At a time when talk of liquidity crunch is doing round, various statistics show that state of liquidity has improved in the banking…
At a time when talk of liquidity crunch is doing round, various statistics show that state of liquidity has improved in the banking…
December 20: Buddha Air is preparing to operate two flights a day between Kathmandu and Surkhet with ATR 72…
December 20: A meeting of the Council of Ministers on Sunday approved the Guidelines on Management of Seasonal Workers, 2079.…
December 20: Traffic will be stopped along the Narayangadh-Muglin road section for four hours every day starting from Tuesday (December 20).…
December 20: A month after the general election, the process of selecting a prime minister has finally…
December 20: The government has failed to meet its internal revenue collection target set for the current fiscal year. In the first five months of the current fiscal year, the revenue collection has been 13.63 percent less than the target, according to the Inland Revenue Department…
December 19: Individuals involved in criminal activities will now only be allowed to become founders and chief executive officers (CEOs) in banks and financial institutions five years after serving their…
December 19: Although some of the businesses affected by the Covid-19 pandemic have returned to normalcy, it’s not the case with the handicraft business.…
December 19: Industrial development in Nepal has failed to gain momentum for a long time. Manufacturing industries are continuously shrinking.…
December 19: The Nagdhunga Tunnel Construction Project is likely to miss the completion…
December 19: Radisson Hotel Kathmandu welcomed this holiday season with Christmas Tree Lighting Ceremony on December…
December 19: The Nepal Rastra Bank (NRB) has extended the timeline for the designated banks to roll out the subsidy on exports to the domestic exporter companies that meet the criteria to receive the…
December 19: President Bidya Devi Bhandari has called the newly elected members of the House of Representatives (HoR) who can secure majority of votes with the support of two or more political parties in the HoR to stake claim for the post of the new prime…
December 19: Argentina edged out France 4-2 on penalties in one of the most memorable World Cup finals on Sunday that saw Argentina take a 2-0 lead with goals from Lionel Messi and Angel Di Maria only for France to stage a late fight…
December 18: Stakeholders have highlighted the need for meaningful collaboration and cooperation to realize the sustainable development agenda of…
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', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">December 20 : At a time when talk of liquidity crunch is doing round, various statistics show that state of liquidity has improved in the banking system.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Banks had started facing scarcity of loanable fund since the beginning of the last fiscal year. Rise in remittance inflow and return of the money to the banking channels after the festival and general have led to the increase of deposits, improving state of liquidity in the banking system.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the data made public by Nepal Rastra Bank on Sunday, banks and financial institutions have collected total of deposits of Rs 5254 billion. Out of it, commercial banks have accumulated deposits of Rs 4629 billion while development banks have deposits of Rs 625 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The total credit flow of the banks and financial institutions as of December 18 is 4759 billion. Commercial banks’ lending stands at Rs 4213 billion while the lending of development banks and finance companies stands at Rs 546 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Nepal Rastra Bank, Credit Deposit Ratio (CD Ratio) of banks and financial institutions stands at 85.86 per cent</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Banks can provide loan up to 90 per cent of CD ratio. Given this provision, banks and financial institutions have capacity to increase credit flow of more than Rs 226 billion, said former banker Parsuram Kunwar Kshetri. “Even if a large sum of liquidity goes to the government coffers by the end of current month, banking system will still have one liquidity of one trillion,” Kshetri claimed.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">When asked banks would face liquidity crunch at the end of second quarters of the current fiscal due to tax, internal loan collection by the government and reduction of local levels’ budget from deposits, Ksherti said, “After reducing all of these, banking system will have one trillion left. They will have the capacity to flow credit of Rs 1000 billion.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Since the deposit is increasing in the banking system, banks will have to slash interest rates from next month if conditions remain unchanged, according to Kshetri.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Banks will lose deposits of Rs 31 billion after the end of the second quarters as they can calculate only 50 per cent money of the local levels as deposits. They are calculating 80 per cent of the local levels’ budget as deposits right now. Around Rs 45 billion will go into the government coffers as tax.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A report published by Nepal Rastra Bank has shown that financial indicators such as remittance inflow, foreign currency reserve and balance of payment have improved. Remittance inflow increased by 20.4 per cent between mid-October to mid-November. The country received more than Rs 96 billion remittance during the same period.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Data published by Nepal Bankers’ Association show that commercial banks’ deposit increased by 57.22 billion between mid-November and mid-December. Deposits grew by Rs 22 billion in the last week of Mangshir.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Despite rise in deposits, credit flow of the banks is sluggish. Commercial banks provided lending of just Rs 2 billion in the month of Mangshir. Up to the end of Mangshir, lending has reached 4224 billion. Due to soaring interest rates, demand for credit has slumped and banks have failed to expand lending, said Kshetri.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal Rastra Bank’s Governor Maha Prasad Adhikari has been saying that financial indicators have improved and liquidity situation is easing. He, however, has cautioned that banks might experience a liquidity crunch at the end of second quarters.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal Bankers’ Association Anil Kumar Upadhyay said that state of liquidity was easing due to rise in remittance inflow and other reasons. “State of CD Ratio has become comfortable. But, liquidity is not going to be easily available. If the deposits continue to rise in the same manner, bank interests will decrease from next month,” Upadhaya added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Banks have kept the interest rates stable for the current month.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Rastra Bank’s Executive Director Dr Prakash Kumar Shrestha said that state of liquidity is easing but banks are not able to provide credit easily. “There is no space to provide big loan,” Shrestha stated.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-12-20', 'modified' => '2022-12-20', 'keywords' => '', 'description' => '', 'sortorder' => '16310', 'image' => '20221220112656_collage (11).jpg', 'article_date' => '2022-12-20 11:22:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 1 => array( 'Article' => array( 'id' => '16568', 'article_category_id' => '1', 'title' => 'Buddha Air to Operate Two Flights between Kathmandu and Surkhet Daily', 'sub_title' => '', 'summary' => 'December 20: Buddha Air is preparing to operate two flights a day between Kathmandu and Surkhet with ATR 72 aircraft.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">December 20: Buddha Air is preparing to operate two flights a day between Kathmandu and Surkhet with ATR 72 aircraft.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The company, which started Kathmandu-Surkhet flights from 2013 with Beechcraft 1900D (18 seats), is now flying with 42-seat aircraft. Now, the company is going to operate two daily flights with aircraft having a seating capacity of 72 seats.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The company currently operates only one daily flight and will start two daily flights between Kathmandu and Surkhet from Wednesday, December 21.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The first Kathmandu-Surkhet flight from December 21 will be operated at 10 am and the second flight at 1:25 pm. Similarly, the company informed that the first flight from Surkhet to Kathmandu is scheduled to take off at 11:35 am and the second flight at 3 pm.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The company had started test flights along the Kathmandu-Surkhet route with ATR 72 from December 16. Now, with the success of the test flights, two daily flights are going to be started on a regular basis.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Buddha Air, which is leading the domestic air sector of Nepal, has been flying to almost all the airports where the private sector flies.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-12-20', 'modified' => '2022-12-20', 'keywords' => '', 'description' => '', 'sortorder' => '16309', 'image' => '20221220094834_buddha.jpg', 'article_date' => '2022-12-20 09:47:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16566', 'article_category_id' => '1', 'title' => 'Cabinet Approves Guidelines on Management of Seasonal Workers ', 'sub_title' => '', 'summary' => 'December 20: A meeting of the Council of Ministers on Sunday approved the Guidelines on Management of Seasonal Workers, 2079. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 20: A meeting of the Council of Ministers on Sunday approved the Guidelines on Management of Seasonal Workers, 2079. Likewise, the government has approved an order to determine the standards of grain-based supplementary child nutrition, Minister for Communications and Information Technology Gyanendnra Bahadur Karki told the media on Monday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the cabinet meeting has decided to give an approval to provide two sets of Sheela (precious stones) to Janaki Mandir in Janakpurdham from Kali Gandaki River. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Furthermore, an order to determine the maximum level of heavy metals on foodstuffs has been approved while the Nilgirikhola-I and II hydropower projects are allowed to use the national forest area for the construction of 220 KV transmission line. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The cabinet meeting also decided to use the national forest area for the project development of Upper Phawakhola Hydropower and include additional conditions to the hydropower projects located in the conservation areas, Minister Karki added. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-12-20', 'modified' => '2022-12-20', 'keywords' => '', 'description' => '', 'sortorder' => '16308', 'image' => '20221220091532_ROS_KTM-_6483441(2).jpg', 'article_date' => '2022-12-20 09:14:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16565', 'article_category_id' => '1', 'title' => 'Narayangadh-Mughlin Road to be Closed for 4 Hours a Day from Today', 'sub_title' => '', 'summary' => 'December 20: Traffic will be stopped along the Narayangadh-Muglin road section for four hours every day starting from Tuesday (December 20). ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 20: Traffic will be stopped along the Narayangadh-Muglin road section for four hours every day starting from Tuesday (December 20). The road will be closed for vehicles in order to carry out clearing works of a roadside hill for the construction of bridges on the road section. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The four-hour daily closure will take place for a month. The road will be closed from 11 am to 3 pm every day. Vehicular movement will be stopped for the construction of bridges at Simaltal, Kalikhola, Tuin Khola and Chisenji Khola areas, which are all located in difficult terrain. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Emergency vehicles such as ambulances and fire engines will be allowed to pass between 11 am to 3 pm depending on the accessibility at the moment. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">There are 20 bridges on the 33-km long Narayangadh-Muglin road section. Five of them have been repaired. The remaining bridges are under construction. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-12-20', 'modified' => '2022-12-20', 'keywords' => '', 'description' => '', 'sortorder' => '16307', 'image' => '20221220090446_20180103124608_chitwan.jpg', 'article_date' => '2022-12-20 09:04:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16567', 'article_category_id' => '1', 'title' => 'Process for Selection of New Prime Minister Begins', 'sub_title' => '', 'summary' => 'December 20: A month after the general election, the process of selecting a prime minister has finally initiated.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">December 20: A month after the general election, the process of selecting a prime minister has finally initiated. With the publication of the final results of the elections held in one phase across the country on November 20, the president has called upon the newly-elected lawmakers to submit claims to the post of prime minister.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Members of the House of Representatives who are able to obtain a majority with the support of two or more parties have been urged submit their claim to form a new government not later than 5:00 pm on December 25. No party has achieved a clear majority in parliament.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Nepali Congress President and Prime Minister Sher Bahadur Deuba, who led the five-party ruling alliance in the election, is a strong contender for the post of prime minister. However, the Nepali Congress is yet to choose its parliamentary party leader who shall become the new PM if the party succeeds in securing help from its coalition partners or other fringe parties.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">NC President Deuba is likely to face challenge from NC General Secretary Gagan Thapa, senior leader Ram Chandra Paudel, and Shekhar Koirala and Prakash Man Singh all of whom are aspiring to become prime minister. The NC has announced election for parliamentary party leader on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, Pushpa Kamal Dahal, chairman of the CPN Maoist Center, is also aspiring to become the new prime minister from the ruling alliance. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The main opposition party CPN-UML is also preparing to take the leadership of the government as it seeks to break the ruling alliance. UML Chairman KP Oli is also communicating with various political parties and appealing to support him for the formation of a new government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">A political party requires 138 seats in the 275-member House of Representatives to form a new government. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Nepali Congress has secured 89 seats in the lower house followed by the CPN-UML with 78 seats and the CPN Maoist Centre a distant third with 32 seats.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-12-20', 'modified' => '2022-12-20', 'keywords' => '', 'description' => '', 'sortorder' => '16306', 'image' => '20221220093553_Deuba.jpg', 'article_date' => '2022-12-20 09:35:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16564', 'article_category_id' => '1', 'title' => 'Revenue Collection Below Target ', 'sub_title' => '', 'summary' => 'December 20: The government has failed to meet its internal revenue collection target set for the current fiscal year. In the first five months of the current fiscal year, the revenue collection has been 13.63 percent less than the target, according to the Inland Revenue Department (IRD). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 20: The government has failed to meet its internal revenue collection target set for the current fiscal year. In the first five months of the current fiscal year, the revenue collection has been 13.63 percent less than the target, according to the Inland Revenue Department (IRD). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department had set a goal of collecting internal revenue worth Rs 174.37 billion in the review period but has collected Rs 150.5 billion, which is about Rs 24 billion less than the target. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The government has also failed to meet the target of collecting income tax, value added tax (VAT) and excise duty. The progress in collection of income tax is 80.61 percent of the target while that of value added tax is 82.47 percent and excise duty is 97.9 percent in the review period. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the other hand, the government has surpassed its target of collecting health care tax and education tax during this period. According to the IRD, the global scenario and the impact of internal problems on the economy caused obstructions in revenue collection. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">IRD Director Raju Prasad Pyakurel told the state-owned RSS that the department had set the target by estimating normal situation but could not meet the target due to an extraordinary situation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Income tax collection has been affected this year due to sluggish capital market and real estate transactions, the IRD added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the department also acknowledged that the revenue collection has declined due the liquidity crisis in the banking system, non-availability of working capital loans, restrictions on the import of goods, and low capital expenditure of the government. </span></span></span></p> ', 'published' => true, 'created' => '2022-12-20', 'modified' => '2022-12-20', 'keywords' => '', 'description' => '', 'sortorder' => '16305', 'image' => '20221220085637_IRDD.jpg', 'article_date' => '2022-12-20 08:55:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16563', 'article_category_id' => '1', 'title' => 'NRB sets Strict Criteria for Appointing Bank CEOs', 'sub_title' => '', 'summary' => 'December 19: Individuals involved in criminal activities will now only be allowed to become founders and chief executive officers (CEOs) in banks and financial institutions five years after serving their sentence.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">December 19: Individuals involved in criminal activities will now only be allowed to become founders and chief executive officers (CEOs) in banks and financial institutions five years after serving their sentence.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Nepal Rastra Bank last week amended the 'Policy and Procedural Provisions on Licensing of Banks, Financial Institutions and Financial Transactions 2063' and the ‘Unified Directives 2078' and tightened the qualifications of founders and CEOs. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Amending the qualification of the founder, NRB has added a provision that if a person has a criminal background mentioned in the police report, the person cannot be a founder or a CEO of a bank until five years after completing his/her sentence.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Previously, there was such a restrictive arrangement only in the case of persons who were blacklisted by the Credit Information Center. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In the amended procedure, if any of the proposed founders who have applied for the establishment of a bank or financial institution is blacklisted or has a criminal background in the police report, the registration process will be carried out only after the removal of such founders or the addition of new founders.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, in the context of appointing a CEO in a bank or financial institution, the individual can only take the responsibility after five years of finishing the criminal sentence. Similarly, individuals aspiring to become a CEO must not have been convicted for dishonesty or fraud.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the directive, a person who has been convicted of corruption charges will be disqualified from holding the position of chief executive officer of banks and financial institutions. Similarly, there is a provision that founders of banks and financial institutions cannot sell their ownership to persons with criminal backgrounds. A provision has been added in the directive that a person with a criminal record in the police report can buy founder shares only after five years of acquittal.</span></span></p> ', 'published' => true, 'created' => '2022-12-19', 'modified' => '2022-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '16304', 'image' => '20221219033744_Banks - Copy.jpg', 'article_date' => '2022-12-19 15:36:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16562', 'article_category_id' => '1', 'title' => 'Export of Handicraft Products Fails to Regain Momentum', 'sub_title' => '', 'summary' => 'December 19: Although some of the businesses affected by the Covid-19 pandemic have returned to normalcy, it’s not the case with the handicraft business. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">December 19: Although some of the businesses affected by the Covid-19 pandemic have returned to normalcy, it’s not the case with the handicraft business. It seems that the export of handicraft products, which reached more than Rs 5.37 billion in the fiscal year 2075/76, decreased by about Rs 1 billion in the last fiscal year. Handicraft products worth more than Rs 4.40 billion were exported in the year 2078/79.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Handicraft businessmen say that exports have been adversely affected as the Covid-19 put the economy of most of the countries in the world in a difficult situation. According to the Federation of Handicraft Association of Nepal, even though exports are improving after Covid-19, the pace is very slow. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Handicraft goods from Nepal are mainly exported to the USA, China, Australia, the UK, Canada, India, Germany, the Netherlands, Japan, Singapore and other countries. China is also the main market for non-textile handicraft.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Naveen Shakya, vice president of the federation said, “The Chinese market has not opened well. The rest of the market is also sluggish. That's why exports could not increase.” According to him, the government policy also hindered exports and that the government should introduce a policy of giving handicraft products special exemptions.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Businessmen also complain about the problem of availability of raw materials needed for handicraft. They complain that they have to face many difficulties in getting raw materials such as stone, soil, wood etc. which are to be found in Nepal. Another vice-president of the federation, Kiran Kumar Sthapit, complains that certain stones and wood used to prepare the handicraft materials are not found in Nepal and have to be brought from abroad.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Businessmen involved in the handicraft business say that due to the lack of skillful craftsmen in this sector, they are not able to produce enough products as required by the customers. They suggest that the government should increase investment in the production of manpower required for this sector, which has great potential.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Government officials argue that there is no shortage of training from the state. Bishnu Prasad Bhusal, executive officer of Micro, Cottage and Small Industries Promotion Center, said that the government conducts separate training for handicraft entrepreneurs and craftsmen. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Bhusal said, “There is no lack of training from the government. We are providing training to 12,200 people in the current fiscal year 2079/80. There may be some problems in taking loans due to the economic crisis seen now, but everything will be resolved once the economic situation becomes easier.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Bhusal also claims that there is no problem in the availability of raw materials in Nepal. He said that some businessmen come to the center with such problems and the center coordinates them.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-12-19', 'modified' => '2022-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '16303', 'image' => '20221219032940_handicraft.jpg', 'article_date' => '2022-12-19 15:29:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16561', 'article_category_id' => '1', 'title' => 'Why is the Contribution of Industrial Sector to the GDP Declining?', 'sub_title' => '', 'summary' => 'December 19: Industrial development in Nepal has failed to gain momentum for a long time. Manufacturing industries are continuously shrinking. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">December 19: Industrial development in Nepal has failed to gain momentum for a long time. Manufacturing industries are continuously shrinking. The lack of easy supply of raw materials, non-availability of loans at concessional rates, migration of skilled workers, frequently changing government policies, lack of customs exemptions, and the inability of the government to bring a special policy for industrialization have affected the development of industries in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The contribution of the industrial sector to the gross domestic product (GDP) was 10 per cent three decades ago but has now shrunk to 5-6 per cent in the last decade. Even though the people's representatives and officials at the level of policy-making and implementation of the state keep repeating that the industrial sector needs to be developed more rapidly for economic prosperity, the reality is the opposite.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The private sector complains that the government neglects the industry. Industrialists complain that the state has not prioritized industrial development. Chairman of Nepal Chamber of Commerce Rajendra Malla said the development of industries is only possible if the government brings a special package for industries based on basic raw materials.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">China, the northern neighbour, and India, to the south, use their huge industrial structures for 'mass production'. Due to this, the production cost of their goods is low.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Nepal has an open border with India in the east, south and west. Although the border with China is not as open as that of India, it is not difficult to import goods. In such a situation, Nepali industrial products have to compete with Indian and Chinese products in the domestic market. Stakeholders shared that they are losing the market because Nepali goods cannot compete with the Indian and Chinese products.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Developed countries in the world are encouraging protectionism. An example of this is the growing trade war between the US and China. "Nepal government also has to bring a special type of industrial policy for the protection and development of the industrial sector," said NCC President Malla.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Stakeholders shared that for the industrial development of the country, there should be a timely review and timely revision of the policies that were made a long time ago.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Dinesh Shrestha, vice president of the Federation of Nepalese Chamber of Industries and Commerce, said that although there were various concessions for industrial development in the previous Act, all of them have been removed recently.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-12-19', 'modified' => '2022-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '16302', 'image' => '20221219031835_Industries.jpg', 'article_date' => '2022-12-19 15:17:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16560', 'article_category_id' => '1', 'title' => 'Construction of Nagdhunga Tunnel Likely to be Delayed Again ', 'sub_title' => '', 'summary' => 'December 19: The Nagdhunga Tunnel Construction Project is likely to miss the completion deadline. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">December 19: The Nagdhunga Tunnel Construction Project is likely to miss the completion deadline again. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The construction of the tunnel, which was supposed to be completed within 42 months from the start of the project, is now 70 percent complete. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The foundation stone of the tunnel was laid by the then Prime Minister KP Sharma Oli in October, 2019. As per the initial agreement, the project was supposed to be completed by April 2023. However, the extended deadline of the project is mid-August 2023.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">But, the project officials say it is not possible to complete the remaining works within the given timeframe due to the challenges related to land acquisition and Covid-19 pandemic.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">Deputy Director of the project, Madhav Prasad Adhikari, told the state-owned national news agency (RSS) that the project is likely to be delayed by some months. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The extended deadline is ending in mid-August next year. The construction works were hampered in the past two years due to the Covid-19 pandemic. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">Study is going on to assess the additional time that the project requires to get completed, said Adhikari. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">An agreement was reached between the Government of Nepal and the Japan International Cooperation Agency (JICA) in 2016 to construct the tunnel. The total cost of the tunnel is estimated to be around Rs 22 billion, of which JICA will bear Rs 16 billion and the Government of Nepal will bear Rs 6 billion. The total length of the tunnel is projected to be 5.7 km.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">Japanese construction company Hazama Ando Corporation had earlier demanded an extension of deadline as the work was delayed due to the pandemic, restrictions and a few days of interruption by the locals.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-12-19', 'modified' => '2022-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '16301', 'image' => '20221219025214_20220417021920_20201105124818_20200308111704_adahjj.jpg', 'article_date' => '2022-12-19 14:51:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16559', 'article_category_id' => '266', 'title' => 'Radisson Hotel Organises Christmas Tree-Lighting Ceremony', 'sub_title' => '', 'summary' => 'December 19: Radisson Hotel Kathmandu welcomed this holiday season with Christmas Tree Lighting Ceremony on December 16.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">December 19: Radisson Hotel Kathmandu welcomed this holiday season with Christmas tree-lighting ceremony on December 16. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement, the international chain hotel said guests from different sectors were invited by the hotel to celebrate the ceremony. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Everyone gathered together in the lobby, filled with joy and warmth of the festive season,” read the statement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the hotel, General Manager Subrata Banerjee started the ceremony by welcoming all the invitees. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Tomoko Tanaka from JICA Nepal was invited by GM Banerjee to light the Christmas tree. Soon after, Santa Claus entered with a bag filled with chocolates which delighted the children present during the ceremony.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The statement further said that the festive night at Radisson Hotel Kathmandu featured Live Christmas carol singing along with a display of ginger bread house, jingle bells, Christmas delicacies and Santa Claus spreading joy among all the invitees with other fun-filled festive activities. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The hotel’s chefs prepared a delicious feast to celebrate the festivity with a perfect blend of Christmas spirit and cheer, added the statement.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-12-19', 'modified' => '2022-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '16300', 'image' => '20221219023235_DSC_5662.jpg', 'article_date' => '2022-12-19 14:31:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16558', 'article_category_id' => '1', 'title' => 'NRB Comes up with New Procedures on Subsidy for Exporters ', 'sub_title' => '', 'summary' => 'December 19: The Nepal Rastra Bank (NRB) has extended the timeline for the designated banks to roll out the subsidy on exports to the domestic exporter companies that meet the criteria to receive the amount.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 19: The Nepal Rastra Bank (NRB) has extended the timeline for the designated banks to roll out the subsidy on exports to the domestic exporter companies that meet the criteria to receive the amount.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Earlier, the NRB had been providing the subsidy amount received from the Ministry of Finance to the exporters through various banks within seven days after receiving the claims made by the exporters. Issuing a notice on Sunday, the central bank said it has now amended the provision to extend the timeline to 15 days.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The NRB has already notified Banks and Financial Institutions regarding the new provisions which have come into force with immediate effect.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Two months ago, the government had decided to give subsidy on exports of 36 different goods by making the first amendment to the Procedures on Providing Subsidy on Goods Export, 2075 BS. As per the new amendment, 18 types of goods should have 50 percent value added and 18 others should have 30 percent. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the NRB notice, those requiring to have 50 percent value added goods include processed tea, processed coffee, handicraft products (copper, iron, brass and goods with glass as raw materials) and woodcrafts. Processed leather, handmade paper and goods produced from them, processed and semi-processed herbs (including Yarsagumba), processed stone, Allo products, processed drinking water, processed and semi-processed turmeric, fresh vegetables, flower, processed honey, cardamom and ginger should also have 50 percent value added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The new procedures have come up with the provision to give subsidy for the third country export of dairy products, fruits and broom grass. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The exporters are entitled to receive subsidy amount equal to five percent of the total export and one percent additional subsidy would also be given if the export is made by adding 80 percent value of those goods. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Those requiring to have 30 percent value added goods to claim subsidy include clothes and readymade garments produced in Nepal, woolen goods, pashmina, jute and jute products, gold and silver jewelries, semi-processed domestic leather, medicines, polyester/yarn/fiber, slipper, clinker, cement, steel, plywood and others. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Amount equal to four percent would be availed in subsidy from the government for the exports of such goods. (With inputs from RSS) </span><br /> </span></span></p> ', 'published' => true, 'created' => '2022-12-19', 'modified' => '2022-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '16299', 'image' => '20221219121835_export.jpg', 'article_date' => '2022-12-19 12:17:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16557', 'article_category_id' => '1', 'title' => 'Prez Bhandari calls HoR Members to Stake Claim for Prime Ministerial Berth ', 'sub_title' => '', 'summary' => 'December 19: President Bidya Devi Bhandari has called the newly elected members of the House of Representatives (HoR) who can secure majority of votes with the support of two or more political parties in the HoR to stake claim for the post of the new prime minister. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 19: President Bidya Devi Bhandari has called the newly elected members of the House of Representatives (HoR) who can secure majority of votes with the support of two or more political parties in the HoR to stake claim for the post of the new prime minister. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The president has given a week’s time for the HoR members to submit their claim for the prime ministerial post, states a press release issued by the Office of the President on Sunday. They need to make the claim before 5:00 pm on December 26. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The president made such call in accordance with Article 76 (2) of the Constitution of Nepal after no political party was able to gain clear majority in the parliament. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Any political party requires 138 seats in the 275-member HoR to form a new government.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">During the November 20 polls, the Nepali Congress emerged as the largest party with 89 seats followed by the CPN UML with 78 seats and CPN Maoist Centre a distant third with 32 seats.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">None of the parties are able to form a new government on their own.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-12-19', 'modified' => '2022-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '16298', 'image' => '20221219112016_parliament building.jpg', 'article_date' => '2022-12-19 11:19:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16556', 'article_category_id' => '1', 'title' => 'Messi Leads Argentina to Incredible World Cup Final Victory over France on Penalties', 'sub_title' => 'Stars were Aligned for Messi to Lift the World Cup', 'summary' => 'December 19: Argentina edged out France 4-2 on penalties in one of the most memorable World Cup finals on Sunday that saw Argentina take a 2-0 lead with goals from Lionel Messi and Angel Di Maria only for France to stage a late fight back.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">December 19: Argentina edged out France 4-2 on penalties in one of the most memorable World Cup finals on Sunday that saw Argentina take a 2-0 lead with goals from Lionel Messi and Angel Di Maria only for France to stage a late fight back.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Defending champions France were 2-0 down until 80 minutes but Kylin Mbppe to scored a late brace in regular time as they kept alive their bid to win back-to-back titles which only Italy has won in the 1930s and Brazil in 1958 and 1962.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Messi looked to be securing the one major honour missing from his glittering collection in comfort as Argentina cruised into a two-goal lead, the BBC reported, adding, “This all changed when an explosive intervention from Mbappe, who scored two goals inside two minutes late on, turned this frantic, magnificent match for the ages on its head.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the BBC, Argentina were untroubled until the closing stages, only for Mbappe to give France a lifeline from the penalty spot with nine minutes left - then restore equality with a magnificent volley moments later.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Messi bundled Argentina back in front in extra time, but Mbappe completed his treble from the spot two minutes from the end of a frantic, chaotic added spell.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Luck favoured Argentina in the penalty shootout as they passed the test 4-2 in one of the sport’s all-time great games. Argentina goalkeeper Emiliano Martinez’s heroics cannot be ignored as he saved the decisive spot kick of Kingsley Coman that turned the tide in favour of Argentina in the shootout. Martinez had also starred in Argentina’s penalty shootout win over the Netherlands in the quarterfinal of the 2022 World Cup.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The result also backed the claim made by football great Zlatan Ibrahimovic just a few days ago that ‘stars are aligned for Messi to lift the World Cup'.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-12-19', 'modified' => '2022-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '16297', 'image' => '20221219123609_3263456-671593257.jpg', 'article_date' => '2022-12-19 00:31:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16555', 'article_category_id' => '1', 'title' => 'Call for Private-Public Collaboration for Lasting Change ', 'sub_title' => '', 'summary' => 'December 18: Stakeholders have highlighted the need for meaningful collaboration and cooperation to realize the sustainable development agenda of Nepal. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 18: Stakeholders have highlighted the need for meaningful collaboration and cooperation to realize the sustainable development agenda of Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at a workshop on "Promotion of Public-Private Partnership for Sustainable Development in Nepal" organized by China Foundation for Rural Development (CFRD) on Friday, experts from Nepal and China underlined the need for better partnership between private and public sectors for lasting change and development. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chairperson of Sustainable Development and Good Governance Committee of National Assembly, Prakash Panta, said that the SDGs have provided a guideline for development of the countries. As a signatory state to the SDGs, Nepal should focus its development priorities accordingly, he said, adding that the entire population of the country will benefit if SDGs are realized. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The positive side in Nepal is that almost all political parties have issued their election manifesto with focus on Sustainable Development Goals, he further said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Panta also informed that the committee has been working rigorously to collect data to identify Nepal's status and progress with regard to SDGs implementation. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"I am hopeful that the recommendations of the committee will be helpful for the government to prioritize its development activities." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Also speaking at the event, former chief secretary Lila Mani Poudyal said poverty is a big threat to humanity. As it limits the people's fundamental rights, every individual deserves to be lifted out of poverty. "Over the past 40 years, China has lifted nearly 800 million people out of poverty and this is a tremendous progress that should be appreciated by all." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Poudyal also said that the achievements made by China have been globally recognized. Institutions like the World Bank and International Monetary Fund (IMF) have appreciated the efforts made by China in the area of eradicating poverty. "I was fortunate to have had an opportunity to closely observe China's modern development," he said. "I strongly believe that Nepal should take advantage by learning from Chinese experience and utilizing the resources China has been providing us." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Economic and Commercial Counselor of the Chinese Embassy in Kathmandu, Xie Yu, said that the global development cause is at a critical juncture for the time being. China and Nepal have a “Strategic Partnership of Cooperation Featuring Ever-lasting Friendship for Development and Prosperity, he said, "China aid to Nepal is also a long-term cause that requires both sides’ nourishment and constant care." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Executive Vice President of CFRD, Liu Wenkui, shared that the organization has accorded its priority to at least six Sustainable Development Goals including SDGs 1, 2 , 3, 4, 6, and 8. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“China and Nepal are close neighbors connected by mountains and rivers and people-to-people exchanges. In the past seven years, we spent more than USD 7.6 million to benefit more than 550,000 person-times in Nepal,” he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"We will continue to uphold the philosophy of 'Love Without Borders, People to People connectivity', and join hands with Nepali people and make greater contributions to support Nepal achieve the 2030 UN Sustainable Development Goals as soon as possible." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Amid the program, the United Nations Development Program (UNDP) and CFRD Nepal office jointly unveiled the cooperation framework for implementation of the project "Support to Schools and Communities in Remote Areas for Pandemic Prevention and Green Recovery in Nepal" under the Global Development and South-South Cooperation Project in Nepal. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-12-18', 'modified' => '2022-12-18', 'keywords' => '', 'description' => '', 'sortorder' => '16296', 'image' => '20221218031011_PPP.jpg', 'article_date' => '2022-12-18 15:08:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">December 20 : At a time when talk of liquidity crunch is doing round, various statistics show that state of liquidity has improved in the banking system.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Banks had started facing scarcity of loanable fund since the beginning of the last fiscal year. Rise in remittance inflow and return of the money to the banking channels after the festival and general have led to the increase of deposits, improving state of liquidity in the banking system.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the data made public by Nepal Rastra Bank on Sunday, banks and financial institutions have collected total of deposits of Rs 5254 billion. Out of it, commercial banks have accumulated deposits of Rs 4629 billion while development banks have deposits of Rs 625 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The total credit flow of the banks and financial institutions as of December 18 is 4759 billion. Commercial banks’ lending stands at Rs 4213 billion while the lending of development banks and finance companies stands at Rs 546 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Nepal Rastra Bank, Credit Deposit Ratio (CD Ratio) of banks and financial institutions stands at 85.86 per cent</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Banks can provide loan up to 90 per cent of CD ratio. Given this provision, banks and financial institutions have capacity to increase credit flow of more than Rs 226 billion, said former banker Parsuram Kunwar Kshetri. “Even if a large sum of liquidity goes to the government coffers by the end of current month, banking system will still have one liquidity of one trillion,” Kshetri claimed.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">When asked banks would face liquidity crunch at the end of second quarters of the current fiscal due to tax, internal loan collection by the government and reduction of local levels’ budget from deposits, Ksherti said, “After reducing all of these, banking system will have one trillion left. They will have the capacity to flow credit of Rs 1000 billion.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Since the deposit is increasing in the banking system, banks will have to slash interest rates from next month if conditions remain unchanged, according to Kshetri.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Banks will lose deposits of Rs 31 billion after the end of the second quarters as they can calculate only 50 per cent money of the local levels as deposits. They are calculating 80 per cent of the local levels’ budget as deposits right now. Around Rs 45 billion will go into the government coffers as tax.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A report published by Nepal Rastra Bank has shown that financial indicators such as remittance inflow, foreign currency reserve and balance of payment have improved. Remittance inflow increased by 20.4 per cent between mid-October to mid-November. The country received more than Rs 96 billion remittance during the same period.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Data published by Nepal Bankers’ Association show that commercial banks’ deposit increased by 57.22 billion between mid-November and mid-December. Deposits grew by Rs 22 billion in the last week of Mangshir.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Despite rise in deposits, credit flow of the banks is sluggish. Commercial banks provided lending of just Rs 2 billion in the month of Mangshir. Up to the end of Mangshir, lending has reached 4224 billion. Due to soaring interest rates, demand for credit has slumped and banks have failed to expand lending, said Kshetri.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal Rastra Bank’s Governor Maha Prasad Adhikari has been saying that financial indicators have improved and liquidity situation is easing. He, however, has cautioned that banks might experience a liquidity crunch at the end of second quarters.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal Bankers’ Association Anil Kumar Upadhyay said that state of liquidity was easing due to rise in remittance inflow and other reasons. “State of CD Ratio has become comfortable. But, liquidity is not going to be easily available. If the deposits continue to rise in the same manner, bank interests will decrease from next month,” Upadhaya added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Banks have kept the interest rates stable for the current month.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Rastra Bank’s Executive Director Dr Prakash Kumar Shrestha said that state of liquidity is easing but banks are not able to provide credit easily. “There is no space to provide big loan,” Shrestha stated.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-12-20', 'modified' => '2022-12-20', 'keywords' => '', 'description' => '', 'sortorder' => '16310', 'image' => '20221220112656_collage (11).jpg', 'article_date' => '2022-12-20 11:22:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 1 => array( 'Article' => array( 'id' => '16568', 'article_category_id' => '1', 'title' => 'Buddha Air to Operate Two Flights between Kathmandu and Surkhet Daily', 'sub_title' => '', 'summary' => 'December 20: Buddha Air is preparing to operate two flights a day between Kathmandu and Surkhet with ATR 72 aircraft.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">December 20: Buddha Air is preparing to operate two flights a day between Kathmandu and Surkhet with ATR 72 aircraft.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The company, which started Kathmandu-Surkhet flights from 2013 with Beechcraft 1900D (18 seats), is now flying with 42-seat aircraft. Now, the company is going to operate two daily flights with aircraft having a seating capacity of 72 seats.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The company currently operates only one daily flight and will start two daily flights between Kathmandu and Surkhet from Wednesday, December 21.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The first Kathmandu-Surkhet flight from December 21 will be operated at 10 am and the second flight at 1:25 pm. Similarly, the company informed that the first flight from Surkhet to Kathmandu is scheduled to take off at 11:35 am and the second flight at 3 pm.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The company had started test flights along the Kathmandu-Surkhet route with ATR 72 from December 16. Now, with the success of the test flights, two daily flights are going to be started on a regular basis.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Buddha Air, which is leading the domestic air sector of Nepal, has been flying to almost all the airports where the private sector flies.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-12-20', 'modified' => '2022-12-20', 'keywords' => '', 'description' => '', 'sortorder' => '16309', 'image' => '20221220094834_buddha.jpg', 'article_date' => '2022-12-20 09:47:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16566', 'article_category_id' => '1', 'title' => 'Cabinet Approves Guidelines on Management of Seasonal Workers ', 'sub_title' => '', 'summary' => 'December 20: A meeting of the Council of Ministers on Sunday approved the Guidelines on Management of Seasonal Workers, 2079. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 20: A meeting of the Council of Ministers on Sunday approved the Guidelines on Management of Seasonal Workers, 2079. Likewise, the government has approved an order to determine the standards of grain-based supplementary child nutrition, Minister for Communications and Information Technology Gyanendnra Bahadur Karki told the media on Monday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the cabinet meeting has decided to give an approval to provide two sets of Sheela (precious stones) to Janaki Mandir in Janakpurdham from Kali Gandaki River. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Furthermore, an order to determine the maximum level of heavy metals on foodstuffs has been approved while the Nilgirikhola-I and II hydropower projects are allowed to use the national forest area for the construction of 220 KV transmission line. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The cabinet meeting also decided to use the national forest area for the project development of Upper Phawakhola Hydropower and include additional conditions to the hydropower projects located in the conservation areas, Minister Karki added. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-12-20', 'modified' => '2022-12-20', 'keywords' => '', 'description' => '', 'sortorder' => '16308', 'image' => '20221220091532_ROS_KTM-_6483441(2).jpg', 'article_date' => '2022-12-20 09:14:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16565', 'article_category_id' => '1', 'title' => 'Narayangadh-Mughlin Road to be Closed for 4 Hours a Day from Today', 'sub_title' => '', 'summary' => 'December 20: Traffic will be stopped along the Narayangadh-Muglin road section for four hours every day starting from Tuesday (December 20). ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 20: Traffic will be stopped along the Narayangadh-Muglin road section for four hours every day starting from Tuesday (December 20). The road will be closed for vehicles in order to carry out clearing works of a roadside hill for the construction of bridges on the road section. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The four-hour daily closure will take place for a month. The road will be closed from 11 am to 3 pm every day. Vehicular movement will be stopped for the construction of bridges at Simaltal, Kalikhola, Tuin Khola and Chisenji Khola areas, which are all located in difficult terrain. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Emergency vehicles such as ambulances and fire engines will be allowed to pass between 11 am to 3 pm depending on the accessibility at the moment. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">There are 20 bridges on the 33-km long Narayangadh-Muglin road section. Five of them have been repaired. The remaining bridges are under construction. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-12-20', 'modified' => '2022-12-20', 'keywords' => '', 'description' => '', 'sortorder' => '16307', 'image' => '20221220090446_20180103124608_chitwan.jpg', 'article_date' => '2022-12-20 09:04:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16567', 'article_category_id' => '1', 'title' => 'Process for Selection of New Prime Minister Begins', 'sub_title' => '', 'summary' => 'December 20: A month after the general election, the process of selecting a prime minister has finally initiated.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">December 20: A month after the general election, the process of selecting a prime minister has finally initiated. With the publication of the final results of the elections held in one phase across the country on November 20, the president has called upon the newly-elected lawmakers to submit claims to the post of prime minister.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Members of the House of Representatives who are able to obtain a majority with the support of two or more parties have been urged submit their claim to form a new government not later than 5:00 pm on December 25. No party has achieved a clear majority in parliament.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Nepali Congress President and Prime Minister Sher Bahadur Deuba, who led the five-party ruling alliance in the election, is a strong contender for the post of prime minister. However, the Nepali Congress is yet to choose its parliamentary party leader who shall become the new PM if the party succeeds in securing help from its coalition partners or other fringe parties.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">NC President Deuba is likely to face challenge from NC General Secretary Gagan Thapa, senior leader Ram Chandra Paudel, and Shekhar Koirala and Prakash Man Singh all of whom are aspiring to become prime minister. The NC has announced election for parliamentary party leader on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, Pushpa Kamal Dahal, chairman of the CPN Maoist Center, is also aspiring to become the new prime minister from the ruling alliance. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The main opposition party CPN-UML is also preparing to take the leadership of the government as it seeks to break the ruling alliance. UML Chairman KP Oli is also communicating with various political parties and appealing to support him for the formation of a new government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">A political party requires 138 seats in the 275-member House of Representatives to form a new government. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Nepali Congress has secured 89 seats in the lower house followed by the CPN-UML with 78 seats and the CPN Maoist Centre a distant third with 32 seats.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-12-20', 'modified' => '2022-12-20', 'keywords' => '', 'description' => '', 'sortorder' => '16306', 'image' => '20221220093553_Deuba.jpg', 'article_date' => '2022-12-20 09:35:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16564', 'article_category_id' => '1', 'title' => 'Revenue Collection Below Target ', 'sub_title' => '', 'summary' => 'December 20: The government has failed to meet its internal revenue collection target set for the current fiscal year. In the first five months of the current fiscal year, the revenue collection has been 13.63 percent less than the target, according to the Inland Revenue Department (IRD). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 20: The government has failed to meet its internal revenue collection target set for the current fiscal year. In the first five months of the current fiscal year, the revenue collection has been 13.63 percent less than the target, according to the Inland Revenue Department (IRD). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department had set a goal of collecting internal revenue worth Rs 174.37 billion in the review period but has collected Rs 150.5 billion, which is about Rs 24 billion less than the target. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The government has also failed to meet the target of collecting income tax, value added tax (VAT) and excise duty. The progress in collection of income tax is 80.61 percent of the target while that of value added tax is 82.47 percent and excise duty is 97.9 percent in the review period. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the other hand, the government has surpassed its target of collecting health care tax and education tax during this period. According to the IRD, the global scenario and the impact of internal problems on the economy caused obstructions in revenue collection. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">IRD Director Raju Prasad Pyakurel told the state-owned RSS that the department had set the target by estimating normal situation but could not meet the target due to an extraordinary situation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Income tax collection has been affected this year due to sluggish capital market and real estate transactions, the IRD added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the department also acknowledged that the revenue collection has declined due the liquidity crisis in the banking system, non-availability of working capital loans, restrictions on the import of goods, and low capital expenditure of the government. </span></span></span></p> ', 'published' => true, 'created' => '2022-12-20', 'modified' => '2022-12-20', 'keywords' => '', 'description' => '', 'sortorder' => '16305', 'image' => '20221220085637_IRDD.jpg', 'article_date' => '2022-12-20 08:55:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16563', 'article_category_id' => '1', 'title' => 'NRB sets Strict Criteria for Appointing Bank CEOs', 'sub_title' => '', 'summary' => 'December 19: Individuals involved in criminal activities will now only be allowed to become founders and chief executive officers (CEOs) in banks and financial institutions five years after serving their sentence.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">December 19: Individuals involved in criminal activities will now only be allowed to become founders and chief executive officers (CEOs) in banks and financial institutions five years after serving their sentence.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Nepal Rastra Bank last week amended the 'Policy and Procedural Provisions on Licensing of Banks, Financial Institutions and Financial Transactions 2063' and the ‘Unified Directives 2078' and tightened the qualifications of founders and CEOs. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Amending the qualification of the founder, NRB has added a provision that if a person has a criminal background mentioned in the police report, the person cannot be a founder or a CEO of a bank until five years after completing his/her sentence.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Previously, there was such a restrictive arrangement only in the case of persons who were blacklisted by the Credit Information Center. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In the amended procedure, if any of the proposed founders who have applied for the establishment of a bank or financial institution is blacklisted or has a criminal background in the police report, the registration process will be carried out only after the removal of such founders or the addition of new founders.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, in the context of appointing a CEO in a bank or financial institution, the individual can only take the responsibility after five years of finishing the criminal sentence. Similarly, individuals aspiring to become a CEO must not have been convicted for dishonesty or fraud.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the directive, a person who has been convicted of corruption charges will be disqualified from holding the position of chief executive officer of banks and financial institutions. Similarly, there is a provision that founders of banks and financial institutions cannot sell their ownership to persons with criminal backgrounds. A provision has been added in the directive that a person with a criminal record in the police report can buy founder shares only after five years of acquittal.</span></span></p> ', 'published' => true, 'created' => '2022-12-19', 'modified' => '2022-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '16304', 'image' => '20221219033744_Banks - Copy.jpg', 'article_date' => '2022-12-19 15:36:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16562', 'article_category_id' => '1', 'title' => 'Export of Handicraft Products Fails to Regain Momentum', 'sub_title' => '', 'summary' => 'December 19: Although some of the businesses affected by the Covid-19 pandemic have returned to normalcy, it’s not the case with the handicraft business. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">December 19: Although some of the businesses affected by the Covid-19 pandemic have returned to normalcy, it’s not the case with the handicraft business. It seems that the export of handicraft products, which reached more than Rs 5.37 billion in the fiscal year 2075/76, decreased by about Rs 1 billion in the last fiscal year. Handicraft products worth more than Rs 4.40 billion were exported in the year 2078/79.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Handicraft businessmen say that exports have been adversely affected as the Covid-19 put the economy of most of the countries in the world in a difficult situation. According to the Federation of Handicraft Association of Nepal, even though exports are improving after Covid-19, the pace is very slow. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Handicraft goods from Nepal are mainly exported to the USA, China, Australia, the UK, Canada, India, Germany, the Netherlands, Japan, Singapore and other countries. China is also the main market for non-textile handicraft.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Naveen Shakya, vice president of the federation said, “The Chinese market has not opened well. The rest of the market is also sluggish. That's why exports could not increase.” According to him, the government policy also hindered exports and that the government should introduce a policy of giving handicraft products special exemptions.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Businessmen also complain about the problem of availability of raw materials needed for handicraft. They complain that they have to face many difficulties in getting raw materials such as stone, soil, wood etc. which are to be found in Nepal. Another vice-president of the federation, Kiran Kumar Sthapit, complains that certain stones and wood used to prepare the handicraft materials are not found in Nepal and have to be brought from abroad.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Businessmen involved in the handicraft business say that due to the lack of skillful craftsmen in this sector, they are not able to produce enough products as required by the customers. They suggest that the government should increase investment in the production of manpower required for this sector, which has great potential.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Government officials argue that there is no shortage of training from the state. Bishnu Prasad Bhusal, executive officer of Micro, Cottage and Small Industries Promotion Center, said that the government conducts separate training for handicraft entrepreneurs and craftsmen. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Bhusal said, “There is no lack of training from the government. We are providing training to 12,200 people in the current fiscal year 2079/80. There may be some problems in taking loans due to the economic crisis seen now, but everything will be resolved once the economic situation becomes easier.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Bhusal also claims that there is no problem in the availability of raw materials in Nepal. He said that some businessmen come to the center with such problems and the center coordinates them.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-12-19', 'modified' => '2022-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '16303', 'image' => '20221219032940_handicraft.jpg', 'article_date' => '2022-12-19 15:29:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16561', 'article_category_id' => '1', 'title' => 'Why is the Contribution of Industrial Sector to the GDP Declining?', 'sub_title' => '', 'summary' => 'December 19: Industrial development in Nepal has failed to gain momentum for a long time. Manufacturing industries are continuously shrinking. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">December 19: Industrial development in Nepal has failed to gain momentum for a long time. Manufacturing industries are continuously shrinking. The lack of easy supply of raw materials, non-availability of loans at concessional rates, migration of skilled workers, frequently changing government policies, lack of customs exemptions, and the inability of the government to bring a special policy for industrialization have affected the development of industries in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The contribution of the industrial sector to the gross domestic product (GDP) was 10 per cent three decades ago but has now shrunk to 5-6 per cent in the last decade. Even though the people's representatives and officials at the level of policy-making and implementation of the state keep repeating that the industrial sector needs to be developed more rapidly for economic prosperity, the reality is the opposite.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The private sector complains that the government neglects the industry. Industrialists complain that the state has not prioritized industrial development. Chairman of Nepal Chamber of Commerce Rajendra Malla said the development of industries is only possible if the government brings a special package for industries based on basic raw materials.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">China, the northern neighbour, and India, to the south, use their huge industrial structures for 'mass production'. Due to this, the production cost of their goods is low.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Nepal has an open border with India in the east, south and west. Although the border with China is not as open as that of India, it is not difficult to import goods. In such a situation, Nepali industrial products have to compete with Indian and Chinese products in the domestic market. Stakeholders shared that they are losing the market because Nepali goods cannot compete with the Indian and Chinese products.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Developed countries in the world are encouraging protectionism. An example of this is the growing trade war between the US and China. "Nepal government also has to bring a special type of industrial policy for the protection and development of the industrial sector," said NCC President Malla.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Stakeholders shared that for the industrial development of the country, there should be a timely review and timely revision of the policies that were made a long time ago.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Dinesh Shrestha, vice president of the Federation of Nepalese Chamber of Industries and Commerce, said that although there were various concessions for industrial development in the previous Act, all of them have been removed recently.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-12-19', 'modified' => '2022-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '16302', 'image' => '20221219031835_Industries.jpg', 'article_date' => '2022-12-19 15:17:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16560', 'article_category_id' => '1', 'title' => 'Construction of Nagdhunga Tunnel Likely to be Delayed Again ', 'sub_title' => '', 'summary' => 'December 19: The Nagdhunga Tunnel Construction Project is likely to miss the completion deadline. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">December 19: The Nagdhunga Tunnel Construction Project is likely to miss the completion deadline again. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The construction of the tunnel, which was supposed to be completed within 42 months from the start of the project, is now 70 percent complete. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The foundation stone of the tunnel was laid by the then Prime Minister KP Sharma Oli in October, 2019. As per the initial agreement, the project was supposed to be completed by April 2023. However, the extended deadline of the project is mid-August 2023.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">But, the project officials say it is not possible to complete the remaining works within the given timeframe due to the challenges related to land acquisition and Covid-19 pandemic.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">Deputy Director of the project, Madhav Prasad Adhikari, told the state-owned national news agency (RSS) that the project is likely to be delayed by some months. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The extended deadline is ending in mid-August next year. The construction works were hampered in the past two years due to the Covid-19 pandemic. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">Study is going on to assess the additional time that the project requires to get completed, said Adhikari. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">An agreement was reached between the Government of Nepal and the Japan International Cooperation Agency (JICA) in 2016 to construct the tunnel. The total cost of the tunnel is estimated to be around Rs 22 billion, of which JICA will bear Rs 16 billion and the Government of Nepal will bear Rs 6 billion. The total length of the tunnel is projected to be 5.7 km.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">Japanese construction company Hazama Ando Corporation had earlier demanded an extension of deadline as the work was delayed due to the pandemic, restrictions and a few days of interruption by the locals.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-12-19', 'modified' => '2022-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '16301', 'image' => '20221219025214_20220417021920_20201105124818_20200308111704_adahjj.jpg', 'article_date' => '2022-12-19 14:51:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16559', 'article_category_id' => '266', 'title' => 'Radisson Hotel Organises Christmas Tree-Lighting Ceremony', 'sub_title' => '', 'summary' => 'December 19: Radisson Hotel Kathmandu welcomed this holiday season with Christmas Tree Lighting Ceremony on December 16.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">December 19: Radisson Hotel Kathmandu welcomed this holiday season with Christmas tree-lighting ceremony on December 16. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement, the international chain hotel said guests from different sectors were invited by the hotel to celebrate the ceremony. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Everyone gathered together in the lobby, filled with joy and warmth of the festive season,” read the statement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the hotel, General Manager Subrata Banerjee started the ceremony by welcoming all the invitees. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Tomoko Tanaka from JICA Nepal was invited by GM Banerjee to light the Christmas tree. Soon after, Santa Claus entered with a bag filled with chocolates which delighted the children present during the ceremony.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The statement further said that the festive night at Radisson Hotel Kathmandu featured Live Christmas carol singing along with a display of ginger bread house, jingle bells, Christmas delicacies and Santa Claus spreading joy among all the invitees with other fun-filled festive activities. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The hotel’s chefs prepared a delicious feast to celebrate the festivity with a perfect blend of Christmas spirit and cheer, added the statement.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-12-19', 'modified' => '2022-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '16300', 'image' => '20221219023235_DSC_5662.jpg', 'article_date' => '2022-12-19 14:31:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16558', 'article_category_id' => '1', 'title' => 'NRB Comes up with New Procedures on Subsidy for Exporters ', 'sub_title' => '', 'summary' => 'December 19: The Nepal Rastra Bank (NRB) has extended the timeline for the designated banks to roll out the subsidy on exports to the domestic exporter companies that meet the criteria to receive the amount.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 19: The Nepal Rastra Bank (NRB) has extended the timeline for the designated banks to roll out the subsidy on exports to the domestic exporter companies that meet the criteria to receive the amount.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Earlier, the NRB had been providing the subsidy amount received from the Ministry of Finance to the exporters through various banks within seven days after receiving the claims made by the exporters. Issuing a notice on Sunday, the central bank said it has now amended the provision to extend the timeline to 15 days.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The NRB has already notified Banks and Financial Institutions regarding the new provisions which have come into force with immediate effect.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Two months ago, the government had decided to give subsidy on exports of 36 different goods by making the first amendment to the Procedures on Providing Subsidy on Goods Export, 2075 BS. As per the new amendment, 18 types of goods should have 50 percent value added and 18 others should have 30 percent. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the NRB notice, those requiring to have 50 percent value added goods include processed tea, processed coffee, handicraft products (copper, iron, brass and goods with glass as raw materials) and woodcrafts. Processed leather, handmade paper and goods produced from them, processed and semi-processed herbs (including Yarsagumba), processed stone, Allo products, processed drinking water, processed and semi-processed turmeric, fresh vegetables, flower, processed honey, cardamom and ginger should also have 50 percent value added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The new procedures have come up with the provision to give subsidy for the third country export of dairy products, fruits and broom grass. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The exporters are entitled to receive subsidy amount equal to five percent of the total export and one percent additional subsidy would also be given if the export is made by adding 80 percent value of those goods. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Those requiring to have 30 percent value added goods to claim subsidy include clothes and readymade garments produced in Nepal, woolen goods, pashmina, jute and jute products, gold and silver jewelries, semi-processed domestic leather, medicines, polyester/yarn/fiber, slipper, clinker, cement, steel, plywood and others. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Amount equal to four percent would be availed in subsidy from the government for the exports of such goods. (With inputs from RSS) </span><br /> </span></span></p> ', 'published' => true, 'created' => '2022-12-19', 'modified' => '2022-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '16299', 'image' => '20221219121835_export.jpg', 'article_date' => '2022-12-19 12:17:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16557', 'article_category_id' => '1', 'title' => 'Prez Bhandari calls HoR Members to Stake Claim for Prime Ministerial Berth ', 'sub_title' => '', 'summary' => 'December 19: President Bidya Devi Bhandari has called the newly elected members of the House of Representatives (HoR) who can secure majority of votes with the support of two or more political parties in the HoR to stake claim for the post of the new prime minister. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 19: President Bidya Devi Bhandari has called the newly elected members of the House of Representatives (HoR) who can secure majority of votes with the support of two or more political parties in the HoR to stake claim for the post of the new prime minister. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The president has given a week’s time for the HoR members to submit their claim for the prime ministerial post, states a press release issued by the Office of the President on Sunday. They need to make the claim before 5:00 pm on December 26. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The president made such call in accordance with Article 76 (2) of the Constitution of Nepal after no political party was able to gain clear majority in the parliament. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Any political party requires 138 seats in the 275-member HoR to form a new government.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">During the November 20 polls, the Nepali Congress emerged as the largest party with 89 seats followed by the CPN UML with 78 seats and CPN Maoist Centre a distant third with 32 seats.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">None of the parties are able to form a new government on their own.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-12-19', 'modified' => '2022-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '16298', 'image' => '20221219112016_parliament building.jpg', 'article_date' => '2022-12-19 11:19:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16556', 'article_category_id' => '1', 'title' => 'Messi Leads Argentina to Incredible World Cup Final Victory over France on Penalties', 'sub_title' => 'Stars were Aligned for Messi to Lift the World Cup', 'summary' => 'December 19: Argentina edged out France 4-2 on penalties in one of the most memorable World Cup finals on Sunday that saw Argentina take a 2-0 lead with goals from Lionel Messi and Angel Di Maria only for France to stage a late fight back.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">December 19: Argentina edged out France 4-2 on penalties in one of the most memorable World Cup finals on Sunday that saw Argentina take a 2-0 lead with goals from Lionel Messi and Angel Di Maria only for France to stage a late fight back.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Defending champions France were 2-0 down until 80 minutes but Kylin Mbppe to scored a late brace in regular time as they kept alive their bid to win back-to-back titles which only Italy has won in the 1930s and Brazil in 1958 and 1962.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Messi looked to be securing the one major honour missing from his glittering collection in comfort as Argentina cruised into a two-goal lead, the BBC reported, adding, “This all changed when an explosive intervention from Mbappe, who scored two goals inside two minutes late on, turned this frantic, magnificent match for the ages on its head.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the BBC, Argentina were untroubled until the closing stages, only for Mbappe to give France a lifeline from the penalty spot with nine minutes left - then restore equality with a magnificent volley moments later.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Messi bundled Argentina back in front in extra time, but Mbappe completed his treble from the spot two minutes from the end of a frantic, chaotic added spell.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Luck favoured Argentina in the penalty shootout as they passed the test 4-2 in one of the sport’s all-time great games. Argentina goalkeeper Emiliano Martinez’s heroics cannot be ignored as he saved the decisive spot kick of Kingsley Coman that turned the tide in favour of Argentina in the shootout. Martinez had also starred in Argentina’s penalty shootout win over the Netherlands in the quarterfinal of the 2022 World Cup.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The result also backed the claim made by football great Zlatan Ibrahimovic just a few days ago that ‘stars are aligned for Messi to lift the World Cup'.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-12-19', 'modified' => '2022-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '16297', 'image' => '20221219123609_3263456-671593257.jpg', 'article_date' => '2022-12-19 00:31:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16555', 'article_category_id' => '1', 'title' => 'Call for Private-Public Collaboration for Lasting Change ', 'sub_title' => '', 'summary' => 'December 18: Stakeholders have highlighted the need for meaningful collaboration and cooperation to realize the sustainable development agenda of Nepal. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 18: Stakeholders have highlighted the need for meaningful collaboration and cooperation to realize the sustainable development agenda of Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at a workshop on "Promotion of Public-Private Partnership for Sustainable Development in Nepal" organized by China Foundation for Rural Development (CFRD) on Friday, experts from Nepal and China underlined the need for better partnership between private and public sectors for lasting change and development. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chairperson of Sustainable Development and Good Governance Committee of National Assembly, Prakash Panta, said that the SDGs have provided a guideline for development of the countries. As a signatory state to the SDGs, Nepal should focus its development priorities accordingly, he said, adding that the entire population of the country will benefit if SDGs are realized. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The positive side in Nepal is that almost all political parties have issued their election manifesto with focus on Sustainable Development Goals, he further said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Panta also informed that the committee has been working rigorously to collect data to identify Nepal's status and progress with regard to SDGs implementation. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"I am hopeful that the recommendations of the committee will be helpful for the government to prioritize its development activities." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Also speaking at the event, former chief secretary Lila Mani Poudyal said poverty is a big threat to humanity. As it limits the people's fundamental rights, every individual deserves to be lifted out of poverty. "Over the past 40 years, China has lifted nearly 800 million people out of poverty and this is a tremendous progress that should be appreciated by all." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Poudyal also said that the achievements made by China have been globally recognized. Institutions like the World Bank and International Monetary Fund (IMF) have appreciated the efforts made by China in the area of eradicating poverty. "I was fortunate to have had an opportunity to closely observe China's modern development," he said. "I strongly believe that Nepal should take advantage by learning from Chinese experience and utilizing the resources China has been providing us." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Economic and Commercial Counselor of the Chinese Embassy in Kathmandu, Xie Yu, said that the global development cause is at a critical juncture for the time being. China and Nepal have a “Strategic Partnership of Cooperation Featuring Ever-lasting Friendship for Development and Prosperity, he said, "China aid to Nepal is also a long-term cause that requires both sides’ nourishment and constant care." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Executive Vice President of CFRD, Liu Wenkui, shared that the organization has accorded its priority to at least six Sustainable Development Goals including SDGs 1, 2 , 3, 4, 6, and 8. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“China and Nepal are close neighbors connected by mountains and rivers and people-to-people exchanges. In the past seven years, we spent more than USD 7.6 million to benefit more than 550,000 person-times in Nepal,” he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"We will continue to uphold the philosophy of 'Love Without Borders, People to People connectivity', and join hands with Nepali people and make greater contributions to support Nepal achieve the 2030 UN Sustainable Development Goals as soon as possible." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Amid the program, the United Nations Development Program (UNDP) and CFRD Nepal office jointly unveiled the cooperation framework for implementation of the project "Support to Schools and Communities in Remote Areas for Pandemic Prevention and Green Recovery in Nepal" under the Global Development and South-South Cooperation Project in Nepal. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-12-18', 'modified' => '2022-12-18', 'keywords' => '', 'description' => '', 'sortorder' => '16296', 'image' => '20221218031011_PPP.jpg', 'article_date' => '2022-12-18 15:08:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '16570', 'article_category_id' => '218', 'title' => 'State of Liquidity Easing in Banking System ', 'sub_title' => '', 'summary' => ' At a time when talk of liquidity crunch is doing round, various statistics show that state of liquidity has improved in the banking system. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">December 20 : At a time when talk of liquidity crunch is doing round, various statistics show that state of liquidity has improved in the banking system.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Banks had started facing scarcity of loanable fund since the beginning of the last fiscal year. Rise in remittance inflow and return of the money to the banking channels after the festival and general have led to the increase of deposits, improving state of liquidity in the banking system.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the data made public by Nepal Rastra Bank on Sunday, banks and financial institutions have collected total of deposits of Rs 5254 billion. Out of it, commercial banks have accumulated deposits of Rs 4629 billion while development banks have deposits of Rs 625 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The total credit flow of the banks and financial institutions as of December 18 is 4759 billion. Commercial banks’ lending stands at Rs 4213 billion while the lending of development banks and finance companies stands at Rs 546 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Nepal Rastra Bank, Credit Deposit Ratio (CD Ratio) of banks and financial institutions stands at 85.86 per cent</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Banks can provide loan up to 90 per cent of CD ratio. Given this provision, banks and financial institutions have capacity to increase credit flow of more than Rs 226 billion, said former banker Parsuram Kunwar Kshetri. “Even if a large sum of liquidity goes to the government coffers by the end of current month, banking system will still have one liquidity of one trillion,” Kshetri claimed.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">When asked banks would face liquidity crunch at the end of second quarters of the current fiscal due to tax, internal loan collection by the government and reduction of local levels’ budget from deposits, Ksherti said, “After reducing all of these, banking system will have one trillion left. They will have the capacity to flow credit of Rs 1000 billion.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Since the deposit is increasing in the banking system, banks will have to slash interest rates from next month if conditions remain unchanged, according to Kshetri.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Banks will lose deposits of Rs 31 billion after the end of the second quarters as they can calculate only 50 per cent money of the local levels as deposits. They are calculating 80 per cent of the local levels’ budget as deposits right now. Around Rs 45 billion will go into the government coffers as tax.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A report published by Nepal Rastra Bank has shown that financial indicators such as remittance inflow, foreign currency reserve and balance of payment have improved. Remittance inflow increased by 20.4 per cent between mid-October to mid-November. The country received more than Rs 96 billion remittance during the same period.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Data published by Nepal Bankers’ Association show that commercial banks’ deposit increased by 57.22 billion between mid-November and mid-December. Deposits grew by Rs 22 billion in the last week of Mangshir.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Despite rise in deposits, credit flow of the banks is sluggish. Commercial banks provided lending of just Rs 2 billion in the month of Mangshir. Up to the end of Mangshir, lending has reached 4224 billion. Due to soaring interest rates, demand for credit has slumped and banks have failed to expand lending, said Kshetri.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal Rastra Bank’s Governor Maha Prasad Adhikari has been saying that financial indicators have improved and liquidity situation is easing. He, however, has cautioned that banks might experience a liquidity crunch at the end of second quarters.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal Bankers’ Association Anil Kumar Upadhyay said that state of liquidity was easing due to rise in remittance inflow and other reasons. “State of CD Ratio has become comfortable. But, liquidity is not going to be easily available. If the deposits continue to rise in the same manner, bank interests will decrease from next month,” Upadhaya added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Banks have kept the interest rates stable for the current month.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Rastra Bank’s Executive Director Dr Prakash Kumar Shrestha said that state of liquidity is easing but banks are not able to provide credit easily. “There is no space to provide big loan,” Shrestha stated.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-12-20', 'modified' => '2022-12-20', 'keywords' => '', 'description' => '', 'sortorder' => '16310', 'image' => '20221220112656_collage (11).jpg', 'article_date' => '2022-12-20 11:22:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 1 => array( 'Article' => array( 'id' => '16568', 'article_category_id' => '1', 'title' => 'Buddha Air to Operate Two Flights between Kathmandu and Surkhet Daily', 'sub_title' => '', 'summary' => 'December 20: Buddha Air is preparing to operate two flights a day between Kathmandu and Surkhet with ATR 72 aircraft.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">December 20: Buddha Air is preparing to operate two flights a day between Kathmandu and Surkhet with ATR 72 aircraft.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The company, which started Kathmandu-Surkhet flights from 2013 with Beechcraft 1900D (18 seats), is now flying with 42-seat aircraft. Now, the company is going to operate two daily flights with aircraft having a seating capacity of 72 seats.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The company currently operates only one daily flight and will start two daily flights between Kathmandu and Surkhet from Wednesday, December 21.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The first Kathmandu-Surkhet flight from December 21 will be operated at 10 am and the second flight at 1:25 pm. Similarly, the company informed that the first flight from Surkhet to Kathmandu is scheduled to take off at 11:35 am and the second flight at 3 pm.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The company had started test flights along the Kathmandu-Surkhet route with ATR 72 from December 16. Now, with the success of the test flights, two daily flights are going to be started on a regular basis.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Buddha Air, which is leading the domestic air sector of Nepal, has been flying to almost all the airports where the private sector flies.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-12-20', 'modified' => '2022-12-20', 'keywords' => '', 'description' => '', 'sortorder' => '16309', 'image' => '20221220094834_buddha.jpg', 'article_date' => '2022-12-20 09:47:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16566', 'article_category_id' => '1', 'title' => 'Cabinet Approves Guidelines on Management of Seasonal Workers ', 'sub_title' => '', 'summary' => 'December 20: A meeting of the Council of Ministers on Sunday approved the Guidelines on Management of Seasonal Workers, 2079. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 20: A meeting of the Council of Ministers on Sunday approved the Guidelines on Management of Seasonal Workers, 2079. Likewise, the government has approved an order to determine the standards of grain-based supplementary child nutrition, Minister for Communications and Information Technology Gyanendnra Bahadur Karki told the media on Monday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the cabinet meeting has decided to give an approval to provide two sets of Sheela (precious stones) to Janaki Mandir in Janakpurdham from Kali Gandaki River. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Furthermore, an order to determine the maximum level of heavy metals on foodstuffs has been approved while the Nilgirikhola-I and II hydropower projects are allowed to use the national forest area for the construction of 220 KV transmission line. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The cabinet meeting also decided to use the national forest area for the project development of Upper Phawakhola Hydropower and include additional conditions to the hydropower projects located in the conservation areas, Minister Karki added. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-12-20', 'modified' => '2022-12-20', 'keywords' => '', 'description' => '', 'sortorder' => '16308', 'image' => '20221220091532_ROS_KTM-_6483441(2).jpg', 'article_date' => '2022-12-20 09:14:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16565', 'article_category_id' => '1', 'title' => 'Narayangadh-Mughlin Road to be Closed for 4 Hours a Day from Today', 'sub_title' => '', 'summary' => 'December 20: Traffic will be stopped along the Narayangadh-Muglin road section for four hours every day starting from Tuesday (December 20). ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 20: Traffic will be stopped along the Narayangadh-Muglin road section for four hours every day starting from Tuesday (December 20). The road will be closed for vehicles in order to carry out clearing works of a roadside hill for the construction of bridges on the road section. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The four-hour daily closure will take place for a month. The road will be closed from 11 am to 3 pm every day. Vehicular movement will be stopped for the construction of bridges at Simaltal, Kalikhola, Tuin Khola and Chisenji Khola areas, which are all located in difficult terrain. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Emergency vehicles such as ambulances and fire engines will be allowed to pass between 11 am to 3 pm depending on the accessibility at the moment. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">There are 20 bridges on the 33-km long Narayangadh-Muglin road section. Five of them have been repaired. The remaining bridges are under construction. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-12-20', 'modified' => '2022-12-20', 'keywords' => '', 'description' => '', 'sortorder' => '16307', 'image' => '20221220090446_20180103124608_chitwan.jpg', 'article_date' => '2022-12-20 09:04:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16567', 'article_category_id' => '1', 'title' => 'Process for Selection of New Prime Minister Begins', 'sub_title' => '', 'summary' => 'December 20: A month after the general election, the process of selecting a prime minister has finally initiated.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">December 20: A month after the general election, the process of selecting a prime minister has finally initiated. With the publication of the final results of the elections held in one phase across the country on November 20, the president has called upon the newly-elected lawmakers to submit claims to the post of prime minister.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Members of the House of Representatives who are able to obtain a majority with the support of two or more parties have been urged submit their claim to form a new government not later than 5:00 pm on December 25. No party has achieved a clear majority in parliament.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Nepali Congress President and Prime Minister Sher Bahadur Deuba, who led the five-party ruling alliance in the election, is a strong contender for the post of prime minister. However, the Nepali Congress is yet to choose its parliamentary party leader who shall become the new PM if the party succeeds in securing help from its coalition partners or other fringe parties.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">NC President Deuba is likely to face challenge from NC General Secretary Gagan Thapa, senior leader Ram Chandra Paudel, and Shekhar Koirala and Prakash Man Singh all of whom are aspiring to become prime minister. The NC has announced election for parliamentary party leader on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, Pushpa Kamal Dahal, chairman of the CPN Maoist Center, is also aspiring to become the new prime minister from the ruling alliance. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The main opposition party CPN-UML is also preparing to take the leadership of the government as it seeks to break the ruling alliance. UML Chairman KP Oli is also communicating with various political parties and appealing to support him for the formation of a new government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">A political party requires 138 seats in the 275-member House of Representatives to form a new government. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Nepali Congress has secured 89 seats in the lower house followed by the CPN-UML with 78 seats and the CPN Maoist Centre a distant third with 32 seats.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-12-20', 'modified' => '2022-12-20', 'keywords' => '', 'description' => '', 'sortorder' => '16306', 'image' => '20221220093553_Deuba.jpg', 'article_date' => '2022-12-20 09:35:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16564', 'article_category_id' => '1', 'title' => 'Revenue Collection Below Target ', 'sub_title' => '', 'summary' => 'December 20: The government has failed to meet its internal revenue collection target set for the current fiscal year. In the first five months of the current fiscal year, the revenue collection has been 13.63 percent less than the target, according to the Inland Revenue Department (IRD). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 20: The government has failed to meet its internal revenue collection target set for the current fiscal year. In the first five months of the current fiscal year, the revenue collection has been 13.63 percent less than the target, according to the Inland Revenue Department (IRD). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department had set a goal of collecting internal revenue worth Rs 174.37 billion in the review period but has collected Rs 150.5 billion, which is about Rs 24 billion less than the target. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The government has also failed to meet the target of collecting income tax, value added tax (VAT) and excise duty. The progress in collection of income tax is 80.61 percent of the target while that of value added tax is 82.47 percent and excise duty is 97.9 percent in the review period. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the other hand, the government has surpassed its target of collecting health care tax and education tax during this period. According to the IRD, the global scenario and the impact of internal problems on the economy caused obstructions in revenue collection. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">IRD Director Raju Prasad Pyakurel told the state-owned RSS that the department had set the target by estimating normal situation but could not meet the target due to an extraordinary situation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Income tax collection has been affected this year due to sluggish capital market and real estate transactions, the IRD added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the department also acknowledged that the revenue collection has declined due the liquidity crisis in the banking system, non-availability of working capital loans, restrictions on the import of goods, and low capital expenditure of the government. </span></span></span></p> ', 'published' => true, 'created' => '2022-12-20', 'modified' => '2022-12-20', 'keywords' => '', 'description' => '', 'sortorder' => '16305', 'image' => '20221220085637_IRDD.jpg', 'article_date' => '2022-12-20 08:55:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16563', 'article_category_id' => '1', 'title' => 'NRB sets Strict Criteria for Appointing Bank CEOs', 'sub_title' => '', 'summary' => 'December 19: Individuals involved in criminal activities will now only be allowed to become founders and chief executive officers (CEOs) in banks and financial institutions five years after serving their sentence.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">December 19: Individuals involved in criminal activities will now only be allowed to become founders and chief executive officers (CEOs) in banks and financial institutions five years after serving their sentence.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Nepal Rastra Bank last week amended the 'Policy and Procedural Provisions on Licensing of Banks, Financial Institutions and Financial Transactions 2063' and the ‘Unified Directives 2078' and tightened the qualifications of founders and CEOs. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Amending the qualification of the founder, NRB has added a provision that if a person has a criminal background mentioned in the police report, the person cannot be a founder or a CEO of a bank until five years after completing his/her sentence.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Previously, there was such a restrictive arrangement only in the case of persons who were blacklisted by the Credit Information Center. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In the amended procedure, if any of the proposed founders who have applied for the establishment of a bank or financial institution is blacklisted or has a criminal background in the police report, the registration process will be carried out only after the removal of such founders or the addition of new founders.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, in the context of appointing a CEO in a bank or financial institution, the individual can only take the responsibility after five years of finishing the criminal sentence. Similarly, individuals aspiring to become a CEO must not have been convicted for dishonesty or fraud.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the directive, a person who has been convicted of corruption charges will be disqualified from holding the position of chief executive officer of banks and financial institutions. Similarly, there is a provision that founders of banks and financial institutions cannot sell their ownership to persons with criminal backgrounds. A provision has been added in the directive that a person with a criminal record in the police report can buy founder shares only after five years of acquittal.</span></span></p> ', 'published' => true, 'created' => '2022-12-19', 'modified' => '2022-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '16304', 'image' => '20221219033744_Banks - Copy.jpg', 'article_date' => '2022-12-19 15:36:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16562', 'article_category_id' => '1', 'title' => 'Export of Handicraft Products Fails to Regain Momentum', 'sub_title' => '', 'summary' => 'December 19: Although some of the businesses affected by the Covid-19 pandemic have returned to normalcy, it’s not the case with the handicraft business. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">December 19: Although some of the businesses affected by the Covid-19 pandemic have returned to normalcy, it’s not the case with the handicraft business. It seems that the export of handicraft products, which reached more than Rs 5.37 billion in the fiscal year 2075/76, decreased by about Rs 1 billion in the last fiscal year. Handicraft products worth more than Rs 4.40 billion were exported in the year 2078/79.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Handicraft businessmen say that exports have been adversely affected as the Covid-19 put the economy of most of the countries in the world in a difficult situation. According to the Federation of Handicraft Association of Nepal, even though exports are improving after Covid-19, the pace is very slow. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Handicraft goods from Nepal are mainly exported to the USA, China, Australia, the UK, Canada, India, Germany, the Netherlands, Japan, Singapore and other countries. China is also the main market for non-textile handicraft.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Naveen Shakya, vice president of the federation said, “The Chinese market has not opened well. The rest of the market is also sluggish. That's why exports could not increase.” According to him, the government policy also hindered exports and that the government should introduce a policy of giving handicraft products special exemptions.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Businessmen also complain about the problem of availability of raw materials needed for handicraft. They complain that they have to face many difficulties in getting raw materials such as stone, soil, wood etc. which are to be found in Nepal. Another vice-president of the federation, Kiran Kumar Sthapit, complains that certain stones and wood used to prepare the handicraft materials are not found in Nepal and have to be brought from abroad.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Businessmen involved in the handicraft business say that due to the lack of skillful craftsmen in this sector, they are not able to produce enough products as required by the customers. They suggest that the government should increase investment in the production of manpower required for this sector, which has great potential.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Government officials argue that there is no shortage of training from the state. Bishnu Prasad Bhusal, executive officer of Micro, Cottage and Small Industries Promotion Center, said that the government conducts separate training for handicraft entrepreneurs and craftsmen. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Bhusal said, “There is no lack of training from the government. We are providing training to 12,200 people in the current fiscal year 2079/80. There may be some problems in taking loans due to the economic crisis seen now, but everything will be resolved once the economic situation becomes easier.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Bhusal also claims that there is no problem in the availability of raw materials in Nepal. He said that some businessmen come to the center with such problems and the center coordinates them.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-12-19', 'modified' => '2022-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '16303', 'image' => '20221219032940_handicraft.jpg', 'article_date' => '2022-12-19 15:29:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16561', 'article_category_id' => '1', 'title' => 'Why is the Contribution of Industrial Sector to the GDP Declining?', 'sub_title' => '', 'summary' => 'December 19: Industrial development in Nepal has failed to gain momentum for a long time. Manufacturing industries are continuously shrinking. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">December 19: Industrial development in Nepal has failed to gain momentum for a long time. Manufacturing industries are continuously shrinking. The lack of easy supply of raw materials, non-availability of loans at concessional rates, migration of skilled workers, frequently changing government policies, lack of customs exemptions, and the inability of the government to bring a special policy for industrialization have affected the development of industries in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The contribution of the industrial sector to the gross domestic product (GDP) was 10 per cent three decades ago but has now shrunk to 5-6 per cent in the last decade. Even though the people's representatives and officials at the level of policy-making and implementation of the state keep repeating that the industrial sector needs to be developed more rapidly for economic prosperity, the reality is the opposite.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The private sector complains that the government neglects the industry. Industrialists complain that the state has not prioritized industrial development. Chairman of Nepal Chamber of Commerce Rajendra Malla said the development of industries is only possible if the government brings a special package for industries based on basic raw materials.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">China, the northern neighbour, and India, to the south, use their huge industrial structures for 'mass production'. Due to this, the production cost of their goods is low.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Nepal has an open border with India in the east, south and west. Although the border with China is not as open as that of India, it is not difficult to import goods. In such a situation, Nepali industrial products have to compete with Indian and Chinese products in the domestic market. Stakeholders shared that they are losing the market because Nepali goods cannot compete with the Indian and Chinese products.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Developed countries in the world are encouraging protectionism. An example of this is the growing trade war between the US and China. "Nepal government also has to bring a special type of industrial policy for the protection and development of the industrial sector," said NCC President Malla.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Stakeholders shared that for the industrial development of the country, there should be a timely review and timely revision of the policies that were made a long time ago.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Dinesh Shrestha, vice president of the Federation of Nepalese Chamber of Industries and Commerce, said that although there were various concessions for industrial development in the previous Act, all of them have been removed recently.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-12-19', 'modified' => '2022-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '16302', 'image' => '20221219031835_Industries.jpg', 'article_date' => '2022-12-19 15:17:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16560', 'article_category_id' => '1', 'title' => 'Construction of Nagdhunga Tunnel Likely to be Delayed Again ', 'sub_title' => '', 'summary' => 'December 19: The Nagdhunga Tunnel Construction Project is likely to miss the completion deadline. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">December 19: The Nagdhunga Tunnel Construction Project is likely to miss the completion deadline again. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The construction of the tunnel, which was supposed to be completed within 42 months from the start of the project, is now 70 percent complete. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The foundation stone of the tunnel was laid by the then Prime Minister KP Sharma Oli in October, 2019. As per the initial agreement, the project was supposed to be completed by April 2023. However, the extended deadline of the project is mid-August 2023.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">But, the project officials say it is not possible to complete the remaining works within the given timeframe due to the challenges related to land acquisition and Covid-19 pandemic.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">Deputy Director of the project, Madhav Prasad Adhikari, told the state-owned national news agency (RSS) that the project is likely to be delayed by some months. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The extended deadline is ending in mid-August next year. The construction works were hampered in the past two years due to the Covid-19 pandemic. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">Study is going on to assess the additional time that the project requires to get completed, said Adhikari. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">An agreement was reached between the Government of Nepal and the Japan International Cooperation Agency (JICA) in 2016 to construct the tunnel. The total cost of the tunnel is estimated to be around Rs 22 billion, of which JICA will bear Rs 16 billion and the Government of Nepal will bear Rs 6 billion. The total length of the tunnel is projected to be 5.7 km.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">Japanese construction company Hazama Ando Corporation had earlier demanded an extension of deadline as the work was delayed due to the pandemic, restrictions and a few days of interruption by the locals.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-12-19', 'modified' => '2022-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '16301', 'image' => '20221219025214_20220417021920_20201105124818_20200308111704_adahjj.jpg', 'article_date' => '2022-12-19 14:51:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16559', 'article_category_id' => '266', 'title' => 'Radisson Hotel Organises Christmas Tree-Lighting Ceremony', 'sub_title' => '', 'summary' => 'December 19: Radisson Hotel Kathmandu welcomed this holiday season with Christmas Tree Lighting Ceremony on December 16.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">December 19: Radisson Hotel Kathmandu welcomed this holiday season with Christmas tree-lighting ceremony on December 16. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement, the international chain hotel said guests from different sectors were invited by the hotel to celebrate the ceremony. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Everyone gathered together in the lobby, filled with joy and warmth of the festive season,” read the statement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the hotel, General Manager Subrata Banerjee started the ceremony by welcoming all the invitees. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Tomoko Tanaka from JICA Nepal was invited by GM Banerjee to light the Christmas tree. Soon after, Santa Claus entered with a bag filled with chocolates which delighted the children present during the ceremony.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The statement further said that the festive night at Radisson Hotel Kathmandu featured Live Christmas carol singing along with a display of ginger bread house, jingle bells, Christmas delicacies and Santa Claus spreading joy among all the invitees with other fun-filled festive activities. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The hotel’s chefs prepared a delicious feast to celebrate the festivity with a perfect blend of Christmas spirit and cheer, added the statement.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-12-19', 'modified' => '2022-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '16300', 'image' => '20221219023235_DSC_5662.jpg', 'article_date' => '2022-12-19 14:31:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16558', 'article_category_id' => '1', 'title' => 'NRB Comes up with New Procedures on Subsidy for Exporters ', 'sub_title' => '', 'summary' => 'December 19: The Nepal Rastra Bank (NRB) has extended the timeline for the designated banks to roll out the subsidy on exports to the domestic exporter companies that meet the criteria to receive the amount.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 19: The Nepal Rastra Bank (NRB) has extended the timeline for the designated banks to roll out the subsidy on exports to the domestic exporter companies that meet the criteria to receive the amount.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Earlier, the NRB had been providing the subsidy amount received from the Ministry of Finance to the exporters through various banks within seven days after receiving the claims made by the exporters. Issuing a notice on Sunday, the central bank said it has now amended the provision to extend the timeline to 15 days.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The NRB has already notified Banks and Financial Institutions regarding the new provisions which have come into force with immediate effect.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Two months ago, the government had decided to give subsidy on exports of 36 different goods by making the first amendment to the Procedures on Providing Subsidy on Goods Export, 2075 BS. As per the new amendment, 18 types of goods should have 50 percent value added and 18 others should have 30 percent. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the NRB notice, those requiring to have 50 percent value added goods include processed tea, processed coffee, handicraft products (copper, iron, brass and goods with glass as raw materials) and woodcrafts. Processed leather, handmade paper and goods produced from them, processed and semi-processed herbs (including Yarsagumba), processed stone, Allo products, processed drinking water, processed and semi-processed turmeric, fresh vegetables, flower, processed honey, cardamom and ginger should also have 50 percent value added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The new procedures have come up with the provision to give subsidy for the third country export of dairy products, fruits and broom grass. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The exporters are entitled to receive subsidy amount equal to five percent of the total export and one percent additional subsidy would also be given if the export is made by adding 80 percent value of those goods. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Those requiring to have 30 percent value added goods to claim subsidy include clothes and readymade garments produced in Nepal, woolen goods, pashmina, jute and jute products, gold and silver jewelries, semi-processed domestic leather, medicines, polyester/yarn/fiber, slipper, clinker, cement, steel, plywood and others. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Amount equal to four percent would be availed in subsidy from the government for the exports of such goods. (With inputs from RSS) </span><br /> </span></span></p> ', 'published' => true, 'created' => '2022-12-19', 'modified' => '2022-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '16299', 'image' => '20221219121835_export.jpg', 'article_date' => '2022-12-19 12:17:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16557', 'article_category_id' => '1', 'title' => 'Prez Bhandari calls HoR Members to Stake Claim for Prime Ministerial Berth ', 'sub_title' => '', 'summary' => 'December 19: President Bidya Devi Bhandari has called the newly elected members of the House of Representatives (HoR) who can secure majority of votes with the support of two or more political parties in the HoR to stake claim for the post of the new prime minister. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 19: President Bidya Devi Bhandari has called the newly elected members of the House of Representatives (HoR) who can secure majority of votes with the support of two or more political parties in the HoR to stake claim for the post of the new prime minister. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The president has given a week’s time for the HoR members to submit their claim for the prime ministerial post, states a press release issued by the Office of the President on Sunday. They need to make the claim before 5:00 pm on December 26. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The president made such call in accordance with Article 76 (2) of the Constitution of Nepal after no political party was able to gain clear majority in the parliament. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Any political party requires 138 seats in the 275-member HoR to form a new government.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">During the November 20 polls, the Nepali Congress emerged as the largest party with 89 seats followed by the CPN UML with 78 seats and CPN Maoist Centre a distant third with 32 seats.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">None of the parties are able to form a new government on their own.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-12-19', 'modified' => '2022-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '16298', 'image' => '20221219112016_parliament building.jpg', 'article_date' => '2022-12-19 11:19:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16556', 'article_category_id' => '1', 'title' => 'Messi Leads Argentina to Incredible World Cup Final Victory over France on Penalties', 'sub_title' => 'Stars were Aligned for Messi to Lift the World Cup', 'summary' => 'December 19: Argentina edged out France 4-2 on penalties in one of the most memorable World Cup finals on Sunday that saw Argentina take a 2-0 lead with goals from Lionel Messi and Angel Di Maria only for France to stage a late fight back.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">December 19: Argentina edged out France 4-2 on penalties in one of the most memorable World Cup finals on Sunday that saw Argentina take a 2-0 lead with goals from Lionel Messi and Angel Di Maria only for France to stage a late fight back.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Defending champions France were 2-0 down until 80 minutes but Kylin Mbppe to scored a late brace in regular time as they kept alive their bid to win back-to-back titles which only Italy has won in the 1930s and Brazil in 1958 and 1962.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Messi looked to be securing the one major honour missing from his glittering collection in comfort as Argentina cruised into a two-goal lead, the BBC reported, adding, “This all changed when an explosive intervention from Mbappe, who scored two goals inside two minutes late on, turned this frantic, magnificent match for the ages on its head.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the BBC, Argentina were untroubled until the closing stages, only for Mbappe to give France a lifeline from the penalty spot with nine minutes left - then restore equality with a magnificent volley moments later.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Messi bundled Argentina back in front in extra time, but Mbappe completed his treble from the spot two minutes from the end of a frantic, chaotic added spell.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Luck favoured Argentina in the penalty shootout as they passed the test 4-2 in one of the sport’s all-time great games. Argentina goalkeeper Emiliano Martinez’s heroics cannot be ignored as he saved the decisive spot kick of Kingsley Coman that turned the tide in favour of Argentina in the shootout. Martinez had also starred in Argentina’s penalty shootout win over the Netherlands in the quarterfinal of the 2022 World Cup.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The result also backed the claim made by football great Zlatan Ibrahimovic just a few days ago that ‘stars are aligned for Messi to lift the World Cup'.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-12-19', 'modified' => '2022-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '16297', 'image' => '20221219123609_3263456-671593257.jpg', 'article_date' => '2022-12-19 00:31:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16555', 'article_category_id' => '1', 'title' => 'Call for Private-Public Collaboration for Lasting Change ', 'sub_title' => '', 'summary' => 'December 18: Stakeholders have highlighted the need for meaningful collaboration and cooperation to realize the sustainable development agenda of Nepal. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 18: Stakeholders have highlighted the need for meaningful collaboration and cooperation to realize the sustainable development agenda of Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at a workshop on "Promotion of Public-Private Partnership for Sustainable Development in Nepal" organized by China Foundation for Rural Development (CFRD) on Friday, experts from Nepal and China underlined the need for better partnership between private and public sectors for lasting change and development. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chairperson of Sustainable Development and Good Governance Committee of National Assembly, Prakash Panta, said that the SDGs have provided a guideline for development of the countries. As a signatory state to the SDGs, Nepal should focus its development priorities accordingly, he said, adding that the entire population of the country will benefit if SDGs are realized. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The positive side in Nepal is that almost all political parties have issued their election manifesto with focus on Sustainable Development Goals, he further said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Panta also informed that the committee has been working rigorously to collect data to identify Nepal's status and progress with regard to SDGs implementation. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"I am hopeful that the recommendations of the committee will be helpful for the government to prioritize its development activities." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Also speaking at the event, former chief secretary Lila Mani Poudyal said poverty is a big threat to humanity. As it limits the people's fundamental rights, every individual deserves to be lifted out of poverty. "Over the past 40 years, China has lifted nearly 800 million people out of poverty and this is a tremendous progress that should be appreciated by all." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Poudyal also said that the achievements made by China have been globally recognized. Institutions like the World Bank and International Monetary Fund (IMF) have appreciated the efforts made by China in the area of eradicating poverty. "I was fortunate to have had an opportunity to closely observe China's modern development," he said. "I strongly believe that Nepal should take advantage by learning from Chinese experience and utilizing the resources China has been providing us." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Economic and Commercial Counselor of the Chinese Embassy in Kathmandu, Xie Yu, said that the global development cause is at a critical juncture for the time being. China and Nepal have a “Strategic Partnership of Cooperation Featuring Ever-lasting Friendship for Development and Prosperity, he said, "China aid to Nepal is also a long-term cause that requires both sides’ nourishment and constant care." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Executive Vice President of CFRD, Liu Wenkui, shared that the organization has accorded its priority to at least six Sustainable Development Goals including SDGs 1, 2 , 3, 4, 6, and 8. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“China and Nepal are close neighbors connected by mountains and rivers and people-to-people exchanges. In the past seven years, we spent more than USD 7.6 million to benefit more than 550,000 person-times in Nepal,” he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"We will continue to uphold the philosophy of 'Love Without Borders, People to People connectivity', and join hands with Nepali people and make greater contributions to support Nepal achieve the 2030 UN Sustainable Development Goals as soon as possible." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Amid the program, the United Nations Development Program (UNDP) and CFRD Nepal office jointly unveiled the cooperation framework for implementation of the project "Support to Schools and Communities in Remote Areas for Pandemic Prevention and Green Recovery in Nepal" under the Global Development and South-South Cooperation Project in Nepal. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-12-18', 'modified' => '2022-12-18', 'keywords' => '', 'description' => '', 'sortorder' => '16296', 'image' => '20221218031011_PPP.jpg', 'article_date' => '2022-12-18 15:08:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">December 20 : At a time when talk of liquidity crunch is doing round, various statistics show that state of liquidity has improved in the banking system.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Banks had started facing scarcity of loanable fund since the beginning of the last fiscal year. Rise in remittance inflow and return of the money to the banking channels after the festival and general have led to the increase of deposits, improving state of liquidity in the banking system.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the data made public by Nepal Rastra Bank on Sunday, banks and financial institutions have collected total of deposits of Rs 5254 billion. Out of it, commercial banks have accumulated deposits of Rs 4629 billion while development banks have deposits of Rs 625 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The total credit flow of the banks and financial institutions as of December 18 is 4759 billion. Commercial banks’ lending stands at Rs 4213 billion while the lending of development banks and finance companies stands at Rs 546 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Nepal Rastra Bank, Credit Deposit Ratio (CD Ratio) of banks and financial institutions stands at 85.86 per cent</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Banks can provide loan up to 90 per cent of CD ratio. Given this provision, banks and financial institutions have capacity to increase credit flow of more than Rs 226 billion, said former banker Parsuram Kunwar Kshetri. “Even if a large sum of liquidity goes to the government coffers by the end of current month, banking system will still have one liquidity of one trillion,” Kshetri claimed.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">When asked banks would face liquidity crunch at the end of second quarters of the current fiscal due to tax, internal loan collection by the government and reduction of local levels’ budget from deposits, Ksherti said, “After reducing all of these, banking system will have one trillion left. They will have the capacity to flow credit of Rs 1000 billion.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Since the deposit is increasing in the banking system, banks will have to slash interest rates from next month if conditions remain unchanged, according to Kshetri.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Banks will lose deposits of Rs 31 billion after the end of the second quarters as they can calculate only 50 per cent money of the local levels as deposits. They are calculating 80 per cent of the local levels’ budget as deposits right now. Around Rs 45 billion will go into the government coffers as tax.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A report published by Nepal Rastra Bank has shown that financial indicators such as remittance inflow, foreign currency reserve and balance of payment have improved. Remittance inflow increased by 20.4 per cent between mid-October to mid-November. The country received more than Rs 96 billion remittance during the same period.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Data published by Nepal Bankers’ Association show that commercial banks’ deposit increased by 57.22 billion between mid-November and mid-December. Deposits grew by Rs 22 billion in the last week of Mangshir.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Despite rise in deposits, credit flow of the banks is sluggish. Commercial banks provided lending of just Rs 2 billion in the month of Mangshir. Up to the end of Mangshir, lending has reached 4224 billion. Due to soaring interest rates, demand for credit has slumped and banks have failed to expand lending, said Kshetri.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal Rastra Bank’s Governor Maha Prasad Adhikari has been saying that financial indicators have improved and liquidity situation is easing. He, however, has cautioned that banks might experience a liquidity crunch at the end of second quarters.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal Bankers’ Association Anil Kumar Upadhyay said that state of liquidity was easing due to rise in remittance inflow and other reasons. “State of CD Ratio has become comfortable. But, liquidity is not going to be easily available. If the deposits continue to rise in the same manner, bank interests will decrease from next month,” Upadhaya added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Banks have kept the interest rates stable for the current month.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Rastra Bank’s Executive Director Dr Prakash Kumar Shrestha said that state of liquidity is easing but banks are not able to provide credit easily. “There is no space to provide big loan,” Shrestha stated.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-12-20', 'modified' => '2022-12-20', 'keywords' => '', 'description' => '', 'sortorder' => '16310', 'image' => '20221220112656_collage (11).jpg', 'article_date' => '2022-12-20 11:22:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 1 => array( 'Article' => array( 'id' => '16568', 'article_category_id' => '1', 'title' => 'Buddha Air to Operate Two Flights between Kathmandu and Surkhet Daily', 'sub_title' => '', 'summary' => 'December 20: Buddha Air is preparing to operate two flights a day between Kathmandu and Surkhet with ATR 72 aircraft.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">December 20: Buddha Air is preparing to operate two flights a day between Kathmandu and Surkhet with ATR 72 aircraft.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The company, which started Kathmandu-Surkhet flights from 2013 with Beechcraft 1900D (18 seats), is now flying with 42-seat aircraft. Now, the company is going to operate two daily flights with aircraft having a seating capacity of 72 seats.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The company currently operates only one daily flight and will start two daily flights between Kathmandu and Surkhet from Wednesday, December 21.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The first Kathmandu-Surkhet flight from December 21 will be operated at 10 am and the second flight at 1:25 pm. Similarly, the company informed that the first flight from Surkhet to Kathmandu is scheduled to take off at 11:35 am and the second flight at 3 pm.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The company had started test flights along the Kathmandu-Surkhet route with ATR 72 from December 16. Now, with the success of the test flights, two daily flights are going to be started on a regular basis.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Buddha Air, which is leading the domestic air sector of Nepal, has been flying to almost all the airports where the private sector flies.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-12-20', 'modified' => '2022-12-20', 'keywords' => '', 'description' => '', 'sortorder' => '16309', 'image' => '20221220094834_buddha.jpg', 'article_date' => '2022-12-20 09:47:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16566', 'article_category_id' => '1', 'title' => 'Cabinet Approves Guidelines on Management of Seasonal Workers ', 'sub_title' => '', 'summary' => 'December 20: A meeting of the Council of Ministers on Sunday approved the Guidelines on Management of Seasonal Workers, 2079. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 20: A meeting of the Council of Ministers on Sunday approved the Guidelines on Management of Seasonal Workers, 2079. Likewise, the government has approved an order to determine the standards of grain-based supplementary child nutrition, Minister for Communications and Information Technology Gyanendnra Bahadur Karki told the media on Monday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the cabinet meeting has decided to give an approval to provide two sets of Sheela (precious stones) to Janaki Mandir in Janakpurdham from Kali Gandaki River. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Furthermore, an order to determine the maximum level of heavy metals on foodstuffs has been approved while the Nilgirikhola-I and II hydropower projects are allowed to use the national forest area for the construction of 220 KV transmission line. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The cabinet meeting also decided to use the national forest area for the project development of Upper Phawakhola Hydropower and include additional conditions to the hydropower projects located in the conservation areas, Minister Karki added. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-12-20', 'modified' => '2022-12-20', 'keywords' => '', 'description' => '', 'sortorder' => '16308', 'image' => '20221220091532_ROS_KTM-_6483441(2).jpg', 'article_date' => '2022-12-20 09:14:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16565', 'article_category_id' => '1', 'title' => 'Narayangadh-Mughlin Road to be Closed for 4 Hours a Day from Today', 'sub_title' => '', 'summary' => 'December 20: Traffic will be stopped along the Narayangadh-Muglin road section for four hours every day starting from Tuesday (December 20). ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 20: Traffic will be stopped along the Narayangadh-Muglin road section for four hours every day starting from Tuesday (December 20). The road will be closed for vehicles in order to carry out clearing works of a roadside hill for the construction of bridges on the road section. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The four-hour daily closure will take place for a month. The road will be closed from 11 am to 3 pm every day. Vehicular movement will be stopped for the construction of bridges at Simaltal, Kalikhola, Tuin Khola and Chisenji Khola areas, which are all located in difficult terrain. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Emergency vehicles such as ambulances and fire engines will be allowed to pass between 11 am to 3 pm depending on the accessibility at the moment. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">There are 20 bridges on the 33-km long Narayangadh-Muglin road section. Five of them have been repaired. The remaining bridges are under construction. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-12-20', 'modified' => '2022-12-20', 'keywords' => '', 'description' => '', 'sortorder' => '16307', 'image' => '20221220090446_20180103124608_chitwan.jpg', 'article_date' => '2022-12-20 09:04:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16567', 'article_category_id' => '1', 'title' => 'Process for Selection of New Prime Minister Begins', 'sub_title' => '', 'summary' => 'December 20: A month after the general election, the process of selecting a prime minister has finally initiated.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">December 20: A month after the general election, the process of selecting a prime minister has finally initiated. With the publication of the final results of the elections held in one phase across the country on November 20, the president has called upon the newly-elected lawmakers to submit claims to the post of prime minister.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Members of the House of Representatives who are able to obtain a majority with the support of two or more parties have been urged submit their claim to form a new government not later than 5:00 pm on December 25. No party has achieved a clear majority in parliament.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Nepali Congress President and Prime Minister Sher Bahadur Deuba, who led the five-party ruling alliance in the election, is a strong contender for the post of prime minister. However, the Nepali Congress is yet to choose its parliamentary party leader who shall become the new PM if the party succeeds in securing help from its coalition partners or other fringe parties.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">NC President Deuba is likely to face challenge from NC General Secretary Gagan Thapa, senior leader Ram Chandra Paudel, and Shekhar Koirala and Prakash Man Singh all of whom are aspiring to become prime minister. The NC has announced election for parliamentary party leader on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, Pushpa Kamal Dahal, chairman of the CPN Maoist Center, is also aspiring to become the new prime minister from the ruling alliance. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The main opposition party CPN-UML is also preparing to take the leadership of the government as it seeks to break the ruling alliance. UML Chairman KP Oli is also communicating with various political parties and appealing to support him for the formation of a new government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">A political party requires 138 seats in the 275-member House of Representatives to form a new government. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Nepali Congress has secured 89 seats in the lower house followed by the CPN-UML with 78 seats and the CPN Maoist Centre a distant third with 32 seats.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-12-20', 'modified' => '2022-12-20', 'keywords' => '', 'description' => '', 'sortorder' => '16306', 'image' => '20221220093553_Deuba.jpg', 'article_date' => '2022-12-20 09:35:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16564', 'article_category_id' => '1', 'title' => 'Revenue Collection Below Target ', 'sub_title' => '', 'summary' => 'December 20: The government has failed to meet its internal revenue collection target set for the current fiscal year. In the first five months of the current fiscal year, the revenue collection has been 13.63 percent less than the target, according to the Inland Revenue Department (IRD). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 20: The government has failed to meet its internal revenue collection target set for the current fiscal year. In the first five months of the current fiscal year, the revenue collection has been 13.63 percent less than the target, according to the Inland Revenue Department (IRD). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department had set a goal of collecting internal revenue worth Rs 174.37 billion in the review period but has collected Rs 150.5 billion, which is about Rs 24 billion less than the target. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The government has also failed to meet the target of collecting income tax, value added tax (VAT) and excise duty. The progress in collection of income tax is 80.61 percent of the target while that of value added tax is 82.47 percent and excise duty is 97.9 percent in the review period. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the other hand, the government has surpassed its target of collecting health care tax and education tax during this period. According to the IRD, the global scenario and the impact of internal problems on the economy caused obstructions in revenue collection. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">IRD Director Raju Prasad Pyakurel told the state-owned RSS that the department had set the target by estimating normal situation but could not meet the target due to an extraordinary situation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Income tax collection has been affected this year due to sluggish capital market and real estate transactions, the IRD added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the department also acknowledged that the revenue collection has declined due the liquidity crisis in the banking system, non-availability of working capital loans, restrictions on the import of goods, and low capital expenditure of the government. </span></span></span></p> ', 'published' => true, 'created' => '2022-12-20', 'modified' => '2022-12-20', 'keywords' => '', 'description' => '', 'sortorder' => '16305', 'image' => '20221220085637_IRDD.jpg', 'article_date' => '2022-12-20 08:55:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16563', 'article_category_id' => '1', 'title' => 'NRB sets Strict Criteria for Appointing Bank CEOs', 'sub_title' => '', 'summary' => 'December 19: Individuals involved in criminal activities will now only be allowed to become founders and chief executive officers (CEOs) in banks and financial institutions five years after serving their sentence.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">December 19: Individuals involved in criminal activities will now only be allowed to become founders and chief executive officers (CEOs) in banks and financial institutions five years after serving their sentence.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Nepal Rastra Bank last week amended the 'Policy and Procedural Provisions on Licensing of Banks, Financial Institutions and Financial Transactions 2063' and the ‘Unified Directives 2078' and tightened the qualifications of founders and CEOs. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Amending the qualification of the founder, NRB has added a provision that if a person has a criminal background mentioned in the police report, the person cannot be a founder or a CEO of a bank until five years after completing his/her sentence.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Previously, there was such a restrictive arrangement only in the case of persons who were blacklisted by the Credit Information Center. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In the amended procedure, if any of the proposed founders who have applied for the establishment of a bank or financial institution is blacklisted or has a criminal background in the police report, the registration process will be carried out only after the removal of such founders or the addition of new founders.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, in the context of appointing a CEO in a bank or financial institution, the individual can only take the responsibility after five years of finishing the criminal sentence. Similarly, individuals aspiring to become a CEO must not have been convicted for dishonesty or fraud.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the directive, a person who has been convicted of corruption charges will be disqualified from holding the position of chief executive officer of banks and financial institutions. Similarly, there is a provision that founders of banks and financial institutions cannot sell their ownership to persons with criminal backgrounds. A provision has been added in the directive that a person with a criminal record in the police report can buy founder shares only after five years of acquittal.</span></span></p> ', 'published' => true, 'created' => '2022-12-19', 'modified' => '2022-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '16304', 'image' => '20221219033744_Banks - Copy.jpg', 'article_date' => '2022-12-19 15:36:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16562', 'article_category_id' => '1', 'title' => 'Export of Handicraft Products Fails to Regain Momentum', 'sub_title' => '', 'summary' => 'December 19: Although some of the businesses affected by the Covid-19 pandemic have returned to normalcy, it’s not the case with the handicraft business. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">December 19: Although some of the businesses affected by the Covid-19 pandemic have returned to normalcy, it’s not the case with the handicraft business. It seems that the export of handicraft products, which reached more than Rs 5.37 billion in the fiscal year 2075/76, decreased by about Rs 1 billion in the last fiscal year. Handicraft products worth more than Rs 4.40 billion were exported in the year 2078/79.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Handicraft businessmen say that exports have been adversely affected as the Covid-19 put the economy of most of the countries in the world in a difficult situation. According to the Federation of Handicraft Association of Nepal, even though exports are improving after Covid-19, the pace is very slow. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Handicraft goods from Nepal are mainly exported to the USA, China, Australia, the UK, Canada, India, Germany, the Netherlands, Japan, Singapore and other countries. China is also the main market for non-textile handicraft.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Naveen Shakya, vice president of the federation said, “The Chinese market has not opened well. The rest of the market is also sluggish. That's why exports could not increase.” According to him, the government policy also hindered exports and that the government should introduce a policy of giving handicraft products special exemptions.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Businessmen also complain about the problem of availability of raw materials needed for handicraft. They complain that they have to face many difficulties in getting raw materials such as stone, soil, wood etc. which are to be found in Nepal. Another vice-president of the federation, Kiran Kumar Sthapit, complains that certain stones and wood used to prepare the handicraft materials are not found in Nepal and have to be brought from abroad.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Businessmen involved in the handicraft business say that due to the lack of skillful craftsmen in this sector, they are not able to produce enough products as required by the customers. They suggest that the government should increase investment in the production of manpower required for this sector, which has great potential.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Government officials argue that there is no shortage of training from the state. Bishnu Prasad Bhusal, executive officer of Micro, Cottage and Small Industries Promotion Center, said that the government conducts separate training for handicraft entrepreneurs and craftsmen. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Bhusal said, “There is no lack of training from the government. We are providing training to 12,200 people in the current fiscal year 2079/80. There may be some problems in taking loans due to the economic crisis seen now, but everything will be resolved once the economic situation becomes easier.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Bhusal also claims that there is no problem in the availability of raw materials in Nepal. He said that some businessmen come to the center with such problems and the center coordinates them.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-12-19', 'modified' => '2022-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '16303', 'image' => '20221219032940_handicraft.jpg', 'article_date' => '2022-12-19 15:29:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16561', 'article_category_id' => '1', 'title' => 'Why is the Contribution of Industrial Sector to the GDP Declining?', 'sub_title' => '', 'summary' => 'December 19: Industrial development in Nepal has failed to gain momentum for a long time. Manufacturing industries are continuously shrinking. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">December 19: Industrial development in Nepal has failed to gain momentum for a long time. Manufacturing industries are continuously shrinking. The lack of easy supply of raw materials, non-availability of loans at concessional rates, migration of skilled workers, frequently changing government policies, lack of customs exemptions, and the inability of the government to bring a special policy for industrialization have affected the development of industries in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The contribution of the industrial sector to the gross domestic product (GDP) was 10 per cent three decades ago but has now shrunk to 5-6 per cent in the last decade. Even though the people's representatives and officials at the level of policy-making and implementation of the state keep repeating that the industrial sector needs to be developed more rapidly for economic prosperity, the reality is the opposite.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The private sector complains that the government neglects the industry. Industrialists complain that the state has not prioritized industrial development. Chairman of Nepal Chamber of Commerce Rajendra Malla said the development of industries is only possible if the government brings a special package for industries based on basic raw materials.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">China, the northern neighbour, and India, to the south, use their huge industrial structures for 'mass production'. Due to this, the production cost of their goods is low.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Nepal has an open border with India in the east, south and west. Although the border with China is not as open as that of India, it is not difficult to import goods. In such a situation, Nepali industrial products have to compete with Indian and Chinese products in the domestic market. Stakeholders shared that they are losing the market because Nepali goods cannot compete with the Indian and Chinese products.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Developed countries in the world are encouraging protectionism. An example of this is the growing trade war between the US and China. "Nepal government also has to bring a special type of industrial policy for the protection and development of the industrial sector," said NCC President Malla.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Stakeholders shared that for the industrial development of the country, there should be a timely review and timely revision of the policies that were made a long time ago.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Dinesh Shrestha, vice president of the Federation of Nepalese Chamber of Industries and Commerce, said that although there were various concessions for industrial development in the previous Act, all of them have been removed recently.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-12-19', 'modified' => '2022-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '16302', 'image' => '20221219031835_Industries.jpg', 'article_date' => '2022-12-19 15:17:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16560', 'article_category_id' => '1', 'title' => 'Construction of Nagdhunga Tunnel Likely to be Delayed Again ', 'sub_title' => '', 'summary' => 'December 19: The Nagdhunga Tunnel Construction Project is likely to miss the completion deadline. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">December 19: The Nagdhunga Tunnel Construction Project is likely to miss the completion deadline again. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The construction of the tunnel, which was supposed to be completed within 42 months from the start of the project, is now 70 percent complete. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The foundation stone of the tunnel was laid by the then Prime Minister KP Sharma Oli in October, 2019. As per the initial agreement, the project was supposed to be completed by April 2023. However, the extended deadline of the project is mid-August 2023.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">But, the project officials say it is not possible to complete the remaining works within the given timeframe due to the challenges related to land acquisition and Covid-19 pandemic.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">Deputy Director of the project, Madhav Prasad Adhikari, told the state-owned national news agency (RSS) that the project is likely to be delayed by some months. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The extended deadline is ending in mid-August next year. The construction works were hampered in the past two years due to the Covid-19 pandemic. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">Study is going on to assess the additional time that the project requires to get completed, said Adhikari. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">An agreement was reached between the Government of Nepal and the Japan International Cooperation Agency (JICA) in 2016 to construct the tunnel. The total cost of the tunnel is estimated to be around Rs 22 billion, of which JICA will bear Rs 16 billion and the Government of Nepal will bear Rs 6 billion. The total length of the tunnel is projected to be 5.7 km.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">Japanese construction company Hazama Ando Corporation had earlier demanded an extension of deadline as the work was delayed due to the pandemic, restrictions and a few days of interruption by the locals.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-12-19', 'modified' => '2022-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '16301', 'image' => '20221219025214_20220417021920_20201105124818_20200308111704_adahjj.jpg', 'article_date' => '2022-12-19 14:51:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16559', 'article_category_id' => '266', 'title' => 'Radisson Hotel Organises Christmas Tree-Lighting Ceremony', 'sub_title' => '', 'summary' => 'December 19: Radisson Hotel Kathmandu welcomed this holiday season with Christmas Tree Lighting Ceremony on December 16.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">December 19: Radisson Hotel Kathmandu welcomed this holiday season with Christmas tree-lighting ceremony on December 16. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement, the international chain hotel said guests from different sectors were invited by the hotel to celebrate the ceremony. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Everyone gathered together in the lobby, filled with joy and warmth of the festive season,” read the statement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the hotel, General Manager Subrata Banerjee started the ceremony by welcoming all the invitees. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Tomoko Tanaka from JICA Nepal was invited by GM Banerjee to light the Christmas tree. Soon after, Santa Claus entered with a bag filled with chocolates which delighted the children present during the ceremony.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The statement further said that the festive night at Radisson Hotel Kathmandu featured Live Christmas carol singing along with a display of ginger bread house, jingle bells, Christmas delicacies and Santa Claus spreading joy among all the invitees with other fun-filled festive activities. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The hotel’s chefs prepared a delicious feast to celebrate the festivity with a perfect blend of Christmas spirit and cheer, added the statement.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-12-19', 'modified' => '2022-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '16300', 'image' => '20221219023235_DSC_5662.jpg', 'article_date' => '2022-12-19 14:31:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16558', 'article_category_id' => '1', 'title' => 'NRB Comes up with New Procedures on Subsidy for Exporters ', 'sub_title' => '', 'summary' => 'December 19: The Nepal Rastra Bank (NRB) has extended the timeline for the designated banks to roll out the subsidy on exports to the domestic exporter companies that meet the criteria to receive the amount.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 19: The Nepal Rastra Bank (NRB) has extended the timeline for the designated banks to roll out the subsidy on exports to the domestic exporter companies that meet the criteria to receive the amount.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Earlier, the NRB had been providing the subsidy amount received from the Ministry of Finance to the exporters through various banks within seven days after receiving the claims made by the exporters. Issuing a notice on Sunday, the central bank said it has now amended the provision to extend the timeline to 15 days.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The NRB has already notified Banks and Financial Institutions regarding the new provisions which have come into force with immediate effect.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Two months ago, the government had decided to give subsidy on exports of 36 different goods by making the first amendment to the Procedures on Providing Subsidy on Goods Export, 2075 BS. As per the new amendment, 18 types of goods should have 50 percent value added and 18 others should have 30 percent. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the NRB notice, those requiring to have 50 percent value added goods include processed tea, processed coffee, handicraft products (copper, iron, brass and goods with glass as raw materials) and woodcrafts. Processed leather, handmade paper and goods produced from them, processed and semi-processed herbs (including Yarsagumba), processed stone, Allo products, processed drinking water, processed and semi-processed turmeric, fresh vegetables, flower, processed honey, cardamom and ginger should also have 50 percent value added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The new procedures have come up with the provision to give subsidy for the third country export of dairy products, fruits and broom grass. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The exporters are entitled to receive subsidy amount equal to five percent of the total export and one percent additional subsidy would also be given if the export is made by adding 80 percent value of those goods. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Those requiring to have 30 percent value added goods to claim subsidy include clothes and readymade garments produced in Nepal, woolen goods, pashmina, jute and jute products, gold and silver jewelries, semi-processed domestic leather, medicines, polyester/yarn/fiber, slipper, clinker, cement, steel, plywood and others. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Amount equal to four percent would be availed in subsidy from the government for the exports of such goods. (With inputs from RSS) </span><br /> </span></span></p> ', 'published' => true, 'created' => '2022-12-19', 'modified' => '2022-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '16299', 'image' => '20221219121835_export.jpg', 'article_date' => '2022-12-19 12:17:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16557', 'article_category_id' => '1', 'title' => 'Prez Bhandari calls HoR Members to Stake Claim for Prime Ministerial Berth ', 'sub_title' => '', 'summary' => 'December 19: President Bidya Devi Bhandari has called the newly elected members of the House of Representatives (HoR) who can secure majority of votes with the support of two or more political parties in the HoR to stake claim for the post of the new prime minister. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 19: President Bidya Devi Bhandari has called the newly elected members of the House of Representatives (HoR) who can secure majority of votes with the support of two or more political parties in the HoR to stake claim for the post of the new prime minister. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The president has given a week’s time for the HoR members to submit their claim for the prime ministerial post, states a press release issued by the Office of the President on Sunday. They need to make the claim before 5:00 pm on December 26. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The president made such call in accordance with Article 76 (2) of the Constitution of Nepal after no political party was able to gain clear majority in the parliament. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Any political party requires 138 seats in the 275-member HoR to form a new government.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">During the November 20 polls, the Nepali Congress emerged as the largest party with 89 seats followed by the CPN UML with 78 seats and CPN Maoist Centre a distant third with 32 seats.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">None of the parties are able to form a new government on their own.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-12-19', 'modified' => '2022-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '16298', 'image' => '20221219112016_parliament building.jpg', 'article_date' => '2022-12-19 11:19:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16556', 'article_category_id' => '1', 'title' => 'Messi Leads Argentina to Incredible World Cup Final Victory over France on Penalties', 'sub_title' => 'Stars were Aligned for Messi to Lift the World Cup', 'summary' => 'December 19: Argentina edged out France 4-2 on penalties in one of the most memorable World Cup finals on Sunday that saw Argentina take a 2-0 lead with goals from Lionel Messi and Angel Di Maria only for France to stage a late fight back.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">December 19: Argentina edged out France 4-2 on penalties in one of the most memorable World Cup finals on Sunday that saw Argentina take a 2-0 lead with goals from Lionel Messi and Angel Di Maria only for France to stage a late fight back.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Defending champions France were 2-0 down until 80 minutes but Kylin Mbppe to scored a late brace in regular time as they kept alive their bid to win back-to-back titles which only Italy has won in the 1930s and Brazil in 1958 and 1962.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Messi looked to be securing the one major honour missing from his glittering collection in comfort as Argentina cruised into a two-goal lead, the BBC reported, adding, “This all changed when an explosive intervention from Mbappe, who scored two goals inside two minutes late on, turned this frantic, magnificent match for the ages on its head.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the BBC, Argentina were untroubled until the closing stages, only for Mbappe to give France a lifeline from the penalty spot with nine minutes left - then restore equality with a magnificent volley moments later.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Messi bundled Argentina back in front in extra time, but Mbappe completed his treble from the spot two minutes from the end of a frantic, chaotic added spell.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Luck favoured Argentina in the penalty shootout as they passed the test 4-2 in one of the sport’s all-time great games. Argentina goalkeeper Emiliano Martinez’s heroics cannot be ignored as he saved the decisive spot kick of Kingsley Coman that turned the tide in favour of Argentina in the shootout. Martinez had also starred in Argentina’s penalty shootout win over the Netherlands in the quarterfinal of the 2022 World Cup.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The result also backed the claim made by football great Zlatan Ibrahimovic just a few days ago that ‘stars are aligned for Messi to lift the World Cup'.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-12-19', 'modified' => '2022-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '16297', 'image' => '20221219123609_3263456-671593257.jpg', 'article_date' => '2022-12-19 00:31:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16555', 'article_category_id' => '1', 'title' => 'Call for Private-Public Collaboration for Lasting Change ', 'sub_title' => '', 'summary' => 'December 18: Stakeholders have highlighted the need for meaningful collaboration and cooperation to realize the sustainable development agenda of Nepal. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 18: Stakeholders have highlighted the need for meaningful collaboration and cooperation to realize the sustainable development agenda of Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at a workshop on "Promotion of Public-Private Partnership for Sustainable Development in Nepal" organized by China Foundation for Rural Development (CFRD) on Friday, experts from Nepal and China underlined the need for better partnership between private and public sectors for lasting change and development. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chairperson of Sustainable Development and Good Governance Committee of National Assembly, Prakash Panta, said that the SDGs have provided a guideline for development of the countries. As a signatory state to the SDGs, Nepal should focus its development priorities accordingly, he said, adding that the entire population of the country will benefit if SDGs are realized. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The positive side in Nepal is that almost all political parties have issued their election manifesto with focus on Sustainable Development Goals, he further said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Panta also informed that the committee has been working rigorously to collect data to identify Nepal's status and progress with regard to SDGs implementation. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"I am hopeful that the recommendations of the committee will be helpful for the government to prioritize its development activities." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Also speaking at the event, former chief secretary Lila Mani Poudyal said poverty is a big threat to humanity. As it limits the people's fundamental rights, every individual deserves to be lifted out of poverty. "Over the past 40 years, China has lifted nearly 800 million people out of poverty and this is a tremendous progress that should be appreciated by all." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Poudyal also said that the achievements made by China have been globally recognized. Institutions like the World Bank and International Monetary Fund (IMF) have appreciated the efforts made by China in the area of eradicating poverty. "I was fortunate to have had an opportunity to closely observe China's modern development," he said. "I strongly believe that Nepal should take advantage by learning from Chinese experience and utilizing the resources China has been providing us." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Economic and Commercial Counselor of the Chinese Embassy in Kathmandu, Xie Yu, said that the global development cause is at a critical juncture for the time being. China and Nepal have a “Strategic Partnership of Cooperation Featuring Ever-lasting Friendship for Development and Prosperity, he said, "China aid to Nepal is also a long-term cause that requires both sides’ nourishment and constant care." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Executive Vice President of CFRD, Liu Wenkui, shared that the organization has accorded its priority to at least six Sustainable Development Goals including SDGs 1, 2 , 3, 4, 6, and 8. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“China and Nepal are close neighbors connected by mountains and rivers and people-to-people exchanges. In the past seven years, we spent more than USD 7.6 million to benefit more than 550,000 person-times in Nepal,” he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"We will continue to uphold the philosophy of 'Love Without Borders, People to People connectivity', and join hands with Nepali people and make greater contributions to support Nepal achieve the 2030 UN Sustainable Development Goals as soon as possible." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Amid the program, the United Nations Development Program (UNDP) and CFRD Nepal office jointly unveiled the cooperation framework for implementation of the project "Support to Schools and Communities in Remote Areas for Pandemic Prevention and Green Recovery in Nepal" under the Global Development and South-South Cooperation Project in Nepal. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-12-18', 'modified' => '2022-12-18', 'keywords' => '', 'description' => '', 'sortorder' => '16296', 'image' => '20221218031011_PPP.jpg', 'article_date' => '2022-12-18 15:08:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
