May 16: Finance Minister Dr Prakash Sharan Mahat emphasised on the importance of new financing tools that are needed for mobilising resources in addition to…
May 16: Finance Minister Dr Prakash Sharan Mahat emphasised on the importance of new financing tools that are needed for mobilising resources in addition to…
The NEPSE index witnessed a minimal increase of 0.18% or 3.29 points, and closed at 1821.60 points on the third trading day Tuesday. A total of 269 listed companies traded their hands through 18,889 transactions worth NPR 64.1 crores…
May 16: The first meeting of the Finance Committee under the Federal Parliament took place on…
May 16: The government is preparing to present its policies and programmes in the joint sitting of the federal parliament on May…
Australian Assistant Foreign Minister, Tim Watts, has arrived on a two-day visit to Nepal, aiming to strengthen bilateral relations and celebrate cultural exchanges between the two…
May 16: Most of the companies that submitted project proposals for the government-backed start-up enterprise loans have been kicked out in the first stage of…
May 16: Nepal imports a large amount of sugar required for domestic consumption from India.…
May 15: Five companies of the hotel and tourism group are listed in Nepal Stock Exchange…
May 16: A 10-member expedition team of the Nepalese Army including five Sherpas successfully scaled Mt Everest on…
Chandra Prasad Dhakal, the President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), has called for an urgent action to resolve Nepal's ongoing economic…
May 15: Fiscal deficit is going up as revenue collection is minimal in comparison to the public…
The police have apprehended two suspects in connection with the recent robbery of Rs 3 million from a community cooperative in Panauti, Kavrepalanchok…
In comparison to government expenses, financial deficits have increased as revenue collection has…
May 15: Nepal Medical Association (NMA) and the Association of Private Health Institution Nepal (APHIN) have reached an agreement to hike the doctors’ consultation charge by 14 percent beginning from today (May…
May 15: At present, the government is busy preparing the budget for the next fiscal year (FY…
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Registrar of Kathmandu University Prof Dr Achyut Wagle; CEO of Standard Chartered Bank Nepal Limited, Anirvan Ghosh Dastidar; SeniorSustainability Advisor of Standard Chartered Bank UK, Dr John Murton; and, the President of SEJON, Janardan Baral addressed the opening session.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Sushil Bhatta, CEO of the Investment Board Nepal (IBN), held the view that the returns of projects will increase with the mix of resources obtained from various financial sources and investors can also get compensated appropriately to opportunity costs.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Anirvan Ghosh Dastidar, CEO of Standard Chartered Bank Nepal Limited (SCBNL) said, “Sustainable finance can help Nepal in leveraging its potential for renewable energy by providing the necessary funding and support to help us transition towards a more sustainable and low-carbon future. We must speed up sustainable investments and increase their scope in Nepal.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, Professor Dr. Achyut Wagle stressed on the search for and use of new financing tools for Nepal to achieve its ambitious development goals as public finance has its own limitations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The recently-held conference also had technical sessions on macroeconomics of investment, legal,</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">institutional and implementation arrangements related to investment, tools and scope of financing in</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal along with resource mobilisation and disruption prevention.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The conference was attended by senior secretaries, government officials, diplomats, representatives of the development partners, private sector, banks and financial institutions, experts, researchers and academicians. </span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-05-16', 'modified' => '2023-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '17611', 'image' => '20230516050745_066A5713.jpg', 'article_date' => '2023-05-16 17:05:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '17879', 'article_category_id' => '1', 'title' => 'NEPSE Index Shows Modest Growth; Turnover Amount Shrinks to 64 Crores', 'sub_title' => '', 'summary' => 'The NEPSE index witnessed a minimal increase of 0.18% or 3.29 points, and closed at 1821.60 points on the third trading day Tuesday. A total of 269 listed companies traded their hands through 18,889 transactions worth NPR 64.1 crores today. ', 'content' => '<p><br /> <span style="font-size:18px">May 16: From some time, investors have been in wait and watch mood in the stock market. Due to this, the market has not experienced significant growth or decline. </span></p> <p><span style="font-size:18px">The market has been continuously declining for the past 21 months. Investors are not interested to sell the shares at low prices at the bottom of the bearish market. </span></p> <p><span style="font-size:18px">The bearish trend has also discouraged buyers from purchasing shares at this price. As a result, turnover amount in the Nepal Stock Exchange (NEPSE) has decreased. Nepal Stock Exchange Limited (NEPSE) re-tested the index point at 1,807 and returned today. </span></p> <p><span style="font-size:18px">Earlier, the NEPSE had tested the same index point several times. Observing the market trend on Tuesday, it appears that the market tried to reverse.</span></p> <p><span style="font-size:18px">Experts say that certain kind of policy-level change is necessary to inject confidence in the market when the market is at the bottom level. </span></p> <p><span style="font-size:18px">The NEPSE index witnessed a minimal increase of 0.18% or 3.29 points, and closed at 1821.60 points on the third trading day Tuesday. A total of 269 listed companies traded their hands through 18,889 transactions worth NPR 64.1 crores today. </span></p> <p><span style="font-size:18px">Aatmanirbhar Laghubitta Bittiya Sanstha Limited (ANLB) gained the highest 9.99% and hit the positive circuit for the day. Conversely, Mai Khola Hydropower Limited (MKHL) lost all 10% today.</span></p> <p><span style="font-size:18px">NIC Asia Bank Limited (NICA) had the highest turnover of Rs. 5.01 crores closing at a market price of Rs. 690 per share. The shares of HBL traded the most.</span></p> <p><span style="font-size:18px">Only two sector indices closed red, "Non-Life Insurance" gained the highest 0.99%, while "Others" lost the highest 0.89% today.</span></p> <p><span style="font-size:18px">The sensitive index remained stable on Tuesday, while the float index increased by 0.23 percent, and the sensitive float index increased by 0.8 percent respectively. </span><br /> </p> ', 'published' => true, 'created' => '2023-05-16', 'modified' => '2023-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '17610', 'image' => '20230516050212_collage (2).jpg', 'article_date' => '2023-05-16 16:58:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '17878', 'article_category_id' => '1', 'title' => 'Finance Committee Discusses Issues on Improving Country's Economy, Stock Exchange License ', 'sub_title' => '', 'summary' => 'May 16: The first meeting of the Finance Committee under the Federal Parliament took place on Tuesday. ', 'content' => '<p><span style="font-size:18px"><strong>May 16: The first meeting of the Finance Committee under the Federal Parliament took place on Tuesday. The committee members discussed the activities to be carried out by the government through policies, programmes and budget of the upcoming fiscal year for improving current situation of the economy.<br /> Lawmakers specially stressed on various issues including the country's current economic situation, course of action for the upcoming year's policies, programmes and budget, corruption control and good governance. During the meeting, the MPs also raised the issue of appointment of lawmakers in parliamentary committees with conflicting interest and allegations of irregularities in distribution of new license of stock exchange.<br /> Speaking at the meeting, former Finance Minister and lawmaker Bishnu Prasad Poudel urged the finance minister to implement suggestions of the parliamentary committee at a time when the country's economy is in crisis. Poudel further said the Finance Committee could provide some policy-level suggestions about the budget and the government should move ahead with the committee's support in such a difficult situation.<br /> Stating that the economy is in crisis due to the past policies and practices, another former Finance Minister and lawmaker Gyanendra Bahadur Karki mentioned that the country's economy should be improved by forming short-term, mid-term and long-term policies.<br /> Similarly, lawmaker Padam Giri stressed that the committee should inquire about the past studies and its implementation status regarding the new stock exchange and broker license.<br /> “The committee should immediately carry out a study as there is doubt of financial irregularities while granting new stock and broker license,” he opined. <br /> Likewise, lawmaker Gyan Bahadur Shahi expressed the view that the committee should be informed about the measures taken by the government to improve the economy. <br /> "The finance minister should be called in the next meeting of the committee and he should inform the committee about the measures taken by the government to improve the economy," he shared.<br /> Biraj Bhakta Shrestha and Narayan Prasad Acharya raised the issue of conflict of interest in the appointment of members to the parliamentary committee. "Conflict of interest foments policy-level corruption. Moreover, there is a conflict of interest in one or the other Finance Committee. We should consider such issues as well even for promoting fiscal good governance," Shrestha elaborated.<br /> Acharya demanded that the issue of appointment of lawmakers in the committee showing conflict of interest should be taken seriously.<br /> Narayani Sharma said that since the Finance Committee is a forum to question the present situation of the economy and seek solutions, the agendas and the topics to be discussed in the meeting should be well prioritised.<br /> MP Chhiring Damdul Lama (Bhote) stressed that the parliamentary committee members should rise above partisan lines and forge common opinion through cooperation and coordination among each other on issues of national interest. <br /> Deepak Khadka echoed Lama and stressed on making the works of the committee effective and efficient.<br /> Purna Bahadur Tamang urged the government to make some important announcements through the budget for the next fiscal year regarding increasing the use of electric vehicles and electric ovens. He stressed replacing the old taxis with electric ones in the Kathmandu Valley.<br /> Ganga Karki opined that the problems seen in the economy at present were not recent but the results of the wrong policies and working style. "Corruption, rent-seeking and commission mongering are the present problems," she said and suggested massive cut back on unnecessary expenditure. <br /> Mukta Kumari Yadav pointed out the need of presenting common suggestions through the Finance Committee for the improvement of the economy.<br /> Anjani Shrestha and Rana Kumari Balampaki Magar called for stopping youths’ exodus to foreign countries, increasing domestic production by operating factories and industries and promoting collective farming and cattle rearing for increasing production. </strong>-- RSS</span></p> ', 'published' => true, 'created' => '2023-05-16', 'modified' => '2023-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '17609', 'image' => '20230516042941_parliament building.jpg', 'article_date' => '2023-05-16 16:28:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '17877', 'article_category_id' => '1', 'title' => 'Government Preparing to Table Policies and Programmes in Parliament on May 19', 'sub_title' => '', 'summary' => 'May 16: The government is preparing to present its policies and programmes in the joint sitting of the federal parliament on May 19.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 16: The government is preparing to present its policies and programmes in the joint sitting of the federal parliament on May 19.</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"">Prime Minister Pushpa Kamal Dahal, during a meeting with the Speaker of the House of Representatives Devraj Ghimire, confirmed that the government is preparing to present the policies and progerammes within this week.</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"">During the meeting held at the PM’s official residence in Baluwatar on Tuesday, PM Dahal and Speaker Ghimire discussed about making the House business effective. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, PM Dahal also expressed happiness over various parliamentary committees holding their meetings from today (Tuesday). </span></span></span><br /> </p> ', 'published' => true, 'created' => '2023-05-16', 'modified' => '2023-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '17608', 'image' => '20230516034852_PM.jpg', 'article_date' => '2023-05-16 15:48:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '17876', 'article_category_id' => '1', 'title' => 'Australian Assistant Foreign Minister Watts Arrives in Kathmandu', 'sub_title' => '', 'summary' => 'Australian Assistant Foreign Minister, Tim Watts, has arrived on a two-day visit to Nepal, aiming to strengthen bilateral relations and celebrate cultural exchanges between the two countries.', 'content' => '<p><span style="font-size:18px">May 16: Australian Assistant Foreign Minister, Tim Watts, has arrived on a two-day visit to Nepal, aiming to strengthen bilateral relations and celebrate cultural exchanges between the two countries.</span></p> <p><span style="font-size:18px"> The highlight of his visit will be the handover ceremony of a 13th-century wooden tunala (temple strut) from Ratneshwar Temple at Sulima Square to the local community, organized at the prestigious Patan Museum. </span></p> <p><span style="font-size:18px">This significant artifact, which has been returned by the Art Gallery of New South Wales, will be represented by Director Dr Michael Brand during the handover, said a press statement issued by the Australian Embassy in Kathmandu.</span></p> <p><span style="font-size:18px">During his stay, Assistant Minister Watts will make a courtesy call on Prime Minister Pushpa Kamal Dahal and Foreign Minister Narayan Prakash Saud. </span></p> <p><span style="font-size:18px">The purpose of these meetings is to express Australia's deep appreciation for the strong cooperation and thriving people-to-people linkages between the two nations, which have spanned over 63 years of diplomatic relations. </span></p> <p><span style="font-size:18px">Notably, the Nepali community represents the fastest-growing migrant population in Australia, currently numbering around 130,000, further strengthening the ties between the two countries, the press statement reads.</span></p> <p><span style="font-size:18px">Furthermore, Assistant Minister Watts will also visit BioVac Nepal in Banepa, a state-of-the-art diagnostic and animal vaccine production facility that has benefited from technology transfer and research collaboration with Australia. </span></p> <p><span style="font-size:18px">Likewise, he will pay a visit to the Tilganga Institute of Ophthalmology (TIO), which has received unwavering support from the Australian Government and the Fred Hollows Foundation for the past three decades. </span></p> <p><span style="font-size:18px">This support has enabled TIO to provide crucial eye care services in Nepal and manufacture intraocular lenses for national and global distribution, showcasing the strong commitment to humanitarian efforts.</span></p> <p><span style="font-size:18px">Assistant Minister Watts will hand over an Australian-made Portable Altitude Chamber to the Himalayan Rescue Association. This chamber will be utilized at the Pheriche Medical Outpost and Everest ER Clinic at Everest Base Camp, ensuring effective medical assistance for climbers.</span></p> <p><span style="font-size:18px">Assistant Minister Watts' visit to Nepal is part of a broader four-country program, highlighting Australia's engagement in the region. Alongside participating in the sixth Indian Ocean Conference in Bangladesh, he will also undertake bilateral visits to Bhutan and India.</span></p> ', 'published' => true, 'created' => '2023-05-16', 'modified' => '2023-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '17607', 'image' => '20230516034028_collage (1).jpg', 'article_date' => '2023-05-16 15:38:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 5 => array( 'Article' => array( 'id' => '17875', 'article_category_id' => '1', 'title' => 'Most of the Proposals Submitted for Start-up Enterprise Loans Rejected in First Phase', 'sub_title' => '', 'summary' => 'May 16: Most of the companies that submitted project proposals for the government-backed start-up enterprise loans have been kicked out in the first stage of selection.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">May 16: Most of the companies that submitted project proposals for the government-backed start-up enterprise loans have been kicked out in the first stage of selection. Officials say that out of 382 project proposals submitted to the government, 213 proposals have been rejected in the initial stage.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In order to create an environment for start-up enterprises and provide concessional loans, the Department of Industry called for submission of project proposals on March 30. Baburam Gautam, director general of the department, said that there were many proposals that did not meet the criteria under the 'Startup Business Loan Disbursement Procedure 2079'.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Gautam said that 213 proposals submitted to the Secretariat of the Startup Enterprise Implementation Committee have been invalidated from the initial stage. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">“Now, more than half of those who submitted the proposals will not get concessional loan facilities,” added Gautam. He further said that the proposals were not selected because they could not submit all the documents as per the provisions of the procedure. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">“They were among the companies and enterprises with sole investment and more than seven years old, which are not eligible to receive startup loans as per the procedure,” Gautam said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The procedure has specified seven criteria for a start-up enterprise. According to the procedure, to get such a loan, the establishment or operation of the enterprise and business must not exceed seven years and should fulfill at least five criteria.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In the same way, there have been cases such as single business registered in the municipality, partnerships added after notification for startup loans was issued, consumer groups, names repeated in company registration, no partnership, no company registration, documents not disclosed. Among the 213 disqualified companies/enterprises, most of them were private firms with single investor and registered in the municipality as sole trading concern.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Gautam said that the proposals are being processed and the remaining 169 projects will be evaluated accordingly. According to him, this number may further decrease if it is found that the procedures and standards set by the government are not met during the evaluation and analysis of the proposals.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">This is the first time that the government has asked for proposals to provide concessional loans to startups. The government plans to provide start-up enterprise loans to 100 people in the first phase. Gautam said that it will take some more time to disburse the loan as they still have lots of work to do regarding the proposals submitted.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The department has already announced to provide concessional loans for startup enterprises in 14 different sectors. As per the notice issued by the department, loans will be provided for start-up enterprises in the fields of agriculture and livestock, forestry (herbs, forest products), tourism promotion and entertainment and hospitality, science, technology, communication and information technology, human health services.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, concessional loans will also be provided to enterprises related to education and teaching learning, convenient and safe transportation services, infrastructure construction, automobiles, traditional technology related to improvement in the process of production and service delivery, mining and mineral research and development companies, projects related to food production and processing and waste management and environment. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The government will provide a maximum loan of Rs 2.5 million by keeping the project mortgage. It is mentioned in the procedure that the loan will be provided in two installments. The entrepreneur will get 50 percent of the first installment and the second installment only after six months.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-16', 'modified' => '2023-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '17606', 'image' => '20230516020656_1684200414.startup.jpeg', 'article_date' => '2023-05-16 14:06:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '17874', 'article_category_id' => '1', 'title' => '‘India Preparing to Ban Sugar Exports’', 'sub_title' => '', 'summary' => 'May 16: Nepal imports a large amount of sugar required for domestic consumption from India. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">May 16: Nepal imports a large amount of sugar required for domestic consumption from India. But the Indian media have reported that the Indian government is now preparing to ban the export of sugar to ensure there is adequate supply for the country’s domestic market. </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"">If India bans sugar exports, it will have a big impact on Nepal.</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 direct consumption of sugar in Nepal, industries that manufacture chocolates, biscuits, sweets, ice cream, juice, beverages, bakery items and other products rely heavily in sugar imported from India.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Nepal currently needs 250,000 metric tons of sugar for direct consumption and industrial use. Sugar mills from across the country produce only 130,000 metric tons of sugar in Nepal. About 120,000 metric tons of sugar is imported from different countries, 90 percent of which is imported from India.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Omnath Maharjan, president of Nepal Biscuit Industry Association, says that since Nepal produces only half of the sugar required in the market, India's ban on exports will have a big impact.</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"">"If India bans the export of sugar when the supply of sugar in Nepal is less than the demand, it will further increase the price," 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"">According to Maharjan, if India bans sugar exports the Government of Nepal should reduce or waive the customs duty imposed on imported sugar from third countries. He said that if this happens, the price of sugar imported from third countries will decrease and the quantity will increase. This in turn will facilitate the supply chain, argues Maharjan.</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"">Similarly, Vice President of Nepal Ice Cream Industry Business Association Arniko Rajbhandari says that the ban on sugar import in India will increase the price of raw materials. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">"This will naturally increase the price of the produced goods," he said. He said that if there is a ban, the price of sugar will increase by at least 20/25 percent. He emphasized that even if India bans the export of sugar, diplomatic efforts should be made to resume the import of sugar.</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"">He added that since India has given special concessions to Nepal on some other goods in line with the ‘neighbour first policy’ and the close relations between the two countries, there is also a likelihood to expect special quota for sugar.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the Indian media, India currently has 27 million tons of sugar, which is required for its internal consumption. It has been reported that the Government of India is preparing to ban the export of sugar fearing that the price will increase in the country if there is no excess of sugar. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">This year, India will be holding elections of various state assemblies and the Lok Sabha elections will be held in 2024. The ruling party there is afraid that if the price increases, it will suffer a setback in the elections.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-05-16', 'modified' => '2023-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '17605', 'image' => '20230516010344_sugar.jpg', 'article_date' => '2023-05-16 13:03:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '17872', 'article_category_id' => '1', 'title' => 'Profits of Hotel and Tourism Companies Surge with the Increase in Arrival of Tourists', 'sub_title' => '', 'summary' => 'May 15: Five companies of the hotel and tourism group are listed in Nepal Stock Exchange (NEPSE).', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">May 15: Five companies of the hotel and tourism group are listed in Nepal Stock Exchange (NEPSE). According to the third quarterly report of the five listed companies in the current fiscal year, there has been a significant increase in the profit during compared to the third quarter of the previous year. This is due to the increase in the number of tourists along with the decline in the impacts of the Covid-19 pandemic.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The income of these five companies increased by 96 percent in the current fiscal year compared to the previous year. Last year, the companies reported a total income of Rs 1.93 billion, which climbed to more than Rs 3.79 billion in the current fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Till the third quarter of the current fiscal year, Soaltee Hotel has made the highest profit of Rs 371.1 million among the five listed companies. The hotel’s profit this year is an increase of 241.79 percent compared to the third quarter of last year. Last year, the hotel made a profit of Rs 108.5 million. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, Taragaon Regency Hotels in second in terms of profit worth Rs 238.8 million.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Oriental Hotels, which incurred a loss of Rs 105.2 million last year, earned more than Rs 60 million profits in the current year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, till the third quarter of last year, Chandragiri Hills, which had registered losses of more than Rs 15.8 million, also recorded a profit of Rs 77.7 million this year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Kalinchok Darshan Limited also earned a profit of Rs 27 million till the third quarter of the current year.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-16', 'modified' => '2023-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '17603', 'image' => '20230516114617_1684187647.hotels in nepal.jpg', 'article_date' => '2023-05-16 11:45:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '17871', 'article_category_id' => '1', 'title' => 'Nepalese Army Team Reports Successful Expedition of Mt Everest ', 'sub_title' => '', 'summary' => 'May 16: A 10-member expedition team of the Nepalese Army including five Sherpas successfully scaled Mt Everest on Monday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 16: A 10-member expedition team of the Nepalese Army including five Sherpas successfully scaled Mt Everest on Monday. The team led by Lieutenant Colonel Kishore Adhikari climbed the peak under the Clean Mountain Campaign, 2023 launched by the NA. </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"">According to Brigadier General Krishna Prasad Bhandari, spokesperson for the Nepalese Army, this is the second successful ascent of Mt Everest by Lt Col Adhikari.</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"">“He had climbed Everest a long time ago when he was a captain,” said Brigadier General Bhandari, adding, “Twenty eight Nepalese Army personnel have successfully climbed Everest till date.”</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"">The army’s cleanup campaign aims to collect wastes from four peaks including Everest and Lhotse. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Other members of the team that successfully scaled Everest on Monday were Captain Bishnubal Rai, Captain Dipendra Singh Khatri, Lance Corporal Kishore Jabegu and Corporal Shankar Kunwar who reached the top of the peak at 10: 05 am on Monday, according to NA Directorate of Public Relations and Information. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Along with the team, five Sherpas also reached the top of the world's highest peak. Prior to this, the team successfully climbed Mount Annapurna. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The campaign was launched on March 28 with Army Chief Prabhu Ram Sharma handing the 'Flag of Ceremony' to the team amidst a programme at the NA headquarters in Bhadrakali, Kathmandu. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the Campaign, the NA aims to gather around 35,000 kilograms of solid wastes from four peaks: Everest, Lhoste, Baruntse and Annapurna. So far, 32,311 kilos of waste has been collected. The Campaign will conclude on June 5 coinciding with the World Environment Day, the NA directorate said. – (With inputs from RSS)</span></span></span></p> ', 'published' => true, 'created' => '2023-05-16', 'modified' => '2023-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '17602', 'image' => '20230516104642_20230330102040_1680132652.Clipboard32.jpg', 'article_date' => '2023-05-16 10:44:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '17870', 'article_category_id' => '1', 'title' => 'Economic Crisis Should Be Tackled With New Monetary Policy and Budget: FNCCI President ', 'sub_title' => '', 'summary' => 'Chandra Prasad Dhakal, the President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), has called for an urgent action to resolve Nepal's ongoing economic crisis. ', 'content' => '<p><span style="font-size:18px">May 16: Chandra Prasad Dhakal, the President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), has called for an urgent action to resolve Nepal's ongoing economic crisis. </span></p> <p><span style="font-size:18px">Speaking at the inaugural ceremony of the Koshi Province Chapter of FNCCI on Monday, Dhakal emphasized the need to address the crisis through the implementation of new monetary policies and budget. </span></p> <p><span style="font-size:18px">Dhakal stated that while some efforts had been made in the past to address the crisis, the remaining issues could only be resolved through new policy measures.</span></p> <p><span style="font-size:18px">Dhakal further highlighted that the FNCCI had suggested several measures to improve the investment environment, attract foreign investment and address tax-related issues in the new budget. </span></p> <p><span style="font-size:18px">Dhakal stressed the need for collaboration between the government and the private sector to find sustainable solutions to the economic challenges facing the country.</span></p> <p><span style="font-size:18px">The Koshi Province committee of FNCCI, including President Rajendra Raut and other officials and members, has assumed their offices and will work.</span><br /> </p> ', 'published' => true, 'created' => '2023-05-16', 'modified' => '2023-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '17601', 'image' => '20230516062230_collage (21).jpg', 'article_date' => '2023-05-16 06:20:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '17869', 'article_category_id' => '1', 'title' => 'Government's Expenditure Surpasses Income ', 'sub_title' => '', 'summary' => 'May 15: Fiscal deficit is going up as revenue collection is minimal in comparison to the public expenditure. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 15: Fiscal deficit is going up as revenue collection is minimal in comparison to the public expenditure. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Financial Comptroller General Office (FCGO), the government's expenditure exceeds revenue collection by Rs 250 billion as of May 14 in the current fiscal year (FY 2022/23). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The public expenditure during this period was recorded at Rs 1047 billion while the revenue collection and grant received was equivalent to Rs 797 billion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The FCGO stated that the government spending in the last 10 months' period is equivalent to 58.41 percent of the annual budget appropriation. The government had brought budget of Rs 1,793.83 billion for the current fiscal year. Of this budget, the government has so far spent Rs 1047.76 billion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It is said the current expenditure is 66.49 percent, capital expenditure is 33.04 percent and the expenditure towards fiscal management is 58.79 percent as of May 14 of the current fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The budget under the current expenditure heading for the current fiscal year is Rs 1183. 23 billion and so far Rs 786.74 billion has been spent. Similarly, Rs 380.38 billion was earmarked under the development heading in the current fiscal year and of this amount, Rs 125.67 billion has been spent in the 10 months. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Looking at the status of budget spending during this period, the budget spending under the fiscal management heading exceeds that under capital heading. Altogether Rs 135.3 billion has been spend towards fiscal management. The spending under the fiscal management heading is mainly for paying the principal and interest of public debt. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government has been able to collect only over Rs 756 billion in revenues so far until May 14 against the target of over Rs 1,403 billion for the current fiscal year. The figure of collected amounts is only 54.66 percent. Only two months are left for the current fiscal year to complete.</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"">Similarly, more than Rs 4.8 billion worth of foreign grants has been received, which is only 8.66 percent against target of foreign grants worth over Rs 55.4 billion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">So far, over Rs 159 billion has been collected in income taxes against more than Rs 173 billion during the same period in the previous FY. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Also, over Rs 88.06 billion has been raised in taxes so far against more than Rs 90.6 billion during the same period in the previous FY. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As of now, more than Rs 84.1 billion has been collected in excise duties against over Rs 83.8 billion during the same period in the previous FY. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-05-15', 'modified' => '2023-05-15', 'keywords' => '', 'description' => '', 'sortorder' => '17600', 'image' => '20230515063714_budget new.jpg', 'article_date' => '2023-05-15 18:35:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '17868', 'article_category_id' => '1', 'title' => 'Two Arrested For Robbing Cooperative of Over Rs 3 Million', 'sub_title' => '', 'summary' => 'The police have apprehended two suspects in connection with the recent robbery of Rs 3 million from a community cooperative in Panauti, Kavrepalanchok district. ', 'content' => '<p><span style="font-size:18px">May 15: The police have apprehended two suspects in connection with the recent robbery of Rs 3 million from a community cooperative in Panauti, Kavrepalanchok district. </span></p> <p><span style="font-size:18px">Acting on the tip-off, Makawanpur police team arrested two suspects from Indrasarobar Rural Municipality in Makawanpur district on Monday, said Tek Bahadur Karki, spokesperson for the Makawanpur district police office.</span></p> <p><span style="font-size:18px">The police have recovered Rs 500,000 in cash, a home-made pistol and an iron rod from the arrestees. The arrested have been identified as Ashok Rumba and Akabar Lama. </span></p> <p><span style="font-size:18px">The arrested have been taken to the District Police Office Kavre for investigation, spokesperson Tek Bahadur Karki said.</span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-15', 'modified' => '2023-05-15', 'keywords' => '', 'description' => '', 'sortorder' => '17599', 'image' => '20230515060133_robbery.jpg', 'article_date' => '2023-05-15 17:59:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '17867', 'article_category_id' => '1', 'title' => 'Rising Government Expenses and Falling Revenue Collection Cause Financial Deficit', 'sub_title' => '', 'summary' => 'In comparison to government expenses, financial deficits have increased as revenue collection has decreased.', 'content' => '<p><span style="font-size:18px">May 15: In comparison to government expenses, financial deficits have increased as revenue collection has decreased.</span></p> <p><span style="font-size:18px">According to the Financial Comptroller General Office, until mid-May (the end of Baisakh) in the current fiscal year 2022/2023, government expenses have increased by more than NPR 250 billion compared to the government's revenue income.</span></p> <p><span style="font-size:18px">During this period, while government expenses stood at NPR 1047 billion, revenue collection and grants received were only around 797 billion rupees.</span></p> <p><span style="font-size:18px">According to the Office of the Financial Comptroller General, the government has spent 58.41 percent of the annual budget appropriation in 10 months of the current fiscal year. The government had presented a budget of NPR 1793.82 billion for the current fiscal year, of which around NPR 1047 billion has been spent so far.</span></p> <p><span style="font-size:18px">Until mid-May, the current expenditure is 66.49%, the capital expenditure is 33.04%, and the financial management expenditure is 58.79%.</span></p> <p><span style="font-size:18px">For the current fiscal year, a budget of NPR 1,183.23 billion was allocated in the current expenditure title, and so far, NPR 786.74 billion has been spent.</span></p> <p><span style="font-size:18px">Similarly, the development budget of NPR 380.38 billion has been allocated for the current fiscal year, and only NPR. 125.67 billion has been spent in the first ten months.</span></p> <p><span style="font-size:18px">Looking at the budget expenditure of the first ten months of the current fiscal year, the financial management budget is significantly higher than the capital expenditure.</span></p> <p><span style="font-size:18px">Till the mid-May, the government has spent a total of NPR 135 billion in financial management. The expenses under financial management are spent on paying the principal and interest of the government loan.</span></p> <p><span style="font-size:18px">Until mid-May, the government's target for annual revenue collection is 54.66 percent. The government has set a target of collecting Rs. 1403.14 billion in domestic revenue for the current fiscal year, but so far, only Rs. 756.25 billion has been collected.</span></p> <p><span style="font-size:18px">Similarly, the government had set a target of receiving foreign aid equivalent to Rs. 55.45 billion for the current fiscal year, but until mid-May only Rs. 4.80 billion, or 8.66 percent of the target, has been received.</span></p> <p><span style="font-size:18px">Compared to the same period of the previous fiscal year, income tax and value-added tax (VAT) have decreased, while excise revenue has increased.</span></p> <p><span style="font-size:18px">During the current fiscal year until mid-May, revenue collection from income tax has reached NPR 159.5 billion, which is lower than the previous fiscal year's collection of NPR 173.40 billion during the same period.</span></p> <p><span style="font-size:18px">Similarly, the collection of VAT has also decreased compared to the previous year. Until mid-May in the previous fiscal year, VAT collection was NPR 90.68 billion, whereas in the current fiscal year, it is NPR 88.67 billion.</span></p> <p><span style="font-size:18px">However, revenue collection under from excise duty has slightly increased compared to the previous year. Revenue collection from excise duty increased to NPR 84.11 billion from last year’s NPR 83.88 billion until mid-May.</span></p> ', 'published' => true, 'created' => '2023-05-15', 'modified' => '2023-05-15', 'keywords' => '', 'description' => '', 'sortorder' => '17598', 'image' => '20230515041232_collage (9).jpg', 'article_date' => '2023-05-15 16:06:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '17866', 'article_category_id' => '1', 'title' => 'Doctors' Consultation Fees Increase by 14 Percent ', 'sub_title' => '', 'summary' => 'May 15: Nepal Medical Association (NMA) and the Association of Private Health Institution Nepal (APHIN) have reached an agreement to hike the doctors’ consultation charge by 14 percent beginning from today (May 15). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 15: Nepal Medical Association (NMA) and the Association of Private Health Institution Nepal (APHIN) have reached an agreement to hike the doctors’ consultation charge by 14 percent beginning from today (May 15). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This is the second times in two years that medical consultation fees have increased. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">NMA General Secretary Dr Sanjeev Tiwari said the latest decision to hike the fees follows on the recommendation of the Nepal Rastra Bank's Inflation and Fees Advisory Committee. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the revised fee chart, the doctors’ consultation fee has been fixed between Rs 420 to Rs 940 per patient. The fees to consult with MBBS and BDS graduates with a five-year experience has been fixed at Rs 420 while Rs 515 will be charged to seek services from those who have more than five years of experience. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the fees to see a doctor with a diploma degree and the five years of experiences has been fixed at Rs 670, while Rs 750 will be charged for an appointment with MD, MS and MDS doctors having experiences up to five years. Similarly, Rs 880 will be charged to see doctors with MD, MS and MDS degrees having more than the five years of experiences. </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"">One has to pay Rs 880 to receive the service from a doctor with DM/MCh degree with five years of experience, and Rs 940 to see those MD/MCH degree holders with experiences of more than five years. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-15', 'modified' => '2023-05-15', 'keywords' => '', 'description' => '', 'sortorder' => '17597', 'image' => '20230515023906_health sector.jpg', 'article_date' => '2023-05-15 14:38:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '17864', 'article_category_id' => '1', 'title' => 'This is How the Budget is Prepared', 'sub_title' => '', 'summary' => 'May 15: At present, the government is busy preparing the budget for the next fiscal year (FY 2023/24).', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">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:"Nirmala UI","sans-serif"">May 15: At present, the government is busy preparing the budget for the next fiscal year (FY 2023/24). According to the constitutional provisions, intensive discussions on the priorities and principles of the budget are going on in the Parliament to bring the budget for the year 2023/24 on this May 29.</span></span></span></span></p> <p><strong><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">What is the budget?</span></span></span></span></strong></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Generally, a budget is an estimate of income and expenditure. It determines how much income the government shall earn and how much it shall spend in a certain period of time. The budget cycle continues throughout the year. After determining the goals and objectives of the budget, the preparation of drafting the budget begins by analyzing the old information.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">When the government starts budgeting, it asks for plans and programs from the lower levels. The government agencies send the plan from the districts. After those plans are received by the line ministry through the concerned department, new plans are registered in the Project Bank. Projects registered in the Project Bank are included in the budget on a priority basis.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The projects and programs included in the budget are classified into P-1, P-2, P-3 and the budget is allocated based on priority.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to former Vice Chairman of the National Planning Commission Dr Pushparaj Kandel, this has to some extent discouraged the old trend of including small and petty schemes and programs directly in the budget on the basis of personal influence.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Earlier, when the government started preparing a new budget, high-ranking people and parliamentarians used to create a lot of fuss include their petty plans and programs in the budget. Now that has become somewhat discouraged.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">After the country adopted the federal system, the federal government started announcing budget on May 29, followed by the budget announcement by the state governments and then the local governments. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">While preparing the budget, the government should give priority to the fundamental rights of the people guaranteed by the constitution. By ensuring these rights, the budget is expected to develop the country, flourish industries, and create jobs within the country itself.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The Ministry of Finance, National Planning Commission and related ministries participate in the preparation of the budget. While preparing the budget, one should work according to the provisions of the Financial Procedures Act and Financial Regulations.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">There are methods and procedures for budgeting. Just because the Ministry of Finance prepares the budget doesn’t mean that the finance minister directly submits the budget in the parliament. It has its own method and process from the preparation of the budget to the time it is submitted to the parliament, and it should be followed accordingly.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The National Planning Commission sets the budget ceiling for the government in the winter. Based on that limit, the preparation of the budget gets started. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The preparation of budget includes various steps from compilation of draft forms to tabulation and study, discussions with officials of the National Planning Commission on the policies and programs of the budget, preparation of financial surveys along with discussions on income and expenditure for the budget in the ministry </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Similarly, foreign technical assistance and budget suggestions are also collected for the budget. Concerned bodies give suggestions through various means. Before unveiling the budget, the government submits the priorities and principles of the budget to the parliament. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The budget session is currently underway according to the same process.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The finance minister has to include the suggestions given by the parliamentarians in the budget. After the discussion on priorities and principles, the president on behalf of the government submits the new fiscal year's policies and programs in the Parliament.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">After that, preparations are made for the pre-budget presentation in the Parliament. The final draft of the target and progress reports of the ministries is prepared. Along with this, the final draft of the progress report of various institutes is also prepared. The report of the Revenue Advisory Committee is studied and the projects involving foreign aid are studied. The Ministry of Finance then prepares an economic survey. Expenditure estimates and topic-wise expenditure estimates are also prepared. Similarly, the preliminary draft of the expenditure estimate is prepared and the three-year expenditure is estimated.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The Ministry of Finance prepares the draft of the schedule of the finance bill, prepares the source book of projects involving foreign aid, prepares the initial draft of the budget statement, publishes the progress report of the institute, and publishes the economic survey report.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Appropriation Bill, National Debt Collection Bill, Loan and Guarantee Bill, Finance Bill and Provisional Expenditure Bill are also prepared at this time. The budget begins to take its final form after the Ministry of Finance informs the Office of the Prime Minister and Council of Ministers and the President’s Office about the budget after deciding the revenue estimates and programs.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">After the budget is made, the finance minister should brief the National Planning Commission and the Council of Ministers on the matter. After approval by the cabinet, the president is informed about the new budget. After this, the budget will be announced in the federal parliament on May 29.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">After that, discussions on the budget starts in the parliament. After the budget is passed by the majority in Parliament, the door to implement the budget opens. The budget passed by the House will be implemented from mid-July. The tax rates proposed through the budget, such as customs and excise duties, will be implemented from the day of the budget speech. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Before the promulgation of the new constitution in Nepal, it was customary to bring the budget before mid-July. But now, the budget is announced on May 29 every year so that the budget can be implemented from the first day of the new fiscal year starting from mid-July.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">However, there is a continuity of the same trend as the budget authority is not given to the implementing agencies on time, the capital budget is allocated less than the current expenditure, the capital budget is not spent according to the allocation, there is lack of clear criteria in the budget formulation, and the tendency to formulate the budget in haste is still prevalent. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Similarly, there is a tendency that all expected foreign aid in the budget is not received in reality.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Even though the Public Expenditure Review Commission established by the government has recommended to improve the expenditure system as well as the process of fixing the resources of the budget, it has not been implemented yet. The government announces that it will implement the commission's report, but it is never implemented.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">As the economic indicators are not positive at the moment, many people are interested in what kind of budget the Ministry of Finance will bring to improve the economy. Experts have been saying that there is a need to increase production in the country and a budget that will support the increase in production is the need of the moment.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">In the current situation, experts have been suggesting that a distribution-oriented and unimplementable budget cannot be justified. Even in the past, experts used to give such suggestions, but the government continued to bring distribution-oriented and unimplementable budgets.</span></span></span></span></p> <p><strong><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">History of Budget in Nepal</span></span></span></span></strong></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The tradition of presenting the annual budget started in Nepal since 1952. On February 4, 1952, the first budget was presented in Nepal according to the constitutional provisions. The budget was presented by the then Finance Minister Subarna Shumsher Rana.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The size of the budget was Rs 52.5 million.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The budget from 1952 to 1956 was focused on maintaining peace and security, revenue collection and daily administration. Since the beginning of the planned development in 1957 and the implementation of the first five-year plan in the year 1957/58, the practice of budget management started with the target of achieving the goals mentioned in the plan.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-05-15', 'modified' => '2023-05-15', 'keywords' => '', 'description' => '', 'sortorder' => '17596', 'image' => '20230515020916_1683767264.jpg', 'article_date' => '2023-05-15 14:08:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (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' => '17880', 'article_category_id' => '1', 'title' => 'Finance Minister Bats for New Financing Tools for Resource Mobilisation', 'sub_title' => 'IBN and Standard Chartered Jointly organise International Conference on Financing for Nepal', 'summary' => 'May 16: Finance Minister Dr Prakash Sharan Mahat emphasised on the importance of new financing tools that are needed for mobilising resources in addition to investments.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 16: Finance Minister Dr Prakash Sharan Mahat emphasised on the importance of new financing tools that are needed for mobilising resources in addition to investments.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Speaking at the opening session of the ‘International Conference on Financing for Nepal’ 2023 which was jointly organized by the Investment Board Nepal (IBN) and Standard Chartered Bank Nepal Limited (SCBNL) in collaboration the Society of Economic Journalists – Nepal (SEJON), Finance Minister Mahat said instead of ‘repackaging’ the resources available in the existing structures and arrangements, there is a need to look for the availability of additional resources. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He stressed on the importance of building a positive macroeconomic story for Nepal, when there are important aspects including no defaults for the country, healthy debt profile, a demographic dividend and digital penetration.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Addressing the opening session of the conference, Prime Minister and Chairman of the Investment Board Pushpa Kamal Dahal shared that this conference will present the latest financial tools and measures needed for economic and social development of the country and also reassured the government’s commitment for legal, institutional and procedural reforms to promote, facilitate and encourage private investment. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The PM also highlighted that the recommendations from national and international participants during the conference can be included in the upcoming annual fiscal budget and monetary policy.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Besides Finance Minister Dr Prakash Sharan Mahat, Chief Executive Officer (CEO) of Investment Board Nepal Sushil Bhatta; Registrar of Kathmandu University Prof Dr Achyut Wagle; CEO of Standard Chartered Bank Nepal Limited, Anirvan Ghosh Dastidar; SeniorSustainability Advisor of Standard Chartered Bank UK, Dr John Murton; and, the President of SEJON, Janardan Baral addressed the opening session.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Sushil Bhatta, CEO of the Investment Board Nepal (IBN), held the view that the returns of projects will increase with the mix of resources obtained from various financial sources and investors can also get compensated appropriately to opportunity costs.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Anirvan Ghosh Dastidar, CEO of Standard Chartered Bank Nepal Limited (SCBNL) said, “Sustainable finance can help Nepal in leveraging its potential for renewable energy by providing the necessary funding and support to help us transition towards a more sustainable and low-carbon future. We must speed up sustainable investments and increase their scope in Nepal.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, Professor Dr. Achyut Wagle stressed on the search for and use of new financing tools for Nepal to achieve its ambitious development goals as public finance has its own limitations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The recently-held conference also had technical sessions on macroeconomics of investment, legal,</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">institutional and implementation arrangements related to investment, tools and scope of financing in</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal along with resource mobilisation and disruption prevention.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The conference was attended by senior secretaries, government officials, diplomats, representatives of the development partners, private sector, banks and financial institutions, experts, researchers and academicians. </span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-05-16', 'modified' => '2023-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '17611', 'image' => '20230516050745_066A5713.jpg', 'article_date' => '2023-05-16 17:05:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '17879', 'article_category_id' => '1', 'title' => 'NEPSE Index Shows Modest Growth; Turnover Amount Shrinks to 64 Crores', 'sub_title' => '', 'summary' => 'The NEPSE index witnessed a minimal increase of 0.18% or 3.29 points, and closed at 1821.60 points on the third trading day Tuesday. A total of 269 listed companies traded their hands through 18,889 transactions worth NPR 64.1 crores today. ', 'content' => '<p><br /> <span style="font-size:18px">May 16: From some time, investors have been in wait and watch mood in the stock market. Due to this, the market has not experienced significant growth or decline. </span></p> <p><span style="font-size:18px">The market has been continuously declining for the past 21 months. Investors are not interested to sell the shares at low prices at the bottom of the bearish market. </span></p> <p><span style="font-size:18px">The bearish trend has also discouraged buyers from purchasing shares at this price. As a result, turnover amount in the Nepal Stock Exchange (NEPSE) has decreased. Nepal Stock Exchange Limited (NEPSE) re-tested the index point at 1,807 and returned today. </span></p> <p><span style="font-size:18px">Earlier, the NEPSE had tested the same index point several times. Observing the market trend on Tuesday, it appears that the market tried to reverse.</span></p> <p><span style="font-size:18px">Experts say that certain kind of policy-level change is necessary to inject confidence in the market when the market is at the bottom level. </span></p> <p><span style="font-size:18px">The NEPSE index witnessed a minimal increase of 0.18% or 3.29 points, and closed at 1821.60 points on the third trading day Tuesday. A total of 269 listed companies traded their hands through 18,889 transactions worth NPR 64.1 crores today. </span></p> <p><span style="font-size:18px">Aatmanirbhar Laghubitta Bittiya Sanstha Limited (ANLB) gained the highest 9.99% and hit the positive circuit for the day. Conversely, Mai Khola Hydropower Limited (MKHL) lost all 10% today.</span></p> <p><span style="font-size:18px">NIC Asia Bank Limited (NICA) had the highest turnover of Rs. 5.01 crores closing at a market price of Rs. 690 per share. The shares of HBL traded the most.</span></p> <p><span style="font-size:18px">Only two sector indices closed red, "Non-Life Insurance" gained the highest 0.99%, while "Others" lost the highest 0.89% today.</span></p> <p><span style="font-size:18px">The sensitive index remained stable on Tuesday, while the float index increased by 0.23 percent, and the sensitive float index increased by 0.8 percent respectively. </span><br /> </p> ', 'published' => true, 'created' => '2023-05-16', 'modified' => '2023-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '17610', 'image' => '20230516050212_collage (2).jpg', 'article_date' => '2023-05-16 16:58:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '17878', 'article_category_id' => '1', 'title' => 'Finance Committee Discusses Issues on Improving Country's Economy, Stock Exchange License ', 'sub_title' => '', 'summary' => 'May 16: The first meeting of the Finance Committee under the Federal Parliament took place on Tuesday. ', 'content' => '<p><span style="font-size:18px"><strong>May 16: The first meeting of the Finance Committee under the Federal Parliament took place on Tuesday. The committee members discussed the activities to be carried out by the government through policies, programmes and budget of the upcoming fiscal year for improving current situation of the economy.<br /> Lawmakers specially stressed on various issues including the country's current economic situation, course of action for the upcoming year's policies, programmes and budget, corruption control and good governance. During the meeting, the MPs also raised the issue of appointment of lawmakers in parliamentary committees with conflicting interest and allegations of irregularities in distribution of new license of stock exchange.<br /> Speaking at the meeting, former Finance Minister and lawmaker Bishnu Prasad Poudel urged the finance minister to implement suggestions of the parliamentary committee at a time when the country's economy is in crisis. Poudel further said the Finance Committee could provide some policy-level suggestions about the budget and the government should move ahead with the committee's support in such a difficult situation.<br /> Stating that the economy is in crisis due to the past policies and practices, another former Finance Minister and lawmaker Gyanendra Bahadur Karki mentioned that the country's economy should be improved by forming short-term, mid-term and long-term policies.<br /> Similarly, lawmaker Padam Giri stressed that the committee should inquire about the past studies and its implementation status regarding the new stock exchange and broker license.<br /> “The committee should immediately carry out a study as there is doubt of financial irregularities while granting new stock and broker license,” he opined. <br /> Likewise, lawmaker Gyan Bahadur Shahi expressed the view that the committee should be informed about the measures taken by the government to improve the economy. <br /> "The finance minister should be called in the next meeting of the committee and he should inform the committee about the measures taken by the government to improve the economy," he shared.<br /> Biraj Bhakta Shrestha and Narayan Prasad Acharya raised the issue of conflict of interest in the appointment of members to the parliamentary committee. "Conflict of interest foments policy-level corruption. Moreover, there is a conflict of interest in one or the other Finance Committee. We should consider such issues as well even for promoting fiscal good governance," Shrestha elaborated.<br /> Acharya demanded that the issue of appointment of lawmakers in the committee showing conflict of interest should be taken seriously.<br /> Narayani Sharma said that since the Finance Committee is a forum to question the present situation of the economy and seek solutions, the agendas and the topics to be discussed in the meeting should be well prioritised.<br /> MP Chhiring Damdul Lama (Bhote) stressed that the parliamentary committee members should rise above partisan lines and forge common opinion through cooperation and coordination among each other on issues of national interest. <br /> Deepak Khadka echoed Lama and stressed on making the works of the committee effective and efficient.<br /> Purna Bahadur Tamang urged the government to make some important announcements through the budget for the next fiscal year regarding increasing the use of electric vehicles and electric ovens. He stressed replacing the old taxis with electric ones in the Kathmandu Valley.<br /> Ganga Karki opined that the problems seen in the economy at present were not recent but the results of the wrong policies and working style. "Corruption, rent-seeking and commission mongering are the present problems," she said and suggested massive cut back on unnecessary expenditure. <br /> Mukta Kumari Yadav pointed out the need of presenting common suggestions through the Finance Committee for the improvement of the economy.<br /> Anjani Shrestha and Rana Kumari Balampaki Magar called for stopping youths’ exodus to foreign countries, increasing domestic production by operating factories and industries and promoting collective farming and cattle rearing for increasing production. </strong>-- RSS</span></p> ', 'published' => true, 'created' => '2023-05-16', 'modified' => '2023-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '17609', 'image' => '20230516042941_parliament building.jpg', 'article_date' => '2023-05-16 16:28:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '17877', 'article_category_id' => '1', 'title' => 'Government Preparing to Table Policies and Programmes in Parliament on May 19', 'sub_title' => '', 'summary' => 'May 16: The government is preparing to present its policies and programmes in the joint sitting of the federal parliament on May 19.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 16: The government is preparing to present its policies and programmes in the joint sitting of the federal parliament on May 19.</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"">Prime Minister Pushpa Kamal Dahal, during a meeting with the Speaker of the House of Representatives Devraj Ghimire, confirmed that the government is preparing to present the policies and progerammes within this week.</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"">During the meeting held at the PM’s official residence in Baluwatar on Tuesday, PM Dahal and Speaker Ghimire discussed about making the House business effective. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, PM Dahal also expressed happiness over various parliamentary committees holding their meetings from today (Tuesday). </span></span></span><br /> </p> ', 'published' => true, 'created' => '2023-05-16', 'modified' => '2023-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '17608', 'image' => '20230516034852_PM.jpg', 'article_date' => '2023-05-16 15:48:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '17876', 'article_category_id' => '1', 'title' => 'Australian Assistant Foreign Minister Watts Arrives in Kathmandu', 'sub_title' => '', 'summary' => 'Australian Assistant Foreign Minister, Tim Watts, has arrived on a two-day visit to Nepal, aiming to strengthen bilateral relations and celebrate cultural exchanges between the two countries.', 'content' => '<p><span style="font-size:18px">May 16: Australian Assistant Foreign Minister, Tim Watts, has arrived on a two-day visit to Nepal, aiming to strengthen bilateral relations and celebrate cultural exchanges between the two countries.</span></p> <p><span style="font-size:18px"> The highlight of his visit will be the handover ceremony of a 13th-century wooden tunala (temple strut) from Ratneshwar Temple at Sulima Square to the local community, organized at the prestigious Patan Museum. </span></p> <p><span style="font-size:18px">This significant artifact, which has been returned by the Art Gallery of New South Wales, will be represented by Director Dr Michael Brand during the handover, said a press statement issued by the Australian Embassy in Kathmandu.</span></p> <p><span style="font-size:18px">During his stay, Assistant Minister Watts will make a courtesy call on Prime Minister Pushpa Kamal Dahal and Foreign Minister Narayan Prakash Saud. </span></p> <p><span style="font-size:18px">The purpose of these meetings is to express Australia's deep appreciation for the strong cooperation and thriving people-to-people linkages between the two nations, which have spanned over 63 years of diplomatic relations. </span></p> <p><span style="font-size:18px">Notably, the Nepali community represents the fastest-growing migrant population in Australia, currently numbering around 130,000, further strengthening the ties between the two countries, the press statement reads.</span></p> <p><span style="font-size:18px">Furthermore, Assistant Minister Watts will also visit BioVac Nepal in Banepa, a state-of-the-art diagnostic and animal vaccine production facility that has benefited from technology transfer and research collaboration with Australia. </span></p> <p><span style="font-size:18px">Likewise, he will pay a visit to the Tilganga Institute of Ophthalmology (TIO), which has received unwavering support from the Australian Government and the Fred Hollows Foundation for the past three decades. </span></p> <p><span style="font-size:18px">This support has enabled TIO to provide crucial eye care services in Nepal and manufacture intraocular lenses for national and global distribution, showcasing the strong commitment to humanitarian efforts.</span></p> <p><span style="font-size:18px">Assistant Minister Watts will hand over an Australian-made Portable Altitude Chamber to the Himalayan Rescue Association. This chamber will be utilized at the Pheriche Medical Outpost and Everest ER Clinic at Everest Base Camp, ensuring effective medical assistance for climbers.</span></p> <p><span style="font-size:18px">Assistant Minister Watts' visit to Nepal is part of a broader four-country program, highlighting Australia's engagement in the region. Alongside participating in the sixth Indian Ocean Conference in Bangladesh, he will also undertake bilateral visits to Bhutan and India.</span></p> ', 'published' => true, 'created' => '2023-05-16', 'modified' => '2023-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '17607', 'image' => '20230516034028_collage (1).jpg', 'article_date' => '2023-05-16 15:38:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 5 => array( 'Article' => array( 'id' => '17875', 'article_category_id' => '1', 'title' => 'Most of the Proposals Submitted for Start-up Enterprise Loans Rejected in First Phase', 'sub_title' => '', 'summary' => 'May 16: Most of the companies that submitted project proposals for the government-backed start-up enterprise loans have been kicked out in the first stage of selection.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">May 16: Most of the companies that submitted project proposals for the government-backed start-up enterprise loans have been kicked out in the first stage of selection. Officials say that out of 382 project proposals submitted to the government, 213 proposals have been rejected in the initial stage.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In order to create an environment for start-up enterprises and provide concessional loans, the Department of Industry called for submission of project proposals on March 30. Baburam Gautam, director general of the department, said that there were many proposals that did not meet the criteria under the 'Startup Business Loan Disbursement Procedure 2079'.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Gautam said that 213 proposals submitted to the Secretariat of the Startup Enterprise Implementation Committee have been invalidated from the initial stage. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">“Now, more than half of those who submitted the proposals will not get concessional loan facilities,” added Gautam. He further said that the proposals were not selected because they could not submit all the documents as per the provisions of the procedure. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">“They were among the companies and enterprises with sole investment and more than seven years old, which are not eligible to receive startup loans as per the procedure,” Gautam said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The procedure has specified seven criteria for a start-up enterprise. According to the procedure, to get such a loan, the establishment or operation of the enterprise and business must not exceed seven years and should fulfill at least five criteria.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In the same way, there have been cases such as single business registered in the municipality, partnerships added after notification for startup loans was issued, consumer groups, names repeated in company registration, no partnership, no company registration, documents not disclosed. Among the 213 disqualified companies/enterprises, most of them were private firms with single investor and registered in the municipality as sole trading concern.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Gautam said that the proposals are being processed and the remaining 169 projects will be evaluated accordingly. According to him, this number may further decrease if it is found that the procedures and standards set by the government are not met during the evaluation and analysis of the proposals.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">This is the first time that the government has asked for proposals to provide concessional loans to startups. The government plans to provide start-up enterprise loans to 100 people in the first phase. Gautam said that it will take some more time to disburse the loan as they still have lots of work to do regarding the proposals submitted.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The department has already announced to provide concessional loans for startup enterprises in 14 different sectors. As per the notice issued by the department, loans will be provided for start-up enterprises in the fields of agriculture and livestock, forestry (herbs, forest products), tourism promotion and entertainment and hospitality, science, technology, communication and information technology, human health services.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, concessional loans will also be provided to enterprises related to education and teaching learning, convenient and safe transportation services, infrastructure construction, automobiles, traditional technology related to improvement in the process of production and service delivery, mining and mineral research and development companies, projects related to food production and processing and waste management and environment. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The government will provide a maximum loan of Rs 2.5 million by keeping the project mortgage. It is mentioned in the procedure that the loan will be provided in two installments. The entrepreneur will get 50 percent of the first installment and the second installment only after six months.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-16', 'modified' => '2023-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '17606', 'image' => '20230516020656_1684200414.startup.jpeg', 'article_date' => '2023-05-16 14:06:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '17874', 'article_category_id' => '1', 'title' => '‘India Preparing to Ban Sugar Exports’', 'sub_title' => '', 'summary' => 'May 16: Nepal imports a large amount of sugar required for domestic consumption from India. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">May 16: Nepal imports a large amount of sugar required for domestic consumption from India. But the Indian media have reported that the Indian government is now preparing to ban the export of sugar to ensure there is adequate supply for the country’s domestic market. </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"">If India bans sugar exports, it will have a big impact on Nepal.</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 direct consumption of sugar in Nepal, industries that manufacture chocolates, biscuits, sweets, ice cream, juice, beverages, bakery items and other products rely heavily in sugar imported from India.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Nepal currently needs 250,000 metric tons of sugar for direct consumption and industrial use. Sugar mills from across the country produce only 130,000 metric tons of sugar in Nepal. About 120,000 metric tons of sugar is imported from different countries, 90 percent of which is imported from India.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Omnath Maharjan, president of Nepal Biscuit Industry Association, says that since Nepal produces only half of the sugar required in the market, India's ban on exports will have a big impact.</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"">"If India bans the export of sugar when the supply of sugar in Nepal is less than the demand, it will further increase the price," 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"">According to Maharjan, if India bans sugar exports the Government of Nepal should reduce or waive the customs duty imposed on imported sugar from third countries. He said that if this happens, the price of sugar imported from third countries will decrease and the quantity will increase. This in turn will facilitate the supply chain, argues Maharjan.</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"">Similarly, Vice President of Nepal Ice Cream Industry Business Association Arniko Rajbhandari says that the ban on sugar import in India will increase the price of raw materials. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">"This will naturally increase the price of the produced goods," he said. He said that if there is a ban, the price of sugar will increase by at least 20/25 percent. He emphasized that even if India bans the export of sugar, diplomatic efforts should be made to resume the import of sugar.</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"">He added that since India has given special concessions to Nepal on some other goods in line with the ‘neighbour first policy’ and the close relations between the two countries, there is also a likelihood to expect special quota for sugar.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the Indian media, India currently has 27 million tons of sugar, which is required for its internal consumption. It has been reported that the Government of India is preparing to ban the export of sugar fearing that the price will increase in the country if there is no excess of sugar. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">This year, India will be holding elections of various state assemblies and the Lok Sabha elections will be held in 2024. The ruling party there is afraid that if the price increases, it will suffer a setback in the elections.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-05-16', 'modified' => '2023-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '17605', 'image' => '20230516010344_sugar.jpg', 'article_date' => '2023-05-16 13:03:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '17872', 'article_category_id' => '1', 'title' => 'Profits of Hotel and Tourism Companies Surge with the Increase in Arrival of Tourists', 'sub_title' => '', 'summary' => 'May 15: Five companies of the hotel and tourism group are listed in Nepal Stock Exchange (NEPSE).', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">May 15: Five companies of the hotel and tourism group are listed in Nepal Stock Exchange (NEPSE). According to the third quarterly report of the five listed companies in the current fiscal year, there has been a significant increase in the profit during compared to the third quarter of the previous year. This is due to the increase in the number of tourists along with the decline in the impacts of the Covid-19 pandemic.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The income of these five companies increased by 96 percent in the current fiscal year compared to the previous year. Last year, the companies reported a total income of Rs 1.93 billion, which climbed to more than Rs 3.79 billion in the current fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Till the third quarter of the current fiscal year, Soaltee Hotel has made the highest profit of Rs 371.1 million among the five listed companies. The hotel’s profit this year is an increase of 241.79 percent compared to the third quarter of last year. Last year, the hotel made a profit of Rs 108.5 million. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, Taragaon Regency Hotels in second in terms of profit worth Rs 238.8 million.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Oriental Hotels, which incurred a loss of Rs 105.2 million last year, earned more than Rs 60 million profits in the current year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, till the third quarter of last year, Chandragiri Hills, which had registered losses of more than Rs 15.8 million, also recorded a profit of Rs 77.7 million this year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Kalinchok Darshan Limited also earned a profit of Rs 27 million till the third quarter of the current year.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-16', 'modified' => '2023-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '17603', 'image' => '20230516114617_1684187647.hotels in nepal.jpg', 'article_date' => '2023-05-16 11:45:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '17871', 'article_category_id' => '1', 'title' => 'Nepalese Army Team Reports Successful Expedition of Mt Everest ', 'sub_title' => '', 'summary' => 'May 16: A 10-member expedition team of the Nepalese Army including five Sherpas successfully scaled Mt Everest on Monday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 16: A 10-member expedition team of the Nepalese Army including five Sherpas successfully scaled Mt Everest on Monday. The team led by Lieutenant Colonel Kishore Adhikari climbed the peak under the Clean Mountain Campaign, 2023 launched by the NA. </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"">According to Brigadier General Krishna Prasad Bhandari, spokesperson for the Nepalese Army, this is the second successful ascent of Mt Everest by Lt Col Adhikari.</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"">“He had climbed Everest a long time ago when he was a captain,” said Brigadier General Bhandari, adding, “Twenty eight Nepalese Army personnel have successfully climbed Everest till date.”</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"">The army’s cleanup campaign aims to collect wastes from four peaks including Everest and Lhotse. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Other members of the team that successfully scaled Everest on Monday were Captain Bishnubal Rai, Captain Dipendra Singh Khatri, Lance Corporal Kishore Jabegu and Corporal Shankar Kunwar who reached the top of the peak at 10: 05 am on Monday, according to NA Directorate of Public Relations and Information. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Along with the team, five Sherpas also reached the top of the world's highest peak. Prior to this, the team successfully climbed Mount Annapurna. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The campaign was launched on March 28 with Army Chief Prabhu Ram Sharma handing the 'Flag of Ceremony' to the team amidst a programme at the NA headquarters in Bhadrakali, Kathmandu. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the Campaign, the NA aims to gather around 35,000 kilograms of solid wastes from four peaks: Everest, Lhoste, Baruntse and Annapurna. So far, 32,311 kilos of waste has been collected. The Campaign will conclude on June 5 coinciding with the World Environment Day, the NA directorate said. – (With inputs from RSS)</span></span></span></p> ', 'published' => true, 'created' => '2023-05-16', 'modified' => '2023-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '17602', 'image' => '20230516104642_20230330102040_1680132652.Clipboard32.jpg', 'article_date' => '2023-05-16 10:44:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '17870', 'article_category_id' => '1', 'title' => 'Economic Crisis Should Be Tackled With New Monetary Policy and Budget: FNCCI President ', 'sub_title' => '', 'summary' => 'Chandra Prasad Dhakal, the President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), has called for an urgent action to resolve Nepal's ongoing economic crisis. ', 'content' => '<p><span style="font-size:18px">May 16: Chandra Prasad Dhakal, the President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), has called for an urgent action to resolve Nepal's ongoing economic crisis. </span></p> <p><span style="font-size:18px">Speaking at the inaugural ceremony of the Koshi Province Chapter of FNCCI on Monday, Dhakal emphasized the need to address the crisis through the implementation of new monetary policies and budget. </span></p> <p><span style="font-size:18px">Dhakal stated that while some efforts had been made in the past to address the crisis, the remaining issues could only be resolved through new policy measures.</span></p> <p><span style="font-size:18px">Dhakal further highlighted that the FNCCI had suggested several measures to improve the investment environment, attract foreign investment and address tax-related issues in the new budget. </span></p> <p><span style="font-size:18px">Dhakal stressed the need for collaboration between the government and the private sector to find sustainable solutions to the economic challenges facing the country.</span></p> <p><span style="font-size:18px">The Koshi Province committee of FNCCI, including President Rajendra Raut and other officials and members, has assumed their offices and will work.</span><br /> </p> ', 'published' => true, 'created' => '2023-05-16', 'modified' => '2023-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '17601', 'image' => '20230516062230_collage (21).jpg', 'article_date' => '2023-05-16 06:20:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '17869', 'article_category_id' => '1', 'title' => 'Government's Expenditure Surpasses Income ', 'sub_title' => '', 'summary' => 'May 15: Fiscal deficit is going up as revenue collection is minimal in comparison to the public expenditure. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 15: Fiscal deficit is going up as revenue collection is minimal in comparison to the public expenditure. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Financial Comptroller General Office (FCGO), the government's expenditure exceeds revenue collection by Rs 250 billion as of May 14 in the current fiscal year (FY 2022/23). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The public expenditure during this period was recorded at Rs 1047 billion while the revenue collection and grant received was equivalent to Rs 797 billion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The FCGO stated that the government spending in the last 10 months' period is equivalent to 58.41 percent of the annual budget appropriation. The government had brought budget of Rs 1,793.83 billion for the current fiscal year. Of this budget, the government has so far spent Rs 1047.76 billion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It is said the current expenditure is 66.49 percent, capital expenditure is 33.04 percent and the expenditure towards fiscal management is 58.79 percent as of May 14 of the current fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The budget under the current expenditure heading for the current fiscal year is Rs 1183. 23 billion and so far Rs 786.74 billion has been spent. Similarly, Rs 380.38 billion was earmarked under the development heading in the current fiscal year and of this amount, Rs 125.67 billion has been spent in the 10 months. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Looking at the status of budget spending during this period, the budget spending under the fiscal management heading exceeds that under capital heading. Altogether Rs 135.3 billion has been spend towards fiscal management. The spending under the fiscal management heading is mainly for paying the principal and interest of public debt. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government has been able to collect only over Rs 756 billion in revenues so far until May 14 against the target of over Rs 1,403 billion for the current fiscal year. The figure of collected amounts is only 54.66 percent. Only two months are left for the current fiscal year to complete.</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"">Similarly, more than Rs 4.8 billion worth of foreign grants has been received, which is only 8.66 percent against target of foreign grants worth over Rs 55.4 billion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">So far, over Rs 159 billion has been collected in income taxes against more than Rs 173 billion during the same period in the previous FY. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Also, over Rs 88.06 billion has been raised in taxes so far against more than Rs 90.6 billion during the same period in the previous FY. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As of now, more than Rs 84.1 billion has been collected in excise duties against over Rs 83.8 billion during the same period in the previous FY. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-05-15', 'modified' => '2023-05-15', 'keywords' => '', 'description' => '', 'sortorder' => '17600', 'image' => '20230515063714_budget new.jpg', 'article_date' => '2023-05-15 18:35:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '17868', 'article_category_id' => '1', 'title' => 'Two Arrested For Robbing Cooperative of Over Rs 3 Million', 'sub_title' => '', 'summary' => 'The police have apprehended two suspects in connection with the recent robbery of Rs 3 million from a community cooperative in Panauti, Kavrepalanchok district. ', 'content' => '<p><span style="font-size:18px">May 15: The police have apprehended two suspects in connection with the recent robbery of Rs 3 million from a community cooperative in Panauti, Kavrepalanchok district. </span></p> <p><span style="font-size:18px">Acting on the tip-off, Makawanpur police team arrested two suspects from Indrasarobar Rural Municipality in Makawanpur district on Monday, said Tek Bahadur Karki, spokesperson for the Makawanpur district police office.</span></p> <p><span style="font-size:18px">The police have recovered Rs 500,000 in cash, a home-made pistol and an iron rod from the arrestees. The arrested have been identified as Ashok Rumba and Akabar Lama. </span></p> <p><span style="font-size:18px">The arrested have been taken to the District Police Office Kavre for investigation, spokesperson Tek Bahadur Karki said.</span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-15', 'modified' => '2023-05-15', 'keywords' => '', 'description' => '', 'sortorder' => '17599', 'image' => '20230515060133_robbery.jpg', 'article_date' => '2023-05-15 17:59:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '17867', 'article_category_id' => '1', 'title' => 'Rising Government Expenses and Falling Revenue Collection Cause Financial Deficit', 'sub_title' => '', 'summary' => 'In comparison to government expenses, financial deficits have increased as revenue collection has decreased.', 'content' => '<p><span style="font-size:18px">May 15: In comparison to government expenses, financial deficits have increased as revenue collection has decreased.</span></p> <p><span style="font-size:18px">According to the Financial Comptroller General Office, until mid-May (the end of Baisakh) in the current fiscal year 2022/2023, government expenses have increased by more than NPR 250 billion compared to the government's revenue income.</span></p> <p><span style="font-size:18px">During this period, while government expenses stood at NPR 1047 billion, revenue collection and grants received were only around 797 billion rupees.</span></p> <p><span style="font-size:18px">According to the Office of the Financial Comptroller General, the government has spent 58.41 percent of the annual budget appropriation in 10 months of the current fiscal year. The government had presented a budget of NPR 1793.82 billion for the current fiscal year, of which around NPR 1047 billion has been spent so far.</span></p> <p><span style="font-size:18px">Until mid-May, the current expenditure is 66.49%, the capital expenditure is 33.04%, and the financial management expenditure is 58.79%.</span></p> <p><span style="font-size:18px">For the current fiscal year, a budget of NPR 1,183.23 billion was allocated in the current expenditure title, and so far, NPR 786.74 billion has been spent.</span></p> <p><span style="font-size:18px">Similarly, the development budget of NPR 380.38 billion has been allocated for the current fiscal year, and only NPR. 125.67 billion has been spent in the first ten months.</span></p> <p><span style="font-size:18px">Looking at the budget expenditure of the first ten months of the current fiscal year, the financial management budget is significantly higher than the capital expenditure.</span></p> <p><span style="font-size:18px">Till the mid-May, the government has spent a total of NPR 135 billion in financial management. The expenses under financial management are spent on paying the principal and interest of the government loan.</span></p> <p><span style="font-size:18px">Until mid-May, the government's target for annual revenue collection is 54.66 percent. The government has set a target of collecting Rs. 1403.14 billion in domestic revenue for the current fiscal year, but so far, only Rs. 756.25 billion has been collected.</span></p> <p><span style="font-size:18px">Similarly, the government had set a target of receiving foreign aid equivalent to Rs. 55.45 billion for the current fiscal year, but until mid-May only Rs. 4.80 billion, or 8.66 percent of the target, has been received.</span></p> <p><span style="font-size:18px">Compared to the same period of the previous fiscal year, income tax and value-added tax (VAT) have decreased, while excise revenue has increased.</span></p> <p><span style="font-size:18px">During the current fiscal year until mid-May, revenue collection from income tax has reached NPR 159.5 billion, which is lower than the previous fiscal year's collection of NPR 173.40 billion during the same period.</span></p> <p><span style="font-size:18px">Similarly, the collection of VAT has also decreased compared to the previous year. Until mid-May in the previous fiscal year, VAT collection was NPR 90.68 billion, whereas in the current fiscal year, it is NPR 88.67 billion.</span></p> <p><span style="font-size:18px">However, revenue collection under from excise duty has slightly increased compared to the previous year. Revenue collection from excise duty increased to NPR 84.11 billion from last year’s NPR 83.88 billion until mid-May.</span></p> ', 'published' => true, 'created' => '2023-05-15', 'modified' => '2023-05-15', 'keywords' => '', 'description' => '', 'sortorder' => '17598', 'image' => '20230515041232_collage (9).jpg', 'article_date' => '2023-05-15 16:06:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '17866', 'article_category_id' => '1', 'title' => 'Doctors' Consultation Fees Increase by 14 Percent ', 'sub_title' => '', 'summary' => 'May 15: Nepal Medical Association (NMA) and the Association of Private Health Institution Nepal (APHIN) have reached an agreement to hike the doctors’ consultation charge by 14 percent beginning from today (May 15). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 15: Nepal Medical Association (NMA) and the Association of Private Health Institution Nepal (APHIN) have reached an agreement to hike the doctors’ consultation charge by 14 percent beginning from today (May 15). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This is the second times in two years that medical consultation fees have increased. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">NMA General Secretary Dr Sanjeev Tiwari said the latest decision to hike the fees follows on the recommendation of the Nepal Rastra Bank's Inflation and Fees Advisory Committee. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the revised fee chart, the doctors’ consultation fee has been fixed between Rs 420 to Rs 940 per patient. The fees to consult with MBBS and BDS graduates with a five-year experience has been fixed at Rs 420 while Rs 515 will be charged to seek services from those who have more than five years of experience. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the fees to see a doctor with a diploma degree and the five years of experiences has been fixed at Rs 670, while Rs 750 will be charged for an appointment with MD, MS and MDS doctors having experiences up to five years. Similarly, Rs 880 will be charged to see doctors with MD, MS and MDS degrees having more than the five years of experiences. </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"">One has to pay Rs 880 to receive the service from a doctor with DM/MCh degree with five years of experience, and Rs 940 to see those MD/MCH degree holders with experiences of more than five years. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-15', 'modified' => '2023-05-15', 'keywords' => '', 'description' => '', 'sortorder' => '17597', 'image' => '20230515023906_health sector.jpg', 'article_date' => '2023-05-15 14:38:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '17864', 'article_category_id' => '1', 'title' => 'This is How the Budget is Prepared', 'sub_title' => '', 'summary' => 'May 15: At present, the government is busy preparing the budget for the next fiscal year (FY 2023/24).', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">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:"Nirmala UI","sans-serif"">May 15: At present, the government is busy preparing the budget for the next fiscal year (FY 2023/24). According to the constitutional provisions, intensive discussions on the priorities and principles of the budget are going on in the Parliament to bring the budget for the year 2023/24 on this May 29.</span></span></span></span></p> <p><strong><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">What is the budget?</span></span></span></span></strong></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Generally, a budget is an estimate of income and expenditure. It determines how much income the government shall earn and how much it shall spend in a certain period of time. The budget cycle continues throughout the year. After determining the goals and objectives of the budget, the preparation of drafting the budget begins by analyzing the old information.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">When the government starts budgeting, it asks for plans and programs from the lower levels. The government agencies send the plan from the districts. After those plans are received by the line ministry through the concerned department, new plans are registered in the Project Bank. Projects registered in the Project Bank are included in the budget on a priority basis.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The projects and programs included in the budget are classified into P-1, P-2, P-3 and the budget is allocated based on priority.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to former Vice Chairman of the National Planning Commission Dr Pushparaj Kandel, this has to some extent discouraged the old trend of including small and petty schemes and programs directly in the budget on the basis of personal influence.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Earlier, when the government started preparing a new budget, high-ranking people and parliamentarians used to create a lot of fuss include their petty plans and programs in the budget. Now that has become somewhat discouraged.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">After the country adopted the federal system, the federal government started announcing budget on May 29, followed by the budget announcement by the state governments and then the local governments. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">While preparing the budget, the government should give priority to the fundamental rights of the people guaranteed by the constitution. By ensuring these rights, the budget is expected to develop the country, flourish industries, and create jobs within the country itself.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The Ministry of Finance, National Planning Commission and related ministries participate in the preparation of the budget. While preparing the budget, one should work according to the provisions of the Financial Procedures Act and Financial Regulations.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">There are methods and procedures for budgeting. Just because the Ministry of Finance prepares the budget doesn’t mean that the finance minister directly submits the budget in the parliament. It has its own method and process from the preparation of the budget to the time it is submitted to the parliament, and it should be followed accordingly.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The National Planning Commission sets the budget ceiling for the government in the winter. Based on that limit, the preparation of the budget gets started. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The preparation of budget includes various steps from compilation of draft forms to tabulation and study, discussions with officials of the National Planning Commission on the policies and programs of the budget, preparation of financial surveys along with discussions on income and expenditure for the budget in the ministry </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Similarly, foreign technical assistance and budget suggestions are also collected for the budget. Concerned bodies give suggestions through various means. Before unveiling the budget, the government submits the priorities and principles of the budget to the parliament. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The budget session is currently underway according to the same process.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The finance minister has to include the suggestions given by the parliamentarians in the budget. After the discussion on priorities and principles, the president on behalf of the government submits the new fiscal year's policies and programs in the Parliament.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">After that, preparations are made for the pre-budget presentation in the Parliament. The final draft of the target and progress reports of the ministries is prepared. Along with this, the final draft of the progress report of various institutes is also prepared. The report of the Revenue Advisory Committee is studied and the projects involving foreign aid are studied. The Ministry of Finance then prepares an economic survey. Expenditure estimates and topic-wise expenditure estimates are also prepared. Similarly, the preliminary draft of the expenditure estimate is prepared and the three-year expenditure is estimated.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The Ministry of Finance prepares the draft of the schedule of the finance bill, prepares the source book of projects involving foreign aid, prepares the initial draft of the budget statement, publishes the progress report of the institute, and publishes the economic survey report.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Appropriation Bill, National Debt Collection Bill, Loan and Guarantee Bill, Finance Bill and Provisional Expenditure Bill are also prepared at this time. The budget begins to take its final form after the Ministry of Finance informs the Office of the Prime Minister and Council of Ministers and the President’s Office about the budget after deciding the revenue estimates and programs.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">After the budget is made, the finance minister should brief the National Planning Commission and the Council of Ministers on the matter. After approval by the cabinet, the president is informed about the new budget. After this, the budget will be announced in the federal parliament on May 29.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">After that, discussions on the budget starts in the parliament. After the budget is passed by the majority in Parliament, the door to implement the budget opens. The budget passed by the House will be implemented from mid-July. The tax rates proposed through the budget, such as customs and excise duties, will be implemented from the day of the budget speech. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Before the promulgation of the new constitution in Nepal, it was customary to bring the budget before mid-July. But now, the budget is announced on May 29 every year so that the budget can be implemented from the first day of the new fiscal year starting from mid-July.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">However, there is a continuity of the same trend as the budget authority is not given to the implementing agencies on time, the capital budget is allocated less than the current expenditure, the capital budget is not spent according to the allocation, there is lack of clear criteria in the budget formulation, and the tendency to formulate the budget in haste is still prevalent. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Similarly, there is a tendency that all expected foreign aid in the budget is not received in reality.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Even though the Public Expenditure Review Commission established by the government has recommended to improve the expenditure system as well as the process of fixing the resources of the budget, it has not been implemented yet. The government announces that it will implement the commission's report, but it is never implemented.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">As the economic indicators are not positive at the moment, many people are interested in what kind of budget the Ministry of Finance will bring to improve the economy. Experts have been saying that there is a need to increase production in the country and a budget that will support the increase in production is the need of the moment.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">In the current situation, experts have been suggesting that a distribution-oriented and unimplementable budget cannot be justified. Even in the past, experts used to give such suggestions, but the government continued to bring distribution-oriented and unimplementable budgets.</span></span></span></span></p> <p><strong><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">History of Budget in Nepal</span></span></span></span></strong></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The tradition of presenting the annual budget started in Nepal since 1952. On February 4, 1952, the first budget was presented in Nepal according to the constitutional provisions. The budget was presented by the then Finance Minister Subarna Shumsher Rana.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The size of the budget was Rs 52.5 million.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The budget from 1952 to 1956 was focused on maintaining peace and security, revenue collection and daily administration. Since the beginning of the planned development in 1957 and the implementation of the first five-year plan in the year 1957/58, the practice of budget management started with the target of achieving the goals mentioned in the plan.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-05-15', 'modified' => '2023-05-15', 'keywords' => '', 'description' => '', 'sortorder' => '17596', 'image' => '20230515020916_1683767264.jpg', 'article_date' => '2023-05-15 14:08:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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Registrar of Kathmandu University Prof Dr Achyut Wagle; CEO of Standard Chartered Bank Nepal Limited, Anirvan Ghosh Dastidar; SeniorSustainability Advisor of Standard Chartered Bank UK, Dr John Murton; and, the President of SEJON, Janardan Baral addressed the opening session.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Sushil Bhatta, CEO of the Investment Board Nepal (IBN), held the view that the returns of projects will increase with the mix of resources obtained from various financial sources and investors can also get compensated appropriately to opportunity costs.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Anirvan Ghosh Dastidar, CEO of Standard Chartered Bank Nepal Limited (SCBNL) said, “Sustainable finance can help Nepal in leveraging its potential for renewable energy by providing the necessary funding and support to help us transition towards a more sustainable and low-carbon future. We must speed up sustainable investments and increase their scope in Nepal.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, Professor Dr. Achyut Wagle stressed on the search for and use of new financing tools for Nepal to achieve its ambitious development goals as public finance has its own limitations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The recently-held conference also had technical sessions on macroeconomics of investment, legal,</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">institutional and implementation arrangements related to investment, tools and scope of financing in</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal along with resource mobilisation and disruption prevention.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The conference was attended by senior secretaries, government officials, diplomats, representatives of the development partners, private sector, banks and financial institutions, experts, researchers and academicians. </span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-05-16', 'modified' => '2023-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '17611', 'image' => '20230516050745_066A5713.jpg', 'article_date' => '2023-05-16 17:05:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '17879', 'article_category_id' => '1', 'title' => 'NEPSE Index Shows Modest Growth; Turnover Amount Shrinks to 64 Crores', 'sub_title' => '', 'summary' => 'The NEPSE index witnessed a minimal increase of 0.18% or 3.29 points, and closed at 1821.60 points on the third trading day Tuesday. A total of 269 listed companies traded their hands through 18,889 transactions worth NPR 64.1 crores today. ', 'content' => '<p><br /> <span style="font-size:18px">May 16: From some time, investors have been in wait and watch mood in the stock market. Due to this, the market has not experienced significant growth or decline. </span></p> <p><span style="font-size:18px">The market has been continuously declining for the past 21 months. Investors are not interested to sell the shares at low prices at the bottom of the bearish market. </span></p> <p><span style="font-size:18px">The bearish trend has also discouraged buyers from purchasing shares at this price. As a result, turnover amount in the Nepal Stock Exchange (NEPSE) has decreased. Nepal Stock Exchange Limited (NEPSE) re-tested the index point at 1,807 and returned today. </span></p> <p><span style="font-size:18px">Earlier, the NEPSE had tested the same index point several times. Observing the market trend on Tuesday, it appears that the market tried to reverse.</span></p> <p><span style="font-size:18px">Experts say that certain kind of policy-level change is necessary to inject confidence in the market when the market is at the bottom level. </span></p> <p><span style="font-size:18px">The NEPSE index witnessed a minimal increase of 0.18% or 3.29 points, and closed at 1821.60 points on the third trading day Tuesday. A total of 269 listed companies traded their hands through 18,889 transactions worth NPR 64.1 crores today. </span></p> <p><span style="font-size:18px">Aatmanirbhar Laghubitta Bittiya Sanstha Limited (ANLB) gained the highest 9.99% and hit the positive circuit for the day. Conversely, Mai Khola Hydropower Limited (MKHL) lost all 10% today.</span></p> <p><span style="font-size:18px">NIC Asia Bank Limited (NICA) had the highest turnover of Rs. 5.01 crores closing at a market price of Rs. 690 per share. The shares of HBL traded the most.</span></p> <p><span style="font-size:18px">Only two sector indices closed red, "Non-Life Insurance" gained the highest 0.99%, while "Others" lost the highest 0.89% today.</span></p> <p><span style="font-size:18px">The sensitive index remained stable on Tuesday, while the float index increased by 0.23 percent, and the sensitive float index increased by 0.8 percent respectively. </span><br /> </p> ', 'published' => true, 'created' => '2023-05-16', 'modified' => '2023-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '17610', 'image' => '20230516050212_collage (2).jpg', 'article_date' => '2023-05-16 16:58:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '17878', 'article_category_id' => '1', 'title' => 'Finance Committee Discusses Issues on Improving Country's Economy, Stock Exchange License ', 'sub_title' => '', 'summary' => 'May 16: The first meeting of the Finance Committee under the Federal Parliament took place on Tuesday. ', 'content' => '<p><span style="font-size:18px"><strong>May 16: The first meeting of the Finance Committee under the Federal Parliament took place on Tuesday. The committee members discussed the activities to be carried out by the government through policies, programmes and budget of the upcoming fiscal year for improving current situation of the economy.<br /> Lawmakers specially stressed on various issues including the country's current economic situation, course of action for the upcoming year's policies, programmes and budget, corruption control and good governance. During the meeting, the MPs also raised the issue of appointment of lawmakers in parliamentary committees with conflicting interest and allegations of irregularities in distribution of new license of stock exchange.<br /> Speaking at the meeting, former Finance Minister and lawmaker Bishnu Prasad Poudel urged the finance minister to implement suggestions of the parliamentary committee at a time when the country's economy is in crisis. Poudel further said the Finance Committee could provide some policy-level suggestions about the budget and the government should move ahead with the committee's support in such a difficult situation.<br /> Stating that the economy is in crisis due to the past policies and practices, another former Finance Minister and lawmaker Gyanendra Bahadur Karki mentioned that the country's economy should be improved by forming short-term, mid-term and long-term policies.<br /> Similarly, lawmaker Padam Giri stressed that the committee should inquire about the past studies and its implementation status regarding the new stock exchange and broker license.<br /> “The committee should immediately carry out a study as there is doubt of financial irregularities while granting new stock and broker license,” he opined. <br /> Likewise, lawmaker Gyan Bahadur Shahi expressed the view that the committee should be informed about the measures taken by the government to improve the economy. <br /> "The finance minister should be called in the next meeting of the committee and he should inform the committee about the measures taken by the government to improve the economy," he shared.<br /> Biraj Bhakta Shrestha and Narayan Prasad Acharya raised the issue of conflict of interest in the appointment of members to the parliamentary committee. "Conflict of interest foments policy-level corruption. Moreover, there is a conflict of interest in one or the other Finance Committee. We should consider such issues as well even for promoting fiscal good governance," Shrestha elaborated.<br /> Acharya demanded that the issue of appointment of lawmakers in the committee showing conflict of interest should be taken seriously.<br /> Narayani Sharma said that since the Finance Committee is a forum to question the present situation of the economy and seek solutions, the agendas and the topics to be discussed in the meeting should be well prioritised.<br /> MP Chhiring Damdul Lama (Bhote) stressed that the parliamentary committee members should rise above partisan lines and forge common opinion through cooperation and coordination among each other on issues of national interest. <br /> Deepak Khadka echoed Lama and stressed on making the works of the committee effective and efficient.<br /> Purna Bahadur Tamang urged the government to make some important announcements through the budget for the next fiscal year regarding increasing the use of electric vehicles and electric ovens. He stressed replacing the old taxis with electric ones in the Kathmandu Valley.<br /> Ganga Karki opined that the problems seen in the economy at present were not recent but the results of the wrong policies and working style. "Corruption, rent-seeking and commission mongering are the present problems," she said and suggested massive cut back on unnecessary expenditure. <br /> Mukta Kumari Yadav pointed out the need of presenting common suggestions through the Finance Committee for the improvement of the economy.<br /> Anjani Shrestha and Rana Kumari Balampaki Magar called for stopping youths’ exodus to foreign countries, increasing domestic production by operating factories and industries and promoting collective farming and cattle rearing for increasing production. </strong>-- RSS</span></p> ', 'published' => true, 'created' => '2023-05-16', 'modified' => '2023-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '17609', 'image' => '20230516042941_parliament building.jpg', 'article_date' => '2023-05-16 16:28:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '17877', 'article_category_id' => '1', 'title' => 'Government Preparing to Table Policies and Programmes in Parliament on May 19', 'sub_title' => '', 'summary' => 'May 16: The government is preparing to present its policies and programmes in the joint sitting of the federal parliament on May 19.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 16: The government is preparing to present its policies and programmes in the joint sitting of the federal parliament on May 19.</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"">Prime Minister Pushpa Kamal Dahal, during a meeting with the Speaker of the House of Representatives Devraj Ghimire, confirmed that the government is preparing to present the policies and progerammes within this week.</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"">During the meeting held at the PM’s official residence in Baluwatar on Tuesday, PM Dahal and Speaker Ghimire discussed about making the House business effective. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, PM Dahal also expressed happiness over various parliamentary committees holding their meetings from today (Tuesday). </span></span></span><br /> </p> ', 'published' => true, 'created' => '2023-05-16', 'modified' => '2023-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '17608', 'image' => '20230516034852_PM.jpg', 'article_date' => '2023-05-16 15:48:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '17876', 'article_category_id' => '1', 'title' => 'Australian Assistant Foreign Minister Watts Arrives in Kathmandu', 'sub_title' => '', 'summary' => 'Australian Assistant Foreign Minister, Tim Watts, has arrived on a two-day visit to Nepal, aiming to strengthen bilateral relations and celebrate cultural exchanges between the two countries.', 'content' => '<p><span style="font-size:18px">May 16: Australian Assistant Foreign Minister, Tim Watts, has arrived on a two-day visit to Nepal, aiming to strengthen bilateral relations and celebrate cultural exchanges between the two countries.</span></p> <p><span style="font-size:18px"> The highlight of his visit will be the handover ceremony of a 13th-century wooden tunala (temple strut) from Ratneshwar Temple at Sulima Square to the local community, organized at the prestigious Patan Museum. </span></p> <p><span style="font-size:18px">This significant artifact, which has been returned by the Art Gallery of New South Wales, will be represented by Director Dr Michael Brand during the handover, said a press statement issued by the Australian Embassy in Kathmandu.</span></p> <p><span style="font-size:18px">During his stay, Assistant Minister Watts will make a courtesy call on Prime Minister Pushpa Kamal Dahal and Foreign Minister Narayan Prakash Saud. </span></p> <p><span style="font-size:18px">The purpose of these meetings is to express Australia's deep appreciation for the strong cooperation and thriving people-to-people linkages between the two nations, which have spanned over 63 years of diplomatic relations. </span></p> <p><span style="font-size:18px">Notably, the Nepali community represents the fastest-growing migrant population in Australia, currently numbering around 130,000, further strengthening the ties between the two countries, the press statement reads.</span></p> <p><span style="font-size:18px">Furthermore, Assistant Minister Watts will also visit BioVac Nepal in Banepa, a state-of-the-art diagnostic and animal vaccine production facility that has benefited from technology transfer and research collaboration with Australia. </span></p> <p><span style="font-size:18px">Likewise, he will pay a visit to the Tilganga Institute of Ophthalmology (TIO), which has received unwavering support from the Australian Government and the Fred Hollows Foundation for the past three decades. </span></p> <p><span style="font-size:18px">This support has enabled TIO to provide crucial eye care services in Nepal and manufacture intraocular lenses for national and global distribution, showcasing the strong commitment to humanitarian efforts.</span></p> <p><span style="font-size:18px">Assistant Minister Watts will hand over an Australian-made Portable Altitude Chamber to the Himalayan Rescue Association. This chamber will be utilized at the Pheriche Medical Outpost and Everest ER Clinic at Everest Base Camp, ensuring effective medical assistance for climbers.</span></p> <p><span style="font-size:18px">Assistant Minister Watts' visit to Nepal is part of a broader four-country program, highlighting Australia's engagement in the region. Alongside participating in the sixth Indian Ocean Conference in Bangladesh, he will also undertake bilateral visits to Bhutan and India.</span></p> ', 'published' => true, 'created' => '2023-05-16', 'modified' => '2023-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '17607', 'image' => '20230516034028_collage (1).jpg', 'article_date' => '2023-05-16 15:38:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 5 => array( 'Article' => array( 'id' => '17875', 'article_category_id' => '1', 'title' => 'Most of the Proposals Submitted for Start-up Enterprise Loans Rejected in First Phase', 'sub_title' => '', 'summary' => 'May 16: Most of the companies that submitted project proposals for the government-backed start-up enterprise loans have been kicked out in the first stage of selection.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">May 16: Most of the companies that submitted project proposals for the government-backed start-up enterprise loans have been kicked out in the first stage of selection. Officials say that out of 382 project proposals submitted to the government, 213 proposals have been rejected in the initial stage.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In order to create an environment for start-up enterprises and provide concessional loans, the Department of Industry called for submission of project proposals on March 30. Baburam Gautam, director general of the department, said that there were many proposals that did not meet the criteria under the 'Startup Business Loan Disbursement Procedure 2079'.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Gautam said that 213 proposals submitted to the Secretariat of the Startup Enterprise Implementation Committee have been invalidated from the initial stage. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">“Now, more than half of those who submitted the proposals will not get concessional loan facilities,” added Gautam. He further said that the proposals were not selected because they could not submit all the documents as per the provisions of the procedure. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">“They were among the companies and enterprises with sole investment and more than seven years old, which are not eligible to receive startup loans as per the procedure,” Gautam said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The procedure has specified seven criteria for a start-up enterprise. According to the procedure, to get such a loan, the establishment or operation of the enterprise and business must not exceed seven years and should fulfill at least five criteria.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In the same way, there have been cases such as single business registered in the municipality, partnerships added after notification for startup loans was issued, consumer groups, names repeated in company registration, no partnership, no company registration, documents not disclosed. Among the 213 disqualified companies/enterprises, most of them were private firms with single investor and registered in the municipality as sole trading concern.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Gautam said that the proposals are being processed and the remaining 169 projects will be evaluated accordingly. According to him, this number may further decrease if it is found that the procedures and standards set by the government are not met during the evaluation and analysis of the proposals.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">This is the first time that the government has asked for proposals to provide concessional loans to startups. The government plans to provide start-up enterprise loans to 100 people in the first phase. Gautam said that it will take some more time to disburse the loan as they still have lots of work to do regarding the proposals submitted.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The department has already announced to provide concessional loans for startup enterprises in 14 different sectors. As per the notice issued by the department, loans will be provided for start-up enterprises in the fields of agriculture and livestock, forestry (herbs, forest products), tourism promotion and entertainment and hospitality, science, technology, communication and information technology, human health services.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, concessional loans will also be provided to enterprises related to education and teaching learning, convenient and safe transportation services, infrastructure construction, automobiles, traditional technology related to improvement in the process of production and service delivery, mining and mineral research and development companies, projects related to food production and processing and waste management and environment. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The government will provide a maximum loan of Rs 2.5 million by keeping the project mortgage. It is mentioned in the procedure that the loan will be provided in two installments. The entrepreneur will get 50 percent of the first installment and the second installment only after six months.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-16', 'modified' => '2023-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '17606', 'image' => '20230516020656_1684200414.startup.jpeg', 'article_date' => '2023-05-16 14:06:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '17874', 'article_category_id' => '1', 'title' => '‘India Preparing to Ban Sugar Exports’', 'sub_title' => '', 'summary' => 'May 16: Nepal imports a large amount of sugar required for domestic consumption from India. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">May 16: Nepal imports a large amount of sugar required for domestic consumption from India. But the Indian media have reported that the Indian government is now preparing to ban the export of sugar to ensure there is adequate supply for the country’s domestic market. </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"">If India bans sugar exports, it will have a big impact on Nepal.</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 direct consumption of sugar in Nepal, industries that manufacture chocolates, biscuits, sweets, ice cream, juice, beverages, bakery items and other products rely heavily in sugar imported from India.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Nepal currently needs 250,000 metric tons of sugar for direct consumption and industrial use. Sugar mills from across the country produce only 130,000 metric tons of sugar in Nepal. About 120,000 metric tons of sugar is imported from different countries, 90 percent of which is imported from India.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Omnath Maharjan, president of Nepal Biscuit Industry Association, says that since Nepal produces only half of the sugar required in the market, India's ban on exports will have a big impact.</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"">"If India bans the export of sugar when the supply of sugar in Nepal is less than the demand, it will further increase the price," 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"">According to Maharjan, if India bans sugar exports the Government of Nepal should reduce or waive the customs duty imposed on imported sugar from third countries. He said that if this happens, the price of sugar imported from third countries will decrease and the quantity will increase. This in turn will facilitate the supply chain, argues Maharjan.</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"">Similarly, Vice President of Nepal Ice Cream Industry Business Association Arniko Rajbhandari says that the ban on sugar import in India will increase the price of raw materials. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">"This will naturally increase the price of the produced goods," he said. He said that if there is a ban, the price of sugar will increase by at least 20/25 percent. He emphasized that even if India bans the export of sugar, diplomatic efforts should be made to resume the import of sugar.</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"">He added that since India has given special concessions to Nepal on some other goods in line with the ‘neighbour first policy’ and the close relations between the two countries, there is also a likelihood to expect special quota for sugar.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the Indian media, India currently has 27 million tons of sugar, which is required for its internal consumption. It has been reported that the Government of India is preparing to ban the export of sugar fearing that the price will increase in the country if there is no excess of sugar. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">This year, India will be holding elections of various state assemblies and the Lok Sabha elections will be held in 2024. The ruling party there is afraid that if the price increases, it will suffer a setback in the elections.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-05-16', 'modified' => '2023-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '17605', 'image' => '20230516010344_sugar.jpg', 'article_date' => '2023-05-16 13:03:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '17872', 'article_category_id' => '1', 'title' => 'Profits of Hotel and Tourism Companies Surge with the Increase in Arrival of Tourists', 'sub_title' => '', 'summary' => 'May 15: Five companies of the hotel and tourism group are listed in Nepal Stock Exchange (NEPSE).', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">May 15: Five companies of the hotel and tourism group are listed in Nepal Stock Exchange (NEPSE). According to the third quarterly report of the five listed companies in the current fiscal year, there has been a significant increase in the profit during compared to the third quarter of the previous year. This is due to the increase in the number of tourists along with the decline in the impacts of the Covid-19 pandemic.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The income of these five companies increased by 96 percent in the current fiscal year compared to the previous year. Last year, the companies reported a total income of Rs 1.93 billion, which climbed to more than Rs 3.79 billion in the current fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Till the third quarter of the current fiscal year, Soaltee Hotel has made the highest profit of Rs 371.1 million among the five listed companies. The hotel’s profit this year is an increase of 241.79 percent compared to the third quarter of last year. Last year, the hotel made a profit of Rs 108.5 million. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, Taragaon Regency Hotels in second in terms of profit worth Rs 238.8 million.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Oriental Hotels, which incurred a loss of Rs 105.2 million last year, earned more than Rs 60 million profits in the current year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, till the third quarter of last year, Chandragiri Hills, which had registered losses of more than Rs 15.8 million, also recorded a profit of Rs 77.7 million this year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Kalinchok Darshan Limited also earned a profit of Rs 27 million till the third quarter of the current year.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-16', 'modified' => '2023-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '17603', 'image' => '20230516114617_1684187647.hotels in nepal.jpg', 'article_date' => '2023-05-16 11:45:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '17871', 'article_category_id' => '1', 'title' => 'Nepalese Army Team Reports Successful Expedition of Mt Everest ', 'sub_title' => '', 'summary' => 'May 16: A 10-member expedition team of the Nepalese Army including five Sherpas successfully scaled Mt Everest on Monday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 16: A 10-member expedition team of the Nepalese Army including five Sherpas successfully scaled Mt Everest on Monday. The team led by Lieutenant Colonel Kishore Adhikari climbed the peak under the Clean Mountain Campaign, 2023 launched by the NA. </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"">According to Brigadier General Krishna Prasad Bhandari, spokesperson for the Nepalese Army, this is the second successful ascent of Mt Everest by Lt Col Adhikari.</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"">“He had climbed Everest a long time ago when he was a captain,” said Brigadier General Bhandari, adding, “Twenty eight Nepalese Army personnel have successfully climbed Everest till date.”</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"">The army’s cleanup campaign aims to collect wastes from four peaks including Everest and Lhotse. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Other members of the team that successfully scaled Everest on Monday were Captain Bishnubal Rai, Captain Dipendra Singh Khatri, Lance Corporal Kishore Jabegu and Corporal Shankar Kunwar who reached the top of the peak at 10: 05 am on Monday, according to NA Directorate of Public Relations and Information. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Along with the team, five Sherpas also reached the top of the world's highest peak. Prior to this, the team successfully climbed Mount Annapurna. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The campaign was launched on March 28 with Army Chief Prabhu Ram Sharma handing the 'Flag of Ceremony' to the team amidst a programme at the NA headquarters in Bhadrakali, Kathmandu. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the Campaign, the NA aims to gather around 35,000 kilograms of solid wastes from four peaks: Everest, Lhoste, Baruntse and Annapurna. So far, 32,311 kilos of waste has been collected. The Campaign will conclude on June 5 coinciding with the World Environment Day, the NA directorate said. – (With inputs from RSS)</span></span></span></p> ', 'published' => true, 'created' => '2023-05-16', 'modified' => '2023-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '17602', 'image' => '20230516104642_20230330102040_1680132652.Clipboard32.jpg', 'article_date' => '2023-05-16 10:44:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '17870', 'article_category_id' => '1', 'title' => 'Economic Crisis Should Be Tackled With New Monetary Policy and Budget: FNCCI President ', 'sub_title' => '', 'summary' => 'Chandra Prasad Dhakal, the President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), has called for an urgent action to resolve Nepal's ongoing economic crisis. ', 'content' => '<p><span style="font-size:18px">May 16: Chandra Prasad Dhakal, the President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), has called for an urgent action to resolve Nepal's ongoing economic crisis. </span></p> <p><span style="font-size:18px">Speaking at the inaugural ceremony of the Koshi Province Chapter of FNCCI on Monday, Dhakal emphasized the need to address the crisis through the implementation of new monetary policies and budget. </span></p> <p><span style="font-size:18px">Dhakal stated that while some efforts had been made in the past to address the crisis, the remaining issues could only be resolved through new policy measures.</span></p> <p><span style="font-size:18px">Dhakal further highlighted that the FNCCI had suggested several measures to improve the investment environment, attract foreign investment and address tax-related issues in the new budget. </span></p> <p><span style="font-size:18px">Dhakal stressed the need for collaboration between the government and the private sector to find sustainable solutions to the economic challenges facing the country.</span></p> <p><span style="font-size:18px">The Koshi Province committee of FNCCI, including President Rajendra Raut and other officials and members, has assumed their offices and will work.</span><br /> </p> ', 'published' => true, 'created' => '2023-05-16', 'modified' => '2023-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '17601', 'image' => '20230516062230_collage (21).jpg', 'article_date' => '2023-05-16 06:20:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '17869', 'article_category_id' => '1', 'title' => 'Government's Expenditure Surpasses Income ', 'sub_title' => '', 'summary' => 'May 15: Fiscal deficit is going up as revenue collection is minimal in comparison to the public expenditure. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 15: Fiscal deficit is going up as revenue collection is minimal in comparison to the public expenditure. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Financial Comptroller General Office (FCGO), the government's expenditure exceeds revenue collection by Rs 250 billion as of May 14 in the current fiscal year (FY 2022/23). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The public expenditure during this period was recorded at Rs 1047 billion while the revenue collection and grant received was equivalent to Rs 797 billion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The FCGO stated that the government spending in the last 10 months' period is equivalent to 58.41 percent of the annual budget appropriation. The government had brought budget of Rs 1,793.83 billion for the current fiscal year. Of this budget, the government has so far spent Rs 1047.76 billion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It is said the current expenditure is 66.49 percent, capital expenditure is 33.04 percent and the expenditure towards fiscal management is 58.79 percent as of May 14 of the current fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The budget under the current expenditure heading for the current fiscal year is Rs 1183. 23 billion and so far Rs 786.74 billion has been spent. Similarly, Rs 380.38 billion was earmarked under the development heading in the current fiscal year and of this amount, Rs 125.67 billion has been spent in the 10 months. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Looking at the status of budget spending during this period, the budget spending under the fiscal management heading exceeds that under capital heading. Altogether Rs 135.3 billion has been spend towards fiscal management. The spending under the fiscal management heading is mainly for paying the principal and interest of public debt. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government has been able to collect only over Rs 756 billion in revenues so far until May 14 against the target of over Rs 1,403 billion for the current fiscal year. The figure of collected amounts is only 54.66 percent. Only two months are left for the current fiscal year to complete.</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"">Similarly, more than Rs 4.8 billion worth of foreign grants has been received, which is only 8.66 percent against target of foreign grants worth over Rs 55.4 billion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">So far, over Rs 159 billion has been collected in income taxes against more than Rs 173 billion during the same period in the previous FY. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Also, over Rs 88.06 billion has been raised in taxes so far against more than Rs 90.6 billion during the same period in the previous FY. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As of now, more than Rs 84.1 billion has been collected in excise duties against over Rs 83.8 billion during the same period in the previous FY. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-05-15', 'modified' => '2023-05-15', 'keywords' => '', 'description' => '', 'sortorder' => '17600', 'image' => '20230515063714_budget new.jpg', 'article_date' => '2023-05-15 18:35:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '17868', 'article_category_id' => '1', 'title' => 'Two Arrested For Robbing Cooperative of Over Rs 3 Million', 'sub_title' => '', 'summary' => 'The police have apprehended two suspects in connection with the recent robbery of Rs 3 million from a community cooperative in Panauti, Kavrepalanchok district. ', 'content' => '<p><span style="font-size:18px">May 15: The police have apprehended two suspects in connection with the recent robbery of Rs 3 million from a community cooperative in Panauti, Kavrepalanchok district. </span></p> <p><span style="font-size:18px">Acting on the tip-off, Makawanpur police team arrested two suspects from Indrasarobar Rural Municipality in Makawanpur district on Monday, said Tek Bahadur Karki, spokesperson for the Makawanpur district police office.</span></p> <p><span style="font-size:18px">The police have recovered Rs 500,000 in cash, a home-made pistol and an iron rod from the arrestees. The arrested have been identified as Ashok Rumba and Akabar Lama. </span></p> <p><span style="font-size:18px">The arrested have been taken to the District Police Office Kavre for investigation, spokesperson Tek Bahadur Karki said.</span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-15', 'modified' => '2023-05-15', 'keywords' => '', 'description' => '', 'sortorder' => '17599', 'image' => '20230515060133_robbery.jpg', 'article_date' => '2023-05-15 17:59:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '17867', 'article_category_id' => '1', 'title' => 'Rising Government Expenses and Falling Revenue Collection Cause Financial Deficit', 'sub_title' => '', 'summary' => 'In comparison to government expenses, financial deficits have increased as revenue collection has decreased.', 'content' => '<p><span style="font-size:18px">May 15: In comparison to government expenses, financial deficits have increased as revenue collection has decreased.</span></p> <p><span style="font-size:18px">According to the Financial Comptroller General Office, until mid-May (the end of Baisakh) in the current fiscal year 2022/2023, government expenses have increased by more than NPR 250 billion compared to the government's revenue income.</span></p> <p><span style="font-size:18px">During this period, while government expenses stood at NPR 1047 billion, revenue collection and grants received were only around 797 billion rupees.</span></p> <p><span style="font-size:18px">According to the Office of the Financial Comptroller General, the government has spent 58.41 percent of the annual budget appropriation in 10 months of the current fiscal year. The government had presented a budget of NPR 1793.82 billion for the current fiscal year, of which around NPR 1047 billion has been spent so far.</span></p> <p><span style="font-size:18px">Until mid-May, the current expenditure is 66.49%, the capital expenditure is 33.04%, and the financial management expenditure is 58.79%.</span></p> <p><span style="font-size:18px">For the current fiscal year, a budget of NPR 1,183.23 billion was allocated in the current expenditure title, and so far, NPR 786.74 billion has been spent.</span></p> <p><span style="font-size:18px">Similarly, the development budget of NPR 380.38 billion has been allocated for the current fiscal year, and only NPR. 125.67 billion has been spent in the first ten months.</span></p> <p><span style="font-size:18px">Looking at the budget expenditure of the first ten months of the current fiscal year, the financial management budget is significantly higher than the capital expenditure.</span></p> <p><span style="font-size:18px">Till the mid-May, the government has spent a total of NPR 135 billion in financial management. The expenses under financial management are spent on paying the principal and interest of the government loan.</span></p> <p><span style="font-size:18px">Until mid-May, the government's target for annual revenue collection is 54.66 percent. The government has set a target of collecting Rs. 1403.14 billion in domestic revenue for the current fiscal year, but so far, only Rs. 756.25 billion has been collected.</span></p> <p><span style="font-size:18px">Similarly, the government had set a target of receiving foreign aid equivalent to Rs. 55.45 billion for the current fiscal year, but until mid-May only Rs. 4.80 billion, or 8.66 percent of the target, has been received.</span></p> <p><span style="font-size:18px">Compared to the same period of the previous fiscal year, income tax and value-added tax (VAT) have decreased, while excise revenue has increased.</span></p> <p><span style="font-size:18px">During the current fiscal year until mid-May, revenue collection from income tax has reached NPR 159.5 billion, which is lower than the previous fiscal year's collection of NPR 173.40 billion during the same period.</span></p> <p><span style="font-size:18px">Similarly, the collection of VAT has also decreased compared to the previous year. Until mid-May in the previous fiscal year, VAT collection was NPR 90.68 billion, whereas in the current fiscal year, it is NPR 88.67 billion.</span></p> <p><span style="font-size:18px">However, revenue collection under from excise duty has slightly increased compared to the previous year. Revenue collection from excise duty increased to NPR 84.11 billion from last year’s NPR 83.88 billion until mid-May.</span></p> ', 'published' => true, 'created' => '2023-05-15', 'modified' => '2023-05-15', 'keywords' => '', 'description' => '', 'sortorder' => '17598', 'image' => '20230515041232_collage (9).jpg', 'article_date' => '2023-05-15 16:06:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '17866', 'article_category_id' => '1', 'title' => 'Doctors' Consultation Fees Increase by 14 Percent ', 'sub_title' => '', 'summary' => 'May 15: Nepal Medical Association (NMA) and the Association of Private Health Institution Nepal (APHIN) have reached an agreement to hike the doctors’ consultation charge by 14 percent beginning from today (May 15). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 15: Nepal Medical Association (NMA) and the Association of Private Health Institution Nepal (APHIN) have reached an agreement to hike the doctors’ consultation charge by 14 percent beginning from today (May 15). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This is the second times in two years that medical consultation fees have increased. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">NMA General Secretary Dr Sanjeev Tiwari said the latest decision to hike the fees follows on the recommendation of the Nepal Rastra Bank's Inflation and Fees Advisory Committee. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the revised fee chart, the doctors’ consultation fee has been fixed between Rs 420 to Rs 940 per patient. The fees to consult with MBBS and BDS graduates with a five-year experience has been fixed at Rs 420 while Rs 515 will be charged to seek services from those who have more than five years of experience. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the fees to see a doctor with a diploma degree and the five years of experiences has been fixed at Rs 670, while Rs 750 will be charged for an appointment with MD, MS and MDS doctors having experiences up to five years. Similarly, Rs 880 will be charged to see doctors with MD, MS and MDS degrees having more than the five years of experiences. </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"">One has to pay Rs 880 to receive the service from a doctor with DM/MCh degree with five years of experience, and Rs 940 to see those MD/MCH degree holders with experiences of more than five years. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-15', 'modified' => '2023-05-15', 'keywords' => '', 'description' => '', 'sortorder' => '17597', 'image' => '20230515023906_health sector.jpg', 'article_date' => '2023-05-15 14:38:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '17864', 'article_category_id' => '1', 'title' => 'This is How the Budget is Prepared', 'sub_title' => '', 'summary' => 'May 15: At present, the government is busy preparing the budget for the next fiscal year (FY 2023/24).', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">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:"Nirmala UI","sans-serif"">May 15: At present, the government is busy preparing the budget for the next fiscal year (FY 2023/24). According to the constitutional provisions, intensive discussions on the priorities and principles of the budget are going on in the Parliament to bring the budget for the year 2023/24 on this May 29.</span></span></span></span></p> <p><strong><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">What is the budget?</span></span></span></span></strong></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Generally, a budget is an estimate of income and expenditure. It determines how much income the government shall earn and how much it shall spend in a certain period of time. The budget cycle continues throughout the year. After determining the goals and objectives of the budget, the preparation of drafting the budget begins by analyzing the old information.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">When the government starts budgeting, it asks for plans and programs from the lower levels. The government agencies send the plan from the districts. After those plans are received by the line ministry through the concerned department, new plans are registered in the Project Bank. Projects registered in the Project Bank are included in the budget on a priority basis.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The projects and programs included in the budget are classified into P-1, P-2, P-3 and the budget is allocated based on priority.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to former Vice Chairman of the National Planning Commission Dr Pushparaj Kandel, this has to some extent discouraged the old trend of including small and petty schemes and programs directly in the budget on the basis of personal influence.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Earlier, when the government started preparing a new budget, high-ranking people and parliamentarians used to create a lot of fuss include their petty plans and programs in the budget. Now that has become somewhat discouraged.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">After the country adopted the federal system, the federal government started announcing budget on May 29, followed by the budget announcement by the state governments and then the local governments. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">While preparing the budget, the government should give priority to the fundamental rights of the people guaranteed by the constitution. By ensuring these rights, the budget is expected to develop the country, flourish industries, and create jobs within the country itself.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The Ministry of Finance, National Planning Commission and related ministries participate in the preparation of the budget. While preparing the budget, one should work according to the provisions of the Financial Procedures Act and Financial Regulations.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">There are methods and procedures for budgeting. Just because the Ministry of Finance prepares the budget doesn’t mean that the finance minister directly submits the budget in the parliament. It has its own method and process from the preparation of the budget to the time it is submitted to the parliament, and it should be followed accordingly.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The National Planning Commission sets the budget ceiling for the government in the winter. Based on that limit, the preparation of the budget gets started. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The preparation of budget includes various steps from compilation of draft forms to tabulation and study, discussions with officials of the National Planning Commission on the policies and programs of the budget, preparation of financial surveys along with discussions on income and expenditure for the budget in the ministry </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Similarly, foreign technical assistance and budget suggestions are also collected for the budget. Concerned bodies give suggestions through various means. Before unveiling the budget, the government submits the priorities and principles of the budget to the parliament. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The budget session is currently underway according to the same process.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The finance minister has to include the suggestions given by the parliamentarians in the budget. After the discussion on priorities and principles, the president on behalf of the government submits the new fiscal year's policies and programs in the Parliament.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">After that, preparations are made for the pre-budget presentation in the Parliament. The final draft of the target and progress reports of the ministries is prepared. Along with this, the final draft of the progress report of various institutes is also prepared. The report of the Revenue Advisory Committee is studied and the projects involving foreign aid are studied. The Ministry of Finance then prepares an economic survey. Expenditure estimates and topic-wise expenditure estimates are also prepared. Similarly, the preliminary draft of the expenditure estimate is prepared and the three-year expenditure is estimated.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The Ministry of Finance prepares the draft of the schedule of the finance bill, prepares the source book of projects involving foreign aid, prepares the initial draft of the budget statement, publishes the progress report of the institute, and publishes the economic survey report.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Appropriation Bill, National Debt Collection Bill, Loan and Guarantee Bill, Finance Bill and Provisional Expenditure Bill are also prepared at this time. The budget begins to take its final form after the Ministry of Finance informs the Office of the Prime Minister and Council of Ministers and the President’s Office about the budget after deciding the revenue estimates and programs.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">After the budget is made, the finance minister should brief the National Planning Commission and the Council of Ministers on the matter. After approval by the cabinet, the president is informed about the new budget. After this, the budget will be announced in the federal parliament on May 29.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">After that, discussions on the budget starts in the parliament. After the budget is passed by the majority in Parliament, the door to implement the budget opens. The budget passed by the House will be implemented from mid-July. The tax rates proposed through the budget, such as customs and excise duties, will be implemented from the day of the budget speech. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Before the promulgation of the new constitution in Nepal, it was customary to bring the budget before mid-July. But now, the budget is announced on May 29 every year so that the budget can be implemented from the first day of the new fiscal year starting from mid-July.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">However, there is a continuity of the same trend as the budget authority is not given to the implementing agencies on time, the capital budget is allocated less than the current expenditure, the capital budget is not spent according to the allocation, there is lack of clear criteria in the budget formulation, and the tendency to formulate the budget in haste is still prevalent. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Similarly, there is a tendency that all expected foreign aid in the budget is not received in reality.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Even though the Public Expenditure Review Commission established by the government has recommended to improve the expenditure system as well as the process of fixing the resources of the budget, it has not been implemented yet. The government announces that it will implement the commission's report, but it is never implemented.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">As the economic indicators are not positive at the moment, many people are interested in what kind of budget the Ministry of Finance will bring to improve the economy. Experts have been saying that there is a need to increase production in the country and a budget that will support the increase in production is the need of the moment.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">In the current situation, experts have been suggesting that a distribution-oriented and unimplementable budget cannot be justified. Even in the past, experts used to give such suggestions, but the government continued to bring distribution-oriented and unimplementable budgets.</span></span></span></span></p> <p><strong><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">History of Budget in Nepal</span></span></span></span></strong></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The tradition of presenting the annual budget started in Nepal since 1952. On February 4, 1952, the first budget was presented in Nepal according to the constitutional provisions. The budget was presented by the then Finance Minister Subarna Shumsher Rana.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The size of the budget was Rs 52.5 million.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The budget from 1952 to 1956 was focused on maintaining peace and security, revenue collection and daily administration. Since the beginning of the planned development in 1957 and the implementation of the first five-year plan in the year 1957/58, the practice of budget management started with the target of achieving the goals mentioned in the plan.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-05-15', 'modified' => '2023-05-15', 'keywords' => '', 'description' => '', 'sortorder' => '17596', 'image' => '20230515020916_1683767264.jpg', 'article_date' => '2023-05-15 14:08:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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Registrar of Kathmandu University Prof Dr Achyut Wagle; CEO of Standard Chartered Bank Nepal Limited, Anirvan Ghosh Dastidar; SeniorSustainability Advisor of Standard Chartered Bank UK, Dr John Murton; and, the President of SEJON, Janardan Baral addressed the opening session.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Sushil Bhatta, CEO of the Investment Board Nepal (IBN), held the view that the returns of projects will increase with the mix of resources obtained from various financial sources and investors can also get compensated appropriately to opportunity costs.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Anirvan Ghosh Dastidar, CEO of Standard Chartered Bank Nepal Limited (SCBNL) said, “Sustainable finance can help Nepal in leveraging its potential for renewable energy by providing the necessary funding and support to help us transition towards a more sustainable and low-carbon future. We must speed up sustainable investments and increase their scope in Nepal.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, Professor Dr. Achyut Wagle stressed on the search for and use of new financing tools for Nepal to achieve its ambitious development goals as public finance has its own limitations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The recently-held conference also had technical sessions on macroeconomics of investment, legal,</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">institutional and implementation arrangements related to investment, tools and scope of financing in</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal along with resource mobilisation and disruption prevention.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The conference was attended by senior secretaries, government officials, diplomats, representatives of the development partners, private sector, banks and financial institutions, experts, researchers and academicians. </span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-05-16', 'modified' => '2023-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '17611', 'image' => '20230516050745_066A5713.jpg', 'article_date' => '2023-05-16 17:05:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '17879', 'article_category_id' => '1', 'title' => 'NEPSE Index Shows Modest Growth; Turnover Amount Shrinks to 64 Crores', 'sub_title' => '', 'summary' => 'The NEPSE index witnessed a minimal increase of 0.18% or 3.29 points, and closed at 1821.60 points on the third trading day Tuesday. A total of 269 listed companies traded their hands through 18,889 transactions worth NPR 64.1 crores today. ', 'content' => '<p><br /> <span style="font-size:18px">May 16: From some time, investors have been in wait and watch mood in the stock market. Due to this, the market has not experienced significant growth or decline. </span></p> <p><span style="font-size:18px">The market has been continuously declining for the past 21 months. Investors are not interested to sell the shares at low prices at the bottom of the bearish market. </span></p> <p><span style="font-size:18px">The bearish trend has also discouraged buyers from purchasing shares at this price. As a result, turnover amount in the Nepal Stock Exchange (NEPSE) has decreased. Nepal Stock Exchange Limited (NEPSE) re-tested the index point at 1,807 and returned today. </span></p> <p><span style="font-size:18px">Earlier, the NEPSE had tested the same index point several times. Observing the market trend on Tuesday, it appears that the market tried to reverse.</span></p> <p><span style="font-size:18px">Experts say that certain kind of policy-level change is necessary to inject confidence in the market when the market is at the bottom level. </span></p> <p><span style="font-size:18px">The NEPSE index witnessed a minimal increase of 0.18% or 3.29 points, and closed at 1821.60 points on the third trading day Tuesday. A total of 269 listed companies traded their hands through 18,889 transactions worth NPR 64.1 crores today. </span></p> <p><span style="font-size:18px">Aatmanirbhar Laghubitta Bittiya Sanstha Limited (ANLB) gained the highest 9.99% and hit the positive circuit for the day. Conversely, Mai Khola Hydropower Limited (MKHL) lost all 10% today.</span></p> <p><span style="font-size:18px">NIC Asia Bank Limited (NICA) had the highest turnover of Rs. 5.01 crores closing at a market price of Rs. 690 per share. The shares of HBL traded the most.</span></p> <p><span style="font-size:18px">Only two sector indices closed red, "Non-Life Insurance" gained the highest 0.99%, while "Others" lost the highest 0.89% today.</span></p> <p><span style="font-size:18px">The sensitive index remained stable on Tuesday, while the float index increased by 0.23 percent, and the sensitive float index increased by 0.8 percent respectively. </span><br /> </p> ', 'published' => true, 'created' => '2023-05-16', 'modified' => '2023-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '17610', 'image' => '20230516050212_collage (2).jpg', 'article_date' => '2023-05-16 16:58:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '17878', 'article_category_id' => '1', 'title' => 'Finance Committee Discusses Issues on Improving Country's Economy, Stock Exchange License ', 'sub_title' => '', 'summary' => 'May 16: The first meeting of the Finance Committee under the Federal Parliament took place on Tuesday. ', 'content' => '<p><span style="font-size:18px"><strong>May 16: The first meeting of the Finance Committee under the Federal Parliament took place on Tuesday. The committee members discussed the activities to be carried out by the government through policies, programmes and budget of the upcoming fiscal year for improving current situation of the economy.<br /> Lawmakers specially stressed on various issues including the country's current economic situation, course of action for the upcoming year's policies, programmes and budget, corruption control and good governance. During the meeting, the MPs also raised the issue of appointment of lawmakers in parliamentary committees with conflicting interest and allegations of irregularities in distribution of new license of stock exchange.<br /> Speaking at the meeting, former Finance Minister and lawmaker Bishnu Prasad Poudel urged the finance minister to implement suggestions of the parliamentary committee at a time when the country's economy is in crisis. Poudel further said the Finance Committee could provide some policy-level suggestions about the budget and the government should move ahead with the committee's support in such a difficult situation.<br /> Stating that the economy is in crisis due to the past policies and practices, another former Finance Minister and lawmaker Gyanendra Bahadur Karki mentioned that the country's economy should be improved by forming short-term, mid-term and long-term policies.<br /> Similarly, lawmaker Padam Giri stressed that the committee should inquire about the past studies and its implementation status regarding the new stock exchange and broker license.<br /> “The committee should immediately carry out a study as there is doubt of financial irregularities while granting new stock and broker license,” he opined. <br /> Likewise, lawmaker Gyan Bahadur Shahi expressed the view that the committee should be informed about the measures taken by the government to improve the economy. <br /> "The finance minister should be called in the next meeting of the committee and he should inform the committee about the measures taken by the government to improve the economy," he shared.<br /> Biraj Bhakta Shrestha and Narayan Prasad Acharya raised the issue of conflict of interest in the appointment of members to the parliamentary committee. "Conflict of interest foments policy-level corruption. Moreover, there is a conflict of interest in one or the other Finance Committee. We should consider such issues as well even for promoting fiscal good governance," Shrestha elaborated.<br /> Acharya demanded that the issue of appointment of lawmakers in the committee showing conflict of interest should be taken seriously.<br /> Narayani Sharma said that since the Finance Committee is a forum to question the present situation of the economy and seek solutions, the agendas and the topics to be discussed in the meeting should be well prioritised.<br /> MP Chhiring Damdul Lama (Bhote) stressed that the parliamentary committee members should rise above partisan lines and forge common opinion through cooperation and coordination among each other on issues of national interest. <br /> Deepak Khadka echoed Lama and stressed on making the works of the committee effective and efficient.<br /> Purna Bahadur Tamang urged the government to make some important announcements through the budget for the next fiscal year regarding increasing the use of electric vehicles and electric ovens. He stressed replacing the old taxis with electric ones in the Kathmandu Valley.<br /> Ganga Karki opined that the problems seen in the economy at present were not recent but the results of the wrong policies and working style. "Corruption, rent-seeking and commission mongering are the present problems," she said and suggested massive cut back on unnecessary expenditure. <br /> Mukta Kumari Yadav pointed out the need of presenting common suggestions through the Finance Committee for the improvement of the economy.<br /> Anjani Shrestha and Rana Kumari Balampaki Magar called for stopping youths’ exodus to foreign countries, increasing domestic production by operating factories and industries and promoting collective farming and cattle rearing for increasing production. </strong>-- RSS</span></p> ', 'published' => true, 'created' => '2023-05-16', 'modified' => '2023-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '17609', 'image' => '20230516042941_parliament building.jpg', 'article_date' => '2023-05-16 16:28:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '17877', 'article_category_id' => '1', 'title' => 'Government Preparing to Table Policies and Programmes in Parliament on May 19', 'sub_title' => '', 'summary' => 'May 16: The government is preparing to present its policies and programmes in the joint sitting of the federal parliament on May 19.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 16: The government is preparing to present its policies and programmes in the joint sitting of the federal parliament on May 19.</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"">Prime Minister Pushpa Kamal Dahal, during a meeting with the Speaker of the House of Representatives Devraj Ghimire, confirmed that the government is preparing to present the policies and progerammes within this week.</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"">During the meeting held at the PM’s official residence in Baluwatar on Tuesday, PM Dahal and Speaker Ghimire discussed about making the House business effective. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, PM Dahal also expressed happiness over various parliamentary committees holding their meetings from today (Tuesday). </span></span></span><br /> </p> ', 'published' => true, 'created' => '2023-05-16', 'modified' => '2023-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '17608', 'image' => '20230516034852_PM.jpg', 'article_date' => '2023-05-16 15:48:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '17876', 'article_category_id' => '1', 'title' => 'Australian Assistant Foreign Minister Watts Arrives in Kathmandu', 'sub_title' => '', 'summary' => 'Australian Assistant Foreign Minister, Tim Watts, has arrived on a two-day visit to Nepal, aiming to strengthen bilateral relations and celebrate cultural exchanges between the two countries.', 'content' => '<p><span style="font-size:18px">May 16: Australian Assistant Foreign Minister, Tim Watts, has arrived on a two-day visit to Nepal, aiming to strengthen bilateral relations and celebrate cultural exchanges between the two countries.</span></p> <p><span style="font-size:18px"> The highlight of his visit will be the handover ceremony of a 13th-century wooden tunala (temple strut) from Ratneshwar Temple at Sulima Square to the local community, organized at the prestigious Patan Museum. </span></p> <p><span style="font-size:18px">This significant artifact, which has been returned by the Art Gallery of New South Wales, will be represented by Director Dr Michael Brand during the handover, said a press statement issued by the Australian Embassy in Kathmandu.</span></p> <p><span style="font-size:18px">During his stay, Assistant Minister Watts will make a courtesy call on Prime Minister Pushpa Kamal Dahal and Foreign Minister Narayan Prakash Saud. </span></p> <p><span style="font-size:18px">The purpose of these meetings is to express Australia's deep appreciation for the strong cooperation and thriving people-to-people linkages between the two nations, which have spanned over 63 years of diplomatic relations. </span></p> <p><span style="font-size:18px">Notably, the Nepali community represents the fastest-growing migrant population in Australia, currently numbering around 130,000, further strengthening the ties between the two countries, the press statement reads.</span></p> <p><span style="font-size:18px">Furthermore, Assistant Minister Watts will also visit BioVac Nepal in Banepa, a state-of-the-art diagnostic and animal vaccine production facility that has benefited from technology transfer and research collaboration with Australia. </span></p> <p><span style="font-size:18px">Likewise, he will pay a visit to the Tilganga Institute of Ophthalmology (TIO), which has received unwavering support from the Australian Government and the Fred Hollows Foundation for the past three decades. </span></p> <p><span style="font-size:18px">This support has enabled TIO to provide crucial eye care services in Nepal and manufacture intraocular lenses for national and global distribution, showcasing the strong commitment to humanitarian efforts.</span></p> <p><span style="font-size:18px">Assistant Minister Watts will hand over an Australian-made Portable Altitude Chamber to the Himalayan Rescue Association. This chamber will be utilized at the Pheriche Medical Outpost and Everest ER Clinic at Everest Base Camp, ensuring effective medical assistance for climbers.</span></p> <p><span style="font-size:18px">Assistant Minister Watts' visit to Nepal is part of a broader four-country program, highlighting Australia's engagement in the region. Alongside participating in the sixth Indian Ocean Conference in Bangladesh, he will also undertake bilateral visits to Bhutan and India.</span></p> ', 'published' => true, 'created' => '2023-05-16', 'modified' => '2023-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '17607', 'image' => '20230516034028_collage (1).jpg', 'article_date' => '2023-05-16 15:38:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 5 => array( 'Article' => array( 'id' => '17875', 'article_category_id' => '1', 'title' => 'Most of the Proposals Submitted for Start-up Enterprise Loans Rejected in First Phase', 'sub_title' => '', 'summary' => 'May 16: Most of the companies that submitted project proposals for the government-backed start-up enterprise loans have been kicked out in the first stage of selection.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">May 16: Most of the companies that submitted project proposals for the government-backed start-up enterprise loans have been kicked out in the first stage of selection. Officials say that out of 382 project proposals submitted to the government, 213 proposals have been rejected in the initial stage.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In order to create an environment for start-up enterprises and provide concessional loans, the Department of Industry called for submission of project proposals on March 30. Baburam Gautam, director general of the department, said that there were many proposals that did not meet the criteria under the 'Startup Business Loan Disbursement Procedure 2079'.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Gautam said that 213 proposals submitted to the Secretariat of the Startup Enterprise Implementation Committee have been invalidated from the initial stage. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">“Now, more than half of those who submitted the proposals will not get concessional loan facilities,” added Gautam. He further said that the proposals were not selected because they could not submit all the documents as per the provisions of the procedure. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">“They were among the companies and enterprises with sole investment and more than seven years old, which are not eligible to receive startup loans as per the procedure,” Gautam said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The procedure has specified seven criteria for a start-up enterprise. According to the procedure, to get such a loan, the establishment or operation of the enterprise and business must not exceed seven years and should fulfill at least five criteria.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In the same way, there have been cases such as single business registered in the municipality, partnerships added after notification for startup loans was issued, consumer groups, names repeated in company registration, no partnership, no company registration, documents not disclosed. Among the 213 disqualified companies/enterprises, most of them were private firms with single investor and registered in the municipality as sole trading concern.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Gautam said that the proposals are being processed and the remaining 169 projects will be evaluated accordingly. According to him, this number may further decrease if it is found that the procedures and standards set by the government are not met during the evaluation and analysis of the proposals.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">This is the first time that the government has asked for proposals to provide concessional loans to startups. The government plans to provide start-up enterprise loans to 100 people in the first phase. Gautam said that it will take some more time to disburse the loan as they still have lots of work to do regarding the proposals submitted.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The department has already announced to provide concessional loans for startup enterprises in 14 different sectors. As per the notice issued by the department, loans will be provided for start-up enterprises in the fields of agriculture and livestock, forestry (herbs, forest products), tourism promotion and entertainment and hospitality, science, technology, communication and information technology, human health services.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, concessional loans will also be provided to enterprises related to education and teaching learning, convenient and safe transportation services, infrastructure construction, automobiles, traditional technology related to improvement in the process of production and service delivery, mining and mineral research and development companies, projects related to food production and processing and waste management and environment. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The government will provide a maximum loan of Rs 2.5 million by keeping the project mortgage. It is mentioned in the procedure that the loan will be provided in two installments. The entrepreneur will get 50 percent of the first installment and the second installment only after six months.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-16', 'modified' => '2023-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '17606', 'image' => '20230516020656_1684200414.startup.jpeg', 'article_date' => '2023-05-16 14:06:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '17874', 'article_category_id' => '1', 'title' => '‘India Preparing to Ban Sugar Exports’', 'sub_title' => '', 'summary' => 'May 16: Nepal imports a large amount of sugar required for domestic consumption from India. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">May 16: Nepal imports a large amount of sugar required for domestic consumption from India. But the Indian media have reported that the Indian government is now preparing to ban the export of sugar to ensure there is adequate supply for the country’s domestic market. </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"">If India bans sugar exports, it will have a big impact on Nepal.</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 direct consumption of sugar in Nepal, industries that manufacture chocolates, biscuits, sweets, ice cream, juice, beverages, bakery items and other products rely heavily in sugar imported from India.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Nepal currently needs 250,000 metric tons of sugar for direct consumption and industrial use. Sugar mills from across the country produce only 130,000 metric tons of sugar in Nepal. About 120,000 metric tons of sugar is imported from different countries, 90 percent of which is imported from India.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Omnath Maharjan, president of Nepal Biscuit Industry Association, says that since Nepal produces only half of the sugar required in the market, India's ban on exports will have a big impact.</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"">"If India bans the export of sugar when the supply of sugar in Nepal is less than the demand, it will further increase the price," 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"">According to Maharjan, if India bans sugar exports the Government of Nepal should reduce or waive the customs duty imposed on imported sugar from third countries. He said that if this happens, the price of sugar imported from third countries will decrease and the quantity will increase. This in turn will facilitate the supply chain, argues Maharjan.</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"">Similarly, Vice President of Nepal Ice Cream Industry Business Association Arniko Rajbhandari says that the ban on sugar import in India will increase the price of raw materials. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">"This will naturally increase the price of the produced goods," he said. He said that if there is a ban, the price of sugar will increase by at least 20/25 percent. He emphasized that even if India bans the export of sugar, diplomatic efforts should be made to resume the import of sugar.</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"">He added that since India has given special concessions to Nepal on some other goods in line with the ‘neighbour first policy’ and the close relations between the two countries, there is also a likelihood to expect special quota for sugar.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the Indian media, India currently has 27 million tons of sugar, which is required for its internal consumption. It has been reported that the Government of India is preparing to ban the export of sugar fearing that the price will increase in the country if there is no excess of sugar. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">This year, India will be holding elections of various state assemblies and the Lok Sabha elections will be held in 2024. The ruling party there is afraid that if the price increases, it will suffer a setback in the elections.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-05-16', 'modified' => '2023-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '17605', 'image' => '20230516010344_sugar.jpg', 'article_date' => '2023-05-16 13:03:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '17872', 'article_category_id' => '1', 'title' => 'Profits of Hotel and Tourism Companies Surge with the Increase in Arrival of Tourists', 'sub_title' => '', 'summary' => 'May 15: Five companies of the hotel and tourism group are listed in Nepal Stock Exchange (NEPSE).', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">May 15: Five companies of the hotel and tourism group are listed in Nepal Stock Exchange (NEPSE). According to the third quarterly report of the five listed companies in the current fiscal year, there has been a significant increase in the profit during compared to the third quarter of the previous year. This is due to the increase in the number of tourists along with the decline in the impacts of the Covid-19 pandemic.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The income of these five companies increased by 96 percent in the current fiscal year compared to the previous year. Last year, the companies reported a total income of Rs 1.93 billion, which climbed to more than Rs 3.79 billion in the current fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Till the third quarter of the current fiscal year, Soaltee Hotel has made the highest profit of Rs 371.1 million among the five listed companies. The hotel’s profit this year is an increase of 241.79 percent compared to the third quarter of last year. Last year, the hotel made a profit of Rs 108.5 million. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, Taragaon Regency Hotels in second in terms of profit worth Rs 238.8 million.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Oriental Hotels, which incurred a loss of Rs 105.2 million last year, earned more than Rs 60 million profits in the current year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, till the third quarter of last year, Chandragiri Hills, which had registered losses of more than Rs 15.8 million, also recorded a profit of Rs 77.7 million this year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Kalinchok Darshan Limited also earned a profit of Rs 27 million till the third quarter of the current year.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-16', 'modified' => '2023-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '17603', 'image' => '20230516114617_1684187647.hotels in nepal.jpg', 'article_date' => '2023-05-16 11:45:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '17871', 'article_category_id' => '1', 'title' => 'Nepalese Army Team Reports Successful Expedition of Mt Everest ', 'sub_title' => '', 'summary' => 'May 16: A 10-member expedition team of the Nepalese Army including five Sherpas successfully scaled Mt Everest on Monday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 16: A 10-member expedition team of the Nepalese Army including five Sherpas successfully scaled Mt Everest on Monday. The team led by Lieutenant Colonel Kishore Adhikari climbed the peak under the Clean Mountain Campaign, 2023 launched by the NA. </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"">According to Brigadier General Krishna Prasad Bhandari, spokesperson for the Nepalese Army, this is the second successful ascent of Mt Everest by Lt Col Adhikari.</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"">“He had climbed Everest a long time ago when he was a captain,” said Brigadier General Bhandari, adding, “Twenty eight Nepalese Army personnel have successfully climbed Everest till date.”</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"">The army’s cleanup campaign aims to collect wastes from four peaks including Everest and Lhotse. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Other members of the team that successfully scaled Everest on Monday were Captain Bishnubal Rai, Captain Dipendra Singh Khatri, Lance Corporal Kishore Jabegu and Corporal Shankar Kunwar who reached the top of the peak at 10: 05 am on Monday, according to NA Directorate of Public Relations and Information. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Along with the team, five Sherpas also reached the top of the world's highest peak. Prior to this, the team successfully climbed Mount Annapurna. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The campaign was launched on March 28 with Army Chief Prabhu Ram Sharma handing the 'Flag of Ceremony' to the team amidst a programme at the NA headquarters in Bhadrakali, Kathmandu. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the Campaign, the NA aims to gather around 35,000 kilograms of solid wastes from four peaks: Everest, Lhoste, Baruntse and Annapurna. So far, 32,311 kilos of waste has been collected. The Campaign will conclude on June 5 coinciding with the World Environment Day, the NA directorate said. – (With inputs from RSS)</span></span></span></p> ', 'published' => true, 'created' => '2023-05-16', 'modified' => '2023-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '17602', 'image' => '20230516104642_20230330102040_1680132652.Clipboard32.jpg', 'article_date' => '2023-05-16 10:44:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '17870', 'article_category_id' => '1', 'title' => 'Economic Crisis Should Be Tackled With New Monetary Policy and Budget: FNCCI President ', 'sub_title' => '', 'summary' => 'Chandra Prasad Dhakal, the President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), has called for an urgent action to resolve Nepal's ongoing economic crisis. ', 'content' => '<p><span style="font-size:18px">May 16: Chandra Prasad Dhakal, the President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), has called for an urgent action to resolve Nepal's ongoing economic crisis. </span></p> <p><span style="font-size:18px">Speaking at the inaugural ceremony of the Koshi Province Chapter of FNCCI on Monday, Dhakal emphasized the need to address the crisis through the implementation of new monetary policies and budget. </span></p> <p><span style="font-size:18px">Dhakal stated that while some efforts had been made in the past to address the crisis, the remaining issues could only be resolved through new policy measures.</span></p> <p><span style="font-size:18px">Dhakal further highlighted that the FNCCI had suggested several measures to improve the investment environment, attract foreign investment and address tax-related issues in the new budget. </span></p> <p><span style="font-size:18px">Dhakal stressed the need for collaboration between the government and the private sector to find sustainable solutions to the economic challenges facing the country.</span></p> <p><span style="font-size:18px">The Koshi Province committee of FNCCI, including President Rajendra Raut and other officials and members, has assumed their offices and will work.</span><br /> </p> ', 'published' => true, 'created' => '2023-05-16', 'modified' => '2023-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '17601', 'image' => '20230516062230_collage (21).jpg', 'article_date' => '2023-05-16 06:20:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '17869', 'article_category_id' => '1', 'title' => 'Government's Expenditure Surpasses Income ', 'sub_title' => '', 'summary' => 'May 15: Fiscal deficit is going up as revenue collection is minimal in comparison to the public expenditure. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 15: Fiscal deficit is going up as revenue collection is minimal in comparison to the public expenditure. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Financial Comptroller General Office (FCGO), the government's expenditure exceeds revenue collection by Rs 250 billion as of May 14 in the current fiscal year (FY 2022/23). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The public expenditure during this period was recorded at Rs 1047 billion while the revenue collection and grant received was equivalent to Rs 797 billion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The FCGO stated that the government spending in the last 10 months' period is equivalent to 58.41 percent of the annual budget appropriation. The government had brought budget of Rs 1,793.83 billion for the current fiscal year. Of this budget, the government has so far spent Rs 1047.76 billion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It is said the current expenditure is 66.49 percent, capital expenditure is 33.04 percent and the expenditure towards fiscal management is 58.79 percent as of May 14 of the current fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The budget under the current expenditure heading for the current fiscal year is Rs 1183. 23 billion and so far Rs 786.74 billion has been spent. Similarly, Rs 380.38 billion was earmarked under the development heading in the current fiscal year and of this amount, Rs 125.67 billion has been spent in the 10 months. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Looking at the status of budget spending during this period, the budget spending under the fiscal management heading exceeds that under capital heading. Altogether Rs 135.3 billion has been spend towards fiscal management. The spending under the fiscal management heading is mainly for paying the principal and interest of public debt. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government has been able to collect only over Rs 756 billion in revenues so far until May 14 against the target of over Rs 1,403 billion for the current fiscal year. The figure of collected amounts is only 54.66 percent. Only two months are left for the current fiscal year to complete.</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"">Similarly, more than Rs 4.8 billion worth of foreign grants has been received, which is only 8.66 percent against target of foreign grants worth over Rs 55.4 billion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">So far, over Rs 159 billion has been collected in income taxes against more than Rs 173 billion during the same period in the previous FY. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Also, over Rs 88.06 billion has been raised in taxes so far against more than Rs 90.6 billion during the same period in the previous FY. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As of now, more than Rs 84.1 billion has been collected in excise duties against over Rs 83.8 billion during the same period in the previous FY. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-05-15', 'modified' => '2023-05-15', 'keywords' => '', 'description' => '', 'sortorder' => '17600', 'image' => '20230515063714_budget new.jpg', 'article_date' => '2023-05-15 18:35:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '17868', 'article_category_id' => '1', 'title' => 'Two Arrested For Robbing Cooperative of Over Rs 3 Million', 'sub_title' => '', 'summary' => 'The police have apprehended two suspects in connection with the recent robbery of Rs 3 million from a community cooperative in Panauti, Kavrepalanchok district. ', 'content' => '<p><span style="font-size:18px">May 15: The police have apprehended two suspects in connection with the recent robbery of Rs 3 million from a community cooperative in Panauti, Kavrepalanchok district. </span></p> <p><span style="font-size:18px">Acting on the tip-off, Makawanpur police team arrested two suspects from Indrasarobar Rural Municipality in Makawanpur district on Monday, said Tek Bahadur Karki, spokesperson for the Makawanpur district police office.</span></p> <p><span style="font-size:18px">The police have recovered Rs 500,000 in cash, a home-made pistol and an iron rod from the arrestees. The arrested have been identified as Ashok Rumba and Akabar Lama. </span></p> <p><span style="font-size:18px">The arrested have been taken to the District Police Office Kavre for investigation, spokesperson Tek Bahadur Karki said.</span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-15', 'modified' => '2023-05-15', 'keywords' => '', 'description' => '', 'sortorder' => '17599', 'image' => '20230515060133_robbery.jpg', 'article_date' => '2023-05-15 17:59:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '17867', 'article_category_id' => '1', 'title' => 'Rising Government Expenses and Falling Revenue Collection Cause Financial Deficit', 'sub_title' => '', 'summary' => 'In comparison to government expenses, financial deficits have increased as revenue collection has decreased.', 'content' => '<p><span style="font-size:18px">May 15: In comparison to government expenses, financial deficits have increased as revenue collection has decreased.</span></p> <p><span style="font-size:18px">According to the Financial Comptroller General Office, until mid-May (the end of Baisakh) in the current fiscal year 2022/2023, government expenses have increased by more than NPR 250 billion compared to the government's revenue income.</span></p> <p><span style="font-size:18px">During this period, while government expenses stood at NPR 1047 billion, revenue collection and grants received were only around 797 billion rupees.</span></p> <p><span style="font-size:18px">According to the Office of the Financial Comptroller General, the government has spent 58.41 percent of the annual budget appropriation in 10 months of the current fiscal year. The government had presented a budget of NPR 1793.82 billion for the current fiscal year, of which around NPR 1047 billion has been spent so far.</span></p> <p><span style="font-size:18px">Until mid-May, the current expenditure is 66.49%, the capital expenditure is 33.04%, and the financial management expenditure is 58.79%.</span></p> <p><span style="font-size:18px">For the current fiscal year, a budget of NPR 1,183.23 billion was allocated in the current expenditure title, and so far, NPR 786.74 billion has been spent.</span></p> <p><span style="font-size:18px">Similarly, the development budget of NPR 380.38 billion has been allocated for the current fiscal year, and only NPR. 125.67 billion has been spent in the first ten months.</span></p> <p><span style="font-size:18px">Looking at the budget expenditure of the first ten months of the current fiscal year, the financial management budget is significantly higher than the capital expenditure.</span></p> <p><span style="font-size:18px">Till the mid-May, the government has spent a total of NPR 135 billion in financial management. The expenses under financial management are spent on paying the principal and interest of the government loan.</span></p> <p><span style="font-size:18px">Until mid-May, the government's target for annual revenue collection is 54.66 percent. The government has set a target of collecting Rs. 1403.14 billion in domestic revenue for the current fiscal year, but so far, only Rs. 756.25 billion has been collected.</span></p> <p><span style="font-size:18px">Similarly, the government had set a target of receiving foreign aid equivalent to Rs. 55.45 billion for the current fiscal year, but until mid-May only Rs. 4.80 billion, or 8.66 percent of the target, has been received.</span></p> <p><span style="font-size:18px">Compared to the same period of the previous fiscal year, income tax and value-added tax (VAT) have decreased, while excise revenue has increased.</span></p> <p><span style="font-size:18px">During the current fiscal year until mid-May, revenue collection from income tax has reached NPR 159.5 billion, which is lower than the previous fiscal year's collection of NPR 173.40 billion during the same period.</span></p> <p><span style="font-size:18px">Similarly, the collection of VAT has also decreased compared to the previous year. Until mid-May in the previous fiscal year, VAT collection was NPR 90.68 billion, whereas in the current fiscal year, it is NPR 88.67 billion.</span></p> <p><span style="font-size:18px">However, revenue collection under from excise duty has slightly increased compared to the previous year. Revenue collection from excise duty increased to NPR 84.11 billion from last year’s NPR 83.88 billion until mid-May.</span></p> ', 'published' => true, 'created' => '2023-05-15', 'modified' => '2023-05-15', 'keywords' => '', 'description' => '', 'sortorder' => '17598', 'image' => '20230515041232_collage (9).jpg', 'article_date' => '2023-05-15 16:06:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '17866', 'article_category_id' => '1', 'title' => 'Doctors' Consultation Fees Increase by 14 Percent ', 'sub_title' => '', 'summary' => 'May 15: Nepal Medical Association (NMA) and the Association of Private Health Institution Nepal (APHIN) have reached an agreement to hike the doctors’ consultation charge by 14 percent beginning from today (May 15). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 15: Nepal Medical Association (NMA) and the Association of Private Health Institution Nepal (APHIN) have reached an agreement to hike the doctors’ consultation charge by 14 percent beginning from today (May 15). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This is the second times in two years that medical consultation fees have increased. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">NMA General Secretary Dr Sanjeev Tiwari said the latest decision to hike the fees follows on the recommendation of the Nepal Rastra Bank's Inflation and Fees Advisory Committee. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the revised fee chart, the doctors’ consultation fee has been fixed between Rs 420 to Rs 940 per patient. The fees to consult with MBBS and BDS graduates with a five-year experience has been fixed at Rs 420 while Rs 515 will be charged to seek services from those who have more than five years of experience. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the fees to see a doctor with a diploma degree and the five years of experiences has been fixed at Rs 670, while Rs 750 will be charged for an appointment with MD, MS and MDS doctors having experiences up to five years. Similarly, Rs 880 will be charged to see doctors with MD, MS and MDS degrees having more than the five years of experiences. </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"">One has to pay Rs 880 to receive the service from a doctor with DM/MCh degree with five years of experience, and Rs 940 to see those MD/MCH degree holders with experiences of more than five years. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-15', 'modified' => '2023-05-15', 'keywords' => '', 'description' => '', 'sortorder' => '17597', 'image' => '20230515023906_health sector.jpg', 'article_date' => '2023-05-15 14:38:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '17864', 'article_category_id' => '1', 'title' => 'This is How the Budget is Prepared', 'sub_title' => '', 'summary' => 'May 15: At present, the government is busy preparing the budget for the next fiscal year (FY 2023/24).', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">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:"Nirmala UI","sans-serif"">May 15: At present, the government is busy preparing the budget for the next fiscal year (FY 2023/24). According to the constitutional provisions, intensive discussions on the priorities and principles of the budget are going on in the Parliament to bring the budget for the year 2023/24 on this May 29.</span></span></span></span></p> <p><strong><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">What is the budget?</span></span></span></span></strong></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Generally, a budget is an estimate of income and expenditure. It determines how much income the government shall earn and how much it shall spend in a certain period of time. The budget cycle continues throughout the year. After determining the goals and objectives of the budget, the preparation of drafting the budget begins by analyzing the old information.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">When the government starts budgeting, it asks for plans and programs from the lower levels. The government agencies send the plan from the districts. After those plans are received by the line ministry through the concerned department, new plans are registered in the Project Bank. Projects registered in the Project Bank are included in the budget on a priority basis.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The projects and programs included in the budget are classified into P-1, P-2, P-3 and the budget is allocated based on priority.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to former Vice Chairman of the National Planning Commission Dr Pushparaj Kandel, this has to some extent discouraged the old trend of including small and petty schemes and programs directly in the budget on the basis of personal influence.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Earlier, when the government started preparing a new budget, high-ranking people and parliamentarians used to create a lot of fuss include their petty plans and programs in the budget. Now that has become somewhat discouraged.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">After the country adopted the federal system, the federal government started announcing budget on May 29, followed by the budget announcement by the state governments and then the local governments. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">While preparing the budget, the government should give priority to the fundamental rights of the people guaranteed by the constitution. By ensuring these rights, the budget is expected to develop the country, flourish industries, and create jobs within the country itself.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The Ministry of Finance, National Planning Commission and related ministries participate in the preparation of the budget. While preparing the budget, one should work according to the provisions of the Financial Procedures Act and Financial Regulations.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">There are methods and procedures for budgeting. Just because the Ministry of Finance prepares the budget doesn’t mean that the finance minister directly submits the budget in the parliament. It has its own method and process from the preparation of the budget to the time it is submitted to the parliament, and it should be followed accordingly.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The National Planning Commission sets the budget ceiling for the government in the winter. Based on that limit, the preparation of the budget gets started. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The preparation of budget includes various steps from compilation of draft forms to tabulation and study, discussions with officials of the National Planning Commission on the policies and programs of the budget, preparation of financial surveys along with discussions on income and expenditure for the budget in the ministry </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Similarly, foreign technical assistance and budget suggestions are also collected for the budget. Concerned bodies give suggestions through various means. Before unveiling the budget, the government submits the priorities and principles of the budget to the parliament. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The budget session is currently underway according to the same process.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The finance minister has to include the suggestions given by the parliamentarians in the budget. After the discussion on priorities and principles, the president on behalf of the government submits the new fiscal year's policies and programs in the Parliament.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">After that, preparations are made for the pre-budget presentation in the Parliament. The final draft of the target and progress reports of the ministries is prepared. Along with this, the final draft of the progress report of various institutes is also prepared. The report of the Revenue Advisory Committee is studied and the projects involving foreign aid are studied. The Ministry of Finance then prepares an economic survey. Expenditure estimates and topic-wise expenditure estimates are also prepared. Similarly, the preliminary draft of the expenditure estimate is prepared and the three-year expenditure is estimated.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The Ministry of Finance prepares the draft of the schedule of the finance bill, prepares the source book of projects involving foreign aid, prepares the initial draft of the budget statement, publishes the progress report of the institute, and publishes the economic survey report.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Appropriation Bill, National Debt Collection Bill, Loan and Guarantee Bill, Finance Bill and Provisional Expenditure Bill are also prepared at this time. The budget begins to take its final form after the Ministry of Finance informs the Office of the Prime Minister and Council of Ministers and the President’s Office about the budget after deciding the revenue estimates and programs.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">After the budget is made, the finance minister should brief the National Planning Commission and the Council of Ministers on the matter. After approval by the cabinet, the president is informed about the new budget. After this, the budget will be announced in the federal parliament on May 29.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">After that, discussions on the budget starts in the parliament. After the budget is passed by the majority in Parliament, the door to implement the budget opens. The budget passed by the House will be implemented from mid-July. The tax rates proposed through the budget, such as customs and excise duties, will be implemented from the day of the budget speech. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Before the promulgation of the new constitution in Nepal, it was customary to bring the budget before mid-July. But now, the budget is announced on May 29 every year so that the budget can be implemented from the first day of the new fiscal year starting from mid-July.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">However, there is a continuity of the same trend as the budget authority is not given to the implementing agencies on time, the capital budget is allocated less than the current expenditure, the capital budget is not spent according to the allocation, there is lack of clear criteria in the budget formulation, and the tendency to formulate the budget in haste is still prevalent. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Similarly, there is a tendency that all expected foreign aid in the budget is not received in reality.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Even though the Public Expenditure Review Commission established by the government has recommended to improve the expenditure system as well as the process of fixing the resources of the budget, it has not been implemented yet. The government announces that it will implement the commission's report, but it is never implemented.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">As the economic indicators are not positive at the moment, many people are interested in what kind of budget the Ministry of Finance will bring to improve the economy. Experts have been saying that there is a need to increase production in the country and a budget that will support the increase in production is the need of the moment.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">In the current situation, experts have been suggesting that a distribution-oriented and unimplementable budget cannot be justified. Even in the past, experts used to give such suggestions, but the government continued to bring distribution-oriented and unimplementable budgets.</span></span></span></span></p> <p><strong><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">History of Budget in Nepal</span></span></span></span></strong></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The tradition of presenting the annual budget started in Nepal since 1952. On February 4, 1952, the first budget was presented in Nepal according to the constitutional provisions. The budget was presented by the then Finance Minister Subarna Shumsher Rana.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The size of the budget was Rs 52.5 million.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The budget from 1952 to 1956 was focused on maintaining peace and security, revenue collection and daily administration. Since the beginning of the planned development in 1957 and the implementation of the first five-year plan in the year 1957/58, the practice of budget management started with the target of achieving the goals mentioned in the plan.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-05-15', 'modified' => '2023-05-15', 'keywords' => '', 'description' => '', 'sortorder' => '17596', 'image' => '20230515020916_1683767264.jpg', 'article_date' => '2023-05-15 14:08:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
