May 30: Despite its call for economic reforms, most of the programmes included by the government in the budget announced for the next fiscal year (FY 2023/24) are old…
May 30: Despite its call for economic reforms, most of the programmes included by the government in the budget announced for the next fiscal year (FY 2023/24) are old…
May 30: The government has decided to impose two percent additional charge for luxury services of high-end hotels and resorts, imported liquors and precious…
May 30: The government has decided to levy tax of more than Rs 10,000 on iphone and mobile worth more that Rs 100,000 that are brought from foreign countries.…
May 30: The government has increased the budget of the Ministry of Health and Population by Rs14…
May 30: The government has said second phase of finance sector development strategy would be prepared in the upcoming fiscal year and brought into…
May 30: The government has pledged to expedite the expansion of the East-West Highway into four…
May 30: New York’s 75th Street, Broad Way and Woodside in Queens Borough, has been named after Tenzing Norgay Sherpa, the first man to set foot at the world's highest mountain – Mt Everest…
During the budget presentation in the parliament on Monday, Finance Minister Dr. Prakash Sharan Mahat said that within one year, an additional 900 megawatts of electricity will be added to the national…
The government has set its target on achieving a 6% economic growth rate in the next fiscal year, 2023/24. The Finance Minister, Dr. Prakash Sharan Mahat, unveiled this target while presenting the budget statement in Parliament on…
May 29: The government has announced a budget of Rs 1751.31 billion for the upcoming fiscal year 2023/24.…
May 29: The government has announced to carry out a feasibility study for cannabis farming for medicinal uses in…
May 29: The government has announced to maintain healthy competition in the market by ending all types of syndicate, cartelling, artificial shortage and black…
The government has allocated a budget of Rs 197 billion for the Ministry of Education, Science, and…
The government has allocated a highest-ever budget for the development of agriculture and…
May 29: The government has announced to curtail all sorts of incentives and additional allowances given to the government employees have been in the upcoming fiscal year (FY)…
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For the current fiscal year, the government had announced a budget of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1793</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion which was later downsized to Rs 1549 billion through the mid-tern review.</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"">Finance Minister Dr Mahat has allocated Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1141</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion for current expenditure, Rs </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"">0</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion for capital expenditure and Rs </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"">0</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""> billion for financial management. The government intends to collect revenue of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1248</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.62 billion to meet this expenditure. Similarly, the government has set a target to raise Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">49</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.94 billion from foreign grants, Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">212</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.75 billion from foreign loans and Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">240</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion from internal loans. </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 budget has given top priority to agriculture, tourism and incomplete projects instead of new ones. The budget has not announced any new construction projects. There is no programme focused on job creation. </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 budget has set a target of achieving economic growth of 6 percent but it has no concrete plan to achieve the growth target.</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"">Apart from trying to give newness by giving many slogans, there is no programme in the budget to meet the aspirations of the private sector and common citizens who are on the verge of economic 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"">Former finance minister Bishnu Paudel said that the budget could not address the issue of economic 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 budget did not cover the current problem. There is no way to solve the crisis of the economy," he said adding that there is no guarantee of resource management in the budget.</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"">Finance Minister Mahat has revived the constituencies-focused program of federal parliamentarians, which was canceled two years ago on the grounds that the budget was misused and against the spirit of federalism. The parliamentarians have been pushing to start the 'Infrastructure Development Partnership Program' where a certain amount is allocated to each constituency and will be spent at the discretion of the MPs.</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"">Finance Minister Mahat has allocated Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">8</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.25 billion for the Parliamentary Constituency Development Fund. Under this heading, Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">0 million will be allocated for each constituency and the money will be spent on the direct involvement of the respective MPs.</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"">Nepali Congress MP Udaya Shumsher Rana claimed that the budget allocated for the constituencies will help expedite the infrastructure development programmes that are yet to complete.</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 addition to canceling </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""> government bodies, the budget mentions that institutions of similar nature will be merged with each other. This program is not new. Even in the previous budgets, government boards and institutions were announced to be scrapped, but it does not seem to have worked 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"">While the debate is going on about the legalization of marijuana, the government has announced in the budget that it will study the feasibility of marijuana cultivation in the coming 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"">Dr Mahat has announced that he will make a law to open a company with an authorized capital of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">. It is also said that arrangements will be made to do this work online.</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"">Finance Minister Mahat announced that all types of incentives, allowances, overtime allowances have been cancelled for government employees. However, in the absence of incentives, there is a danger that the bureaucracy will not cooperate in the implementation of the budget brought by the government.</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 budget, it is mentioned that new vehicles and furniture and furnishings will not be purchased for government offices and public institutions, and new buildings will not be constructed except for essential ones. </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"">Also, the government will maintain austerity measures in administrative expenses such as fuel and office supplies. It is said that foreign visits will be discouraged except for necessary visits.</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"">Although such slogans have been put forward before, the implementation aspect is very weak. In order to control the increasing expenses incurred in the operation and management of government vehicles, it is said that officials will be given lump sum cash instead of vehicles.</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 finance minister said that new structures and posts will not be created in government services, regulatory bodies and public institutions in the coming 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"">"The existing structure and positions of public administration will be reviewed," Finance Minister Mahat said. He said that there is an arrangement that service contracts cannot be taken in excess of the approved number of posts.</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"">It has also been announced in the budget statement that the old and unused vehicles and other goods in the government agencies will be auctioned within six months.</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"">A program to establish an infrastructure fund with the participation of foreign investors has been introduced. The Minister of Finance announced that a law will be made regarding the establishment of an infrastructure fund with the participation of domestic and foreign investors to mobilize private capital in infrastructure projects.</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"">Vishnu Aggarwal, president of the Confederation of Nepalese Industries (CNI), said that although investment incentives were expected, the budget did not address many issues. According to him, the budget has failed to encourage investment. </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"">Former Governor of Nepal Rastra Bank, Chiranjeevi Nepal, said that it seems that the next year's budget is trying to adress the current problem. In addition, Nepal said that it seems that the agriculture sector has been given a little more priority in order to encourage a self-sufficient economy.</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"">Former Executive Director of Nepal Rastra Bank Nar Bahadur Thapa said that there seems to be some improvement in the budget. "It seems that the government is trying to reform something in the next year's budget," he said.</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"">Rajendra Malla, president of Nepal Chamber of Commerce, said that the budget is distributive in a country with limited resources. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-30', 'modified' => '2023-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '17761', 'image' => '20230530024821_20230529055723_RS_KTM-RATL8686(1).jpg', 'article_date' => '2023-05-30 14:46:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '18029', 'article_category_id' => '1', 'title' => 'Government Decides to Charge Two Percent Additional Tax on Luxury Goods, Services ', 'sub_title' => '', 'summary' => 'May 30: The government has decided to impose two percent additional charge for luxury services of high-end hotels and resorts, imported liquors and precious metals. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 30: The government has decided to impose two percent additional charge for luxury services of high-end hotels and resorts, imported liquors and precious metals. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government made this announcement through the budget for the upcoming fiscal year 2023-24 that was presented in the Federal Parliament on Monday </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Two percent luxury tax shall be imposed for luxury goods and services," Finance Minister Dr Prakash Sharan Mahat said while announcing the budget. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The high-end hotels and resorts shall charge their clients two percent additionally while providing services from mid-July. The new fiscal year commences on July 17. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The tax is applied on ornaments made up of precious metals and stones such as gold, diamond, pearls and gems worth over Rs 1 million. The tax is levied on imported alcoholic products at the customs point during the time of transportation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In case of the non-payment of the luxury tax, it will be recovered along with a 15 percent interest rate annually. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, if the statement related to luxury tax is not submitted, such responsible person will be charged a fine of 2.5 percent annually until the submission of the details. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-30', 'modified' => '2023-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '17760', 'image' => '20230530025520_20221121092031_Clipboard64.jpg', 'article_date' => '2023-05-30 14:54:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '18030', 'article_category_id' => '1', 'title' => 'Rs 10K Tax on Foreign Imported Iphone and Mobile worth over Rs 100,000 ', 'sub_title' => '', 'summary' => 'May 30: The government has decided to levy tax of more than Rs 10,000 on iphone and mobile worth more that Rs 100,000 that are brought from 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"">May 30: The government has decided to levy tax of more than Rs 10,000 on iphone and mobile worth more that Rs 100,000 that are brought from foreign countries. The government has introduced provisions of levying Rs 3,000 tax on other smart phones and Rs 200 tax on rest of the mobile phones other than smart phones. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the case of the mobile phones which are in use as of May 29, 2023 but which have not been registered in the mobile device management system (MDMS) implemented by Nepal Telecom Authority, the user concerned is required to pay the above-mentioned tax in lump sum mentioning the IIME number as well. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Tax would be charged at the rate Rs 10,000 per an iphone and a mobile set priced over Rs 100,000, Rs 3,000 per set of other smart phone and Rs 200 per set for other general phone sets except smart phone," the Finance Bill reads. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">However, the NTA shall register one set of mobile phone free of charge if a person using the mobile produces evidence that one had gone on foreign employment taking the labour approval and returned home after staying abroad for more than six months. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the government has decided to levy one percent service charge for persons going on foreign employment. </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"">"An individual who has acquired license for operating foreign employment business shall have to pay the Foreign Employment Service Charge at the rate of one percent on the amount collected from the person who is on foreign employment," states the Finance Bill. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This amount collected from Foreign Employment Service Charge would be spent for the welfare of the person going on foreign job, it is stated. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The foreign employment placement entrepreneur should deposit this amount in the revenue account within the 25th day of each month and forward the related statement to the Revenue Office concerned. The Finance Bill states that this fee would be recovered at a 15 percent interest rate in case of failure to deposit the foreign employment service charge. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-30', 'modified' => '2023-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '17759', 'image' => '20230530030411_20230322013726_aaaa.jpg', 'article_date' => '2023-05-30 15:02:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '18027', 'article_category_id' => '1', 'title' => 'Budget for Health Sector Increased by Rs14 Billion ', 'sub_title' => '', 'summary' => 'May 30: The government has increased the budget of the Ministry of Health and Population by Rs14 billion. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 30: The government has increased the budget of the Ministry of Health and Population by Rs14 billion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Finance Minister Dr Prakash Sharan Mahat on Monday said that Rs 83.99 billion has been allocated to the Ministry of Health and Population while presenting the annual estimates (budget) of revenue and expenditure for the fiscal year 2023/24 in the Federal Parliament. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It may be noted that a budget of Rs 69.38 billion was allocated for the Ministry of Health and Population in the current fiscal year. Of which Rs 6.26 billion were transferred to the province and Rs 27.44 billion to the local level. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Finance Minister Dr Mahat said that the budget for health sector has been increased with the aim of making the health sector reliable and accessible at the local level. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-30', 'modified' => '2023-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '17758', 'image' => '20230530020725_health sector.jpg', 'article_date' => '2023-05-30 14:06:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '18026', 'article_category_id' => '1', 'title' => 'Government to Prepare Finance Sector Development Strategy', 'sub_title' => '', 'summary' => 'May 30: The government has said second phase of finance sector development strategy would be prepared in the upcoming fiscal year and brought into implementation. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 30: The government has said second phase of finance sector development strategy would be prepared in the upcoming fiscal year and brought into implementation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The budget has incorporated various issues including further strengthening government owned banks and financial institution by re-restructuring, facilitating access to capital for investment by reducing financial intermediary cost, strengthening regulation of financial sector by developing capacity of regulatory bodies, and promoting digital and mobile banking transaction. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Acts related financial sectors including Nepal Rastra Bank Act, Banks and Financial Institutions Act would be revised and amended. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, programmes related to interest grants of concessional loan would be restructured. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A total of Rs 115.9 billion has been allocated for interest grant of concessional loan while microfinance institutions should be forwarded as a specialized provincial institution. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The budget would make arrangement for non-resident Nepalis to invest in hydropower projects enlisted in stock market. The government will also run programme to increase access to insurance at rural. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-30', 'modified' => '2023-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '17757', 'image' => '20230530014035_Budget.jpg', 'article_date' => '2023-05-30 13:39:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '18025', 'article_category_id' => '1', 'title' => 'Govt Allocates Rs 31 Billion for East-West Highway Expansion ', 'sub_title' => '', 'summary' => 'May 30: The government has pledged to expedite the expansion of the East-West Highway into four lanes.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 30: The government has pledged to expedite the expansion of the East-West Highway into four lanes.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Finance Minister Dr Prakash Sharan Mahat made such an announcement while presenting the annual budget for the upcoming fiscal year (FY) 2023/24 in a joint meeting of the federal parliament on Monday.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Finance Minister Mahat said that the expansion and upgrading task of Narayangadh-Butwal and Kamala-Kanchanpur section of the highway would be completed within the next fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, initiatives will be taken to start upgrading the Kamala-Dhalkebar-Pathalaiya, Butwal-Gorusinge, Kakadvitta-Laukahi, Pathalaiya-Narayangadh and Lamahi-Bhalubang road sections. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Signature bridges would be constructed over the Narayani river and Tinau river, he added. The finance minister shared that Rs 31.02 billion has been allocated for the expansion and upgrading of the East-West Highway. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“The government would focus its investment in easy, safe, quality and sustainable transport infrastructures to facilitate citizen's life and to prepare the basis of economic development,” he said. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-30', 'modified' => '2023-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '17756', 'image' => '20230530114157_20230125121853_20220926014301_road.jpg', 'article_date' => '2023-05-30 11:41:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '18024', 'article_category_id' => '1', 'title' => ' New York Street Named after Tenzing Norgay ', 'sub_title' => '', 'summary' => 'May 30: New York’s 75th Street, Broad Way and Woodside in Queens Borough, has been named after Tenzing Norgay Sherpa, the first man to set foot at the world's highest mountain – Mt Everest (Sagarmatha). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 30: New York’s 75th Street, Broad Way and Woodside in Queens Borough, has been named after Tenzing Norgay Sherpa, the first man to set foot at the world's highest mountain – Mt Everest (Sagarmatha). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The City Council of District 25 of Queens, New York endorsed last April for naming the road after Sherpa in response to the proposal by the United Sherpa Kidung and the USA Nepal Climbers Association. The campaign to name the street in honour of Sherpa was being carried out since the past six years. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President of the Climbers Association, Pasang Nima Sherpa said the road after Tenzing Sherpa has been named on the Everest Day, “which is a matter of pride for all of us”. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Earlier, the first South Asian Congresswoman Jennifer Rajkumar had succeeded in getting May 29 recognized as Mount Everest Day by getting a resolution passed on the same issue. –- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-30', 'modified' => '2023-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '17755', 'image' => '20230530110114_norgay.jpg', 'article_date' => '2023-05-30 11:00:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '18023', 'article_category_id' => '224', 'title' => '900 Megawatts of Electricity Will Be Added to National Grid in FY 2023/24', 'sub_title' => '', 'summary' => 'During the budget presentation in the parliament on Monday, Finance Minister Dr. Prakash Sharan Mahat said that within one year, an additional 900 megawatts of electricity will be added to the national grid.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">May 30: The government aims to provide access of electricity to 100% of the population in remote and inaccessible areas by expanding renewable energy technologies such as small hydropower, solar, and wind in rural households within two years. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">During the budget presentation in the parliament on Monday, Finance Minister Dr. Prakash Sharan Mahat said that within one year, an additional 900 megawatts of electricity will be added to the national grid. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Approximately 900 megawatts of electricity will be added to the national grid by completing various projects including Rasuwagadhi hydropower of 111 megawatts, 102 megawatts of Madhya Bhotekoshi and 42.5 megawatts of Sanjen Hydropower promoted by Nepal Electricity Authority(NEA) in the upcoming fiscal year. </span></span><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The total electricity production is projected to reach 3,600 megawatts by the end of the next fiscal year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">To address the electricity demand during dry seasons and to export hydroelectricity, the government will prepare the modality and initiate the construction of the Budhigandaki project with a capacity of 1,200 megawatts and the Dudhkoshi reservoir-based hydropower project with a capacity of 635 megawatts in the next fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Last fical year, the government allocated Rs 75.1 billion for the development of the energy sector. This year, Rs 87.45 billion has been allocated, indicating a budget increase of Rs 12.35 billion for the energy sector's development. </span></span></p> ', 'published' => true, 'created' => '2023-05-30', 'modified' => '2023-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '17754', 'image' => '20230530061714_collage (1).jpg', 'article_date' => '2023-05-30 06:14:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 8 => array( 'Article' => array( 'id' => '18022', 'article_category_id' => '274', 'title' => 'Government Aims for 6% Economic Growth in FY 2023/2024 ', 'sub_title' => '', 'summary' => 'The government has set its target on achieving a 6% economic growth rate in the next fiscal year, 2023/24. The Finance Minister, Dr. Prakash Sharan Mahat, unveiled this target while presenting the budget statement in Parliament on Monday.', 'content' => '<p><span style="font-size:18px">May 30: The government has set its target on achieving a 6% economic growth rate in the next fiscal year, 2023/24. <br /> The Finance Minister, Dr. Prakash Sharan Mahat, unveiled this target while presenting the budget statement in Parliament on Monday.</span></p> <p><span style="font-size:18px">Additionally, the government aims to effectively manage inflation, setting a target of below 6.5%. By keeping inflation in check, the government aims to ensure that the benefits of economic growth are felt by all.</span></p> <p><span style="font-size:18px"> The Nepal Rastra Bank, the country's central bank, will play a vital role by formulating and implementing prudent monetary policies to achieve these targets, said Finance Minister Dr Mahat.</span></p> ', 'published' => true, 'created' => '2023-05-30', 'modified' => '2023-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '17753', 'image' => '20230530053724_EconomicGrowth.jpeg', 'article_date' => '2023-05-30 05:35:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 9 => array( 'Article' => array( 'id' => '18021', 'article_category_id' => '1', 'title' => 'Government Announces Budget of Rs 1751 Biillion for Upcoming Fiscal Year', 'sub_title' => '', 'summary' => 'May 29: The government has announced a budget of Rs 1751.31 billion for the upcoming fiscal year 2023/24. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">May 29: The government has announced a budget of Rs 1751.31 billion for the upcoming fiscal year 2023/24. Of the earmarked amount, Rs 1141 billion (65.20 percent) will be spent for recurrent expenditure and Rs 302 billion (17.55 percent) for capital expenditure. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Tabling the budget for the upcoming fiscal year in a joint session of the federal parliament on Monday, Finance Minister Prakash Sharan Mahat said that Rs 307 billion will be spent for financial management.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The budget announced for the upcoming fiscal year is less than the budget for the current fiscal year by 2.37 percent. However, considering the amended budget for the current FY, the upcoming budget is 16.37 percent more.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The government aims to collect Rs 1248 from revenue collection, Rs 49.94 billion from foreign aid and Rs 240 billion from foreign loan.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The National Planning Commission had fixed the budget ceiling of Rs 1688 billion for the upcoming fiscal year.</span></span></span></p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17752', 'image' => '20230529084840_RS_KTM_RATL8679(1).jpg', 'article_date' => '2023-05-29 20:48:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '18020', 'article_category_id' => '1', 'title' => 'Govt to Conduct Feasibility Study for Cannabis Farming', 'sub_title' => '', 'summary' => 'May 29: The government has announced to carry out a feasibility study for cannabis farming for medicinal uses in Nepal.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">May 29: The government has announced to carry out a feasibility study for cannabis farming for medicinal uses in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">This was announced in the budget statement read out by Finance Minister Dr Prakash Sharan Mahat at a joint session of the Federal Parliament in the capital on Monday. Dr Mahat made the announcement while presenting the annual budget for the Fiscal Year 2023/24.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">On the occasion, Minister Dr Mahat said that funds have been allocated to carry out a feasibility study of cannabis farming for medical purposes in the new budget. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17751', 'image' => '20230529074926_20190221010550_adsfff.jpg', 'article_date' => '2023-05-29 19:49:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '18019', 'article_category_id' => '1', 'title' => 'All types of Syndicate, Artificial Shortage, Black Marketing will be brought to an End', 'sub_title' => '', 'summary' => 'May 29: The government has announced to maintain healthy competition in the market by ending all types of syndicate, cartelling, artificial shortage and black marketing.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">May 29: The government has announced to maintain healthy competition in the market by ending all types of syndicate, cartelling, artificial shortage and black marketing.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Presenting the annual budget for the upcoming fiscal year 2023/24 in the federal parliament on Monday, Finance Minister Dr Prakash Sharan Mahat said production, storage and distribution system would be improved for easy and smooth supply of essential goods across the country including the rural and remote areas.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He mentioned that quality of basic services including education, health, drinking water, communications and transport would be ensured.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Dr Mahat said that market monitoring and regulation will be strengthened to make the concerned bodies strong enough to protect consumers rights.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">A system would be developed to get updated information of production, stock and supply of essential goods available across the country. The government has adopted a policy to encourage cooperatives to run fair price shops, Dr Mahat said. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17750', 'image' => '20230529074809_20220814123950_market monitoring.jpg', 'article_date' => '2023-05-29 19:47:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '18018', 'article_category_id' => '249', 'title' => 'Government Allocates Rs 197 Billion Budget for Education, Science, and Technology for 2023/2024 ', 'sub_title' => '', 'summary' => 'The government has allocated a budget of Rs 197 billion for the Ministry of Education, Science, and Technology.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">May 29: The government has allocated a budget of Rs 197 billion for the Ministry of Education, Science, and Technology.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">During the budget presentation at the parliament for fiscal year 2023/2024 on Monday, the Finance Minister Dr. Prakash Sharan Mahat announced the allocation of Rs 197.29 billion for the Ministry of Education, Science, and Technology.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">As per the budget allocation, Rs 70 billion has been allocated for education at the federal level. Similarly, Rs 5.32 billion has been allocated for the provincial level, and Rs 121 billion has been appropriated to the local level.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The Finance Minister, Dr. Mahat, mentioned that the government has prepared the budget for the fiscal year 2023/2024, focusing on the second phase of economic reforms and structural changes of economy. </span></span></p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '17749', 'image' => '20230529063955_collage (1).jpg', 'article_date' => '2023-05-29 18:38:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '18017', 'article_category_id' => '1', 'title' => ' Rs 58.98 Billion Allocated for Agriculture and Livestock Development for FY 2023/2024 ', 'sub_title' => '', 'summary' => 'The government has allocated a highest-ever budget for the development of agriculture and livestock. ', 'content' => '<p><span style="font-size:18px">May 29: The government has allocated the highest-ever budget for the development of agriculture and livestock for the fiscal year 2023/2024. </span></p> <p><span style="font-size:18px">In the Parliament, during the presentation of the budget for the fiscal year 2023/2024 on Monday, Finance Minister Dr Ram Sharan Mahat read out the budget allocation of Rs 58.98 billion for the development of agriculture and livestock. </span></p> <p><span style="font-size:18px">The budget allocation for agriculture and livestock this year marks a rise of Rs 3.9 billion compared to the last year. </span></p> <p><span style="font-size:18px">In the last fiscal year 2022/2023, the government had allocated a budget of Rs 55.89 billion for the Ministry of Agriculture and Livestock Development. The government has also doubled the subsidy for chemical fertilizers this year.</span><br /> </p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17748', 'image' => '20230529061723_collage (1).jpg', 'article_date' => '2023-05-29 18:15:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 14 => array( 'Article' => array( 'id' => '18016', 'article_category_id' => '1', 'title' => 'Govt Scraps all Sorts of Incentives, Additional Allowances for Civil Servants', 'sub_title' => '', 'summary' => 'May 29: The government has announced to curtail all sorts of incentives and additional allowances given to the government employees have been in the upcoming fiscal year (FY) 2023/24.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 29: The government has announced to curtail all sorts of incentives and additional allowances given to the government employees have been in the upcoming fiscal year (FY) 2023/24.</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"">Finance Minister Dr Prakash Sharan Mahat informed this to a joint session of parliament while reading out the budget speech on Monday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Dr Mahat announced dissolution of 20 different boards and development committees as per the recommendation of the Public Expenditure Review Commission 2075 BS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, state-owned institutions having similar areas of scope would be merged and adjusted in the province level, Dr Mahat added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Announcing the new budget, the finance minister said that public procurement system will be simplified, e-tender will be prioritized and integrated monitoring system will be made effective. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17747', 'image' => '20230529055723_RS_KTM-RATL8686(1).jpg', 'article_date' => '2023-05-29 17:56:53', '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' => '18028', 'article_category_id' => '1', 'title' => 'Old-Fashioned Budget Aims for 6 Percent Economic Growth', 'sub_title' => '', 'summary' => 'May 30: Despite its call for economic reforms, most of the programmes included by the government in the budget announced for the next fiscal year (FY 2023/24) are old programmes.', '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"">Bijay Damase</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"">May 30: Despite its call for economic reforms, most of the programmes included by the government in the budget announced for the next fiscal year (FY 2023/24) are old programmes.</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 government unveiled the budget on Monday with the slogan “second phase of economic reform” but ironically has re-introduced the controversial Parliamentary Development Fund which was discarded by former Finance Minister Bishnu Poudel.</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 general public was expecting the government to introduce new and production-oriented programmes at a time when the economy was in 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"">Finance Minister Dr Prakash Sharan Mahat presented the budget which was less than the previous budget by Rs 42 billion.</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"">Most of the programmes included in the budget of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1751</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.31 billion are continuity of old programmes. For the current fiscal year, the government had announced a budget of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1793</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion which was later downsized to Rs 1549 billion through the mid-tern review.</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"">Finance Minister Dr Mahat has allocated Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1141</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion for current expenditure, Rs </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"">0</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion for capital expenditure and Rs </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"">0</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""> billion for financial management. The government intends to collect revenue of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1248</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.62 billion to meet this expenditure. Similarly, the government has set a target to raise Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">49</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.94 billion from foreign grants, Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">212</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.75 billion from foreign loans and Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">240</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion from internal loans. </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 budget has given top priority to agriculture, tourism and incomplete projects instead of new ones. The budget has not announced any new construction projects. There is no programme focused on job creation. </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 budget has set a target of achieving economic growth of 6 percent but it has no concrete plan to achieve the growth target.</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"">Apart from trying to give newness by giving many slogans, there is no programme in the budget to meet the aspirations of the private sector and common citizens who are on the verge of economic 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"">Former finance minister Bishnu Paudel said that the budget could not address the issue of economic 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 budget did not cover the current problem. There is no way to solve the crisis of the economy," he said adding that there is no guarantee of resource management in the budget.</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"">Finance Minister Mahat has revived the constituencies-focused program of federal parliamentarians, which was canceled two years ago on the grounds that the budget was misused and against the spirit of federalism. The parliamentarians have been pushing to start the 'Infrastructure Development Partnership Program' where a certain amount is allocated to each constituency and will be spent at the discretion of the MPs.</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"">Finance Minister Mahat has allocated Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">8</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.25 billion for the Parliamentary Constituency Development Fund. Under this heading, Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">0 million will be allocated for each constituency and the money will be spent on the direct involvement of the respective MPs.</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"">Nepali Congress MP Udaya Shumsher Rana claimed that the budget allocated for the constituencies will help expedite the infrastructure development programmes that are yet to complete.</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 addition to canceling </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""> government bodies, the budget mentions that institutions of similar nature will be merged with each other. This program is not new. Even in the previous budgets, government boards and institutions were announced to be scrapped, but it does not seem to have worked 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"">While the debate is going on about the legalization of marijuana, the government has announced in the budget that it will study the feasibility of marijuana cultivation in the coming 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"">Dr Mahat has announced that he will make a law to open a company with an authorized capital of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">. It is also said that arrangements will be made to do this work online.</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"">Finance Minister Mahat announced that all types of incentives, allowances, overtime allowances have been cancelled for government employees. However, in the absence of incentives, there is a danger that the bureaucracy will not cooperate in the implementation of the budget brought by the government.</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 budget, it is mentioned that new vehicles and furniture and furnishings will not be purchased for government offices and public institutions, and new buildings will not be constructed except for essential ones. </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"">Also, the government will maintain austerity measures in administrative expenses such as fuel and office supplies. It is said that foreign visits will be discouraged except for necessary visits.</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"">Although such slogans have been put forward before, the implementation aspect is very weak. In order to control the increasing expenses incurred in the operation and management of government vehicles, it is said that officials will be given lump sum cash instead of vehicles.</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 finance minister said that new structures and posts will not be created in government services, regulatory bodies and public institutions in the coming 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"">"The existing structure and positions of public administration will be reviewed," Finance Minister Mahat said. He said that there is an arrangement that service contracts cannot be taken in excess of the approved number of posts.</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"">It has also been announced in the budget statement that the old and unused vehicles and other goods in the government agencies will be auctioned within six months.</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"">A program to establish an infrastructure fund with the participation of foreign investors has been introduced. The Minister of Finance announced that a law will be made regarding the establishment of an infrastructure fund with the participation of domestic and foreign investors to mobilize private capital in infrastructure projects.</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"">Vishnu Aggarwal, president of the Confederation of Nepalese Industries (CNI), said that although investment incentives were expected, the budget did not address many issues. According to him, the budget has failed to encourage investment. </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"">Former Governor of Nepal Rastra Bank, Chiranjeevi Nepal, said that it seems that the next year's budget is trying to adress the current problem. In addition, Nepal said that it seems that the agriculture sector has been given a little more priority in order to encourage a self-sufficient economy.</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"">Former Executive Director of Nepal Rastra Bank Nar Bahadur Thapa said that there seems to be some improvement in the budget. "It seems that the government is trying to reform something in the next year's budget," he said.</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"">Rajendra Malla, president of Nepal Chamber of Commerce, said that the budget is distributive in a country with limited resources. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-30', 'modified' => '2023-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '17761', 'image' => '20230530024821_20230529055723_RS_KTM-RATL8686(1).jpg', 'article_date' => '2023-05-30 14:46:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '18029', 'article_category_id' => '1', 'title' => 'Government Decides to Charge Two Percent Additional Tax on Luxury Goods, Services ', 'sub_title' => '', 'summary' => 'May 30: The government has decided to impose two percent additional charge for luxury services of high-end hotels and resorts, imported liquors and precious metals. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 30: The government has decided to impose two percent additional charge for luxury services of high-end hotels and resorts, imported liquors and precious metals. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government made this announcement through the budget for the upcoming fiscal year 2023-24 that was presented in the Federal Parliament on Monday </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Two percent luxury tax shall be imposed for luxury goods and services," Finance Minister Dr Prakash Sharan Mahat said while announcing the budget. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The high-end hotels and resorts shall charge their clients two percent additionally while providing services from mid-July. The new fiscal year commences on July 17. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The tax is applied on ornaments made up of precious metals and stones such as gold, diamond, pearls and gems worth over Rs 1 million. The tax is levied on imported alcoholic products at the customs point during the time of transportation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In case of the non-payment of the luxury tax, it will be recovered along with a 15 percent interest rate annually. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, if the statement related to luxury tax is not submitted, such responsible person will be charged a fine of 2.5 percent annually until the submission of the details. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-30', 'modified' => '2023-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '17760', 'image' => '20230530025520_20221121092031_Clipboard64.jpg', 'article_date' => '2023-05-30 14:54:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '18030', 'article_category_id' => '1', 'title' => 'Rs 10K Tax on Foreign Imported Iphone and Mobile worth over Rs 100,000 ', 'sub_title' => '', 'summary' => 'May 30: The government has decided to levy tax of more than Rs 10,000 on iphone and mobile worth more that Rs 100,000 that are brought from 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"">May 30: The government has decided to levy tax of more than Rs 10,000 on iphone and mobile worth more that Rs 100,000 that are brought from foreign countries. The government has introduced provisions of levying Rs 3,000 tax on other smart phones and Rs 200 tax on rest of the mobile phones other than smart phones. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the case of the mobile phones which are in use as of May 29, 2023 but which have not been registered in the mobile device management system (MDMS) implemented by Nepal Telecom Authority, the user concerned is required to pay the above-mentioned tax in lump sum mentioning the IIME number as well. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Tax would be charged at the rate Rs 10,000 per an iphone and a mobile set priced over Rs 100,000, Rs 3,000 per set of other smart phone and Rs 200 per set for other general phone sets except smart phone," the Finance Bill reads. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">However, the NTA shall register one set of mobile phone free of charge if a person using the mobile produces evidence that one had gone on foreign employment taking the labour approval and returned home after staying abroad for more than six months. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the government has decided to levy one percent service charge for persons going on foreign employment. </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"">"An individual who has acquired license for operating foreign employment business shall have to pay the Foreign Employment Service Charge at the rate of one percent on the amount collected from the person who is on foreign employment," states the Finance Bill. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This amount collected from Foreign Employment Service Charge would be spent for the welfare of the person going on foreign job, it is stated. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The foreign employment placement entrepreneur should deposit this amount in the revenue account within the 25th day of each month and forward the related statement to the Revenue Office concerned. The Finance Bill states that this fee would be recovered at a 15 percent interest rate in case of failure to deposit the foreign employment service charge. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-30', 'modified' => '2023-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '17759', 'image' => '20230530030411_20230322013726_aaaa.jpg', 'article_date' => '2023-05-30 15:02:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '18027', 'article_category_id' => '1', 'title' => 'Budget for Health Sector Increased by Rs14 Billion ', 'sub_title' => '', 'summary' => 'May 30: The government has increased the budget of the Ministry of Health and Population by Rs14 billion. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 30: The government has increased the budget of the Ministry of Health and Population by Rs14 billion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Finance Minister Dr Prakash Sharan Mahat on Monday said that Rs 83.99 billion has been allocated to the Ministry of Health and Population while presenting the annual estimates (budget) of revenue and expenditure for the fiscal year 2023/24 in the Federal Parliament. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It may be noted that a budget of Rs 69.38 billion was allocated for the Ministry of Health and Population in the current fiscal year. Of which Rs 6.26 billion were transferred to the province and Rs 27.44 billion to the local level. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Finance Minister Dr Mahat said that the budget for health sector has been increased with the aim of making the health sector reliable and accessible at the local level. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-30', 'modified' => '2023-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '17758', 'image' => '20230530020725_health sector.jpg', 'article_date' => '2023-05-30 14:06:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '18026', 'article_category_id' => '1', 'title' => 'Government to Prepare Finance Sector Development Strategy', 'sub_title' => '', 'summary' => 'May 30: The government has said second phase of finance sector development strategy would be prepared in the upcoming fiscal year and brought into implementation. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 30: The government has said second phase of finance sector development strategy would be prepared in the upcoming fiscal year and brought into implementation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The budget has incorporated various issues including further strengthening government owned banks and financial institution by re-restructuring, facilitating access to capital for investment by reducing financial intermediary cost, strengthening regulation of financial sector by developing capacity of regulatory bodies, and promoting digital and mobile banking transaction. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Acts related financial sectors including Nepal Rastra Bank Act, Banks and Financial Institutions Act would be revised and amended. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, programmes related to interest grants of concessional loan would be restructured. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A total of Rs 115.9 billion has been allocated for interest grant of concessional loan while microfinance institutions should be forwarded as a specialized provincial institution. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The budget would make arrangement for non-resident Nepalis to invest in hydropower projects enlisted in stock market. The government will also run programme to increase access to insurance at rural. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-30', 'modified' => '2023-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '17757', 'image' => '20230530014035_Budget.jpg', 'article_date' => '2023-05-30 13:39:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '18025', 'article_category_id' => '1', 'title' => 'Govt Allocates Rs 31 Billion for East-West Highway Expansion ', 'sub_title' => '', 'summary' => 'May 30: The government has pledged to expedite the expansion of the East-West Highway into four lanes.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 30: The government has pledged to expedite the expansion of the East-West Highway into four lanes.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Finance Minister Dr Prakash Sharan Mahat made such an announcement while presenting the annual budget for the upcoming fiscal year (FY) 2023/24 in a joint meeting of the federal parliament on Monday.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Finance Minister Mahat said that the expansion and upgrading task of Narayangadh-Butwal and Kamala-Kanchanpur section of the highway would be completed within the next fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, initiatives will be taken to start upgrading the Kamala-Dhalkebar-Pathalaiya, Butwal-Gorusinge, Kakadvitta-Laukahi, Pathalaiya-Narayangadh and Lamahi-Bhalubang road sections. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Signature bridges would be constructed over the Narayani river and Tinau river, he added. The finance minister shared that Rs 31.02 billion has been allocated for the expansion and upgrading of the East-West Highway. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“The government would focus its investment in easy, safe, quality and sustainable transport infrastructures to facilitate citizen's life and to prepare the basis of economic development,” he said. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-30', 'modified' => '2023-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '17756', 'image' => '20230530114157_20230125121853_20220926014301_road.jpg', 'article_date' => '2023-05-30 11:41:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '18024', 'article_category_id' => '1', 'title' => ' New York Street Named after Tenzing Norgay ', 'sub_title' => '', 'summary' => 'May 30: New York’s 75th Street, Broad Way and Woodside in Queens Borough, has been named after Tenzing Norgay Sherpa, the first man to set foot at the world's highest mountain – Mt Everest (Sagarmatha). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 30: New York’s 75th Street, Broad Way and Woodside in Queens Borough, has been named after Tenzing Norgay Sherpa, the first man to set foot at the world's highest mountain – Mt Everest (Sagarmatha). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The City Council of District 25 of Queens, New York endorsed last April for naming the road after Sherpa in response to the proposal by the United Sherpa Kidung and the USA Nepal Climbers Association. The campaign to name the street in honour of Sherpa was being carried out since the past six years. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President of the Climbers Association, Pasang Nima Sherpa said the road after Tenzing Sherpa has been named on the Everest Day, “which is a matter of pride for all of us”. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Earlier, the first South Asian Congresswoman Jennifer Rajkumar had succeeded in getting May 29 recognized as Mount Everest Day by getting a resolution passed on the same issue. –- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-30', 'modified' => '2023-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '17755', 'image' => '20230530110114_norgay.jpg', 'article_date' => '2023-05-30 11:00:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '18023', 'article_category_id' => '224', 'title' => '900 Megawatts of Electricity Will Be Added to National Grid in FY 2023/24', 'sub_title' => '', 'summary' => 'During the budget presentation in the parliament on Monday, Finance Minister Dr. Prakash Sharan Mahat said that within one year, an additional 900 megawatts of electricity will be added to the national grid.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">May 30: The government aims to provide access of electricity to 100% of the population in remote and inaccessible areas by expanding renewable energy technologies such as small hydropower, solar, and wind in rural households within two years. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">During the budget presentation in the parliament on Monday, Finance Minister Dr. Prakash Sharan Mahat said that within one year, an additional 900 megawatts of electricity will be added to the national grid. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Approximately 900 megawatts of electricity will be added to the national grid by completing various projects including Rasuwagadhi hydropower of 111 megawatts, 102 megawatts of Madhya Bhotekoshi and 42.5 megawatts of Sanjen Hydropower promoted by Nepal Electricity Authority(NEA) in the upcoming fiscal year. </span></span><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The total electricity production is projected to reach 3,600 megawatts by the end of the next fiscal year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">To address the electricity demand during dry seasons and to export hydroelectricity, the government will prepare the modality and initiate the construction of the Budhigandaki project with a capacity of 1,200 megawatts and the Dudhkoshi reservoir-based hydropower project with a capacity of 635 megawatts in the next fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Last fical year, the government allocated Rs 75.1 billion for the development of the energy sector. This year, Rs 87.45 billion has been allocated, indicating a budget increase of Rs 12.35 billion for the energy sector's development. </span></span></p> ', 'published' => true, 'created' => '2023-05-30', 'modified' => '2023-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '17754', 'image' => '20230530061714_collage (1).jpg', 'article_date' => '2023-05-30 06:14:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 8 => array( 'Article' => array( 'id' => '18022', 'article_category_id' => '274', 'title' => 'Government Aims for 6% Economic Growth in FY 2023/2024 ', 'sub_title' => '', 'summary' => 'The government has set its target on achieving a 6% economic growth rate in the next fiscal year, 2023/24. The Finance Minister, Dr. Prakash Sharan Mahat, unveiled this target while presenting the budget statement in Parliament on Monday.', 'content' => '<p><span style="font-size:18px">May 30: The government has set its target on achieving a 6% economic growth rate in the next fiscal year, 2023/24. <br /> The Finance Minister, Dr. Prakash Sharan Mahat, unveiled this target while presenting the budget statement in Parliament on Monday.</span></p> <p><span style="font-size:18px">Additionally, the government aims to effectively manage inflation, setting a target of below 6.5%. By keeping inflation in check, the government aims to ensure that the benefits of economic growth are felt by all.</span></p> <p><span style="font-size:18px"> The Nepal Rastra Bank, the country's central bank, will play a vital role by formulating and implementing prudent monetary policies to achieve these targets, said Finance Minister Dr Mahat.</span></p> ', 'published' => true, 'created' => '2023-05-30', 'modified' => '2023-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '17753', 'image' => '20230530053724_EconomicGrowth.jpeg', 'article_date' => '2023-05-30 05:35:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 9 => array( 'Article' => array( 'id' => '18021', 'article_category_id' => '1', 'title' => 'Government Announces Budget of Rs 1751 Biillion for Upcoming Fiscal Year', 'sub_title' => '', 'summary' => 'May 29: The government has announced a budget of Rs 1751.31 billion for the upcoming fiscal year 2023/24. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">May 29: The government has announced a budget of Rs 1751.31 billion for the upcoming fiscal year 2023/24. Of the earmarked amount, Rs 1141 billion (65.20 percent) will be spent for recurrent expenditure and Rs 302 billion (17.55 percent) for capital expenditure. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Tabling the budget for the upcoming fiscal year in a joint session of the federal parliament on Monday, Finance Minister Prakash Sharan Mahat said that Rs 307 billion will be spent for financial management.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The budget announced for the upcoming fiscal year is less than the budget for the current fiscal year by 2.37 percent. However, considering the amended budget for the current FY, the upcoming budget is 16.37 percent more.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The government aims to collect Rs 1248 from revenue collection, Rs 49.94 billion from foreign aid and Rs 240 billion from foreign loan.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The National Planning Commission had fixed the budget ceiling of Rs 1688 billion for the upcoming fiscal year.</span></span></span></p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17752', 'image' => '20230529084840_RS_KTM_RATL8679(1).jpg', 'article_date' => '2023-05-29 20:48:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '18020', 'article_category_id' => '1', 'title' => 'Govt to Conduct Feasibility Study for Cannabis Farming', 'sub_title' => '', 'summary' => 'May 29: The government has announced to carry out a feasibility study for cannabis farming for medicinal uses in Nepal.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">May 29: The government has announced to carry out a feasibility study for cannabis farming for medicinal uses in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">This was announced in the budget statement read out by Finance Minister Dr Prakash Sharan Mahat at a joint session of the Federal Parliament in the capital on Monday. Dr Mahat made the announcement while presenting the annual budget for the Fiscal Year 2023/24.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">On the occasion, Minister Dr Mahat said that funds have been allocated to carry out a feasibility study of cannabis farming for medical purposes in the new budget. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17751', 'image' => '20230529074926_20190221010550_adsfff.jpg', 'article_date' => '2023-05-29 19:49:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '18019', 'article_category_id' => '1', 'title' => 'All types of Syndicate, Artificial Shortage, Black Marketing will be brought to an End', 'sub_title' => '', 'summary' => 'May 29: The government has announced to maintain healthy competition in the market by ending all types of syndicate, cartelling, artificial shortage and black marketing.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">May 29: The government has announced to maintain healthy competition in the market by ending all types of syndicate, cartelling, artificial shortage and black marketing.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Presenting the annual budget for the upcoming fiscal year 2023/24 in the federal parliament on Monday, Finance Minister Dr Prakash Sharan Mahat said production, storage and distribution system would be improved for easy and smooth supply of essential goods across the country including the rural and remote areas.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He mentioned that quality of basic services including education, health, drinking water, communications and transport would be ensured.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Dr Mahat said that market monitoring and regulation will be strengthened to make the concerned bodies strong enough to protect consumers rights.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">A system would be developed to get updated information of production, stock and supply of essential goods available across the country. The government has adopted a policy to encourage cooperatives to run fair price shops, Dr Mahat said. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17750', 'image' => '20230529074809_20220814123950_market monitoring.jpg', 'article_date' => '2023-05-29 19:47:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '18018', 'article_category_id' => '249', 'title' => 'Government Allocates Rs 197 Billion Budget for Education, Science, and Technology for 2023/2024 ', 'sub_title' => '', 'summary' => 'The government has allocated a budget of Rs 197 billion for the Ministry of Education, Science, and Technology.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">May 29: The government has allocated a budget of Rs 197 billion for the Ministry of Education, Science, and Technology.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">During the budget presentation at the parliament for fiscal year 2023/2024 on Monday, the Finance Minister Dr. Prakash Sharan Mahat announced the allocation of Rs 197.29 billion for the Ministry of Education, Science, and Technology.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">As per the budget allocation, Rs 70 billion has been allocated for education at the federal level. Similarly, Rs 5.32 billion has been allocated for the provincial level, and Rs 121 billion has been appropriated to the local level.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The Finance Minister, Dr. Mahat, mentioned that the government has prepared the budget for the fiscal year 2023/2024, focusing on the second phase of economic reforms and structural changes of economy. </span></span></p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '17749', 'image' => '20230529063955_collage (1).jpg', 'article_date' => '2023-05-29 18:38:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '18017', 'article_category_id' => '1', 'title' => ' Rs 58.98 Billion Allocated for Agriculture and Livestock Development for FY 2023/2024 ', 'sub_title' => '', 'summary' => 'The government has allocated a highest-ever budget for the development of agriculture and livestock. ', 'content' => '<p><span style="font-size:18px">May 29: The government has allocated the highest-ever budget for the development of agriculture and livestock for the fiscal year 2023/2024. </span></p> <p><span style="font-size:18px">In the Parliament, during the presentation of the budget for the fiscal year 2023/2024 on Monday, Finance Minister Dr Ram Sharan Mahat read out the budget allocation of Rs 58.98 billion for the development of agriculture and livestock. </span></p> <p><span style="font-size:18px">The budget allocation for agriculture and livestock this year marks a rise of Rs 3.9 billion compared to the last year. </span></p> <p><span style="font-size:18px">In the last fiscal year 2022/2023, the government had allocated a budget of Rs 55.89 billion for the Ministry of Agriculture and Livestock Development. The government has also doubled the subsidy for chemical fertilizers this year.</span><br /> </p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17748', 'image' => '20230529061723_collage (1).jpg', 'article_date' => '2023-05-29 18:15:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 14 => array( 'Article' => array( 'id' => '18016', 'article_category_id' => '1', 'title' => 'Govt Scraps all Sorts of Incentives, Additional Allowances for Civil Servants', 'sub_title' => '', 'summary' => 'May 29: The government has announced to curtail all sorts of incentives and additional allowances given to the government employees have been in the upcoming fiscal year (FY) 2023/24.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 29: The government has announced to curtail all sorts of incentives and additional allowances given to the government employees have been in the upcoming fiscal year (FY) 2023/24.</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"">Finance Minister Dr Prakash Sharan Mahat informed this to a joint session of parliament while reading out the budget speech on Monday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Dr Mahat announced dissolution of 20 different boards and development committees as per the recommendation of the Public Expenditure Review Commission 2075 BS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, state-owned institutions having similar areas of scope would be merged and adjusted in the province level, Dr Mahat added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Announcing the new budget, the finance minister said that public procurement system will be simplified, e-tender will be prioritized and integrated monitoring system will be made effective. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17747', 'image' => '20230529055723_RS_KTM-RATL8686(1).jpg', 'article_date' => '2023-05-29 17:56:53', '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' => '18028', 'article_category_id' => '1', 'title' => 'Old-Fashioned Budget Aims for 6 Percent Economic Growth', 'sub_title' => '', 'summary' => 'May 30: Despite its call for economic reforms, most of the programmes included by the government in the budget announced for the next fiscal year (FY 2023/24) are old programmes.', '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"">Bijay Damase</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"">May 30: Despite its call for economic reforms, most of the programmes included by the government in the budget announced for the next fiscal year (FY 2023/24) are old programmes.</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 government unveiled the budget on Monday with the slogan “second phase of economic reform” but ironically has re-introduced the controversial Parliamentary Development Fund which was discarded by former Finance Minister Bishnu Poudel.</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 general public was expecting the government to introduce new and production-oriented programmes at a time when the economy was in 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"">Finance Minister Dr Prakash Sharan Mahat presented the budget which was less than the previous budget by Rs 42 billion.</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"">Most of the programmes included in the budget of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1751</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.31 billion are continuity of old programmes. For the current fiscal year, the government had announced a budget of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1793</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion which was later downsized to Rs 1549 billion through the mid-tern review.</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"">Finance Minister Dr Mahat has allocated Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1141</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion for current expenditure, Rs </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"">0</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion for capital expenditure and Rs </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"">0</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""> billion for financial management. The government intends to collect revenue of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1248</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.62 billion to meet this expenditure. Similarly, the government has set a target to raise Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">49</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.94 billion from foreign grants, Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">212</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.75 billion from foreign loans and Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">240</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion from internal loans. </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 budget has given top priority to agriculture, tourism and incomplete projects instead of new ones. The budget has not announced any new construction projects. There is no programme focused on job creation. </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 budget has set a target of achieving economic growth of 6 percent but it has no concrete plan to achieve the growth target.</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"">Apart from trying to give newness by giving many slogans, there is no programme in the budget to meet the aspirations of the private sector and common citizens who are on the verge of economic 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"">Former finance minister Bishnu Paudel said that the budget could not address the issue of economic 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 budget did not cover the current problem. There is no way to solve the crisis of the economy," he said adding that there is no guarantee of resource management in the budget.</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"">Finance Minister Mahat has revived the constituencies-focused program of federal parliamentarians, which was canceled two years ago on the grounds that the budget was misused and against the spirit of federalism. The parliamentarians have been pushing to start the 'Infrastructure Development Partnership Program' where a certain amount is allocated to each constituency and will be spent at the discretion of the MPs.</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"">Finance Minister Mahat has allocated Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">8</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.25 billion for the Parliamentary Constituency Development Fund. Under this heading, Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">0 million will be allocated for each constituency and the money will be spent on the direct involvement of the respective MPs.</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"">Nepali Congress MP Udaya Shumsher Rana claimed that the budget allocated for the constituencies will help expedite the infrastructure development programmes that are yet to complete.</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 addition to canceling </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""> government bodies, the budget mentions that institutions of similar nature will be merged with each other. This program is not new. Even in the previous budgets, government boards and institutions were announced to be scrapped, but it does not seem to have worked 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"">While the debate is going on about the legalization of marijuana, the government has announced in the budget that it will study the feasibility of marijuana cultivation in the coming 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"">Dr Mahat has announced that he will make a law to open a company with an authorized capital of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">. It is also said that arrangements will be made to do this work online.</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"">Finance Minister Mahat announced that all types of incentives, allowances, overtime allowances have been cancelled for government employees. However, in the absence of incentives, there is a danger that the bureaucracy will not cooperate in the implementation of the budget brought by the government.</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 budget, it is mentioned that new vehicles and furniture and furnishings will not be purchased for government offices and public institutions, and new buildings will not be constructed except for essential ones. </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"">Also, the government will maintain austerity measures in administrative expenses such as fuel and office supplies. It is said that foreign visits will be discouraged except for necessary visits.</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"">Although such slogans have been put forward before, the implementation aspect is very weak. In order to control the increasing expenses incurred in the operation and management of government vehicles, it is said that officials will be given lump sum cash instead of vehicles.</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 finance minister said that new structures and posts will not be created in government services, regulatory bodies and public institutions in the coming 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"">"The existing structure and positions of public administration will be reviewed," Finance Minister Mahat said. He said that there is an arrangement that service contracts cannot be taken in excess of the approved number of posts.</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"">It has also been announced in the budget statement that the old and unused vehicles and other goods in the government agencies will be auctioned within six months.</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"">A program to establish an infrastructure fund with the participation of foreign investors has been introduced. The Minister of Finance announced that a law will be made regarding the establishment of an infrastructure fund with the participation of domestic and foreign investors to mobilize private capital in infrastructure projects.</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"">Vishnu Aggarwal, president of the Confederation of Nepalese Industries (CNI), said that although investment incentives were expected, the budget did not address many issues. According to him, the budget has failed to encourage investment. </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"">Former Governor of Nepal Rastra Bank, Chiranjeevi Nepal, said that it seems that the next year's budget is trying to adress the current problem. In addition, Nepal said that it seems that the agriculture sector has been given a little more priority in order to encourage a self-sufficient economy.</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"">Former Executive Director of Nepal Rastra Bank Nar Bahadur Thapa said that there seems to be some improvement in the budget. "It seems that the government is trying to reform something in the next year's budget," he said.</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"">Rajendra Malla, president of Nepal Chamber of Commerce, said that the budget is distributive in a country with limited resources. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-30', 'modified' => '2023-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '17761', 'image' => '20230530024821_20230529055723_RS_KTM-RATL8686(1).jpg', 'article_date' => '2023-05-30 14:46:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '18029', 'article_category_id' => '1', 'title' => 'Government Decides to Charge Two Percent Additional Tax on Luxury Goods, Services ', 'sub_title' => '', 'summary' => 'May 30: The government has decided to impose two percent additional charge for luxury services of high-end hotels and resorts, imported liquors and precious metals. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 30: The government has decided to impose two percent additional charge for luxury services of high-end hotels and resorts, imported liquors and precious metals. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government made this announcement through the budget for the upcoming fiscal year 2023-24 that was presented in the Federal Parliament on Monday </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Two percent luxury tax shall be imposed for luxury goods and services," Finance Minister Dr Prakash Sharan Mahat said while announcing the budget. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The high-end hotels and resorts shall charge their clients two percent additionally while providing services from mid-July. The new fiscal year commences on July 17. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The tax is applied on ornaments made up of precious metals and stones such as gold, diamond, pearls and gems worth over Rs 1 million. The tax is levied on imported alcoholic products at the customs point during the time of transportation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In case of the non-payment of the luxury tax, it will be recovered along with a 15 percent interest rate annually. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, if the statement related to luxury tax is not submitted, such responsible person will be charged a fine of 2.5 percent annually until the submission of the details. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-30', 'modified' => '2023-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '17760', 'image' => '20230530025520_20221121092031_Clipboard64.jpg', 'article_date' => '2023-05-30 14:54:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '18030', 'article_category_id' => '1', 'title' => 'Rs 10K Tax on Foreign Imported Iphone and Mobile worth over Rs 100,000 ', 'sub_title' => '', 'summary' => 'May 30: The government has decided to levy tax of more than Rs 10,000 on iphone and mobile worth more that Rs 100,000 that are brought from 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"">May 30: The government has decided to levy tax of more than Rs 10,000 on iphone and mobile worth more that Rs 100,000 that are brought from foreign countries. The government has introduced provisions of levying Rs 3,000 tax on other smart phones and Rs 200 tax on rest of the mobile phones other than smart phones. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the case of the mobile phones which are in use as of May 29, 2023 but which have not been registered in the mobile device management system (MDMS) implemented by Nepal Telecom Authority, the user concerned is required to pay the above-mentioned tax in lump sum mentioning the IIME number as well. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Tax would be charged at the rate Rs 10,000 per an iphone and a mobile set priced over Rs 100,000, Rs 3,000 per set of other smart phone and Rs 200 per set for other general phone sets except smart phone," the Finance Bill reads. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">However, the NTA shall register one set of mobile phone free of charge if a person using the mobile produces evidence that one had gone on foreign employment taking the labour approval and returned home after staying abroad for more than six months. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the government has decided to levy one percent service charge for persons going on foreign employment. </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"">"An individual who has acquired license for operating foreign employment business shall have to pay the Foreign Employment Service Charge at the rate of one percent on the amount collected from the person who is on foreign employment," states the Finance Bill. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This amount collected from Foreign Employment Service Charge would be spent for the welfare of the person going on foreign job, it is stated. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The foreign employment placement entrepreneur should deposit this amount in the revenue account within the 25th day of each month and forward the related statement to the Revenue Office concerned. The Finance Bill states that this fee would be recovered at a 15 percent interest rate in case of failure to deposit the foreign employment service charge. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-30', 'modified' => '2023-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '17759', 'image' => '20230530030411_20230322013726_aaaa.jpg', 'article_date' => '2023-05-30 15:02:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '18027', 'article_category_id' => '1', 'title' => 'Budget for Health Sector Increased by Rs14 Billion ', 'sub_title' => '', 'summary' => 'May 30: The government has increased the budget of the Ministry of Health and Population by Rs14 billion. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 30: The government has increased the budget of the Ministry of Health and Population by Rs14 billion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Finance Minister Dr Prakash Sharan Mahat on Monday said that Rs 83.99 billion has been allocated to the Ministry of Health and Population while presenting the annual estimates (budget) of revenue and expenditure for the fiscal year 2023/24 in the Federal Parliament. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It may be noted that a budget of Rs 69.38 billion was allocated for the Ministry of Health and Population in the current fiscal year. Of which Rs 6.26 billion were transferred to the province and Rs 27.44 billion to the local level. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Finance Minister Dr Mahat said that the budget for health sector has been increased with the aim of making the health sector reliable and accessible at the local level. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-30', 'modified' => '2023-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '17758', 'image' => '20230530020725_health sector.jpg', 'article_date' => '2023-05-30 14:06:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '18026', 'article_category_id' => '1', 'title' => 'Government to Prepare Finance Sector Development Strategy', 'sub_title' => '', 'summary' => 'May 30: The government has said second phase of finance sector development strategy would be prepared in the upcoming fiscal year and brought into implementation. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 30: The government has said second phase of finance sector development strategy would be prepared in the upcoming fiscal year and brought into implementation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The budget has incorporated various issues including further strengthening government owned banks and financial institution by re-restructuring, facilitating access to capital for investment by reducing financial intermediary cost, strengthening regulation of financial sector by developing capacity of regulatory bodies, and promoting digital and mobile banking transaction. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Acts related financial sectors including Nepal Rastra Bank Act, Banks and Financial Institutions Act would be revised and amended. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, programmes related to interest grants of concessional loan would be restructured. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A total of Rs 115.9 billion has been allocated for interest grant of concessional loan while microfinance institutions should be forwarded as a specialized provincial institution. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The budget would make arrangement for non-resident Nepalis to invest in hydropower projects enlisted in stock market. The government will also run programme to increase access to insurance at rural. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-30', 'modified' => '2023-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '17757', 'image' => '20230530014035_Budget.jpg', 'article_date' => '2023-05-30 13:39:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '18025', 'article_category_id' => '1', 'title' => 'Govt Allocates Rs 31 Billion for East-West Highway Expansion ', 'sub_title' => '', 'summary' => 'May 30: The government has pledged to expedite the expansion of the East-West Highway into four lanes.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 30: The government has pledged to expedite the expansion of the East-West Highway into four lanes.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Finance Minister Dr Prakash Sharan Mahat made such an announcement while presenting the annual budget for the upcoming fiscal year (FY) 2023/24 in a joint meeting of the federal parliament on Monday.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Finance Minister Mahat said that the expansion and upgrading task of Narayangadh-Butwal and Kamala-Kanchanpur section of the highway would be completed within the next fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, initiatives will be taken to start upgrading the Kamala-Dhalkebar-Pathalaiya, Butwal-Gorusinge, Kakadvitta-Laukahi, Pathalaiya-Narayangadh and Lamahi-Bhalubang road sections. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Signature bridges would be constructed over the Narayani river and Tinau river, he added. The finance minister shared that Rs 31.02 billion has been allocated for the expansion and upgrading of the East-West Highway. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“The government would focus its investment in easy, safe, quality and sustainable transport infrastructures to facilitate citizen's life and to prepare the basis of economic development,” he said. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-30', 'modified' => '2023-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '17756', 'image' => '20230530114157_20230125121853_20220926014301_road.jpg', 'article_date' => '2023-05-30 11:41:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '18024', 'article_category_id' => '1', 'title' => ' New York Street Named after Tenzing Norgay ', 'sub_title' => '', 'summary' => 'May 30: New York’s 75th Street, Broad Way and Woodside in Queens Borough, has been named after Tenzing Norgay Sherpa, the first man to set foot at the world's highest mountain – Mt Everest (Sagarmatha). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 30: New York’s 75th Street, Broad Way and Woodside in Queens Borough, has been named after Tenzing Norgay Sherpa, the first man to set foot at the world's highest mountain – Mt Everest (Sagarmatha). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The City Council of District 25 of Queens, New York endorsed last April for naming the road after Sherpa in response to the proposal by the United Sherpa Kidung and the USA Nepal Climbers Association. The campaign to name the street in honour of Sherpa was being carried out since the past six years. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President of the Climbers Association, Pasang Nima Sherpa said the road after Tenzing Sherpa has been named on the Everest Day, “which is a matter of pride for all of us”. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Earlier, the first South Asian Congresswoman Jennifer Rajkumar had succeeded in getting May 29 recognized as Mount Everest Day by getting a resolution passed on the same issue. –- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-30', 'modified' => '2023-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '17755', 'image' => '20230530110114_norgay.jpg', 'article_date' => '2023-05-30 11:00:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '18023', 'article_category_id' => '224', 'title' => '900 Megawatts of Electricity Will Be Added to National Grid in FY 2023/24', 'sub_title' => '', 'summary' => 'During the budget presentation in the parliament on Monday, Finance Minister Dr. Prakash Sharan Mahat said that within one year, an additional 900 megawatts of electricity will be added to the national grid.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">May 30: The government aims to provide access of electricity to 100% of the population in remote and inaccessible areas by expanding renewable energy technologies such as small hydropower, solar, and wind in rural households within two years. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">During the budget presentation in the parliament on Monday, Finance Minister Dr. Prakash Sharan Mahat said that within one year, an additional 900 megawatts of electricity will be added to the national grid. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Approximately 900 megawatts of electricity will be added to the national grid by completing various projects including Rasuwagadhi hydropower of 111 megawatts, 102 megawatts of Madhya Bhotekoshi and 42.5 megawatts of Sanjen Hydropower promoted by Nepal Electricity Authority(NEA) in the upcoming fiscal year. </span></span><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The total electricity production is projected to reach 3,600 megawatts by the end of the next fiscal year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">To address the electricity demand during dry seasons and to export hydroelectricity, the government will prepare the modality and initiate the construction of the Budhigandaki project with a capacity of 1,200 megawatts and the Dudhkoshi reservoir-based hydropower project with a capacity of 635 megawatts in the next fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Last fical year, the government allocated Rs 75.1 billion for the development of the energy sector. This year, Rs 87.45 billion has been allocated, indicating a budget increase of Rs 12.35 billion for the energy sector's development. </span></span></p> ', 'published' => true, 'created' => '2023-05-30', 'modified' => '2023-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '17754', 'image' => '20230530061714_collage (1).jpg', 'article_date' => '2023-05-30 06:14:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 8 => array( 'Article' => array( 'id' => '18022', 'article_category_id' => '274', 'title' => 'Government Aims for 6% Economic Growth in FY 2023/2024 ', 'sub_title' => '', 'summary' => 'The government has set its target on achieving a 6% economic growth rate in the next fiscal year, 2023/24. The Finance Minister, Dr. Prakash Sharan Mahat, unveiled this target while presenting the budget statement in Parliament on Monday.', 'content' => '<p><span style="font-size:18px">May 30: The government has set its target on achieving a 6% economic growth rate in the next fiscal year, 2023/24. <br /> The Finance Minister, Dr. Prakash Sharan Mahat, unveiled this target while presenting the budget statement in Parliament on Monday.</span></p> <p><span style="font-size:18px">Additionally, the government aims to effectively manage inflation, setting a target of below 6.5%. By keeping inflation in check, the government aims to ensure that the benefits of economic growth are felt by all.</span></p> <p><span style="font-size:18px"> The Nepal Rastra Bank, the country's central bank, will play a vital role by formulating and implementing prudent monetary policies to achieve these targets, said Finance Minister Dr Mahat.</span></p> ', 'published' => true, 'created' => '2023-05-30', 'modified' => '2023-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '17753', 'image' => '20230530053724_EconomicGrowth.jpeg', 'article_date' => '2023-05-30 05:35:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 9 => array( 'Article' => array( 'id' => '18021', 'article_category_id' => '1', 'title' => 'Government Announces Budget of Rs 1751 Biillion for Upcoming Fiscal Year', 'sub_title' => '', 'summary' => 'May 29: The government has announced a budget of Rs 1751.31 billion for the upcoming fiscal year 2023/24. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">May 29: The government has announced a budget of Rs 1751.31 billion for the upcoming fiscal year 2023/24. Of the earmarked amount, Rs 1141 billion (65.20 percent) will be spent for recurrent expenditure and Rs 302 billion (17.55 percent) for capital expenditure. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Tabling the budget for the upcoming fiscal year in a joint session of the federal parliament on Monday, Finance Minister Prakash Sharan Mahat said that Rs 307 billion will be spent for financial management.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The budget announced for the upcoming fiscal year is less than the budget for the current fiscal year by 2.37 percent. However, considering the amended budget for the current FY, the upcoming budget is 16.37 percent more.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The government aims to collect Rs 1248 from revenue collection, Rs 49.94 billion from foreign aid and Rs 240 billion from foreign loan.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The National Planning Commission had fixed the budget ceiling of Rs 1688 billion for the upcoming fiscal year.</span></span></span></p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17752', 'image' => '20230529084840_RS_KTM_RATL8679(1).jpg', 'article_date' => '2023-05-29 20:48:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '18020', 'article_category_id' => '1', 'title' => 'Govt to Conduct Feasibility Study for Cannabis Farming', 'sub_title' => '', 'summary' => 'May 29: The government has announced to carry out a feasibility study for cannabis farming for medicinal uses in Nepal.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">May 29: The government has announced to carry out a feasibility study for cannabis farming for medicinal uses in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">This was announced in the budget statement read out by Finance Minister Dr Prakash Sharan Mahat at a joint session of the Federal Parliament in the capital on Monday. Dr Mahat made the announcement while presenting the annual budget for the Fiscal Year 2023/24.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">On the occasion, Minister Dr Mahat said that funds have been allocated to carry out a feasibility study of cannabis farming for medical purposes in the new budget. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17751', 'image' => '20230529074926_20190221010550_adsfff.jpg', 'article_date' => '2023-05-29 19:49:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '18019', 'article_category_id' => '1', 'title' => 'All types of Syndicate, Artificial Shortage, Black Marketing will be brought to an End', 'sub_title' => '', 'summary' => 'May 29: The government has announced to maintain healthy competition in the market by ending all types of syndicate, cartelling, artificial shortage and black marketing.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">May 29: The government has announced to maintain healthy competition in the market by ending all types of syndicate, cartelling, artificial shortage and black marketing.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Presenting the annual budget for the upcoming fiscal year 2023/24 in the federal parliament on Monday, Finance Minister Dr Prakash Sharan Mahat said production, storage and distribution system would be improved for easy and smooth supply of essential goods across the country including the rural and remote areas.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He mentioned that quality of basic services including education, health, drinking water, communications and transport would be ensured.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Dr Mahat said that market monitoring and regulation will be strengthened to make the concerned bodies strong enough to protect consumers rights.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">A system would be developed to get updated information of production, stock and supply of essential goods available across the country. The government has adopted a policy to encourage cooperatives to run fair price shops, Dr Mahat said. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17750', 'image' => '20230529074809_20220814123950_market monitoring.jpg', 'article_date' => '2023-05-29 19:47:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '18018', 'article_category_id' => '249', 'title' => 'Government Allocates Rs 197 Billion Budget for Education, Science, and Technology for 2023/2024 ', 'sub_title' => '', 'summary' => 'The government has allocated a budget of Rs 197 billion for the Ministry of Education, Science, and Technology.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">May 29: The government has allocated a budget of Rs 197 billion for the Ministry of Education, Science, and Technology.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">During the budget presentation at the parliament for fiscal year 2023/2024 on Monday, the Finance Minister Dr. Prakash Sharan Mahat announced the allocation of Rs 197.29 billion for the Ministry of Education, Science, and Technology.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">As per the budget allocation, Rs 70 billion has been allocated for education at the federal level. Similarly, Rs 5.32 billion has been allocated for the provincial level, and Rs 121 billion has been appropriated to the local level.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The Finance Minister, Dr. Mahat, mentioned that the government has prepared the budget for the fiscal year 2023/2024, focusing on the second phase of economic reforms and structural changes of economy. </span></span></p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '17749', 'image' => '20230529063955_collage (1).jpg', 'article_date' => '2023-05-29 18:38:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '18017', 'article_category_id' => '1', 'title' => ' Rs 58.98 Billion Allocated for Agriculture and Livestock Development for FY 2023/2024 ', 'sub_title' => '', 'summary' => 'The government has allocated a highest-ever budget for the development of agriculture and livestock. ', 'content' => '<p><span style="font-size:18px">May 29: The government has allocated the highest-ever budget for the development of agriculture and livestock for the fiscal year 2023/2024. </span></p> <p><span style="font-size:18px">In the Parliament, during the presentation of the budget for the fiscal year 2023/2024 on Monday, Finance Minister Dr Ram Sharan Mahat read out the budget allocation of Rs 58.98 billion for the development of agriculture and livestock. </span></p> <p><span style="font-size:18px">The budget allocation for agriculture and livestock this year marks a rise of Rs 3.9 billion compared to the last year. </span></p> <p><span style="font-size:18px">In the last fiscal year 2022/2023, the government had allocated a budget of Rs 55.89 billion for the Ministry of Agriculture and Livestock Development. The government has also doubled the subsidy for chemical fertilizers this year.</span><br /> </p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17748', 'image' => '20230529061723_collage (1).jpg', 'article_date' => '2023-05-29 18:15:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 14 => array( 'Article' => array( 'id' => '18016', 'article_category_id' => '1', 'title' => 'Govt Scraps all Sorts of Incentives, Additional Allowances for Civil Servants', 'sub_title' => '', 'summary' => 'May 29: The government has announced to curtail all sorts of incentives and additional allowances given to the government employees have been in the upcoming fiscal year (FY) 2023/24.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 29: The government has announced to curtail all sorts of incentives and additional allowances given to the government employees have been in the upcoming fiscal year (FY) 2023/24.</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"">Finance Minister Dr Prakash Sharan Mahat informed this to a joint session of parliament while reading out the budget speech on Monday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Dr Mahat announced dissolution of 20 different boards and development committees as per the recommendation of the Public Expenditure Review Commission 2075 BS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, state-owned institutions having similar areas of scope would be merged and adjusted in the province level, Dr Mahat added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Announcing the new budget, the finance minister said that public procurement system will be simplified, e-tender will be prioritized and integrated monitoring system will be made effective. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17747', 'image' => '20230529055723_RS_KTM-RATL8686(1).jpg', 'article_date' => '2023-05-29 17:56:53', '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
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For the current fiscal year, the government had announced a budget of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1793</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion which was later downsized to Rs 1549 billion through the mid-tern review.</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"">Finance Minister Dr Mahat has allocated Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1141</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion for current expenditure, Rs </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"">0</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion for capital expenditure and Rs </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"">0</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""> billion for financial management. The government intends to collect revenue of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1248</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.62 billion to meet this expenditure. Similarly, the government has set a target to raise Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">49</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.94 billion from foreign grants, Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">212</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.75 billion from foreign loans and Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">240</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion from internal loans. </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 budget has given top priority to agriculture, tourism and incomplete projects instead of new ones. The budget has not announced any new construction projects. There is no programme focused on job creation. </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 budget has set a target of achieving economic growth of 6 percent but it has no concrete plan to achieve the growth target.</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"">Apart from trying to give newness by giving many slogans, there is no programme in the budget to meet the aspirations of the private sector and common citizens who are on the verge of economic 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"">Former finance minister Bishnu Paudel said that the budget could not address the issue of economic 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 budget did not cover the current problem. There is no way to solve the crisis of the economy," he said adding that there is no guarantee of resource management in the budget.</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"">Finance Minister Mahat has revived the constituencies-focused program of federal parliamentarians, which was canceled two years ago on the grounds that the budget was misused and against the spirit of federalism. The parliamentarians have been pushing to start the 'Infrastructure Development Partnership Program' where a certain amount is allocated to each constituency and will be spent at the discretion of the MPs.</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"">Finance Minister Mahat has allocated Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">8</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.25 billion for the Parliamentary Constituency Development Fund. Under this heading, Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">0 million will be allocated for each constituency and the money will be spent on the direct involvement of the respective MPs.</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"">Nepali Congress MP Udaya Shumsher Rana claimed that the budget allocated for the constituencies will help expedite the infrastructure development programmes that are yet to complete.</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 addition to canceling </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""> government bodies, the budget mentions that institutions of similar nature will be merged with each other. This program is not new. Even in the previous budgets, government boards and institutions were announced to be scrapped, but it does not seem to have worked 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"">While the debate is going on about the legalization of marijuana, the government has announced in the budget that it will study the feasibility of marijuana cultivation in the coming 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"">Dr Mahat has announced that he will make a law to open a company with an authorized capital of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">. It is also said that arrangements will be made to do this work online.</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"">Finance Minister Mahat announced that all types of incentives, allowances, overtime allowances have been cancelled for government employees. However, in the absence of incentives, there is a danger that the bureaucracy will not cooperate in the implementation of the budget brought by the government.</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 budget, it is mentioned that new vehicles and furniture and furnishings will not be purchased for government offices and public institutions, and new buildings will not be constructed except for essential ones. </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"">Also, the government will maintain austerity measures in administrative expenses such as fuel and office supplies. It is said that foreign visits will be discouraged except for necessary visits.</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"">Although such slogans have been put forward before, the implementation aspect is very weak. In order to control the increasing expenses incurred in the operation and management of government vehicles, it is said that officials will be given lump sum cash instead of vehicles.</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 finance minister said that new structures and posts will not be created in government services, regulatory bodies and public institutions in the coming 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"">"The existing structure and positions of public administration will be reviewed," Finance Minister Mahat said. He said that there is an arrangement that service contracts cannot be taken in excess of the approved number of posts.</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"">It has also been announced in the budget statement that the old and unused vehicles and other goods in the government agencies will be auctioned within six months.</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"">A program to establish an infrastructure fund with the participation of foreign investors has been introduced. The Minister of Finance announced that a law will be made regarding the establishment of an infrastructure fund with the participation of domestic and foreign investors to mobilize private capital in infrastructure projects.</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"">Vishnu Aggarwal, president of the Confederation of Nepalese Industries (CNI), said that although investment incentives were expected, the budget did not address many issues. According to him, the budget has failed to encourage investment. </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"">Former Governor of Nepal Rastra Bank, Chiranjeevi Nepal, said that it seems that the next year's budget is trying to adress the current problem. In addition, Nepal said that it seems that the agriculture sector has been given a little more priority in order to encourage a self-sufficient economy.</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"">Former Executive Director of Nepal Rastra Bank Nar Bahadur Thapa said that there seems to be some improvement in the budget. "It seems that the government is trying to reform something in the next year's budget," he said.</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"">Rajendra Malla, president of Nepal Chamber of Commerce, said that the budget is distributive in a country with limited resources. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-30', 'modified' => '2023-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '17761', 'image' => '20230530024821_20230529055723_RS_KTM-RATL8686(1).jpg', 'article_date' => '2023-05-30 14:46:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '18029', 'article_category_id' => '1', 'title' => 'Government Decides to Charge Two Percent Additional Tax on Luxury Goods, Services ', 'sub_title' => '', 'summary' => 'May 30: The government has decided to impose two percent additional charge for luxury services of high-end hotels and resorts, imported liquors and precious metals. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 30: The government has decided to impose two percent additional charge for luxury services of high-end hotels and resorts, imported liquors and precious metals. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government made this announcement through the budget for the upcoming fiscal year 2023-24 that was presented in the Federal Parliament on Monday </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Two percent luxury tax shall be imposed for luxury goods and services," Finance Minister Dr Prakash Sharan Mahat said while announcing the budget. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The high-end hotels and resorts shall charge their clients two percent additionally while providing services from mid-July. The new fiscal year commences on July 17. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The tax is applied on ornaments made up of precious metals and stones such as gold, diamond, pearls and gems worth over Rs 1 million. The tax is levied on imported alcoholic products at the customs point during the time of transportation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In case of the non-payment of the luxury tax, it will be recovered along with a 15 percent interest rate annually. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, if the statement related to luxury tax is not submitted, such responsible person will be charged a fine of 2.5 percent annually until the submission of the details. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-30', 'modified' => '2023-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '17760', 'image' => '20230530025520_20221121092031_Clipboard64.jpg', 'article_date' => '2023-05-30 14:54:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '18030', 'article_category_id' => '1', 'title' => 'Rs 10K Tax on Foreign Imported Iphone and Mobile worth over Rs 100,000 ', 'sub_title' => '', 'summary' => 'May 30: The government has decided to levy tax of more than Rs 10,000 on iphone and mobile worth more that Rs 100,000 that are brought from 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"">May 30: The government has decided to levy tax of more than Rs 10,000 on iphone and mobile worth more that Rs 100,000 that are brought from foreign countries. The government has introduced provisions of levying Rs 3,000 tax on other smart phones and Rs 200 tax on rest of the mobile phones other than smart phones. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the case of the mobile phones which are in use as of May 29, 2023 but which have not been registered in the mobile device management system (MDMS) implemented by Nepal Telecom Authority, the user concerned is required to pay the above-mentioned tax in lump sum mentioning the IIME number as well. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Tax would be charged at the rate Rs 10,000 per an iphone and a mobile set priced over Rs 100,000, Rs 3,000 per set of other smart phone and Rs 200 per set for other general phone sets except smart phone," the Finance Bill reads. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">However, the NTA shall register one set of mobile phone free of charge if a person using the mobile produces evidence that one had gone on foreign employment taking the labour approval and returned home after staying abroad for more than six months. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the government has decided to levy one percent service charge for persons going on foreign employment. </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"">"An individual who has acquired license for operating foreign employment business shall have to pay the Foreign Employment Service Charge at the rate of one percent on the amount collected from the person who is on foreign employment," states the Finance Bill. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This amount collected from Foreign Employment Service Charge would be spent for the welfare of the person going on foreign job, it is stated. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The foreign employment placement entrepreneur should deposit this amount in the revenue account within the 25th day of each month and forward the related statement to the Revenue Office concerned. The Finance Bill states that this fee would be recovered at a 15 percent interest rate in case of failure to deposit the foreign employment service charge. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-30', 'modified' => '2023-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '17759', 'image' => '20230530030411_20230322013726_aaaa.jpg', 'article_date' => '2023-05-30 15:02:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '18027', 'article_category_id' => '1', 'title' => 'Budget for Health Sector Increased by Rs14 Billion ', 'sub_title' => '', 'summary' => 'May 30: The government has increased the budget of the Ministry of Health and Population by Rs14 billion. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 30: The government has increased the budget of the Ministry of Health and Population by Rs14 billion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Finance Minister Dr Prakash Sharan Mahat on Monday said that Rs 83.99 billion has been allocated to the Ministry of Health and Population while presenting the annual estimates (budget) of revenue and expenditure for the fiscal year 2023/24 in the Federal Parliament. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It may be noted that a budget of Rs 69.38 billion was allocated for the Ministry of Health and Population in the current fiscal year. Of which Rs 6.26 billion were transferred to the province and Rs 27.44 billion to the local level. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Finance Minister Dr Mahat said that the budget for health sector has been increased with the aim of making the health sector reliable and accessible at the local level. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-30', 'modified' => '2023-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '17758', 'image' => '20230530020725_health sector.jpg', 'article_date' => '2023-05-30 14:06:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '18026', 'article_category_id' => '1', 'title' => 'Government to Prepare Finance Sector Development Strategy', 'sub_title' => '', 'summary' => 'May 30: The government has said second phase of finance sector development strategy would be prepared in the upcoming fiscal year and brought into implementation. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 30: The government has said second phase of finance sector development strategy would be prepared in the upcoming fiscal year and brought into implementation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The budget has incorporated various issues including further strengthening government owned banks and financial institution by re-restructuring, facilitating access to capital for investment by reducing financial intermediary cost, strengthening regulation of financial sector by developing capacity of regulatory bodies, and promoting digital and mobile banking transaction. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Acts related financial sectors including Nepal Rastra Bank Act, Banks and Financial Institutions Act would be revised and amended. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, programmes related to interest grants of concessional loan would be restructured. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A total of Rs 115.9 billion has been allocated for interest grant of concessional loan while microfinance institutions should be forwarded as a specialized provincial institution. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The budget would make arrangement for non-resident Nepalis to invest in hydropower projects enlisted in stock market. The government will also run programme to increase access to insurance at rural. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-30', 'modified' => '2023-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '17757', 'image' => '20230530014035_Budget.jpg', 'article_date' => '2023-05-30 13:39:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '18025', 'article_category_id' => '1', 'title' => 'Govt Allocates Rs 31 Billion for East-West Highway Expansion ', 'sub_title' => '', 'summary' => 'May 30: The government has pledged to expedite the expansion of the East-West Highway into four lanes.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 30: The government has pledged to expedite the expansion of the East-West Highway into four lanes.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Finance Minister Dr Prakash Sharan Mahat made such an announcement while presenting the annual budget for the upcoming fiscal year (FY) 2023/24 in a joint meeting of the federal parliament on Monday.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Finance Minister Mahat said that the expansion and upgrading task of Narayangadh-Butwal and Kamala-Kanchanpur section of the highway would be completed within the next fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, initiatives will be taken to start upgrading the Kamala-Dhalkebar-Pathalaiya, Butwal-Gorusinge, Kakadvitta-Laukahi, Pathalaiya-Narayangadh and Lamahi-Bhalubang road sections. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Signature bridges would be constructed over the Narayani river and Tinau river, he added. The finance minister shared that Rs 31.02 billion has been allocated for the expansion and upgrading of the East-West Highway. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“The government would focus its investment in easy, safe, quality and sustainable transport infrastructures to facilitate citizen's life and to prepare the basis of economic development,” he said. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-30', 'modified' => '2023-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '17756', 'image' => '20230530114157_20230125121853_20220926014301_road.jpg', 'article_date' => '2023-05-30 11:41:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '18024', 'article_category_id' => '1', 'title' => ' New York Street Named after Tenzing Norgay ', 'sub_title' => '', 'summary' => 'May 30: New York’s 75th Street, Broad Way and Woodside in Queens Borough, has been named after Tenzing Norgay Sherpa, the first man to set foot at the world's highest mountain – Mt Everest (Sagarmatha). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 30: New York’s 75th Street, Broad Way and Woodside in Queens Borough, has been named after Tenzing Norgay Sherpa, the first man to set foot at the world's highest mountain – Mt Everest (Sagarmatha). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The City Council of District 25 of Queens, New York endorsed last April for naming the road after Sherpa in response to the proposal by the United Sherpa Kidung and the USA Nepal Climbers Association. The campaign to name the street in honour of Sherpa was being carried out since the past six years. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President of the Climbers Association, Pasang Nima Sherpa said the road after Tenzing Sherpa has been named on the Everest Day, “which is a matter of pride for all of us”. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Earlier, the first South Asian Congresswoman Jennifer Rajkumar had succeeded in getting May 29 recognized as Mount Everest Day by getting a resolution passed on the same issue. –- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-30', 'modified' => '2023-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '17755', 'image' => '20230530110114_norgay.jpg', 'article_date' => '2023-05-30 11:00:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '18023', 'article_category_id' => '224', 'title' => '900 Megawatts of Electricity Will Be Added to National Grid in FY 2023/24', 'sub_title' => '', 'summary' => 'During the budget presentation in the parliament on Monday, Finance Minister Dr. Prakash Sharan Mahat said that within one year, an additional 900 megawatts of electricity will be added to the national grid.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">May 30: The government aims to provide access of electricity to 100% of the population in remote and inaccessible areas by expanding renewable energy technologies such as small hydropower, solar, and wind in rural households within two years. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">During the budget presentation in the parliament on Monday, Finance Minister Dr. Prakash Sharan Mahat said that within one year, an additional 900 megawatts of electricity will be added to the national grid. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Approximately 900 megawatts of electricity will be added to the national grid by completing various projects including Rasuwagadhi hydropower of 111 megawatts, 102 megawatts of Madhya Bhotekoshi and 42.5 megawatts of Sanjen Hydropower promoted by Nepal Electricity Authority(NEA) in the upcoming fiscal year. </span></span><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The total electricity production is projected to reach 3,600 megawatts by the end of the next fiscal year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">To address the electricity demand during dry seasons and to export hydroelectricity, the government will prepare the modality and initiate the construction of the Budhigandaki project with a capacity of 1,200 megawatts and the Dudhkoshi reservoir-based hydropower project with a capacity of 635 megawatts in the next fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Last fical year, the government allocated Rs 75.1 billion for the development of the energy sector. This year, Rs 87.45 billion has been allocated, indicating a budget increase of Rs 12.35 billion for the energy sector's development. </span></span></p> ', 'published' => true, 'created' => '2023-05-30', 'modified' => '2023-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '17754', 'image' => '20230530061714_collage (1).jpg', 'article_date' => '2023-05-30 06:14:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 8 => array( 'Article' => array( 'id' => '18022', 'article_category_id' => '274', 'title' => 'Government Aims for 6% Economic Growth in FY 2023/2024 ', 'sub_title' => '', 'summary' => 'The government has set its target on achieving a 6% economic growth rate in the next fiscal year, 2023/24. The Finance Minister, Dr. Prakash Sharan Mahat, unveiled this target while presenting the budget statement in Parliament on Monday.', 'content' => '<p><span style="font-size:18px">May 30: The government has set its target on achieving a 6% economic growth rate in the next fiscal year, 2023/24. <br /> The Finance Minister, Dr. Prakash Sharan Mahat, unveiled this target while presenting the budget statement in Parliament on Monday.</span></p> <p><span style="font-size:18px">Additionally, the government aims to effectively manage inflation, setting a target of below 6.5%. By keeping inflation in check, the government aims to ensure that the benefits of economic growth are felt by all.</span></p> <p><span style="font-size:18px"> The Nepal Rastra Bank, the country's central bank, will play a vital role by formulating and implementing prudent monetary policies to achieve these targets, said Finance Minister Dr Mahat.</span></p> ', 'published' => true, 'created' => '2023-05-30', 'modified' => '2023-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '17753', 'image' => '20230530053724_EconomicGrowth.jpeg', 'article_date' => '2023-05-30 05:35:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 9 => array( 'Article' => array( 'id' => '18021', 'article_category_id' => '1', 'title' => 'Government Announces Budget of Rs 1751 Biillion for Upcoming Fiscal Year', 'sub_title' => '', 'summary' => 'May 29: The government has announced a budget of Rs 1751.31 billion for the upcoming fiscal year 2023/24. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">May 29: The government has announced a budget of Rs 1751.31 billion for the upcoming fiscal year 2023/24. Of the earmarked amount, Rs 1141 billion (65.20 percent) will be spent for recurrent expenditure and Rs 302 billion (17.55 percent) for capital expenditure. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Tabling the budget for the upcoming fiscal year in a joint session of the federal parliament on Monday, Finance Minister Prakash Sharan Mahat said that Rs 307 billion will be spent for financial management.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The budget announced for the upcoming fiscal year is less than the budget for the current fiscal year by 2.37 percent. However, considering the amended budget for the current FY, the upcoming budget is 16.37 percent more.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The government aims to collect Rs 1248 from revenue collection, Rs 49.94 billion from foreign aid and Rs 240 billion from foreign loan.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The National Planning Commission had fixed the budget ceiling of Rs 1688 billion for the upcoming fiscal year.</span></span></span></p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17752', 'image' => '20230529084840_RS_KTM_RATL8679(1).jpg', 'article_date' => '2023-05-29 20:48:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '18020', 'article_category_id' => '1', 'title' => 'Govt to Conduct Feasibility Study for Cannabis Farming', 'sub_title' => '', 'summary' => 'May 29: The government has announced to carry out a feasibility study for cannabis farming for medicinal uses in Nepal.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">May 29: The government has announced to carry out a feasibility study for cannabis farming for medicinal uses in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">This was announced in the budget statement read out by Finance Minister Dr Prakash Sharan Mahat at a joint session of the Federal Parliament in the capital on Monday. Dr Mahat made the announcement while presenting the annual budget for the Fiscal Year 2023/24.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">On the occasion, Minister Dr Mahat said that funds have been allocated to carry out a feasibility study of cannabis farming for medical purposes in the new budget. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17751', 'image' => '20230529074926_20190221010550_adsfff.jpg', 'article_date' => '2023-05-29 19:49:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '18019', 'article_category_id' => '1', 'title' => 'All types of Syndicate, Artificial Shortage, Black Marketing will be brought to an End', 'sub_title' => '', 'summary' => 'May 29: The government has announced to maintain healthy competition in the market by ending all types of syndicate, cartelling, artificial shortage and black marketing.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">May 29: The government has announced to maintain healthy competition in the market by ending all types of syndicate, cartelling, artificial shortage and black marketing.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Presenting the annual budget for the upcoming fiscal year 2023/24 in the federal parliament on Monday, Finance Minister Dr Prakash Sharan Mahat said production, storage and distribution system would be improved for easy and smooth supply of essential goods across the country including the rural and remote areas.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He mentioned that quality of basic services including education, health, drinking water, communications and transport would be ensured.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Dr Mahat said that market monitoring and regulation will be strengthened to make the concerned bodies strong enough to protect consumers rights.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">A system would be developed to get updated information of production, stock and supply of essential goods available across the country. The government has adopted a policy to encourage cooperatives to run fair price shops, Dr Mahat said. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17750', 'image' => '20230529074809_20220814123950_market monitoring.jpg', 'article_date' => '2023-05-29 19:47:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '18018', 'article_category_id' => '249', 'title' => 'Government Allocates Rs 197 Billion Budget for Education, Science, and Technology for 2023/2024 ', 'sub_title' => '', 'summary' => 'The government has allocated a budget of Rs 197 billion for the Ministry of Education, Science, and Technology.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">May 29: The government has allocated a budget of Rs 197 billion for the Ministry of Education, Science, and Technology.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">During the budget presentation at the parliament for fiscal year 2023/2024 on Monday, the Finance Minister Dr. Prakash Sharan Mahat announced the allocation of Rs 197.29 billion for the Ministry of Education, Science, and Technology.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">As per the budget allocation, Rs 70 billion has been allocated for education at the federal level. Similarly, Rs 5.32 billion has been allocated for the provincial level, and Rs 121 billion has been appropriated to the local level.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The Finance Minister, Dr. Mahat, mentioned that the government has prepared the budget for the fiscal year 2023/2024, focusing on the second phase of economic reforms and structural changes of economy. </span></span></p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '17749', 'image' => '20230529063955_collage (1).jpg', 'article_date' => '2023-05-29 18:38:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '18017', 'article_category_id' => '1', 'title' => ' Rs 58.98 Billion Allocated for Agriculture and Livestock Development for FY 2023/2024 ', 'sub_title' => '', 'summary' => 'The government has allocated a highest-ever budget for the development of agriculture and livestock. ', 'content' => '<p><span style="font-size:18px">May 29: The government has allocated the highest-ever budget for the development of agriculture and livestock for the fiscal year 2023/2024. </span></p> <p><span style="font-size:18px">In the Parliament, during the presentation of the budget for the fiscal year 2023/2024 on Monday, Finance Minister Dr Ram Sharan Mahat read out the budget allocation of Rs 58.98 billion for the development of agriculture and livestock. </span></p> <p><span style="font-size:18px">The budget allocation for agriculture and livestock this year marks a rise of Rs 3.9 billion compared to the last year. </span></p> <p><span style="font-size:18px">In the last fiscal year 2022/2023, the government had allocated a budget of Rs 55.89 billion for the Ministry of Agriculture and Livestock Development. The government has also doubled the subsidy for chemical fertilizers this year.</span><br /> </p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17748', 'image' => '20230529061723_collage (1).jpg', 'article_date' => '2023-05-29 18:15:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 14 => array( 'Article' => array( 'id' => '18016', 'article_category_id' => '1', 'title' => 'Govt Scraps all Sorts of Incentives, Additional Allowances for Civil Servants', 'sub_title' => '', 'summary' => 'May 29: The government has announced to curtail all sorts of incentives and additional allowances given to the government employees have been in the upcoming fiscal year (FY) 2023/24.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 29: The government has announced to curtail all sorts of incentives and additional allowances given to the government employees have been in the upcoming fiscal year (FY) 2023/24.</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"">Finance Minister Dr Prakash Sharan Mahat informed this to a joint session of parliament while reading out the budget speech on Monday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Dr Mahat announced dissolution of 20 different boards and development committees as per the recommendation of the Public Expenditure Review Commission 2075 BS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, state-owned institutions having similar areas of scope would be merged and adjusted in the province level, Dr Mahat added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Announcing the new budget, the finance minister said that public procurement system will be simplified, e-tender will be prioritized and integrated monitoring system will be made effective. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2023-05-29', 'modified' => '2023-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '17747', 'image' => '20230529055723_RS_KTM-RATL8686(1).jpg', 'article_date' => '2023-05-29 17:56:53', '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
