November 7: The government has decided to take strict measures while issuing business visas to those who pledge to invest in Nepal only to obtain such visas but do not intend to make any investment in…
November 7: The government has decided to take strict measures while issuing business visas to those who pledge to invest in Nepal only to obtain such visas but do not intend to make any investment in…
November 7: The Credit Information Centre has started blacklisting the people who do not clear loans taken from micro finance companies as…
November 7: A total lunar eclipse is taking place on November 8, Tuesday, the full moon day this…
November 7: Farmers in Taplejung now are busy in harvesting…
November 7: The Westerly wind is having general influence in the weather system of the country at…
November 7: The interest rates of banks will decline if the banks and financial institutions are not allowed to maintain fixed deposits for less than one year, according to Excel Development…
November 7: The outstanding amount of refinance provided by Nepal Rastra Bank (NRB) stands at Rs 108.49 billion in mid-September…
November 7: The state-owned Food Management and Trading Company Limited (FMTCL) sold around 29,500 quintals of food at concessional rates this…
November 6: Insurance companies have been instructed to settle the claims for Covid-19 insurance based on the application date.…
November 6: Industrialists and entrepreneurs have staged protest against the increase in interest rate by…
November 6: Employment opportunities in Japan and UK, which many Nepalis have been aspiring for a long time, are going to open soon.…
November 6: The price of onion has been increasing in the domestic market of Nepal for a month now.…
November 6: The Securities Board of Nepal (SEBON) has implemented the 'Securities Issuance and Allocation (Sixth Amendment) Guidelines, 2022' with the objective of bringing in those who are currently involved in foreign employment into the folds of the share…
November 6: The arrival of foreign tourists in Nepal has gradually returned back on…
November 4: Almost 600,000 metric tons of spices are produced in Nepal annually, according to government…
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According to Ramchandra Tiwari, director general of the department, the business visa can be linked with real investment. He said that some foreign nationals have the intention of not making real investment in Nepal, but of staying for a while and returning to their destination after the visa expires.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The new provision aims to discourage the situation in which the graph of foreign investment approved by the department increases but the investment does not actually come. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A notice issued by the department on Thursday states that some foreigners have been found approving foreign investment only for the purpose of obtaining business visa but do not register the company and also don’t bring any investment.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The department estimates that foreign nationals who have received business visas may be involved in activities contrary to the purpose of the visa. Director General Tiwari said that visa recommendation process has been made more systematic to prevent such activities. The notice issued by department states that this new system shall come into effect from November 4. It means that the new provision is being implemented since last Friday.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The department has made it mandatory for foreign nationals to submit the company registration certificate to seek recommendation for business visa for the first time for a period of three months. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The department will now onward recommend an additional three-month business visa only after the investor submits the company registration certificate.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The department informed that those seeking such visas should then submit the progress report on registration with the tax office, opening a bank account and registration of an industry or application for registration of an industry.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Foreigners who have been given approval for investment by the department must now complete these procedures and steps to extend the period of their business visa. There was no such arrangement before.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The department has adopted a policy not to recommend business visas again until the proposed foreign investment is brought into the country. Director General Tiwari, however clarified that if these provisions cause any inconvenience to foreign investors, the department is ready to facilitate them.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“The Foreign Investment and Technology Transfer Act does not expect fake investors,” he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </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' => '2022-11-07', 'modified' => '2022-11-07', 'keywords' => '', 'description' => '', 'sortorder' => '16005', 'image' => '20221107061914_Untitled.jpg', 'article_date' => '2022-11-07 18:18:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16263', 'article_category_id' => '1', 'title' => 'Thirty-nine Customers of Microfinance Companies Blacklisted', 'sub_title' => '', 'summary' => 'November 7: The Credit Information Centre has started blacklisting the people who do not clear loans taken from micro finance companies as well.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 7: The Credit Information Centre has started blacklisting the people who do not clear loans taken from micro finance companies as well.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Microfinance companies got affiliation to the Credit Information Centre as per the instruction of Nepal Rastra Bank and started sharing information about credit investment. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Subsequently, the centre started blacklisting bad borrowers.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The centre, which has been publishing a blacklist of defaulters from banks and financial institutions, has started publishing a separate blacklist of customers of microfinance companies since the beginning of the current fiscal year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> According to the data published by the centre, 39 debtors have been blacklisted as of November 4 last week.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The blacklisted persons will not get loans from any bank or financial institution.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Two years ago, Nepal Rastra Bank instructed microfinance companies to become members of the Credit Information Center and exchange information in order to eliminate the duplication of loans.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the instructions, microfinance companies must obtain credit information from the centre about the borrower/customer before disbursing loans, renewing old loans, or rescheduling loans. Bad debtors who have not paid their loans should be recommended to be blacklisted in the information centre. At present, there is a provision that microfinance companies should recommend blacklisting borrowers who do not repay loans of more than Rs 500,000.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">However, if the institution wishes, it can also recommend blacklisting borrowers who take loans of less than Rs 500,000. Similarly, the related organization should recommend to the information centre to remove them from the list after the blacklisted debtor pays the principal and interest of the loan. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Prakashraj Sharma, president of Nepal Microfinance Bankers Association, said that according to the instructions of the Nepal Rastra Bank, all the microfinance companies have become members of the information centre and are exchanging information on loan investment.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-07', 'modified' => '2022-11-07', 'keywords' => '', 'description' => '', 'sortorder' => '16004', 'image' => '20221107053707_badloan.jpg', 'article_date' => '2022-11-07 17:36:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16262', 'article_category_id' => '1', 'title' => 'Total Lunar Eclipse on November 8 ', 'sub_title' => '', 'summary' => 'November 7: A total lunar eclipse is taking place on November 8, Tuesday, the full moon day this week. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 7: A total lunar eclipse is taking place on November 8, Tuesday, the full moon day this week. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Nepal Calendar Determination Committee, the eclipse will occur since moonrise at 5:11 pm. It will be visible following the sunset at 5:11 pm. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the executive director of the committee, Surya Prasad Dhungel, the eclipse will end at 6: 34 pm. It will be visible from Nepal for one hour and 23 minutes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to religious belief, normal people except children, elderly people and sick to restrain themselves from taking food nine hours before of the eclipse (8:11 am) to avoid possible harm due to the eclipse. The practice of meditation and religious worship is considered to be beneficial during the eclipse. Prior to this, a solar eclipse occurred recently on October 25. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-07', 'modified' => '2022-11-07', 'keywords' => '', 'description' => '', 'sortorder' => '16003', 'image' => '20221107013517_Untitled.jpg', 'article_date' => '2022-11-07 13:34:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16261', 'article_category_id' => '1', 'title' => 'Farmers of Taplejung Busy Harvesting Cardamom ', 'sub_title' => '', 'summary' => 'November 7: Farmers in Taplejung now are busy in harvesting cardamom.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 7: Farmers in Taplejung now are busy in harvesting cardamom. With the festive season coming to an end, they are fully engaged in picking, peeling and basking cardamom. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The period between mid-September to mid-December is the prime time for harvesting cardamom. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Gyan Bahadur Gurung, a cardamom farmer of Pathivara Yangwarak Rural Municipality-1, Thechambu, informed that the farmers have stepped up their preparation to pick and harvest cardamom fearing possible menace from wildlife. He further said they did not conveniently celebrate the grand festivals such as Dashain and Tihar due to cardamom season. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Farmers had to spend their time in cardamom farm even during festivals as it was the main season for harvesting, said Basanta Limbu, a farmer of Faktanglung Rural Municipality-6. Madibung. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Khongdu Sherpa, a farmer of Fungling Municipality-6, Bihibare said they were entirely busy in picking, peeling and basking cardamom during the Tihar festival. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As there is rising fear of wildlife rampage, the farmers had devoted their effort for timely harvesting cardamom, he added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It is the high time for the entire cardamom farmers across the district to harvest their yields. There is massive cardamom farming in 60 wards of all nine local units in the district. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Cardamom has been cultivated in around 4,450 hectares of land in the district. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-07', 'modified' => '2022-11-07', 'keywords' => '', 'description' => '', 'sortorder' => '16002', 'image' => '20221107013146_BlackCardamom.jpg', 'article_date' => '2022-11-07 13:30:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16260', 'article_category_id' => '1', 'title' => 'Possibility of Light Rain Today ', 'sub_title' => '', 'summary' => 'November 7: The Westerly wind is having general influence in the weather system of the country at present.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 7: The Westerly wind is having general influence in the weather system of the country at present. The weather will be cloudy with chances of light rain due to this, the Meteorological Forecasting Division of Department of Hydrology and Meteorology said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meteorologist Manju Basi said that it will be generally cloudy throughout the country with chances of light rain at some places of the hilly region today. It is partly to generally cloudy in the hilly region at present. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Although it was partly cloudy in the federal capital, Kathmandu, in the morning, it is clear now. In the afternoon, the weather is likely to be cloudy again with light rainfall at some places. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The sky in the Tarai region is sparsely cloudy today, but there is no possibility of rainfall, meteorologist Basi said, adding that it is partly to generally cloudy in the hill region at present and partly cloudy in the rest of the country. The weather will be partly to generally cloudy in the hill region and partly cloudy to generally fair in the rest of the country towards the afternoon today. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Light rain is predicted at one or two places of the hill region in Province 1 and Bagmati and Gandaki provinces. The weather will be partly cloudy to generally fair throughout the country tonight. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The maximum temperature of Kathmandu was recorded at 24 degrees Celsius and the minimum 11 degrees Celsius in the last 24 hours. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">--- </span></span></span></p> ', 'published' => true, 'created' => '2022-11-07', 'modified' => '2022-11-07', 'keywords' => '', 'description' => '', 'sortorder' => '16001', 'image' => '20221107012012_maxresdefault.jpg', 'article_date' => '2022-11-07 13:19:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16259', 'article_category_id' => '1', 'title' => '‘Interest Rates can be Reduced if Fixed Deposits are Maintained for at Least One Year’', 'sub_title' => '', 'summary' => 'November 7: The interest rates of banks will decline if the banks and financial institutions are not allowed to maintain fixed deposits for less than one year, according to Excel Development Bank.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">November 7: The interest rates of banks will decline if the banks and financial institutions are not allowed to maintain fixed deposits for less than one year, according to Excel Development Bank.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The development bank made such suggestions mid protests by industrialists, who have hit the streets against the rising interest rates of banks.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to Excel Development Bank, the cost of maintaining bank deposits is increasing and therefore suggested that the fixed deposits should not be less than one-year period. The bank is of the view that such accounts should not be allowed to pre-mature before a minimum of one year. This, according to the bank, can reduce the base rate of banks. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Excel Development Bank said that BFIs are currently involved in unhealthy competition to attract deposits, which according to the bank should not be encouraged.</span></span></p> ', 'published' => true, 'created' => '2022-11-07', 'modified' => '2022-11-07', 'keywords' => '', 'description' => '', 'sortorder' => '16000', 'image' => '20221107125840_Banks - Copy.jpg', 'article_date' => '2022-11-07 12:57:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16258', 'article_category_id' => '1', 'title' => 'Outstanding Amount of Refinance Issued by NRB Stands at Rs 108.49 Billion', 'sub_title' => '', 'summary' => 'November 7: The outstanding amount of refinance provided by Nepal Rastra Bank (NRB) stands at Rs 108.49 billion in mid-September 2022.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 7: The outstanding amount of refinance provided by Nepal Rastra Bank (NRB) stands at Rs 108.49 billion in mid-September 2022. As of mid-September 2022, the outstanding concessional loan is Rs 213.23 billion, extended to 147,926 borrowers, of which Rs 139.67 billion has been extended to 60,302 borrowers for selected commercial agriculture and livestock businesses, the Central Bank stated in the Current Macroeconomic and Financial Situation Report released in October. The report is based on two months' data ending Mid-September of the current fiscal year (FY 2022/23). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Rs 70.10 billion loan has been extended to 84,790 women entrepreneurs. A total of 2,834 borrowers have availed Rs 3.46 billion concessional loan in other sectors. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Business continuity loan has been extended to the Covid-19 affected sectors such as tourism, cottage, small and medium industries for the payment of salaries to workers and employees in line with the 'Business Continuity Loan Procedure, 2020'. The outstanding loan extended under this provision is Rs 0.90 billion as of mid-September 2022. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif""><strong>Inter-bank Transaction </strong> </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the review period, the interbank transactions of BFIs amounted to Rs 647.59 billion including Rs 580.52 billion inter-bank transactions among commercial banks and Rs 67.06 billion among other financial institutions. In the corresponding period of the previous fiscal year, such transactions was Rs 648.31 billion including Rs 557.30 billion among commercial banks and Rs 91 billion among other financial institutions. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The weighted average 91-days treasury bills rate remained at 9.09 percent in the second month of FY 2022/23, which was 3.98 percent in the corresponding period of last fiscal year. The weighted average inter-bank transaction rate among commercial banks, which was 4.75 percent a year ago, increased to 8.50 percent in the review month. The average inter-bank rate of BFIs which is considered as operating target of monetary policy, stood 8.50 percent in the review month. Such a rate was 4.68 percent a year ago. </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""><strong>Interest Rates </strong> </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 average base rate of commercial banks increased to 10.01 percent in the second month of FY 2022/23 from 6.89 percent a year ago. Weighted average deposit rate and lending rate of commercial banks stood at 7.81 percent and 12.06 percent respectively in the review month. Such rates were 4.92 percent and 8.57 percent respectively a year ago. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif""><strong>Merger and Acquisition </strong> </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">After introduction of merger and acquisition policy aimed at strengthening financial stability, the number of BFIs involved in this process reached 247 as of mid-September 2022. Out of which, the license of 179 BFIs was revoked thereby forming 68 BFIs. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif""><strong>Financial Access </strong> </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Of the total 753 local levels, commercial banks extended their branches at 752 levels as of mid-September 2022. The number of local levels having branches of commercial bank was 750 a year ago. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The total number of BFIs licensed by NRB remained 125 in mid-September 2022. As of mid-September this year, 26 commercial banks, 17 development banks, 17 finance companies, 64 microfinance companies and one infrastructure development bank are in operation. The number of branches of BFIs has reached 11,585 in mid-September 2022 from 11,528 in mid-July 2022. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-07', 'modified' => '2022-11-07', 'keywords' => '', 'description' => '', 'sortorder' => '15999', 'image' => '20221107114002_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-11-07 11:38:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16257', 'article_category_id' => '1', 'title' => 'FMTCL Sells 29,500 Quintals of Food at Concessional Rates this Year', 'sub_title' => '', 'summary' => 'November 7: The state-owned Food Management and Trading Company Limited (FMTCL) sold around 29,500 quintals of food at concessional rates this year.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">November 7: The state-owned Food Management and Trading Company Limited (FMTCL) sold around 29,500 quintals of food at concessional rates this year. The FMTCL had opened fair-price shops at various places across the country during the festivals of Dashain and Tihar to facilitate the general public.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The fair-price shops were opened from September 17 to November 1 this year with the objective of providing food to the public at concessional rates during the festivals and also to discourage artificial shortage of food. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to the FMTCL, it sold 28,939 quintals of rice, 106 quintals of lentil, 10 quintals of pulses and legumes, 10 quintals of wheat, 10 quintals of beaten rice, 464 quintals of meat during the review period.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The FMTCL had operated fair-price shops at 43 different places of 41 districts this year. The company had provided discounts between Rs 10 to Rs 50 on the items sold during this period.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The FMTCL, however, could not sell ghee and sugar at concessional rates this year because the state-owned Dairy Development Corporation faced scarcity of ghee this year while the Ministry of Finance did not give permission to purchase sugar. The consumption of ghee and sugar is maximum during the festivals of Tihar and Chhath. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">FMTCL’s Information Officer Sharmila Neupane informed that the company sold more food items this year compared to last year.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-07', 'modified' => '2022-11-07', 'keywords' => '', 'description' => '', 'sortorder' => '15998', 'image' => '20221107101946_fair price shoppp.jpg', 'article_date' => '2022-11-07 10:19:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16256', 'article_category_id' => '1', 'title' => 'Insurance Board Issues Directive to Settle Covid-19 Claims on the Basis of Application Date', 'sub_title' => '', 'summary' => 'November 6: Insurance companies have been instructed to settle the claims for Covid-19 insurance based on the application date. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 6: Insurance companies have been instructed to settle the claims for Covid-19 insurance based on the application date. The Insurance Board has instructed the insurance companies to settle such claims by adding Rs 81 million to the fund of Rs 1 billion released by the government for same very purpose.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"We have instructed the companies to make payments based on the date of claims," said Surya Prasad Silwal, chairman of the board.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He said that the companies have been instructed to start disbursing funds immediately. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He added that the settlement of claims will give a positive message.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“It will dispel doubts that those insured might not get the insurance amount,” said Silwal.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The board initiated the Covid-19 insurance scheme immediately after the start of the Covid-19 pandemic three years ago.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">All 20 non-life insurance companies sold this policy to a total of 1,758,000 people. Among them, 165,059 have claimed insurance worth Rs 15.82 billion. So far, the insurance companies have settled claims worth Rs 4.98 billion made by 51,669 people.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although there is no pandemic insurance in other countries of the world, the board had started Covid-19 insurance as its social responsibility. However, as the number of infected people increased, the companies stopped settling the claims stating that they could not afford it. They also blamed the government for the delay in releasing the amount it had pledged to provide as relief.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">However, the government has already decided to release the amount upon the recommendation of the board.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-06', 'modified' => '2022-11-06', 'keywords' => '', 'description' => '', 'sortorder' => '15997', 'image' => '20221106043837_coronainsuranceee.jpg', 'article_date' => '2022-11-06 16:37:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16255', 'article_category_id' => '1', 'title' => 'Entrepreneurs Demonstrate against Increase in Interest Rate ', 'sub_title' => '', 'summary' => 'November 6: Industrialists and entrepreneurs have staged protest against the increase in interest rate by banks. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 6: Industrialists and entrepreneurs have staged protest against the increase in interest rate by banks. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They held a symbolic protest putting forth various demands including provision for a fixed interest rate, lowering the premium increased due to base rate, and decreasing the service-charge taken by banks and financial institutions. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Stating that their problems have increased due to various reasons including rise in interest rate, they demonstrated at Maitighar Mandala on Saturday to draw the attention of bodies concerned, said Vice-President of the Federation of Nepalese Chambers of Commerce and Industry, Dinesh Shrestha. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Entrepreneurs and industrialists facing problems joined the protest programme spontaneously. We hoped that the attention of the bodies concerned will be drawn towards our demand," shared Shrestha. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The symbolic protest was joined by FNCCI provincial and district chapters and thematic committees, according to Shrestha who shared with the RSS that they planned to shut the district-based industries and enterprises from Sunday as the continuity of the protest. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The participants displayed placards with messages such as "we need banking services, but increasing interest rate is becoming unaffordable; we face challenges to sustain business due to a high interest rate; the sustainability of industry, trade is a must to support nation's economy". </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Last week, the FNCCI delegation submitted a memorandum to the Nepal Rastra Bank, seeking its intervention to resolve the issues in the finance sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They demanded for the central bank's role in managing liquidity crisis as well as stability of interest rate, price stability and the management of external sector. Besides, they want the central bank not to implement the amendments in the Current Capital Loan Guidelines, to ensure extra time for the payment of loan and interest, undertake a detailed study about the amendment to credit-deposit ratio, and take efforts to increase the capital expenditure among others. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-06', 'modified' => '2022-11-06', 'keywords' => '', 'description' => '', 'sortorder' => '15996', 'image' => '20221106031800_interest-rates-e1541025967190.jpg', 'article_date' => '2022-11-06 15:17:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16254', 'article_category_id' => '1', 'title' => 'Protocol for Sending Workers to UK, Japan Ready', 'sub_title' => '', 'summary' => 'November 6: Employment opportunities in Japan and UK, which many Nepalis have been aspiring for a long time, are going to open soon. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 6: Employment opportunities in Japan and UK, which many Nepalis have been aspiring for a long time, are going to open soon. The Ministry of Labour, Employment and Social Security informed that the government has prepared the protocols for sending workers to those countries and the process of sending workers will begin soon.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Deputy Spokesperson of the Ministry Dr Thaneshwar Bhusal said that the protocol will be implemented after the Council of Ministers passes it. He informed that the ministry prepared the criteria for the selection, placement and service facilities of workers going to the UK. Preparations are being made to send 200 nurses to Britain from January 2023 in the first phase. The ministry has prepared a schedule for requesting applications for nurses in this regard.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Only nurses who are qualified according to the criteria will be allowed to go to the UK for employment. A labor agreement was signed between Nepal and the UK on August 22 regarding the employment of nurses in the UK. Director General of the Department of Labour and Occupational Safety Umakanta Acharya said that framework for the process of sending nurses to the UK for foreign employment is already prepared.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As per the information, the selection of health workers going to the UK will be done through the department and the UK's Department of Health and Social Care. The two countries agreed on not levying any charges for the nurse selection process and that the costs of the health workers selected for employment will be covered by employers in the UK. Officials of the ministry say that based on the evaluation of the health workers sent in the first phase, more workers will be allowed to go to the UK in the second phase. Nurses who have completed 20 years and are under 45 years of age will be allowed to work in the UK. Nurses with two years of work experience with a license from the Nepal Nursing Council will be given priority.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Likewise, the ministry informed that the process of sending workers to Japan will also proceed after the election. Director of the department Dambar Bahadur Sunuwar, who has been looking at Israeli employment in the department, has been given the responsibility of looking into the employment in Japan also. Director General Acharya said that the process of selection of workers is being discussed. In March 2019, Nepal and Japan signed an agreement regarding taking Nepali workers. As of present, an agreement has been reached between the two countries to allow specially trained manpower from Nepal to go to Japan for employment.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-06', 'modified' => '2022-11-06', 'keywords' => '', 'description' => '', 'sortorder' => '15995', 'image' => '20221106014614_foreign emp.jpg', 'article_date' => '2022-11-06 13:45:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16253', 'article_category_id' => '1', 'title' => 'Nepal Imports more than 700,000 Tons of Onion a Year', 'sub_title' => '', 'summary' => 'November 6: The price of onion has been increasing in the domestic market of Nepal for a month now. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 6: The price of onion has been increasing in the domestic market of Nepal for a month now. The records of the Kalimati Fruit and Vegetable Market Development Committee show that the wholesale price of onion, which was Rs 45 per kg in the first week of last October, has now increased by Rs 15 per kg to Rs 60 per kg. Currently, the price of onion has increased due to the 'off season'.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the current market price, 417,000 metric tons of onions worth more than Rs 25 billion are consumed in Nepal in a year. As per the data of the National Center for Potato, Vegetable and Spice Crop Development, 289,000 tons of onions were produced in Nepal in the fiscal year 2020/21, while 129,000 metric tons had to be imported from abroad to meet the demand. In the same year, 11.5 tons of onions were exported from Nepal. A large part of onion consumed by Nepalis is imported from other countries including India.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the year 2019/20, a total of 288,000 tons of onions were produced in Nepal, while 160,000 tons were imported to meet the domestic demand. The data of onion import confirms that the government has not paid much attention to increasing the production of onion, which is used in large quantities in the Nepali kitchen. Onion is a crop that can be produced in abundance in Nepal. But looking at the data of the last three years, it seems that the area for onion production is also decreasing.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the year 2018/19, onion cultivation was done on 20,900 hectares of land. In the years since then, the area of onion cultivation is on gradual decline. According to government data, onions were cultivated only on 20,400 hectares in 2019/20 and 20,300 hectares in 2020/21. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Sandeep Subedi, horticulture officer at the Bagmati Province Office of the National Center for Potato, Vegetable and Spice Crop Development admitted that the government has not introduced any big programmes to promote onion production. According to him, although there are good prospects for onion cultivation in Nepal, there is problem with seeds. He said that the seeds currently being used in Nepal are not of high quality and even seeds imported from India are not easily available. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Earlier, the government had planned to conduct potato and onion mission programme for four years from the fiscal year 2019/20, but that plan has been limited to papers. Even before that, the government had conducted a programme to increase onion production from 2007 to 2012 in Sirha, Saptari, Dhanusha, Bara, Parsa and Rupandehi by spending Rs 50 million. However, the programme could not be successful due to irregularities in the purchase and distribution of production materials.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Spokesperson of the Ministry of Agriculture and Livestock Development, Prakash Kumar Sanjel said that the central government has not introduced any programme to increase onion production. “We have not brought such programmes after the previous failure. Since the production process of onion seed is sensitive and complicated, it has to be brought from India. However, India does not provide the required amount. Due to lack of seeds, we have not been able to bring a programme to increase production,” said Spokesperson Sanjel.</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' => '2022-11-06', 'modified' => '2022-11-06', 'keywords' => '', 'description' => '', 'sortorder' => '15994', 'image' => '20221106123044_20200916052134_1600205898.Clipboard06.jpg', 'article_date' => '2022-11-06 12:30:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16252', 'article_category_id' => '1', 'title' => 'SEBON Issues Guidelines for IPO Quota to People Involved in Foreign Employment ', 'sub_title' => '', 'summary' => 'November 6: The Securities Board of Nepal (SEBON) has implemented the 'Securities Issuance and Allocation (Sixth Amendment) Guidelines, 2022' with the objective of bringing in those who are currently involved in foreign employment into the folds of the share market. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 6: The Securities Board of Nepal (SEBON) has implemented the 'Securities Issuance and Allocation (Sixth Amendment) Guidelines, 2022' with the objective of bringing in those who are currently involved in foreign employment into the folds of the share market. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">SEBON has made provisions for reservation to those in foreign employment so that they would be able to easily invest in the initial public offering. As per the guidelines, this provision has come into effect immediately. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This provision has been made for encouraging the Nepalis currently in foreign employment to send the remittances to Nepal through formal channel. It is estimated that the remittance coming via formal channels will increase if provisions of providing reservation for IPO to those Nepalis in foreign employment. The move is expected to release the pressure on the declining foreign currency reserves in the country in recent times. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government took this measure as the money coming through the remittances was being used only on buying consumer goods and was thus going back to where it came from. The board made this provision at the initiatives of the Finance Ministry with the aim of utilizing the money in the productive sectors and in shoring up the national economy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the new provision, the organizations issuing IPOs are required to allot 10 percent of the IPOs to those Nepalis who have acquired labour permits for foreign employment. -- RSS </span><br /> </span></span></p> ', 'published' => true, 'created' => '2022-11-06', 'modified' => '2022-11-06', 'keywords' => '', 'description' => '', 'sortorder' => '15993', 'image' => '20221106114548_Sebonnn.jpg', 'article_date' => '2022-11-06 11:45:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16251', 'article_category_id' => '1', 'title' => 'Over 500,000 Tourists Arrive in Nepal in 10 Months ', 'sub_title' => '', 'summary' => 'November 6: The arrival of foreign tourists in Nepal has gradually returned back on track.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 6: The arrival of foreign tourists in Nepal has gradually returned back on track. In the past 10 months, around 500,000 foreign tourists visited Nepal, according to data provided by the Nepal Tourism Board (NTB). The figure is a huge increase as compared to the data of 2020 and 2021 when the pandemic was at its peak. The COVID-19 pandemic had ruined the tourism sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The country recorded the arrival of over 230,000 tourists in 2020, a sharp drop by a whopping 81 percent against over 1.19 million tourists in 2019 just before the pandemic. Similarly, in 2021, the arrival of foreign tourists further dropped by 34.4 percent to over 150,000 as compared to 2020. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The influx of tourist in 2022 took place between January and October, said the NTB. Over 88,500 tourists visited the country in October alone, and over 61,500 in April, over 58,300 in September, more than 41,300 in August, over 44,400 in July, and more than 46,900 in June. Similarly, over 53,600 tourists visited the country in May, more than 42,000 in March, over 19,700 in February and more than 16,900 in January. </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"">More than 600,000 tourists are expected to visit Nepal this year with this arrival rate, according to Maniraj Lamichhane, Director of the NTB. -- RSS</span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-11-06', 'modified' => '2022-11-06', 'keywords' => '', 'description' => '', 'sortorder' => '15992', 'image' => '20221106101246_Tourist.jpg', 'article_date' => '2022-11-06 10:12:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16250', 'article_category_id' => '1', 'title' => 'Nepal Produces Less than 600,000 Metric Tons of Spices in a Year', 'sub_title' => '', 'summary' => 'November 4: Almost 600,000 metric tons of spices are produced in Nepal annually, according to government data.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 4: Almost 600,000 metric tons of spices are produced in Nepal annually, according to government data. The data provided by the National Centre for Potato, Vegetable and Spice Crops Development shows that 594,800 metric tons of spices were produced in 73,300 hectares of land in all the districts of the seven provinces of Nepal in the fiscal year 2020/21.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The data prepared by the center only covers cardamom, ginger, garlic, red pepper and dried chilies produced in Nepal. Apart from these, the center said that the production of other types of spices is not significant in Nepal, so they are not included in the data. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Looking at the data of the last three years, it seems that the highest production was in the year 2020/21. Before that, 555,000 tons of spices were produced in the year 2019/20 and 543,000 metric tons in the year 2018/19.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Altogether 184,611 metric tons of cardamom, ginger garlic, red pepper and chilies have been produced in 29,962 hectares in Province 1; 53,600 metric tons of spices have been produced in 6,200 hectares of land in Province 2; and 72,100 metric tons of spices have been produced in 8,748 hectares of land in Bagmati province.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the data, 49,500 metric tons of spices were produced in 6500 hectares of land in Gandaki province, and 138, 000 metric tons were produced from 11838 hectares in Lumbini province. Similarly, it has been found that 35,800 metric tons of spices were produced in 4,000 hectares of land in Karnali province and 61,200 metric tons in 6,100 hectares in Sudurpaschim province.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although the data shows that there has been some increase in production, it is not enough to meet the demand of the domestic market. In FY 2020/21, a total of 158,600 metric tons of spices were imported. About 15,000 metric tons of spices were exported from Nepal that year. Similarly, in the year 2019/20, altogether 127,800 metric tons of spices were imported and 14,000 metric tons were exported. According to the government data, 700,000 metric tons of spices are consumed in Nepal annually.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-04', 'modified' => '2022-11-04', 'keywords' => '', 'description' => '', 'sortorder' => '15991', 'image' => '20221104020450_Different-types-of-spices-of-the-table-apr18.jpg', 'article_date' => '2022-11-04 14:04:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '16264', 'article_category_id' => '1', 'title' => 'Government to Tighten Business Visa for Foreigners', 'sub_title' => '', 'summary' => 'November 7: The government has decided to take strict measures while issuing business visas to those who pledge to invest in Nepal only to obtain such visas but do not intend to make any investment in reality.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 7: The government has decided to take strict measures while issuing business visas to those who pledge to invest in Nepal only to obtain such visas but do not intend to make any investment in reality.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The government’s move is aimed at discouraging the practice of foreigners getting approval for investment just for the sake of acquiring business visas. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Department of Industry has made some new arrangements in the visa recommendation to make the business visa recommendation more systematic and dignified. According to Ramchandra Tiwari, director general of the department, the business visa can be linked with real investment. He said that some foreign nationals have the intention of not making real investment in Nepal, but of staying for a while and returning to their destination after the visa expires.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The new provision aims to discourage the situation in which the graph of foreign investment approved by the department increases but the investment does not actually come. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A notice issued by the department on Thursday states that some foreigners have been found approving foreign investment only for the purpose of obtaining business visa but do not register the company and also don’t bring any investment.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The department estimates that foreign nationals who have received business visas may be involved in activities contrary to the purpose of the visa. Director General Tiwari said that visa recommendation process has been made more systematic to prevent such activities. The notice issued by department states that this new system shall come into effect from November 4. It means that the new provision is being implemented since last Friday.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The department has made it mandatory for foreign nationals to submit the company registration certificate to seek recommendation for business visa for the first time for a period of three months. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The department will now onward recommend an additional three-month business visa only after the investor submits the company registration certificate.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The department informed that those seeking such visas should then submit the progress report on registration with the tax office, opening a bank account and registration of an industry or application for registration of an industry.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Foreigners who have been given approval for investment by the department must now complete these procedures and steps to extend the period of their business visa. There was no such arrangement before.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The department has adopted a policy not to recommend business visas again until the proposed foreign investment is brought into the country. Director General Tiwari, however clarified that if these provisions cause any inconvenience to foreign investors, the department is ready to facilitate them.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“The Foreign Investment and Technology Transfer Act does not expect fake investors,” he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </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' => '2022-11-07', 'modified' => '2022-11-07', 'keywords' => '', 'description' => '', 'sortorder' => '16005', 'image' => '20221107061914_Untitled.jpg', 'article_date' => '2022-11-07 18:18:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16263', 'article_category_id' => '1', 'title' => 'Thirty-nine Customers of Microfinance Companies Blacklisted', 'sub_title' => '', 'summary' => 'November 7: The Credit Information Centre has started blacklisting the people who do not clear loans taken from micro finance companies as well.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 7: The Credit Information Centre has started blacklisting the people who do not clear loans taken from micro finance companies as well.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Microfinance companies got affiliation to the Credit Information Centre as per the instruction of Nepal Rastra Bank and started sharing information about credit investment. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Subsequently, the centre started blacklisting bad borrowers.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The centre, which has been publishing a blacklist of defaulters from banks and financial institutions, has started publishing a separate blacklist of customers of microfinance companies since the beginning of the current fiscal year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> According to the data published by the centre, 39 debtors have been blacklisted as of November 4 last week.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The blacklisted persons will not get loans from any bank or financial institution.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Two years ago, Nepal Rastra Bank instructed microfinance companies to become members of the Credit Information Center and exchange information in order to eliminate the duplication of loans.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the instructions, microfinance companies must obtain credit information from the centre about the borrower/customer before disbursing loans, renewing old loans, or rescheduling loans. Bad debtors who have not paid their loans should be recommended to be blacklisted in the information centre. At present, there is a provision that microfinance companies should recommend blacklisting borrowers who do not repay loans of more than Rs 500,000.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">However, if the institution wishes, it can also recommend blacklisting borrowers who take loans of less than Rs 500,000. Similarly, the related organization should recommend to the information centre to remove them from the list after the blacklisted debtor pays the principal and interest of the loan. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Prakashraj Sharma, president of Nepal Microfinance Bankers Association, said that according to the instructions of the Nepal Rastra Bank, all the microfinance companies have become members of the information centre and are exchanging information on loan investment.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-07', 'modified' => '2022-11-07', 'keywords' => '', 'description' => '', 'sortorder' => '16004', 'image' => '20221107053707_badloan.jpg', 'article_date' => '2022-11-07 17:36:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16262', 'article_category_id' => '1', 'title' => 'Total Lunar Eclipse on November 8 ', 'sub_title' => '', 'summary' => 'November 7: A total lunar eclipse is taking place on November 8, Tuesday, the full moon day this week. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 7: A total lunar eclipse is taking place on November 8, Tuesday, the full moon day this week. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Nepal Calendar Determination Committee, the eclipse will occur since moonrise at 5:11 pm. It will be visible following the sunset at 5:11 pm. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the executive director of the committee, Surya Prasad Dhungel, the eclipse will end at 6: 34 pm. It will be visible from Nepal for one hour and 23 minutes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to religious belief, normal people except children, elderly people and sick to restrain themselves from taking food nine hours before of the eclipse (8:11 am) to avoid possible harm due to the eclipse. The practice of meditation and religious worship is considered to be beneficial during the eclipse. Prior to this, a solar eclipse occurred recently on October 25. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-07', 'modified' => '2022-11-07', 'keywords' => '', 'description' => '', 'sortorder' => '16003', 'image' => '20221107013517_Untitled.jpg', 'article_date' => '2022-11-07 13:34:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16261', 'article_category_id' => '1', 'title' => 'Farmers of Taplejung Busy Harvesting Cardamom ', 'sub_title' => '', 'summary' => 'November 7: Farmers in Taplejung now are busy in harvesting cardamom.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 7: Farmers in Taplejung now are busy in harvesting cardamom. With the festive season coming to an end, they are fully engaged in picking, peeling and basking cardamom. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The period between mid-September to mid-December is the prime time for harvesting cardamom. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Gyan Bahadur Gurung, a cardamom farmer of Pathivara Yangwarak Rural Municipality-1, Thechambu, informed that the farmers have stepped up their preparation to pick and harvest cardamom fearing possible menace from wildlife. He further said they did not conveniently celebrate the grand festivals such as Dashain and Tihar due to cardamom season. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Farmers had to spend their time in cardamom farm even during festivals as it was the main season for harvesting, said Basanta Limbu, a farmer of Faktanglung Rural Municipality-6. Madibung. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Khongdu Sherpa, a farmer of Fungling Municipality-6, Bihibare said they were entirely busy in picking, peeling and basking cardamom during the Tihar festival. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As there is rising fear of wildlife rampage, the farmers had devoted their effort for timely harvesting cardamom, he added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It is the high time for the entire cardamom farmers across the district to harvest their yields. There is massive cardamom farming in 60 wards of all nine local units in the district. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Cardamom has been cultivated in around 4,450 hectares of land in the district. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-07', 'modified' => '2022-11-07', 'keywords' => '', 'description' => '', 'sortorder' => '16002', 'image' => '20221107013146_BlackCardamom.jpg', 'article_date' => '2022-11-07 13:30:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16260', 'article_category_id' => '1', 'title' => 'Possibility of Light Rain Today ', 'sub_title' => '', 'summary' => 'November 7: The Westerly wind is having general influence in the weather system of the country at present.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 7: The Westerly wind is having general influence in the weather system of the country at present. The weather will be cloudy with chances of light rain due to this, the Meteorological Forecasting Division of Department of Hydrology and Meteorology said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meteorologist Manju Basi said that it will be generally cloudy throughout the country with chances of light rain at some places of the hilly region today. It is partly to generally cloudy in the hilly region at present. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Although it was partly cloudy in the federal capital, Kathmandu, in the morning, it is clear now. In the afternoon, the weather is likely to be cloudy again with light rainfall at some places. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The sky in the Tarai region is sparsely cloudy today, but there is no possibility of rainfall, meteorologist Basi said, adding that it is partly to generally cloudy in the hill region at present and partly cloudy in the rest of the country. The weather will be partly to generally cloudy in the hill region and partly cloudy to generally fair in the rest of the country towards the afternoon today. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Light rain is predicted at one or two places of the hill region in Province 1 and Bagmati and Gandaki provinces. The weather will be partly cloudy to generally fair throughout the country tonight. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The maximum temperature of Kathmandu was recorded at 24 degrees Celsius and the minimum 11 degrees Celsius in the last 24 hours. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">--- </span></span></span></p> ', 'published' => true, 'created' => '2022-11-07', 'modified' => '2022-11-07', 'keywords' => '', 'description' => '', 'sortorder' => '16001', 'image' => '20221107012012_maxresdefault.jpg', 'article_date' => '2022-11-07 13:19:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16259', 'article_category_id' => '1', 'title' => '‘Interest Rates can be Reduced if Fixed Deposits are Maintained for at Least One Year’', 'sub_title' => '', 'summary' => 'November 7: The interest rates of banks will decline if the banks and financial institutions are not allowed to maintain fixed deposits for less than one year, according to Excel Development Bank.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">November 7: The interest rates of banks will decline if the banks and financial institutions are not allowed to maintain fixed deposits for less than one year, according to Excel Development Bank.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The development bank made such suggestions mid protests by industrialists, who have hit the streets against the rising interest rates of banks.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to Excel Development Bank, the cost of maintaining bank deposits is increasing and therefore suggested that the fixed deposits should not be less than one-year period. The bank is of the view that such accounts should not be allowed to pre-mature before a minimum of one year. This, according to the bank, can reduce the base rate of banks. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Excel Development Bank said that BFIs are currently involved in unhealthy competition to attract deposits, which according to the bank should not be encouraged.</span></span></p> ', 'published' => true, 'created' => '2022-11-07', 'modified' => '2022-11-07', 'keywords' => '', 'description' => '', 'sortorder' => '16000', 'image' => '20221107125840_Banks - Copy.jpg', 'article_date' => '2022-11-07 12:57:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16258', 'article_category_id' => '1', 'title' => 'Outstanding Amount of Refinance Issued by NRB Stands at Rs 108.49 Billion', 'sub_title' => '', 'summary' => 'November 7: The outstanding amount of refinance provided by Nepal Rastra Bank (NRB) stands at Rs 108.49 billion in mid-September 2022.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 7: The outstanding amount of refinance provided by Nepal Rastra Bank (NRB) stands at Rs 108.49 billion in mid-September 2022. As of mid-September 2022, the outstanding concessional loan is Rs 213.23 billion, extended to 147,926 borrowers, of which Rs 139.67 billion has been extended to 60,302 borrowers for selected commercial agriculture and livestock businesses, the Central Bank stated in the Current Macroeconomic and Financial Situation Report released in October. The report is based on two months' data ending Mid-September of the current fiscal year (FY 2022/23). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Rs 70.10 billion loan has been extended to 84,790 women entrepreneurs. A total of 2,834 borrowers have availed Rs 3.46 billion concessional loan in other sectors. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Business continuity loan has been extended to the Covid-19 affected sectors such as tourism, cottage, small and medium industries for the payment of salaries to workers and employees in line with the 'Business Continuity Loan Procedure, 2020'. The outstanding loan extended under this provision is Rs 0.90 billion as of mid-September 2022. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif""><strong>Inter-bank Transaction </strong> </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the review period, the interbank transactions of BFIs amounted to Rs 647.59 billion including Rs 580.52 billion inter-bank transactions among commercial banks and Rs 67.06 billion among other financial institutions. In the corresponding period of the previous fiscal year, such transactions was Rs 648.31 billion including Rs 557.30 billion among commercial banks and Rs 91 billion among other financial institutions. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The weighted average 91-days treasury bills rate remained at 9.09 percent in the second month of FY 2022/23, which was 3.98 percent in the corresponding period of last fiscal year. The weighted average inter-bank transaction rate among commercial banks, which was 4.75 percent a year ago, increased to 8.50 percent in the review month. The average inter-bank rate of BFIs which is considered as operating target of monetary policy, stood 8.50 percent in the review month. Such a rate was 4.68 percent a year ago. </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""><strong>Interest Rates </strong> </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 average base rate of commercial banks increased to 10.01 percent in the second month of FY 2022/23 from 6.89 percent a year ago. Weighted average deposit rate and lending rate of commercial banks stood at 7.81 percent and 12.06 percent respectively in the review month. Such rates were 4.92 percent and 8.57 percent respectively a year ago. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif""><strong>Merger and Acquisition </strong> </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">After introduction of merger and acquisition policy aimed at strengthening financial stability, the number of BFIs involved in this process reached 247 as of mid-September 2022. Out of which, the license of 179 BFIs was revoked thereby forming 68 BFIs. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif""><strong>Financial Access </strong> </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Of the total 753 local levels, commercial banks extended their branches at 752 levels as of mid-September 2022. The number of local levels having branches of commercial bank was 750 a year ago. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The total number of BFIs licensed by NRB remained 125 in mid-September 2022. As of mid-September this year, 26 commercial banks, 17 development banks, 17 finance companies, 64 microfinance companies and one infrastructure development bank are in operation. The number of branches of BFIs has reached 11,585 in mid-September 2022 from 11,528 in mid-July 2022. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-07', 'modified' => '2022-11-07', 'keywords' => '', 'description' => '', 'sortorder' => '15999', 'image' => '20221107114002_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-11-07 11:38:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16257', 'article_category_id' => '1', 'title' => 'FMTCL Sells 29,500 Quintals of Food at Concessional Rates this Year', 'sub_title' => '', 'summary' => 'November 7: The state-owned Food Management and Trading Company Limited (FMTCL) sold around 29,500 quintals of food at concessional rates this year.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">November 7: The state-owned Food Management and Trading Company Limited (FMTCL) sold around 29,500 quintals of food at concessional rates this year. The FMTCL had opened fair-price shops at various places across the country during the festivals of Dashain and Tihar to facilitate the general public.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The fair-price shops were opened from September 17 to November 1 this year with the objective of providing food to the public at concessional rates during the festivals and also to discourage artificial shortage of food. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to the FMTCL, it sold 28,939 quintals of rice, 106 quintals of lentil, 10 quintals of pulses and legumes, 10 quintals of wheat, 10 quintals of beaten rice, 464 quintals of meat during the review period.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The FMTCL had operated fair-price shops at 43 different places of 41 districts this year. The company had provided discounts between Rs 10 to Rs 50 on the items sold during this period.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The FMTCL, however, could not sell ghee and sugar at concessional rates this year because the state-owned Dairy Development Corporation faced scarcity of ghee this year while the Ministry of Finance did not give permission to purchase sugar. The consumption of ghee and sugar is maximum during the festivals of Tihar and Chhath. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">FMTCL’s Information Officer Sharmila Neupane informed that the company sold more food items this year compared to last year.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-07', 'modified' => '2022-11-07', 'keywords' => '', 'description' => '', 'sortorder' => '15998', 'image' => '20221107101946_fair price shoppp.jpg', 'article_date' => '2022-11-07 10:19:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16256', 'article_category_id' => '1', 'title' => 'Insurance Board Issues Directive to Settle Covid-19 Claims on the Basis of Application Date', 'sub_title' => '', 'summary' => 'November 6: Insurance companies have been instructed to settle the claims for Covid-19 insurance based on the application date. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 6: Insurance companies have been instructed to settle the claims for Covid-19 insurance based on the application date. The Insurance Board has instructed the insurance companies to settle such claims by adding Rs 81 million to the fund of Rs 1 billion released by the government for same very purpose.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"We have instructed the companies to make payments based on the date of claims," said Surya Prasad Silwal, chairman of the board.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He said that the companies have been instructed to start disbursing funds immediately. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He added that the settlement of claims will give a positive message.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“It will dispel doubts that those insured might not get the insurance amount,” said Silwal.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The board initiated the Covid-19 insurance scheme immediately after the start of the Covid-19 pandemic three years ago.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">All 20 non-life insurance companies sold this policy to a total of 1,758,000 people. Among them, 165,059 have claimed insurance worth Rs 15.82 billion. So far, the insurance companies have settled claims worth Rs 4.98 billion made by 51,669 people.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although there is no pandemic insurance in other countries of the world, the board had started Covid-19 insurance as its social responsibility. However, as the number of infected people increased, the companies stopped settling the claims stating that they could not afford it. They also blamed the government for the delay in releasing the amount it had pledged to provide as relief.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">However, the government has already decided to release the amount upon the recommendation of the board.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-06', 'modified' => '2022-11-06', 'keywords' => '', 'description' => '', 'sortorder' => '15997', 'image' => '20221106043837_coronainsuranceee.jpg', 'article_date' => '2022-11-06 16:37:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16255', 'article_category_id' => '1', 'title' => 'Entrepreneurs Demonstrate against Increase in Interest Rate ', 'sub_title' => '', 'summary' => 'November 6: Industrialists and entrepreneurs have staged protest against the increase in interest rate by banks. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 6: Industrialists and entrepreneurs have staged protest against the increase in interest rate by banks. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They held a symbolic protest putting forth various demands including provision for a fixed interest rate, lowering the premium increased due to base rate, and decreasing the service-charge taken by banks and financial institutions. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Stating that their problems have increased due to various reasons including rise in interest rate, they demonstrated at Maitighar Mandala on Saturday to draw the attention of bodies concerned, said Vice-President of the Federation of Nepalese Chambers of Commerce and Industry, Dinesh Shrestha. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Entrepreneurs and industrialists facing problems joined the protest programme spontaneously. We hoped that the attention of the bodies concerned will be drawn towards our demand," shared Shrestha. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The symbolic protest was joined by FNCCI provincial and district chapters and thematic committees, according to Shrestha who shared with the RSS that they planned to shut the district-based industries and enterprises from Sunday as the continuity of the protest. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The participants displayed placards with messages such as "we need banking services, but increasing interest rate is becoming unaffordable; we face challenges to sustain business due to a high interest rate; the sustainability of industry, trade is a must to support nation's economy". </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Last week, the FNCCI delegation submitted a memorandum to the Nepal Rastra Bank, seeking its intervention to resolve the issues in the finance sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They demanded for the central bank's role in managing liquidity crisis as well as stability of interest rate, price stability and the management of external sector. Besides, they want the central bank not to implement the amendments in the Current Capital Loan Guidelines, to ensure extra time for the payment of loan and interest, undertake a detailed study about the amendment to credit-deposit ratio, and take efforts to increase the capital expenditure among others. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-06', 'modified' => '2022-11-06', 'keywords' => '', 'description' => '', 'sortorder' => '15996', 'image' => '20221106031800_interest-rates-e1541025967190.jpg', 'article_date' => '2022-11-06 15:17:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16254', 'article_category_id' => '1', 'title' => 'Protocol for Sending Workers to UK, Japan Ready', 'sub_title' => '', 'summary' => 'November 6: Employment opportunities in Japan and UK, which many Nepalis have been aspiring for a long time, are going to open soon. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 6: Employment opportunities in Japan and UK, which many Nepalis have been aspiring for a long time, are going to open soon. The Ministry of Labour, Employment and Social Security informed that the government has prepared the protocols for sending workers to those countries and the process of sending workers will begin soon.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Deputy Spokesperson of the Ministry Dr Thaneshwar Bhusal said that the protocol will be implemented after the Council of Ministers passes it. He informed that the ministry prepared the criteria for the selection, placement and service facilities of workers going to the UK. Preparations are being made to send 200 nurses to Britain from January 2023 in the first phase. The ministry has prepared a schedule for requesting applications for nurses in this regard.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Only nurses who are qualified according to the criteria will be allowed to go to the UK for employment. A labor agreement was signed between Nepal and the UK on August 22 regarding the employment of nurses in the UK. Director General of the Department of Labour and Occupational Safety Umakanta Acharya said that framework for the process of sending nurses to the UK for foreign employment is already prepared.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As per the information, the selection of health workers going to the UK will be done through the department and the UK's Department of Health and Social Care. The two countries agreed on not levying any charges for the nurse selection process and that the costs of the health workers selected for employment will be covered by employers in the UK. Officials of the ministry say that based on the evaluation of the health workers sent in the first phase, more workers will be allowed to go to the UK in the second phase. Nurses who have completed 20 years and are under 45 years of age will be allowed to work in the UK. Nurses with two years of work experience with a license from the Nepal Nursing Council will be given priority.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Likewise, the ministry informed that the process of sending workers to Japan will also proceed after the election. Director of the department Dambar Bahadur Sunuwar, who has been looking at Israeli employment in the department, has been given the responsibility of looking into the employment in Japan also. Director General Acharya said that the process of selection of workers is being discussed. In March 2019, Nepal and Japan signed an agreement regarding taking Nepali workers. As of present, an agreement has been reached between the two countries to allow specially trained manpower from Nepal to go to Japan for employment.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-06', 'modified' => '2022-11-06', 'keywords' => '', 'description' => '', 'sortorder' => '15995', 'image' => '20221106014614_foreign emp.jpg', 'article_date' => '2022-11-06 13:45:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16253', 'article_category_id' => '1', 'title' => 'Nepal Imports more than 700,000 Tons of Onion a Year', 'sub_title' => '', 'summary' => 'November 6: The price of onion has been increasing in the domestic market of Nepal for a month now. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 6: The price of onion has been increasing in the domestic market of Nepal for a month now. The records of the Kalimati Fruit and Vegetable Market Development Committee show that the wholesale price of onion, which was Rs 45 per kg in the first week of last October, has now increased by Rs 15 per kg to Rs 60 per kg. Currently, the price of onion has increased due to the 'off season'.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the current market price, 417,000 metric tons of onions worth more than Rs 25 billion are consumed in Nepal in a year. As per the data of the National Center for Potato, Vegetable and Spice Crop Development, 289,000 tons of onions were produced in Nepal in the fiscal year 2020/21, while 129,000 metric tons had to be imported from abroad to meet the demand. In the same year, 11.5 tons of onions were exported from Nepal. A large part of onion consumed by Nepalis is imported from other countries including India.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the year 2019/20, a total of 288,000 tons of onions were produced in Nepal, while 160,000 tons were imported to meet the domestic demand. The data of onion import confirms that the government has not paid much attention to increasing the production of onion, which is used in large quantities in the Nepali kitchen. Onion is a crop that can be produced in abundance in Nepal. But looking at the data of the last three years, it seems that the area for onion production is also decreasing.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the year 2018/19, onion cultivation was done on 20,900 hectares of land. In the years since then, the area of onion cultivation is on gradual decline. According to government data, onions were cultivated only on 20,400 hectares in 2019/20 and 20,300 hectares in 2020/21. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Sandeep Subedi, horticulture officer at the Bagmati Province Office of the National Center for Potato, Vegetable and Spice Crop Development admitted that the government has not introduced any big programmes to promote onion production. According to him, although there are good prospects for onion cultivation in Nepal, there is problem with seeds. He said that the seeds currently being used in Nepal are not of high quality and even seeds imported from India are not easily available. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Earlier, the government had planned to conduct potato and onion mission programme for four years from the fiscal year 2019/20, but that plan has been limited to papers. Even before that, the government had conducted a programme to increase onion production from 2007 to 2012 in Sirha, Saptari, Dhanusha, Bara, Parsa and Rupandehi by spending Rs 50 million. However, the programme could not be successful due to irregularities in the purchase and distribution of production materials.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Spokesperson of the Ministry of Agriculture and Livestock Development, Prakash Kumar Sanjel said that the central government has not introduced any programme to increase onion production. “We have not brought such programmes after the previous failure. Since the production process of onion seed is sensitive and complicated, it has to be brought from India. However, India does not provide the required amount. Due to lack of seeds, we have not been able to bring a programme to increase production,” said Spokesperson Sanjel.</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' => '2022-11-06', 'modified' => '2022-11-06', 'keywords' => '', 'description' => '', 'sortorder' => '15994', 'image' => '20221106123044_20200916052134_1600205898.Clipboard06.jpg', 'article_date' => '2022-11-06 12:30:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16252', 'article_category_id' => '1', 'title' => 'SEBON Issues Guidelines for IPO Quota to People Involved in Foreign Employment ', 'sub_title' => '', 'summary' => 'November 6: The Securities Board of Nepal (SEBON) has implemented the 'Securities Issuance and Allocation (Sixth Amendment) Guidelines, 2022' with the objective of bringing in those who are currently involved in foreign employment into the folds of the share market. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 6: The Securities Board of Nepal (SEBON) has implemented the 'Securities Issuance and Allocation (Sixth Amendment) Guidelines, 2022' with the objective of bringing in those who are currently involved in foreign employment into the folds of the share market. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">SEBON has made provisions for reservation to those in foreign employment so that they would be able to easily invest in the initial public offering. As per the guidelines, this provision has come into effect immediately. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This provision has been made for encouraging the Nepalis currently in foreign employment to send the remittances to Nepal through formal channel. It is estimated that the remittance coming via formal channels will increase if provisions of providing reservation for IPO to those Nepalis in foreign employment. The move is expected to release the pressure on the declining foreign currency reserves in the country in recent times. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government took this measure as the money coming through the remittances was being used only on buying consumer goods and was thus going back to where it came from. The board made this provision at the initiatives of the Finance Ministry with the aim of utilizing the money in the productive sectors and in shoring up the national economy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the new provision, the organizations issuing IPOs are required to allot 10 percent of the IPOs to those Nepalis who have acquired labour permits for foreign employment. -- RSS </span><br /> </span></span></p> ', 'published' => true, 'created' => '2022-11-06', 'modified' => '2022-11-06', 'keywords' => '', 'description' => '', 'sortorder' => '15993', 'image' => '20221106114548_Sebonnn.jpg', 'article_date' => '2022-11-06 11:45:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16251', 'article_category_id' => '1', 'title' => 'Over 500,000 Tourists Arrive in Nepal in 10 Months ', 'sub_title' => '', 'summary' => 'November 6: The arrival of foreign tourists in Nepal has gradually returned back on track.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 6: The arrival of foreign tourists in Nepal has gradually returned back on track. In the past 10 months, around 500,000 foreign tourists visited Nepal, according to data provided by the Nepal Tourism Board (NTB). The figure is a huge increase as compared to the data of 2020 and 2021 when the pandemic was at its peak. The COVID-19 pandemic had ruined the tourism sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The country recorded the arrival of over 230,000 tourists in 2020, a sharp drop by a whopping 81 percent against over 1.19 million tourists in 2019 just before the pandemic. Similarly, in 2021, the arrival of foreign tourists further dropped by 34.4 percent to over 150,000 as compared to 2020. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The influx of tourist in 2022 took place between January and October, said the NTB. Over 88,500 tourists visited the country in October alone, and over 61,500 in April, over 58,300 in September, more than 41,300 in August, over 44,400 in July, and more than 46,900 in June. Similarly, over 53,600 tourists visited the country in May, more than 42,000 in March, over 19,700 in February and more than 16,900 in January. </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"">More than 600,000 tourists are expected to visit Nepal this year with this arrival rate, according to Maniraj Lamichhane, Director of the NTB. -- RSS</span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-11-06', 'modified' => '2022-11-06', 'keywords' => '', 'description' => '', 'sortorder' => '15992', 'image' => '20221106101246_Tourist.jpg', 'article_date' => '2022-11-06 10:12:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16250', 'article_category_id' => '1', 'title' => 'Nepal Produces Less than 600,000 Metric Tons of Spices in a Year', 'sub_title' => '', 'summary' => 'November 4: Almost 600,000 metric tons of spices are produced in Nepal annually, according to government data.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 4: Almost 600,000 metric tons of spices are produced in Nepal annually, according to government data. The data provided by the National Centre for Potato, Vegetable and Spice Crops Development shows that 594,800 metric tons of spices were produced in 73,300 hectares of land in all the districts of the seven provinces of Nepal in the fiscal year 2020/21.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The data prepared by the center only covers cardamom, ginger, garlic, red pepper and dried chilies produced in Nepal. Apart from these, the center said that the production of other types of spices is not significant in Nepal, so they are not included in the data. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Looking at the data of the last three years, it seems that the highest production was in the year 2020/21. Before that, 555,000 tons of spices were produced in the year 2019/20 and 543,000 metric tons in the year 2018/19.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Altogether 184,611 metric tons of cardamom, ginger garlic, red pepper and chilies have been produced in 29,962 hectares in Province 1; 53,600 metric tons of spices have been produced in 6,200 hectares of land in Province 2; and 72,100 metric tons of spices have been produced in 8,748 hectares of land in Bagmati province.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the data, 49,500 metric tons of spices were produced in 6500 hectares of land in Gandaki province, and 138, 000 metric tons were produced from 11838 hectares in Lumbini province. Similarly, it has been found that 35,800 metric tons of spices were produced in 4,000 hectares of land in Karnali province and 61,200 metric tons in 6,100 hectares in Sudurpaschim province.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although the data shows that there has been some increase in production, it is not enough to meet the demand of the domestic market. In FY 2020/21, a total of 158,600 metric tons of spices were imported. About 15,000 metric tons of spices were exported from Nepal that year. Similarly, in the year 2019/20, altogether 127,800 metric tons of spices were imported and 14,000 metric tons were exported. According to the government data, 700,000 metric tons of spices are consumed in Nepal annually.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-04', 'modified' => '2022-11-04', 'keywords' => '', 'description' => '', 'sortorder' => '15991', 'image' => '20221104020450_Different-types-of-spices-of-the-table-apr18.jpg', 'article_date' => '2022-11-04 14:04:13', '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' => '16264', 'article_category_id' => '1', 'title' => 'Government to Tighten Business Visa for Foreigners', 'sub_title' => '', 'summary' => 'November 7: The government has decided to take strict measures while issuing business visas to those who pledge to invest in Nepal only to obtain such visas but do not intend to make any investment in reality.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 7: The government has decided to take strict measures while issuing business visas to those who pledge to invest in Nepal only to obtain such visas but do not intend to make any investment in reality.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The government’s move is aimed at discouraging the practice of foreigners getting approval for investment just for the sake of acquiring business visas. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Department of Industry has made some new arrangements in the visa recommendation to make the business visa recommendation more systematic and dignified. According to Ramchandra Tiwari, director general of the department, the business visa can be linked with real investment. He said that some foreign nationals have the intention of not making real investment in Nepal, but of staying for a while and returning to their destination after the visa expires.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The new provision aims to discourage the situation in which the graph of foreign investment approved by the department increases but the investment does not actually come. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A notice issued by the department on Thursday states that some foreigners have been found approving foreign investment only for the purpose of obtaining business visa but do not register the company and also don’t bring any investment.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The department estimates that foreign nationals who have received business visas may be involved in activities contrary to the purpose of the visa. Director General Tiwari said that visa recommendation process has been made more systematic to prevent such activities. The notice issued by department states that this new system shall come into effect from November 4. It means that the new provision is being implemented since last Friday.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The department has made it mandatory for foreign nationals to submit the company registration certificate to seek recommendation for business visa for the first time for a period of three months. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The department will now onward recommend an additional three-month business visa only after the investor submits the company registration certificate.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The department informed that those seeking such visas should then submit the progress report on registration with the tax office, opening a bank account and registration of an industry or application for registration of an industry.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Foreigners who have been given approval for investment by the department must now complete these procedures and steps to extend the period of their business visa. There was no such arrangement before.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The department has adopted a policy not to recommend business visas again until the proposed foreign investment is brought into the country. Director General Tiwari, however clarified that if these provisions cause any inconvenience to foreign investors, the department is ready to facilitate them.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“The Foreign Investment and Technology Transfer Act does not expect fake investors,” he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </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' => '2022-11-07', 'modified' => '2022-11-07', 'keywords' => '', 'description' => '', 'sortorder' => '16005', 'image' => '20221107061914_Untitled.jpg', 'article_date' => '2022-11-07 18:18:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16263', 'article_category_id' => '1', 'title' => 'Thirty-nine Customers of Microfinance Companies Blacklisted', 'sub_title' => '', 'summary' => 'November 7: The Credit Information Centre has started blacklisting the people who do not clear loans taken from micro finance companies as well.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 7: The Credit Information Centre has started blacklisting the people who do not clear loans taken from micro finance companies as well.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Microfinance companies got affiliation to the Credit Information Centre as per the instruction of Nepal Rastra Bank and started sharing information about credit investment. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Subsequently, the centre started blacklisting bad borrowers.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The centre, which has been publishing a blacklist of defaulters from banks and financial institutions, has started publishing a separate blacklist of customers of microfinance companies since the beginning of the current fiscal year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> According to the data published by the centre, 39 debtors have been blacklisted as of November 4 last week.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The blacklisted persons will not get loans from any bank or financial institution.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Two years ago, Nepal Rastra Bank instructed microfinance companies to become members of the Credit Information Center and exchange information in order to eliminate the duplication of loans.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the instructions, microfinance companies must obtain credit information from the centre about the borrower/customer before disbursing loans, renewing old loans, or rescheduling loans. Bad debtors who have not paid their loans should be recommended to be blacklisted in the information centre. At present, there is a provision that microfinance companies should recommend blacklisting borrowers who do not repay loans of more than Rs 500,000.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">However, if the institution wishes, it can also recommend blacklisting borrowers who take loans of less than Rs 500,000. Similarly, the related organization should recommend to the information centre to remove them from the list after the blacklisted debtor pays the principal and interest of the loan. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Prakashraj Sharma, president of Nepal Microfinance Bankers Association, said that according to the instructions of the Nepal Rastra Bank, all the microfinance companies have become members of the information centre and are exchanging information on loan investment.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-07', 'modified' => '2022-11-07', 'keywords' => '', 'description' => '', 'sortorder' => '16004', 'image' => '20221107053707_badloan.jpg', 'article_date' => '2022-11-07 17:36:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16262', 'article_category_id' => '1', 'title' => 'Total Lunar Eclipse on November 8 ', 'sub_title' => '', 'summary' => 'November 7: A total lunar eclipse is taking place on November 8, Tuesday, the full moon day this week. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 7: A total lunar eclipse is taking place on November 8, Tuesday, the full moon day this week. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Nepal Calendar Determination Committee, the eclipse will occur since moonrise at 5:11 pm. It will be visible following the sunset at 5:11 pm. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the executive director of the committee, Surya Prasad Dhungel, the eclipse will end at 6: 34 pm. It will be visible from Nepal for one hour and 23 minutes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to religious belief, normal people except children, elderly people and sick to restrain themselves from taking food nine hours before of the eclipse (8:11 am) to avoid possible harm due to the eclipse. The practice of meditation and religious worship is considered to be beneficial during the eclipse. Prior to this, a solar eclipse occurred recently on October 25. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-07', 'modified' => '2022-11-07', 'keywords' => '', 'description' => '', 'sortorder' => '16003', 'image' => '20221107013517_Untitled.jpg', 'article_date' => '2022-11-07 13:34:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16261', 'article_category_id' => '1', 'title' => 'Farmers of Taplejung Busy Harvesting Cardamom ', 'sub_title' => '', 'summary' => 'November 7: Farmers in Taplejung now are busy in harvesting cardamom.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 7: Farmers in Taplejung now are busy in harvesting cardamom. With the festive season coming to an end, they are fully engaged in picking, peeling and basking cardamom. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The period between mid-September to mid-December is the prime time for harvesting cardamom. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Gyan Bahadur Gurung, a cardamom farmer of Pathivara Yangwarak Rural Municipality-1, Thechambu, informed that the farmers have stepped up their preparation to pick and harvest cardamom fearing possible menace from wildlife. He further said they did not conveniently celebrate the grand festivals such as Dashain and Tihar due to cardamom season. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Farmers had to spend their time in cardamom farm even during festivals as it was the main season for harvesting, said Basanta Limbu, a farmer of Faktanglung Rural Municipality-6. Madibung. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Khongdu Sherpa, a farmer of Fungling Municipality-6, Bihibare said they were entirely busy in picking, peeling and basking cardamom during the Tihar festival. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As there is rising fear of wildlife rampage, the farmers had devoted their effort for timely harvesting cardamom, he added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It is the high time for the entire cardamom farmers across the district to harvest their yields. There is massive cardamom farming in 60 wards of all nine local units in the district. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Cardamom has been cultivated in around 4,450 hectares of land in the district. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-07', 'modified' => '2022-11-07', 'keywords' => '', 'description' => '', 'sortorder' => '16002', 'image' => '20221107013146_BlackCardamom.jpg', 'article_date' => '2022-11-07 13:30:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16260', 'article_category_id' => '1', 'title' => 'Possibility of Light Rain Today ', 'sub_title' => '', 'summary' => 'November 7: The Westerly wind is having general influence in the weather system of the country at present.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 7: The Westerly wind is having general influence in the weather system of the country at present. The weather will be cloudy with chances of light rain due to this, the Meteorological Forecasting Division of Department of Hydrology and Meteorology said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meteorologist Manju Basi said that it will be generally cloudy throughout the country with chances of light rain at some places of the hilly region today. It is partly to generally cloudy in the hilly region at present. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Although it was partly cloudy in the federal capital, Kathmandu, in the morning, it is clear now. In the afternoon, the weather is likely to be cloudy again with light rainfall at some places. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The sky in the Tarai region is sparsely cloudy today, but there is no possibility of rainfall, meteorologist Basi said, adding that it is partly to generally cloudy in the hill region at present and partly cloudy in the rest of the country. The weather will be partly to generally cloudy in the hill region and partly cloudy to generally fair in the rest of the country towards the afternoon today. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Light rain is predicted at one or two places of the hill region in Province 1 and Bagmati and Gandaki provinces. The weather will be partly cloudy to generally fair throughout the country tonight. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The maximum temperature of Kathmandu was recorded at 24 degrees Celsius and the minimum 11 degrees Celsius in the last 24 hours. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">--- </span></span></span></p> ', 'published' => true, 'created' => '2022-11-07', 'modified' => '2022-11-07', 'keywords' => '', 'description' => '', 'sortorder' => '16001', 'image' => '20221107012012_maxresdefault.jpg', 'article_date' => '2022-11-07 13:19:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16259', 'article_category_id' => '1', 'title' => '‘Interest Rates can be Reduced if Fixed Deposits are Maintained for at Least One Year’', 'sub_title' => '', 'summary' => 'November 7: The interest rates of banks will decline if the banks and financial institutions are not allowed to maintain fixed deposits for less than one year, according to Excel Development Bank.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">November 7: The interest rates of banks will decline if the banks and financial institutions are not allowed to maintain fixed deposits for less than one year, according to Excel Development Bank.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The development bank made such suggestions mid protests by industrialists, who have hit the streets against the rising interest rates of banks.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to Excel Development Bank, the cost of maintaining bank deposits is increasing and therefore suggested that the fixed deposits should not be less than one-year period. The bank is of the view that such accounts should not be allowed to pre-mature before a minimum of one year. This, according to the bank, can reduce the base rate of banks. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Excel Development Bank said that BFIs are currently involved in unhealthy competition to attract deposits, which according to the bank should not be encouraged.</span></span></p> ', 'published' => true, 'created' => '2022-11-07', 'modified' => '2022-11-07', 'keywords' => '', 'description' => '', 'sortorder' => '16000', 'image' => '20221107125840_Banks - Copy.jpg', 'article_date' => '2022-11-07 12:57:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16258', 'article_category_id' => '1', 'title' => 'Outstanding Amount of Refinance Issued by NRB Stands at Rs 108.49 Billion', 'sub_title' => '', 'summary' => 'November 7: The outstanding amount of refinance provided by Nepal Rastra Bank (NRB) stands at Rs 108.49 billion in mid-September 2022.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 7: The outstanding amount of refinance provided by Nepal Rastra Bank (NRB) stands at Rs 108.49 billion in mid-September 2022. As of mid-September 2022, the outstanding concessional loan is Rs 213.23 billion, extended to 147,926 borrowers, of which Rs 139.67 billion has been extended to 60,302 borrowers for selected commercial agriculture and livestock businesses, the Central Bank stated in the Current Macroeconomic and Financial Situation Report released in October. The report is based on two months' data ending Mid-September of the current fiscal year (FY 2022/23). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Rs 70.10 billion loan has been extended to 84,790 women entrepreneurs. A total of 2,834 borrowers have availed Rs 3.46 billion concessional loan in other sectors. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Business continuity loan has been extended to the Covid-19 affected sectors such as tourism, cottage, small and medium industries for the payment of salaries to workers and employees in line with the 'Business Continuity Loan Procedure, 2020'. The outstanding loan extended under this provision is Rs 0.90 billion as of mid-September 2022. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif""><strong>Inter-bank Transaction </strong> </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the review period, the interbank transactions of BFIs amounted to Rs 647.59 billion including Rs 580.52 billion inter-bank transactions among commercial banks and Rs 67.06 billion among other financial institutions. In the corresponding period of the previous fiscal year, such transactions was Rs 648.31 billion including Rs 557.30 billion among commercial banks and Rs 91 billion among other financial institutions. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The weighted average 91-days treasury bills rate remained at 9.09 percent in the second month of FY 2022/23, which was 3.98 percent in the corresponding period of last fiscal year. The weighted average inter-bank transaction rate among commercial banks, which was 4.75 percent a year ago, increased to 8.50 percent in the review month. The average inter-bank rate of BFIs which is considered as operating target of monetary policy, stood 8.50 percent in the review month. Such a rate was 4.68 percent a year ago. </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""><strong>Interest Rates </strong> </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 average base rate of commercial banks increased to 10.01 percent in the second month of FY 2022/23 from 6.89 percent a year ago. Weighted average deposit rate and lending rate of commercial banks stood at 7.81 percent and 12.06 percent respectively in the review month. Such rates were 4.92 percent and 8.57 percent respectively a year ago. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif""><strong>Merger and Acquisition </strong> </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">After introduction of merger and acquisition policy aimed at strengthening financial stability, the number of BFIs involved in this process reached 247 as of mid-September 2022. Out of which, the license of 179 BFIs was revoked thereby forming 68 BFIs. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif""><strong>Financial Access </strong> </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Of the total 753 local levels, commercial banks extended their branches at 752 levels as of mid-September 2022. The number of local levels having branches of commercial bank was 750 a year ago. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The total number of BFIs licensed by NRB remained 125 in mid-September 2022. As of mid-September this year, 26 commercial banks, 17 development banks, 17 finance companies, 64 microfinance companies and one infrastructure development bank are in operation. The number of branches of BFIs has reached 11,585 in mid-September 2022 from 11,528 in mid-July 2022. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-07', 'modified' => '2022-11-07', 'keywords' => '', 'description' => '', 'sortorder' => '15999', 'image' => '20221107114002_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-11-07 11:38:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16257', 'article_category_id' => '1', 'title' => 'FMTCL Sells 29,500 Quintals of Food at Concessional Rates this Year', 'sub_title' => '', 'summary' => 'November 7: The state-owned Food Management and Trading Company Limited (FMTCL) sold around 29,500 quintals of food at concessional rates this year.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">November 7: The state-owned Food Management and Trading Company Limited (FMTCL) sold around 29,500 quintals of food at concessional rates this year. The FMTCL had opened fair-price shops at various places across the country during the festivals of Dashain and Tihar to facilitate the general public.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The fair-price shops were opened from September 17 to November 1 this year with the objective of providing food to the public at concessional rates during the festivals and also to discourage artificial shortage of food. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to the FMTCL, it sold 28,939 quintals of rice, 106 quintals of lentil, 10 quintals of pulses and legumes, 10 quintals of wheat, 10 quintals of beaten rice, 464 quintals of meat during the review period.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The FMTCL had operated fair-price shops at 43 different places of 41 districts this year. The company had provided discounts between Rs 10 to Rs 50 on the items sold during this period.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The FMTCL, however, could not sell ghee and sugar at concessional rates this year because the state-owned Dairy Development Corporation faced scarcity of ghee this year while the Ministry of Finance did not give permission to purchase sugar. The consumption of ghee and sugar is maximum during the festivals of Tihar and Chhath. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">FMTCL’s Information Officer Sharmila Neupane informed that the company sold more food items this year compared to last year.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-07', 'modified' => '2022-11-07', 'keywords' => '', 'description' => '', 'sortorder' => '15998', 'image' => '20221107101946_fair price shoppp.jpg', 'article_date' => '2022-11-07 10:19:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16256', 'article_category_id' => '1', 'title' => 'Insurance Board Issues Directive to Settle Covid-19 Claims on the Basis of Application Date', 'sub_title' => '', 'summary' => 'November 6: Insurance companies have been instructed to settle the claims for Covid-19 insurance based on the application date. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 6: Insurance companies have been instructed to settle the claims for Covid-19 insurance based on the application date. The Insurance Board has instructed the insurance companies to settle such claims by adding Rs 81 million to the fund of Rs 1 billion released by the government for same very purpose.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"We have instructed the companies to make payments based on the date of claims," said Surya Prasad Silwal, chairman of the board.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He said that the companies have been instructed to start disbursing funds immediately. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He added that the settlement of claims will give a positive message.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“It will dispel doubts that those insured might not get the insurance amount,” said Silwal.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The board initiated the Covid-19 insurance scheme immediately after the start of the Covid-19 pandemic three years ago.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">All 20 non-life insurance companies sold this policy to a total of 1,758,000 people. Among them, 165,059 have claimed insurance worth Rs 15.82 billion. So far, the insurance companies have settled claims worth Rs 4.98 billion made by 51,669 people.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although there is no pandemic insurance in other countries of the world, the board had started Covid-19 insurance as its social responsibility. However, as the number of infected people increased, the companies stopped settling the claims stating that they could not afford it. They also blamed the government for the delay in releasing the amount it had pledged to provide as relief.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">However, the government has already decided to release the amount upon the recommendation of the board.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-06', 'modified' => '2022-11-06', 'keywords' => '', 'description' => '', 'sortorder' => '15997', 'image' => '20221106043837_coronainsuranceee.jpg', 'article_date' => '2022-11-06 16:37:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16255', 'article_category_id' => '1', 'title' => 'Entrepreneurs Demonstrate against Increase in Interest Rate ', 'sub_title' => '', 'summary' => 'November 6: Industrialists and entrepreneurs have staged protest against the increase in interest rate by banks. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 6: Industrialists and entrepreneurs have staged protest against the increase in interest rate by banks. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They held a symbolic protest putting forth various demands including provision for a fixed interest rate, lowering the premium increased due to base rate, and decreasing the service-charge taken by banks and financial institutions. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Stating that their problems have increased due to various reasons including rise in interest rate, they demonstrated at Maitighar Mandala on Saturday to draw the attention of bodies concerned, said Vice-President of the Federation of Nepalese Chambers of Commerce and Industry, Dinesh Shrestha. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Entrepreneurs and industrialists facing problems joined the protest programme spontaneously. We hoped that the attention of the bodies concerned will be drawn towards our demand," shared Shrestha. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The symbolic protest was joined by FNCCI provincial and district chapters and thematic committees, according to Shrestha who shared with the RSS that they planned to shut the district-based industries and enterprises from Sunday as the continuity of the protest. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The participants displayed placards with messages such as "we need banking services, but increasing interest rate is becoming unaffordable; we face challenges to sustain business due to a high interest rate; the sustainability of industry, trade is a must to support nation's economy". </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Last week, the FNCCI delegation submitted a memorandum to the Nepal Rastra Bank, seeking its intervention to resolve the issues in the finance sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They demanded for the central bank's role in managing liquidity crisis as well as stability of interest rate, price stability and the management of external sector. Besides, they want the central bank not to implement the amendments in the Current Capital Loan Guidelines, to ensure extra time for the payment of loan and interest, undertake a detailed study about the amendment to credit-deposit ratio, and take efforts to increase the capital expenditure among others. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-06', 'modified' => '2022-11-06', 'keywords' => '', 'description' => '', 'sortorder' => '15996', 'image' => '20221106031800_interest-rates-e1541025967190.jpg', 'article_date' => '2022-11-06 15:17:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16254', 'article_category_id' => '1', 'title' => 'Protocol for Sending Workers to UK, Japan Ready', 'sub_title' => '', 'summary' => 'November 6: Employment opportunities in Japan and UK, which many Nepalis have been aspiring for a long time, are going to open soon. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 6: Employment opportunities in Japan and UK, which many Nepalis have been aspiring for a long time, are going to open soon. The Ministry of Labour, Employment and Social Security informed that the government has prepared the protocols for sending workers to those countries and the process of sending workers will begin soon.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Deputy Spokesperson of the Ministry Dr Thaneshwar Bhusal said that the protocol will be implemented after the Council of Ministers passes it. He informed that the ministry prepared the criteria for the selection, placement and service facilities of workers going to the UK. Preparations are being made to send 200 nurses to Britain from January 2023 in the first phase. The ministry has prepared a schedule for requesting applications for nurses in this regard.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Only nurses who are qualified according to the criteria will be allowed to go to the UK for employment. A labor agreement was signed between Nepal and the UK on August 22 regarding the employment of nurses in the UK. Director General of the Department of Labour and Occupational Safety Umakanta Acharya said that framework for the process of sending nurses to the UK for foreign employment is already prepared.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As per the information, the selection of health workers going to the UK will be done through the department and the UK's Department of Health and Social Care. The two countries agreed on not levying any charges for the nurse selection process and that the costs of the health workers selected for employment will be covered by employers in the UK. Officials of the ministry say that based on the evaluation of the health workers sent in the first phase, more workers will be allowed to go to the UK in the second phase. Nurses who have completed 20 years and are under 45 years of age will be allowed to work in the UK. Nurses with two years of work experience with a license from the Nepal Nursing Council will be given priority.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Likewise, the ministry informed that the process of sending workers to Japan will also proceed after the election. Director of the department Dambar Bahadur Sunuwar, who has been looking at Israeli employment in the department, has been given the responsibility of looking into the employment in Japan also. Director General Acharya said that the process of selection of workers is being discussed. In March 2019, Nepal and Japan signed an agreement regarding taking Nepali workers. As of present, an agreement has been reached between the two countries to allow specially trained manpower from Nepal to go to Japan for employment.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-06', 'modified' => '2022-11-06', 'keywords' => '', 'description' => '', 'sortorder' => '15995', 'image' => '20221106014614_foreign emp.jpg', 'article_date' => '2022-11-06 13:45:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16253', 'article_category_id' => '1', 'title' => 'Nepal Imports more than 700,000 Tons of Onion a Year', 'sub_title' => '', 'summary' => 'November 6: The price of onion has been increasing in the domestic market of Nepal for a month now. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 6: The price of onion has been increasing in the domestic market of Nepal for a month now. The records of the Kalimati Fruit and Vegetable Market Development Committee show that the wholesale price of onion, which was Rs 45 per kg in the first week of last October, has now increased by Rs 15 per kg to Rs 60 per kg. Currently, the price of onion has increased due to the 'off season'.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the current market price, 417,000 metric tons of onions worth more than Rs 25 billion are consumed in Nepal in a year. As per the data of the National Center for Potato, Vegetable and Spice Crop Development, 289,000 tons of onions were produced in Nepal in the fiscal year 2020/21, while 129,000 metric tons had to be imported from abroad to meet the demand. In the same year, 11.5 tons of onions were exported from Nepal. A large part of onion consumed by Nepalis is imported from other countries including India.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the year 2019/20, a total of 288,000 tons of onions were produced in Nepal, while 160,000 tons were imported to meet the domestic demand. The data of onion import confirms that the government has not paid much attention to increasing the production of onion, which is used in large quantities in the Nepali kitchen. Onion is a crop that can be produced in abundance in Nepal. But looking at the data of the last three years, it seems that the area for onion production is also decreasing.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the year 2018/19, onion cultivation was done on 20,900 hectares of land. In the years since then, the area of onion cultivation is on gradual decline. According to government data, onions were cultivated only on 20,400 hectares in 2019/20 and 20,300 hectares in 2020/21. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Sandeep Subedi, horticulture officer at the Bagmati Province Office of the National Center for Potato, Vegetable and Spice Crop Development admitted that the government has not introduced any big programmes to promote onion production. According to him, although there are good prospects for onion cultivation in Nepal, there is problem with seeds. He said that the seeds currently being used in Nepal are not of high quality and even seeds imported from India are not easily available. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Earlier, the government had planned to conduct potato and onion mission programme for four years from the fiscal year 2019/20, but that plan has been limited to papers. Even before that, the government had conducted a programme to increase onion production from 2007 to 2012 in Sirha, Saptari, Dhanusha, Bara, Parsa and Rupandehi by spending Rs 50 million. However, the programme could not be successful due to irregularities in the purchase and distribution of production materials.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Spokesperson of the Ministry of Agriculture and Livestock Development, Prakash Kumar Sanjel said that the central government has not introduced any programme to increase onion production. “We have not brought such programmes after the previous failure. Since the production process of onion seed is sensitive and complicated, it has to be brought from India. However, India does not provide the required amount. Due to lack of seeds, we have not been able to bring a programme to increase production,” said Spokesperson Sanjel.</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' => '2022-11-06', 'modified' => '2022-11-06', 'keywords' => '', 'description' => '', 'sortorder' => '15994', 'image' => '20221106123044_20200916052134_1600205898.Clipboard06.jpg', 'article_date' => '2022-11-06 12:30:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16252', 'article_category_id' => '1', 'title' => 'SEBON Issues Guidelines for IPO Quota to People Involved in Foreign Employment ', 'sub_title' => '', 'summary' => 'November 6: The Securities Board of Nepal (SEBON) has implemented the 'Securities Issuance and Allocation (Sixth Amendment) Guidelines, 2022' with the objective of bringing in those who are currently involved in foreign employment into the folds of the share market. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 6: The Securities Board of Nepal (SEBON) has implemented the 'Securities Issuance and Allocation (Sixth Amendment) Guidelines, 2022' with the objective of bringing in those who are currently involved in foreign employment into the folds of the share market. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">SEBON has made provisions for reservation to those in foreign employment so that they would be able to easily invest in the initial public offering. As per the guidelines, this provision has come into effect immediately. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This provision has been made for encouraging the Nepalis currently in foreign employment to send the remittances to Nepal through formal channel. It is estimated that the remittance coming via formal channels will increase if provisions of providing reservation for IPO to those Nepalis in foreign employment. The move is expected to release the pressure on the declining foreign currency reserves in the country in recent times. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government took this measure as the money coming through the remittances was being used only on buying consumer goods and was thus going back to where it came from. The board made this provision at the initiatives of the Finance Ministry with the aim of utilizing the money in the productive sectors and in shoring up the national economy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the new provision, the organizations issuing IPOs are required to allot 10 percent of the IPOs to those Nepalis who have acquired labour permits for foreign employment. -- RSS </span><br /> </span></span></p> ', 'published' => true, 'created' => '2022-11-06', 'modified' => '2022-11-06', 'keywords' => '', 'description' => '', 'sortorder' => '15993', 'image' => '20221106114548_Sebonnn.jpg', 'article_date' => '2022-11-06 11:45:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16251', 'article_category_id' => '1', 'title' => 'Over 500,000 Tourists Arrive in Nepal in 10 Months ', 'sub_title' => '', 'summary' => 'November 6: The arrival of foreign tourists in Nepal has gradually returned back on track.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 6: The arrival of foreign tourists in Nepal has gradually returned back on track. In the past 10 months, around 500,000 foreign tourists visited Nepal, according to data provided by the Nepal Tourism Board (NTB). The figure is a huge increase as compared to the data of 2020 and 2021 when the pandemic was at its peak. The COVID-19 pandemic had ruined the tourism sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The country recorded the arrival of over 230,000 tourists in 2020, a sharp drop by a whopping 81 percent against over 1.19 million tourists in 2019 just before the pandemic. Similarly, in 2021, the arrival of foreign tourists further dropped by 34.4 percent to over 150,000 as compared to 2020. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The influx of tourist in 2022 took place between January and October, said the NTB. Over 88,500 tourists visited the country in October alone, and over 61,500 in April, over 58,300 in September, more than 41,300 in August, over 44,400 in July, and more than 46,900 in June. Similarly, over 53,600 tourists visited the country in May, more than 42,000 in March, over 19,700 in February and more than 16,900 in January. </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"">More than 600,000 tourists are expected to visit Nepal this year with this arrival rate, according to Maniraj Lamichhane, Director of the NTB. -- RSS</span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-11-06', 'modified' => '2022-11-06', 'keywords' => '', 'description' => '', 'sortorder' => '15992', 'image' => '20221106101246_Tourist.jpg', 'article_date' => '2022-11-06 10:12:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16250', 'article_category_id' => '1', 'title' => 'Nepal Produces Less than 600,000 Metric Tons of Spices in a Year', 'sub_title' => '', 'summary' => 'November 4: Almost 600,000 metric tons of spices are produced in Nepal annually, according to government data.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 4: Almost 600,000 metric tons of spices are produced in Nepal annually, according to government data. The data provided by the National Centre for Potato, Vegetable and Spice Crops Development shows that 594,800 metric tons of spices were produced in 73,300 hectares of land in all the districts of the seven provinces of Nepal in the fiscal year 2020/21.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The data prepared by the center only covers cardamom, ginger, garlic, red pepper and dried chilies produced in Nepal. Apart from these, the center said that the production of other types of spices is not significant in Nepal, so they are not included in the data. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Looking at the data of the last three years, it seems that the highest production was in the year 2020/21. Before that, 555,000 tons of spices were produced in the year 2019/20 and 543,000 metric tons in the year 2018/19.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Altogether 184,611 metric tons of cardamom, ginger garlic, red pepper and chilies have been produced in 29,962 hectares in Province 1; 53,600 metric tons of spices have been produced in 6,200 hectares of land in Province 2; and 72,100 metric tons of spices have been produced in 8,748 hectares of land in Bagmati province.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the data, 49,500 metric tons of spices were produced in 6500 hectares of land in Gandaki province, and 138, 000 metric tons were produced from 11838 hectares in Lumbini province. Similarly, it has been found that 35,800 metric tons of spices were produced in 4,000 hectares of land in Karnali province and 61,200 metric tons in 6,100 hectares in Sudurpaschim province.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although the data shows that there has been some increase in production, it is not enough to meet the demand of the domestic market. In FY 2020/21, a total of 158,600 metric tons of spices were imported. About 15,000 metric tons of spices were exported from Nepal that year. Similarly, in the year 2019/20, altogether 127,800 metric tons of spices were imported and 14,000 metric tons were exported. According to the government data, 700,000 metric tons of spices are consumed in Nepal annually.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-04', 'modified' => '2022-11-04', 'keywords' => '', 'description' => '', 'sortorder' => '15991', 'image' => '20221104020450_Different-types-of-spices-of-the-table-apr18.jpg', 'article_date' => '2022-11-04 14:04:13', '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
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 133]file not found!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' => '16264', 'article_category_id' => '1', 'title' => 'Government to Tighten Business Visa for Foreigners', 'sub_title' => '', 'summary' => 'November 7: The government has decided to take strict measures while issuing business visas to those who pledge to invest in Nepal only to obtain such visas but do not intend to make any investment in reality.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 7: The government has decided to take strict measures while issuing business visas to those who pledge to invest in Nepal only to obtain such visas but do not intend to make any investment in reality.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The government’s move is aimed at discouraging the practice of foreigners getting approval for investment just for the sake of acquiring business visas. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Department of Industry has made some new arrangements in the visa recommendation to make the business visa recommendation more systematic and dignified. According to Ramchandra Tiwari, director general of the department, the business visa can be linked with real investment. He said that some foreign nationals have the intention of not making real investment in Nepal, but of staying for a while and returning to their destination after the visa expires.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The new provision aims to discourage the situation in which the graph of foreign investment approved by the department increases but the investment does not actually come. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A notice issued by the department on Thursday states that some foreigners have been found approving foreign investment only for the purpose of obtaining business visa but do not register the company and also don’t bring any investment.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The department estimates that foreign nationals who have received business visas may be involved in activities contrary to the purpose of the visa. Director General Tiwari said that visa recommendation process has been made more systematic to prevent such activities. The notice issued by department states that this new system shall come into effect from November 4. It means that the new provision is being implemented since last Friday.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The department has made it mandatory for foreign nationals to submit the company registration certificate to seek recommendation for business visa for the first time for a period of three months. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The department will now onward recommend an additional three-month business visa only after the investor submits the company registration certificate.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The department informed that those seeking such visas should then submit the progress report on registration with the tax office, opening a bank account and registration of an industry or application for registration of an industry.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Foreigners who have been given approval for investment by the department must now complete these procedures and steps to extend the period of their business visa. There was no such arrangement before.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The department has adopted a policy not to recommend business visas again until the proposed foreign investment is brought into the country. Director General Tiwari, however clarified that if these provisions cause any inconvenience to foreign investors, the department is ready to facilitate them.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“The Foreign Investment and Technology Transfer Act does not expect fake investors,” he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </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' => '2022-11-07', 'modified' => '2022-11-07', 'keywords' => '', 'description' => '', 'sortorder' => '16005', 'image' => '20221107061914_Untitled.jpg', 'article_date' => '2022-11-07 18:18:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16263', 'article_category_id' => '1', 'title' => 'Thirty-nine Customers of Microfinance Companies Blacklisted', 'sub_title' => '', 'summary' => 'November 7: The Credit Information Centre has started blacklisting the people who do not clear loans taken from micro finance companies as well.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 7: The Credit Information Centre has started blacklisting the people who do not clear loans taken from micro finance companies as well.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Microfinance companies got affiliation to the Credit Information Centre as per the instruction of Nepal Rastra Bank and started sharing information about credit investment. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Subsequently, the centre started blacklisting bad borrowers.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The centre, which has been publishing a blacklist of defaulters from banks and financial institutions, has started publishing a separate blacklist of customers of microfinance companies since the beginning of the current fiscal year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> According to the data published by the centre, 39 debtors have been blacklisted as of November 4 last week.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The blacklisted persons will not get loans from any bank or financial institution.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Two years ago, Nepal Rastra Bank instructed microfinance companies to become members of the Credit Information Center and exchange information in order to eliminate the duplication of loans.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the instructions, microfinance companies must obtain credit information from the centre about the borrower/customer before disbursing loans, renewing old loans, or rescheduling loans. Bad debtors who have not paid their loans should be recommended to be blacklisted in the information centre. At present, there is a provision that microfinance companies should recommend blacklisting borrowers who do not repay loans of more than Rs 500,000.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">However, if the institution wishes, it can also recommend blacklisting borrowers who take loans of less than Rs 500,000. Similarly, the related organization should recommend to the information centre to remove them from the list after the blacklisted debtor pays the principal and interest of the loan. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Prakashraj Sharma, president of Nepal Microfinance Bankers Association, said that according to the instructions of the Nepal Rastra Bank, all the microfinance companies have become members of the information centre and are exchanging information on loan investment.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-07', 'modified' => '2022-11-07', 'keywords' => '', 'description' => '', 'sortorder' => '16004', 'image' => '20221107053707_badloan.jpg', 'article_date' => '2022-11-07 17:36:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16262', 'article_category_id' => '1', 'title' => 'Total Lunar Eclipse on November 8 ', 'sub_title' => '', 'summary' => 'November 7: A total lunar eclipse is taking place on November 8, Tuesday, the full moon day this week. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 7: A total lunar eclipse is taking place on November 8, Tuesday, the full moon day this week. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Nepal Calendar Determination Committee, the eclipse will occur since moonrise at 5:11 pm. It will be visible following the sunset at 5:11 pm. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the executive director of the committee, Surya Prasad Dhungel, the eclipse will end at 6: 34 pm. It will be visible from Nepal for one hour and 23 minutes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to religious belief, normal people except children, elderly people and sick to restrain themselves from taking food nine hours before of the eclipse (8:11 am) to avoid possible harm due to the eclipse. The practice of meditation and religious worship is considered to be beneficial during the eclipse. Prior to this, a solar eclipse occurred recently on October 25. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-07', 'modified' => '2022-11-07', 'keywords' => '', 'description' => '', 'sortorder' => '16003', 'image' => '20221107013517_Untitled.jpg', 'article_date' => '2022-11-07 13:34:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16261', 'article_category_id' => '1', 'title' => 'Farmers of Taplejung Busy Harvesting Cardamom ', 'sub_title' => '', 'summary' => 'November 7: Farmers in Taplejung now are busy in harvesting cardamom.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 7: Farmers in Taplejung now are busy in harvesting cardamom. With the festive season coming to an end, they are fully engaged in picking, peeling and basking cardamom. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The period between mid-September to mid-December is the prime time for harvesting cardamom. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Gyan Bahadur Gurung, a cardamom farmer of Pathivara Yangwarak Rural Municipality-1, Thechambu, informed that the farmers have stepped up their preparation to pick and harvest cardamom fearing possible menace from wildlife. He further said they did not conveniently celebrate the grand festivals such as Dashain and Tihar due to cardamom season. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Farmers had to spend their time in cardamom farm even during festivals as it was the main season for harvesting, said Basanta Limbu, a farmer of Faktanglung Rural Municipality-6. Madibung. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Khongdu Sherpa, a farmer of Fungling Municipality-6, Bihibare said they were entirely busy in picking, peeling and basking cardamom during the Tihar festival. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As there is rising fear of wildlife rampage, the farmers had devoted their effort for timely harvesting cardamom, he added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It is the high time for the entire cardamom farmers across the district to harvest their yields. There is massive cardamom farming in 60 wards of all nine local units in the district. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Cardamom has been cultivated in around 4,450 hectares of land in the district. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-07', 'modified' => '2022-11-07', 'keywords' => '', 'description' => '', 'sortorder' => '16002', 'image' => '20221107013146_BlackCardamom.jpg', 'article_date' => '2022-11-07 13:30:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16260', 'article_category_id' => '1', 'title' => 'Possibility of Light Rain Today ', 'sub_title' => '', 'summary' => 'November 7: The Westerly wind is having general influence in the weather system of the country at present.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 7: The Westerly wind is having general influence in the weather system of the country at present. The weather will be cloudy with chances of light rain due to this, the Meteorological Forecasting Division of Department of Hydrology and Meteorology said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meteorologist Manju Basi said that it will be generally cloudy throughout the country with chances of light rain at some places of the hilly region today. It is partly to generally cloudy in the hilly region at present. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Although it was partly cloudy in the federal capital, Kathmandu, in the morning, it is clear now. In the afternoon, the weather is likely to be cloudy again with light rainfall at some places. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The sky in the Tarai region is sparsely cloudy today, but there is no possibility of rainfall, meteorologist Basi said, adding that it is partly to generally cloudy in the hill region at present and partly cloudy in the rest of the country. The weather will be partly to generally cloudy in the hill region and partly cloudy to generally fair in the rest of the country towards the afternoon today. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Light rain is predicted at one or two places of the hill region in Province 1 and Bagmati and Gandaki provinces. The weather will be partly cloudy to generally fair throughout the country tonight. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The maximum temperature of Kathmandu was recorded at 24 degrees Celsius and the minimum 11 degrees Celsius in the last 24 hours. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">--- </span></span></span></p> ', 'published' => true, 'created' => '2022-11-07', 'modified' => '2022-11-07', 'keywords' => '', 'description' => '', 'sortorder' => '16001', 'image' => '20221107012012_maxresdefault.jpg', 'article_date' => '2022-11-07 13:19:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16259', 'article_category_id' => '1', 'title' => '‘Interest Rates can be Reduced if Fixed Deposits are Maintained for at Least One Year’', 'sub_title' => '', 'summary' => 'November 7: The interest rates of banks will decline if the banks and financial institutions are not allowed to maintain fixed deposits for less than one year, according to Excel Development Bank.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">November 7: The interest rates of banks will decline if the banks and financial institutions are not allowed to maintain fixed deposits for less than one year, according to Excel Development Bank.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The development bank made such suggestions mid protests by industrialists, who have hit the streets against the rising interest rates of banks.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to Excel Development Bank, the cost of maintaining bank deposits is increasing and therefore suggested that the fixed deposits should not be less than one-year period. The bank is of the view that such accounts should not be allowed to pre-mature before a minimum of one year. This, according to the bank, can reduce the base rate of banks. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Excel Development Bank said that BFIs are currently involved in unhealthy competition to attract deposits, which according to the bank should not be encouraged.</span></span></p> ', 'published' => true, 'created' => '2022-11-07', 'modified' => '2022-11-07', 'keywords' => '', 'description' => '', 'sortorder' => '16000', 'image' => '20221107125840_Banks - Copy.jpg', 'article_date' => '2022-11-07 12:57:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16258', 'article_category_id' => '1', 'title' => 'Outstanding Amount of Refinance Issued by NRB Stands at Rs 108.49 Billion', 'sub_title' => '', 'summary' => 'November 7: The outstanding amount of refinance provided by Nepal Rastra Bank (NRB) stands at Rs 108.49 billion in mid-September 2022.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 7: The outstanding amount of refinance provided by Nepal Rastra Bank (NRB) stands at Rs 108.49 billion in mid-September 2022. As of mid-September 2022, the outstanding concessional loan is Rs 213.23 billion, extended to 147,926 borrowers, of which Rs 139.67 billion has been extended to 60,302 borrowers for selected commercial agriculture and livestock businesses, the Central Bank stated in the Current Macroeconomic and Financial Situation Report released in October. The report is based on two months' data ending Mid-September of the current fiscal year (FY 2022/23). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Rs 70.10 billion loan has been extended to 84,790 women entrepreneurs. A total of 2,834 borrowers have availed Rs 3.46 billion concessional loan in other sectors. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Business continuity loan has been extended to the Covid-19 affected sectors such as tourism, cottage, small and medium industries for the payment of salaries to workers and employees in line with the 'Business Continuity Loan Procedure, 2020'. The outstanding loan extended under this provision is Rs 0.90 billion as of mid-September 2022. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif""><strong>Inter-bank Transaction </strong> </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the review period, the interbank transactions of BFIs amounted to Rs 647.59 billion including Rs 580.52 billion inter-bank transactions among commercial banks and Rs 67.06 billion among other financial institutions. In the corresponding period of the previous fiscal year, such transactions was Rs 648.31 billion including Rs 557.30 billion among commercial banks and Rs 91 billion among other financial institutions. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The weighted average 91-days treasury bills rate remained at 9.09 percent in the second month of FY 2022/23, which was 3.98 percent in the corresponding period of last fiscal year. The weighted average inter-bank transaction rate among commercial banks, which was 4.75 percent a year ago, increased to 8.50 percent in the review month. The average inter-bank rate of BFIs which is considered as operating target of monetary policy, stood 8.50 percent in the review month. Such a rate was 4.68 percent a year ago. </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""><strong>Interest Rates </strong> </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 average base rate of commercial banks increased to 10.01 percent in the second month of FY 2022/23 from 6.89 percent a year ago. Weighted average deposit rate and lending rate of commercial banks stood at 7.81 percent and 12.06 percent respectively in the review month. Such rates were 4.92 percent and 8.57 percent respectively a year ago. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif""><strong>Merger and Acquisition </strong> </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">After introduction of merger and acquisition policy aimed at strengthening financial stability, the number of BFIs involved in this process reached 247 as of mid-September 2022. Out of which, the license of 179 BFIs was revoked thereby forming 68 BFIs. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif""><strong>Financial Access </strong> </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Of the total 753 local levels, commercial banks extended their branches at 752 levels as of mid-September 2022. The number of local levels having branches of commercial bank was 750 a year ago. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The total number of BFIs licensed by NRB remained 125 in mid-September 2022. As of mid-September this year, 26 commercial banks, 17 development banks, 17 finance companies, 64 microfinance companies and one infrastructure development bank are in operation. The number of branches of BFIs has reached 11,585 in mid-September 2022 from 11,528 in mid-July 2022. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-07', 'modified' => '2022-11-07', 'keywords' => '', 'description' => '', 'sortorder' => '15999', 'image' => '20221107114002_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-11-07 11:38:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16257', 'article_category_id' => '1', 'title' => 'FMTCL Sells 29,500 Quintals of Food at Concessional Rates this Year', 'sub_title' => '', 'summary' => 'November 7: The state-owned Food Management and Trading Company Limited (FMTCL) sold around 29,500 quintals of food at concessional rates this year.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">November 7: The state-owned Food Management and Trading Company Limited (FMTCL) sold around 29,500 quintals of food at concessional rates this year. The FMTCL had opened fair-price shops at various places across the country during the festivals of Dashain and Tihar to facilitate the general public.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The fair-price shops were opened from September 17 to November 1 this year with the objective of providing food to the public at concessional rates during the festivals and also to discourage artificial shortage of food. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to the FMTCL, it sold 28,939 quintals of rice, 106 quintals of lentil, 10 quintals of pulses and legumes, 10 quintals of wheat, 10 quintals of beaten rice, 464 quintals of meat during the review period.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The FMTCL had operated fair-price shops at 43 different places of 41 districts this year. The company had provided discounts between Rs 10 to Rs 50 on the items sold during this period.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The FMTCL, however, could not sell ghee and sugar at concessional rates this year because the state-owned Dairy Development Corporation faced scarcity of ghee this year while the Ministry of Finance did not give permission to purchase sugar. The consumption of ghee and sugar is maximum during the festivals of Tihar and Chhath. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">FMTCL’s Information Officer Sharmila Neupane informed that the company sold more food items this year compared to last year.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-07', 'modified' => '2022-11-07', 'keywords' => '', 'description' => '', 'sortorder' => '15998', 'image' => '20221107101946_fair price shoppp.jpg', 'article_date' => '2022-11-07 10:19:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16256', 'article_category_id' => '1', 'title' => 'Insurance Board Issues Directive to Settle Covid-19 Claims on the Basis of Application Date', 'sub_title' => '', 'summary' => 'November 6: Insurance companies have been instructed to settle the claims for Covid-19 insurance based on the application date. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 6: Insurance companies have been instructed to settle the claims for Covid-19 insurance based on the application date. The Insurance Board has instructed the insurance companies to settle such claims by adding Rs 81 million to the fund of Rs 1 billion released by the government for same very purpose.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"We have instructed the companies to make payments based on the date of claims," said Surya Prasad Silwal, chairman of the board.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He said that the companies have been instructed to start disbursing funds immediately. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He added that the settlement of claims will give a positive message.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“It will dispel doubts that those insured might not get the insurance amount,” said Silwal.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The board initiated the Covid-19 insurance scheme immediately after the start of the Covid-19 pandemic three years ago.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">All 20 non-life insurance companies sold this policy to a total of 1,758,000 people. Among them, 165,059 have claimed insurance worth Rs 15.82 billion. So far, the insurance companies have settled claims worth Rs 4.98 billion made by 51,669 people.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although there is no pandemic insurance in other countries of the world, the board had started Covid-19 insurance as its social responsibility. However, as the number of infected people increased, the companies stopped settling the claims stating that they could not afford it. They also blamed the government for the delay in releasing the amount it had pledged to provide as relief.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">However, the government has already decided to release the amount upon the recommendation of the board.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-06', 'modified' => '2022-11-06', 'keywords' => '', 'description' => '', 'sortorder' => '15997', 'image' => '20221106043837_coronainsuranceee.jpg', 'article_date' => '2022-11-06 16:37:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16255', 'article_category_id' => '1', 'title' => 'Entrepreneurs Demonstrate against Increase in Interest Rate ', 'sub_title' => '', 'summary' => 'November 6: Industrialists and entrepreneurs have staged protest against the increase in interest rate by banks. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 6: Industrialists and entrepreneurs have staged protest against the increase in interest rate by banks. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They held a symbolic protest putting forth various demands including provision for a fixed interest rate, lowering the premium increased due to base rate, and decreasing the service-charge taken by banks and financial institutions. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Stating that their problems have increased due to various reasons including rise in interest rate, they demonstrated at Maitighar Mandala on Saturday to draw the attention of bodies concerned, said Vice-President of the Federation of Nepalese Chambers of Commerce and Industry, Dinesh Shrestha. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Entrepreneurs and industrialists facing problems joined the protest programme spontaneously. We hoped that the attention of the bodies concerned will be drawn towards our demand," shared Shrestha. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The symbolic protest was joined by FNCCI provincial and district chapters and thematic committees, according to Shrestha who shared with the RSS that they planned to shut the district-based industries and enterprises from Sunday as the continuity of the protest. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The participants displayed placards with messages such as "we need banking services, but increasing interest rate is becoming unaffordable; we face challenges to sustain business due to a high interest rate; the sustainability of industry, trade is a must to support nation's economy". </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Last week, the FNCCI delegation submitted a memorandum to the Nepal Rastra Bank, seeking its intervention to resolve the issues in the finance sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They demanded for the central bank's role in managing liquidity crisis as well as stability of interest rate, price stability and the management of external sector. Besides, they want the central bank not to implement the amendments in the Current Capital Loan Guidelines, to ensure extra time for the payment of loan and interest, undertake a detailed study about the amendment to credit-deposit ratio, and take efforts to increase the capital expenditure among others. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-06', 'modified' => '2022-11-06', 'keywords' => '', 'description' => '', 'sortorder' => '15996', 'image' => '20221106031800_interest-rates-e1541025967190.jpg', 'article_date' => '2022-11-06 15:17:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16254', 'article_category_id' => '1', 'title' => 'Protocol for Sending Workers to UK, Japan Ready', 'sub_title' => '', 'summary' => 'November 6: Employment opportunities in Japan and UK, which many Nepalis have been aspiring for a long time, are going to open soon. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 6: Employment opportunities in Japan and UK, which many Nepalis have been aspiring for a long time, are going to open soon. The Ministry of Labour, Employment and Social Security informed that the government has prepared the protocols for sending workers to those countries and the process of sending workers will begin soon.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Deputy Spokesperson of the Ministry Dr Thaneshwar Bhusal said that the protocol will be implemented after the Council of Ministers passes it. He informed that the ministry prepared the criteria for the selection, placement and service facilities of workers going to the UK. Preparations are being made to send 200 nurses to Britain from January 2023 in the first phase. The ministry has prepared a schedule for requesting applications for nurses in this regard.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Only nurses who are qualified according to the criteria will be allowed to go to the UK for employment. A labor agreement was signed between Nepal and the UK on August 22 regarding the employment of nurses in the UK. Director General of the Department of Labour and Occupational Safety Umakanta Acharya said that framework for the process of sending nurses to the UK for foreign employment is already prepared.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As per the information, the selection of health workers going to the UK will be done through the department and the UK's Department of Health and Social Care. The two countries agreed on not levying any charges for the nurse selection process and that the costs of the health workers selected for employment will be covered by employers in the UK. Officials of the ministry say that based on the evaluation of the health workers sent in the first phase, more workers will be allowed to go to the UK in the second phase. Nurses who have completed 20 years and are under 45 years of age will be allowed to work in the UK. Nurses with two years of work experience with a license from the Nepal Nursing Council will be given priority.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Likewise, the ministry informed that the process of sending workers to Japan will also proceed after the election. Director of the department Dambar Bahadur Sunuwar, who has been looking at Israeli employment in the department, has been given the responsibility of looking into the employment in Japan also. Director General Acharya said that the process of selection of workers is being discussed. In March 2019, Nepal and Japan signed an agreement regarding taking Nepali workers. As of present, an agreement has been reached between the two countries to allow specially trained manpower from Nepal to go to Japan for employment.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-06', 'modified' => '2022-11-06', 'keywords' => '', 'description' => '', 'sortorder' => '15995', 'image' => '20221106014614_foreign emp.jpg', 'article_date' => '2022-11-06 13:45:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16253', 'article_category_id' => '1', 'title' => 'Nepal Imports more than 700,000 Tons of Onion a Year', 'sub_title' => '', 'summary' => 'November 6: The price of onion has been increasing in the domestic market of Nepal for a month now. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 6: The price of onion has been increasing in the domestic market of Nepal for a month now. The records of the Kalimati Fruit and Vegetable Market Development Committee show that the wholesale price of onion, which was Rs 45 per kg in the first week of last October, has now increased by Rs 15 per kg to Rs 60 per kg. Currently, the price of onion has increased due to the 'off season'.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the current market price, 417,000 metric tons of onions worth more than Rs 25 billion are consumed in Nepal in a year. As per the data of the National Center for Potato, Vegetable and Spice Crop Development, 289,000 tons of onions were produced in Nepal in the fiscal year 2020/21, while 129,000 metric tons had to be imported from abroad to meet the demand. In the same year, 11.5 tons of onions were exported from Nepal. A large part of onion consumed by Nepalis is imported from other countries including India.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the year 2019/20, a total of 288,000 tons of onions were produced in Nepal, while 160,000 tons were imported to meet the domestic demand. The data of onion import confirms that the government has not paid much attention to increasing the production of onion, which is used in large quantities in the Nepali kitchen. Onion is a crop that can be produced in abundance in Nepal. But looking at the data of the last three years, it seems that the area for onion production is also decreasing.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the year 2018/19, onion cultivation was done on 20,900 hectares of land. In the years since then, the area of onion cultivation is on gradual decline. According to government data, onions were cultivated only on 20,400 hectares in 2019/20 and 20,300 hectares in 2020/21. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Sandeep Subedi, horticulture officer at the Bagmati Province Office of the National Center for Potato, Vegetable and Spice Crop Development admitted that the government has not introduced any big programmes to promote onion production. According to him, although there are good prospects for onion cultivation in Nepal, there is problem with seeds. He said that the seeds currently being used in Nepal are not of high quality and even seeds imported from India are not easily available. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Earlier, the government had planned to conduct potato and onion mission programme for four years from the fiscal year 2019/20, but that plan has been limited to papers. Even before that, the government had conducted a programme to increase onion production from 2007 to 2012 in Sirha, Saptari, Dhanusha, Bara, Parsa and Rupandehi by spending Rs 50 million. However, the programme could not be successful due to irregularities in the purchase and distribution of production materials.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Spokesperson of the Ministry of Agriculture and Livestock Development, Prakash Kumar Sanjel said that the central government has not introduced any programme to increase onion production. “We have not brought such programmes after the previous failure. Since the production process of onion seed is sensitive and complicated, it has to be brought from India. However, India does not provide the required amount. Due to lack of seeds, we have not been able to bring a programme to increase production,” said Spokesperson Sanjel.</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' => '2022-11-06', 'modified' => '2022-11-06', 'keywords' => '', 'description' => '', 'sortorder' => '15994', 'image' => '20221106123044_20200916052134_1600205898.Clipboard06.jpg', 'article_date' => '2022-11-06 12:30:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16252', 'article_category_id' => '1', 'title' => 'SEBON Issues Guidelines for IPO Quota to People Involved in Foreign Employment ', 'sub_title' => '', 'summary' => 'November 6: The Securities Board of Nepal (SEBON) has implemented the 'Securities Issuance and Allocation (Sixth Amendment) Guidelines, 2022' with the objective of bringing in those who are currently involved in foreign employment into the folds of the share market. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 6: The Securities Board of Nepal (SEBON) has implemented the 'Securities Issuance and Allocation (Sixth Amendment) Guidelines, 2022' with the objective of bringing in those who are currently involved in foreign employment into the folds of the share market. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">SEBON has made provisions for reservation to those in foreign employment so that they would be able to easily invest in the initial public offering. As per the guidelines, this provision has come into effect immediately. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This provision has been made for encouraging the Nepalis currently in foreign employment to send the remittances to Nepal through formal channel. It is estimated that the remittance coming via formal channels will increase if provisions of providing reservation for IPO to those Nepalis in foreign employment. The move is expected to release the pressure on the declining foreign currency reserves in the country in recent times. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government took this measure as the money coming through the remittances was being used only on buying consumer goods and was thus going back to where it came from. The board made this provision at the initiatives of the Finance Ministry with the aim of utilizing the money in the productive sectors and in shoring up the national economy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the new provision, the organizations issuing IPOs are required to allot 10 percent of the IPOs to those Nepalis who have acquired labour permits for foreign employment. -- RSS </span><br /> </span></span></p> ', 'published' => true, 'created' => '2022-11-06', 'modified' => '2022-11-06', 'keywords' => '', 'description' => '', 'sortorder' => '15993', 'image' => '20221106114548_Sebonnn.jpg', 'article_date' => '2022-11-06 11:45:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16251', 'article_category_id' => '1', 'title' => 'Over 500,000 Tourists Arrive in Nepal in 10 Months ', 'sub_title' => '', 'summary' => 'November 6: The arrival of foreign tourists in Nepal has gradually returned back on track.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 6: The arrival of foreign tourists in Nepal has gradually returned back on track. In the past 10 months, around 500,000 foreign tourists visited Nepal, according to data provided by the Nepal Tourism Board (NTB). The figure is a huge increase as compared to the data of 2020 and 2021 when the pandemic was at its peak. The COVID-19 pandemic had ruined the tourism sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The country recorded the arrival of over 230,000 tourists in 2020, a sharp drop by a whopping 81 percent against over 1.19 million tourists in 2019 just before the pandemic. Similarly, in 2021, the arrival of foreign tourists further dropped by 34.4 percent to over 150,000 as compared to 2020. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The influx of tourist in 2022 took place between January and October, said the NTB. Over 88,500 tourists visited the country in October alone, and over 61,500 in April, over 58,300 in September, more than 41,300 in August, over 44,400 in July, and more than 46,900 in June. Similarly, over 53,600 tourists visited the country in May, more than 42,000 in March, over 19,700 in February and more than 16,900 in January. </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"">More than 600,000 tourists are expected to visit Nepal this year with this arrival rate, according to Maniraj Lamichhane, Director of the NTB. -- RSS</span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-11-06', 'modified' => '2022-11-06', 'keywords' => '', 'description' => '', 'sortorder' => '15992', 'image' => '20221106101246_Tourist.jpg', 'article_date' => '2022-11-06 10:12:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16250', 'article_category_id' => '1', 'title' => 'Nepal Produces Less than 600,000 Metric Tons of Spices in a Year', 'sub_title' => '', 'summary' => 'November 4: Almost 600,000 metric tons of spices are produced in Nepal annually, according to government data.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 4: Almost 600,000 metric tons of spices are produced in Nepal annually, according to government data. The data provided by the National Centre for Potato, Vegetable and Spice Crops Development shows that 594,800 metric tons of spices were produced in 73,300 hectares of land in all the districts of the seven provinces of Nepal in the fiscal year 2020/21.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The data prepared by the center only covers cardamom, ginger, garlic, red pepper and dried chilies produced in Nepal. Apart from these, the center said that the production of other types of spices is not significant in Nepal, so they are not included in the data. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Looking at the data of the last three years, it seems that the highest production was in the year 2020/21. Before that, 555,000 tons of spices were produced in the year 2019/20 and 543,000 metric tons in the year 2018/19.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Altogether 184,611 metric tons of cardamom, ginger garlic, red pepper and chilies have been produced in 29,962 hectares in Province 1; 53,600 metric tons of spices have been produced in 6,200 hectares of land in Province 2; and 72,100 metric tons of spices have been produced in 8,748 hectares of land in Bagmati province.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the data, 49,500 metric tons of spices were produced in 6500 hectares of land in Gandaki province, and 138, 000 metric tons were produced from 11838 hectares in Lumbini province. Similarly, it has been found that 35,800 metric tons of spices were produced in 4,000 hectares of land in Karnali province and 61,200 metric tons in 6,100 hectares in Sudurpaschim province.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although the data shows that there has been some increase in production, it is not enough to meet the demand of the domestic market. In FY 2020/21, a total of 158,600 metric tons of spices were imported. About 15,000 metric tons of spices were exported from Nepal that year. Similarly, in the year 2019/20, altogether 127,800 metric tons of spices were imported and 14,000 metric tons were exported. According to the government data, 700,000 metric tons of spices are consumed in Nepal annually.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-04', 'modified' => '2022-11-04', 'keywords' => '', 'description' => '', 'sortorder' => '15991', 'image' => '20221104020450_Different-types-of-spices-of-the-table-apr18.jpg', 'article_date' => '2022-11-04 14:04:13', '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
