January 15: A Yeti Airlines plane carrying 68 passengers crashed in Pokhara on Sunday…
January 15: A Yeti Airlines plane carrying 68 passengers crashed in Pokhara on Sunday…
January 15: The year-on-year consumer price inflation in Nepal surged to 7.38 percent in mid-December compared to 7.11 percent a year ago, according to the latest report of Nepal Rastra Bank…
January 15: Maghe Sankranti or Makar Sankranti is being celebrated throughout the country today.…
Gandaki Province has witnessed fall in paddy production this fiscal year. Paddy production has slumped by 3.74 per cent compared to the last…
…
Nepal has witnessed improvement in foreign exchange reserves in the first five months of the current fiscal…
January 13: Nepali importers have complained that the transportation cost has skyrocketed all of a sudden after the dusty cargo coming through the Birgunj-Raxaul Friendship Bridge was diverted to the Nepal-India Integrated Checkpoint…
The money sent by Nepali migrant workers jumped by 23 per cent to Rs 400.80 billion in the first five months of the current fiscal…
January 13: The Statutory Liquidity Ratio (SLR) of banks and financial institutions is more than the standard set by Nepal Rastra Bank…
January 13: Dang district has become self-reliant on food grains.…
January 13: The Confederation of Nepalese Industries (CNI) has welcomed the decision of Nepal Bankers’ Association to reduce the interest…
January 13: Around one and a half decade into construction, 83 percent work on the Postal Highway has been completed.…
As part of its campaign to increase internal income, Biratnagar Metropolitan City has held an orientation programme for ward…
January 12: Seven decades after Kathmandu-based Tribhuvan International Airport (TIA) came into operation, two more international airports have started operation in…
Finance Ministry Secretary Toyam Raya, took oath of office and secrecy as the member of the Nepal Rastra Bank (NRB) board of directors on…
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Other videos taken by the locals show thick smoke emanating from the crash site. However, the authorities are yet to make any official statement on the number of casualties saying that they are awaiting further details.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The aircraft of Yeti Airlines that crashed in Pokhara today had taken permission for landing,</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the Civil Aviation Authority of Nepal (CAAN), the aircraft had taken permission for landing before the crash.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“The aircraft had took off from the Tribhuvan International Airport at 10:33 am and had taken permission to land,” RSS quoted the CAAN information officer Gyanendra Bhul as saying.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"There was no weather issue. The accident took place due to technical problem with the aircraft according to the preliminary information. We have received information that aircraft the caught fire in the sky," Bhul told RSS. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to CAAN, there were 68 passengers on board the plane including 60 Nepali nationals, and eight foreigners and four crew members including Captain Kamal KC and Anju Khatiwada. Among the passengers 62 were adults, three were children and three infants, RSS reported. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Meanwhile, Deputy Prime Minister and Minister for Home Minister Rabi Lamichhane has directed the bodies concerned to ensure prompt and effective rescue efforts. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">He instructed the Home Secretary, chief of Security and Coordination Division, the Kaski District Administration Office and the security bodies not to leave any stone unturned to guarantee prompt and effective rescue efforts in the aftermath of the plane crash, according to his press coordinator Nawaraj Pandey. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Minister reached Tribhuvan International Airport to take updates of the incident. The Yeti Airlines aircraft that left for Pokhara from TIA carrying 68 passengers crashed following a failed landing approach at Pokhara Regional International Airport Sunday morning. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">It is the second fatal crash of an aircraft in Nepal within eight months. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">A Tara Air plane had crashed in Mustang district on May 29 last year killing 22 people on board. It may be noted that Tara Air is a sister company of Yeti Airlines. Back then, it was found that the Twin Otter aircraft with call sign 9N-AET was more made than four decades ago leading to speculations that the plane crashed because it was too old to fly.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The recent crashes is a further blow to Nepal’s aviation sector which is seeking the European Union to lift a ban on Nepali airline companies from flying in European skies. The EU has banned Nepali airlines from flying in European airspace since 2013 citing safety concerns.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to Reuters, at least 309 people have died in plane or helicopter crashes in Nepal since 2000.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-15', 'modified' => '2023-01-15', 'keywords' => '', 'description' => '', 'sortorder' => '16484', 'image' => '20230115014120_DBG_Kaski-IMG_8399.jpg', 'article_date' => '2023-01-15 13:40:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16742', 'article_category_id' => '1', 'title' => 'Consumer Price Inflation Surges to 7.38 Percent', 'sub_title' => '', 'summary' => 'January 15: The year-on-year consumer price inflation in Nepal surged to 7.38 percent in mid-December compared to 7.11 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">January 15: The year-on-year consumer price inflation in Nepal surged to 7.38 percent in mid-December compared to 7.11 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB).</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Current Macroeconomic and Financial Situation Report published by the central bank on Friday revealed that the food and beverage inflation stood at 5.85 percent whereas non-food and service inflation rose to 8.59 percent in the review month, among which transportation cost increased the most.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Under the food and beverage category, the y-o-y consumer price index of restaurant and hotel sub-category increased 15.56 percent, tobacco products 11.81 percent, cereal grains and their products 9.39 percent, milk products and eggs 9.07 percent, and alcoholic drinks 8.84 percent.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Similarly, under the non-food and services category, the y-o-y consumer price index of transportation sub-category increased 17.33 percent, health 11.22 percent, recreation and culture 8.76 percent, housing and utilities 8.29 percent and furnishing and household equipment 8.29 percent.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">In the review month, consumer price inflation in the Kathmandu Valley, Terai, hill and mountain areas stood at 6.56 percent, 8.00 percent, 7.32 percent and 6.48 percent respectively. Inflation in these regions were 5.91 percent, 7.52 percent, 6.95 percent and 4.91 percent respectively a year ago.</span></span></span></p> ', 'published' => true, 'created' => '2023-01-15', 'modified' => '2023-01-15', 'keywords' => '', 'description' => '', 'sortorder' => '16483', 'image' => '20230115115828_consumer.jpg', 'article_date' => '2023-01-15 11:57:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16741', 'article_category_id' => '1', 'title' => 'Maghe Sankranti being Observed Today ', 'sub_title' => '', 'summary' => 'January 15: Maghe Sankranti or Makar Sankranti is being celebrated throughout the country today. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">January 15: Maghe Sankranti or Makar Sankranti is being celebrated throughout the country today. The festival is being observed by taking holy dips in rivers and ponds, worshiping at various temples and savouring delicacies like ghee, yam, khichadi (mixed rice pudding) and sweets like chaku and sweets made of sesame and molasses. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the astrological chart, the Makar Sankranti festival has special significance. The sun starts moving towards the northern hemisphere from this day. It is believed that the days get longer and nights shorter from today.</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"">On this day, the sun moves from constellation of Sagittarius to the constellation of Capricorn. According to religious texts like ‘Bhabisya Puran’ and ‘Dharma Sindhu’, devotees will get special blessings and will have robust body if they observe the festival as per the rituals. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Newar community observes the festival by taking ghee, chaku and remembering the departed souls. The seniors apply mild-hot edible oil to heads of juniors on this day. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A large number of devotees throng to holy sites such as Devghat, Barahchhetra, Ridi, Panauti, Dolalghat and Kankai in Nepal and Prayag and Gangasagar in India to take holy bath and perform Shraddha. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The festival has significance in view of Ayurveda and medical science as well. Food items that are taken on this day are considered to be the source of balance diet which increases the immunity power of the human body. On this day, a festival is organized at the Tilmadhav Narayan Temple at Taumadhi Tole, Bhaktapur and puja of Deepakankar Buddha is performed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Tharu community observes this festival as the Maghi with much fanfare and gaiety for five consecutive days. Likewise, the people in the Tarai districts mark this day as the festival of bath known as Nahan. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-01-15', 'modified' => '2023-01-15', 'keywords' => '', 'description' => '', 'sortorder' => '16482', 'image' => '20230115112049_VT-MALANGWA-30-RSS.jpg', 'article_date' => '2023-01-15 11:20:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16740', 'article_category_id' => '277', 'title' => 'Paddy Production Tumbles in Gandaki Province ', 'sub_title' => '', 'summary' => 'Gandaki Province has witnessed fall in paddy production this fiscal year. Paddy production has slumped by 3.74 per cent compared to the last year.', 'content' => '<p><span style="font-size:20px">January 15: Gandaki Province has witnessed fall in paddy production this fiscal year. Paddy production has slumped by 3.74 per cent compared to the last year.</span></p> <p><span style="font-size:20px">According to data at the Ministry of Agriculture and Livestock Development, the province harvested 3,91,121 metric tons of paddy this year compared to 4,06,336 metric tons of paddy last fiscal year. In the province, paddy cultivation area has also shrunk. </span></p> <p><span style="font-size:20px">Paddy was cultivated in 1,12,227 hectares of field last year compared to 1,06,380 hectares of land this fiscal year. Compared to other provinces, both paddy production and paddy cultivation area have decreased in Gandaki Province. </span></p> <p><span style="font-size:20px">“Shrinking of paddy plantation field due to rise of houses and housing plots has led to drop in paddy produce,” said Basudev Regmi, Chief of Agriculture Development Directorate of the province. </span></p> <p><span style="font-size:20px">“Urbanization and commercialization have increased in the arable land and land going barren have also soared, causing the paddy produce to fall,” added Regmi.</span></p> <p><span style="font-size:20px">Regmi warned that rising tendency to construct houses in the arable land would make country more dependent on food in the days to come. </span></p> <p><span style="font-size:20px">Adverse weather, shortage of chemical fertilizer, and substandard seeds have also caused the paddy produce to shrink, Regmi described.</span></p> <p><span style="font-size:20px">Farmers had experienced fertilizer crunch at the time of paddy cultivation. Similarly, heavy rains had damaged the paddy at the time to bear the rice. </span></p> <p><span style="font-size:20px">Farmer Baikuntha Sapkota of Baglung Municiplaity-3 says that he had harvested just 10 muri of paddy this year compared to 19 muri(traditional way of measurement) last fiscal. </span></p> <p><span style="font-size:20px">Sapkota complained pests control, shortage of improved seeds and fertilizer management have always remained challenges for farmers. </span></p> <p><span style="font-size:20px">Paddy productivity, however, has increased in all provinces this year. Productivity has gone up by 1.55 per cent in per hectare of the paddy field this year. Use of improved seeds, and improvement of cultivation have improved productivity, according to Agriculture Knowledge Center Baglung Chief Bhanubhakta Bhattarai.</span></p> <p><span style="font-size:20px">Bhattarai said paddy produce declined five per cent in Baglung this fiscal year. Unseasonal rainfall had damaged the paddy production in the district.</span></p> <p><span style="font-size:20px">Baglung’s Galkot and Balewa, Gorkha’s Palungtar, Kaski’s Lekhnath, Syangja’s aandhikhola Kinar, Waling, Tanahun’s Bhimad, Nawalpur’s Triveni and Madhyabindu and Parbat’s Faleshwal are pocket areas for paddy production in Gandaki Province. </span></p> <p><span style="font-size:20px">Farmers have been planting various types of paddy including Ram, Sunaulosugandh, Loktantnatra, Khumal, improved Jethobudho in the province. </span></p> <p><span style="font-size:20px">After Gandaki, Bagmati Province witnessed fall of paddy produce by 1.45 per cent this fiscal. Bagamti province had produced 5,07,789 metric tons of paddy last year compared to 5,00446 metric tons of the paddy this year.</span></p> <p><span style="font-size:20px">Paddy production, nevertheless, increased in remaining five provinces. <br /> Paddy production jumped by the highest rate of 33.33 per cent in Sudurpaschim Province. The province produced 5,89,221 metric tons of paddy this fiscal year compared to 4,41,913 metric tons of the paddy last year.</span></p> <p><span style="font-size:20px">Country recorded production of 54,86,472 metric tons of paddy this year compared to 51,30,625 metric tons of rice last fiscal. </span></p> ', 'published' => true, 'created' => '2023-01-15', 'modified' => '2023-01-15', 'keywords' => '', 'description' => '', 'sortorder' => '16481', 'image' => '20230115083725_collage (31).jpg', 'article_date' => '2023-01-15 08:25:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 4 => array( 'Article' => array( 'id' => '16738', 'article_category_id' => '1', 'title' => 'Season of 'Big Merger' of Commercial Banks', 'sub_title' => 'Eight Banks Merge with Each Other ', 'summary' => '', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">January 14: The then Governor of Nepal Rastra Bank (NRB), Dr Chiranjibi Nepal, introduced a provision for commercial banks to have a minimum paid-up capital of Rs 8 billion through the monetary policy of the Fiscal Year 2015/16 BS. The banks were given the deadline until mid-July 2017 to comply with the new rule.</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 goal of increasing the paid-up capital was to strengthen the banking system and to decrease the number of commercial banks. The policy that was adopted that time has turned into reality at present. Although some commercial banks opted for merger back then, a wave of latest mergers has reduced the number of commercial banks in line with the ‘big merger’ policy of the central bank. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Eight commercial banks have merged with each other in the month of Poush (mid-December to mid-January) alone while additional two commercial banks are in the merger process. </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"">Eight banks have already merged and started their joint operation. The banks which merged in the review month include Kumari Bank and NCC Bank, Global IME and Bank of Kathmandu, Prabhu Bank and Century Bank and Nepal Investment Bank and Mega Bank. </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"">With the latest spate of mergers, the number of commercial banks have dropped to 22 from 27 last year. (With inputs from RSS)</span></span></span><br /> </p> ', 'published' => true, 'created' => '2023-01-14', 'modified' => '2023-01-14', 'keywords' => '', 'description' => '', 'sortorder' => '16479', 'image' => '20230114100851_merger.jpg', 'article_date' => '2023-01-14 10:06:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16737', 'article_category_id' => '1', 'title' => 'Foreign Exchange Reserves Stand at Rs 1292 billion; Enough to Sustain Nine Months’ Import ', 'sub_title' => '', 'summary' => 'Nepal has witnessed improvement in foreign exchange reserves in the first five months of the current fiscal year.', 'content' => '<p><br /> <span style="font-size:20px">January 13: Nepal has witnessed improvement in foreign exchange reserves in the first five months of the current fiscal year.</span></p> <p><span style="font-size:20px">The current macroeconomic and financial situation published by the Nepal Rastra Bank on Friday showed that foreign exchange reserves increased by 6.3 per cent to Rs 1292.56 billion till mid-December 2022 from Rs1215.80 billion in mid-July 2022.</span></p> <p><span style="font-size:20px">In the US Dollar terms, foreign exchange reserves increased by 3 per cent to 9.54 billion in mid-December 2022 from 9.82 billion in mid-July 2022. </span></p> <p><span style="font-size:20px">Out of the gross foreign exchange reserves, Nepal Rastra Bank had reserves of Rs 1056.39 billion in mid-July 2022. The NRB’s foreign exchange reserve rose by 7.8 per cent and reached to Rs 1139.22 billion in mid-December 2022.</span></p> <p><span style="font-size:20px">Foreign exchange reserves held by banks and financial institutions, except Nepal Rastra Bank, however, decreased by 3.8 per cent to Rs 153.34 billion in mid-December 2022 from 159.41 billion in mid-July 2022.</span></p> <p><span style="font-size:20px">Indian currency covers 22.9 per cent of the total foreign exchange reserves. </span></p> <p><span style="font-size:20px">Based on the import of the first months of the current fiscal year, the current foreign exchange reserves is sufficient to import merchandise for ten months and merchandise and services for 8.7 months, according to the Nepal Rastra Bank.</span><br /> </p> ', 'published' => true, 'created' => '2023-01-13', 'modified' => '2023-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '16478', 'image' => '20230113052959_collage (54).jpg', 'article_date' => '2023-01-13 17:26:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 6 => array( 'Article' => array( 'id' => '16736', 'article_category_id' => '1', 'title' => 'Transport of Dusty Cargo Diverted to ICP, Cost per Rake Increases by Rs 2.2 Million', 'sub_title' => '', 'summary' => 'January 13: Nepali importers have complained that the transportation cost has skyrocketed all of a sudden after the dusty cargo coming through the Birgunj-Raxaul Friendship Bridge was diverted to the Nepal-India Integrated Checkpoint (ICP).', 'content' => '<p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">January 13: Nepali importers have complained that the transportation cost has skyrocketed all of a sudden after the dusty cargo coming through the Birgunj-Raxaul Friendship Bridge was diverted to the Nepal-India Integrated Checkpoint (ICP).</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">The importers argue that their cost has increased due to the Raxaul yard of the Indian Railways and the ICP, traffic congestion, extra time incurred for transportation, increased parking fee and other expenses. </span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">A study conducted by the Birgunj Chamber of Commerce and Industry states that the transportation cost has increased by Rs 2.23 million per rail rake. One rake can hold up to 3,600 tons of cargo.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">On this basis, the transportation cost per ton has increased by Rs 619, according to the vice president of Birgunj Chamber of Commerce, Madhav Rajpal.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">To fully operate the ICP, which has been in operation since 2016, </span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Nepal and India had jointly decided to redirect the dusty cargo to the ICP in order to ensure that the ICP operates in optimal capacity. The ICP has been operational since 2016. The dusty cargo has not entered Nepal through the old route of Birgunj since January 1.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Goods like raw materials for cement and iron industry, slag, iron ore, coal, fertilizer and salt used to be imported through the old customs. Now all those cargoes have to be imported through the ICP.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Kamal Gyawali, Birgunj head of Nepal Intermodal Transport Development Committee, informed that lane number 10 of the ICP towards Nepal has been set aside to bring in dusty cargo.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">The importers complained that they were forced to go to the ICP although it is ill-prepared in terms of infrastructure to allow in the dusty cargo. Vice President Rajpal said that the biggest problem is the link road connecting Raxaul Yard and the ICP.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Rajpal alleged that the Consulate of India in Birgunj had sent a report to his government that there was no problem on the link road, and based on that report, the imports were diverted to the ICP.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Shashi Bhushan Kumar, the consul general of the Indian Consulate, said that all types of transport vehicles, large and small, were tested on the link road, and after it was found that the cargo could be transported, the cargo was sent to the ICP.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">According to Kumar, the problems seen during transportation will be resolved gradually.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">He also said that the infrastructure built by spending billions of rupees should be fully utilized to make import and export effective. </span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Rajpal complained that a separate dedicated lane for dusty cargo within the ICP is not yet available. Even though there is no parking in ICP, such a fee is charged. “The goods and services tax is also collected in the ICP towards India. Such a tax cannot be levied on cargo that regularly comes to Nepal,” said Rajpal.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">The importers argue that the ICP should charge only the nominal entrance fee as it failed to provide parking facility.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">The importers say that earlier one truck used to transport dusty cargo for three to four times a day, but now it is difficult to even manage on lot in a day. Currently, at least 30 rakes of Nepal-bound dusty cargo arrive in Raxaul every month. The importers claimed that even ten rakes cannot be transported after the dusty cargo was diverted to the ICP. Rajpal claimed that since transportation by rail takes more time and cost, importers may now transport goods on Indian trucks.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-13', 'modified' => '2023-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '16477', 'image' => '20230113050828_20220819045658_20190410102147_ICP-Birgunj-2.jpg', 'article_date' => '2023-01-13 17:07:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16735', 'article_category_id' => '1', 'title' => 'Remittance Surges by 23 Per Cent in First Five Months of Current FY', 'sub_title' => '', 'summary' => 'The money sent by Nepali migrant workers jumped by 23 per cent to Rs 400.80 billion in the first five months of the current fiscal year.', 'content' => '<p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">January 13: The money sent by Nepali migrant workers jumped by 23 per cent to Rs 400.80 billion in the first five months of the current fiscal year. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">The data published by the Nepal Rastra Bank on Friday revealed that remittance inflow surged by 23 per cent in the first five months compared to the same period last year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">Remittance inflow, however, had dipped by 6.3 per cent last year compared to the same period in the previous year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">The data published by the NRB show that remittance inflow increased by 13.1 per cent to 3.71 billion in the US Dollar. Such a remittance had gone down by 6.8 per cent during the same period last year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">A worldwide outbreak of the COVI-19 pandemic had adversely affected the foreign employment for Nepali citizens, causing the remittance to shrink. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">With easing of COVID restrictions, a large number of Nepali youths have recently left the country for jobs in foreign countries </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">Citing depletion in foreign currency reserve due to tumble in remittance inflow, the government had imposed ban on the import of vehicles and luxurious goods. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-13', 'modified' => '2023-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '16476', 'image' => '20230113051108_Remittance.jpg', 'article_date' => '2023-01-13 16:12:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 8 => array( 'Article' => array( 'id' => '16733', 'article_category_id' => '1', 'title' => 'SLR of Banks Exceeds Limit set by NRB', 'sub_title' => '', 'summary' => 'January 13: The Statutory Liquidity Ratio (SLR) of banks and financial institutions is more than the standard set by Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">January 13: The Statutory Liquidity Ratio (SLR) of banks and financial institutions is more than the standard set by Nepal Rastra Bank (NRB). NRB issued a tight monetary policy in the current fiscal year (FY) and increased the mandatory cash reserve ratio (CRR) and SLR of banks.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Through the monetary policy, it was announced that the SLR should be increased from 10 to 12 percent for commercial banks, 8 percent for development banks and 7 to 10 percent for finance companies in addition to increasing the CRR from 3 to 4 percent. Although the CRR came into effect on August 17, the central bank had allowed the banks to implement the SLR by January.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As the deadline given by NRB is about to expire, banks and financial institutions have maintained the SLRs more than the limit specified by the central bank. According to the data of NRB, the average SLR of commercial banks is 21.09 percent in the first quarter of the current year which was 19.88 percent until last year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Standard Chartered Bank, which had the lowest SLR in October, also attained 13.69 percent SLR. Similarly, Everest Bank has maintained the highest SLR of 24.48 percent. The SLR of most of the banks is above 15 percent.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Assistant Spokesperson of NRB, Narayan Prasad Pokharel says that the SLR of the banks is better than the prescribed limit due to the increased investment of the banks in the areas where SLR can be calculated. He said that since the monetary policy increased the CRR and this amount is also added to the SLR, its ratio is higher.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Banks can calculate their investments in government securities, the amount deposited in NRB for mandatory balance purposes, and the cash balance in their safe deposit boxes in the SLR. Similarly, the amount deposited by development banks and finance companies in commercial banks for CRR purposes, the amount deposited by provincial level financial institutions in other banks and financial institutions, the investment made in bonds issued by international financial institutions in Nepali currency, the deposits collected by NRB under open market transactions are taken into consideration while calculating the SLR. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">However, if a loan is taken from a bank financial institution, including repo, permanent liquidity facility, as collateral for a security bond, there is a provision to reduce the loan amount and include only net investment in liquid assets.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">If the banks are unable to maintain the SLR, they should calculate the SLR on the basis of the domestic deposit liability at the end of the previous month and submit the monthly statement to NRB. If the specified ratio is not maintained, there is a provision to impose a fine for the first time, double the bank rate for the second time, and triple the bank rate for the third or more times.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-13', 'modified' => '2023-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '16474', 'image' => '20230113025007_Banks.jpg', 'article_date' => '2023-01-13 14:49:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16732', 'article_category_id' => '1', 'title' => 'Dang District Becomes Self-Reliant on Food ', 'sub_title' => '', 'summary' => 'January 13: Dang district has become self-reliant on food grains. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">January 13: Dang district has become self-reliant on food grains. The statistic shows that the food grains produced in the district caters to the demand of the local residents and there is also food surplus. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Agriculture Knowledge Centre Dang, a total of 75,991 hectares of land in the district is being used for farming which yields 294,074 metric tonnes of agricultural produces. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prithivi Raj Lamichhane, agriculture economic expert for the centre, shared that the crops produced in the district is proportionate to the number of people in the district. </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"">"The problem lies in the lack of utility of the locally produced goods such as wheat, maize, millet and barely among others," he added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Although there is a bumper production of maize in the district, majority of the local residents prefer rice over maize, said Lamichhane. The district recorded 33,540 metric tonnes of surplus grains in the fiscal year 2021/22. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A person requires around 201 kilograms of processed food grains in a year on an average, informed Lamichhane, adding that the district requires 135,932 metric tonnes of food annually while the availability of food grains stands at 169,472 metric tonnes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The population of the district as per the census in 2021 is 676,277. Paddy is cultivated across 39,400 hectares of land in the district which yields 173,360 metric tonnes, according to the centre. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-01-13', 'modified' => '2023-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '16473', 'image' => '20230113015027_fair price shoppp.jpg', 'article_date' => '2023-01-13 13:49:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16730', 'article_category_id' => '1', 'title' => 'CNI Welcomes Decision of Commercial Banks to Reduce Interest Rates ', 'sub_title' => '', 'summary' => 'January 13: The Confederation of Nepalese Industries (CNI) has welcomed the decision of Nepal Bankers’ Association to reduce the interest rates. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 13: The Confederation of Nepalese Industries (CNI) has welcomed the decision of Nepal Bankers’ Association to reduce the interest rates. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a press statement on Thursday, the NBA said that move to reduce the interest rates on deposits is positive step at a time when the entire economy has been facing crunch of investible capital while the non-performing loan has been rising. It is a respite to the private sector, reads the statement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> The CNI also said that decision to decrease the interest rate will help revive the economy which is facing various problems such as lack of demand and postponement of investment plans due to high interest rate.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CNI said it had been demanding for the lowering of the interest rate to boost up the economy and increase the private sector’s morale. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The decision will help to bring back the economy on track from the challenging situation,” the CNI statement added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CNI believes that the decline in interest rate will also reduce the cost of fund and the base rate. As a result, the CNI is hopeful that the interest on loans will also reduce.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It will eventually increase investment in business and industries and boost the morale of the private sector.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A recent study conducted by the CNI showed that 70 percent of industrialists had postponed their investment plans due to the high interest rates. The CNI expressed its belief that the investors will carry on with the investment plans as the interest rates have been reduced and the economy will once again become vibrant.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CNI noted that the Nepal Rastra Bank’s decision to review the Working Capital Loan Guidelines has provided relief to some extent to the private sector. It also urged the central bank to ensure liquidity in the market through the biannual review of the monitory policy. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-13', 'modified' => '2023-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '16471', 'image' => '20230113010535_CNI logo.jpg', 'article_date' => '2023-01-13 13:04:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16729', 'article_category_id' => '1', 'title' => 'One and a Half Decades On, Postal Highway Achieves 83 Percent Progress', 'sub_title' => '', 'summary' => 'January 13: Around one and a half decade into construction, 83 percent work on the Postal Highway has been completed. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">January 13: Around one and a half decade into construction, 83 percent work on the Postal Highway has been completed. It will take around three more years for the national pride project to complete, it has been said. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Under the project considered to be a base for the prosperity of the Tarai Madhes, construction of 910 kilometers of road and 115 bridges have been completed. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The COVID-19 pandemic, disputes related to the project location and the border blockade are blamed for the delay, said Dharmendra Kumar Jha, chief of the Postal Highway Directorate. The construction of around 250 kilometers of road has yet to be contracted, and work on around 500 kilometers is underway, said the directorate. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Negligence of the contractors in some cases is blamed for the delay, said Jha, adding that in some other cases, the contract was extended from time to time. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Chief Jha said although there was an arrangement to extend the deadline in the past, now construction companies could be fined for their failure to complete the works within the deadline. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Now, around 500 km of road is under construction under the project. According to the directorate, the contract would be canceled if works are not carried out as per the schedule. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">According to the project, a target has been set to construct 27 bridges and to blacktop 160 km of road in the current fiscal year. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The latest deadline has been extended till current fiscal year 2022/23. Chief Jha said COVID-19 has affected this project like many other development projects.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-13', 'modified' => '2023-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '16470', 'image' => '20230113105546_postal highway facebook.jpg', 'article_date' => '2023-01-13 10:54:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16728', 'article_category_id' => '1', 'title' => 'Biratnagar Metropolitan City Launches Tax Collection Campaign ', 'sub_title' => '', 'summary' => 'As part of its campaign to increase internal income, Biratnagar Metropolitan City has held an orientation programme for ward members. ', 'content' => '<p> </p> <p><span style="font-size:20px">January 13: As part of its campaign to increase internal income, Biratnagar Metropolitan City has held an orientation programme for ward members. </span></p> <p><span style="font-size:20px">With an objective to make tax collection crusade effective, the metropolitan city has made one member from every ward a focal person at the recommendation of ward executive committee.</span></p> <p><span style="font-size:20px">Focal persons will have to play leading roles for tax increase for next four years. The metropolitan office imparted first phase of training and orientation to the focal persons.</span></p> <p><span style="font-size:20px">“Focal persons will facilitate and coordinate to collect tax from business registration, business renewal, and individual income”, said Saroj Gautam, Head of the Revenue Department at the metropolis. Gautam said focal persons will be actively involved in tax collection campaign. </span></p> <p><span style="font-size:20px">At the orientation programme, Biratnagar’s Mayor Nagesh Koirala said that dream of Biratnagar’s development would not be possible without making adequate internal income.</span></p> <p><span style="font-size:20px">“People’s desires for development are abundant. But, the source of income is limited. Thus, we have to increase our income anyhow to meet people’s expectations of development”, Koirala added.</span></p> <p><span style="font-size:20px">Koirala says that they have launched tax collection campaign to make the city clean, well-managed, and developed with adequate budget. </span></p> <p><span style="font-size:20px">Deputy Mayor Silpa Nirala Karki stressed the need that focal persons should identify sources of tax in the wards. “Ward members have been appointed as focal persons as they know about the business registration and renewal and map pass for house construction”, said Karki.</span></p> <p><span style="font-size:20px">Chief Administrative Officer Bishnu Prasad Koirala believes that metropolis will be able to meet the revenue target if focal persons work sincerely.</span></p> <p><span style="font-size:20px">The metropolitan city is preparing to impart the second phase of orientation by subject experts to focal persons shortly. </span></p> <p><span style="font-size:20px">Biratnagar had collected revenue of Rs 490 million in the last fiscal year. The metropolis plans to collect the revenue of Rs 870 million in the current fiscal year. </span></p> ', 'published' => true, 'created' => '2023-01-13', 'modified' => '2023-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '16469', 'image' => '20230113054738_collage (50).jpg', 'article_date' => '2023-01-13 05:43:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '16727', 'article_category_id' => '1', 'title' => 'Is it Possible to Pay the Debts of New International Airports?', 'sub_title' => '', 'summary' => 'January 12: Seven decades after Kathmandu-based Tribhuvan International Airport (TIA) came into operation, two more international airports have started operation in Nepal.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">January 12: Seven decades after Kathmandu-based Tribhuvan International Airport (TIA) came into operation, two more international airports have started operation in Nepal. However, critics doubt whether the country can bear the burden of debt incurred for the construction of these airports built with massive foreign loans. A section of critics has been arguing that the twonew airports will turn into white elephants.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Gautam Buddha International Airport (GBIA) was built with loans and grants from the Asian Development Bank (ADB) and loans from the OPEC Fund for International Development (OFFID). Likewise, the Pokhara Regional International Airport (PRIA) also received a line of credit from China's Exim Bank.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The PRIA was built with a loan assistance of Rs 22 billion from the Exim Bank of China. The Government of Nepal had signed a loan agreement of 1.37 billion Chinese Yuan with China's Exim Bank seven years ago. However, the government has been exempted of paying interest on 25 per cent of the loan. It means that the government does not have to pay interest on 344.46 million Yuan while it has to pay 2 per cent interest on the remaining amount. This loan has a grace period of 7 years and is to be repaid in a total of 20 years.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The grace period is ending soon. According to the Civil Aviation Authority of Nepal (CAAAN), it has to pay the first installment of 53.28 million Yuan in March. The second installment should be paid after six months. The authority should repay the loan of Exim Bank twice a year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, the government had signed an investment agreement for the construction of Gautam Budh International Airport eight years ago. In 2014, the government signed another agreement with ADB for more investment. Following the agreements, ADB decided to extend loans of USD 402.75 for the GBIA project. ADB also pledged a grant of USD 105.7 million for the airport. The interest rate of the loan is 1 per cent during the grace period and then one and a half per cent.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">OFFID has also invested USD 15 million in Gautam Buddha. The grace period of the loan of this airport ended four years ago and the payment of installment on principal and interest has already started. The authority has paid 4 installments so far. CAAN said that installments have not been paid since the onset of Covid-19.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Gautam Buddha's installment is also bi-annual. Its installments should be paid in the months of Baishakh (mid-April to mid-May) and Kartik (mid-October to mid-November). The government has to pay USD 112,709 in one installment.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">There is currently a debate going on about whether the government can pay the interest on the loan invested heavily by the development partners in these two airports.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Pradeep Adhikari, director general of CAAN, said that it is too early to jump into a conclusion as the airport has recently been put into operation just now. "In a tourist hub like Pokhara, such an airport should have been built 15 to 20 years ago," he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Some stakeholders argue that one has to wait patiently to reap the benefits from the new airports.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Former Finance Secretary Rameshwar Khanal believes that the Pokhara Airport can pay off the loan in 17 years and Gautam Buddha Airport in 10 years. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"For this, 400,000 passengers will have to fly/land at Pokhara airport in the next 2 years," said Khanal, "On the other hand, Gautam Buddha's capacity is to serve 32 million passengers annually. Even if it serves half of the passengers immediately, the maximum time to repay the loan will be 10 years. It can be paid,” he assured. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-12', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16468', 'image' => '20230112063832_20230101084513_Pro-KTM-Pokhara-Prachandab.jpg', 'article_date' => '2023-01-12 18:37:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16726', 'article_category_id' => '1', 'title' => 'Finance Secretary Toyam Raya Takes Oath Of Office as member of NRB Board of Directors ', 'sub_title' => '', 'summary' => 'Finance Ministry Secretary Toyam Raya, took oath of office and secrecy as the member of the Nepal Rastra Bank (NRB) board of directors on Thursday.', 'content' => '<p><br /> <span style="font-size:20px">January 12: Secretary Toyam Raya at the Ministry of Finance took oath of office and secrecy as the member of the Nepal Rastra Bank (NRB) board of directors on Thursday.</span></p> <p><span style="font-size:20px">Acting Chief Justice Hari Krishna Karki administered oath of office and secrecy to Raya at a programme organized at the Supreme Court. </span></p> <p><span style="font-size:20px">Clause 14 of the Nepal Rastra Bank Act, 2058 has provisions that secretary of the Finance Ministry would be the member of the NRB board of directors. </span></p> <p><span style="font-size:20px">The Chief Registrar of the Supreme Court, Lal Bahadur Kunwar, Registrars—Narayan Prasad Panthi and Nirmala Poudel, Assistant-Registrar Narayan Prasad Regmi, Director and Secretary of Board of Directors of the Nepal Rastra Bank, Muktinath Sapkota among others were present on the occasion. </span><br /> </p> ', 'published' => true, 'created' => '2023-01-12', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16467', 'image' => '20230112055539_collage (49).jpg', 'article_date' => '2023-01-12 17:50:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ) ) $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' => '16743', 'article_category_id' => '1', 'title' => 'Yeti Airlines Plane Carrying 68 Passenger Crashes in Pokhara ', 'sub_title' => '', 'summary' => 'January 15: A Yeti Airlines plane carrying 68 passengers crashed in Pokhara on Sunday morning.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">January 15: A Yeti Airlines plane carrying 68 passengers crashed in Pokhara on Sunday morning. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The ATR-72 plane which left for Pokhara from Kathmandu at 10.33 am in the morning reportedly crashed in the Seti River gorge while making a final approach for landing. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Yeti Airlines spokesman Suman Bartaula said that two pilots, two air hostesses and 68 passengers were on board the ill-fated plane. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Chief District Officer of Kaski, Tek Bahadur KC told the state-owned national news agency RSS that they received information that the plane crashed in the Seti River gorge.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Images released by the RSS show the wreckage of the plane lying in tatters on a cliff with indication of high fatality. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">An amateur video circulating on social media shows the aircraft tilting towards the left before losing its balance to crash. Other videos taken by the locals show thick smoke emanating from the crash site. However, the authorities are yet to make any official statement on the number of casualties saying that they are awaiting further details.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The aircraft of Yeti Airlines that crashed in Pokhara today had taken permission for landing,</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the Civil Aviation Authority of Nepal (CAAN), the aircraft had taken permission for landing before the crash.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“The aircraft had took off from the Tribhuvan International Airport at 10:33 am and had taken permission to land,” RSS quoted the CAAN information officer Gyanendra Bhul as saying.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"There was no weather issue. The accident took place due to technical problem with the aircraft according to the preliminary information. We have received information that aircraft the caught fire in the sky," Bhul told RSS. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to CAAN, there were 68 passengers on board the plane including 60 Nepali nationals, and eight foreigners and four crew members including Captain Kamal KC and Anju Khatiwada. Among the passengers 62 were adults, three were children and three infants, RSS reported. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Meanwhile, Deputy Prime Minister and Minister for Home Minister Rabi Lamichhane has directed the bodies concerned to ensure prompt and effective rescue efforts. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">He instructed the Home Secretary, chief of Security and Coordination Division, the Kaski District Administration Office and the security bodies not to leave any stone unturned to guarantee prompt and effective rescue efforts in the aftermath of the plane crash, according to his press coordinator Nawaraj Pandey. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Minister reached Tribhuvan International Airport to take updates of the incident. The Yeti Airlines aircraft that left for Pokhara from TIA carrying 68 passengers crashed following a failed landing approach at Pokhara Regional International Airport Sunday morning. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">It is the second fatal crash of an aircraft in Nepal within eight months. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">A Tara Air plane had crashed in Mustang district on May 29 last year killing 22 people on board. It may be noted that Tara Air is a sister company of Yeti Airlines. Back then, it was found that the Twin Otter aircraft with call sign 9N-AET was more made than four decades ago leading to speculations that the plane crashed because it was too old to fly.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The recent crashes is a further blow to Nepal’s aviation sector which is seeking the European Union to lift a ban on Nepali airline companies from flying in European skies. The EU has banned Nepali airlines from flying in European airspace since 2013 citing safety concerns.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to Reuters, at least 309 people have died in plane or helicopter crashes in Nepal since 2000.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-15', 'modified' => '2023-01-15', 'keywords' => '', 'description' => '', 'sortorder' => '16484', 'image' => '20230115014120_DBG_Kaski-IMG_8399.jpg', 'article_date' => '2023-01-15 13:40:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16742', 'article_category_id' => '1', 'title' => 'Consumer Price Inflation Surges to 7.38 Percent', 'sub_title' => '', 'summary' => 'January 15: The year-on-year consumer price inflation in Nepal surged to 7.38 percent in mid-December compared to 7.11 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">January 15: The year-on-year consumer price inflation in Nepal surged to 7.38 percent in mid-December compared to 7.11 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB).</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Current Macroeconomic and Financial Situation Report published by the central bank on Friday revealed that the food and beverage inflation stood at 5.85 percent whereas non-food and service inflation rose to 8.59 percent in the review month, among which transportation cost increased the most.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Under the food and beverage category, the y-o-y consumer price index of restaurant and hotel sub-category increased 15.56 percent, tobacco products 11.81 percent, cereal grains and their products 9.39 percent, milk products and eggs 9.07 percent, and alcoholic drinks 8.84 percent.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Similarly, under the non-food and services category, the y-o-y consumer price index of transportation sub-category increased 17.33 percent, health 11.22 percent, recreation and culture 8.76 percent, housing and utilities 8.29 percent and furnishing and household equipment 8.29 percent.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">In the review month, consumer price inflation in the Kathmandu Valley, Terai, hill and mountain areas stood at 6.56 percent, 8.00 percent, 7.32 percent and 6.48 percent respectively. Inflation in these regions were 5.91 percent, 7.52 percent, 6.95 percent and 4.91 percent respectively a year ago.</span></span></span></p> ', 'published' => true, 'created' => '2023-01-15', 'modified' => '2023-01-15', 'keywords' => '', 'description' => '', 'sortorder' => '16483', 'image' => '20230115115828_consumer.jpg', 'article_date' => '2023-01-15 11:57:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16741', 'article_category_id' => '1', 'title' => 'Maghe Sankranti being Observed Today ', 'sub_title' => '', 'summary' => 'January 15: Maghe Sankranti or Makar Sankranti is being celebrated throughout the country today. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">January 15: Maghe Sankranti or Makar Sankranti is being celebrated throughout the country today. The festival is being observed by taking holy dips in rivers and ponds, worshiping at various temples and savouring delicacies like ghee, yam, khichadi (mixed rice pudding) and sweets like chaku and sweets made of sesame and molasses. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the astrological chart, the Makar Sankranti festival has special significance. The sun starts moving towards the northern hemisphere from this day. It is believed that the days get longer and nights shorter from today.</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"">On this day, the sun moves from constellation of Sagittarius to the constellation of Capricorn. According to religious texts like ‘Bhabisya Puran’ and ‘Dharma Sindhu’, devotees will get special blessings and will have robust body if they observe the festival as per the rituals. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Newar community observes the festival by taking ghee, chaku and remembering the departed souls. The seniors apply mild-hot edible oil to heads of juniors on this day. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A large number of devotees throng to holy sites such as Devghat, Barahchhetra, Ridi, Panauti, Dolalghat and Kankai in Nepal and Prayag and Gangasagar in India to take holy bath and perform Shraddha. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The festival has significance in view of Ayurveda and medical science as well. Food items that are taken on this day are considered to be the source of balance diet which increases the immunity power of the human body. On this day, a festival is organized at the Tilmadhav Narayan Temple at Taumadhi Tole, Bhaktapur and puja of Deepakankar Buddha is performed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Tharu community observes this festival as the Maghi with much fanfare and gaiety for five consecutive days. Likewise, the people in the Tarai districts mark this day as the festival of bath known as Nahan. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-01-15', 'modified' => '2023-01-15', 'keywords' => '', 'description' => '', 'sortorder' => '16482', 'image' => '20230115112049_VT-MALANGWA-30-RSS.jpg', 'article_date' => '2023-01-15 11:20:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16740', 'article_category_id' => '277', 'title' => 'Paddy Production Tumbles in Gandaki Province ', 'sub_title' => '', 'summary' => 'Gandaki Province has witnessed fall in paddy production this fiscal year. Paddy production has slumped by 3.74 per cent compared to the last year.', 'content' => '<p><span style="font-size:20px">January 15: Gandaki Province has witnessed fall in paddy production this fiscal year. Paddy production has slumped by 3.74 per cent compared to the last year.</span></p> <p><span style="font-size:20px">According to data at the Ministry of Agriculture and Livestock Development, the province harvested 3,91,121 metric tons of paddy this year compared to 4,06,336 metric tons of paddy last fiscal year. In the province, paddy cultivation area has also shrunk. </span></p> <p><span style="font-size:20px">Paddy was cultivated in 1,12,227 hectares of field last year compared to 1,06,380 hectares of land this fiscal year. Compared to other provinces, both paddy production and paddy cultivation area have decreased in Gandaki Province. </span></p> <p><span style="font-size:20px">“Shrinking of paddy plantation field due to rise of houses and housing plots has led to drop in paddy produce,” said Basudev Regmi, Chief of Agriculture Development Directorate of the province. </span></p> <p><span style="font-size:20px">“Urbanization and commercialization have increased in the arable land and land going barren have also soared, causing the paddy produce to fall,” added Regmi.</span></p> <p><span style="font-size:20px">Regmi warned that rising tendency to construct houses in the arable land would make country more dependent on food in the days to come. </span></p> <p><span style="font-size:20px">Adverse weather, shortage of chemical fertilizer, and substandard seeds have also caused the paddy produce to shrink, Regmi described.</span></p> <p><span style="font-size:20px">Farmers had experienced fertilizer crunch at the time of paddy cultivation. Similarly, heavy rains had damaged the paddy at the time to bear the rice. </span></p> <p><span style="font-size:20px">Farmer Baikuntha Sapkota of Baglung Municiplaity-3 says that he had harvested just 10 muri of paddy this year compared to 19 muri(traditional way of measurement) last fiscal. </span></p> <p><span style="font-size:20px">Sapkota complained pests control, shortage of improved seeds and fertilizer management have always remained challenges for farmers. </span></p> <p><span style="font-size:20px">Paddy productivity, however, has increased in all provinces this year. Productivity has gone up by 1.55 per cent in per hectare of the paddy field this year. Use of improved seeds, and improvement of cultivation have improved productivity, according to Agriculture Knowledge Center Baglung Chief Bhanubhakta Bhattarai.</span></p> <p><span style="font-size:20px">Bhattarai said paddy produce declined five per cent in Baglung this fiscal year. Unseasonal rainfall had damaged the paddy production in the district.</span></p> <p><span style="font-size:20px">Baglung’s Galkot and Balewa, Gorkha’s Palungtar, Kaski’s Lekhnath, Syangja’s aandhikhola Kinar, Waling, Tanahun’s Bhimad, Nawalpur’s Triveni and Madhyabindu and Parbat’s Faleshwal are pocket areas for paddy production in Gandaki Province. </span></p> <p><span style="font-size:20px">Farmers have been planting various types of paddy including Ram, Sunaulosugandh, Loktantnatra, Khumal, improved Jethobudho in the province. </span></p> <p><span style="font-size:20px">After Gandaki, Bagmati Province witnessed fall of paddy produce by 1.45 per cent this fiscal. Bagamti province had produced 5,07,789 metric tons of paddy last year compared to 5,00446 metric tons of the paddy this year.</span></p> <p><span style="font-size:20px">Paddy production, nevertheless, increased in remaining five provinces. <br /> Paddy production jumped by the highest rate of 33.33 per cent in Sudurpaschim Province. The province produced 5,89,221 metric tons of paddy this fiscal year compared to 4,41,913 metric tons of the paddy last year.</span></p> <p><span style="font-size:20px">Country recorded production of 54,86,472 metric tons of paddy this year compared to 51,30,625 metric tons of rice last fiscal. </span></p> ', 'published' => true, 'created' => '2023-01-15', 'modified' => '2023-01-15', 'keywords' => '', 'description' => '', 'sortorder' => '16481', 'image' => '20230115083725_collage (31).jpg', 'article_date' => '2023-01-15 08:25:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 4 => array( 'Article' => array( 'id' => '16738', 'article_category_id' => '1', 'title' => 'Season of 'Big Merger' of Commercial Banks', 'sub_title' => 'Eight Banks Merge with Each Other ', 'summary' => '', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">January 14: The then Governor of Nepal Rastra Bank (NRB), Dr Chiranjibi Nepal, introduced a provision for commercial banks to have a minimum paid-up capital of Rs 8 billion through the monetary policy of the Fiscal Year 2015/16 BS. The banks were given the deadline until mid-July 2017 to comply with the new rule.</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 goal of increasing the paid-up capital was to strengthen the banking system and to decrease the number of commercial banks. The policy that was adopted that time has turned into reality at present. Although some commercial banks opted for merger back then, a wave of latest mergers has reduced the number of commercial banks in line with the ‘big merger’ policy of the central bank. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Eight commercial banks have merged with each other in the month of Poush (mid-December to mid-January) alone while additional two commercial banks are in the merger process. </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"">Eight banks have already merged and started their joint operation. The banks which merged in the review month include Kumari Bank and NCC Bank, Global IME and Bank of Kathmandu, Prabhu Bank and Century Bank and Nepal Investment Bank and Mega Bank. </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"">With the latest spate of mergers, the number of commercial banks have dropped to 22 from 27 last year. (With inputs from RSS)</span></span></span><br /> </p> ', 'published' => true, 'created' => '2023-01-14', 'modified' => '2023-01-14', 'keywords' => '', 'description' => '', 'sortorder' => '16479', 'image' => '20230114100851_merger.jpg', 'article_date' => '2023-01-14 10:06:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16737', 'article_category_id' => '1', 'title' => 'Foreign Exchange Reserves Stand at Rs 1292 billion; Enough to Sustain Nine Months’ Import ', 'sub_title' => '', 'summary' => 'Nepal has witnessed improvement in foreign exchange reserves in the first five months of the current fiscal year.', 'content' => '<p><br /> <span style="font-size:20px">January 13: Nepal has witnessed improvement in foreign exchange reserves in the first five months of the current fiscal year.</span></p> <p><span style="font-size:20px">The current macroeconomic and financial situation published by the Nepal Rastra Bank on Friday showed that foreign exchange reserves increased by 6.3 per cent to Rs 1292.56 billion till mid-December 2022 from Rs1215.80 billion in mid-July 2022.</span></p> <p><span style="font-size:20px">In the US Dollar terms, foreign exchange reserves increased by 3 per cent to 9.54 billion in mid-December 2022 from 9.82 billion in mid-July 2022. </span></p> <p><span style="font-size:20px">Out of the gross foreign exchange reserves, Nepal Rastra Bank had reserves of Rs 1056.39 billion in mid-July 2022. The NRB’s foreign exchange reserve rose by 7.8 per cent and reached to Rs 1139.22 billion in mid-December 2022.</span></p> <p><span style="font-size:20px">Foreign exchange reserves held by banks and financial institutions, except Nepal Rastra Bank, however, decreased by 3.8 per cent to Rs 153.34 billion in mid-December 2022 from 159.41 billion in mid-July 2022.</span></p> <p><span style="font-size:20px">Indian currency covers 22.9 per cent of the total foreign exchange reserves. </span></p> <p><span style="font-size:20px">Based on the import of the first months of the current fiscal year, the current foreign exchange reserves is sufficient to import merchandise for ten months and merchandise and services for 8.7 months, according to the Nepal Rastra Bank.</span><br /> </p> ', 'published' => true, 'created' => '2023-01-13', 'modified' => '2023-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '16478', 'image' => '20230113052959_collage (54).jpg', 'article_date' => '2023-01-13 17:26:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 6 => array( 'Article' => array( 'id' => '16736', 'article_category_id' => '1', 'title' => 'Transport of Dusty Cargo Diverted to ICP, Cost per Rake Increases by Rs 2.2 Million', 'sub_title' => '', 'summary' => 'January 13: Nepali importers have complained that the transportation cost has skyrocketed all of a sudden after the dusty cargo coming through the Birgunj-Raxaul Friendship Bridge was diverted to the Nepal-India Integrated Checkpoint (ICP).', 'content' => '<p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">January 13: Nepali importers have complained that the transportation cost has skyrocketed all of a sudden after the dusty cargo coming through the Birgunj-Raxaul Friendship Bridge was diverted to the Nepal-India Integrated Checkpoint (ICP).</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">The importers argue that their cost has increased due to the Raxaul yard of the Indian Railways and the ICP, traffic congestion, extra time incurred for transportation, increased parking fee and other expenses. </span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">A study conducted by the Birgunj Chamber of Commerce and Industry states that the transportation cost has increased by Rs 2.23 million per rail rake. One rake can hold up to 3,600 tons of cargo.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">On this basis, the transportation cost per ton has increased by Rs 619, according to the vice president of Birgunj Chamber of Commerce, Madhav Rajpal.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">To fully operate the ICP, which has been in operation since 2016, </span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Nepal and India had jointly decided to redirect the dusty cargo to the ICP in order to ensure that the ICP operates in optimal capacity. The ICP has been operational since 2016. The dusty cargo has not entered Nepal through the old route of Birgunj since January 1.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Goods like raw materials for cement and iron industry, slag, iron ore, coal, fertilizer and salt used to be imported through the old customs. Now all those cargoes have to be imported through the ICP.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Kamal Gyawali, Birgunj head of Nepal Intermodal Transport Development Committee, informed that lane number 10 of the ICP towards Nepal has been set aside to bring in dusty cargo.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">The importers complained that they were forced to go to the ICP although it is ill-prepared in terms of infrastructure to allow in the dusty cargo. Vice President Rajpal said that the biggest problem is the link road connecting Raxaul Yard and the ICP.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Rajpal alleged that the Consulate of India in Birgunj had sent a report to his government that there was no problem on the link road, and based on that report, the imports were diverted to the ICP.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Shashi Bhushan Kumar, the consul general of the Indian Consulate, said that all types of transport vehicles, large and small, were tested on the link road, and after it was found that the cargo could be transported, the cargo was sent to the ICP.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">According to Kumar, the problems seen during transportation will be resolved gradually.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">He also said that the infrastructure built by spending billions of rupees should be fully utilized to make import and export effective. </span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Rajpal complained that a separate dedicated lane for dusty cargo within the ICP is not yet available. Even though there is no parking in ICP, such a fee is charged. “The goods and services tax is also collected in the ICP towards India. Such a tax cannot be levied on cargo that regularly comes to Nepal,” said Rajpal.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">The importers argue that the ICP should charge only the nominal entrance fee as it failed to provide parking facility.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">The importers say that earlier one truck used to transport dusty cargo for three to four times a day, but now it is difficult to even manage on lot in a day. Currently, at least 30 rakes of Nepal-bound dusty cargo arrive in Raxaul every month. The importers claimed that even ten rakes cannot be transported after the dusty cargo was diverted to the ICP. Rajpal claimed that since transportation by rail takes more time and cost, importers may now transport goods on Indian trucks.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-13', 'modified' => '2023-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '16477', 'image' => '20230113050828_20220819045658_20190410102147_ICP-Birgunj-2.jpg', 'article_date' => '2023-01-13 17:07:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16735', 'article_category_id' => '1', 'title' => 'Remittance Surges by 23 Per Cent in First Five Months of Current FY', 'sub_title' => '', 'summary' => 'The money sent by Nepali migrant workers jumped by 23 per cent to Rs 400.80 billion in the first five months of the current fiscal year.', 'content' => '<p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">January 13: The money sent by Nepali migrant workers jumped by 23 per cent to Rs 400.80 billion in the first five months of the current fiscal year. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">The data published by the Nepal Rastra Bank on Friday revealed that remittance inflow surged by 23 per cent in the first five months compared to the same period last year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">Remittance inflow, however, had dipped by 6.3 per cent last year compared to the same period in the previous year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">The data published by the NRB show that remittance inflow increased by 13.1 per cent to 3.71 billion in the US Dollar. Such a remittance had gone down by 6.8 per cent during the same period last year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">A worldwide outbreak of the COVI-19 pandemic had adversely affected the foreign employment for Nepali citizens, causing the remittance to shrink. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">With easing of COVID restrictions, a large number of Nepali youths have recently left the country for jobs in foreign countries </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">Citing depletion in foreign currency reserve due to tumble in remittance inflow, the government had imposed ban on the import of vehicles and luxurious goods. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-13', 'modified' => '2023-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '16476', 'image' => '20230113051108_Remittance.jpg', 'article_date' => '2023-01-13 16:12:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 8 => array( 'Article' => array( 'id' => '16733', 'article_category_id' => '1', 'title' => 'SLR of Banks Exceeds Limit set by NRB', 'sub_title' => '', 'summary' => 'January 13: The Statutory Liquidity Ratio (SLR) of banks and financial institutions is more than the standard set by Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">January 13: The Statutory Liquidity Ratio (SLR) of banks and financial institutions is more than the standard set by Nepal Rastra Bank (NRB). NRB issued a tight monetary policy in the current fiscal year (FY) and increased the mandatory cash reserve ratio (CRR) and SLR of banks.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Through the monetary policy, it was announced that the SLR should be increased from 10 to 12 percent for commercial banks, 8 percent for development banks and 7 to 10 percent for finance companies in addition to increasing the CRR from 3 to 4 percent. Although the CRR came into effect on August 17, the central bank had allowed the banks to implement the SLR by January.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As the deadline given by NRB is about to expire, banks and financial institutions have maintained the SLRs more than the limit specified by the central bank. According to the data of NRB, the average SLR of commercial banks is 21.09 percent in the first quarter of the current year which was 19.88 percent until last year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Standard Chartered Bank, which had the lowest SLR in October, also attained 13.69 percent SLR. Similarly, Everest Bank has maintained the highest SLR of 24.48 percent. The SLR of most of the banks is above 15 percent.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Assistant Spokesperson of NRB, Narayan Prasad Pokharel says that the SLR of the banks is better than the prescribed limit due to the increased investment of the banks in the areas where SLR can be calculated. He said that since the monetary policy increased the CRR and this amount is also added to the SLR, its ratio is higher.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Banks can calculate their investments in government securities, the amount deposited in NRB for mandatory balance purposes, and the cash balance in their safe deposit boxes in the SLR. Similarly, the amount deposited by development banks and finance companies in commercial banks for CRR purposes, the amount deposited by provincial level financial institutions in other banks and financial institutions, the investment made in bonds issued by international financial institutions in Nepali currency, the deposits collected by NRB under open market transactions are taken into consideration while calculating the SLR. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">However, if a loan is taken from a bank financial institution, including repo, permanent liquidity facility, as collateral for a security bond, there is a provision to reduce the loan amount and include only net investment in liquid assets.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">If the banks are unable to maintain the SLR, they should calculate the SLR on the basis of the domestic deposit liability at the end of the previous month and submit the monthly statement to NRB. If the specified ratio is not maintained, there is a provision to impose a fine for the first time, double the bank rate for the second time, and triple the bank rate for the third or more times.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-13', 'modified' => '2023-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '16474', 'image' => '20230113025007_Banks.jpg', 'article_date' => '2023-01-13 14:49:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16732', 'article_category_id' => '1', 'title' => 'Dang District Becomes Self-Reliant on Food ', 'sub_title' => '', 'summary' => 'January 13: Dang district has become self-reliant on food grains. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">January 13: Dang district has become self-reliant on food grains. The statistic shows that the food grains produced in the district caters to the demand of the local residents and there is also food surplus. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Agriculture Knowledge Centre Dang, a total of 75,991 hectares of land in the district is being used for farming which yields 294,074 metric tonnes of agricultural produces. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prithivi Raj Lamichhane, agriculture economic expert for the centre, shared that the crops produced in the district is proportionate to the number of people in the district. </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"">"The problem lies in the lack of utility of the locally produced goods such as wheat, maize, millet and barely among others," he added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Although there is a bumper production of maize in the district, majority of the local residents prefer rice over maize, said Lamichhane. The district recorded 33,540 metric tonnes of surplus grains in the fiscal year 2021/22. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A person requires around 201 kilograms of processed food grains in a year on an average, informed Lamichhane, adding that the district requires 135,932 metric tonnes of food annually while the availability of food grains stands at 169,472 metric tonnes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The population of the district as per the census in 2021 is 676,277. Paddy is cultivated across 39,400 hectares of land in the district which yields 173,360 metric tonnes, according to the centre. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-01-13', 'modified' => '2023-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '16473', 'image' => '20230113015027_fair price shoppp.jpg', 'article_date' => '2023-01-13 13:49:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16730', 'article_category_id' => '1', 'title' => 'CNI Welcomes Decision of Commercial Banks to Reduce Interest Rates ', 'sub_title' => '', 'summary' => 'January 13: The Confederation of Nepalese Industries (CNI) has welcomed the decision of Nepal Bankers’ Association to reduce the interest rates. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 13: The Confederation of Nepalese Industries (CNI) has welcomed the decision of Nepal Bankers’ Association to reduce the interest rates. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a press statement on Thursday, the NBA said that move to reduce the interest rates on deposits is positive step at a time when the entire economy has been facing crunch of investible capital while the non-performing loan has been rising. It is a respite to the private sector, reads the statement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> The CNI also said that decision to decrease the interest rate will help revive the economy which is facing various problems such as lack of demand and postponement of investment plans due to high interest rate.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CNI said it had been demanding for the lowering of the interest rate to boost up the economy and increase the private sector’s morale. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The decision will help to bring back the economy on track from the challenging situation,” the CNI statement added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CNI believes that the decline in interest rate will also reduce the cost of fund and the base rate. As a result, the CNI is hopeful that the interest on loans will also reduce.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It will eventually increase investment in business and industries and boost the morale of the private sector.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A recent study conducted by the CNI showed that 70 percent of industrialists had postponed their investment plans due to the high interest rates. The CNI expressed its belief that the investors will carry on with the investment plans as the interest rates have been reduced and the economy will once again become vibrant.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CNI noted that the Nepal Rastra Bank’s decision to review the Working Capital Loan Guidelines has provided relief to some extent to the private sector. It also urged the central bank to ensure liquidity in the market through the biannual review of the monitory policy. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-13', 'modified' => '2023-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '16471', 'image' => '20230113010535_CNI logo.jpg', 'article_date' => '2023-01-13 13:04:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16729', 'article_category_id' => '1', 'title' => 'One and a Half Decades On, Postal Highway Achieves 83 Percent Progress', 'sub_title' => '', 'summary' => 'January 13: Around one and a half decade into construction, 83 percent work on the Postal Highway has been completed. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">January 13: Around one and a half decade into construction, 83 percent work on the Postal Highway has been completed. It will take around three more years for the national pride project to complete, it has been said. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Under the project considered to be a base for the prosperity of the Tarai Madhes, construction of 910 kilometers of road and 115 bridges have been completed. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The COVID-19 pandemic, disputes related to the project location and the border blockade are blamed for the delay, said Dharmendra Kumar Jha, chief of the Postal Highway Directorate. The construction of around 250 kilometers of road has yet to be contracted, and work on around 500 kilometers is underway, said the directorate. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Negligence of the contractors in some cases is blamed for the delay, said Jha, adding that in some other cases, the contract was extended from time to time. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Chief Jha said although there was an arrangement to extend the deadline in the past, now construction companies could be fined for their failure to complete the works within the deadline. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Now, around 500 km of road is under construction under the project. According to the directorate, the contract would be canceled if works are not carried out as per the schedule. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">According to the project, a target has been set to construct 27 bridges and to blacktop 160 km of road in the current fiscal year. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The latest deadline has been extended till current fiscal year 2022/23. Chief Jha said COVID-19 has affected this project like many other development projects.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-13', 'modified' => '2023-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '16470', 'image' => '20230113105546_postal highway facebook.jpg', 'article_date' => '2023-01-13 10:54:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16728', 'article_category_id' => '1', 'title' => 'Biratnagar Metropolitan City Launches Tax Collection Campaign ', 'sub_title' => '', 'summary' => 'As part of its campaign to increase internal income, Biratnagar Metropolitan City has held an orientation programme for ward members. ', 'content' => '<p> </p> <p><span style="font-size:20px">January 13: As part of its campaign to increase internal income, Biratnagar Metropolitan City has held an orientation programme for ward members. </span></p> <p><span style="font-size:20px">With an objective to make tax collection crusade effective, the metropolitan city has made one member from every ward a focal person at the recommendation of ward executive committee.</span></p> <p><span style="font-size:20px">Focal persons will have to play leading roles for tax increase for next four years. The metropolitan office imparted first phase of training and orientation to the focal persons.</span></p> <p><span style="font-size:20px">“Focal persons will facilitate and coordinate to collect tax from business registration, business renewal, and individual income”, said Saroj Gautam, Head of the Revenue Department at the metropolis. Gautam said focal persons will be actively involved in tax collection campaign. </span></p> <p><span style="font-size:20px">At the orientation programme, Biratnagar’s Mayor Nagesh Koirala said that dream of Biratnagar’s development would not be possible without making adequate internal income.</span></p> <p><span style="font-size:20px">“People’s desires for development are abundant. But, the source of income is limited. Thus, we have to increase our income anyhow to meet people’s expectations of development”, Koirala added.</span></p> <p><span style="font-size:20px">Koirala says that they have launched tax collection campaign to make the city clean, well-managed, and developed with adequate budget. </span></p> <p><span style="font-size:20px">Deputy Mayor Silpa Nirala Karki stressed the need that focal persons should identify sources of tax in the wards. “Ward members have been appointed as focal persons as they know about the business registration and renewal and map pass for house construction”, said Karki.</span></p> <p><span style="font-size:20px">Chief Administrative Officer Bishnu Prasad Koirala believes that metropolis will be able to meet the revenue target if focal persons work sincerely.</span></p> <p><span style="font-size:20px">The metropolitan city is preparing to impart the second phase of orientation by subject experts to focal persons shortly. </span></p> <p><span style="font-size:20px">Biratnagar had collected revenue of Rs 490 million in the last fiscal year. The metropolis plans to collect the revenue of Rs 870 million in the current fiscal year. </span></p> ', 'published' => true, 'created' => '2023-01-13', 'modified' => '2023-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '16469', 'image' => '20230113054738_collage (50).jpg', 'article_date' => '2023-01-13 05:43:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '16727', 'article_category_id' => '1', 'title' => 'Is it Possible to Pay the Debts of New International Airports?', 'sub_title' => '', 'summary' => 'January 12: Seven decades after Kathmandu-based Tribhuvan International Airport (TIA) came into operation, two more international airports have started operation in Nepal.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">January 12: Seven decades after Kathmandu-based Tribhuvan International Airport (TIA) came into operation, two more international airports have started operation in Nepal. However, critics doubt whether the country can bear the burden of debt incurred for the construction of these airports built with massive foreign loans. A section of critics has been arguing that the twonew airports will turn into white elephants.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Gautam Buddha International Airport (GBIA) was built with loans and grants from the Asian Development Bank (ADB) and loans from the OPEC Fund for International Development (OFFID). Likewise, the Pokhara Regional International Airport (PRIA) also received a line of credit from China's Exim Bank.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The PRIA was built with a loan assistance of Rs 22 billion from the Exim Bank of China. The Government of Nepal had signed a loan agreement of 1.37 billion Chinese Yuan with China's Exim Bank seven years ago. However, the government has been exempted of paying interest on 25 per cent of the loan. It means that the government does not have to pay interest on 344.46 million Yuan while it has to pay 2 per cent interest on the remaining amount. This loan has a grace period of 7 years and is to be repaid in a total of 20 years.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The grace period is ending soon. According to the Civil Aviation Authority of Nepal (CAAAN), it has to pay the first installment of 53.28 million Yuan in March. The second installment should be paid after six months. The authority should repay the loan of Exim Bank twice a year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, the government had signed an investment agreement for the construction of Gautam Budh International Airport eight years ago. In 2014, the government signed another agreement with ADB for more investment. Following the agreements, ADB decided to extend loans of USD 402.75 for the GBIA project. ADB also pledged a grant of USD 105.7 million for the airport. The interest rate of the loan is 1 per cent during the grace period and then one and a half per cent.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">OFFID has also invested USD 15 million in Gautam Buddha. The grace period of the loan of this airport ended four years ago and the payment of installment on principal and interest has already started. The authority has paid 4 installments so far. CAAN said that installments have not been paid since the onset of Covid-19.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Gautam Buddha's installment is also bi-annual. Its installments should be paid in the months of Baishakh (mid-April to mid-May) and Kartik (mid-October to mid-November). The government has to pay USD 112,709 in one installment.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">There is currently a debate going on about whether the government can pay the interest on the loan invested heavily by the development partners in these two airports.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Pradeep Adhikari, director general of CAAN, said that it is too early to jump into a conclusion as the airport has recently been put into operation just now. "In a tourist hub like Pokhara, such an airport should have been built 15 to 20 years ago," he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Some stakeholders argue that one has to wait patiently to reap the benefits from the new airports.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Former Finance Secretary Rameshwar Khanal believes that the Pokhara Airport can pay off the loan in 17 years and Gautam Buddha Airport in 10 years. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"For this, 400,000 passengers will have to fly/land at Pokhara airport in the next 2 years," said Khanal, "On the other hand, Gautam Buddha's capacity is to serve 32 million passengers annually. Even if it serves half of the passengers immediately, the maximum time to repay the loan will be 10 years. It can be paid,” he assured. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-12', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16468', 'image' => '20230112063832_20230101084513_Pro-KTM-Pokhara-Prachandab.jpg', 'article_date' => '2023-01-12 18:37:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16726', 'article_category_id' => '1', 'title' => 'Finance Secretary Toyam Raya Takes Oath Of Office as member of NRB Board of Directors ', 'sub_title' => '', 'summary' => 'Finance Ministry Secretary Toyam Raya, took oath of office and secrecy as the member of the Nepal Rastra Bank (NRB) board of directors on Thursday.', 'content' => '<p><br /> <span style="font-size:20px">January 12: Secretary Toyam Raya at the Ministry of Finance took oath of office and secrecy as the member of the Nepal Rastra Bank (NRB) board of directors on Thursday.</span></p> <p><span style="font-size:20px">Acting Chief Justice Hari Krishna Karki administered oath of office and secrecy to Raya at a programme organized at the Supreme Court. </span></p> <p><span style="font-size:20px">Clause 14 of the Nepal Rastra Bank Act, 2058 has provisions that secretary of the Finance Ministry would be the member of the NRB board of directors. </span></p> <p><span style="font-size:20px">The Chief Registrar of the Supreme Court, Lal Bahadur Kunwar, Registrars—Narayan Prasad Panthi and Nirmala Poudel, Assistant-Registrar Narayan Prasad Regmi, Director and Secretary of Board of Directors of the Nepal Rastra Bank, Muktinath Sapkota among others were present on the occasion. </span><br /> </p> ', 'published' => true, 'created' => '2023-01-12', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16467', 'image' => '20230112055539_collage (49).jpg', 'article_date' => '2023-01-12 17:50:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '16743', 'article_category_id' => '1', 'title' => 'Yeti Airlines Plane Carrying 68 Passenger Crashes in Pokhara ', 'sub_title' => '', 'summary' => 'January 15: A Yeti Airlines plane carrying 68 passengers crashed in Pokhara on Sunday morning.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">January 15: A Yeti Airlines plane carrying 68 passengers crashed in Pokhara on Sunday morning. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The ATR-72 plane which left for Pokhara from Kathmandu at 10.33 am in the morning reportedly crashed in the Seti River gorge while making a final approach for landing. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Yeti Airlines spokesman Suman Bartaula said that two pilots, two air hostesses and 68 passengers were on board the ill-fated plane. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Chief District Officer of Kaski, Tek Bahadur KC told the state-owned national news agency RSS that they received information that the plane crashed in the Seti River gorge.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Images released by the RSS show the wreckage of the plane lying in tatters on a cliff with indication of high fatality. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">An amateur video circulating on social media shows the aircraft tilting towards the left before losing its balance to crash. Other videos taken by the locals show thick smoke emanating from the crash site. However, the authorities are yet to make any official statement on the number of casualties saying that they are awaiting further details.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The aircraft of Yeti Airlines that crashed in Pokhara today had taken permission for landing,</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the Civil Aviation Authority of Nepal (CAAN), the aircraft had taken permission for landing before the crash.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“The aircraft had took off from the Tribhuvan International Airport at 10:33 am and had taken permission to land,” RSS quoted the CAAN information officer Gyanendra Bhul as saying.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"There was no weather issue. The accident took place due to technical problem with the aircraft according to the preliminary information. We have received information that aircraft the caught fire in the sky," Bhul told RSS. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to CAAN, there were 68 passengers on board the plane including 60 Nepali nationals, and eight foreigners and four crew members including Captain Kamal KC and Anju Khatiwada. Among the passengers 62 were adults, three were children and three infants, RSS reported. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Meanwhile, Deputy Prime Minister and Minister for Home Minister Rabi Lamichhane has directed the bodies concerned to ensure prompt and effective rescue efforts. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">He instructed the Home Secretary, chief of Security and Coordination Division, the Kaski District Administration Office and the security bodies not to leave any stone unturned to guarantee prompt and effective rescue efforts in the aftermath of the plane crash, according to his press coordinator Nawaraj Pandey. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Minister reached Tribhuvan International Airport to take updates of the incident. The Yeti Airlines aircraft that left for Pokhara from TIA carrying 68 passengers crashed following a failed landing approach at Pokhara Regional International Airport Sunday morning. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">It is the second fatal crash of an aircraft in Nepal within eight months. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">A Tara Air plane had crashed in Mustang district on May 29 last year killing 22 people on board. It may be noted that Tara Air is a sister company of Yeti Airlines. Back then, it was found that the Twin Otter aircraft with call sign 9N-AET was more made than four decades ago leading to speculations that the plane crashed because it was too old to fly.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The recent crashes is a further blow to Nepal’s aviation sector which is seeking the European Union to lift a ban on Nepali airline companies from flying in European skies. The EU has banned Nepali airlines from flying in European airspace since 2013 citing safety concerns.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to Reuters, at least 309 people have died in plane or helicopter crashes in Nepal since 2000.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-15', 'modified' => '2023-01-15', 'keywords' => '', 'description' => '', 'sortorder' => '16484', 'image' => '20230115014120_DBG_Kaski-IMG_8399.jpg', 'article_date' => '2023-01-15 13:40:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16742', 'article_category_id' => '1', 'title' => 'Consumer Price Inflation Surges to 7.38 Percent', 'sub_title' => '', 'summary' => 'January 15: The year-on-year consumer price inflation in Nepal surged to 7.38 percent in mid-December compared to 7.11 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">January 15: The year-on-year consumer price inflation in Nepal surged to 7.38 percent in mid-December compared to 7.11 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB).</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Current Macroeconomic and Financial Situation Report published by the central bank on Friday revealed that the food and beverage inflation stood at 5.85 percent whereas non-food and service inflation rose to 8.59 percent in the review month, among which transportation cost increased the most.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Under the food and beverage category, the y-o-y consumer price index of restaurant and hotel sub-category increased 15.56 percent, tobacco products 11.81 percent, cereal grains and their products 9.39 percent, milk products and eggs 9.07 percent, and alcoholic drinks 8.84 percent.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Similarly, under the non-food and services category, the y-o-y consumer price index of transportation sub-category increased 17.33 percent, health 11.22 percent, recreation and culture 8.76 percent, housing and utilities 8.29 percent and furnishing and household equipment 8.29 percent.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">In the review month, consumer price inflation in the Kathmandu Valley, Terai, hill and mountain areas stood at 6.56 percent, 8.00 percent, 7.32 percent and 6.48 percent respectively. Inflation in these regions were 5.91 percent, 7.52 percent, 6.95 percent and 4.91 percent respectively a year ago.</span></span></span></p> ', 'published' => true, 'created' => '2023-01-15', 'modified' => '2023-01-15', 'keywords' => '', 'description' => '', 'sortorder' => '16483', 'image' => '20230115115828_consumer.jpg', 'article_date' => '2023-01-15 11:57:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16741', 'article_category_id' => '1', 'title' => 'Maghe Sankranti being Observed Today ', 'sub_title' => '', 'summary' => 'January 15: Maghe Sankranti or Makar Sankranti is being celebrated throughout the country today. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">January 15: Maghe Sankranti or Makar Sankranti is being celebrated throughout the country today. The festival is being observed by taking holy dips in rivers and ponds, worshiping at various temples and savouring delicacies like ghee, yam, khichadi (mixed rice pudding) and sweets like chaku and sweets made of sesame and molasses. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the astrological chart, the Makar Sankranti festival has special significance. The sun starts moving towards the northern hemisphere from this day. It is believed that the days get longer and nights shorter from today.</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"">On this day, the sun moves from constellation of Sagittarius to the constellation of Capricorn. According to religious texts like ‘Bhabisya Puran’ and ‘Dharma Sindhu’, devotees will get special blessings and will have robust body if they observe the festival as per the rituals. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Newar community observes the festival by taking ghee, chaku and remembering the departed souls. The seniors apply mild-hot edible oil to heads of juniors on this day. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A large number of devotees throng to holy sites such as Devghat, Barahchhetra, Ridi, Panauti, Dolalghat and Kankai in Nepal and Prayag and Gangasagar in India to take holy bath and perform Shraddha. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The festival has significance in view of Ayurveda and medical science as well. Food items that are taken on this day are considered to be the source of balance diet which increases the immunity power of the human body. On this day, a festival is organized at the Tilmadhav Narayan Temple at Taumadhi Tole, Bhaktapur and puja of Deepakankar Buddha is performed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Tharu community observes this festival as the Maghi with much fanfare and gaiety for five consecutive days. Likewise, the people in the Tarai districts mark this day as the festival of bath known as Nahan. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-01-15', 'modified' => '2023-01-15', 'keywords' => '', 'description' => '', 'sortorder' => '16482', 'image' => '20230115112049_VT-MALANGWA-30-RSS.jpg', 'article_date' => '2023-01-15 11:20:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16740', 'article_category_id' => '277', 'title' => 'Paddy Production Tumbles in Gandaki Province ', 'sub_title' => '', 'summary' => 'Gandaki Province has witnessed fall in paddy production this fiscal year. Paddy production has slumped by 3.74 per cent compared to the last year.', 'content' => '<p><span style="font-size:20px">January 15: Gandaki Province has witnessed fall in paddy production this fiscal year. Paddy production has slumped by 3.74 per cent compared to the last year.</span></p> <p><span style="font-size:20px">According to data at the Ministry of Agriculture and Livestock Development, the province harvested 3,91,121 metric tons of paddy this year compared to 4,06,336 metric tons of paddy last fiscal year. In the province, paddy cultivation area has also shrunk. </span></p> <p><span style="font-size:20px">Paddy was cultivated in 1,12,227 hectares of field last year compared to 1,06,380 hectares of land this fiscal year. Compared to other provinces, both paddy production and paddy cultivation area have decreased in Gandaki Province. </span></p> <p><span style="font-size:20px">“Shrinking of paddy plantation field due to rise of houses and housing plots has led to drop in paddy produce,” said Basudev Regmi, Chief of Agriculture Development Directorate of the province. </span></p> <p><span style="font-size:20px">“Urbanization and commercialization have increased in the arable land and land going barren have also soared, causing the paddy produce to fall,” added Regmi.</span></p> <p><span style="font-size:20px">Regmi warned that rising tendency to construct houses in the arable land would make country more dependent on food in the days to come. </span></p> <p><span style="font-size:20px">Adverse weather, shortage of chemical fertilizer, and substandard seeds have also caused the paddy produce to shrink, Regmi described.</span></p> <p><span style="font-size:20px">Farmers had experienced fertilizer crunch at the time of paddy cultivation. Similarly, heavy rains had damaged the paddy at the time to bear the rice. </span></p> <p><span style="font-size:20px">Farmer Baikuntha Sapkota of Baglung Municiplaity-3 says that he had harvested just 10 muri of paddy this year compared to 19 muri(traditional way of measurement) last fiscal. </span></p> <p><span style="font-size:20px">Sapkota complained pests control, shortage of improved seeds and fertilizer management have always remained challenges for farmers. </span></p> <p><span style="font-size:20px">Paddy productivity, however, has increased in all provinces this year. Productivity has gone up by 1.55 per cent in per hectare of the paddy field this year. Use of improved seeds, and improvement of cultivation have improved productivity, according to Agriculture Knowledge Center Baglung Chief Bhanubhakta Bhattarai.</span></p> <p><span style="font-size:20px">Bhattarai said paddy produce declined five per cent in Baglung this fiscal year. Unseasonal rainfall had damaged the paddy production in the district.</span></p> <p><span style="font-size:20px">Baglung’s Galkot and Balewa, Gorkha’s Palungtar, Kaski’s Lekhnath, Syangja’s aandhikhola Kinar, Waling, Tanahun’s Bhimad, Nawalpur’s Triveni and Madhyabindu and Parbat’s Faleshwal are pocket areas for paddy production in Gandaki Province. </span></p> <p><span style="font-size:20px">Farmers have been planting various types of paddy including Ram, Sunaulosugandh, Loktantnatra, Khumal, improved Jethobudho in the province. </span></p> <p><span style="font-size:20px">After Gandaki, Bagmati Province witnessed fall of paddy produce by 1.45 per cent this fiscal. Bagamti province had produced 5,07,789 metric tons of paddy last year compared to 5,00446 metric tons of the paddy this year.</span></p> <p><span style="font-size:20px">Paddy production, nevertheless, increased in remaining five provinces. <br /> Paddy production jumped by the highest rate of 33.33 per cent in Sudurpaschim Province. The province produced 5,89,221 metric tons of paddy this fiscal year compared to 4,41,913 metric tons of the paddy last year.</span></p> <p><span style="font-size:20px">Country recorded production of 54,86,472 metric tons of paddy this year compared to 51,30,625 metric tons of rice last fiscal. </span></p> ', 'published' => true, 'created' => '2023-01-15', 'modified' => '2023-01-15', 'keywords' => '', 'description' => '', 'sortorder' => '16481', 'image' => '20230115083725_collage (31).jpg', 'article_date' => '2023-01-15 08:25:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 4 => array( 'Article' => array( 'id' => '16738', 'article_category_id' => '1', 'title' => 'Season of 'Big Merger' of Commercial Banks', 'sub_title' => 'Eight Banks Merge with Each Other ', 'summary' => '', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">January 14: The then Governor of Nepal Rastra Bank (NRB), Dr Chiranjibi Nepal, introduced a provision for commercial banks to have a minimum paid-up capital of Rs 8 billion through the monetary policy of the Fiscal Year 2015/16 BS. The banks were given the deadline until mid-July 2017 to comply with the new rule.</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 goal of increasing the paid-up capital was to strengthen the banking system and to decrease the number of commercial banks. The policy that was adopted that time has turned into reality at present. Although some commercial banks opted for merger back then, a wave of latest mergers has reduced the number of commercial banks in line with the ‘big merger’ policy of the central bank. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Eight commercial banks have merged with each other in the month of Poush (mid-December to mid-January) alone while additional two commercial banks are in the merger process. </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"">Eight banks have already merged and started their joint operation. The banks which merged in the review month include Kumari Bank and NCC Bank, Global IME and Bank of Kathmandu, Prabhu Bank and Century Bank and Nepal Investment Bank and Mega Bank. </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"">With the latest spate of mergers, the number of commercial banks have dropped to 22 from 27 last year. (With inputs from RSS)</span></span></span><br /> </p> ', 'published' => true, 'created' => '2023-01-14', 'modified' => '2023-01-14', 'keywords' => '', 'description' => '', 'sortorder' => '16479', 'image' => '20230114100851_merger.jpg', 'article_date' => '2023-01-14 10:06:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16737', 'article_category_id' => '1', 'title' => 'Foreign Exchange Reserves Stand at Rs 1292 billion; Enough to Sustain Nine Months’ Import ', 'sub_title' => '', 'summary' => 'Nepal has witnessed improvement in foreign exchange reserves in the first five months of the current fiscal year.', 'content' => '<p><br /> <span style="font-size:20px">January 13: Nepal has witnessed improvement in foreign exchange reserves in the first five months of the current fiscal year.</span></p> <p><span style="font-size:20px">The current macroeconomic and financial situation published by the Nepal Rastra Bank on Friday showed that foreign exchange reserves increased by 6.3 per cent to Rs 1292.56 billion till mid-December 2022 from Rs1215.80 billion in mid-July 2022.</span></p> <p><span style="font-size:20px">In the US Dollar terms, foreign exchange reserves increased by 3 per cent to 9.54 billion in mid-December 2022 from 9.82 billion in mid-July 2022. </span></p> <p><span style="font-size:20px">Out of the gross foreign exchange reserves, Nepal Rastra Bank had reserves of Rs 1056.39 billion in mid-July 2022. The NRB’s foreign exchange reserve rose by 7.8 per cent and reached to Rs 1139.22 billion in mid-December 2022.</span></p> <p><span style="font-size:20px">Foreign exchange reserves held by banks and financial institutions, except Nepal Rastra Bank, however, decreased by 3.8 per cent to Rs 153.34 billion in mid-December 2022 from 159.41 billion in mid-July 2022.</span></p> <p><span style="font-size:20px">Indian currency covers 22.9 per cent of the total foreign exchange reserves. </span></p> <p><span style="font-size:20px">Based on the import of the first months of the current fiscal year, the current foreign exchange reserves is sufficient to import merchandise for ten months and merchandise and services for 8.7 months, according to the Nepal Rastra Bank.</span><br /> </p> ', 'published' => true, 'created' => '2023-01-13', 'modified' => '2023-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '16478', 'image' => '20230113052959_collage (54).jpg', 'article_date' => '2023-01-13 17:26:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 6 => array( 'Article' => array( 'id' => '16736', 'article_category_id' => '1', 'title' => 'Transport of Dusty Cargo Diverted to ICP, Cost per Rake Increases by Rs 2.2 Million', 'sub_title' => '', 'summary' => 'January 13: Nepali importers have complained that the transportation cost has skyrocketed all of a sudden after the dusty cargo coming through the Birgunj-Raxaul Friendship Bridge was diverted to the Nepal-India Integrated Checkpoint (ICP).', 'content' => '<p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">January 13: Nepali importers have complained that the transportation cost has skyrocketed all of a sudden after the dusty cargo coming through the Birgunj-Raxaul Friendship Bridge was diverted to the Nepal-India Integrated Checkpoint (ICP).</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">The importers argue that their cost has increased due to the Raxaul yard of the Indian Railways and the ICP, traffic congestion, extra time incurred for transportation, increased parking fee and other expenses. </span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">A study conducted by the Birgunj Chamber of Commerce and Industry states that the transportation cost has increased by Rs 2.23 million per rail rake. One rake can hold up to 3,600 tons of cargo.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">On this basis, the transportation cost per ton has increased by Rs 619, according to the vice president of Birgunj Chamber of Commerce, Madhav Rajpal.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">To fully operate the ICP, which has been in operation since 2016, </span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Nepal and India had jointly decided to redirect the dusty cargo to the ICP in order to ensure that the ICP operates in optimal capacity. The ICP has been operational since 2016. The dusty cargo has not entered Nepal through the old route of Birgunj since January 1.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Goods like raw materials for cement and iron industry, slag, iron ore, coal, fertilizer and salt used to be imported through the old customs. Now all those cargoes have to be imported through the ICP.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Kamal Gyawali, Birgunj head of Nepal Intermodal Transport Development Committee, informed that lane number 10 of the ICP towards Nepal has been set aside to bring in dusty cargo.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">The importers complained that they were forced to go to the ICP although it is ill-prepared in terms of infrastructure to allow in the dusty cargo. Vice President Rajpal said that the biggest problem is the link road connecting Raxaul Yard and the ICP.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Rajpal alleged that the Consulate of India in Birgunj had sent a report to his government that there was no problem on the link road, and based on that report, the imports were diverted to the ICP.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Shashi Bhushan Kumar, the consul general of the Indian Consulate, said that all types of transport vehicles, large and small, were tested on the link road, and after it was found that the cargo could be transported, the cargo was sent to the ICP.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">According to Kumar, the problems seen during transportation will be resolved gradually.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">He also said that the infrastructure built by spending billions of rupees should be fully utilized to make import and export effective. </span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Rajpal complained that a separate dedicated lane for dusty cargo within the ICP is not yet available. Even though there is no parking in ICP, such a fee is charged. “The goods and services tax is also collected in the ICP towards India. Such a tax cannot be levied on cargo that regularly comes to Nepal,” said Rajpal.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">The importers argue that the ICP should charge only the nominal entrance fee as it failed to provide parking facility.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">The importers say that earlier one truck used to transport dusty cargo for three to four times a day, but now it is difficult to even manage on lot in a day. Currently, at least 30 rakes of Nepal-bound dusty cargo arrive in Raxaul every month. The importers claimed that even ten rakes cannot be transported after the dusty cargo was diverted to the ICP. Rajpal claimed that since transportation by rail takes more time and cost, importers may now transport goods on Indian trucks.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-13', 'modified' => '2023-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '16477', 'image' => '20230113050828_20220819045658_20190410102147_ICP-Birgunj-2.jpg', 'article_date' => '2023-01-13 17:07:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16735', 'article_category_id' => '1', 'title' => 'Remittance Surges by 23 Per Cent in First Five Months of Current FY', 'sub_title' => '', 'summary' => 'The money sent by Nepali migrant workers jumped by 23 per cent to Rs 400.80 billion in the first five months of the current fiscal year.', 'content' => '<p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">January 13: The money sent by Nepali migrant workers jumped by 23 per cent to Rs 400.80 billion in the first five months of the current fiscal year. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">The data published by the Nepal Rastra Bank on Friday revealed that remittance inflow surged by 23 per cent in the first five months compared to the same period last year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">Remittance inflow, however, had dipped by 6.3 per cent last year compared to the same period in the previous year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">The data published by the NRB show that remittance inflow increased by 13.1 per cent to 3.71 billion in the US Dollar. Such a remittance had gone down by 6.8 per cent during the same period last year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">A worldwide outbreak of the COVI-19 pandemic had adversely affected the foreign employment for Nepali citizens, causing the remittance to shrink. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">With easing of COVID restrictions, a large number of Nepali youths have recently left the country for jobs in foreign countries </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">Citing depletion in foreign currency reserve due to tumble in remittance inflow, the government had imposed ban on the import of vehicles and luxurious goods. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-13', 'modified' => '2023-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '16476', 'image' => '20230113051108_Remittance.jpg', 'article_date' => '2023-01-13 16:12:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 8 => array( 'Article' => array( 'id' => '16733', 'article_category_id' => '1', 'title' => 'SLR of Banks Exceeds Limit set by NRB', 'sub_title' => '', 'summary' => 'January 13: The Statutory Liquidity Ratio (SLR) of banks and financial institutions is more than the standard set by Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">January 13: The Statutory Liquidity Ratio (SLR) of banks and financial institutions is more than the standard set by Nepal Rastra Bank (NRB). NRB issued a tight monetary policy in the current fiscal year (FY) and increased the mandatory cash reserve ratio (CRR) and SLR of banks.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Through the monetary policy, it was announced that the SLR should be increased from 10 to 12 percent for commercial banks, 8 percent for development banks and 7 to 10 percent for finance companies in addition to increasing the CRR from 3 to 4 percent. Although the CRR came into effect on August 17, the central bank had allowed the banks to implement the SLR by January.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As the deadline given by NRB is about to expire, banks and financial institutions have maintained the SLRs more than the limit specified by the central bank. According to the data of NRB, the average SLR of commercial banks is 21.09 percent in the first quarter of the current year which was 19.88 percent until last year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Standard Chartered Bank, which had the lowest SLR in October, also attained 13.69 percent SLR. Similarly, Everest Bank has maintained the highest SLR of 24.48 percent. The SLR of most of the banks is above 15 percent.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Assistant Spokesperson of NRB, Narayan Prasad Pokharel says that the SLR of the banks is better than the prescribed limit due to the increased investment of the banks in the areas where SLR can be calculated. He said that since the monetary policy increased the CRR and this amount is also added to the SLR, its ratio is higher.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Banks can calculate their investments in government securities, the amount deposited in NRB for mandatory balance purposes, and the cash balance in their safe deposit boxes in the SLR. Similarly, the amount deposited by development banks and finance companies in commercial banks for CRR purposes, the amount deposited by provincial level financial institutions in other banks and financial institutions, the investment made in bonds issued by international financial institutions in Nepali currency, the deposits collected by NRB under open market transactions are taken into consideration while calculating the SLR. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">However, if a loan is taken from a bank financial institution, including repo, permanent liquidity facility, as collateral for a security bond, there is a provision to reduce the loan amount and include only net investment in liquid assets.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">If the banks are unable to maintain the SLR, they should calculate the SLR on the basis of the domestic deposit liability at the end of the previous month and submit the monthly statement to NRB. If the specified ratio is not maintained, there is a provision to impose a fine for the first time, double the bank rate for the second time, and triple the bank rate for the third or more times.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-13', 'modified' => '2023-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '16474', 'image' => '20230113025007_Banks.jpg', 'article_date' => '2023-01-13 14:49:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16732', 'article_category_id' => '1', 'title' => 'Dang District Becomes Self-Reliant on Food ', 'sub_title' => '', 'summary' => 'January 13: Dang district has become self-reliant on food grains. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">January 13: Dang district has become self-reliant on food grains. The statistic shows that the food grains produced in the district caters to the demand of the local residents and there is also food surplus. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Agriculture Knowledge Centre Dang, a total of 75,991 hectares of land in the district is being used for farming which yields 294,074 metric tonnes of agricultural produces. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prithivi Raj Lamichhane, agriculture economic expert for the centre, shared that the crops produced in the district is proportionate to the number of people in the district. </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"">"The problem lies in the lack of utility of the locally produced goods such as wheat, maize, millet and barely among others," he added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Although there is a bumper production of maize in the district, majority of the local residents prefer rice over maize, said Lamichhane. The district recorded 33,540 metric tonnes of surplus grains in the fiscal year 2021/22. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A person requires around 201 kilograms of processed food grains in a year on an average, informed Lamichhane, adding that the district requires 135,932 metric tonnes of food annually while the availability of food grains stands at 169,472 metric tonnes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The population of the district as per the census in 2021 is 676,277. Paddy is cultivated across 39,400 hectares of land in the district which yields 173,360 metric tonnes, according to the centre. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-01-13', 'modified' => '2023-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '16473', 'image' => '20230113015027_fair price shoppp.jpg', 'article_date' => '2023-01-13 13:49:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16730', 'article_category_id' => '1', 'title' => 'CNI Welcomes Decision of Commercial Banks to Reduce Interest Rates ', 'sub_title' => '', 'summary' => 'January 13: The Confederation of Nepalese Industries (CNI) has welcomed the decision of Nepal Bankers’ Association to reduce the interest rates. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 13: The Confederation of Nepalese Industries (CNI) has welcomed the decision of Nepal Bankers’ Association to reduce the interest rates. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a press statement on Thursday, the NBA said that move to reduce the interest rates on deposits is positive step at a time when the entire economy has been facing crunch of investible capital while the non-performing loan has been rising. It is a respite to the private sector, reads the statement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> The CNI also said that decision to decrease the interest rate will help revive the economy which is facing various problems such as lack of demand and postponement of investment plans due to high interest rate.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CNI said it had been demanding for the lowering of the interest rate to boost up the economy and increase the private sector’s morale. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The decision will help to bring back the economy on track from the challenging situation,” the CNI statement added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CNI believes that the decline in interest rate will also reduce the cost of fund and the base rate. As a result, the CNI is hopeful that the interest on loans will also reduce.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It will eventually increase investment in business and industries and boost the morale of the private sector.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A recent study conducted by the CNI showed that 70 percent of industrialists had postponed their investment plans due to the high interest rates. The CNI expressed its belief that the investors will carry on with the investment plans as the interest rates have been reduced and the economy will once again become vibrant.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CNI noted that the Nepal Rastra Bank’s decision to review the Working Capital Loan Guidelines has provided relief to some extent to the private sector. It also urged the central bank to ensure liquidity in the market through the biannual review of the monitory policy. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-13', 'modified' => '2023-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '16471', 'image' => '20230113010535_CNI logo.jpg', 'article_date' => '2023-01-13 13:04:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16729', 'article_category_id' => '1', 'title' => 'One and a Half Decades On, Postal Highway Achieves 83 Percent Progress', 'sub_title' => '', 'summary' => 'January 13: Around one and a half decade into construction, 83 percent work on the Postal Highway has been completed. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">January 13: Around one and a half decade into construction, 83 percent work on the Postal Highway has been completed. It will take around three more years for the national pride project to complete, it has been said. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Under the project considered to be a base for the prosperity of the Tarai Madhes, construction of 910 kilometers of road and 115 bridges have been completed. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The COVID-19 pandemic, disputes related to the project location and the border blockade are blamed for the delay, said Dharmendra Kumar Jha, chief of the Postal Highway Directorate. The construction of around 250 kilometers of road has yet to be contracted, and work on around 500 kilometers is underway, said the directorate. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Negligence of the contractors in some cases is blamed for the delay, said Jha, adding that in some other cases, the contract was extended from time to time. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Chief Jha said although there was an arrangement to extend the deadline in the past, now construction companies could be fined for their failure to complete the works within the deadline. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Now, around 500 km of road is under construction under the project. According to the directorate, the contract would be canceled if works are not carried out as per the schedule. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">According to the project, a target has been set to construct 27 bridges and to blacktop 160 km of road in the current fiscal year. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The latest deadline has been extended till current fiscal year 2022/23. Chief Jha said COVID-19 has affected this project like many other development projects.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-13', 'modified' => '2023-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '16470', 'image' => '20230113105546_postal highway facebook.jpg', 'article_date' => '2023-01-13 10:54:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16728', 'article_category_id' => '1', 'title' => 'Biratnagar Metropolitan City Launches Tax Collection Campaign ', 'sub_title' => '', 'summary' => 'As part of its campaign to increase internal income, Biratnagar Metropolitan City has held an orientation programme for ward members. ', 'content' => '<p> </p> <p><span style="font-size:20px">January 13: As part of its campaign to increase internal income, Biratnagar Metropolitan City has held an orientation programme for ward members. </span></p> <p><span style="font-size:20px">With an objective to make tax collection crusade effective, the metropolitan city has made one member from every ward a focal person at the recommendation of ward executive committee.</span></p> <p><span style="font-size:20px">Focal persons will have to play leading roles for tax increase for next four years. The metropolitan office imparted first phase of training and orientation to the focal persons.</span></p> <p><span style="font-size:20px">“Focal persons will facilitate and coordinate to collect tax from business registration, business renewal, and individual income”, said Saroj Gautam, Head of the Revenue Department at the metropolis. Gautam said focal persons will be actively involved in tax collection campaign. </span></p> <p><span style="font-size:20px">At the orientation programme, Biratnagar’s Mayor Nagesh Koirala said that dream of Biratnagar’s development would not be possible without making adequate internal income.</span></p> <p><span style="font-size:20px">“People’s desires for development are abundant. But, the source of income is limited. Thus, we have to increase our income anyhow to meet people’s expectations of development”, Koirala added.</span></p> <p><span style="font-size:20px">Koirala says that they have launched tax collection campaign to make the city clean, well-managed, and developed with adequate budget. </span></p> <p><span style="font-size:20px">Deputy Mayor Silpa Nirala Karki stressed the need that focal persons should identify sources of tax in the wards. “Ward members have been appointed as focal persons as they know about the business registration and renewal and map pass for house construction”, said Karki.</span></p> <p><span style="font-size:20px">Chief Administrative Officer Bishnu Prasad Koirala believes that metropolis will be able to meet the revenue target if focal persons work sincerely.</span></p> <p><span style="font-size:20px">The metropolitan city is preparing to impart the second phase of orientation by subject experts to focal persons shortly. </span></p> <p><span style="font-size:20px">Biratnagar had collected revenue of Rs 490 million in the last fiscal year. The metropolis plans to collect the revenue of Rs 870 million in the current fiscal year. </span></p> ', 'published' => true, 'created' => '2023-01-13', 'modified' => '2023-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '16469', 'image' => '20230113054738_collage (50).jpg', 'article_date' => '2023-01-13 05:43:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '16727', 'article_category_id' => '1', 'title' => 'Is it Possible to Pay the Debts of New International Airports?', 'sub_title' => '', 'summary' => 'January 12: Seven decades after Kathmandu-based Tribhuvan International Airport (TIA) came into operation, two more international airports have started operation in Nepal.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">January 12: Seven decades after Kathmandu-based Tribhuvan International Airport (TIA) came into operation, two more international airports have started operation in Nepal. However, critics doubt whether the country can bear the burden of debt incurred for the construction of these airports built with massive foreign loans. A section of critics has been arguing that the twonew airports will turn into white elephants.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Gautam Buddha International Airport (GBIA) was built with loans and grants from the Asian Development Bank (ADB) and loans from the OPEC Fund for International Development (OFFID). Likewise, the Pokhara Regional International Airport (PRIA) also received a line of credit from China's Exim Bank.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The PRIA was built with a loan assistance of Rs 22 billion from the Exim Bank of China. The Government of Nepal had signed a loan agreement of 1.37 billion Chinese Yuan with China's Exim Bank seven years ago. However, the government has been exempted of paying interest on 25 per cent of the loan. It means that the government does not have to pay interest on 344.46 million Yuan while it has to pay 2 per cent interest on the remaining amount. This loan has a grace period of 7 years and is to be repaid in a total of 20 years.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The grace period is ending soon. According to the Civil Aviation Authority of Nepal (CAAAN), it has to pay the first installment of 53.28 million Yuan in March. The second installment should be paid after six months. The authority should repay the loan of Exim Bank twice a year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, the government had signed an investment agreement for the construction of Gautam Budh International Airport eight years ago. In 2014, the government signed another agreement with ADB for more investment. Following the agreements, ADB decided to extend loans of USD 402.75 for the GBIA project. ADB also pledged a grant of USD 105.7 million for the airport. The interest rate of the loan is 1 per cent during the grace period and then one and a half per cent.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">OFFID has also invested USD 15 million in Gautam Buddha. The grace period of the loan of this airport ended four years ago and the payment of installment on principal and interest has already started. The authority has paid 4 installments so far. CAAN said that installments have not been paid since the onset of Covid-19.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Gautam Buddha's installment is also bi-annual. Its installments should be paid in the months of Baishakh (mid-April to mid-May) and Kartik (mid-October to mid-November). The government has to pay USD 112,709 in one installment.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">There is currently a debate going on about whether the government can pay the interest on the loan invested heavily by the development partners in these two airports.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Pradeep Adhikari, director general of CAAN, said that it is too early to jump into a conclusion as the airport has recently been put into operation just now. "In a tourist hub like Pokhara, such an airport should have been built 15 to 20 years ago," he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Some stakeholders argue that one has to wait patiently to reap the benefits from the new airports.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Former Finance Secretary Rameshwar Khanal believes that the Pokhara Airport can pay off the loan in 17 years and Gautam Buddha Airport in 10 years. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"For this, 400,000 passengers will have to fly/land at Pokhara airport in the next 2 years," said Khanal, "On the other hand, Gautam Buddha's capacity is to serve 32 million passengers annually. Even if it serves half of the passengers immediately, the maximum time to repay the loan will be 10 years. It can be paid,” he assured. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-12', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16468', 'image' => '20230112063832_20230101084513_Pro-KTM-Pokhara-Prachandab.jpg', 'article_date' => '2023-01-12 18:37:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16726', 'article_category_id' => '1', 'title' => 'Finance Secretary Toyam Raya Takes Oath Of Office as member of NRB Board of Directors ', 'sub_title' => '', 'summary' => 'Finance Ministry Secretary Toyam Raya, took oath of office and secrecy as the member of the Nepal Rastra Bank (NRB) board of directors on Thursday.', 'content' => '<p><br /> <span style="font-size:20px">January 12: Secretary Toyam Raya at the Ministry of Finance took oath of office and secrecy as the member of the Nepal Rastra Bank (NRB) board of directors on Thursday.</span></p> <p><span style="font-size:20px">Acting Chief Justice Hari Krishna Karki administered oath of office and secrecy to Raya at a programme organized at the Supreme Court. </span></p> <p><span style="font-size:20px">Clause 14 of the Nepal Rastra Bank Act, 2058 has provisions that secretary of the Finance Ministry would be the member of the NRB board of directors. </span></p> <p><span style="font-size:20px">The Chief Registrar of the Supreme Court, Lal Bahadur Kunwar, Registrars—Narayan Prasad Panthi and Nirmala Poudel, Assistant-Registrar Narayan Prasad Regmi, Director and Secretary of Board of Directors of the Nepal Rastra Bank, Muktinath Sapkota among others were present on the occasion. </span><br /> </p> ', 'published' => true, 'created' => '2023-01-12', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16467', 'image' => '20230112055539_collage (49).jpg', 'article_date' => '2023-01-12 17:50:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ) ) $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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Other videos taken by the locals show thick smoke emanating from the crash site. However, the authorities are yet to make any official statement on the number of casualties saying that they are awaiting further details.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The aircraft of Yeti Airlines that crashed in Pokhara today had taken permission for landing,</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the Civil Aviation Authority of Nepal (CAAN), the aircraft had taken permission for landing before the crash.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“The aircraft had took off from the Tribhuvan International Airport at 10:33 am and had taken permission to land,” RSS quoted the CAAN information officer Gyanendra Bhul as saying.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"There was no weather issue. The accident took place due to technical problem with the aircraft according to the preliminary information. We have received information that aircraft the caught fire in the sky," Bhul told RSS. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to CAAN, there were 68 passengers on board the plane including 60 Nepali nationals, and eight foreigners and four crew members including Captain Kamal KC and Anju Khatiwada. Among the passengers 62 were adults, three were children and three infants, RSS reported. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Meanwhile, Deputy Prime Minister and Minister for Home Minister Rabi Lamichhane has directed the bodies concerned to ensure prompt and effective rescue efforts. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">He instructed the Home Secretary, chief of Security and Coordination Division, the Kaski District Administration Office and the security bodies not to leave any stone unturned to guarantee prompt and effective rescue efforts in the aftermath of the plane crash, according to his press coordinator Nawaraj Pandey. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Minister reached Tribhuvan International Airport to take updates of the incident. The Yeti Airlines aircraft that left for Pokhara from TIA carrying 68 passengers crashed following a failed landing approach at Pokhara Regional International Airport Sunday morning. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">It is the second fatal crash of an aircraft in Nepal within eight months. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">A Tara Air plane had crashed in Mustang district on May 29 last year killing 22 people on board. It may be noted that Tara Air is a sister company of Yeti Airlines. Back then, it was found that the Twin Otter aircraft with call sign 9N-AET was more made than four decades ago leading to speculations that the plane crashed because it was too old to fly.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The recent crashes is a further blow to Nepal’s aviation sector which is seeking the European Union to lift a ban on Nepali airline companies from flying in European skies. The EU has banned Nepali airlines from flying in European airspace since 2013 citing safety concerns.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to Reuters, at least 309 people have died in plane or helicopter crashes in Nepal since 2000.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-15', 'modified' => '2023-01-15', 'keywords' => '', 'description' => '', 'sortorder' => '16484', 'image' => '20230115014120_DBG_Kaski-IMG_8399.jpg', 'article_date' => '2023-01-15 13:40:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16742', 'article_category_id' => '1', 'title' => 'Consumer Price Inflation Surges to 7.38 Percent', 'sub_title' => '', 'summary' => 'January 15: The year-on-year consumer price inflation in Nepal surged to 7.38 percent in mid-December compared to 7.11 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">January 15: The year-on-year consumer price inflation in Nepal surged to 7.38 percent in mid-December compared to 7.11 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB).</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Current Macroeconomic and Financial Situation Report published by the central bank on Friday revealed that the food and beverage inflation stood at 5.85 percent whereas non-food and service inflation rose to 8.59 percent in the review month, among which transportation cost increased the most.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Under the food and beverage category, the y-o-y consumer price index of restaurant and hotel sub-category increased 15.56 percent, tobacco products 11.81 percent, cereal grains and their products 9.39 percent, milk products and eggs 9.07 percent, and alcoholic drinks 8.84 percent.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Similarly, under the non-food and services category, the y-o-y consumer price index of transportation sub-category increased 17.33 percent, health 11.22 percent, recreation and culture 8.76 percent, housing and utilities 8.29 percent and furnishing and household equipment 8.29 percent.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">In the review month, consumer price inflation in the Kathmandu Valley, Terai, hill and mountain areas stood at 6.56 percent, 8.00 percent, 7.32 percent and 6.48 percent respectively. Inflation in these regions were 5.91 percent, 7.52 percent, 6.95 percent and 4.91 percent respectively a year ago.</span></span></span></p> ', 'published' => true, 'created' => '2023-01-15', 'modified' => '2023-01-15', 'keywords' => '', 'description' => '', 'sortorder' => '16483', 'image' => '20230115115828_consumer.jpg', 'article_date' => '2023-01-15 11:57:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16741', 'article_category_id' => '1', 'title' => 'Maghe Sankranti being Observed Today ', 'sub_title' => '', 'summary' => 'January 15: Maghe Sankranti or Makar Sankranti is being celebrated throughout the country today. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">January 15: Maghe Sankranti or Makar Sankranti is being celebrated throughout the country today. The festival is being observed by taking holy dips in rivers and ponds, worshiping at various temples and savouring delicacies like ghee, yam, khichadi (mixed rice pudding) and sweets like chaku and sweets made of sesame and molasses. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the astrological chart, the Makar Sankranti festival has special significance. The sun starts moving towards the northern hemisphere from this day. It is believed that the days get longer and nights shorter from today.</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"">On this day, the sun moves from constellation of Sagittarius to the constellation of Capricorn. According to religious texts like ‘Bhabisya Puran’ and ‘Dharma Sindhu’, devotees will get special blessings and will have robust body if they observe the festival as per the rituals. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Newar community observes the festival by taking ghee, chaku and remembering the departed souls. The seniors apply mild-hot edible oil to heads of juniors on this day. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A large number of devotees throng to holy sites such as Devghat, Barahchhetra, Ridi, Panauti, Dolalghat and Kankai in Nepal and Prayag and Gangasagar in India to take holy bath and perform Shraddha. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The festival has significance in view of Ayurveda and medical science as well. Food items that are taken on this day are considered to be the source of balance diet which increases the immunity power of the human body. On this day, a festival is organized at the Tilmadhav Narayan Temple at Taumadhi Tole, Bhaktapur and puja of Deepakankar Buddha is performed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Tharu community observes this festival as the Maghi with much fanfare and gaiety for five consecutive days. Likewise, the people in the Tarai districts mark this day as the festival of bath known as Nahan. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-01-15', 'modified' => '2023-01-15', 'keywords' => '', 'description' => '', 'sortorder' => '16482', 'image' => '20230115112049_VT-MALANGWA-30-RSS.jpg', 'article_date' => '2023-01-15 11:20:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16740', 'article_category_id' => '277', 'title' => 'Paddy Production Tumbles in Gandaki Province ', 'sub_title' => '', 'summary' => 'Gandaki Province has witnessed fall in paddy production this fiscal year. Paddy production has slumped by 3.74 per cent compared to the last year.', 'content' => '<p><span style="font-size:20px">January 15: Gandaki Province has witnessed fall in paddy production this fiscal year. Paddy production has slumped by 3.74 per cent compared to the last year.</span></p> <p><span style="font-size:20px">According to data at the Ministry of Agriculture and Livestock Development, the province harvested 3,91,121 metric tons of paddy this year compared to 4,06,336 metric tons of paddy last fiscal year. In the province, paddy cultivation area has also shrunk. </span></p> <p><span style="font-size:20px">Paddy was cultivated in 1,12,227 hectares of field last year compared to 1,06,380 hectares of land this fiscal year. Compared to other provinces, both paddy production and paddy cultivation area have decreased in Gandaki Province. </span></p> <p><span style="font-size:20px">“Shrinking of paddy plantation field due to rise of houses and housing plots has led to drop in paddy produce,” said Basudev Regmi, Chief of Agriculture Development Directorate of the province. </span></p> <p><span style="font-size:20px">“Urbanization and commercialization have increased in the arable land and land going barren have also soared, causing the paddy produce to fall,” added Regmi.</span></p> <p><span style="font-size:20px">Regmi warned that rising tendency to construct houses in the arable land would make country more dependent on food in the days to come. </span></p> <p><span style="font-size:20px">Adverse weather, shortage of chemical fertilizer, and substandard seeds have also caused the paddy produce to shrink, Regmi described.</span></p> <p><span style="font-size:20px">Farmers had experienced fertilizer crunch at the time of paddy cultivation. Similarly, heavy rains had damaged the paddy at the time to bear the rice. </span></p> <p><span style="font-size:20px">Farmer Baikuntha Sapkota of Baglung Municiplaity-3 says that he had harvested just 10 muri of paddy this year compared to 19 muri(traditional way of measurement) last fiscal. </span></p> <p><span style="font-size:20px">Sapkota complained pests control, shortage of improved seeds and fertilizer management have always remained challenges for farmers. </span></p> <p><span style="font-size:20px">Paddy productivity, however, has increased in all provinces this year. Productivity has gone up by 1.55 per cent in per hectare of the paddy field this year. Use of improved seeds, and improvement of cultivation have improved productivity, according to Agriculture Knowledge Center Baglung Chief Bhanubhakta Bhattarai.</span></p> <p><span style="font-size:20px">Bhattarai said paddy produce declined five per cent in Baglung this fiscal year. Unseasonal rainfall had damaged the paddy production in the district.</span></p> <p><span style="font-size:20px">Baglung’s Galkot and Balewa, Gorkha’s Palungtar, Kaski’s Lekhnath, Syangja’s aandhikhola Kinar, Waling, Tanahun’s Bhimad, Nawalpur’s Triveni and Madhyabindu and Parbat’s Faleshwal are pocket areas for paddy production in Gandaki Province. </span></p> <p><span style="font-size:20px">Farmers have been planting various types of paddy including Ram, Sunaulosugandh, Loktantnatra, Khumal, improved Jethobudho in the province. </span></p> <p><span style="font-size:20px">After Gandaki, Bagmati Province witnessed fall of paddy produce by 1.45 per cent this fiscal. Bagamti province had produced 5,07,789 metric tons of paddy last year compared to 5,00446 metric tons of the paddy this year.</span></p> <p><span style="font-size:20px">Paddy production, nevertheless, increased in remaining five provinces. <br /> Paddy production jumped by the highest rate of 33.33 per cent in Sudurpaschim Province. The province produced 5,89,221 metric tons of paddy this fiscal year compared to 4,41,913 metric tons of the paddy last year.</span></p> <p><span style="font-size:20px">Country recorded production of 54,86,472 metric tons of paddy this year compared to 51,30,625 metric tons of rice last fiscal. </span></p> ', 'published' => true, 'created' => '2023-01-15', 'modified' => '2023-01-15', 'keywords' => '', 'description' => '', 'sortorder' => '16481', 'image' => '20230115083725_collage (31).jpg', 'article_date' => '2023-01-15 08:25:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 4 => array( 'Article' => array( 'id' => '16738', 'article_category_id' => '1', 'title' => 'Season of 'Big Merger' of Commercial Banks', 'sub_title' => 'Eight Banks Merge with Each Other ', 'summary' => '', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">January 14: The then Governor of Nepal Rastra Bank (NRB), Dr Chiranjibi Nepal, introduced a provision for commercial banks to have a minimum paid-up capital of Rs 8 billion through the monetary policy of the Fiscal Year 2015/16 BS. The banks were given the deadline until mid-July 2017 to comply with the new rule.</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 goal of increasing the paid-up capital was to strengthen the banking system and to decrease the number of commercial banks. The policy that was adopted that time has turned into reality at present. Although some commercial banks opted for merger back then, a wave of latest mergers has reduced the number of commercial banks in line with the ‘big merger’ policy of the central bank. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Eight commercial banks have merged with each other in the month of Poush (mid-December to mid-January) alone while additional two commercial banks are in the merger process. </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"">Eight banks have already merged and started their joint operation. The banks which merged in the review month include Kumari Bank and NCC Bank, Global IME and Bank of Kathmandu, Prabhu Bank and Century Bank and Nepal Investment Bank and Mega Bank. </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"">With the latest spate of mergers, the number of commercial banks have dropped to 22 from 27 last year. (With inputs from RSS)</span></span></span><br /> </p> ', 'published' => true, 'created' => '2023-01-14', 'modified' => '2023-01-14', 'keywords' => '', 'description' => '', 'sortorder' => '16479', 'image' => '20230114100851_merger.jpg', 'article_date' => '2023-01-14 10:06:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16737', 'article_category_id' => '1', 'title' => 'Foreign Exchange Reserves Stand at Rs 1292 billion; Enough to Sustain Nine Months’ Import ', 'sub_title' => '', 'summary' => 'Nepal has witnessed improvement in foreign exchange reserves in the first five months of the current fiscal year.', 'content' => '<p><br /> <span style="font-size:20px">January 13: Nepal has witnessed improvement in foreign exchange reserves in the first five months of the current fiscal year.</span></p> <p><span style="font-size:20px">The current macroeconomic and financial situation published by the Nepal Rastra Bank on Friday showed that foreign exchange reserves increased by 6.3 per cent to Rs 1292.56 billion till mid-December 2022 from Rs1215.80 billion in mid-July 2022.</span></p> <p><span style="font-size:20px">In the US Dollar terms, foreign exchange reserves increased by 3 per cent to 9.54 billion in mid-December 2022 from 9.82 billion in mid-July 2022. </span></p> <p><span style="font-size:20px">Out of the gross foreign exchange reserves, Nepal Rastra Bank had reserves of Rs 1056.39 billion in mid-July 2022. The NRB’s foreign exchange reserve rose by 7.8 per cent and reached to Rs 1139.22 billion in mid-December 2022.</span></p> <p><span style="font-size:20px">Foreign exchange reserves held by banks and financial institutions, except Nepal Rastra Bank, however, decreased by 3.8 per cent to Rs 153.34 billion in mid-December 2022 from 159.41 billion in mid-July 2022.</span></p> <p><span style="font-size:20px">Indian currency covers 22.9 per cent of the total foreign exchange reserves. </span></p> <p><span style="font-size:20px">Based on the import of the first months of the current fiscal year, the current foreign exchange reserves is sufficient to import merchandise for ten months and merchandise and services for 8.7 months, according to the Nepal Rastra Bank.</span><br /> </p> ', 'published' => true, 'created' => '2023-01-13', 'modified' => '2023-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '16478', 'image' => '20230113052959_collage (54).jpg', 'article_date' => '2023-01-13 17:26:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 6 => array( 'Article' => array( 'id' => '16736', 'article_category_id' => '1', 'title' => 'Transport of Dusty Cargo Diverted to ICP, Cost per Rake Increases by Rs 2.2 Million', 'sub_title' => '', 'summary' => 'January 13: Nepali importers have complained that the transportation cost has skyrocketed all of a sudden after the dusty cargo coming through the Birgunj-Raxaul Friendship Bridge was diverted to the Nepal-India Integrated Checkpoint (ICP).', 'content' => '<p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">January 13: Nepali importers have complained that the transportation cost has skyrocketed all of a sudden after the dusty cargo coming through the Birgunj-Raxaul Friendship Bridge was diverted to the Nepal-India Integrated Checkpoint (ICP).</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">The importers argue that their cost has increased due to the Raxaul yard of the Indian Railways and the ICP, traffic congestion, extra time incurred for transportation, increased parking fee and other expenses. </span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">A study conducted by the Birgunj Chamber of Commerce and Industry states that the transportation cost has increased by Rs 2.23 million per rail rake. One rake can hold up to 3,600 tons of cargo.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">On this basis, the transportation cost per ton has increased by Rs 619, according to the vice president of Birgunj Chamber of Commerce, Madhav Rajpal.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">To fully operate the ICP, which has been in operation since 2016, </span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Nepal and India had jointly decided to redirect the dusty cargo to the ICP in order to ensure that the ICP operates in optimal capacity. The ICP has been operational since 2016. The dusty cargo has not entered Nepal through the old route of Birgunj since January 1.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Goods like raw materials for cement and iron industry, slag, iron ore, coal, fertilizer and salt used to be imported through the old customs. Now all those cargoes have to be imported through the ICP.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Kamal Gyawali, Birgunj head of Nepal Intermodal Transport Development Committee, informed that lane number 10 of the ICP towards Nepal has been set aside to bring in dusty cargo.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">The importers complained that they were forced to go to the ICP although it is ill-prepared in terms of infrastructure to allow in the dusty cargo. Vice President Rajpal said that the biggest problem is the link road connecting Raxaul Yard and the ICP.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Rajpal alleged that the Consulate of India in Birgunj had sent a report to his government that there was no problem on the link road, and based on that report, the imports were diverted to the ICP.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Shashi Bhushan Kumar, the consul general of the Indian Consulate, said that all types of transport vehicles, large and small, were tested on the link road, and after it was found that the cargo could be transported, the cargo was sent to the ICP.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">According to Kumar, the problems seen during transportation will be resolved gradually.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">He also said that the infrastructure built by spending billions of rupees should be fully utilized to make import and export effective. </span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Rajpal complained that a separate dedicated lane for dusty cargo within the ICP is not yet available. Even though there is no parking in ICP, such a fee is charged. “The goods and services tax is also collected in the ICP towards India. Such a tax cannot be levied on cargo that regularly comes to Nepal,” said Rajpal.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">The importers argue that the ICP should charge only the nominal entrance fee as it failed to provide parking facility.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">The importers say that earlier one truck used to transport dusty cargo for three to four times a day, but now it is difficult to even manage on lot in a day. Currently, at least 30 rakes of Nepal-bound dusty cargo arrive in Raxaul every month. The importers claimed that even ten rakes cannot be transported after the dusty cargo was diverted to the ICP. Rajpal claimed that since transportation by rail takes more time and cost, importers may now transport goods on Indian trucks.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-13', 'modified' => '2023-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '16477', 'image' => '20230113050828_20220819045658_20190410102147_ICP-Birgunj-2.jpg', 'article_date' => '2023-01-13 17:07:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16735', 'article_category_id' => '1', 'title' => 'Remittance Surges by 23 Per Cent in First Five Months of Current FY', 'sub_title' => '', 'summary' => 'The money sent by Nepali migrant workers jumped by 23 per cent to Rs 400.80 billion in the first five months of the current fiscal year.', 'content' => '<p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">January 13: The money sent by Nepali migrant workers jumped by 23 per cent to Rs 400.80 billion in the first five months of the current fiscal year. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">The data published by the Nepal Rastra Bank on Friday revealed that remittance inflow surged by 23 per cent in the first five months compared to the same period last year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">Remittance inflow, however, had dipped by 6.3 per cent last year compared to the same period in the previous year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">The data published by the NRB show that remittance inflow increased by 13.1 per cent to 3.71 billion in the US Dollar. Such a remittance had gone down by 6.8 per cent during the same period last year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">A worldwide outbreak of the COVI-19 pandemic had adversely affected the foreign employment for Nepali citizens, causing the remittance to shrink. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">With easing of COVID restrictions, a large number of Nepali youths have recently left the country for jobs in foreign countries </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">Citing depletion in foreign currency reserve due to tumble in remittance inflow, the government had imposed ban on the import of vehicles and luxurious goods. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-13', 'modified' => '2023-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '16476', 'image' => '20230113051108_Remittance.jpg', 'article_date' => '2023-01-13 16:12:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 8 => array( 'Article' => array( 'id' => '16733', 'article_category_id' => '1', 'title' => 'SLR of Banks Exceeds Limit set by NRB', 'sub_title' => '', 'summary' => 'January 13: The Statutory Liquidity Ratio (SLR) of banks and financial institutions is more than the standard set by Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">January 13: The Statutory Liquidity Ratio (SLR) of banks and financial institutions is more than the standard set by Nepal Rastra Bank (NRB). NRB issued a tight monetary policy in the current fiscal year (FY) and increased the mandatory cash reserve ratio (CRR) and SLR of banks.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Through the monetary policy, it was announced that the SLR should be increased from 10 to 12 percent for commercial banks, 8 percent for development banks and 7 to 10 percent for finance companies in addition to increasing the CRR from 3 to 4 percent. Although the CRR came into effect on August 17, the central bank had allowed the banks to implement the SLR by January.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As the deadline given by NRB is about to expire, banks and financial institutions have maintained the SLRs more than the limit specified by the central bank. According to the data of NRB, the average SLR of commercial banks is 21.09 percent in the first quarter of the current year which was 19.88 percent until last year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Standard Chartered Bank, which had the lowest SLR in October, also attained 13.69 percent SLR. Similarly, Everest Bank has maintained the highest SLR of 24.48 percent. The SLR of most of the banks is above 15 percent.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Assistant Spokesperson of NRB, Narayan Prasad Pokharel says that the SLR of the banks is better than the prescribed limit due to the increased investment of the banks in the areas where SLR can be calculated. He said that since the monetary policy increased the CRR and this amount is also added to the SLR, its ratio is higher.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Banks can calculate their investments in government securities, the amount deposited in NRB for mandatory balance purposes, and the cash balance in their safe deposit boxes in the SLR. Similarly, the amount deposited by development banks and finance companies in commercial banks for CRR purposes, the amount deposited by provincial level financial institutions in other banks and financial institutions, the investment made in bonds issued by international financial institutions in Nepali currency, the deposits collected by NRB under open market transactions are taken into consideration while calculating the SLR. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">However, if a loan is taken from a bank financial institution, including repo, permanent liquidity facility, as collateral for a security bond, there is a provision to reduce the loan amount and include only net investment in liquid assets.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">If the banks are unable to maintain the SLR, they should calculate the SLR on the basis of the domestic deposit liability at the end of the previous month and submit the monthly statement to NRB. If the specified ratio is not maintained, there is a provision to impose a fine for the first time, double the bank rate for the second time, and triple the bank rate for the third or more times.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-13', 'modified' => '2023-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '16474', 'image' => '20230113025007_Banks.jpg', 'article_date' => '2023-01-13 14:49:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16732', 'article_category_id' => '1', 'title' => 'Dang District Becomes Self-Reliant on Food ', 'sub_title' => '', 'summary' => 'January 13: Dang district has become self-reliant on food grains. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">January 13: Dang district has become self-reliant on food grains. The statistic shows that the food grains produced in the district caters to the demand of the local residents and there is also food surplus. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Agriculture Knowledge Centre Dang, a total of 75,991 hectares of land in the district is being used for farming which yields 294,074 metric tonnes of agricultural produces. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prithivi Raj Lamichhane, agriculture economic expert for the centre, shared that the crops produced in the district is proportionate to the number of people in the district. </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"">"The problem lies in the lack of utility of the locally produced goods such as wheat, maize, millet and barely among others," he added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Although there is a bumper production of maize in the district, majority of the local residents prefer rice over maize, said Lamichhane. The district recorded 33,540 metric tonnes of surplus grains in the fiscal year 2021/22. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A person requires around 201 kilograms of processed food grains in a year on an average, informed Lamichhane, adding that the district requires 135,932 metric tonnes of food annually while the availability of food grains stands at 169,472 metric tonnes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The population of the district as per the census in 2021 is 676,277. Paddy is cultivated across 39,400 hectares of land in the district which yields 173,360 metric tonnes, according to the centre. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-01-13', 'modified' => '2023-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '16473', 'image' => '20230113015027_fair price shoppp.jpg', 'article_date' => '2023-01-13 13:49:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16730', 'article_category_id' => '1', 'title' => 'CNI Welcomes Decision of Commercial Banks to Reduce Interest Rates ', 'sub_title' => '', 'summary' => 'January 13: The Confederation of Nepalese Industries (CNI) has welcomed the decision of Nepal Bankers’ Association to reduce the interest rates. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 13: The Confederation of Nepalese Industries (CNI) has welcomed the decision of Nepal Bankers’ Association to reduce the interest rates. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a press statement on Thursday, the NBA said that move to reduce the interest rates on deposits is positive step at a time when the entire economy has been facing crunch of investible capital while the non-performing loan has been rising. It is a respite to the private sector, reads the statement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> The CNI also said that decision to decrease the interest rate will help revive the economy which is facing various problems such as lack of demand and postponement of investment plans due to high interest rate.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CNI said it had been demanding for the lowering of the interest rate to boost up the economy and increase the private sector’s morale. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The decision will help to bring back the economy on track from the challenging situation,” the CNI statement added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CNI believes that the decline in interest rate will also reduce the cost of fund and the base rate. As a result, the CNI is hopeful that the interest on loans will also reduce.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It will eventually increase investment in business and industries and boost the morale of the private sector.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A recent study conducted by the CNI showed that 70 percent of industrialists had postponed their investment plans due to the high interest rates. The CNI expressed its belief that the investors will carry on with the investment plans as the interest rates have been reduced and the economy will once again become vibrant.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CNI noted that the Nepal Rastra Bank’s decision to review the Working Capital Loan Guidelines has provided relief to some extent to the private sector. It also urged the central bank to ensure liquidity in the market through the biannual review of the monitory policy. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-13', 'modified' => '2023-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '16471', 'image' => '20230113010535_CNI logo.jpg', 'article_date' => '2023-01-13 13:04:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16729', 'article_category_id' => '1', 'title' => 'One and a Half Decades On, Postal Highway Achieves 83 Percent Progress', 'sub_title' => '', 'summary' => 'January 13: Around one and a half decade into construction, 83 percent work on the Postal Highway has been completed. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">January 13: Around one and a half decade into construction, 83 percent work on the Postal Highway has been completed. It will take around three more years for the national pride project to complete, it has been said. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Under the project considered to be a base for the prosperity of the Tarai Madhes, construction of 910 kilometers of road and 115 bridges have been completed. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The COVID-19 pandemic, disputes related to the project location and the border blockade are blamed for the delay, said Dharmendra Kumar Jha, chief of the Postal Highway Directorate. The construction of around 250 kilometers of road has yet to be contracted, and work on around 500 kilometers is underway, said the directorate. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Negligence of the contractors in some cases is blamed for the delay, said Jha, adding that in some other cases, the contract was extended from time to time. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Chief Jha said although there was an arrangement to extend the deadline in the past, now construction companies could be fined for their failure to complete the works within the deadline. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Now, around 500 km of road is under construction under the project. According to the directorate, the contract would be canceled if works are not carried out as per the schedule. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">According to the project, a target has been set to construct 27 bridges and to blacktop 160 km of road in the current fiscal year. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The latest deadline has been extended till current fiscal year 2022/23. Chief Jha said COVID-19 has affected this project like many other development projects.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-13', 'modified' => '2023-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '16470', 'image' => '20230113105546_postal highway facebook.jpg', 'article_date' => '2023-01-13 10:54:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16728', 'article_category_id' => '1', 'title' => 'Biratnagar Metropolitan City Launches Tax Collection Campaign ', 'sub_title' => '', 'summary' => 'As part of its campaign to increase internal income, Biratnagar Metropolitan City has held an orientation programme for ward members. ', 'content' => '<p> </p> <p><span style="font-size:20px">January 13: As part of its campaign to increase internal income, Biratnagar Metropolitan City has held an orientation programme for ward members. </span></p> <p><span style="font-size:20px">With an objective to make tax collection crusade effective, the metropolitan city has made one member from every ward a focal person at the recommendation of ward executive committee.</span></p> <p><span style="font-size:20px">Focal persons will have to play leading roles for tax increase for next four years. The metropolitan office imparted first phase of training and orientation to the focal persons.</span></p> <p><span style="font-size:20px">“Focal persons will facilitate and coordinate to collect tax from business registration, business renewal, and individual income”, said Saroj Gautam, Head of the Revenue Department at the metropolis. Gautam said focal persons will be actively involved in tax collection campaign. </span></p> <p><span style="font-size:20px">At the orientation programme, Biratnagar’s Mayor Nagesh Koirala said that dream of Biratnagar’s development would not be possible without making adequate internal income.</span></p> <p><span style="font-size:20px">“People’s desires for development are abundant. But, the source of income is limited. Thus, we have to increase our income anyhow to meet people’s expectations of development”, Koirala added.</span></p> <p><span style="font-size:20px">Koirala says that they have launched tax collection campaign to make the city clean, well-managed, and developed with adequate budget. </span></p> <p><span style="font-size:20px">Deputy Mayor Silpa Nirala Karki stressed the need that focal persons should identify sources of tax in the wards. “Ward members have been appointed as focal persons as they know about the business registration and renewal and map pass for house construction”, said Karki.</span></p> <p><span style="font-size:20px">Chief Administrative Officer Bishnu Prasad Koirala believes that metropolis will be able to meet the revenue target if focal persons work sincerely.</span></p> <p><span style="font-size:20px">The metropolitan city is preparing to impart the second phase of orientation by subject experts to focal persons shortly. </span></p> <p><span style="font-size:20px">Biratnagar had collected revenue of Rs 490 million in the last fiscal year. The metropolis plans to collect the revenue of Rs 870 million in the current fiscal year. </span></p> ', 'published' => true, 'created' => '2023-01-13', 'modified' => '2023-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '16469', 'image' => '20230113054738_collage (50).jpg', 'article_date' => '2023-01-13 05:43:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '16727', 'article_category_id' => '1', 'title' => 'Is it Possible to Pay the Debts of New International Airports?', 'sub_title' => '', 'summary' => 'January 12: Seven decades after Kathmandu-based Tribhuvan International Airport (TIA) came into operation, two more international airports have started operation in Nepal.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">January 12: Seven decades after Kathmandu-based Tribhuvan International Airport (TIA) came into operation, two more international airports have started operation in Nepal. However, critics doubt whether the country can bear the burden of debt incurred for the construction of these airports built with massive foreign loans. A section of critics has been arguing that the twonew airports will turn into white elephants.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Gautam Buddha International Airport (GBIA) was built with loans and grants from the Asian Development Bank (ADB) and loans from the OPEC Fund for International Development (OFFID). Likewise, the Pokhara Regional International Airport (PRIA) also received a line of credit from China's Exim Bank.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The PRIA was built with a loan assistance of Rs 22 billion from the Exim Bank of China. The Government of Nepal had signed a loan agreement of 1.37 billion Chinese Yuan with China's Exim Bank seven years ago. However, the government has been exempted of paying interest on 25 per cent of the loan. It means that the government does not have to pay interest on 344.46 million Yuan while it has to pay 2 per cent interest on the remaining amount. This loan has a grace period of 7 years and is to be repaid in a total of 20 years.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The grace period is ending soon. According to the Civil Aviation Authority of Nepal (CAAAN), it has to pay the first installment of 53.28 million Yuan in March. The second installment should be paid after six months. The authority should repay the loan of Exim Bank twice a year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, the government had signed an investment agreement for the construction of Gautam Budh International Airport eight years ago. In 2014, the government signed another agreement with ADB for more investment. Following the agreements, ADB decided to extend loans of USD 402.75 for the GBIA project. ADB also pledged a grant of USD 105.7 million for the airport. The interest rate of the loan is 1 per cent during the grace period and then one and a half per cent.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">OFFID has also invested USD 15 million in Gautam Buddha. The grace period of the loan of this airport ended four years ago and the payment of installment on principal and interest has already started. The authority has paid 4 installments so far. CAAN said that installments have not been paid since the onset of Covid-19.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Gautam Buddha's installment is also bi-annual. Its installments should be paid in the months of Baishakh (mid-April to mid-May) and Kartik (mid-October to mid-November). The government has to pay USD 112,709 in one installment.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">There is currently a debate going on about whether the government can pay the interest on the loan invested heavily by the development partners in these two airports.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Pradeep Adhikari, director general of CAAN, said that it is too early to jump into a conclusion as the airport has recently been put into operation just now. "In a tourist hub like Pokhara, such an airport should have been built 15 to 20 years ago," he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Some stakeholders argue that one has to wait patiently to reap the benefits from the new airports.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Former Finance Secretary Rameshwar Khanal believes that the Pokhara Airport can pay off the loan in 17 years and Gautam Buddha Airport in 10 years. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"For this, 400,000 passengers will have to fly/land at Pokhara airport in the next 2 years," said Khanal, "On the other hand, Gautam Buddha's capacity is to serve 32 million passengers annually. Even if it serves half of the passengers immediately, the maximum time to repay the loan will be 10 years. It can be paid,” he assured. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-12', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16468', 'image' => '20230112063832_20230101084513_Pro-KTM-Pokhara-Prachandab.jpg', 'article_date' => '2023-01-12 18:37:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16726', 'article_category_id' => '1', 'title' => 'Finance Secretary Toyam Raya Takes Oath Of Office as member of NRB Board of Directors ', 'sub_title' => '', 'summary' => 'Finance Ministry Secretary Toyam Raya, took oath of office and secrecy as the member of the Nepal Rastra Bank (NRB) board of directors on Thursday.', 'content' => '<p><br /> <span style="font-size:20px">January 12: Secretary Toyam Raya at the Ministry of Finance took oath of office and secrecy as the member of the Nepal Rastra Bank (NRB) board of directors on Thursday.</span></p> <p><span style="font-size:20px">Acting Chief Justice Hari Krishna Karki administered oath of office and secrecy to Raya at a programme organized at the Supreme Court. </span></p> <p><span style="font-size:20px">Clause 14 of the Nepal Rastra Bank Act, 2058 has provisions that secretary of the Finance Ministry would be the member of the NRB board of directors. </span></p> <p><span style="font-size:20px">The Chief Registrar of the Supreme Court, Lal Bahadur Kunwar, Registrars—Narayan Prasad Panthi and Nirmala Poudel, Assistant-Registrar Narayan Prasad Regmi, Director and Secretary of Board of Directors of the Nepal Rastra Bank, Muktinath Sapkota among others were present on the occasion. </span><br /> </p> ', 'published' => true, 'created' => '2023-01-12', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16467', 'image' => '20230112055539_collage (49).jpg', 'article_date' => '2023-01-12 17:50:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ) ) $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
