in Panchkhal municipality-7 of Kavrepalanchowk today, Prime Minister Dahal said clean energy-green energy will be put on priority while embarking on the new era of green revolution. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Dahal reasoned that switching to clean energy will mark a beginning of the campaign to end pollution in Nepal. “We should cash in on the vast array of the potentials of clean energy-green energy,” he added.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">On the occasion, Finance Minister Dr Prakash Sharan Mahat pledged to arrange budget for the green park to be constructed in Panchkhal in the next fiscal year while sharing that the government is scaling up the park construction in all seven provinces.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Panchkhal municipality's mayor Mahesh Kharel said the park will be constructed to promote women entrepreneurship and the initiative will be fruitful to add value to the local production. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The park is under construction at the initiative of the South Asian Women Development Forum in collaboration with the Ministry of Industry, Commerce and Supplies and Panchakhal municipality.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The park will have training center, store house, cold storage, packaging, processing, drying and grading of agriculture products. (RSS)</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-14', 'modified' => '2023-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '19453', 'image' => '20231214060521_collage (9).jpg', 'article_date' => '2023-12-14 06:03:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '19724', 'article_category_id' => '1', 'title' => 'NEPSE Closes with Modest Gain', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index showed a modest increase of 2.60 points or 0.13%, concluding the fourth trading day of the week at 1988.04 points on Wednesday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 13: The Nepal Stock Exchange (NEPSE) Index showed a modest increase of 2.60 points or 0.13%, concluding the fourth trading day of the week at 1988.04 points on Wednesday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today’s trading session, 292 scrips were traded in 81,451 transactions, involving a total of 12,095,539 traded shares. The overall turnover amounted to Rs 3.90 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Sonapur Minerals and Oil Limited (SONA) stood out with the highest turnover, reaching Rs 14 crores. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Bottlers Nepal Limited (BNL) experienced the most significant gain, marking a 10% increase and hitting the positive circuit for the day. On the other hand, Kutheli Bukhari Small Hydropower Limited (KBSH) incurred the highest loss at 5.59%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In terms of sector performance, all sectors closed in the green zone except for Hotels and Tourism Index, Life Insurance, Non-Life Insurance, and Trading Index.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> The Development Bank Index saw the most substantial gain at 1.15%, while the Hotels and Tourism Index suffered the most significant loss at 1.62%.</span></span></p> ', 'published' => true, 'created' => '2023-12-13', 'modified' => '2023-12-13', 'keywords' => '', 'description' => '', 'sortorder' => '19452', 'image' => '20231213033739_collage (11).jpg', 'article_date' => '2023-12-13 15:36:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 14 => array( 'Article' => array( 'id' => '19723', 'article_category_id' => '1', 'title' => 'Government Reluctant to Sign Double Tax Exemption Agreement ', 'sub_title' => '', 'summary' => 'December 13: The government has shown lack of interest in reliving the public from the burden of double taxation and to create a conducive environment for investment.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">December 13: The government has shown lack of interest in reliving the public from the burden of double taxation and to create a conducive environment for investment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Since the double tax exemption agreement was signed with Bangladesh on March 5, 2019, no such agreement has been signed with any other country. Even though the government sent a proposal to countries like Malaysia, Canada, Brazil, and the UAE a decade ago, no progress has been made in this regard so far. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The files sent abroad could not be processed due to the lack of double tax exemption agreements on the priority of government officials. The tax exemption agreement has failed to make a headway for a long time because the government officials did not follow up on those files and did not respond to some of the proposals sent by those countries. The Income Tax Act of Nepal has given the government the right to enter into international agreements and double taxation exemption agreements. However, the government does not seem to prioritize it.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The government made many efforts to reach an agreement with Bangladesh. According to the then official, the tax exemption agreement was reached between the two countries after four attempts. The then prime minister and finance ministers showed special interest in it, which is not the case now. The government has signed double tax exemption agreements with 11 countries so far. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">On May 13, 1996, the first tax exemption agreement was signed with Norway. Then agreements were made with Thailand, Sri Lanka, Mauritius, Australia, Pakistan, China, Korea, Qatar and India respectively.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Homework has been going on for a decade with Malaysia, Singapore, the United Kingdom, America, Japan, Canada, Brazil, and Oman for a double tax exemption agreement. However, result-oriented progress has not been achieved. Officials of the Inland Revenue Department say that even though proposals have been received from those countries, no agreement has been reached so far. Ananda Gupta, director of the international tax branch of the department, admitted that after the agreement with Bangladesh, no agreement could be reached with any other country. He said, "Proposals have come from other countries, but we have not done it." He did not reveal the reason why there was not a single agreement this year. The tax exemption agreement benefits businessmen who do business in more than one country in the same income year. It is said that it will play a supporting role in financing foreign direct investment. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to Inland Revenue Department sources, although Malaysia, Canada, Brazil, the UAE, and Singapore have expressed their desire for a double tax exemption agreement, the Government of Nepal has shown no interest in this regard. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-13', 'modified' => '2023-12-13', 'keywords' => '', 'description' => '', 'sortorder' => '19451', 'image' => '20231213025546_taxxxxx.jpg', 'article_date' => '2023-12-13 14:54:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
