Low Snow on the Himalayas Threatens Water Security: Study

Jun 21, 2024 0 3 minutes 40 seconds to read

KATHMANDU: Millions of people dependent on Himalayan snowmelt for water face a "very serious" risk of shortages this year after one of the lowest rates of snowfall, AFP reported citing warning issued by…

Bad Debts of BFIs Soar to Highest Level in a Decade at 3.98 Percent

Jun 21, 2024 0 3 minutes 7 seconds to read

KATHMANDU: The bad debts of banks and financial institutions (BFIs) have surged to a 10-year peak of 3.98 percent, largely attributed to the economic slowdown following the COVID-19…

Minister Pun Instructs Subordinate Agencies to Motivate Taxpayers

Jun 21, 2024 0 1 minutes 20 seconds to read

KATHMANDU: Finance Minister Barshaman Pun has instructed subordinate agencies to motivate taxpayers.…

Formation of Authority on the Cards to Troubleshoot Issues of Cooperatives

Jun 21, 2024 0 1 minutes 12 seconds to read

KATHMANDU: Minister for Land Management, Cooperative and Poverty Alleviation Balaram Adhikari has said that the formation of an authority is on the cards to regulate and monitor the cooperatives in all three tiers of government.…

Waiwai Noodles and Goldstar Shoes to Set Up Factories in SEZ

Jun 21, 2024 0 4 minutes 7 seconds to read

KATHMANDU: With the recent legal changes allowing older industries to relocate to the Special Economic Zone (SEZ), established business houses in Nepal are setting up factories within these zones set up with incentives to promote…

Government Investigates BYD Importer on Suspicion of Tax Evasion

Jun 21, 2024 0 6 minutes 9 seconds to read

KATHMANDU: The Revenue Investigation Department has initiated an investigation into Cymex Nepal, the distributor of BYD vehicles in Nepal, on suspicion of tax evasion by misclassifying high-capacity electric vehicles as low-capacity vehicles.…

Monsoon to Spread Across the Country by Sunday

Jun 21, 2024 0 47 seconds to read

KATHMANDU: This year's monsoon has already entered the country and is expected to spread across the country by coming…

Sandhikharka-Tamghas Transmission Line Comes into Operation

Jun 20, 2024 0 2 minutes 21 seconds to read

KATHMANDU: Nepal Electricity Authority (NEA) has completed the construction of the 132 kilovolt double circuit transmission line from Sandhikharka Municipality -6 in Arghakhanchi to Resunga Municipality-7 in…

Siddhartha Bank Launches 'Siddhartha Rewards' to Promote Digital Payment

Jun 20, 2024 0 50 seconds to read

Siddhartha Bank Limited has launched the 'Siddhartha Rewards' plan aimed at promoting digital payments. Under this program, customers can earn reward points when they make purchases using the bank's card or top up through mobile…

NEPSE Declines to Close at 2068.31

Jun 20, 2024 0 58 seconds to read

The Nepal Stock Exchange (NEPSE) experienced a decline of 10.44 points, or 0.50%, closing at 2068.31 on Thursday, the last trading day of the…

Half a Dozen Cement Industries in Bara-Parsa Industrial Corridor Closed

Jun 20, 2024 0 3 minutes 46 seconds to read

BIRGUNJ: At one time, the Bara-Parsa Industrial Corridor was considered the center of cement production. Now, most of these industries have shut down, while others operate below their…

Appointment of SEBON Chairman Mired in Controversy

Jun 20, 2024 0 4 minutes 52 seconds to read

KATHMANDU: The process of appointing the chairman of the Securities Board of Nepal (SEBON) has been mired in controversy, with allegations that the government is attempting to appoint the chairman in collusion with businessmen and political…

Samsung Offers Heavy Discount on Galaxy Buds FE with the Galaxy S24 Series

Jun 20, 2024 0 1 minutes 21 seconds to read

KATHMANDU: Samsung’s S24 series smartphone is now available in Nepal with a heavy discount on the Galaxy Buds…

Lalitpur Metropolis to Establish Project Bank and Labour Bank

Jun 20, 2024 0 1 minutes 52 seconds to read

PATAN: Lalitpur Metropolitan City has incorporated 'project bank' and 'labour bank' in its policies and programmes for the coming fiscal year,…

Depositors of Three Problematic Cooperatives Get Back their Money

Jun 20, 2024 0 1 minutes 16 seconds to read

KATHMANDU: The government has intensified a campaign to return the depositors' money from troubled…

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		'Article' => array(
			'id' => '21335',
			'article_category_id' => '1',
			'title' => 'Low Snow on the Himalayas Threatens Water Security: Study',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Millions of people dependent on Himalayan snowmelt for water face a "very serious" risk of shortages this year after one of the lowest rates of snowfall, AFP reported citing warning issued by scientists.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">KATHMANDU: Millions of people dependent on Himalayan snowmelt for water face a &quot;very serious&quot; risk of shortages this year after one of the lowest rates of snowfall, AFP reported citing warning issued by scientists.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Snowmelt is the source of about a quarter of the total water flow of 12 major river basins that originate high in the region, the report said.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">&quot;This is a wake-up call for researchers, policymakers, and downstream communities,&quot; the report author Sher Muhammad from the Nepal-based International Centre for Integrated Mountain Development (ICIMOD) told AFP.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">&quot;Lower accumulation of snow and fluctuating levels of snow pose a very serious increased risk of water shortages, particularly this year.&quot;</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Snow and ice on the Himalayas are a crucial water source for around 240 million people in the mountainous regions, as well as for another 1.65 billion people in the river valleys below, according to ICIMOD.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">While snow levels fluctuate each year, scientists say climate change is driving erratic rainfall and shifting weather patterns.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The report measured &quot;snow persistence&quot; -- the time snow remains on the ground -- with levels dropping almost a fifth below normal this year across the wider Hindu Kush and Himalaya region.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">&quot;This year&#39;s snow persistence (18.5 percent below normal) is the second-lowest in the past 22 years, narrowly trailing the record low of 19 percent set in 2018,&quot; Muhammad told AFP.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">As well as Nepal, the inter-governmental ICIMOD organisation includes member countries Afghanistan, Bangladesh, Bhutan, China, India, Myanmar and Pakistan.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The report warned that ICIMOD &quot;observations and projections indicate significant changes in the timing and intensity of stream flows&quot;, with snow a key part.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">&quot;Snow plays a particularly important role in ensuring seasonal water availability,&quot; it added.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The organisation has been monitoring snow in the region for over two decades, noting that 2024 marked a &quot;significant anomaly&quot;.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The Ganges river basin, which flows through India, had the &quot;lowest snow persistence&quot; that ICIMOD has recorded, 17 percent below average, worse than the 15 percent in 2018.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">According to AFP, the Helmand river basin in Afghanistan recorded its second-lowest snow persistence levels, 32 percent below normal.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The Indus river basin was down 23 percent below normal levels, while the Brahmaputra river basin, which ends in Bangladesh, had snow persistence &quot;notably below normal&quot; at 15 percent, the report further stated.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Miriam Jackson, senior cryosphere specialist at ICIMOD, urged authorities to &quot;take proactive measures to address possible drought situations&quot;.</span></span></span></p>

<p>&nbsp;</p>
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			'created' => '2024-06-21',
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			'keywords' => 'snow, melt, crisis, water, scarcity, Himalayas, Nepal, India, Bhutan, Pakistan, Afghanistan',
			'description' => '',
			'sortorder' => '21063',
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			'id' => '21334',
			'article_category_id' => '218',
			'title' => 'Bad Debts of BFIs Soar to Highest Level in a Decade at 3.98 Percent',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The bad debts of banks and financial institutions (BFIs) have surged to a 10-year peak of 3.98 percent, largely attributed to the economic slowdown following the COVID-19 pandemic.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: The bad debts of banks and financial institutions (BFIs) have surged to a 10-year peak of 3.98 percent, largely attributed to the economic slowdown following the COVID-19 pandemic.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A recent report prepared by Nepal Rastra Bank (NRB) indicates that the proportion of bad debt in BFIs was 3.76 percent a decade ago. This figure had decreased significantly to 1.31 percent by June 2022.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">However, as of mid-April this year, the bad loans of commercial banks have risen to 3.89 percent. Meanwhile, development banks and finance companies have recorded non-performing loans of 3.63 percent and 10.40 percent, respectively.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The number of cases at the Debt Recovery Tribunal formed to recover bad loans of banks and financial institutions has more than doubled this year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">With banks encountering difficulties in loan recovery amidst a decline in economic activities, the number of cases filed with the tribunal has also begun to rise.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Banks can register a case at the tribunal if they are unable to recover the loan even from the mortgage auction. Information officer of the tribunal, Devendra Dhakal, said that the number of cases has increased as there is no condition to recover the loan from the mortgage due to the fall in real estate prices along with the economic slowdown.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">As of mid-March of the current fiscal year (FY), banks and financial institutions have registered 342 cases at the tribunal. During the corresponding period last year, only 162 cases were registered. It shows that the number of cases has doubled this year. A total of 200 cases were registered at the tribunal last year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The central bank had earlier warned that credit risk is on the rise within commercial banks due to loans being issued without the completion of requisite procedures. Increasing bad loans of banks and financial institutions also indicate the rise in credit risk, the NRB said following a supervision of banks.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the supervision report published by NRB in April, during the monitoring, some banks were found to have provided more loans than necessary without adequately assessing the needs of the borrowers. The central bank has stated that loans are given without maintaining a balance between the customer&#39;s assets and loan ratio. It also noted that the monitoring system after loan disbursement is weak.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Similarly, the NRB study found that banks have given new loans to pay off old loans. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to Nepal Rastra Bank sources, the quality of banking service is deteriorating due to the competition among banks to extend loans after the Covid- 19 pandemic.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Banks are under pressure to increase their profits by increasing their loans,&quot; said an executive director of Nepal Rastra Bank on condition of anonymity.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2024-06-21',
			'modified' => '2024-06-21',
			'keywords' => 'bad, debts. loans, banks, Nepal, rise',
			'description' => '',
			'sortorder' => '21062',
			'image' => '20240621103125_20231108120244_badloan.jpg',
			'article_date' => '2024-06-21 10:30:46',
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		'Article' => array(
			'id' => '21337',
			'article_category_id' => '220',
			'title' => 'Minister Pun Instructs Subordinate Agencies to Motivate Taxpayers',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Finance Minister Barshaman Pun has instructed subordinate agencies to motivate taxpayers. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: Finance Minister Barshaman Pun has instructed subordinate agencies to motivate taxpayers. With the aim to boost revenue collection in the last month of the current fiscal year, he invited senior government employees related to tax and revenue administration to the ministry on Thursday to give these instructions.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;Let&#39;s not put undue pressure on taxpayers but encourage them to pay taxes properly,&quot; he said. &quot;The state is also the guardian of taxpayers.&quot;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">He also directed them to listen to the legitimate complaints of taxpayers who act with good intentions and to address these complaints as per the law.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Finance Secretary Madhu Kumar Marasini and Revenue Secretary Dr. Ram Prasad Ghimire also emphasized the need to accelerate the collection of arrears in the last month of the current fiscal year. They stressed that maximum efforts should be made to meet the final revenue collection target for the current fiscal year. -- RSS</span></span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2024-06-21',
			'modified' => '2024-06-21',
			'keywords' => 'tax, taxpayers, motivate, Nepal, government, ministry',
			'description' => '',
			'sortorder' => '21061',
			'image' => '20240621103639_20200907074520_1599400665.tax.jpg',
			'article_date' => '2024-06-21 10:35:54',
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		'Article' => array(
			'id' => '21336',
			'article_category_id' => '272',
			'title' => 'Formation of Authority on the Cards to Troubleshoot Issues of Cooperatives',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Minister for Land Management, Cooperative and Poverty Alleviation Balaram Adhikari has said that the formation of an authority is on the cards to regulate and monitor the cooperatives in all three tiers of government. ',
			'content' => '<p><span style="font-size:16px">KATHMANDU: Minister for Land Management, Cooperative and Poverty Alleviation Balaram Adhikari has said that the formation of an authority is on the cards to regulate and monitor the cooperatives in all three tiers of government. This initiative aims to provide a sustainable solution to the sector&#39;s ongoing problems.</span></p>

<p><span style="font-size:16px">Responding to lawmakers&#39; queries during the House of Representatives (HoR) meeting on Thursday, Minister Adhikari stated that the decision to form the authority has been forwarded to the Ministry of Finance for approval.</span></p>

<p><span style="font-size:16px">&quot;The budget for establishing such mechanisms has been allocated in the upcoming fiscal year&#39;s budget,&quot; he added.</span></p>

<p><span style="font-size:16px">Minister Adhikari reiterated the ministry&#39;s commitment to finding sustainable solutions to the cooperative sector&#39;s existing issues. He also noted that 20 cooperatives have been declared problematic, and their management is being handled by the Problematic Cooperative Management Committees. Depositor claims are being processed online, with 59,587 claimants having lodged their applications so far.</span></p>

<p><span style="font-size:16px">Additionally, Minister Adhikari mentioned that the government has initiated the process of forming a commission involving experts. This new commission is intended to address the shortcomings of the National Land Commission, which has not met the expected outcomes in resolving the issues of landless individuals, squatters, and unmanaged settlements. --RSS</span></p>
',
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			'keywords' => 'cooperative, problematic, authority, formation',
			'description' => '',
			'sortorder' => '21060',
			'image' => '20240621103718_20230601023225_cooperative-new.jpg',
			'article_date' => '2024-06-21 10:33:40',
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	(int) 4 => array(
		'Article' => array(
			'id' => '21333',
			'article_category_id' => '1',
			'title' => 'Waiwai Noodles and Goldstar Shoes to Set Up Factories in SEZ',
			'sub_title' => '',
			'summary' => 'KATHMANDU: With the recent legal changes allowing older industries to relocate to the Special Economic Zone (SEZ), established business houses in Nepal are setting up factories within these zones set up with incentives to promote exports.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Hima BK</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: With the recent legal changes allowing older industries to relocate to the Special Economic Zone (SEZ), established business houses in Nepal are setting up factories within these zones set up with incentives to promote exports.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The initiative will begin with the Chaudhary Group, known for Waiwai noodles, and the Goldstar shoe brand. Both companies are planning to establish their factories in the Bhairahawa and Simra SEZs.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The amendment to Section 7 of the Special Economic Zones Act, 2073, now permits already registered and operational industries to move to the SEZ. Consequently, CG Foods under Chaudhary Group and Kiran Shoes Manufacturers, the manufacturer of the renowned Goldstar shoes, are relocating to Simra and Bhairahawa SEZs, respectively. The Special Economic Zone Authority of Nepal recently issued a call for proposals from industrialists to establish and operate industries in these SEZs.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">On May 12, the authority requested proposals for setting up industries in Block &#39;A&#39; of Bhairahawa and Simra SEZ. In response, CG Foods of the Chaudhary Group applied for six plots in Simra Block &#39;A&#39; to produce noodles and <em>Bhujia</em>.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Since CG Foods is already registered and operational, they plan to open their factory within six months of the application. Similarly, Kiran Shoes has proposed to start production within the same timeframe.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Acting Executive Director of the Authority, Tulsiram Marasini, explained that these already operational industries will directly commence production. He confirmed that CG Foods&#39; Waiwai noodles and Kiran Shoes&rsquo; Goldstar brands have been registered.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">To facilitate investment, the government amended various laws and ordinances, including the Special Economic Zone Act, 2073, to promote investment facilitation. This replacement bill has now been submitted to Parliament.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Prior to the amendment, Section 7 of the Special Economic Zones Act, 2073, prohibited the transfer and operation of existing industries within SEZs. The amended clause now allows these transfers, enabling investors to move their machinery and equipment into SEZs to operate their industries.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Sagar Silwal, a sub-engineer of the authority, reported that 26 industries have applied to establish operations in Bhairahawa and Simra SEZ following the amendment. This marks the highest number of applications since the amendment of the Act, with CG and Goldstar&#39;s participation expected to enhance the industrial activity in SEZs.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">CG Foods has proposed producing 1,000 metric tons of Waiwai noodles and 1,500 metric tons of <em>Bhujia</em> annually in Simra SEZ, with an investment of Rs 22 million. Kiran Shoes Manufacturers Pvt. Ltd. plans to invest Rs 540 in Bhairahawa SEZ to produce 9.6 million pairs of shoes and slippers annually, also within six months.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Kiran Shoes aims to increase its share of footwear exports to India, which has decreased from 70 percent to 30 percent. Targeting the Indian market, the company chose to establish its industry in Bhairahawa, close to the border.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The authority received 12 proposals, including Goldstar, for Bhairahawa SEZ with a total investment proposal of Rs 7 billion. Goldstar is the largest of these industries. Other proposals include hubs for herbs and iron production.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">In Simra, 14 industries, including Waiwai, submitted proposals totaling an investment of Rs 12 billion.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Currently, &#39;A&#39; blocks of Bhairahawa and Simra are already operational with 136 plots ready for industrialization. In Bhairahawa SEZ, five out of 68 plots are operational, with two under construction. Simra SEZ has 11 operational plots.</span></span></p>

<p>&nbsp;</p>
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	(int) 5 => array(
		'Article' => array(
			'id' => '21332',
			'article_category_id' => '1',
			'title' => 'Government Investigates BYD Importer on Suspicion of Tax Evasion',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The Revenue Investigation Department has initiated an investigation into Cymex Nepal, the distributor of BYD vehicles in Nepal, on suspicion of tax evasion by misclassifying high-capacity electric vehicles as low-capacity vehicles. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">BIJAY DAMASE</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: The Revenue Investigation Department has initiated an investigation into Cymex Nepal, the distributor of BYD vehicles in Nepal, on suspicion of tax evasion by misclassifying high-capacity electric vehicles as low-capacity vehicles. According to the Financial Act, customs and excise duties are lower for low-capacity vehicles, while higher-capacity vehicles are subject to higher taxes. Misclassification results in significant revenue loss for the government.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Officials from the department have seized documents from Cymex Nepal to investigate the alleged tax evasion. Chakra Bahadur Budha, director general of the Revenue Investigation Department, told New Business Age that the department has asked the importer to provide additional details immediately. Based on confidential information regarding tax evasion, investigators have confiscated some documents and started a detailed inquiry. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;We received information that the state has been losing revenue for a long time due to the misclassification of vehicles, and based on that, the investigation proceeded,&quot; he said.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">High-ranking officials involved in the investigation indicated that the probe might extend to other sellers and importers. &quot;Initially, the investigation will focus on BYD. After that, we will investigate other vehicles,&quot; said an investigation officer. &quot;We will soon determine who imported vehicles of what capacity and how much revenue was evaded.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A senior official of the Ministry of Finance said that the import of large number of vehicles some time ago itself is suspicious. A large number of electric vehicles were imported before the budget was announced on May 28.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the official of the ministry, the work of bringing vehicles into Nepal by reducing the kilowatts was going on until some time ago, in collusion between the producers and the importers.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Sameer Shrestha, Chief Marketing Officer of Cymex Nepal, claimed that the vehicles were imported after completing all necessary procedures and passing customs clearance. &ldquo;We have submitted the documents requested by the Revenue Investigation Department. We are ready to assist in the investigation,&quot; he told New Business Age.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">An official from the NADA Automobiles Association of Nepal expressed displeasure with the investigation into the import of BYD vehicles. &quot;It is not appropriate for the government to scrutinize vehicles that have passed all technical checks costing millions of rupees,&quot; said the NADA official, who spoke on condition of anonymity.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Previously, the Ministry of Finance had instructed the Department of Customs to tighten inspections at all checkpoints following the large-scale entry of BYD vehicles. The department&#39;s letter urged meticulous verification of the details of electric vehicle before customs clearance and recommended visiting the manufacturer&#39;s website for information. All customs offices were instructed to carry out thorough technical checks and to refrain from clearing vehicles without adequate documentation. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Officials from the Department of Customs emphasized the need for technical verification to determine if the vehicle&#39;s engine capacity had been misrepresented. Dhundi Prasad Niraula, director general of the department, stated that customs officials are not equipped to detect such technical discrepancies. &quot;That&#39;s a technical issue, and I don&#39;t know much about it,&quot; he said.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Despite the large number of import of electric vehicles before the budget, the state did not benefit significantly in terms of taxes. Government officials indicated that tax rates had to be adjusted due to the economic crisis. Nepal&#39;s tax system for vehicles is based on their capacity. With declining vehicle revenue, the government increased customs and excise duties on electric vehicles through the Finance Bill accompanying the next fiscal year&#39;s budget.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Under the new rates, EVs up to 50 kW now incur a 15 percent customs duty and a 5 percent excise duty, whereas previously there was no excise duty and only a 10 percent customs duty. For EVs from 51 to 100 kW, both customs and excise duties were raised by 5 percent each. Vehicles in this category were previously subject to a 15 percent customs duty and a 10 percent excise duty.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">For EVs ranging from 101 to 200 kW, the new Finance Bill increased customs duty to 30 percent and maintained the excise duty at 20 percent. For EVs from 201 to 300 kW, customs duty increased by 20 percent while excise duty decreased by 10 percent. For EVs over 300 kW, the customs duty increased by 20 percent and excise duty was reduced by 10 percent, resulting in an overall 10 percent increase in taxes.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Prior to the budget announcement, a significant number of BYD and other electric vehicles were imported through the Rasuwagadhi customs checkpoint. As the importers tried to get the vehicles pass the customs clearance before the anticipated tax hike, there was a queue of vehicles at the customs.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Ram Prasad Pathak, head of Rasuwagadhi Customs Office, informed New Business Age that such vehicles are now arriving sporadically. &quot;We were busy clearing BYD vehicles until the night of May 28,&quot; he said, adding, &quot;Now the vehicles are arriving only sporadically.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to Pathak, customs clearance for these vehicles is based on test-drive reports submitted by the importer. The Department of Customs reported that 8,497 electric four-wheelers were imported in the first 10 months of the current year, compared to 4,050 in the previous year. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Department of Customs data shows that the government collected Rs 90 billion in revenue from vehicle imports and parts in fiscal year 2078/79, but only Rs 33.33 billion in the last fiscal year. In the first 9 months of the current year, the government collected Rs 39.89 billion from the import of electric vehicles.</span></span></p>

<p>&nbsp;</p>
',
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	(int) 6 => array(
		'Article' => array(
			'id' => '21331',
			'article_category_id' => '1',
			'title' => 'Monsoon to Spread Across the Country by Sunday   ',
			'sub_title' => '',
			'summary' => 'KATHMANDU: This year's monsoon has already entered the country and is expected to spread across the country by coming Sunday.    ',
			'content' => '<p><span style="font-size:16px">KATHMANDU: This year&#39;s monsoon has already entered the country and is expected to spread across the country by coming Sunday.&nbsp;&nbsp;&nbsp;&nbsp;<br />
According to the Meteorological Forecasting Division, monsoon reached up to the Lumbini Province on Thursday and is likely to spread across the country by June 23.&nbsp;&nbsp;&nbsp;&nbsp;<br />
Though June 13 is typically the expected date for the arrival of monsoon in Nepal, it entered the country via eastern Nepal on June 10 this year. Progression to the western and far-western regions takes more time due to the influence of the Westerly wind.&nbsp;&nbsp;&nbsp;&nbsp;<br />
Once the monsoon becomes more active, it will gradually alleviate the problem of heat waves. </span></p>

<p><span style="font-size:16px">Last year, it took three weeks for the monsoon to spread across the country after its arrival. -- RSS&nbsp;&nbsp;&nbsp;</span></p>
',
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			'sortorder' => '21057',
			'image' => '20240621083036_203405_20240604114336_20210626022910_Monsoon.jpeg',
			'article_date' => '2024-06-21 08:29:00',
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	(int) 7 => array(
		'Article' => array(
			'id' => '21329',
			'article_category_id' => '1',
			'title' => 'Sandhikharka-Tamghas Transmission Line Comes into Operation',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Nepal Electricity Authority (NEA) has completed the construction of the 132 kilovolt double circuit transmission line from Sandhikharka Municipality -6 in Arghakhanchi to Resunga Municipality-7 in Gulmi.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Times&quot;,&quot;serif&quot;">KATHMANDU:</span></span> <span style="font-size:14.0pt"><span style="font-family:&quot;Times&quot;,&quot;serif&quot;">Nepal Electricity Authority (NEA) has completed the construction of the 132 kilovolt double circuit transmission line from Sandhikharka Municipality -6 in Arghakhanchi to Resunga Municipality-7 in Gulmi. The construction of the 132 KV Tamghas Substation has also been completed at Unaichaur under the same transmission line, the NEA said.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Times&quot;,&quot;serif&quot;">Issuing a recent statement, the NEA confirmed it has completed the construction of the Sandhikharka-Tamghas 132 KV double circuit transmission line and 132 KV Tamghas Substation and brought them into operation from Wednesday.&nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Times&quot;,&quot;serif&quot;">According to the NEA, the substation has power transformers of 132/33 KV, 30 MVA and 33/11 KV, 16 MVA capacity. About 200 megawatts of electricity can flow through the transmission line. Three feeders of 33 KV and four feeders of 11 KV have been constructed for local power supply from the substation.&nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Times&quot;,&quot;serif&quot;">NEA Executive Director Kulman Ghising said that the transmission line and substation will ensure reliable and quality power supply in Gulmi and also reduce technical leakage.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Times&quot;,&quot;serif&quot;">Until now, electricity was being supplied to Palpa, Argharkhachi and Gulmi through a 33 KV transmission line from Butwal. As the 33 KV transmission line was too long, the line tripped and there was a voltage problem, said Ghising, adding that there used to be technical leakages.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&nbsp;&ldquo;<span style="font-size:14.0pt"><span style="font-family:&quot;Times&quot;,&quot;serif&quot;">Since other private sector hydropower projects will also be connected, this transmission line is the trunk line of that area,&rdquo; he added.</span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&nbsp;</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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	(int) 8 => array(
		'Article' => array(
			'id' => '21328',
			'article_category_id' => '1',
			'title' => 'Siddhartha Bank Launches 'Siddhartha Rewards' to Promote Digital Payment',
			'sub_title' => '',
			'summary' => 'Siddhartha Bank Limited has launched the 'Siddhartha Rewards' plan aimed at promoting digital payments. Under this program, customers can earn reward points when they make purchases using the bank's card or top up through mobile banking.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">June 20: Siddhartha Bank Limited has launched the &#39;Siddhartha Rewards&#39; plan aimed at promoting digital payments. Under this program, customers can earn reward points when they make purchases using the bank&#39;s card or top up through mobile banking.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">These earned points can be used instead of cash to pay for various services such as airline tickets, hotel stays, shopping, gift cards, insurance, and internet bill payments.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Sundar Prasad Kadel, the Chief Executive Officer of the bank, stated that this service will initiate an exciting and new chapter in digital payments, enhancing the quality of the banking experience for customers.&nbsp;</span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The bank has been consistently introducing customer-friendly services keeping customers&rsquo; convenience in mind.</span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2024-06-20',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '21054',
			'image' => '20240620043924_collage (15).jpg',
			'article_date' => '2024-06-20 16:38:21',
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	(int) 9 => array(
		'Article' => array(
			'id' => '21327',
			'article_category_id' => '1',
			'title' => 'NEPSE Declines to Close at 2068.31',
			'sub_title' => '',
			'summary' => 'The Nepal Stock Exchange (NEPSE) experienced a decline of 10.44 points, or 0.50%, closing at 2068.31 on Thursday, the last trading day of the week.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">June 20: The Nepal Stock Exchange (NEPSE) experienced a decline of 10.44 points, or 0.50%, closing at 2068.31 on Thursday, the last trading day of the week.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In today&#39;s trading session, 306 scrips were exchanged through 53,017 transactions on the NEPSE. A total of 8,663,699 shares were traded, resulting in a total turnover of Rs 3.87 billion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Mountain Energy Nepal Limited (MEN) dominated the turnover, with transactions totaling Rs 170 million. Meanwhile, Kalika Laghubitta Bittiya Sanstha (KMCDB) posted the highest gain, rising by 7.71%. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In contrast, Kutheli Bukhari Small Hydropower Limited (KBSH) experienced the steepest decline, plummeting by 9.28%.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Analyzing sector indices, all except the Finance Index and Mutual Fund Index closed in the red. The Finance Index recorded the highest gain, up by 1.82%, while the Hotels and Tourism Index suffered the most significant loss, dropping by 0.92%.</span></span></p>

<p>&nbsp;</p>
',
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	(int) 10 => array(
		'Article' => array(
			'id' => '21326',
			'article_category_id' => '1',
			'title' => 'Half a Dozen Cement Industries in Bara-Parsa Industrial Corridor Closed',
			'sub_title' => '',
			'summary' => 'BIRGUNJ: At one time, the Bara-Parsa Industrial Corridor was considered the center of cement production. Now, most of these industries have shut down, while others operate below their capacity.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">BIRGUNJ: At one time, the Bara-Parsa Industrial Corridor was considered the center of cement production. Now, most of these industries have shut down, while others operate below their capacity. An industrialist mentioned that he is compelled to keep the industry running merely to cover workers&rsquo; expenses and manage bank loans.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;Instead of making a profit, the industry is being operated to minimize losses. It is uncertain how long we can continue selling cement at a price lower than the cost,&quot; the industrialist stated.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Anil Agarwal, an industrialist, decided to permanently close his industry when he could no longer sell cement at a loss. Agarwal&#39;s Shree Cement ceased production after the COVID-19 pandemic.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Agarwal, who is also the president of the Birgunj Chamber of Commerce and Industry, explained that with the influx of foreign investment in the cement sector, industries based on grinding units (making cement by importing clinker) began to collapse.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Recalling that Bara-Parsa was once the hub of cement production, he noted, &quot;Half a dozen cement industries in this corridor have shut down due to market shrinkage caused by COVID-19 and intense competition.&quot;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Even when cement is sold below cost, the industry cannot survive the competition and is forced to stop production. Industrialists claim that investments totaling around Rs 10 billion have been lost due to the closure of industries in the corridor.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The industrialists explained that the grinding units in Bara-Parsa and other areas began facing problems when Chinese-invested industries entered the market with cement priced cheaper than their production costs. The government has adopted a policy of imposing high customs duties on clinker imports to promote the domestic clinker industry. </span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">As a result, industries reliant on imported clinker were unable to compete and had to shut down. Currently, only Jagdamba, Shalimar, Narayani, and Vishwakarma cement industries in the corridor continue production. International Cement, Krishna, RMC, Shree Cement, Ambe, and Advance Cement have all closed, with Star Cement shutting down earlier.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">An industrialist noted that the recession following COVID-19 adversely affected the corridor industries, which now struggle to compete with large-scale clinker-producing industries. </span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;Industries with significant investments began quoting higher clinker prices and selling cement at lower prices. This led to a situation where those buying clinker from these industries could not survive in the market,&quot; said Sandeep Agarwal, owner of the now-closed International Cement.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Approximately 111 industries in the corridor had good production, contributing to Nepal&#39;s self-sufficiency in cement. &quot;Five to seven years ago, this corridor was the center of the cement industry. However, all those industries were grinding units,&quot; said Agarwal. He believes the industry&#39;s decline began when large industries with Chinese investment started flooding the market with cheap cement.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Although some industrialists attempted to export to India, these plans were unsuccessful. The government had announced an increase in cement exports by subsidizing both the export price and electricity consumption.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">An industrialist mentioned that they failed to export cement due to issues to meet the Indian quality standards for export.</span></span></p>

<p>&nbsp;</p>
',
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	(int) 11 => array(
		'Article' => array(
			'id' => '21324',
			'article_category_id' => '1',
			'title' => 'Appointment of SEBON Chairman Mired in Controversy',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The process of appointing the chairman of the Securities Board of Nepal (SEBON) has been mired in controversy, with allegations that the government is attempting to appoint the chairman in collusion with businessmen and political leaders.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">PRAJITA BUDHATHOKI</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: The process of appointing the chairman of the Securities Board of Nepal (SEBON) has been mired in controversy, with allegations that the government is attempting to appoint the chairman in collusion with businessmen and political leaders.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Three out of five shortlisted candidates for the position of SEBON chairman did not participate in the scheduled presentation of their business plans and interviews on Wednesday. This marked the second instance of their absence.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the Securities Act, 2063, at least three qualified individuals must be recommended for the position. Since only two candidates participated in the presentation and interview, legal complications have arisen, making it difficult to proceed under the current circumstances.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">During the initial call, only two of the five candidates&mdash;Santosh Narayan Shrestha and Muktinath Shrestha&mdash;attended the interview on June 16. With three candidates absent, a re-interview was scheduled for the remaining candidates on Wednesday, June 19. However, none of the three candidates showed up for the re-interview.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Given this situation, the recommendation committee responsible for the appointment decided to seek a legal opinion from the Office of the Attorney General. A committee member informed New Business Age that the Securities Act, 2063, lacks clear guidelines on what to do if a candidate for the post of chairman does not participate in the presentation and interview. Similarly, there are no specific provisions in the appointment procedure established by the recommendation committee. Amidst this confusion, the committee sought the Attorney General&#39;s opinion. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Based on the legal opinion from the Attorney General&#39;s office, the committee will make the necessary decisions,&quot; said a committee member. The three-member recommendation committee is chaired by Meen Bahadur Shrestha, vice chair of the National Planning Commission.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The three candidates, believed to be close to the Maoists, were absent from the presentation and interview following an agreement between Prime Minister Pushpa Kamal Dahal and the chairman of the ruling CPN (UML), KP Sharma Oli, to appoint Santosh Narayan Shrestha as SEBON chairman. Sources have indicated that Oli has been pressuring Shrestha&rsquo;s appointment.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">One of the absent candidates told New Business Age that he did not attend the interview because he did not want to participate in a process designed to appoint someone else as chairman under the guise of competition. Asserting that his decision to boycott the interview was not influenced by any business house or political leader, he said, &quot;I did not voluntarily participate because the interview was set up to show my abilities were weaker than others.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">He added that he would reapply in a future environment that promotes fair competition. According to sources, two business groups are politically lobbying to get their preferred candidate appointed as chairman, aiming to secure a new stock exchange license. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Three companies have applied for the new stock exchange license: Himalayan Stock Exchange, National Stock Exchange of Nepal, and Annapurna Stock Exchange Limited. One eligible company will be granted the new stock exchange license.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The promoters of the Himalayan Stock Exchange include Shankar Group and Deepak Bhatt&#39;s Infinity Holdings, along with other major business houses. Those promoting the National Stock Exchange include former presidents of the Non-Resident Nepali Association, Upendra Mahato and Jiva Lamichhane, along with Agni and Kedia Group. Rameshwar Thapa, the owner of Annapurna Media, has applied for the Annapurna Stock Exchange. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">There are speculations that the directors of the Himalayan Stock Exchange want Santosh Narayan Shrestha as SEBON chairman and have sought the support of UML Chairman Oli. Sources suggest that the directors of the National Stock Exchange are seeking cooperation with the Maoist leadership. The appointment process for the chairman has been stalled amidst this controversy.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The recommendation committee collected 19 applications for the post of SEBON chairman between February 28 and March 13, shortlisting five qualified candidates on March 25. The Ministry of Finance and SEBON sources said the interview was scheduled for April 7 but was halted for two months at the instruction of Finance Minister Barshman Pun. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">This trend of complications in appointing SEBON chairman is not new. A candidate who had applied several times in the past, speaking on condition of anonymity, said he did not apply this time due to the perceived necessity of substantial financial backing. He stated, &quot;I did not apply to become chairman because I could not afford to spend millions on the investments of major business houses. I was asked to pay Rs 50 million. Open money bargaining is done in the name of open competition.&quot;</span></span></p>
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			'description' => '',
			'sortorder' => '21051',
			'image' => '20240620020707_20240411023236_Sebon-update.jpg',
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		'Article' => array(
			'id' => '21325',
			'article_category_id' => '1',
			'title' => 'Samsung Offers Heavy Discount on Galaxy Buds FE with the Galaxy S24 Series',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Samsung’s S24 series smartphone is now available in Nepal with a heavy discount on the Galaxy Buds FE.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: Samsung&rsquo;s S24 series smartphone is now available in Nepal with a heavy discount on the Galaxy Buds FE. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The company said in a statement that its customers can now avail Galaxy Buds FE with Galaxy S24 series in an addition to just Rs 5000, a discount from their regular price of Rs 15,000. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The company said this exceptional offer of Samsung promises seamless connectivity, top-tier performance, and crystal-clear sound, all at a fraction of the original cost. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;What truly sets this offer apart is the convenience of 0% interest financing, made possible through Samsung&#39;s Insta Finance service,&rdquo; reads a statement issued by the company.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">With just a citizenship, </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The company said customers can make this a bundle purchase with just a citizenship. According to the statement, an additional Rs 5000 cost is added to the overall EMI payment of their Smartphone purchase at 0% interest rate through Samsung Insta Finance. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">This offer is valid from June 20 until the stock lasts. </span></span></p>

<p>&nbsp;</p>
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			'id' => '21323',
			'article_category_id' => '1',
			'title' => 'Lalitpur Metropolis to Establish Project Bank and Labour Bank   ',
			'sub_title' => '',
			'summary' => 'PATAN: Lalitpur Metropolitan City has incorporated 'project bank' and 'labour bank' in its policies and programmes for the coming fiscal year, 2024/25.    ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">PATAN: Lalitpur Metropolitan City has incorporated &#39;project bank&#39; and &#39;labour bank&#39; in its policies and programmes for the coming fiscal year, 2024/25.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The policies and programmes presented by Mayor Chiri Babu Maharjan mention that the metropolis will develop a trend to formulate the annual budget and programmes by selecting projects from the &#39;project bank&#39; from next year.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The policies and programmes mention that an arrangement would be made to formulate the annual budget and programmes by preparing mid-term expenditure framework as per the periodic plan from next year. Similarly, the LMC will mandatorily formulate &#39;programme implementation action plan&#39; and &#39;procurement plan&#39; for the effective implementation of the budget and programmes.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The cost of continuation of incomplete projects pending for a long time as well as those projects which are not technically, socially and economically feasible in the metropolitan city would be cut out.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Similarly, the LMC will coordinate and collaborate with bodies concerned for the construction of overhead bridges along the ring road section </span>in<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;"> Lalitpur </span>and<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;"> other appropriate spots to address vehicle pressure and convenience of pedestrians.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The metropolis will operate tipper as well as other good-carrier vehicles only along the Nakkhu and Bagmati corridors, read the policies and programmes.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The metropolitan city has set a target of establishing an exhibition hall to display indigenous crafts. -- RSS</span></span></span></p>

<p>&nbsp;</p>
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			'id' => '21321',
			'article_category_id' => '1',
			'title' => 'Depositors of Three Problematic Cooperatives Get Back their Money',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The government has intensified a campaign to return the depositors' money from troubled cooperatives.',
			'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">KATHMANDU: The government has intensified a campaign to return the depositors&#39; money from troubled cooperatives. Ministry of Land Management, Cooperative and Poverty Alleviation initiated the campaign to return the savings of depositors in the first-phase.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Out of 20 cooperatives declared problematic by the ministry upon the recommendation of the Department of Cooperatives, the government has settled the liabilities of three such cooperatives &ndash; Kuber Saving and Credit Cooperative, Chartered Saving and Credit Co-Operative Limited and Standard Multi-Purpose Cooperative &ndash; through property management.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Chairperson of the Problematic Cooperative Management Committee, Mohan Gautam, shared that they succeeded in returning all the savings of the depositors of those three cooperatives with constant coordination and activism of Minister for Land Management, Cooperative and Poverty Alleviation, Balram Adhikari.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Minister Adhikari mentioned that they had been taking initiatives to resolve the problems of other 17 distressed cooperatives. He further said they were working actively to return the savings of the depositors by mobilizing the committee effectively. -- RSS&nbsp; </span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '21335',
			'article_category_id' => '1',
			'title' => 'Low Snow on the Himalayas Threatens Water Security: Study',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Millions of people dependent on Himalayan snowmelt for water face a "very serious" risk of shortages this year after one of the lowest rates of snowfall, AFP reported citing warning issued by scientists.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">KATHMANDU: Millions of people dependent on Himalayan snowmelt for water face a &quot;very serious&quot; risk of shortages this year after one of the lowest rates of snowfall, AFP reported citing warning issued by scientists.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Snowmelt is the source of about a quarter of the total water flow of 12 major river basins that originate high in the region, the report said.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">&quot;This is a wake-up call for researchers, policymakers, and downstream communities,&quot; the report author Sher Muhammad from the Nepal-based International Centre for Integrated Mountain Development (ICIMOD) told AFP.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">&quot;Lower accumulation of snow and fluctuating levels of snow pose a very serious increased risk of water shortages, particularly this year.&quot;</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Snow and ice on the Himalayas are a crucial water source for around 240 million people in the mountainous regions, as well as for another 1.65 billion people in the river valleys below, according to ICIMOD.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">While snow levels fluctuate each year, scientists say climate change is driving erratic rainfall and shifting weather patterns.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The report measured &quot;snow persistence&quot; -- the time snow remains on the ground -- with levels dropping almost a fifth below normal this year across the wider Hindu Kush and Himalaya region.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">&quot;This year&#39;s snow persistence (18.5 percent below normal) is the second-lowest in the past 22 years, narrowly trailing the record low of 19 percent set in 2018,&quot; Muhammad told AFP.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">As well as Nepal, the inter-governmental ICIMOD organisation includes member countries Afghanistan, Bangladesh, Bhutan, China, India, Myanmar and Pakistan.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The report warned that ICIMOD &quot;observations and projections indicate significant changes in the timing and intensity of stream flows&quot;, with snow a key part.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">&quot;Snow plays a particularly important role in ensuring seasonal water availability,&quot; it added.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The organisation has been monitoring snow in the region for over two decades, noting that 2024 marked a &quot;significant anomaly&quot;.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The Ganges river basin, which flows through India, had the &quot;lowest snow persistence&quot; that ICIMOD has recorded, 17 percent below average, worse than the 15 percent in 2018.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">According to AFP, the Helmand river basin in Afghanistan recorded its second-lowest snow persistence levels, 32 percent below normal.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The Indus river basin was down 23 percent below normal levels, while the Brahmaputra river basin, which ends in Bangladesh, had snow persistence &quot;notably below normal&quot; at 15 percent, the report further stated.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Miriam Jackson, senior cryosphere specialist at ICIMOD, urged authorities to &quot;take proactive measures to address possible drought situations&quot;.</span></span></span></p>

<p>&nbsp;</p>
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			'id' => '21334',
			'article_category_id' => '218',
			'title' => 'Bad Debts of BFIs Soar to Highest Level in a Decade at 3.98 Percent',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The bad debts of banks and financial institutions (BFIs) have surged to a 10-year peak of 3.98 percent, largely attributed to the economic slowdown following the COVID-19 pandemic.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: The bad debts of banks and financial institutions (BFIs) have surged to a 10-year peak of 3.98 percent, largely attributed to the economic slowdown following the COVID-19 pandemic.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A recent report prepared by Nepal Rastra Bank (NRB) indicates that the proportion of bad debt in BFIs was 3.76 percent a decade ago. This figure had decreased significantly to 1.31 percent by June 2022.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">However, as of mid-April this year, the bad loans of commercial banks have risen to 3.89 percent. Meanwhile, development banks and finance companies have recorded non-performing loans of 3.63 percent and 10.40 percent, respectively.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The number of cases at the Debt Recovery Tribunal formed to recover bad loans of banks and financial institutions has more than doubled this year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">With banks encountering difficulties in loan recovery amidst a decline in economic activities, the number of cases filed with the tribunal has also begun to rise.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Banks can register a case at the tribunal if they are unable to recover the loan even from the mortgage auction. Information officer of the tribunal, Devendra Dhakal, said that the number of cases has increased as there is no condition to recover the loan from the mortgage due to the fall in real estate prices along with the economic slowdown.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">As of mid-March of the current fiscal year (FY), banks and financial institutions have registered 342 cases at the tribunal. During the corresponding period last year, only 162 cases were registered. It shows that the number of cases has doubled this year. A total of 200 cases were registered at the tribunal last year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The central bank had earlier warned that credit risk is on the rise within commercial banks due to loans being issued without the completion of requisite procedures. Increasing bad loans of banks and financial institutions also indicate the rise in credit risk, the NRB said following a supervision of banks.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the supervision report published by NRB in April, during the monitoring, some banks were found to have provided more loans than necessary without adequately assessing the needs of the borrowers. The central bank has stated that loans are given without maintaining a balance between the customer&#39;s assets and loan ratio. It also noted that the monitoring system after loan disbursement is weak.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Similarly, the NRB study found that banks have given new loans to pay off old loans. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to Nepal Rastra Bank sources, the quality of banking service is deteriorating due to the competition among banks to extend loans after the Covid- 19 pandemic.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Banks are under pressure to increase their profits by increasing their loans,&quot; said an executive director of Nepal Rastra Bank on condition of anonymity.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2024-06-21',
			'modified' => '2024-06-21',
			'keywords' => 'bad, debts. loans, banks, Nepal, rise',
			'description' => '',
			'sortorder' => '21062',
			'image' => '20240621103125_20231108120244_badloan.jpg',
			'article_date' => '2024-06-21 10:30:46',
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	(int) 2 => array(
		'Article' => array(
			'id' => '21337',
			'article_category_id' => '220',
			'title' => 'Minister Pun Instructs Subordinate Agencies to Motivate Taxpayers',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Finance Minister Barshaman Pun has instructed subordinate agencies to motivate taxpayers. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: Finance Minister Barshaman Pun has instructed subordinate agencies to motivate taxpayers. With the aim to boost revenue collection in the last month of the current fiscal year, he invited senior government employees related to tax and revenue administration to the ministry on Thursday to give these instructions.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;Let&#39;s not put undue pressure on taxpayers but encourage them to pay taxes properly,&quot; he said. &quot;The state is also the guardian of taxpayers.&quot;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">He also directed them to listen to the legitimate complaints of taxpayers who act with good intentions and to address these complaints as per the law.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Finance Secretary Madhu Kumar Marasini and Revenue Secretary Dr. Ram Prasad Ghimire also emphasized the need to accelerate the collection of arrears in the last month of the current fiscal year. They stressed that maximum efforts should be made to meet the final revenue collection target for the current fiscal year. -- RSS</span></span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2024-06-21',
			'modified' => '2024-06-21',
			'keywords' => 'tax, taxpayers, motivate, Nepal, government, ministry',
			'description' => '',
			'sortorder' => '21061',
			'image' => '20240621103639_20200907074520_1599400665.tax.jpg',
			'article_date' => '2024-06-21 10:35:54',
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	(int) 3 => array(
		'Article' => array(
			'id' => '21336',
			'article_category_id' => '272',
			'title' => 'Formation of Authority on the Cards to Troubleshoot Issues of Cooperatives',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Minister for Land Management, Cooperative and Poverty Alleviation Balaram Adhikari has said that the formation of an authority is on the cards to regulate and monitor the cooperatives in all three tiers of government. ',
			'content' => '<p><span style="font-size:16px">KATHMANDU: Minister for Land Management, Cooperative and Poverty Alleviation Balaram Adhikari has said that the formation of an authority is on the cards to regulate and monitor the cooperatives in all three tiers of government. This initiative aims to provide a sustainable solution to the sector&#39;s ongoing problems.</span></p>

<p><span style="font-size:16px">Responding to lawmakers&#39; queries during the House of Representatives (HoR) meeting on Thursday, Minister Adhikari stated that the decision to form the authority has been forwarded to the Ministry of Finance for approval.</span></p>

<p><span style="font-size:16px">&quot;The budget for establishing such mechanisms has been allocated in the upcoming fiscal year&#39;s budget,&quot; he added.</span></p>

<p><span style="font-size:16px">Minister Adhikari reiterated the ministry&#39;s commitment to finding sustainable solutions to the cooperative sector&#39;s existing issues. He also noted that 20 cooperatives have been declared problematic, and their management is being handled by the Problematic Cooperative Management Committees. Depositor claims are being processed online, with 59,587 claimants having lodged their applications so far.</span></p>

<p><span style="font-size:16px">Additionally, Minister Adhikari mentioned that the government has initiated the process of forming a commission involving experts. This new commission is intended to address the shortcomings of the National Land Commission, which has not met the expected outcomes in resolving the issues of landless individuals, squatters, and unmanaged settlements. --RSS</span></p>
',
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			'keywords' => 'cooperative, problematic, authority, formation',
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			'sortorder' => '21060',
			'image' => '20240621103718_20230601023225_cooperative-new.jpg',
			'article_date' => '2024-06-21 10:33:40',
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	(int) 4 => array(
		'Article' => array(
			'id' => '21333',
			'article_category_id' => '1',
			'title' => 'Waiwai Noodles and Goldstar Shoes to Set Up Factories in SEZ',
			'sub_title' => '',
			'summary' => 'KATHMANDU: With the recent legal changes allowing older industries to relocate to the Special Economic Zone (SEZ), established business houses in Nepal are setting up factories within these zones set up with incentives to promote exports.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Hima BK</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: With the recent legal changes allowing older industries to relocate to the Special Economic Zone (SEZ), established business houses in Nepal are setting up factories within these zones set up with incentives to promote exports.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The initiative will begin with the Chaudhary Group, known for Waiwai noodles, and the Goldstar shoe brand. Both companies are planning to establish their factories in the Bhairahawa and Simra SEZs.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The amendment to Section 7 of the Special Economic Zones Act, 2073, now permits already registered and operational industries to move to the SEZ. Consequently, CG Foods under Chaudhary Group and Kiran Shoes Manufacturers, the manufacturer of the renowned Goldstar shoes, are relocating to Simra and Bhairahawa SEZs, respectively. The Special Economic Zone Authority of Nepal recently issued a call for proposals from industrialists to establish and operate industries in these SEZs.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">On May 12, the authority requested proposals for setting up industries in Block &#39;A&#39; of Bhairahawa and Simra SEZ. In response, CG Foods of the Chaudhary Group applied for six plots in Simra Block &#39;A&#39; to produce noodles and <em>Bhujia</em>.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Since CG Foods is already registered and operational, they plan to open their factory within six months of the application. Similarly, Kiran Shoes has proposed to start production within the same timeframe.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Acting Executive Director of the Authority, Tulsiram Marasini, explained that these already operational industries will directly commence production. He confirmed that CG Foods&#39; Waiwai noodles and Kiran Shoes&rsquo; Goldstar brands have been registered.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">To facilitate investment, the government amended various laws and ordinances, including the Special Economic Zone Act, 2073, to promote investment facilitation. This replacement bill has now been submitted to Parliament.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Prior to the amendment, Section 7 of the Special Economic Zones Act, 2073, prohibited the transfer and operation of existing industries within SEZs. The amended clause now allows these transfers, enabling investors to move their machinery and equipment into SEZs to operate their industries.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Sagar Silwal, a sub-engineer of the authority, reported that 26 industries have applied to establish operations in Bhairahawa and Simra SEZ following the amendment. This marks the highest number of applications since the amendment of the Act, with CG and Goldstar&#39;s participation expected to enhance the industrial activity in SEZs.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">CG Foods has proposed producing 1,000 metric tons of Waiwai noodles and 1,500 metric tons of <em>Bhujia</em> annually in Simra SEZ, with an investment of Rs 22 million. Kiran Shoes Manufacturers Pvt. Ltd. plans to invest Rs 540 in Bhairahawa SEZ to produce 9.6 million pairs of shoes and slippers annually, also within six months.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Kiran Shoes aims to increase its share of footwear exports to India, which has decreased from 70 percent to 30 percent. Targeting the Indian market, the company chose to establish its industry in Bhairahawa, close to the border.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The authority received 12 proposals, including Goldstar, for Bhairahawa SEZ with a total investment proposal of Rs 7 billion. Goldstar is the largest of these industries. Other proposals include hubs for herbs and iron production.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">In Simra, 14 industries, including Waiwai, submitted proposals totaling an investment of Rs 12 billion.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Currently, &#39;A&#39; blocks of Bhairahawa and Simra are already operational with 136 plots ready for industrialization. In Bhairahawa SEZ, five out of 68 plots are operational, with two under construction. Simra SEZ has 11 operational plots.</span></span></p>

<p>&nbsp;</p>
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	(int) 5 => array(
		'Article' => array(
			'id' => '21332',
			'article_category_id' => '1',
			'title' => 'Government Investigates BYD Importer on Suspicion of Tax Evasion',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The Revenue Investigation Department has initiated an investigation into Cymex Nepal, the distributor of BYD vehicles in Nepal, on suspicion of tax evasion by misclassifying high-capacity electric vehicles as low-capacity vehicles. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">BIJAY DAMASE</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: The Revenue Investigation Department has initiated an investigation into Cymex Nepal, the distributor of BYD vehicles in Nepal, on suspicion of tax evasion by misclassifying high-capacity electric vehicles as low-capacity vehicles. According to the Financial Act, customs and excise duties are lower for low-capacity vehicles, while higher-capacity vehicles are subject to higher taxes. Misclassification results in significant revenue loss for the government.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Officials from the department have seized documents from Cymex Nepal to investigate the alleged tax evasion. Chakra Bahadur Budha, director general of the Revenue Investigation Department, told New Business Age that the department has asked the importer to provide additional details immediately. Based on confidential information regarding tax evasion, investigators have confiscated some documents and started a detailed inquiry. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;We received information that the state has been losing revenue for a long time due to the misclassification of vehicles, and based on that, the investigation proceeded,&quot; he said.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">High-ranking officials involved in the investigation indicated that the probe might extend to other sellers and importers. &quot;Initially, the investigation will focus on BYD. After that, we will investigate other vehicles,&quot; said an investigation officer. &quot;We will soon determine who imported vehicles of what capacity and how much revenue was evaded.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A senior official of the Ministry of Finance said that the import of large number of vehicles some time ago itself is suspicious. A large number of electric vehicles were imported before the budget was announced on May 28.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the official of the ministry, the work of bringing vehicles into Nepal by reducing the kilowatts was going on until some time ago, in collusion between the producers and the importers.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Sameer Shrestha, Chief Marketing Officer of Cymex Nepal, claimed that the vehicles were imported after completing all necessary procedures and passing customs clearance. &ldquo;We have submitted the documents requested by the Revenue Investigation Department. We are ready to assist in the investigation,&quot; he told New Business Age.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">An official from the NADA Automobiles Association of Nepal expressed displeasure with the investigation into the import of BYD vehicles. &quot;It is not appropriate for the government to scrutinize vehicles that have passed all technical checks costing millions of rupees,&quot; said the NADA official, who spoke on condition of anonymity.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Previously, the Ministry of Finance had instructed the Department of Customs to tighten inspections at all checkpoints following the large-scale entry of BYD vehicles. The department&#39;s letter urged meticulous verification of the details of electric vehicle before customs clearance and recommended visiting the manufacturer&#39;s website for information. All customs offices were instructed to carry out thorough technical checks and to refrain from clearing vehicles without adequate documentation. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Officials from the Department of Customs emphasized the need for technical verification to determine if the vehicle&#39;s engine capacity had been misrepresented. Dhundi Prasad Niraula, director general of the department, stated that customs officials are not equipped to detect such technical discrepancies. &quot;That&#39;s a technical issue, and I don&#39;t know much about it,&quot; he said.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Despite the large number of import of electric vehicles before the budget, the state did not benefit significantly in terms of taxes. Government officials indicated that tax rates had to be adjusted due to the economic crisis. Nepal&#39;s tax system for vehicles is based on their capacity. With declining vehicle revenue, the government increased customs and excise duties on electric vehicles through the Finance Bill accompanying the next fiscal year&#39;s budget.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Under the new rates, EVs up to 50 kW now incur a 15 percent customs duty and a 5 percent excise duty, whereas previously there was no excise duty and only a 10 percent customs duty. For EVs from 51 to 100 kW, both customs and excise duties were raised by 5 percent each. Vehicles in this category were previously subject to a 15 percent customs duty and a 10 percent excise duty.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">For EVs ranging from 101 to 200 kW, the new Finance Bill increased customs duty to 30 percent and maintained the excise duty at 20 percent. For EVs from 201 to 300 kW, customs duty increased by 20 percent while excise duty decreased by 10 percent. For EVs over 300 kW, the customs duty increased by 20 percent and excise duty was reduced by 10 percent, resulting in an overall 10 percent increase in taxes.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Prior to the budget announcement, a significant number of BYD and other electric vehicles were imported through the Rasuwagadhi customs checkpoint. As the importers tried to get the vehicles pass the customs clearance before the anticipated tax hike, there was a queue of vehicles at the customs.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Ram Prasad Pathak, head of Rasuwagadhi Customs Office, informed New Business Age that such vehicles are now arriving sporadically. &quot;We were busy clearing BYD vehicles until the night of May 28,&quot; he said, adding, &quot;Now the vehicles are arriving only sporadically.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to Pathak, customs clearance for these vehicles is based on test-drive reports submitted by the importer. The Department of Customs reported that 8,497 electric four-wheelers were imported in the first 10 months of the current year, compared to 4,050 in the previous year. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Department of Customs data shows that the government collected Rs 90 billion in revenue from vehicle imports and parts in fiscal year 2078/79, but only Rs 33.33 billion in the last fiscal year. In the first 9 months of the current year, the government collected Rs 39.89 billion from the import of electric vehicles.</span></span></p>

<p>&nbsp;</p>
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	(int) 6 => array(
		'Article' => array(
			'id' => '21331',
			'article_category_id' => '1',
			'title' => 'Monsoon to Spread Across the Country by Sunday   ',
			'sub_title' => '',
			'summary' => 'KATHMANDU: This year's monsoon has already entered the country and is expected to spread across the country by coming Sunday.    ',
			'content' => '<p><span style="font-size:16px">KATHMANDU: This year&#39;s monsoon has already entered the country and is expected to spread across the country by coming Sunday.&nbsp;&nbsp;&nbsp;&nbsp;<br />
According to the Meteorological Forecasting Division, monsoon reached up to the Lumbini Province on Thursday and is likely to spread across the country by June 23.&nbsp;&nbsp;&nbsp;&nbsp;<br />
Though June 13 is typically the expected date for the arrival of monsoon in Nepal, it entered the country via eastern Nepal on June 10 this year. Progression to the western and far-western regions takes more time due to the influence of the Westerly wind.&nbsp;&nbsp;&nbsp;&nbsp;<br />
Once the monsoon becomes more active, it will gradually alleviate the problem of heat waves. </span></p>

<p><span style="font-size:16px">Last year, it took three weeks for the monsoon to spread across the country after its arrival. -- RSS&nbsp;&nbsp;&nbsp;</span></p>
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			'article_date' => '2024-06-21 08:29:00',
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	(int) 7 => array(
		'Article' => array(
			'id' => '21329',
			'article_category_id' => '1',
			'title' => 'Sandhikharka-Tamghas Transmission Line Comes into Operation',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Nepal Electricity Authority (NEA) has completed the construction of the 132 kilovolt double circuit transmission line from Sandhikharka Municipality -6 in Arghakhanchi to Resunga Municipality-7 in Gulmi.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Times&quot;,&quot;serif&quot;">KATHMANDU:</span></span> <span style="font-size:14.0pt"><span style="font-family:&quot;Times&quot;,&quot;serif&quot;">Nepal Electricity Authority (NEA) has completed the construction of the 132 kilovolt double circuit transmission line from Sandhikharka Municipality -6 in Arghakhanchi to Resunga Municipality-7 in Gulmi. The construction of the 132 KV Tamghas Substation has also been completed at Unaichaur under the same transmission line, the NEA said.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Times&quot;,&quot;serif&quot;">Issuing a recent statement, the NEA confirmed it has completed the construction of the Sandhikharka-Tamghas 132 KV double circuit transmission line and 132 KV Tamghas Substation and brought them into operation from Wednesday.&nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Times&quot;,&quot;serif&quot;">According to the NEA, the substation has power transformers of 132/33 KV, 30 MVA and 33/11 KV, 16 MVA capacity. About 200 megawatts of electricity can flow through the transmission line. Three feeders of 33 KV and four feeders of 11 KV have been constructed for local power supply from the substation.&nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Times&quot;,&quot;serif&quot;">NEA Executive Director Kulman Ghising said that the transmission line and substation will ensure reliable and quality power supply in Gulmi and also reduce technical leakage.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Times&quot;,&quot;serif&quot;">Until now, electricity was being supplied to Palpa, Argharkhachi and Gulmi through a 33 KV transmission line from Butwal. As the 33 KV transmission line was too long, the line tripped and there was a voltage problem, said Ghising, adding that there used to be technical leakages.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&nbsp;&ldquo;<span style="font-size:14.0pt"><span style="font-family:&quot;Times&quot;,&quot;serif&quot;">Since other private sector hydropower projects will also be connected, this transmission line is the trunk line of that area,&rdquo; he added.</span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&nbsp;</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'description' => '',
			'sortorder' => '21055',
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			'article_date' => '2024-06-20 20:55:42',
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	(int) 8 => array(
		'Article' => array(
			'id' => '21328',
			'article_category_id' => '1',
			'title' => 'Siddhartha Bank Launches 'Siddhartha Rewards' to Promote Digital Payment',
			'sub_title' => '',
			'summary' => 'Siddhartha Bank Limited has launched the 'Siddhartha Rewards' plan aimed at promoting digital payments. Under this program, customers can earn reward points when they make purchases using the bank's card or top up through mobile banking.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">June 20: Siddhartha Bank Limited has launched the &#39;Siddhartha Rewards&#39; plan aimed at promoting digital payments. Under this program, customers can earn reward points when they make purchases using the bank&#39;s card or top up through mobile banking.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">These earned points can be used instead of cash to pay for various services such as airline tickets, hotel stays, shopping, gift cards, insurance, and internet bill payments.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Sundar Prasad Kadel, the Chief Executive Officer of the bank, stated that this service will initiate an exciting and new chapter in digital payments, enhancing the quality of the banking experience for customers.&nbsp;</span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The bank has been consistently introducing customer-friendly services keeping customers&rsquo; convenience in mind.</span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2024-06-20',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '21054',
			'image' => '20240620043924_collage (15).jpg',
			'article_date' => '2024-06-20 16:38:21',
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	(int) 9 => array(
		'Article' => array(
			'id' => '21327',
			'article_category_id' => '1',
			'title' => 'NEPSE Declines to Close at 2068.31',
			'sub_title' => '',
			'summary' => 'The Nepal Stock Exchange (NEPSE) experienced a decline of 10.44 points, or 0.50%, closing at 2068.31 on Thursday, the last trading day of the week.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">June 20: The Nepal Stock Exchange (NEPSE) experienced a decline of 10.44 points, or 0.50%, closing at 2068.31 on Thursday, the last trading day of the week.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In today&#39;s trading session, 306 scrips were exchanged through 53,017 transactions on the NEPSE. A total of 8,663,699 shares were traded, resulting in a total turnover of Rs 3.87 billion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Mountain Energy Nepal Limited (MEN) dominated the turnover, with transactions totaling Rs 170 million. Meanwhile, Kalika Laghubitta Bittiya Sanstha (KMCDB) posted the highest gain, rising by 7.71%. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In contrast, Kutheli Bukhari Small Hydropower Limited (KBSH) experienced the steepest decline, plummeting by 9.28%.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Analyzing sector indices, all except the Finance Index and Mutual Fund Index closed in the red. The Finance Index recorded the highest gain, up by 1.82%, while the Hotels and Tourism Index suffered the most significant loss, dropping by 0.92%.</span></span></p>

<p>&nbsp;</p>
',
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			'modified' => '2024-06-20',
			'keywords' => '',
			'description' => '',
			'sortorder' => '21053',
			'image' => '20240620031844_collage (14).jpg',
			'article_date' => '2024-06-20 15:17:32',
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	(int) 10 => array(
		'Article' => array(
			'id' => '21326',
			'article_category_id' => '1',
			'title' => 'Half a Dozen Cement Industries in Bara-Parsa Industrial Corridor Closed',
			'sub_title' => '',
			'summary' => 'BIRGUNJ: At one time, the Bara-Parsa Industrial Corridor was considered the center of cement production. Now, most of these industries have shut down, while others operate below their capacity.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">BIRGUNJ: At one time, the Bara-Parsa Industrial Corridor was considered the center of cement production. Now, most of these industries have shut down, while others operate below their capacity. An industrialist mentioned that he is compelled to keep the industry running merely to cover workers&rsquo; expenses and manage bank loans.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;Instead of making a profit, the industry is being operated to minimize losses. It is uncertain how long we can continue selling cement at a price lower than the cost,&quot; the industrialist stated.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Anil Agarwal, an industrialist, decided to permanently close his industry when he could no longer sell cement at a loss. Agarwal&#39;s Shree Cement ceased production after the COVID-19 pandemic.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Agarwal, who is also the president of the Birgunj Chamber of Commerce and Industry, explained that with the influx of foreign investment in the cement sector, industries based on grinding units (making cement by importing clinker) began to collapse.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Recalling that Bara-Parsa was once the hub of cement production, he noted, &quot;Half a dozen cement industries in this corridor have shut down due to market shrinkage caused by COVID-19 and intense competition.&quot;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Even when cement is sold below cost, the industry cannot survive the competition and is forced to stop production. Industrialists claim that investments totaling around Rs 10 billion have been lost due to the closure of industries in the corridor.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The industrialists explained that the grinding units in Bara-Parsa and other areas began facing problems when Chinese-invested industries entered the market with cement priced cheaper than their production costs. The government has adopted a policy of imposing high customs duties on clinker imports to promote the domestic clinker industry. </span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">As a result, industries reliant on imported clinker were unable to compete and had to shut down. Currently, only Jagdamba, Shalimar, Narayani, and Vishwakarma cement industries in the corridor continue production. International Cement, Krishna, RMC, Shree Cement, Ambe, and Advance Cement have all closed, with Star Cement shutting down earlier.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">An industrialist noted that the recession following COVID-19 adversely affected the corridor industries, which now struggle to compete with large-scale clinker-producing industries. </span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;Industries with significant investments began quoting higher clinker prices and selling cement at lower prices. This led to a situation where those buying clinker from these industries could not survive in the market,&quot; said Sandeep Agarwal, owner of the now-closed International Cement.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Approximately 111 industries in the corridor had good production, contributing to Nepal&#39;s self-sufficiency in cement. &quot;Five to seven years ago, this corridor was the center of the cement industry. However, all those industries were grinding units,&quot; said Agarwal. He believes the industry&#39;s decline began when large industries with Chinese investment started flooding the market with cheap cement.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Although some industrialists attempted to export to India, these plans were unsuccessful. The government had announced an increase in cement exports by subsidizing both the export price and electricity consumption.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">An industrialist mentioned that they failed to export cement due to issues to meet the Indian quality standards for export.</span></span></p>

<p>&nbsp;</p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '21324',
			'article_category_id' => '1',
			'title' => 'Appointment of SEBON Chairman Mired in Controversy',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The process of appointing the chairman of the Securities Board of Nepal (SEBON) has been mired in controversy, with allegations that the government is attempting to appoint the chairman in collusion with businessmen and political leaders.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">PRAJITA BUDHATHOKI</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: The process of appointing the chairman of the Securities Board of Nepal (SEBON) has been mired in controversy, with allegations that the government is attempting to appoint the chairman in collusion with businessmen and political leaders.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Three out of five shortlisted candidates for the position of SEBON chairman did not participate in the scheduled presentation of their business plans and interviews on Wednesday. This marked the second instance of their absence.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the Securities Act, 2063, at least three qualified individuals must be recommended for the position. Since only two candidates participated in the presentation and interview, legal complications have arisen, making it difficult to proceed under the current circumstances.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">During the initial call, only two of the five candidates&mdash;Santosh Narayan Shrestha and Muktinath Shrestha&mdash;attended the interview on June 16. With three candidates absent, a re-interview was scheduled for the remaining candidates on Wednesday, June 19. However, none of the three candidates showed up for the re-interview.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Given this situation, the recommendation committee responsible for the appointment decided to seek a legal opinion from the Office of the Attorney General. A committee member informed New Business Age that the Securities Act, 2063, lacks clear guidelines on what to do if a candidate for the post of chairman does not participate in the presentation and interview. Similarly, there are no specific provisions in the appointment procedure established by the recommendation committee. Amidst this confusion, the committee sought the Attorney General&#39;s opinion. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Based on the legal opinion from the Attorney General&#39;s office, the committee will make the necessary decisions,&quot; said a committee member. The three-member recommendation committee is chaired by Meen Bahadur Shrestha, vice chair of the National Planning Commission.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The three candidates, believed to be close to the Maoists, were absent from the presentation and interview following an agreement between Prime Minister Pushpa Kamal Dahal and the chairman of the ruling CPN (UML), KP Sharma Oli, to appoint Santosh Narayan Shrestha as SEBON chairman. Sources have indicated that Oli has been pressuring Shrestha&rsquo;s appointment.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">One of the absent candidates told New Business Age that he did not attend the interview because he did not want to participate in a process designed to appoint someone else as chairman under the guise of competition. Asserting that his decision to boycott the interview was not influenced by any business house or political leader, he said, &quot;I did not voluntarily participate because the interview was set up to show my abilities were weaker than others.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">He added that he would reapply in a future environment that promotes fair competition. According to sources, two business groups are politically lobbying to get their preferred candidate appointed as chairman, aiming to secure a new stock exchange license. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Three companies have applied for the new stock exchange license: Himalayan Stock Exchange, National Stock Exchange of Nepal, and Annapurna Stock Exchange Limited. One eligible company will be granted the new stock exchange license.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The promoters of the Himalayan Stock Exchange include Shankar Group and Deepak Bhatt&#39;s Infinity Holdings, along with other major business houses. Those promoting the National Stock Exchange include former presidents of the Non-Resident Nepali Association, Upendra Mahato and Jiva Lamichhane, along with Agni and Kedia Group. Rameshwar Thapa, the owner of Annapurna Media, has applied for the Annapurna Stock Exchange. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">There are speculations that the directors of the Himalayan Stock Exchange want Santosh Narayan Shrestha as SEBON chairman and have sought the support of UML Chairman Oli. Sources suggest that the directors of the National Stock Exchange are seeking cooperation with the Maoist leadership. The appointment process for the chairman has been stalled amidst this controversy.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The recommendation committee collected 19 applications for the post of SEBON chairman between February 28 and March 13, shortlisting five qualified candidates on March 25. The Ministry of Finance and SEBON sources said the interview was scheduled for April 7 but was halted for two months at the instruction of Finance Minister Barshman Pun. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">This trend of complications in appointing SEBON chairman is not new. A candidate who had applied several times in the past, speaking on condition of anonymity, said he did not apply this time due to the perceived necessity of substantial financial backing. He stated, &quot;I did not apply to become chairman because I could not afford to spend millions on the investments of major business houses. I was asked to pay Rs 50 million. Open money bargaining is done in the name of open competition.&quot;</span></span></p>
',
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			'description' => '',
			'sortorder' => '21051',
			'image' => '20240620020707_20240411023236_Sebon-update.jpg',
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	(int) 12 => array(
		'Article' => array(
			'id' => '21325',
			'article_category_id' => '1',
			'title' => 'Samsung Offers Heavy Discount on Galaxy Buds FE with the Galaxy S24 Series',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Samsung’s S24 series smartphone is now available in Nepal with a heavy discount on the Galaxy Buds FE.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: Samsung&rsquo;s S24 series smartphone is now available in Nepal with a heavy discount on the Galaxy Buds FE. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The company said in a statement that its customers can now avail Galaxy Buds FE with Galaxy S24 series in an addition to just Rs 5000, a discount from their regular price of Rs 15,000. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The company said this exceptional offer of Samsung promises seamless connectivity, top-tier performance, and crystal-clear sound, all at a fraction of the original cost. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;What truly sets this offer apart is the convenience of 0% interest financing, made possible through Samsung&#39;s Insta Finance service,&rdquo; reads a statement issued by the company.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">With just a citizenship, </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The company said customers can make this a bundle purchase with just a citizenship. According to the statement, an additional Rs 5000 cost is added to the overall EMI payment of their Smartphone purchase at 0% interest rate through Samsung Insta Finance. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">This offer is valid from June 20 until the stock lasts. </span></span></p>

<p>&nbsp;</p>
',
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			'image' => '20240620025353_S24-ultra-&-Galaxy-Buds-FE-5-Revised.jpg',
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	(int) 13 => array(
		'Article' => array(
			'id' => '21323',
			'article_category_id' => '1',
			'title' => 'Lalitpur Metropolis to Establish Project Bank and Labour Bank   ',
			'sub_title' => '',
			'summary' => 'PATAN: Lalitpur Metropolitan City has incorporated 'project bank' and 'labour bank' in its policies and programmes for the coming fiscal year, 2024/25.    ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">PATAN: Lalitpur Metropolitan City has incorporated &#39;project bank&#39; and &#39;labour bank&#39; in its policies and programmes for the coming fiscal year, 2024/25.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The policies and programmes presented by Mayor Chiri Babu Maharjan mention that the metropolis will develop a trend to formulate the annual budget and programmes by selecting projects from the &#39;project bank&#39; from next year.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The policies and programmes mention that an arrangement would be made to formulate the annual budget and programmes by preparing mid-term expenditure framework as per the periodic plan from next year. Similarly, the LMC will mandatorily formulate &#39;programme implementation action plan&#39; and &#39;procurement plan&#39; for the effective implementation of the budget and programmes.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The cost of continuation of incomplete projects pending for a long time as well as those projects which are not technically, socially and economically feasible in the metropolitan city would be cut out.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Similarly, the LMC will coordinate and collaborate with bodies concerned for the construction of overhead bridges along the ring road section </span>in<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;"> Lalitpur </span>and<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;"> other appropriate spots to address vehicle pressure and convenience of pedestrians.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The metropolis will operate tipper as well as other good-carrier vehicles only along the Nakkhu and Bagmati corridors, read the policies and programmes.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The metropolitan city has set a target of establishing an exhibition hall to display indigenous crafts. -- RSS</span></span></span></p>

<p>&nbsp;</p>
',
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			'article_date' => '2024-06-20 13:29:46',
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	(int) 14 => array(
		'Article' => array(
			'id' => '21321',
			'article_category_id' => '1',
			'title' => 'Depositors of Three Problematic Cooperatives Get Back their Money',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The government has intensified a campaign to return the depositors' money from troubled cooperatives.',
			'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">KATHMANDU: The government has intensified a campaign to return the depositors&#39; money from troubled cooperatives. Ministry of Land Management, Cooperative and Poverty Alleviation initiated the campaign to return the savings of depositors in the first-phase.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Out of 20 cooperatives declared problematic by the ministry upon the recommendation of the Department of Cooperatives, the government has settled the liabilities of three such cooperatives &ndash; Kuber Saving and Credit Cooperative, Chartered Saving and Credit Co-Operative Limited and Standard Multi-Purpose Cooperative &ndash; through property management.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Chairperson of the Problematic Cooperative Management Committee, Mohan Gautam, shared that they succeeded in returning all the savings of the depositors of those three cooperatives with constant coordination and activism of Minister for Land Management, Cooperative and Poverty Alleviation, Balram Adhikari.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Minister Adhikari mentioned that they had been taking initiatives to resolve the problems of other 17 distressed cooperatives. He further said they were working actively to return the savings of the depositors by mobilizing the committee effectively. -- RSS&nbsp; </span></span></span></p>

<p>&nbsp;</p>
',
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		'Article' => array(
			'id' => '21335',
			'article_category_id' => '1',
			'title' => 'Low Snow on the Himalayas Threatens Water Security: Study',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Millions of people dependent on Himalayan snowmelt for water face a "very serious" risk of shortages this year after one of the lowest rates of snowfall, AFP reported citing warning issued by scientists.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">KATHMANDU: Millions of people dependent on Himalayan snowmelt for water face a &quot;very serious&quot; risk of shortages this year after one of the lowest rates of snowfall, AFP reported citing warning issued by scientists.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Snowmelt is the source of about a quarter of the total water flow of 12 major river basins that originate high in the region, the report said.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">&quot;This is a wake-up call for researchers, policymakers, and downstream communities,&quot; the report author Sher Muhammad from the Nepal-based International Centre for Integrated Mountain Development (ICIMOD) told AFP.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">&quot;Lower accumulation of snow and fluctuating levels of snow pose a very serious increased risk of water shortages, particularly this year.&quot;</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Snow and ice on the Himalayas are a crucial water source for around 240 million people in the mountainous regions, as well as for another 1.65 billion people in the river valleys below, according to ICIMOD.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">While snow levels fluctuate each year, scientists say climate change is driving erratic rainfall and shifting weather patterns.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The report measured &quot;snow persistence&quot; -- the time snow remains on the ground -- with levels dropping almost a fifth below normal this year across the wider Hindu Kush and Himalaya region.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">&quot;This year&#39;s snow persistence (18.5 percent below normal) is the second-lowest in the past 22 years, narrowly trailing the record low of 19 percent set in 2018,&quot; Muhammad told AFP.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">As well as Nepal, the inter-governmental ICIMOD organisation includes member countries Afghanistan, Bangladesh, Bhutan, China, India, Myanmar and Pakistan.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The report warned that ICIMOD &quot;observations and projections indicate significant changes in the timing and intensity of stream flows&quot;, with snow a key part.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">&quot;Snow plays a particularly important role in ensuring seasonal water availability,&quot; it added.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The organisation has been monitoring snow in the region for over two decades, noting that 2024 marked a &quot;significant anomaly&quot;.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The Ganges river basin, which flows through India, had the &quot;lowest snow persistence&quot; that ICIMOD has recorded, 17 percent below average, worse than the 15 percent in 2018.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">According to AFP, the Helmand river basin in Afghanistan recorded its second-lowest snow persistence levels, 32 percent below normal.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The Indus river basin was down 23 percent below normal levels, while the Brahmaputra river basin, which ends in Bangladesh, had snow persistence &quot;notably below normal&quot; at 15 percent, the report further stated.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Miriam Jackson, senior cryosphere specialist at ICIMOD, urged authorities to &quot;take proactive measures to address possible drought situations&quot;.</span></span></span></p>

<p>&nbsp;</p>
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			'description' => '',
			'sortorder' => '21063',
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			'id' => '21334',
			'article_category_id' => '218',
			'title' => 'Bad Debts of BFIs Soar to Highest Level in a Decade at 3.98 Percent',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The bad debts of banks and financial institutions (BFIs) have surged to a 10-year peak of 3.98 percent, largely attributed to the economic slowdown following the COVID-19 pandemic.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: The bad debts of banks and financial institutions (BFIs) have surged to a 10-year peak of 3.98 percent, largely attributed to the economic slowdown following the COVID-19 pandemic.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A recent report prepared by Nepal Rastra Bank (NRB) indicates that the proportion of bad debt in BFIs was 3.76 percent a decade ago. This figure had decreased significantly to 1.31 percent by June 2022.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">However, as of mid-April this year, the bad loans of commercial banks have risen to 3.89 percent. Meanwhile, development banks and finance companies have recorded non-performing loans of 3.63 percent and 10.40 percent, respectively.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The number of cases at the Debt Recovery Tribunal formed to recover bad loans of banks and financial institutions has more than doubled this year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">With banks encountering difficulties in loan recovery amidst a decline in economic activities, the number of cases filed with the tribunal has also begun to rise.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Banks can register a case at the tribunal if they are unable to recover the loan even from the mortgage auction. Information officer of the tribunal, Devendra Dhakal, said that the number of cases has increased as there is no condition to recover the loan from the mortgage due to the fall in real estate prices along with the economic slowdown.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">As of mid-March of the current fiscal year (FY), banks and financial institutions have registered 342 cases at the tribunal. During the corresponding period last year, only 162 cases were registered. It shows that the number of cases has doubled this year. A total of 200 cases were registered at the tribunal last year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The central bank had earlier warned that credit risk is on the rise within commercial banks due to loans being issued without the completion of requisite procedures. Increasing bad loans of banks and financial institutions also indicate the rise in credit risk, the NRB said following a supervision of banks.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the supervision report published by NRB in April, during the monitoring, some banks were found to have provided more loans than necessary without adequately assessing the needs of the borrowers. The central bank has stated that loans are given without maintaining a balance between the customer&#39;s assets and loan ratio. It also noted that the monitoring system after loan disbursement is weak.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Similarly, the NRB study found that banks have given new loans to pay off old loans. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to Nepal Rastra Bank sources, the quality of banking service is deteriorating due to the competition among banks to extend loans after the Covid- 19 pandemic.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Banks are under pressure to increase their profits by increasing their loans,&quot; said an executive director of Nepal Rastra Bank on condition of anonymity.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'created' => '2024-06-21',
			'modified' => '2024-06-21',
			'keywords' => 'bad, debts. loans, banks, Nepal, rise',
			'description' => '',
			'sortorder' => '21062',
			'image' => '20240621103125_20231108120244_badloan.jpg',
			'article_date' => '2024-06-21 10:30:46',
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		'Article' => array(
			'id' => '21337',
			'article_category_id' => '220',
			'title' => 'Minister Pun Instructs Subordinate Agencies to Motivate Taxpayers',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Finance Minister Barshaman Pun has instructed subordinate agencies to motivate taxpayers. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: Finance Minister Barshaman Pun has instructed subordinate agencies to motivate taxpayers. With the aim to boost revenue collection in the last month of the current fiscal year, he invited senior government employees related to tax and revenue administration to the ministry on Thursday to give these instructions.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;Let&#39;s not put undue pressure on taxpayers but encourage them to pay taxes properly,&quot; he said. &quot;The state is also the guardian of taxpayers.&quot;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">He also directed them to listen to the legitimate complaints of taxpayers who act with good intentions and to address these complaints as per the law.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Finance Secretary Madhu Kumar Marasini and Revenue Secretary Dr. Ram Prasad Ghimire also emphasized the need to accelerate the collection of arrears in the last month of the current fiscal year. They stressed that maximum efforts should be made to meet the final revenue collection target for the current fiscal year. -- RSS</span></span></span></p>

<p>&nbsp;</p>
',
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			'keywords' => 'tax, taxpayers, motivate, Nepal, government, ministry',
			'description' => '',
			'sortorder' => '21061',
			'image' => '20240621103639_20200907074520_1599400665.tax.jpg',
			'article_date' => '2024-06-21 10:35:54',
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		'Article' => array(
			'id' => '21336',
			'article_category_id' => '272',
			'title' => 'Formation of Authority on the Cards to Troubleshoot Issues of Cooperatives',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Minister for Land Management, Cooperative and Poverty Alleviation Balaram Adhikari has said that the formation of an authority is on the cards to regulate and monitor the cooperatives in all three tiers of government. ',
			'content' => '<p><span style="font-size:16px">KATHMANDU: Minister for Land Management, Cooperative and Poverty Alleviation Balaram Adhikari has said that the formation of an authority is on the cards to regulate and monitor the cooperatives in all three tiers of government. This initiative aims to provide a sustainable solution to the sector&#39;s ongoing problems.</span></p>

<p><span style="font-size:16px">Responding to lawmakers&#39; queries during the House of Representatives (HoR) meeting on Thursday, Minister Adhikari stated that the decision to form the authority has been forwarded to the Ministry of Finance for approval.</span></p>

<p><span style="font-size:16px">&quot;The budget for establishing such mechanisms has been allocated in the upcoming fiscal year&#39;s budget,&quot; he added.</span></p>

<p><span style="font-size:16px">Minister Adhikari reiterated the ministry&#39;s commitment to finding sustainable solutions to the cooperative sector&#39;s existing issues. He also noted that 20 cooperatives have been declared problematic, and their management is being handled by the Problematic Cooperative Management Committees. Depositor claims are being processed online, with 59,587 claimants having lodged their applications so far.</span></p>

<p><span style="font-size:16px">Additionally, Minister Adhikari mentioned that the government has initiated the process of forming a commission involving experts. This new commission is intended to address the shortcomings of the National Land Commission, which has not met the expected outcomes in resolving the issues of landless individuals, squatters, and unmanaged settlements. --RSS</span></p>
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			'keywords' => 'cooperative, problematic, authority, formation',
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			'sortorder' => '21060',
			'image' => '20240621103718_20230601023225_cooperative-new.jpg',
			'article_date' => '2024-06-21 10:33:40',
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			'id' => '21333',
			'article_category_id' => '1',
			'title' => 'Waiwai Noodles and Goldstar Shoes to Set Up Factories in SEZ',
			'sub_title' => '',
			'summary' => 'KATHMANDU: With the recent legal changes allowing older industries to relocate to the Special Economic Zone (SEZ), established business houses in Nepal are setting up factories within these zones set up with incentives to promote exports.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Hima BK</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: With the recent legal changes allowing older industries to relocate to the Special Economic Zone (SEZ), established business houses in Nepal are setting up factories within these zones set up with incentives to promote exports.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The initiative will begin with the Chaudhary Group, known for Waiwai noodles, and the Goldstar shoe brand. Both companies are planning to establish their factories in the Bhairahawa and Simra SEZs.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The amendment to Section 7 of the Special Economic Zones Act, 2073, now permits already registered and operational industries to move to the SEZ. Consequently, CG Foods under Chaudhary Group and Kiran Shoes Manufacturers, the manufacturer of the renowned Goldstar shoes, are relocating to Simra and Bhairahawa SEZs, respectively. The Special Economic Zone Authority of Nepal recently issued a call for proposals from industrialists to establish and operate industries in these SEZs.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">On May 12, the authority requested proposals for setting up industries in Block &#39;A&#39; of Bhairahawa and Simra SEZ. In response, CG Foods of the Chaudhary Group applied for six plots in Simra Block &#39;A&#39; to produce noodles and <em>Bhujia</em>.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Since CG Foods is already registered and operational, they plan to open their factory within six months of the application. Similarly, Kiran Shoes has proposed to start production within the same timeframe.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Acting Executive Director of the Authority, Tulsiram Marasini, explained that these already operational industries will directly commence production. He confirmed that CG Foods&#39; Waiwai noodles and Kiran Shoes&rsquo; Goldstar brands have been registered.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">To facilitate investment, the government amended various laws and ordinances, including the Special Economic Zone Act, 2073, to promote investment facilitation. This replacement bill has now been submitted to Parliament.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Prior to the amendment, Section 7 of the Special Economic Zones Act, 2073, prohibited the transfer and operation of existing industries within SEZs. The amended clause now allows these transfers, enabling investors to move their machinery and equipment into SEZs to operate their industries.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Sagar Silwal, a sub-engineer of the authority, reported that 26 industries have applied to establish operations in Bhairahawa and Simra SEZ following the amendment. This marks the highest number of applications since the amendment of the Act, with CG and Goldstar&#39;s participation expected to enhance the industrial activity in SEZs.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">CG Foods has proposed producing 1,000 metric tons of Waiwai noodles and 1,500 metric tons of <em>Bhujia</em> annually in Simra SEZ, with an investment of Rs 22 million. Kiran Shoes Manufacturers Pvt. Ltd. plans to invest Rs 540 in Bhairahawa SEZ to produce 9.6 million pairs of shoes and slippers annually, also within six months.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Kiran Shoes aims to increase its share of footwear exports to India, which has decreased from 70 percent to 30 percent. Targeting the Indian market, the company chose to establish its industry in Bhairahawa, close to the border.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The authority received 12 proposals, including Goldstar, for Bhairahawa SEZ with a total investment proposal of Rs 7 billion. Goldstar is the largest of these industries. Other proposals include hubs for herbs and iron production.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">In Simra, 14 industries, including Waiwai, submitted proposals totaling an investment of Rs 12 billion.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Currently, &#39;A&#39; blocks of Bhairahawa and Simra are already operational with 136 plots ready for industrialization. In Bhairahawa SEZ, five out of 68 plots are operational, with two under construction. Simra SEZ has 11 operational plots.</span></span></p>

<p>&nbsp;</p>
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			'id' => '21332',
			'article_category_id' => '1',
			'title' => 'Government Investigates BYD Importer on Suspicion of Tax Evasion',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The Revenue Investigation Department has initiated an investigation into Cymex Nepal, the distributor of BYD vehicles in Nepal, on suspicion of tax evasion by misclassifying high-capacity electric vehicles as low-capacity vehicles. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">BIJAY DAMASE</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: The Revenue Investigation Department has initiated an investigation into Cymex Nepal, the distributor of BYD vehicles in Nepal, on suspicion of tax evasion by misclassifying high-capacity electric vehicles as low-capacity vehicles. According to the Financial Act, customs and excise duties are lower for low-capacity vehicles, while higher-capacity vehicles are subject to higher taxes. Misclassification results in significant revenue loss for the government.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Officials from the department have seized documents from Cymex Nepal to investigate the alleged tax evasion. Chakra Bahadur Budha, director general of the Revenue Investigation Department, told New Business Age that the department has asked the importer to provide additional details immediately. Based on confidential information regarding tax evasion, investigators have confiscated some documents and started a detailed inquiry. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;We received information that the state has been losing revenue for a long time due to the misclassification of vehicles, and based on that, the investigation proceeded,&quot; he said.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">High-ranking officials involved in the investigation indicated that the probe might extend to other sellers and importers. &quot;Initially, the investigation will focus on BYD. After that, we will investigate other vehicles,&quot; said an investigation officer. &quot;We will soon determine who imported vehicles of what capacity and how much revenue was evaded.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A senior official of the Ministry of Finance said that the import of large number of vehicles some time ago itself is suspicious. A large number of electric vehicles were imported before the budget was announced on May 28.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the official of the ministry, the work of bringing vehicles into Nepal by reducing the kilowatts was going on until some time ago, in collusion between the producers and the importers.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Sameer Shrestha, Chief Marketing Officer of Cymex Nepal, claimed that the vehicles were imported after completing all necessary procedures and passing customs clearance. &ldquo;We have submitted the documents requested by the Revenue Investigation Department. We are ready to assist in the investigation,&quot; he told New Business Age.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">An official from the NADA Automobiles Association of Nepal expressed displeasure with the investigation into the import of BYD vehicles. &quot;It is not appropriate for the government to scrutinize vehicles that have passed all technical checks costing millions of rupees,&quot; said the NADA official, who spoke on condition of anonymity.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Previously, the Ministry of Finance had instructed the Department of Customs to tighten inspections at all checkpoints following the large-scale entry of BYD vehicles. The department&#39;s letter urged meticulous verification of the details of electric vehicle before customs clearance and recommended visiting the manufacturer&#39;s website for information. All customs offices were instructed to carry out thorough technical checks and to refrain from clearing vehicles without adequate documentation. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Officials from the Department of Customs emphasized the need for technical verification to determine if the vehicle&#39;s engine capacity had been misrepresented. Dhundi Prasad Niraula, director general of the department, stated that customs officials are not equipped to detect such technical discrepancies. &quot;That&#39;s a technical issue, and I don&#39;t know much about it,&quot; he said.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Despite the large number of import of electric vehicles before the budget, the state did not benefit significantly in terms of taxes. Government officials indicated that tax rates had to be adjusted due to the economic crisis. Nepal&#39;s tax system for vehicles is based on their capacity. With declining vehicle revenue, the government increased customs and excise duties on electric vehicles through the Finance Bill accompanying the next fiscal year&#39;s budget.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Under the new rates, EVs up to 50 kW now incur a 15 percent customs duty and a 5 percent excise duty, whereas previously there was no excise duty and only a 10 percent customs duty. For EVs from 51 to 100 kW, both customs and excise duties were raised by 5 percent each. Vehicles in this category were previously subject to a 15 percent customs duty and a 10 percent excise duty.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">For EVs ranging from 101 to 200 kW, the new Finance Bill increased customs duty to 30 percent and maintained the excise duty at 20 percent. For EVs from 201 to 300 kW, customs duty increased by 20 percent while excise duty decreased by 10 percent. For EVs over 300 kW, the customs duty increased by 20 percent and excise duty was reduced by 10 percent, resulting in an overall 10 percent increase in taxes.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Prior to the budget announcement, a significant number of BYD and other electric vehicles were imported through the Rasuwagadhi customs checkpoint. As the importers tried to get the vehicles pass the customs clearance before the anticipated tax hike, there was a queue of vehicles at the customs.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Ram Prasad Pathak, head of Rasuwagadhi Customs Office, informed New Business Age that such vehicles are now arriving sporadically. &quot;We were busy clearing BYD vehicles until the night of May 28,&quot; he said, adding, &quot;Now the vehicles are arriving only sporadically.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to Pathak, customs clearance for these vehicles is based on test-drive reports submitted by the importer. The Department of Customs reported that 8,497 electric four-wheelers were imported in the first 10 months of the current year, compared to 4,050 in the previous year. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Department of Customs data shows that the government collected Rs 90 billion in revenue from vehicle imports and parts in fiscal year 2078/79, but only Rs 33.33 billion in the last fiscal year. In the first 9 months of the current year, the government collected Rs 39.89 billion from the import of electric vehicles.</span></span></p>

<p>&nbsp;</p>
',
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	(int) 6 => array(
		'Article' => array(
			'id' => '21331',
			'article_category_id' => '1',
			'title' => 'Monsoon to Spread Across the Country by Sunday   ',
			'sub_title' => '',
			'summary' => 'KATHMANDU: This year's monsoon has already entered the country and is expected to spread across the country by coming Sunday.    ',
			'content' => '<p><span style="font-size:16px">KATHMANDU: This year&#39;s monsoon has already entered the country and is expected to spread across the country by coming Sunday.&nbsp;&nbsp;&nbsp;&nbsp;<br />
According to the Meteorological Forecasting Division, monsoon reached up to the Lumbini Province on Thursday and is likely to spread across the country by June 23.&nbsp;&nbsp;&nbsp;&nbsp;<br />
Though June 13 is typically the expected date for the arrival of monsoon in Nepal, it entered the country via eastern Nepal on June 10 this year. Progression to the western and far-western regions takes more time due to the influence of the Westerly wind.&nbsp;&nbsp;&nbsp;&nbsp;<br />
Once the monsoon becomes more active, it will gradually alleviate the problem of heat waves. </span></p>

<p><span style="font-size:16px">Last year, it took three weeks for the monsoon to spread across the country after its arrival. -- RSS&nbsp;&nbsp;&nbsp;</span></p>
',
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			'sortorder' => '21057',
			'image' => '20240621083036_203405_20240604114336_20210626022910_Monsoon.jpeg',
			'article_date' => '2024-06-21 08:29:00',
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	(int) 7 => array(
		'Article' => array(
			'id' => '21329',
			'article_category_id' => '1',
			'title' => 'Sandhikharka-Tamghas Transmission Line Comes into Operation',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Nepal Electricity Authority (NEA) has completed the construction of the 132 kilovolt double circuit transmission line from Sandhikharka Municipality -6 in Arghakhanchi to Resunga Municipality-7 in Gulmi.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Times&quot;,&quot;serif&quot;">KATHMANDU:</span></span> <span style="font-size:14.0pt"><span style="font-family:&quot;Times&quot;,&quot;serif&quot;">Nepal Electricity Authority (NEA) has completed the construction of the 132 kilovolt double circuit transmission line from Sandhikharka Municipality -6 in Arghakhanchi to Resunga Municipality-7 in Gulmi. The construction of the 132 KV Tamghas Substation has also been completed at Unaichaur under the same transmission line, the NEA said.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Times&quot;,&quot;serif&quot;">Issuing a recent statement, the NEA confirmed it has completed the construction of the Sandhikharka-Tamghas 132 KV double circuit transmission line and 132 KV Tamghas Substation and brought them into operation from Wednesday.&nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Times&quot;,&quot;serif&quot;">According to the NEA, the substation has power transformers of 132/33 KV, 30 MVA and 33/11 KV, 16 MVA capacity. About 200 megawatts of electricity can flow through the transmission line. Three feeders of 33 KV and four feeders of 11 KV have been constructed for local power supply from the substation.&nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Times&quot;,&quot;serif&quot;">NEA Executive Director Kulman Ghising said that the transmission line and substation will ensure reliable and quality power supply in Gulmi and also reduce technical leakage.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Times&quot;,&quot;serif&quot;">Until now, electricity was being supplied to Palpa, Argharkhachi and Gulmi through a 33 KV transmission line from Butwal. As the 33 KV transmission line was too long, the line tripped and there was a voltage problem, said Ghising, adding that there used to be technical leakages.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&nbsp;&ldquo;<span style="font-size:14.0pt"><span style="font-family:&quot;Times&quot;,&quot;serif&quot;">Since other private sector hydropower projects will also be connected, this transmission line is the trunk line of that area,&rdquo; he added.</span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&nbsp;</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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	(int) 8 => array(
		'Article' => array(
			'id' => '21328',
			'article_category_id' => '1',
			'title' => 'Siddhartha Bank Launches 'Siddhartha Rewards' to Promote Digital Payment',
			'sub_title' => '',
			'summary' => 'Siddhartha Bank Limited has launched the 'Siddhartha Rewards' plan aimed at promoting digital payments. Under this program, customers can earn reward points when they make purchases using the bank's card or top up through mobile banking.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">June 20: Siddhartha Bank Limited has launched the &#39;Siddhartha Rewards&#39; plan aimed at promoting digital payments. Under this program, customers can earn reward points when they make purchases using the bank&#39;s card or top up through mobile banking.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">These earned points can be used instead of cash to pay for various services such as airline tickets, hotel stays, shopping, gift cards, insurance, and internet bill payments.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Sundar Prasad Kadel, the Chief Executive Officer of the bank, stated that this service will initiate an exciting and new chapter in digital payments, enhancing the quality of the banking experience for customers.&nbsp;</span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The bank has been consistently introducing customer-friendly services keeping customers&rsquo; convenience in mind.</span></span></p>

<p>&nbsp;</p>
',
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			'description' => '',
			'sortorder' => '21054',
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			'article_date' => '2024-06-20 16:38:21',
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	(int) 9 => array(
		'Article' => array(
			'id' => '21327',
			'article_category_id' => '1',
			'title' => 'NEPSE Declines to Close at 2068.31',
			'sub_title' => '',
			'summary' => 'The Nepal Stock Exchange (NEPSE) experienced a decline of 10.44 points, or 0.50%, closing at 2068.31 on Thursday, the last trading day of the week.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">June 20: The Nepal Stock Exchange (NEPSE) experienced a decline of 10.44 points, or 0.50%, closing at 2068.31 on Thursday, the last trading day of the week.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In today&#39;s trading session, 306 scrips were exchanged through 53,017 transactions on the NEPSE. A total of 8,663,699 shares were traded, resulting in a total turnover of Rs 3.87 billion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Mountain Energy Nepal Limited (MEN) dominated the turnover, with transactions totaling Rs 170 million. Meanwhile, Kalika Laghubitta Bittiya Sanstha (KMCDB) posted the highest gain, rising by 7.71%. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In contrast, Kutheli Bukhari Small Hydropower Limited (KBSH) experienced the steepest decline, plummeting by 9.28%.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Analyzing sector indices, all except the Finance Index and Mutual Fund Index closed in the red. The Finance Index recorded the highest gain, up by 1.82%, while the Hotels and Tourism Index suffered the most significant loss, dropping by 0.92%.</span></span></p>

<p>&nbsp;</p>
',
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			'sortorder' => '21053',
			'image' => '20240620031844_collage (14).jpg',
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	(int) 10 => array(
		'Article' => array(
			'id' => '21326',
			'article_category_id' => '1',
			'title' => 'Half a Dozen Cement Industries in Bara-Parsa Industrial Corridor Closed',
			'sub_title' => '',
			'summary' => 'BIRGUNJ: At one time, the Bara-Parsa Industrial Corridor was considered the center of cement production. Now, most of these industries have shut down, while others operate below their capacity.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">BIRGUNJ: At one time, the Bara-Parsa Industrial Corridor was considered the center of cement production. Now, most of these industries have shut down, while others operate below their capacity. An industrialist mentioned that he is compelled to keep the industry running merely to cover workers&rsquo; expenses and manage bank loans.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;Instead of making a profit, the industry is being operated to minimize losses. It is uncertain how long we can continue selling cement at a price lower than the cost,&quot; the industrialist stated.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Anil Agarwal, an industrialist, decided to permanently close his industry when he could no longer sell cement at a loss. Agarwal&#39;s Shree Cement ceased production after the COVID-19 pandemic.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Agarwal, who is also the president of the Birgunj Chamber of Commerce and Industry, explained that with the influx of foreign investment in the cement sector, industries based on grinding units (making cement by importing clinker) began to collapse.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Recalling that Bara-Parsa was once the hub of cement production, he noted, &quot;Half a dozen cement industries in this corridor have shut down due to market shrinkage caused by COVID-19 and intense competition.&quot;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Even when cement is sold below cost, the industry cannot survive the competition and is forced to stop production. Industrialists claim that investments totaling around Rs 10 billion have been lost due to the closure of industries in the corridor.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The industrialists explained that the grinding units in Bara-Parsa and other areas began facing problems when Chinese-invested industries entered the market with cement priced cheaper than their production costs. The government has adopted a policy of imposing high customs duties on clinker imports to promote the domestic clinker industry. </span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">As a result, industries reliant on imported clinker were unable to compete and had to shut down. Currently, only Jagdamba, Shalimar, Narayani, and Vishwakarma cement industries in the corridor continue production. International Cement, Krishna, RMC, Shree Cement, Ambe, and Advance Cement have all closed, with Star Cement shutting down earlier.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">An industrialist noted that the recession following COVID-19 adversely affected the corridor industries, which now struggle to compete with large-scale clinker-producing industries. </span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;Industries with significant investments began quoting higher clinker prices and selling cement at lower prices. This led to a situation where those buying clinker from these industries could not survive in the market,&quot; said Sandeep Agarwal, owner of the now-closed International Cement.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Approximately 111 industries in the corridor had good production, contributing to Nepal&#39;s self-sufficiency in cement. &quot;Five to seven years ago, this corridor was the center of the cement industry. However, all those industries were grinding units,&quot; said Agarwal. He believes the industry&#39;s decline began when large industries with Chinese investment started flooding the market with cheap cement.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Although some industrialists attempted to export to India, these plans were unsuccessful. The government had announced an increase in cement exports by subsidizing both the export price and electricity consumption.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">An industrialist mentioned that they failed to export cement due to issues to meet the Indian quality standards for export.</span></span></p>

<p>&nbsp;</p>
',
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	(int) 11 => array(
		'Article' => array(
			'id' => '21324',
			'article_category_id' => '1',
			'title' => 'Appointment of SEBON Chairman Mired in Controversy',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The process of appointing the chairman of the Securities Board of Nepal (SEBON) has been mired in controversy, with allegations that the government is attempting to appoint the chairman in collusion with businessmen and political leaders.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">PRAJITA BUDHATHOKI</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: The process of appointing the chairman of the Securities Board of Nepal (SEBON) has been mired in controversy, with allegations that the government is attempting to appoint the chairman in collusion with businessmen and political leaders.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Three out of five shortlisted candidates for the position of SEBON chairman did not participate in the scheduled presentation of their business plans and interviews on Wednesday. This marked the second instance of their absence.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the Securities Act, 2063, at least three qualified individuals must be recommended for the position. Since only two candidates participated in the presentation and interview, legal complications have arisen, making it difficult to proceed under the current circumstances.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">During the initial call, only two of the five candidates&mdash;Santosh Narayan Shrestha and Muktinath Shrestha&mdash;attended the interview on June 16. With three candidates absent, a re-interview was scheduled for the remaining candidates on Wednesday, June 19. However, none of the three candidates showed up for the re-interview.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Given this situation, the recommendation committee responsible for the appointment decided to seek a legal opinion from the Office of the Attorney General. A committee member informed New Business Age that the Securities Act, 2063, lacks clear guidelines on what to do if a candidate for the post of chairman does not participate in the presentation and interview. Similarly, there are no specific provisions in the appointment procedure established by the recommendation committee. Amidst this confusion, the committee sought the Attorney General&#39;s opinion. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Based on the legal opinion from the Attorney General&#39;s office, the committee will make the necessary decisions,&quot; said a committee member. The three-member recommendation committee is chaired by Meen Bahadur Shrestha, vice chair of the National Planning Commission.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The three candidates, believed to be close to the Maoists, were absent from the presentation and interview following an agreement between Prime Minister Pushpa Kamal Dahal and the chairman of the ruling CPN (UML), KP Sharma Oli, to appoint Santosh Narayan Shrestha as SEBON chairman. Sources have indicated that Oli has been pressuring Shrestha&rsquo;s appointment.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">One of the absent candidates told New Business Age that he did not attend the interview because he did not want to participate in a process designed to appoint someone else as chairman under the guise of competition. Asserting that his decision to boycott the interview was not influenced by any business house or political leader, he said, &quot;I did not voluntarily participate because the interview was set up to show my abilities were weaker than others.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">He added that he would reapply in a future environment that promotes fair competition. According to sources, two business groups are politically lobbying to get their preferred candidate appointed as chairman, aiming to secure a new stock exchange license. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Three companies have applied for the new stock exchange license: Himalayan Stock Exchange, National Stock Exchange of Nepal, and Annapurna Stock Exchange Limited. One eligible company will be granted the new stock exchange license.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The promoters of the Himalayan Stock Exchange include Shankar Group and Deepak Bhatt&#39;s Infinity Holdings, along with other major business houses. Those promoting the National Stock Exchange include former presidents of the Non-Resident Nepali Association, Upendra Mahato and Jiva Lamichhane, along with Agni and Kedia Group. Rameshwar Thapa, the owner of Annapurna Media, has applied for the Annapurna Stock Exchange. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">There are speculations that the directors of the Himalayan Stock Exchange want Santosh Narayan Shrestha as SEBON chairman and have sought the support of UML Chairman Oli. Sources suggest that the directors of the National Stock Exchange are seeking cooperation with the Maoist leadership. The appointment process for the chairman has been stalled amidst this controversy.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The recommendation committee collected 19 applications for the post of SEBON chairman between February 28 and March 13, shortlisting five qualified candidates on March 25. The Ministry of Finance and SEBON sources said the interview was scheduled for April 7 but was halted for two months at the instruction of Finance Minister Barshman Pun. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">This trend of complications in appointing SEBON chairman is not new. A candidate who had applied several times in the past, speaking on condition of anonymity, said he did not apply this time due to the perceived necessity of substantial financial backing. He stated, &quot;I did not apply to become chairman because I could not afford to spend millions on the investments of major business houses. I was asked to pay Rs 50 million. Open money bargaining is done in the name of open competition.&quot;</span></span></p>
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			'description' => '',
			'sortorder' => '21051',
			'image' => '20240620020707_20240411023236_Sebon-update.jpg',
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		'Article' => array(
			'id' => '21325',
			'article_category_id' => '1',
			'title' => 'Samsung Offers Heavy Discount on Galaxy Buds FE with the Galaxy S24 Series',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Samsung’s S24 series smartphone is now available in Nepal with a heavy discount on the Galaxy Buds FE.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: Samsung&rsquo;s S24 series smartphone is now available in Nepal with a heavy discount on the Galaxy Buds FE. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The company said in a statement that its customers can now avail Galaxy Buds FE with Galaxy S24 series in an addition to just Rs 5000, a discount from their regular price of Rs 15,000. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The company said this exceptional offer of Samsung promises seamless connectivity, top-tier performance, and crystal-clear sound, all at a fraction of the original cost. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;What truly sets this offer apart is the convenience of 0% interest financing, made possible through Samsung&#39;s Insta Finance service,&rdquo; reads a statement issued by the company.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">With just a citizenship, </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The company said customers can make this a bundle purchase with just a citizenship. According to the statement, an additional Rs 5000 cost is added to the overall EMI payment of their Smartphone purchase at 0% interest rate through Samsung Insta Finance. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">This offer is valid from June 20 until the stock lasts. </span></span></p>

<p>&nbsp;</p>
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			'article_category_id' => '1',
			'title' => 'Lalitpur Metropolis to Establish Project Bank and Labour Bank   ',
			'sub_title' => '',
			'summary' => 'PATAN: Lalitpur Metropolitan City has incorporated 'project bank' and 'labour bank' in its policies and programmes for the coming fiscal year, 2024/25.    ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">PATAN: Lalitpur Metropolitan City has incorporated &#39;project bank&#39; and &#39;labour bank&#39; in its policies and programmes for the coming fiscal year, 2024/25.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The policies and programmes presented by Mayor Chiri Babu Maharjan mention that the metropolis will develop a trend to formulate the annual budget and programmes by selecting projects from the &#39;project bank&#39; from next year.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The policies and programmes mention that an arrangement would be made to formulate the annual budget and programmes by preparing mid-term expenditure framework as per the periodic plan from next year. Similarly, the LMC will mandatorily formulate &#39;programme implementation action plan&#39; and &#39;procurement plan&#39; for the effective implementation of the budget and programmes.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The cost of continuation of incomplete projects pending for a long time as well as those projects which are not technically, socially and economically feasible in the metropolitan city would be cut out.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Similarly, the LMC will coordinate and collaborate with bodies concerned for the construction of overhead bridges along the ring road section </span>in<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;"> Lalitpur </span>and<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;"> other appropriate spots to address vehicle pressure and convenience of pedestrians.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The metropolis will operate tipper as well as other good-carrier vehicles only along the Nakkhu and Bagmati corridors, read the policies and programmes.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The metropolitan city has set a target of establishing an exhibition hall to display indigenous crafts. -- RSS</span></span></span></p>

<p>&nbsp;</p>
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			'id' => '21321',
			'article_category_id' => '1',
			'title' => 'Depositors of Three Problematic Cooperatives Get Back their Money',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The government has intensified a campaign to return the depositors' money from troubled cooperatives.',
			'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">KATHMANDU: The government has intensified a campaign to return the depositors&#39; money from troubled cooperatives. Ministry of Land Management, Cooperative and Poverty Alleviation initiated the campaign to return the savings of depositors in the first-phase.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Out of 20 cooperatives declared problematic by the ministry upon the recommendation of the Department of Cooperatives, the government has settled the liabilities of three such cooperatives &ndash; Kuber Saving and Credit Cooperative, Chartered Saving and Credit Co-Operative Limited and Standard Multi-Purpose Cooperative &ndash; through property management.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Chairperson of the Problematic Cooperative Management Committee, Mohan Gautam, shared that they succeeded in returning all the savings of the depositors of those three cooperatives with constant coordination and activism of Minister for Land Management, Cooperative and Poverty Alleviation, Balram Adhikari.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Minister Adhikari mentioned that they had been taking initiatives to resolve the problems of other 17 distressed cooperatives. He further said they were working actively to return the savings of the depositors by mobilizing the committee effectively. -- RSS&nbsp; </span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '21335',
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			'title' => 'Low Snow on the Himalayas Threatens Water Security: Study',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Millions of people dependent on Himalayan snowmelt for water face a "very serious" risk of shortages this year after one of the lowest rates of snowfall, AFP reported citing warning issued by scientists.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">KATHMANDU: Millions of people dependent on Himalayan snowmelt for water face a &quot;very serious&quot; risk of shortages this year after one of the lowest rates of snowfall, AFP reported citing warning issued by scientists.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Snowmelt is the source of about a quarter of the total water flow of 12 major river basins that originate high in the region, the report said.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">&quot;This is a wake-up call for researchers, policymakers, and downstream communities,&quot; the report author Sher Muhammad from the Nepal-based International Centre for Integrated Mountain Development (ICIMOD) told AFP.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">&quot;Lower accumulation of snow and fluctuating levels of snow pose a very serious increased risk of water shortages, particularly this year.&quot;</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Snow and ice on the Himalayas are a crucial water source for around 240 million people in the mountainous regions, as well as for another 1.65 billion people in the river valleys below, according to ICIMOD.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">While snow levels fluctuate each year, scientists say climate change is driving erratic rainfall and shifting weather patterns.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The report measured &quot;snow persistence&quot; -- the time snow remains on the ground -- with levels dropping almost a fifth below normal this year across the wider Hindu Kush and Himalaya region.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">&quot;This year&#39;s snow persistence (18.5 percent below normal) is the second-lowest in the past 22 years, narrowly trailing the record low of 19 percent set in 2018,&quot; Muhammad told AFP.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">As well as Nepal, the inter-governmental ICIMOD organisation includes member countries Afghanistan, Bangladesh, Bhutan, China, India, Myanmar and Pakistan.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The report warned that ICIMOD &quot;observations and projections indicate significant changes in the timing and intensity of stream flows&quot;, with snow a key part.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">&quot;Snow plays a particularly important role in ensuring seasonal water availability,&quot; it added.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The organisation has been monitoring snow in the region for over two decades, noting that 2024 marked a &quot;significant anomaly&quot;.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The Ganges river basin, which flows through India, had the &quot;lowest snow persistence&quot; that ICIMOD has recorded, 17 percent below average, worse than the 15 percent in 2018.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">According to AFP, the Helmand river basin in Afghanistan recorded its second-lowest snow persistence levels, 32 percent below normal.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The Indus river basin was down 23 percent below normal levels, while the Brahmaputra river basin, which ends in Bangladesh, had snow persistence &quot;notably below normal&quot; at 15 percent, the report further stated.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Miriam Jackson, senior cryosphere specialist at ICIMOD, urged authorities to &quot;take proactive measures to address possible drought situations&quot;.</span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'Bad Debts of BFIs Soar to Highest Level in a Decade at 3.98 Percent',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The bad debts of banks and financial institutions (BFIs) have surged to a 10-year peak of 3.98 percent, largely attributed to the economic slowdown following the COVID-19 pandemic.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: The bad debts of banks and financial institutions (BFIs) have surged to a 10-year peak of 3.98 percent, largely attributed to the economic slowdown following the COVID-19 pandemic.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A recent report prepared by Nepal Rastra Bank (NRB) indicates that the proportion of bad debt in BFIs was 3.76 percent a decade ago. This figure had decreased significantly to 1.31 percent by June 2022.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">However, as of mid-April this year, the bad loans of commercial banks have risen to 3.89 percent. Meanwhile, development banks and finance companies have recorded non-performing loans of 3.63 percent and 10.40 percent, respectively.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The number of cases at the Debt Recovery Tribunal formed to recover bad loans of banks and financial institutions has more than doubled this year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">With banks encountering difficulties in loan recovery amidst a decline in economic activities, the number of cases filed with the tribunal has also begun to rise.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Banks can register a case at the tribunal if they are unable to recover the loan even from the mortgage auction. Information officer of the tribunal, Devendra Dhakal, said that the number of cases has increased as there is no condition to recover the loan from the mortgage due to the fall in real estate prices along with the economic slowdown.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">As of mid-March of the current fiscal year (FY), banks and financial institutions have registered 342 cases at the tribunal. During the corresponding period last year, only 162 cases were registered. It shows that the number of cases has doubled this year. A total of 200 cases were registered at the tribunal last year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The central bank had earlier warned that credit risk is on the rise within commercial banks due to loans being issued without the completion of requisite procedures. Increasing bad loans of banks and financial institutions also indicate the rise in credit risk, the NRB said following a supervision of banks.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the supervision report published by NRB in April, during the monitoring, some banks were found to have provided more loans than necessary without adequately assessing the needs of the borrowers. The central bank has stated that loans are given without maintaining a balance between the customer&#39;s assets and loan ratio. It also noted that the monitoring system after loan disbursement is weak.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Similarly, the NRB study found that banks have given new loans to pay off old loans. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to Nepal Rastra Bank sources, the quality of banking service is deteriorating due to the competition among banks to extend loans after the Covid- 19 pandemic.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Banks are under pressure to increase their profits by increasing their loans,&quot; said an executive director of Nepal Rastra Bank on condition of anonymity.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 2 => array(
		'Article' => array(
			'id' => '21337',
			'article_category_id' => '220',
			'title' => 'Minister Pun Instructs Subordinate Agencies to Motivate Taxpayers',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Finance Minister Barshaman Pun has instructed subordinate agencies to motivate taxpayers. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: Finance Minister Barshaman Pun has instructed subordinate agencies to motivate taxpayers. With the aim to boost revenue collection in the last month of the current fiscal year, he invited senior government employees related to tax and revenue administration to the ministry on Thursday to give these instructions.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;Let&#39;s not put undue pressure on taxpayers but encourage them to pay taxes properly,&quot; he said. &quot;The state is also the guardian of taxpayers.&quot;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">He also directed them to listen to the legitimate complaints of taxpayers who act with good intentions and to address these complaints as per the law.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Finance Secretary Madhu Kumar Marasini and Revenue Secretary Dr. Ram Prasad Ghimire also emphasized the need to accelerate the collection of arrears in the last month of the current fiscal year. They stressed that maximum efforts should be made to meet the final revenue collection target for the current fiscal year. -- RSS</span></span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2024-06-21',
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			'keywords' => 'tax, taxpayers, motivate, Nepal, government, ministry',
			'description' => '',
			'sortorder' => '21061',
			'image' => '20240621103639_20200907074520_1599400665.tax.jpg',
			'article_date' => '2024-06-21 10:35:54',
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	(int) 3 => array(
		'Article' => array(
			'id' => '21336',
			'article_category_id' => '272',
			'title' => 'Formation of Authority on the Cards to Troubleshoot Issues of Cooperatives',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Minister for Land Management, Cooperative and Poverty Alleviation Balaram Adhikari has said that the formation of an authority is on the cards to regulate and monitor the cooperatives in all three tiers of government. ',
			'content' => '<p><span style="font-size:16px">KATHMANDU: Minister for Land Management, Cooperative and Poverty Alleviation Balaram Adhikari has said that the formation of an authority is on the cards to regulate and monitor the cooperatives in all three tiers of government. This initiative aims to provide a sustainable solution to the sector&#39;s ongoing problems.</span></p>

<p><span style="font-size:16px">Responding to lawmakers&#39; queries during the House of Representatives (HoR) meeting on Thursday, Minister Adhikari stated that the decision to form the authority has been forwarded to the Ministry of Finance for approval.</span></p>

<p><span style="font-size:16px">&quot;The budget for establishing such mechanisms has been allocated in the upcoming fiscal year&#39;s budget,&quot; he added.</span></p>

<p><span style="font-size:16px">Minister Adhikari reiterated the ministry&#39;s commitment to finding sustainable solutions to the cooperative sector&#39;s existing issues. He also noted that 20 cooperatives have been declared problematic, and their management is being handled by the Problematic Cooperative Management Committees. Depositor claims are being processed online, with 59,587 claimants having lodged their applications so far.</span></p>

<p><span style="font-size:16px">Additionally, Minister Adhikari mentioned that the government has initiated the process of forming a commission involving experts. This new commission is intended to address the shortcomings of the National Land Commission, which has not met the expected outcomes in resolving the issues of landless individuals, squatters, and unmanaged settlements. --RSS</span></p>
',
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			'keywords' => 'cooperative, problematic, authority, formation',
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			'sortorder' => '21060',
			'image' => '20240621103718_20230601023225_cooperative-new.jpg',
			'article_date' => '2024-06-21 10:33:40',
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	(int) 4 => array(
		'Article' => array(
			'id' => '21333',
			'article_category_id' => '1',
			'title' => 'Waiwai Noodles and Goldstar Shoes to Set Up Factories in SEZ',
			'sub_title' => '',
			'summary' => 'KATHMANDU: With the recent legal changes allowing older industries to relocate to the Special Economic Zone (SEZ), established business houses in Nepal are setting up factories within these zones set up with incentives to promote exports.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Hima BK</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: With the recent legal changes allowing older industries to relocate to the Special Economic Zone (SEZ), established business houses in Nepal are setting up factories within these zones set up with incentives to promote exports.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The initiative will begin with the Chaudhary Group, known for Waiwai noodles, and the Goldstar shoe brand. Both companies are planning to establish their factories in the Bhairahawa and Simra SEZs.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The amendment to Section 7 of the Special Economic Zones Act, 2073, now permits already registered and operational industries to move to the SEZ. Consequently, CG Foods under Chaudhary Group and Kiran Shoes Manufacturers, the manufacturer of the renowned Goldstar shoes, are relocating to Simra and Bhairahawa SEZs, respectively. The Special Economic Zone Authority of Nepal recently issued a call for proposals from industrialists to establish and operate industries in these SEZs.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">On May 12, the authority requested proposals for setting up industries in Block &#39;A&#39; of Bhairahawa and Simra SEZ. In response, CG Foods of the Chaudhary Group applied for six plots in Simra Block &#39;A&#39; to produce noodles and <em>Bhujia</em>.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Since CG Foods is already registered and operational, they plan to open their factory within six months of the application. Similarly, Kiran Shoes has proposed to start production within the same timeframe.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Acting Executive Director of the Authority, Tulsiram Marasini, explained that these already operational industries will directly commence production. He confirmed that CG Foods&#39; Waiwai noodles and Kiran Shoes&rsquo; Goldstar brands have been registered.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">To facilitate investment, the government amended various laws and ordinances, including the Special Economic Zone Act, 2073, to promote investment facilitation. This replacement bill has now been submitted to Parliament.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Prior to the amendment, Section 7 of the Special Economic Zones Act, 2073, prohibited the transfer and operation of existing industries within SEZs. The amended clause now allows these transfers, enabling investors to move their machinery and equipment into SEZs to operate their industries.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Sagar Silwal, a sub-engineer of the authority, reported that 26 industries have applied to establish operations in Bhairahawa and Simra SEZ following the amendment. This marks the highest number of applications since the amendment of the Act, with CG and Goldstar&#39;s participation expected to enhance the industrial activity in SEZs.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">CG Foods has proposed producing 1,000 metric tons of Waiwai noodles and 1,500 metric tons of <em>Bhujia</em> annually in Simra SEZ, with an investment of Rs 22 million. Kiran Shoes Manufacturers Pvt. Ltd. plans to invest Rs 540 in Bhairahawa SEZ to produce 9.6 million pairs of shoes and slippers annually, also within six months.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Kiran Shoes aims to increase its share of footwear exports to India, which has decreased from 70 percent to 30 percent. Targeting the Indian market, the company chose to establish its industry in Bhairahawa, close to the border.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The authority received 12 proposals, including Goldstar, for Bhairahawa SEZ with a total investment proposal of Rs 7 billion. Goldstar is the largest of these industries. Other proposals include hubs for herbs and iron production.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">In Simra, 14 industries, including Waiwai, submitted proposals totaling an investment of Rs 12 billion.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Currently, &#39;A&#39; blocks of Bhairahawa and Simra are already operational with 136 plots ready for industrialization. In Bhairahawa SEZ, five out of 68 plots are operational, with two under construction. Simra SEZ has 11 operational plots.</span></span></p>

<p>&nbsp;</p>
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	(int) 5 => array(
		'Article' => array(
			'id' => '21332',
			'article_category_id' => '1',
			'title' => 'Government Investigates BYD Importer on Suspicion of Tax Evasion',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The Revenue Investigation Department has initiated an investigation into Cymex Nepal, the distributor of BYD vehicles in Nepal, on suspicion of tax evasion by misclassifying high-capacity electric vehicles as low-capacity vehicles. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">BIJAY DAMASE</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: The Revenue Investigation Department has initiated an investigation into Cymex Nepal, the distributor of BYD vehicles in Nepal, on suspicion of tax evasion by misclassifying high-capacity electric vehicles as low-capacity vehicles. According to the Financial Act, customs and excise duties are lower for low-capacity vehicles, while higher-capacity vehicles are subject to higher taxes. Misclassification results in significant revenue loss for the government.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Officials from the department have seized documents from Cymex Nepal to investigate the alleged tax evasion. Chakra Bahadur Budha, director general of the Revenue Investigation Department, told New Business Age that the department has asked the importer to provide additional details immediately. Based on confidential information regarding tax evasion, investigators have confiscated some documents and started a detailed inquiry. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;We received information that the state has been losing revenue for a long time due to the misclassification of vehicles, and based on that, the investigation proceeded,&quot; he said.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">High-ranking officials involved in the investigation indicated that the probe might extend to other sellers and importers. &quot;Initially, the investigation will focus on BYD. After that, we will investigate other vehicles,&quot; said an investigation officer. &quot;We will soon determine who imported vehicles of what capacity and how much revenue was evaded.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A senior official of the Ministry of Finance said that the import of large number of vehicles some time ago itself is suspicious. A large number of electric vehicles were imported before the budget was announced on May 28.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the official of the ministry, the work of bringing vehicles into Nepal by reducing the kilowatts was going on until some time ago, in collusion between the producers and the importers.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Sameer Shrestha, Chief Marketing Officer of Cymex Nepal, claimed that the vehicles were imported after completing all necessary procedures and passing customs clearance. &ldquo;We have submitted the documents requested by the Revenue Investigation Department. We are ready to assist in the investigation,&quot; he told New Business Age.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">An official from the NADA Automobiles Association of Nepal expressed displeasure with the investigation into the import of BYD vehicles. &quot;It is not appropriate for the government to scrutinize vehicles that have passed all technical checks costing millions of rupees,&quot; said the NADA official, who spoke on condition of anonymity.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Previously, the Ministry of Finance had instructed the Department of Customs to tighten inspections at all checkpoints following the large-scale entry of BYD vehicles. The department&#39;s letter urged meticulous verification of the details of electric vehicle before customs clearance and recommended visiting the manufacturer&#39;s website for information. All customs offices were instructed to carry out thorough technical checks and to refrain from clearing vehicles without adequate documentation. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Officials from the Department of Customs emphasized the need for technical verification to determine if the vehicle&#39;s engine capacity had been misrepresented. Dhundi Prasad Niraula, director general of the department, stated that customs officials are not equipped to detect such technical discrepancies. &quot;That&#39;s a technical issue, and I don&#39;t know much about it,&quot; he said.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Despite the large number of import of electric vehicles before the budget, the state did not benefit significantly in terms of taxes. Government officials indicated that tax rates had to be adjusted due to the economic crisis. Nepal&#39;s tax system for vehicles is based on their capacity. With declining vehicle revenue, the government increased customs and excise duties on electric vehicles through the Finance Bill accompanying the next fiscal year&#39;s budget.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Under the new rates, EVs up to 50 kW now incur a 15 percent customs duty and a 5 percent excise duty, whereas previously there was no excise duty and only a 10 percent customs duty. For EVs from 51 to 100 kW, both customs and excise duties were raised by 5 percent each. Vehicles in this category were previously subject to a 15 percent customs duty and a 10 percent excise duty.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">For EVs ranging from 101 to 200 kW, the new Finance Bill increased customs duty to 30 percent and maintained the excise duty at 20 percent. For EVs from 201 to 300 kW, customs duty increased by 20 percent while excise duty decreased by 10 percent. For EVs over 300 kW, the customs duty increased by 20 percent and excise duty was reduced by 10 percent, resulting in an overall 10 percent increase in taxes.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Prior to the budget announcement, a significant number of BYD and other electric vehicles were imported through the Rasuwagadhi customs checkpoint. As the importers tried to get the vehicles pass the customs clearance before the anticipated tax hike, there was a queue of vehicles at the customs.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Ram Prasad Pathak, head of Rasuwagadhi Customs Office, informed New Business Age that such vehicles are now arriving sporadically. &quot;We were busy clearing BYD vehicles until the night of May 28,&quot; he said, adding, &quot;Now the vehicles are arriving only sporadically.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to Pathak, customs clearance for these vehicles is based on test-drive reports submitted by the importer. The Department of Customs reported that 8,497 electric four-wheelers were imported in the first 10 months of the current year, compared to 4,050 in the previous year. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Department of Customs data shows that the government collected Rs 90 billion in revenue from vehicle imports and parts in fiscal year 2078/79, but only Rs 33.33 billion in the last fiscal year. In the first 9 months of the current year, the government collected Rs 39.89 billion from the import of electric vehicles.</span></span></p>

<p>&nbsp;</p>
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			'description' => '',
			'sortorder' => '21058',
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	(int) 6 => array(
		'Article' => array(
			'id' => '21331',
			'article_category_id' => '1',
			'title' => 'Monsoon to Spread Across the Country by Sunday   ',
			'sub_title' => '',
			'summary' => 'KATHMANDU: This year's monsoon has already entered the country and is expected to spread across the country by coming Sunday.    ',
			'content' => '<p><span style="font-size:16px">KATHMANDU: This year&#39;s monsoon has already entered the country and is expected to spread across the country by coming Sunday.&nbsp;&nbsp;&nbsp;&nbsp;<br />
According to the Meteorological Forecasting Division, monsoon reached up to the Lumbini Province on Thursday and is likely to spread across the country by June 23.&nbsp;&nbsp;&nbsp;&nbsp;<br />
Though June 13 is typically the expected date for the arrival of monsoon in Nepal, it entered the country via eastern Nepal on June 10 this year. Progression to the western and far-western regions takes more time due to the influence of the Westerly wind.&nbsp;&nbsp;&nbsp;&nbsp;<br />
Once the monsoon becomes more active, it will gradually alleviate the problem of heat waves. </span></p>

<p><span style="font-size:16px">Last year, it took three weeks for the monsoon to spread across the country after its arrival. -- RSS&nbsp;&nbsp;&nbsp;</span></p>
',
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			'article_date' => '2024-06-21 08:29:00',
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	(int) 7 => array(
		'Article' => array(
			'id' => '21329',
			'article_category_id' => '1',
			'title' => 'Sandhikharka-Tamghas Transmission Line Comes into Operation',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Nepal Electricity Authority (NEA) has completed the construction of the 132 kilovolt double circuit transmission line from Sandhikharka Municipality -6 in Arghakhanchi to Resunga Municipality-7 in Gulmi.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Times&quot;,&quot;serif&quot;">KATHMANDU:</span></span> <span style="font-size:14.0pt"><span style="font-family:&quot;Times&quot;,&quot;serif&quot;">Nepal Electricity Authority (NEA) has completed the construction of the 132 kilovolt double circuit transmission line from Sandhikharka Municipality -6 in Arghakhanchi to Resunga Municipality-7 in Gulmi. The construction of the 132 KV Tamghas Substation has also been completed at Unaichaur under the same transmission line, the NEA said.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Times&quot;,&quot;serif&quot;">Issuing a recent statement, the NEA confirmed it has completed the construction of the Sandhikharka-Tamghas 132 KV double circuit transmission line and 132 KV Tamghas Substation and brought them into operation from Wednesday.&nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Times&quot;,&quot;serif&quot;">According to the NEA, the substation has power transformers of 132/33 KV, 30 MVA and 33/11 KV, 16 MVA capacity. About 200 megawatts of electricity can flow through the transmission line. Three feeders of 33 KV and four feeders of 11 KV have been constructed for local power supply from the substation.&nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Times&quot;,&quot;serif&quot;">NEA Executive Director Kulman Ghising said that the transmission line and substation will ensure reliable and quality power supply in Gulmi and also reduce technical leakage.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Times&quot;,&quot;serif&quot;">Until now, electricity was being supplied to Palpa, Argharkhachi and Gulmi through a 33 KV transmission line from Butwal. As the 33 KV transmission line was too long, the line tripped and there was a voltage problem, said Ghising, adding that there used to be technical leakages.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&nbsp;&ldquo;<span style="font-size:14.0pt"><span style="font-family:&quot;Times&quot;,&quot;serif&quot;">Since other private sector hydropower projects will also be connected, this transmission line is the trunk line of that area,&rdquo; he added.</span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&nbsp;</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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	(int) 8 => array(
		'Article' => array(
			'id' => '21328',
			'article_category_id' => '1',
			'title' => 'Siddhartha Bank Launches 'Siddhartha Rewards' to Promote Digital Payment',
			'sub_title' => '',
			'summary' => 'Siddhartha Bank Limited has launched the 'Siddhartha Rewards' plan aimed at promoting digital payments. Under this program, customers can earn reward points when they make purchases using the bank's card or top up through mobile banking.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">June 20: Siddhartha Bank Limited has launched the &#39;Siddhartha Rewards&#39; plan aimed at promoting digital payments. Under this program, customers can earn reward points when they make purchases using the bank&#39;s card or top up through mobile banking.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">These earned points can be used instead of cash to pay for various services such as airline tickets, hotel stays, shopping, gift cards, insurance, and internet bill payments.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Sundar Prasad Kadel, the Chief Executive Officer of the bank, stated that this service will initiate an exciting and new chapter in digital payments, enhancing the quality of the banking experience for customers.&nbsp;</span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The bank has been consistently introducing customer-friendly services keeping customers&rsquo; convenience in mind.</span></span></p>

<p>&nbsp;</p>
',
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			'article_date' => '2024-06-20 16:38:21',
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	(int) 9 => array(
		'Article' => array(
			'id' => '21327',
			'article_category_id' => '1',
			'title' => 'NEPSE Declines to Close at 2068.31',
			'sub_title' => '',
			'summary' => 'The Nepal Stock Exchange (NEPSE) experienced a decline of 10.44 points, or 0.50%, closing at 2068.31 on Thursday, the last trading day of the week.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">June 20: The Nepal Stock Exchange (NEPSE) experienced a decline of 10.44 points, or 0.50%, closing at 2068.31 on Thursday, the last trading day of the week.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In today&#39;s trading session, 306 scrips were exchanged through 53,017 transactions on the NEPSE. A total of 8,663,699 shares were traded, resulting in a total turnover of Rs 3.87 billion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Mountain Energy Nepal Limited (MEN) dominated the turnover, with transactions totaling Rs 170 million. Meanwhile, Kalika Laghubitta Bittiya Sanstha (KMCDB) posted the highest gain, rising by 7.71%. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In contrast, Kutheli Bukhari Small Hydropower Limited (KBSH) experienced the steepest decline, plummeting by 9.28%.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Analyzing sector indices, all except the Finance Index and Mutual Fund Index closed in the red. The Finance Index recorded the highest gain, up by 1.82%, while the Hotels and Tourism Index suffered the most significant loss, dropping by 0.92%.</span></span></p>

<p>&nbsp;</p>
',
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			'description' => '',
			'sortorder' => '21053',
			'image' => '20240620031844_collage (14).jpg',
			'article_date' => '2024-06-20 15:17:32',
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	(int) 10 => array(
		'Article' => array(
			'id' => '21326',
			'article_category_id' => '1',
			'title' => 'Half a Dozen Cement Industries in Bara-Parsa Industrial Corridor Closed',
			'sub_title' => '',
			'summary' => 'BIRGUNJ: At one time, the Bara-Parsa Industrial Corridor was considered the center of cement production. Now, most of these industries have shut down, while others operate below their capacity.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">BIRGUNJ: At one time, the Bara-Parsa Industrial Corridor was considered the center of cement production. Now, most of these industries have shut down, while others operate below their capacity. An industrialist mentioned that he is compelled to keep the industry running merely to cover workers&rsquo; expenses and manage bank loans.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;Instead of making a profit, the industry is being operated to minimize losses. It is uncertain how long we can continue selling cement at a price lower than the cost,&quot; the industrialist stated.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Anil Agarwal, an industrialist, decided to permanently close his industry when he could no longer sell cement at a loss. Agarwal&#39;s Shree Cement ceased production after the COVID-19 pandemic.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Agarwal, who is also the president of the Birgunj Chamber of Commerce and Industry, explained that with the influx of foreign investment in the cement sector, industries based on grinding units (making cement by importing clinker) began to collapse.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Recalling that Bara-Parsa was once the hub of cement production, he noted, &quot;Half a dozen cement industries in this corridor have shut down due to market shrinkage caused by COVID-19 and intense competition.&quot;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Even when cement is sold below cost, the industry cannot survive the competition and is forced to stop production. Industrialists claim that investments totaling around Rs 10 billion have been lost due to the closure of industries in the corridor.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The industrialists explained that the grinding units in Bara-Parsa and other areas began facing problems when Chinese-invested industries entered the market with cement priced cheaper than their production costs. The government has adopted a policy of imposing high customs duties on clinker imports to promote the domestic clinker industry. </span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">As a result, industries reliant on imported clinker were unable to compete and had to shut down. Currently, only Jagdamba, Shalimar, Narayani, and Vishwakarma cement industries in the corridor continue production. International Cement, Krishna, RMC, Shree Cement, Ambe, and Advance Cement have all closed, with Star Cement shutting down earlier.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">An industrialist noted that the recession following COVID-19 adversely affected the corridor industries, which now struggle to compete with large-scale clinker-producing industries. </span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;Industries with significant investments began quoting higher clinker prices and selling cement at lower prices. This led to a situation where those buying clinker from these industries could not survive in the market,&quot; said Sandeep Agarwal, owner of the now-closed International Cement.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Approximately 111 industries in the corridor had good production, contributing to Nepal&#39;s self-sufficiency in cement. &quot;Five to seven years ago, this corridor was the center of the cement industry. However, all those industries were grinding units,&quot; said Agarwal. He believes the industry&#39;s decline began when large industries with Chinese investment started flooding the market with cheap cement.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Although some industrialists attempted to export to India, these plans were unsuccessful. The government had announced an increase in cement exports by subsidizing both the export price and electricity consumption.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">An industrialist mentioned that they failed to export cement due to issues to meet the Indian quality standards for export.</span></span></p>

<p>&nbsp;</p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '21324',
			'article_category_id' => '1',
			'title' => 'Appointment of SEBON Chairman Mired in Controversy',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The process of appointing the chairman of the Securities Board of Nepal (SEBON) has been mired in controversy, with allegations that the government is attempting to appoint the chairman in collusion with businessmen and political leaders.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">PRAJITA BUDHATHOKI</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: The process of appointing the chairman of the Securities Board of Nepal (SEBON) has been mired in controversy, with allegations that the government is attempting to appoint the chairman in collusion with businessmen and political leaders.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Three out of five shortlisted candidates for the position of SEBON chairman did not participate in the scheduled presentation of their business plans and interviews on Wednesday. This marked the second instance of their absence.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the Securities Act, 2063, at least three qualified individuals must be recommended for the position. Since only two candidates participated in the presentation and interview, legal complications have arisen, making it difficult to proceed under the current circumstances.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">During the initial call, only two of the five candidates&mdash;Santosh Narayan Shrestha and Muktinath Shrestha&mdash;attended the interview on June 16. With three candidates absent, a re-interview was scheduled for the remaining candidates on Wednesday, June 19. However, none of the three candidates showed up for the re-interview.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Given this situation, the recommendation committee responsible for the appointment decided to seek a legal opinion from the Office of the Attorney General. A committee member informed New Business Age that the Securities Act, 2063, lacks clear guidelines on what to do if a candidate for the post of chairman does not participate in the presentation and interview. Similarly, there are no specific provisions in the appointment procedure established by the recommendation committee. Amidst this confusion, the committee sought the Attorney General&#39;s opinion. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Based on the legal opinion from the Attorney General&#39;s office, the committee will make the necessary decisions,&quot; said a committee member. The three-member recommendation committee is chaired by Meen Bahadur Shrestha, vice chair of the National Planning Commission.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The three candidates, believed to be close to the Maoists, were absent from the presentation and interview following an agreement between Prime Minister Pushpa Kamal Dahal and the chairman of the ruling CPN (UML), KP Sharma Oli, to appoint Santosh Narayan Shrestha as SEBON chairman. Sources have indicated that Oli has been pressuring Shrestha&rsquo;s appointment.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">One of the absent candidates told New Business Age that he did not attend the interview because he did not want to participate in a process designed to appoint someone else as chairman under the guise of competition. Asserting that his decision to boycott the interview was not influenced by any business house or political leader, he said, &quot;I did not voluntarily participate because the interview was set up to show my abilities were weaker than others.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">He added that he would reapply in a future environment that promotes fair competition. According to sources, two business groups are politically lobbying to get their preferred candidate appointed as chairman, aiming to secure a new stock exchange license. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Three companies have applied for the new stock exchange license: Himalayan Stock Exchange, National Stock Exchange of Nepal, and Annapurna Stock Exchange Limited. One eligible company will be granted the new stock exchange license.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The promoters of the Himalayan Stock Exchange include Shankar Group and Deepak Bhatt&#39;s Infinity Holdings, along with other major business houses. Those promoting the National Stock Exchange include former presidents of the Non-Resident Nepali Association, Upendra Mahato and Jiva Lamichhane, along with Agni and Kedia Group. Rameshwar Thapa, the owner of Annapurna Media, has applied for the Annapurna Stock Exchange. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">There are speculations that the directors of the Himalayan Stock Exchange want Santosh Narayan Shrestha as SEBON chairman and have sought the support of UML Chairman Oli. Sources suggest that the directors of the National Stock Exchange are seeking cooperation with the Maoist leadership. The appointment process for the chairman has been stalled amidst this controversy.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The recommendation committee collected 19 applications for the post of SEBON chairman between February 28 and March 13, shortlisting five qualified candidates on March 25. The Ministry of Finance and SEBON sources said the interview was scheduled for April 7 but was halted for two months at the instruction of Finance Minister Barshman Pun. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">This trend of complications in appointing SEBON chairman is not new. A candidate who had applied several times in the past, speaking on condition of anonymity, said he did not apply this time due to the perceived necessity of substantial financial backing. He stated, &quot;I did not apply to become chairman because I could not afford to spend millions on the investments of major business houses. I was asked to pay Rs 50 million. Open money bargaining is done in the name of open competition.&quot;</span></span></p>
',
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			'modified' => '2024-06-20',
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			'description' => '',
			'sortorder' => '21051',
			'image' => '20240620020707_20240411023236_Sebon-update.jpg',
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	(int) 12 => array(
		'Article' => array(
			'id' => '21325',
			'article_category_id' => '1',
			'title' => 'Samsung Offers Heavy Discount on Galaxy Buds FE with the Galaxy S24 Series',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Samsung’s S24 series smartphone is now available in Nepal with a heavy discount on the Galaxy Buds FE.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: Samsung&rsquo;s S24 series smartphone is now available in Nepal with a heavy discount on the Galaxy Buds FE. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The company said in a statement that its customers can now avail Galaxy Buds FE with Galaxy S24 series in an addition to just Rs 5000, a discount from their regular price of Rs 15,000. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The company said this exceptional offer of Samsung promises seamless connectivity, top-tier performance, and crystal-clear sound, all at a fraction of the original cost. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;What truly sets this offer apart is the convenience of 0% interest financing, made possible through Samsung&#39;s Insta Finance service,&rdquo; reads a statement issued by the company.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">With just a citizenship, </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The company said customers can make this a bundle purchase with just a citizenship. According to the statement, an additional Rs 5000 cost is added to the overall EMI payment of their Smartphone purchase at 0% interest rate through Samsung Insta Finance. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">This offer is valid from June 20 until the stock lasts. </span></span></p>

<p>&nbsp;</p>
',
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			'image' => '20240620025353_S24-ultra-&-Galaxy-Buds-FE-5-Revised.jpg',
			'article_date' => '2024-06-20 14:53:15',
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	(int) 13 => array(
		'Article' => array(
			'id' => '21323',
			'article_category_id' => '1',
			'title' => 'Lalitpur Metropolis to Establish Project Bank and Labour Bank   ',
			'sub_title' => '',
			'summary' => 'PATAN: Lalitpur Metropolitan City has incorporated 'project bank' and 'labour bank' in its policies and programmes for the coming fiscal year, 2024/25.    ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">PATAN: Lalitpur Metropolitan City has incorporated &#39;project bank&#39; and &#39;labour bank&#39; in its policies and programmes for the coming fiscal year, 2024/25.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The policies and programmes presented by Mayor Chiri Babu Maharjan mention that the metropolis will develop a trend to formulate the annual budget and programmes by selecting projects from the &#39;project bank&#39; from next year.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The policies and programmes mention that an arrangement would be made to formulate the annual budget and programmes by preparing mid-term expenditure framework as per the periodic plan from next year. Similarly, the LMC will mandatorily formulate &#39;programme implementation action plan&#39; and &#39;procurement plan&#39; for the effective implementation of the budget and programmes.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The cost of continuation of incomplete projects pending for a long time as well as those projects which are not technically, socially and economically feasible in the metropolitan city would be cut out.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Similarly, the LMC will coordinate and collaborate with bodies concerned for the construction of overhead bridges along the ring road section </span>in<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;"> Lalitpur </span>and<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;"> other appropriate spots to address vehicle pressure and convenience of pedestrians.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The metropolis will operate tipper as well as other good-carrier vehicles only along the Nakkhu and Bagmati corridors, read the policies and programmes.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The metropolitan city has set a target of establishing an exhibition hall to display indigenous crafts. -- RSS</span></span></span></p>

<p>&nbsp;</p>
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	(int) 14 => array(
		'Article' => array(
			'id' => '21321',
			'article_category_id' => '1',
			'title' => 'Depositors of Three Problematic Cooperatives Get Back their Money',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The government has intensified a campaign to return the depositors' money from troubled cooperatives.',
			'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">KATHMANDU: The government has intensified a campaign to return the depositors&#39; money from troubled cooperatives. Ministry of Land Management, Cooperative and Poverty Alleviation initiated the campaign to return the savings of depositors in the first-phase.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Out of 20 cooperatives declared problematic by the ministry upon the recommendation of the Department of Cooperatives, the government has settled the liabilities of three such cooperatives &ndash; Kuber Saving and Credit Cooperative, Chartered Saving and Credit Co-Operative Limited and Standard Multi-Purpose Cooperative &ndash; through property management.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Chairperson of the Problematic Cooperative Management Committee, Mohan Gautam, shared that they succeeded in returning all the savings of the depositors of those three cooperatives with constant coordination and activism of Minister for Land Management, Cooperative and Poverty Alleviation, Balram Adhikari.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Minister Adhikari mentioned that they had been taking initiatives to resolve the problems of other 17 distressed cooperatives. He further said they were working actively to return the savings of the depositors by mobilizing the committee effectively. -- RSS&nbsp; </span></span></span></p>

<p>&nbsp;</p>
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FOREX

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)

Bullion

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

Petroleum

Petrol	1 Liter	106.00
Diesel	1 Liter	95.00
Kerosene	1 Liter	95.00
LP Gas	1 Cylinder	1375.00