November 4: India has approved Nepal Electricity Authority (NEA) to export 22 megawatts of power produced from Chilime Hydropower…
November 4: India has approved Nepal Electricity Authority (NEA) to export 22 megawatts of power produced from Chilime Hydropower…
November 4: As the government's income has become insufficient to cover even the current expenses in recent times, the Inland Revenue Department has hinted that it will take aggressive steps to prevent the leakage of revenue and expand the scope of tax collection.…
November 4: Nepal Rastra Bank (NRB) has started preparations to issue its own digital currency within the current fiscal year.…
November 4: Government officials and stakeholders have been making public announcements about the deteriorating economic condition of the…
November 4: The Supreme Court has issued an interim order, asking the government not to implement its decision to extend the term of an Indian company Gandhi Mallikarjun Rao (GMR), which is the promoter of the Upper Karnali Hydropower Project.…
November 4: Tourism entrepreneurs of three provinces have decided to work together and introduce tour packages for promotion of…
November 3: Finance Minister Janardan Sharma held discussions with a team led by Parliamentary State Secretary of the Federal Ministry of Economic Cooperation and Development of Germany, Barbel Kofler on…
November 3: The Department of Roads has concluded that there are three main reasons for the delay in the expansion of the Narayangadh-Butwal section under the East-West…
November 3: The deposits of commercial banks, which were on a rise from mid-August to mid-October, have started declining continuously from the third week of October, according to the Nepal Bankers…
November 3: The government of Nepal has given permission in principle for two-way air service agreement with the US and…
November 3: Farmers of Kailali are currently busy harvesting paddy this…
November 3: Himalaya Airlines is making preparations to operate flights from the newly-built Gautam Buddha International Airport…
November 2: The “Swiss Business Delegation Event” is all set to be organized at the Swiss Embassy in Kathmandu from November 7 to…
November 2: The main opposition party CPN UML has unveiled its election manifesto which includes over two dozen plans without any resource…
November 2: India has removed the export duty on Nepal-bound paddy and…
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', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 4: India has approved Nepal Electricity Authority (NEA) to export 22 megawatts of power produced from Chilime Hydropower Company. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Spokesperson of NEA Suresh Bahadur Bhattarai confirmed that the Central Electricity Authority of India on October 31 approved the proposal of NEA to export additional energy to India. With this approval, Nepal would now export 386 MW of electricity to India, Spokesperson Bhattarai added. </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"">As per the data released by the NEA last month, the power export to Nepal had exceeded one billion units and the latest data are expected to be released soon. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Earlier, the NEA had proposed for the sale of 100.9 MW of power through competitive price in the Day-Ahead Market of Indian Energy Exchange Limited (IEX). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NEA had proposed for the export of hydropower produced from Likhukhola ‘A’ (29 MW), Kabeli B-I (25 MW), Maikhola (22 MW), Hewakhola A (15 MW) and Lower Modi I (10 MW). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Nea had also proposed exporting power generated from Mistrikhola, Solukhola, Chilime and other projects. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal has earned nearly Rs 8 billion in the past five months from the export of surplus electricity. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-04', 'modified' => '2022-11-04', 'keywords' => '', 'description' => '', 'sortorder' => '15990', 'image' => '20221104014726_NEA.jpg', 'article_date' => '2022-11-04 13:46:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16248', 'article_category_id' => '1', 'title' => 'Inland Revenue Department to Intensify Market Monitoring', 'sub_title' => '', 'summary' => 'November 4: As the government's income has become insufficient to cover even the current expenses in recent times, the Inland Revenue Department has hinted that it will take aggressive steps to prevent the leakage of revenue and expand the scope of tax collection. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 4: As the government's income has become insufficient to cover even the current expenses in recent times, the Inland Revenue Department has hinted that it will take aggressive steps to prevent the leakage of revenue and expand the scope of tax collection. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">This year, the department is preparing to conduct on-site monitoring of 15,000 taxpayers to prevent leakages of revenue.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Sources at the department said that the recently held conference on revenue concluded that monitoring should be made effective in order to meet the annual revenue target. Following the conference, the department decided to prioritize market monitoring. The department expects to control revenue leakage through intensive and effective monitoring and increase tax collection by facilitating taxpayers. This year, the department is given a target of collecting revenue of Rs 626 billion. However, the department is facing difficulty in meeting even the monthly target.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The department announced that it will increase the use of technology and facilitate administrative process to increase tax collection. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">There is a policy to install flow meters in beer manufacturing companies by January of next year and to study installing flow meters in other alcohol producing industries. In terms of tax arrears collection, the department plans to settle 60 percent of the arrears of Rs 48.68 billion at present and to link the records of such arrears maintained in all offices to the electronic system.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Director of the department Raju Payakurel informed that in the current fiscal year, the department is planning to increase the number of taxpayers by issuing/renewing 200,000 personal permanent account numbers, and 176,000 commercial permanent account numbers. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The department is also planning to evaluate the progress of its second strategic plan and to formulate a third strategic plan.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to him, foreign nationals working in Nepal must submit a permanent account number and tax payment certificate when renewing their work permits and visas.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">IRD is also making it mandatory for anyone purchasing four-wheelers to show PAN cards.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Also, there is a plan to issue persona PAN cards to every individuals while issuing citizenship certificate and national identity cards.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">At the same time, the department made an action plan to expand the scope of tax collection by implementing the above mentioned criteria.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The department plans to carry out tax inspection and investigation based on the information-based analysis of the revenue risk areas, and to discourage the use of fake invoices, fake excise duty stickers in order to control the revenue leakage.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> The department made an action plan from the conference to settle 90 percent of the applications submitted in the fiscal year 2021/22 and at least 50 percent of the applications registered in the current fiscal year for administrative review due to disagreements on income tax, value added tax and excise duty.</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' => '2022-11-04', 'modified' => '2022-11-04', 'keywords' => '', 'description' => '', 'sortorder' => '15989', 'image' => '20221104014615_market monitoring.jpg', 'article_date' => '2022-11-04 13:45:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16247', 'article_category_id' => '1', 'title' => 'NRB to Issue Digital Currency within this Year', 'sub_title' => '', 'summary' => 'November 4: Nepal Rastra Bank (NRB) has started preparations to issue its own digital currency within the current fiscal year. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 4: Nepal Rastra Bank (NRB) has started preparations to issue its own digital currency within the current fiscal year. Due to the trend of issuing electronic currency by central banks around the world, NRB also initiated the process of issuing the Central Bank Digital Currency (CBDC) in Nepal.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NRB has completed the feasibility study for issuing CBDC and is collecting opinions and suggestions from stakeholders. Officials of NRB say that they are working to issue electronic currency within the current fiscal year by taking into account the opinions and suggestions of the stakeholders. According to an official of NRB’s Currency Management Department, the central bank is under pressure to issue CBDC because the central banks of the world are rapidly issuing such currencies.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“We are working with the goal of issuing them within this year,” said the official.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NRB Spokesperson Dr Gunakar Bhatta says that it is not possible to determine the timing of issuing CBDC. He added that the feasibility study has been complete and the NRB is still in the process of further study.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">During last year's monetary policy, NRB aimed to study the potential of digital currency. It also formed a steering committee under the coordination of Deputy Governor Bam Bahadur Mishra to advance the work of CBDC. The committee had submitted the feasibility study report for the CBDC at the end of last fiscal year. NRB published the feasibility study report recently and asked for opinions from stakeholders. It says that stakeholders can make suggestions on the report by the end of January.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The report has suggested NRB to proceed with the CBDC project only by building a separate structure and team with the participation of stakeholders. At the initial stage, it is suggested that a small unit can be set up within the Payment System Department or the Information Technology Department of NRB. Similarly, the need to build high-level technology and develop the capacity of NRB to issue CBDC with security of data is also pointed out in the report.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Likewise, the report has also pointed out the need to carry out feasibility studies, adequate legal arrangements, target setting as well as public awareness work before implementation.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Central banks around the world started issuing digital currencies due to the increasing interest of the general public in digital currencies, including cryptocurrencies. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Reserve Bank of India (RBI) also issued digital currency for the first time on Tuesday. In the first phase of the currency issued as a pilot project, only wholesale transactions are arranged with nine commercial banks. RBI is set to take it to the retail business for the common people only after its success. NRB informed that the use of digital currency will attract the common people to electronic payments and help reduce the expenses incurred in printing and circulation of notes.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-04', 'modified' => '2022-11-04', 'keywords' => '', 'description' => '', 'sortorder' => '15988', 'image' => '20221104124812_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-11-04 12:47:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16246', 'article_category_id' => '1', 'title' => 'Economic Agendas of Political Parties: How Viable are the Election Manifestos? ', 'sub_title' => '', 'summary' => 'November 4: Government officials and stakeholders have been making public announcements about the deteriorating economic condition of the country. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 4: Government officials and stakeholders have been making public announcements about the deteriorating economic condition of the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">High inflation, stress on foreign exchange reserve, massive trade deficit caused due to burgeoning imports, low capital expenditure, liquidity crunch and reduced investments on productive sectors are the key challenges of our economy at present. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In addition, the COVID-19 pandemic and Russia-Ukraine war have also impacted our economy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Amid such economic uncertainties, the political parties have unveiled their election manifestos targeting the elections to the House of Representatives (HoR) and provincial assemblies scheduled for November 20. </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"">Economists argue that the election manifestos of the political parties are distributive in nature and populist agendas which have hardly taken into consideration the global economy and Nepal’s current status. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The economists have expressed their concerns to the possibilities of plunging the country’s economy into further crises while prioritizing populist programmes by the parties without taking the country’s economic status and financial base into account. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Economist Dr Dilliraj Khanal said that the political parties have relegated the internal and external challenges hovering in the economy and lacked clear roadmap to implement the announcements made in the manifestos. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“In general, political parties are in competition to bring different projects for development and prosperity. This is positive in itself. But, they are silent on the resource management to implement those projects. Projects are also announced in the election manifestos even by violating fiscal discipline,” according to Dr Khanal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Economist Dr Chandra Mani Adhikari argued that economic issues of the parties are abstract and far away from the ground reality though they are fine theoretically and conceptually. He was of the view that the projects listed in the manifestos are unachievable. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Adhikari was of the view that political, economic, social and other views and priorities of all political parties are almost similar.</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""> “Our national documents have also prioritized those issues. But, the implementation side of those priorities does not seem realistic,” Adhikari observed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The election manifestos have not only failed to assess the global economy and Nepal’s situation but also fail to address the general concerns of Nepalis. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Control of high inflation, accessible employment opportunity, livelihood and basic infrastructure development issues should have been accorded priority but that is not the case, Adhikari commented. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The manifestos announced by the political parties in the previous elections also suggest that the election agenda are not objective and implementable. Adhikari adds, "Planning should be scientific, objective, and depend on resources for implementation. Rather, the parties are focused on distribution. Many goals presented in the manifesto of 2074BS election have been repeated.” </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Moreover, Professor of economics at Kathmandu University, Achyut Wagle, shared, "All political parties mentioned economic agenda in the election manifesto by ignoring legal aspects. It is sheer competition on scattered issues and programmes. The resources for the economic programmes were not studied." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He also pointed out that the economic agenda are not implemented because of lack of institutional capacity. Wagle also recalled that the election manifestos brought in the last three decades have similar plans and programmes. "Most of the issues are common. Centralized mindset is reflected in the economic agenda though we are a federal country," he underscored. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, lecturer at the Central Department of Economics of Tribhuvan University, Dr Ramesh Poudel, observed that the political parties' election manifestos are not research oriented. “They ignore experience too. They do not show objective reality and problems in the country, but sell cheap dreams,” he added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Dr Poudel further said that the political parties failed to enforce the commitments they made in the election manifestos. Rigorous study is needed to make national economy dynamic. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The political parties are blaming each other for their failure to realize the past commitments, said economist Khanal, stressing that they must be held accountable to implement the economic programmes they mentioned in the manifestos. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-04', 'modified' => '2022-11-04', 'keywords' => '', 'description' => '', 'sortorder' => '15987', 'image' => '20221104102453_Election_Commission.2e16d0ba.fill-650x500.jpg', 'article_date' => '2022-11-04 10:24:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16245', 'article_category_id' => '1', 'title' => 'SC Issues Interim Order not to Extend the Term of GMR', 'sub_title' => '', 'summary' => 'November 4: The Supreme Court has issued an interim order, asking the government not to implement its decision to extend the term of an Indian company Gandhi Mallikarjun Rao (GMR), which is the promoter of the Upper Karnali Hydropower Project. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 4: The Supreme Court has issued an interim order, asking the government not to implement its decision to extend the term of an Indian company Gandhi Mallikarjun Rao (GMR), which is the promoter of the Upper Karnali Hydropower Project. The cabinet had decided to extend GMR's term by two years. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A single bench of SC Justice Ishwor Prasad Khatiwada issued the interim order on Thursday against the cabinet decision of July 15 to extend the term of the project by another two years. The term of GMR had expired three years back. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The SC questioned why the cabinet decided to extend the term of the project while it was earlier decided by the Investment Board. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Investment Board of Nepal and GMR had signed the project development agreement seven years ago for a term of two years. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Later, the company was given one more year since the project did not advance as agreed in the contract. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the board again extended the term by one more year for financial closure for the Indian company. Since then, no process was applied to continue the contract or maintain continuation of the contract. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Recently, the government had extended the tenure of the project based on the recommendation made by a taskforce formed under the leadership of the then Vice Chairman of the National Planning Commission, Bishownath Poudel. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Ratan Bhandari, an advocate of Nepal’s water resources and energy sector, had filed the writ petition at the SC demanding to scrap the government decision to give more time for GMR. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-04', 'modified' => '2022-11-04', 'keywords' => '', 'description' => '', 'sortorder' => '15986', 'image' => '20221104095640_Supreme Court.jpg', 'article_date' => '2022-11-04 09:55:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16244', 'article_category_id' => '1', 'title' => 'Tourism Entrepreneurs Plan to Introduce Tour Packages ', 'sub_title' => '', 'summary' => 'November 4: Tourism entrepreneurs of three provinces have decided to work together and introduce tour packages for promotion of tourism. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 4: Tourism entrepreneurs of three provinces have decided to work together and introduce tour packages for promotion of tourism. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Nepal Association of Tour and Travel Agents (NATTA) Banke Chapter announced this during the inauguration of a four-day training on 'Tour Product Development and Ticketing'. The training is being organized in collaboration with the NATTA Center and Livelihood Revival Project for Sustainable Tourism. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Central Secretary of NATTA, Yuvika Bhandari, said that the training will be fruitful in preparing skilled human resource in the field of tourism, as shortage of skilled human resource in the field of tourism has increased after the COVID-19 pandemic. She said such trainings have been started in different places of the country under the plan of Nepal Tourism Board to address the shortage of human resource in the tourism sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking on the occasion Mayor of Birgunj Prashant Bista said that tourism can become a strong and permanent base for the country's economy. He expressed the confidence that there will be uniformity in the tour package developed by the tourism entrepreneurs of the three provinces after the training. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President of NATTA Banke Chapter Ram Sigdel mentioned that the training organized for the first time in Western Nepal will enable tourism businesspersons to create travel packages by managing tickets for tourists going to destinations around the world. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Altogether 30 tour and travel operators from Lumbini, Kanrali and Sudurpaschim provinces are participating in the training. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-04', 'modified' => '2022-11-04', 'keywords' => '', 'description' => '', 'sortorder' => '15985', 'image' => '20221104093420_20180513122353_tourism.jpg', 'article_date' => '2022-11-04 09:33:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16242', 'article_category_id' => '1', 'title' => 'Germany to Enlist Nepal in the List of Assistance Recipient Countries ', 'sub_title' => '', 'summary' => 'November 3: Finance Minister Janardan Sharma held discussions with a team led by Parliamentary State Secretary of the Federal Ministry of Economic Cooperation and Development of Germany, Barbel Kofler on Wednesday.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 3: Finance Minister Janardan Sharma held discussions with a team led by Parliamentary State Secretary of the Federal Ministry of Economic Cooperation and Development of Germany, Barbel Kofler on Wednesday. The meeting focused on various issues of mutual interest including cooperation and bilateral relations between the two countries. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the meeting held at the Ministry of Finance, matters related to the development priority of Nepal and Germany as well as continuation of cooperation were discussed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Germany has announced to enlist Nepal again in the list of the countries receiving bilateral assistance. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Finance Minister Sharma thanked the continuous support of Germany in Nepal's economic development enveadours and democratic process as well as in prevention and control of COVID-19. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Germany has been providing support in the areas of sustainable economic development, energy and health of Nepal since a long time. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chief of the International Cooperation Division of the Finance Ministry, Ishwori Aryal, said discussion was also held on the exchange of cooperation in the areas of renewal energy and health. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">German Ambassador to Nepal, Dr Thomas Prinz as well as other members of the visiting German delegation were present on the occasion. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-03', 'modified' => '2022-11-03', 'keywords' => '', 'description' => '', 'sortorder' => '15983', 'image' => '20221103044405_Flag-Pins-Nepal-Germany.jpg', 'article_date' => '2022-11-03 16:43:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16241', 'article_category_id' => '1', 'title' => 'Narayangadh-Butwal Road Expansion Project Likely to Get Term Extension by One Year', 'sub_title' => '', 'summary' => 'November 3: The Department of Roads has concluded that there are three main reasons for the delay in the expansion of the Narayangadh-Butwal section under the East-West Highway.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 3: The Department of Roads has concluded that there are three main reasons for the delay in the expansion of the Narayangadh-Butwal section under the East-West Highway. When the team including the director general of the department visited the site on Monday and Tuesday, they deduced that the work was delayed due to the non-cooperation of the government, construction companies and local municipalities.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Due to the three-sided problem, the road could not be leveled on time, and the department indicated that the deadline for completion of the project will be extended by one year. After failing to show satisfactory progress within the stipulated time, the department has sought explanation from the Chinese construction company -- China State Construction Engineering Corporation Limited -- within one month. The department had asked the company to submit a reliable basis for not being able to complete the construction in the extended period as well.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">During this time, even the department visited the site for inspection. Arjun Jung Thapa, director general of the department, claimed that the construction was delayed due to three main reasons. “It was seen that there was a delay in the work to be done by the Nepal government as well. The local municipality prohibited on buying of construction materials like aggregates, gravel and soil despite paying royalty to the local municipality. In addition, there were problems with the management of the construction company, leading to the delay in completion of wok on time,” said Thapa.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Even now, the electric poles on the road that needs to be widened have not been removed. Thapa said that he did not get any help from the local municipality. Stating that the road construction was delayed due to various reasons, he indicated that the deadline will be extended by one year. The company has to expand the road in the next one year because not even a quarter of the work has been completed so far.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">An agreement was reached between the Department of Roads and the Chinese company to complete the 114 km Narayangadh-Butwal road upgrading work in 3.5 years in January 2018. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As per the agreement, the road should have been expanded by August 1.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The expansion of this road section is estimated to cost around Rs 16 billion. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-03', 'modified' => '2022-11-03', 'keywords' => '', 'description' => '', 'sortorder' => '15982', 'image' => '20221103040428_20220905044250_1662071156.Clipboard02.jpg', 'article_date' => '2022-11-03 16:03:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16240', 'article_category_id' => '1', 'title' => 'Bank Deposits Start Declining since mid-October', 'sub_title' => '', 'summary' => 'November 3: The deposits of commercial banks, which were on a rise from mid-August to mid-October, have started declining continuously from the third week of October, according to the Nepal Bankers Association.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 3: The deposits of commercial banks, which were on a rise from mid-August to mid-October, have started declining continuously from the third week of October, according to the Nepal Bankers Association.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Bankers suspect that bank deposits started to decrease due to the upcoming elections as well as big festivals like Tihar and Chhath which concluded recently. They expect getting this amount back gradually to the banking system after elections.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the association, deposits decreased by Rs 6.24 billion from October 18 to 24, which further decreased by Rs 17.13 billion from October 25 to 28.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">From mid-September to mid-October, the deposits of commercial banks had increased by Rs 61.64 billion to reach Rs 4547.15 billion. By October 28, the amount decreased to Rs 4523.78 biillion. As informed by the association, the bank deposits decreased from mid-July to mid-August, which then increased by Rs 52.15 billion by mid-September.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The deposits of banks decreased before Dashain but they started returning to the system after the festival. However, after the beginning of the election campaign for the House of Representatives and the State Assembly on November 20, deposits decreased by Rs 23.37 billion within the last 2 weeks of October.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Kiran Kumar Shrestha, CEO of Rastriya Banijya Bank informed that deposits were withdrawn from the banks for the festivals and election.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“Bank deposits decreased from mid-October due to spending on festivals and increased election activities. After the election, this money will gradually return back to the banking system,” he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“After this election, we are expecting some ease in the situation of lack of liquidity,” he added.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although deposits decreased from mid-October, lending of commercial banks on the other hand has increased. Since mid-October alone, the credit flow of banks increased by Rs 5.10 billion. The total loan disbursement of banks reached Rs 4225.40 billion on October 28, which was Rs 4220.32 billion by mid-October.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Banks extended loans of Rs 10.58 billion from mid-July to mid-August, Rs 13.75 billion from mid-August to mid-September and Rs 30.4 billion rupees from mid-September to mid-October.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The banks provided loans even though there was no increase in deposits, causing their credit-deposit ratio (CD ratio) to increase. According to the association, the average CD ratio of banks was 87.23 percent till October 21, but it increased to 87.58 percent on October 28. According to the instructions of the Nepal Rastra Bank, banks should maintain a CD ratio of less than 90 percent.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-03', 'modified' => '2022-11-03', 'keywords' => '', 'description' => '', 'sortorder' => '15981', 'image' => '20221103023651_Banks.jpg', 'article_date' => '2022-11-03 14:35:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16239', 'article_category_id' => '1', 'title' => 'Cabinet gives Permission for Two-Way Air Service Agreement with US, Switzerland ', 'sub_title' => '', 'summary' => 'November 3: The government of Nepal has given permission in principle for two-way air service agreement with the US and Switzerland. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 3: The government of Nepal has given permission in principle for two-way air service agreement with the US and Switzerland. The government gave permission to initiate the necessary process after preliminary agreements for direct flights to the US and Switzerland three months ago. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It is said that the Federal Aviation Administration of the US has sent a letter for two-way air service agreement for the same. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Spokesperson of the Civil Aviation Authority of Nepal, Jagannath Niraula, said that preparation has already been started to begin the process of air service agreement with the two countries following a cabinet decision. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Ministry of Culture, Tourism and Civil Aviation in coordination with the CAAN had taken the proposal in the cabinet after the US and Switzerland showed their interest for two-way flights. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the government has also forwarded the process to operate flights to Indonesia and Rwanda. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to CAAN, Nepal has signed agreement for two-way direct flights with 40 countries so far. Among the 40 countries, commercial flights are being operated regularly to and from 20 countries. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-03', 'modified' => '2022-11-03', 'keywords' => '', 'description' => '', 'sortorder' => '15980', 'image' => '20221103123004_NAC.jpg', 'article_date' => '2022-11-03 12:29:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16238', 'article_category_id' => '1', 'title' => 'Farmers Forced to Sell Paddy at Throw-Away Prices', 'sub_title' => '', 'summary' => 'November 3: Farmers of Kailali are currently busy harvesting paddy this season.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 3: Farmers of Kailali are currently busy harvesting paddy this season. Many of them have already completed harvesting and have stored the required grains. They have already started selling excess of paddy produced this season. However, the farmers are forced to sell paddy at low price because the government is “yet to fix” the minimum support price of paddy this year even though the harvesting season is almost over.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This has forced the farmers to sell paddy at throw-away prices. Chhitra Bahadur Chaudhary, a farmer from Kailali, informed that they had no option but to sell paddy at scrap value because the government did not fix the minimum support price on time.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We are selling paddy at throw-away prices because the minimum support price has not been fixed yet,” said Chaudhary.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We need to sell the paddy so that we can purchase the seeds, fertilizer and ploughing charge required for the winter crop. Therefore, we need to sell the paddy as soon as we finish harvesting,” he added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The local businessmen are purchasing paddy at the rare of Rs 2200 to Rs 2300 per quintal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Businessman Navin Shrestha insists that they are buying paddy at the aforementioned prices because the government has not yet fixed the minimum support price and that the paddy has not dried yet. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The minimum support price is implemented only after the Provincial Offices of the Food Management and Trading Company Limited (FMTCL) receives a circular in this regard after the Council of Minister fixes the support price. Angela Basnet, chief of the Dhangadhi-based Far Western Province Office of the FMTCL, said that they have not received any such circular so far this year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The minimum support price has not been fixed yet,” said Basnet, adding, “We will set up a purchase depot once the minimum support price is fixed by the government.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">She said that the local businessmen are purchasing paddy on their own at the moment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The production of paddy in Far Western Province is expected to decline this year due to the recent floods. </span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-03', 'modified' => '2022-11-10', 'keywords' => '', 'description' => '', 'sortorder' => '15979', 'image' => '20221103110435_20220720044056_640px-Rice_Plants_(IRRI).jpg', 'article_date' => '2022-11-03 11:03:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16237', 'article_category_id' => '1', 'title' => 'Himalaya Airlines to Conduct Flights through Gautam Buddha Int’l Airport', 'sub_title' => '', 'summary' => 'November 3: Himalaya Airlines is making preparations to operate flights from the newly-built Gautam Buddha International Airport (GBIA).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">November 3: Himalaya Airlines is making preparations to operate flights from the newly-built Gautam Buddha International Airport (GBIA). </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Civil Aviation Authority of Nepal (CAAN) is ready to issue permits to the company for self ground handling at GBIA and commercial ground handling at the Tribhuvan International Airport. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Accordingly, the company has announced to conduct regular chartered flights to Kuala Lumpur from the Bhairahawa-based GBIA. Himalaya Airlines said that the company is likely to conduct flights to Kuala Lumpur starting from today (November 3) provided that the aviation regulatory body of Malaysia issues permit for the flights. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Initially, the company plans to conduct two-way flights to Kuala Lumpur from GBIA and later intends to expand to service to other destinations after it acquires commercial ground handling permit at the airport.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The airport officially came into operation on May 16 this year. At present, only Jazeera Airways is running three flights a week at the GBIA. This new airport is expected to ease the air traffic congestion at the TIA.</span></span></p> ', 'published' => true, 'created' => '2022-11-03', 'modified' => '2022-11-03', 'keywords' => '', 'description' => '', 'sortorder' => '15978', 'image' => '20221103093603_20210709114537_20210120123339_g576szqpnac61.jpg', 'article_date' => '2022-11-03 09:35:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16236', 'article_category_id' => '1', 'title' => 'Swiss Business Delegation Event to be Held in Kathmandu Next Week', 'sub_title' => '', 'summary' => 'November 2: The “Swiss Business Delegation Event” is all set to be organized at the Swiss Embassy in Kathmandu from November 7 to 9.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 2: The “Swiss Business Delegation Event” is all set to be organized at the Swiss Embassy in Kathmandu from November 7 to 9. Ten companies including Lombardy, Lufthansa, Victorinox, JKB Bank, Roche, etc. from Switzerland will participate in this programme.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Swiss and Liechtenstein companies participating in the programme will be informed about the potential investment opportunities in Nepal in areas such as health care, insurance, communication, construction engineering, banking, fintech, etc. The first meeting of business delegation of Swiss companies in Nepal is expected to help these companies enter the Nepali market. This programme is organized in collaboration between the Swiss Embassy in Nepal, Switzerland Global Enterprise and Swiss Business Hub, India.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepal is moving from political transition to economic transformation. There are many opportunities for Swiss companies to enter the Nepali market. Switzerland and Nepal have been cooperating since the 1950s. Recently, trade relations between Nepal and Switzerland have becoming stronger. Swiss Ambassador to Nepal Elisabeth von Capeller says that Swiss companies can benefit by introducing Swiss technology and expertise in Nepal.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">For a long time, Switzerland has been helping the development of Nepal by investing in areas such as agriculture, rural infrastructure development, technical education and vocational training. Recently, Nepal is becoming an attractive business destination for multinational companies due to the increase in the average income of Nepalese, increasing consumption and rapid urbanization. The Swiss business delegation event will help all types of Swiss companies, big and small, to understand the Nepali market well and get information about investment opportunities.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">There is a lot of investment potential in Nepal's renewable energy, transportation, other infrastructure construction and engineering sectors. Swiss companies can do business in the fields of engineering and construction equipment, consulting services, hydropower construction, tunneling technology and equipment, ropeway/cable car construction and equipment supply. Similarly, there are ample investment opportunities in aviation and airport infrastructure, food and agriculture sector, sustainable urban development and other sectors as well.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Likewise, there has been a rapid growth in the health care sector of Nepal in the last three decades. With the increase in the number of hospitals and treatment centers in the private sector, the potential for health care, medical technology, pharmaceutical and bio technology here has also increased. Information and communication technology, telecommunication, security printing and biometrics are also other areas with investment potential.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Compared to low-income countries in South and Southeast Asia, Nepal's financial sector is relatively well developed. There are plenty of investment opportunities in banking, finance, insurance services and fin-tech. Also, tourism is one of the main pillars of Nepal's economy. It is also an important source of foreign exchange and revenue.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-02', 'modified' => '2022-11-02', 'keywords' => '', 'description' => '', 'sortorder' => '15977', 'image' => '20221102052653_thumb.jpg', 'article_date' => '2022-11-02 17:25:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16235', 'article_category_id' => '1', 'title' => 'UML Unveils its Election Manifesto with Tall Promises', 'sub_title' => '', 'summary' => 'November 2: The main opposition party CPN UML has unveiled its election manifesto which includes over two dozen plans without any resource backup.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">November 2: The main opposition party CPN UML has unveiled its election manifesto which includes over two dozen plans without any resource backup. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">During the last election, the CPN UML had decided to merge with the CPN Maoist Centre which paid off as they secured an overwhelming two-thirds majority in parliament. The two parties ultimately merged after the election but they eventually split after some years due to conflict in power sharing agreement.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">After the last election, KP Sharma Oli took charge of the government. Amid criticism that the Oli government did not work as per the aspirations of the people, the CPN UML on Tuesday unveiled its election manifesto for the upcoming election. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The left-wing party has pledged good governance, development, prosperity and equality in its manifesto. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Besides, the party has also announced a dozens of programmes such as Citizenship only for Nepalis; Hunger no Longer; Domestic Production, Foreign Market; Secured Roof: Everyone’s Desire; Choice of Youth: Education; Free Meter: Ten Thousand Litres. Income-generating programmes and distribution of medicines for pressure and sugar also fall under the announcement.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">However, the party’s manifesto does not mention how it will manage resources for implementing these programmes. The election manifesto of the CPN UML also includes an ambitious and unattainable plan of increasing the size of Nepal’s economy to Rs 10 trillion in the next five years. According to the Central Bureau of Statistics, the current size of Nepal’s economy is Rs 4.8 trillion. In order to increase the size of Nepal’s economy to Rs 10 trillion in the next five years, the country must attain growth of Gross Domestic Product by 15 percent each year. Only a day before the UML unveiled its election manifesto, the World Bank had projected Nepal’s economy to grow by 5.8 percent in 2022, 5.1 percent in 2023 and 4.9 percent in 2024. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The UML election manifesto also mentions that the party will increase the Per Capital Income of Nepal to USD 2400 in the next five years. This target is also unattainable in the next five years. The Per Capital Income of Nepal in the current fiscal year is USD 1300. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The election manifesto also says that the UML will develop 50 new cities in the next five years and complete the construction of all the highways within the same period. </span></span></p> ', 'published' => true, 'created' => '2022-11-02', 'modified' => '2022-11-02', 'keywords' => '', 'description' => '', 'sortorder' => '15976', 'image' => '20221102044450_20201119030717_20200305102040_oli.jpg', 'article_date' => '2022-11-02 16:44:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16234', 'article_category_id' => '1', 'title' => 'India Removes Export Duty on Nepal-Bound Paddy and Rice', 'sub_title' => '', 'summary' => 'November 2: India has removed the export duty on Nepal-bound paddy and rice.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 2: India has removed the export duty on Nepal-bound paddy and rice. India had imposed a 20 percent duty on the export of paddy and rice in the second week of September while also banning the export of various food items to prevent a possible food crisis amid Covid-19 pandemic and the Russia-Ukraine war.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Indian Department of Revenue issued a notice on Monday stating that no such duty will be charged on exports to Nepal. After India imposed tariffs, local industrialists were worried that there would be a shortage of raw materials for the rice industry in Nepal and the illegal import of rice would thrive.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Birgunj Chamber of Commerce and Industries and the Association of Nepalese Rice, Oil and Pulse Industry had requested the Government of Nepal and Indian agencies to revoke the duty. Subodh Kumar Gupta, who is the president of both these organizations, welcomed the move of India.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Gupta shared, “After India imposed a 20 percent duty on exports, Nepalese rice industries were on the verge of closure. Nepali consumers were forced to buy rice at expensive rates. With this decision of India, the problems of Nepal's industries and consumers have been addressed.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">India decided not to charge duty for the annual export of 600,000 metric tons of paddy for Nepal. Last year, the industry of Nepal imported 5.5 million tons of rice from India, according to the data of the association. Based on this data, the industrialists requested India not to levy duty on imports of at least 600,000 tons of rice.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Bishwamitra Prasad Kalwar, the owner of New Om Food Industry said that this decision has given relief to the people of Nepal as the kitchens had became more expensive after India, the largest exporter of paddy and rice, tightened the export. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“Since the Covid-19 pandemic, the price of every commodity has increased. On top of that, when the price of rice, which is the staple food in Nepal, increased, the life of the common people got severely affected. This decision brought relief not only to the industrialists but to the consumers as well,” he said.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-02', 'modified' => '2022-11-02', 'keywords' => '', 'description' => '', 'sortorder' => '15975', 'image' => '20221102040045_rice.jpg', 'article_date' => '2022-11-02 16:00:08', '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' => '16249', 'article_category_id' => '1', 'title' => 'India to Import Additional 22 Megawatts of Energy from Nepal ', 'sub_title' => '', 'summary' => 'November 4: India has approved Nepal Electricity Authority (NEA) to export 22 megawatts of power produced from Chilime Hydropower Company. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 4: India has approved Nepal Electricity Authority (NEA) to export 22 megawatts of power produced from Chilime Hydropower Company. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Spokesperson of NEA Suresh Bahadur Bhattarai confirmed that the Central Electricity Authority of India on October 31 approved the proposal of NEA to export additional energy to India. With this approval, Nepal would now export 386 MW of electricity to India, Spokesperson Bhattarai added. </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"">As per the data released by the NEA last month, the power export to Nepal had exceeded one billion units and the latest data are expected to be released soon. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Earlier, the NEA had proposed for the sale of 100.9 MW of power through competitive price in the Day-Ahead Market of Indian Energy Exchange Limited (IEX). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NEA had proposed for the export of hydropower produced from Likhukhola ‘A’ (29 MW), Kabeli B-I (25 MW), Maikhola (22 MW), Hewakhola A (15 MW) and Lower Modi I (10 MW). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Nea had also proposed exporting power generated from Mistrikhola, Solukhola, Chilime and other projects. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal has earned nearly Rs 8 billion in the past five months from the export of surplus electricity. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-04', 'modified' => '2022-11-04', 'keywords' => '', 'description' => '', 'sortorder' => '15990', 'image' => '20221104014726_NEA.jpg', 'article_date' => '2022-11-04 13:46:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16248', 'article_category_id' => '1', 'title' => 'Inland Revenue Department to Intensify Market Monitoring', 'sub_title' => '', 'summary' => 'November 4: As the government's income has become insufficient to cover even the current expenses in recent times, the Inland Revenue Department has hinted that it will take aggressive steps to prevent the leakage of revenue and expand the scope of tax collection. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 4: As the government's income has become insufficient to cover even the current expenses in recent times, the Inland Revenue Department has hinted that it will take aggressive steps to prevent the leakage of revenue and expand the scope of tax collection. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">This year, the department is preparing to conduct on-site monitoring of 15,000 taxpayers to prevent leakages of revenue.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Sources at the department said that the recently held conference on revenue concluded that monitoring should be made effective in order to meet the annual revenue target. Following the conference, the department decided to prioritize market monitoring. The department expects to control revenue leakage through intensive and effective monitoring and increase tax collection by facilitating taxpayers. This year, the department is given a target of collecting revenue of Rs 626 billion. However, the department is facing difficulty in meeting even the monthly target.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The department announced that it will increase the use of technology and facilitate administrative process to increase tax collection. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">There is a policy to install flow meters in beer manufacturing companies by January of next year and to study installing flow meters in other alcohol producing industries. In terms of tax arrears collection, the department plans to settle 60 percent of the arrears of Rs 48.68 billion at present and to link the records of such arrears maintained in all offices to the electronic system.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Director of the department Raju Payakurel informed that in the current fiscal year, the department is planning to increase the number of taxpayers by issuing/renewing 200,000 personal permanent account numbers, and 176,000 commercial permanent account numbers. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The department is also planning to evaluate the progress of its second strategic plan and to formulate a third strategic plan.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to him, foreign nationals working in Nepal must submit a permanent account number and tax payment certificate when renewing their work permits and visas.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">IRD is also making it mandatory for anyone purchasing four-wheelers to show PAN cards.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Also, there is a plan to issue persona PAN cards to every individuals while issuing citizenship certificate and national identity cards.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">At the same time, the department made an action plan to expand the scope of tax collection by implementing the above mentioned criteria.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The department plans to carry out tax inspection and investigation based on the information-based analysis of the revenue risk areas, and to discourage the use of fake invoices, fake excise duty stickers in order to control the revenue leakage.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> The department made an action plan from the conference to settle 90 percent of the applications submitted in the fiscal year 2021/22 and at least 50 percent of the applications registered in the current fiscal year for administrative review due to disagreements on income tax, value added tax and excise duty.</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' => '2022-11-04', 'modified' => '2022-11-04', 'keywords' => '', 'description' => '', 'sortorder' => '15989', 'image' => '20221104014615_market monitoring.jpg', 'article_date' => '2022-11-04 13:45:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16247', 'article_category_id' => '1', 'title' => 'NRB to Issue Digital Currency within this Year', 'sub_title' => '', 'summary' => 'November 4: Nepal Rastra Bank (NRB) has started preparations to issue its own digital currency within the current fiscal year. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 4: Nepal Rastra Bank (NRB) has started preparations to issue its own digital currency within the current fiscal year. Due to the trend of issuing electronic currency by central banks around the world, NRB also initiated the process of issuing the Central Bank Digital Currency (CBDC) in Nepal.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NRB has completed the feasibility study for issuing CBDC and is collecting opinions and suggestions from stakeholders. Officials of NRB say that they are working to issue electronic currency within the current fiscal year by taking into account the opinions and suggestions of the stakeholders. According to an official of NRB’s Currency Management Department, the central bank is under pressure to issue CBDC because the central banks of the world are rapidly issuing such currencies.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“We are working with the goal of issuing them within this year,” said the official.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NRB Spokesperson Dr Gunakar Bhatta says that it is not possible to determine the timing of issuing CBDC. He added that the feasibility study has been complete and the NRB is still in the process of further study.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">During last year's monetary policy, NRB aimed to study the potential of digital currency. It also formed a steering committee under the coordination of Deputy Governor Bam Bahadur Mishra to advance the work of CBDC. The committee had submitted the feasibility study report for the CBDC at the end of last fiscal year. NRB published the feasibility study report recently and asked for opinions from stakeholders. It says that stakeholders can make suggestions on the report by the end of January.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The report has suggested NRB to proceed with the CBDC project only by building a separate structure and team with the participation of stakeholders. At the initial stage, it is suggested that a small unit can be set up within the Payment System Department or the Information Technology Department of NRB. Similarly, the need to build high-level technology and develop the capacity of NRB to issue CBDC with security of data is also pointed out in the report.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Likewise, the report has also pointed out the need to carry out feasibility studies, adequate legal arrangements, target setting as well as public awareness work before implementation.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Central banks around the world started issuing digital currencies due to the increasing interest of the general public in digital currencies, including cryptocurrencies. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Reserve Bank of India (RBI) also issued digital currency for the first time on Tuesday. In the first phase of the currency issued as a pilot project, only wholesale transactions are arranged with nine commercial banks. RBI is set to take it to the retail business for the common people only after its success. NRB informed that the use of digital currency will attract the common people to electronic payments and help reduce the expenses incurred in printing and circulation of notes.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-04', 'modified' => '2022-11-04', 'keywords' => '', 'description' => '', 'sortorder' => '15988', 'image' => '20221104124812_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-11-04 12:47:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16246', 'article_category_id' => '1', 'title' => 'Economic Agendas of Political Parties: How Viable are the Election Manifestos? ', 'sub_title' => '', 'summary' => 'November 4: Government officials and stakeholders have been making public announcements about the deteriorating economic condition of the country. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 4: Government officials and stakeholders have been making public announcements about the deteriorating economic condition of the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">High inflation, stress on foreign exchange reserve, massive trade deficit caused due to burgeoning imports, low capital expenditure, liquidity crunch and reduced investments on productive sectors are the key challenges of our economy at present. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In addition, the COVID-19 pandemic and Russia-Ukraine war have also impacted our economy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Amid such economic uncertainties, the political parties have unveiled their election manifestos targeting the elections to the House of Representatives (HoR) and provincial assemblies scheduled for November 20. </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"">Economists argue that the election manifestos of the political parties are distributive in nature and populist agendas which have hardly taken into consideration the global economy and Nepal’s current status. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The economists have expressed their concerns to the possibilities of plunging the country’s economy into further crises while prioritizing populist programmes by the parties without taking the country’s economic status and financial base into account. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Economist Dr Dilliraj Khanal said that the political parties have relegated the internal and external challenges hovering in the economy and lacked clear roadmap to implement the announcements made in the manifestos. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“In general, political parties are in competition to bring different projects for development and prosperity. This is positive in itself. But, they are silent on the resource management to implement those projects. Projects are also announced in the election manifestos even by violating fiscal discipline,” according to Dr Khanal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Economist Dr Chandra Mani Adhikari argued that economic issues of the parties are abstract and far away from the ground reality though they are fine theoretically and conceptually. He was of the view that the projects listed in the manifestos are unachievable. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Adhikari was of the view that political, economic, social and other views and priorities of all political parties are almost similar.</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""> “Our national documents have also prioritized those issues. But, the implementation side of those priorities does not seem realistic,” Adhikari observed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The election manifestos have not only failed to assess the global economy and Nepal’s situation but also fail to address the general concerns of Nepalis. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Control of high inflation, accessible employment opportunity, livelihood and basic infrastructure development issues should have been accorded priority but that is not the case, Adhikari commented. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The manifestos announced by the political parties in the previous elections also suggest that the election agenda are not objective and implementable. Adhikari adds, "Planning should be scientific, objective, and depend on resources for implementation. Rather, the parties are focused on distribution. Many goals presented in the manifesto of 2074BS election have been repeated.” </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Moreover, Professor of economics at Kathmandu University, Achyut Wagle, shared, "All political parties mentioned economic agenda in the election manifesto by ignoring legal aspects. It is sheer competition on scattered issues and programmes. The resources for the economic programmes were not studied." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He also pointed out that the economic agenda are not implemented because of lack of institutional capacity. Wagle also recalled that the election manifestos brought in the last three decades have similar plans and programmes. "Most of the issues are common. Centralized mindset is reflected in the economic agenda though we are a federal country," he underscored. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, lecturer at the Central Department of Economics of Tribhuvan University, Dr Ramesh Poudel, observed that the political parties' election manifestos are not research oriented. “They ignore experience too. They do not show objective reality and problems in the country, but sell cheap dreams,” he added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Dr Poudel further said that the political parties failed to enforce the commitments they made in the election manifestos. Rigorous study is needed to make national economy dynamic. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The political parties are blaming each other for their failure to realize the past commitments, said economist Khanal, stressing that they must be held accountable to implement the economic programmes they mentioned in the manifestos. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-04', 'modified' => '2022-11-04', 'keywords' => '', 'description' => '', 'sortorder' => '15987', 'image' => '20221104102453_Election_Commission.2e16d0ba.fill-650x500.jpg', 'article_date' => '2022-11-04 10:24:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16245', 'article_category_id' => '1', 'title' => 'SC Issues Interim Order not to Extend the Term of GMR', 'sub_title' => '', 'summary' => 'November 4: The Supreme Court has issued an interim order, asking the government not to implement its decision to extend the term of an Indian company Gandhi Mallikarjun Rao (GMR), which is the promoter of the Upper Karnali Hydropower Project. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 4: The Supreme Court has issued an interim order, asking the government not to implement its decision to extend the term of an Indian company Gandhi Mallikarjun Rao (GMR), which is the promoter of the Upper Karnali Hydropower Project. The cabinet had decided to extend GMR's term by two years. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A single bench of SC Justice Ishwor Prasad Khatiwada issued the interim order on Thursday against the cabinet decision of July 15 to extend the term of the project by another two years. The term of GMR had expired three years back. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The SC questioned why the cabinet decided to extend the term of the project while it was earlier decided by the Investment Board. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Investment Board of Nepal and GMR had signed the project development agreement seven years ago for a term of two years. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Later, the company was given one more year since the project did not advance as agreed in the contract. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the board again extended the term by one more year for financial closure for the Indian company. Since then, no process was applied to continue the contract or maintain continuation of the contract. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Recently, the government had extended the tenure of the project based on the recommendation made by a taskforce formed under the leadership of the then Vice Chairman of the National Planning Commission, Bishownath Poudel. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Ratan Bhandari, an advocate of Nepal’s water resources and energy sector, had filed the writ petition at the SC demanding to scrap the government decision to give more time for GMR. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-04', 'modified' => '2022-11-04', 'keywords' => '', 'description' => '', 'sortorder' => '15986', 'image' => '20221104095640_Supreme Court.jpg', 'article_date' => '2022-11-04 09:55:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16244', 'article_category_id' => '1', 'title' => 'Tourism Entrepreneurs Plan to Introduce Tour Packages ', 'sub_title' => '', 'summary' => 'November 4: Tourism entrepreneurs of three provinces have decided to work together and introduce tour packages for promotion of tourism. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 4: Tourism entrepreneurs of three provinces have decided to work together and introduce tour packages for promotion of tourism. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Nepal Association of Tour and Travel Agents (NATTA) Banke Chapter announced this during the inauguration of a four-day training on 'Tour Product Development and Ticketing'. The training is being organized in collaboration with the NATTA Center and Livelihood Revival Project for Sustainable Tourism. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Central Secretary of NATTA, Yuvika Bhandari, said that the training will be fruitful in preparing skilled human resource in the field of tourism, as shortage of skilled human resource in the field of tourism has increased after the COVID-19 pandemic. She said such trainings have been started in different places of the country under the plan of Nepal Tourism Board to address the shortage of human resource in the tourism sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking on the occasion Mayor of Birgunj Prashant Bista said that tourism can become a strong and permanent base for the country's economy. He expressed the confidence that there will be uniformity in the tour package developed by the tourism entrepreneurs of the three provinces after the training. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President of NATTA Banke Chapter Ram Sigdel mentioned that the training organized for the first time in Western Nepal will enable tourism businesspersons to create travel packages by managing tickets for tourists going to destinations around the world. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Altogether 30 tour and travel operators from Lumbini, Kanrali and Sudurpaschim provinces are participating in the training. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-04', 'modified' => '2022-11-04', 'keywords' => '', 'description' => '', 'sortorder' => '15985', 'image' => '20221104093420_20180513122353_tourism.jpg', 'article_date' => '2022-11-04 09:33:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16242', 'article_category_id' => '1', 'title' => 'Germany to Enlist Nepal in the List of Assistance Recipient Countries ', 'sub_title' => '', 'summary' => 'November 3: Finance Minister Janardan Sharma held discussions with a team led by Parliamentary State Secretary of the Federal Ministry of Economic Cooperation and Development of Germany, Barbel Kofler on Wednesday.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 3: Finance Minister Janardan Sharma held discussions with a team led by Parliamentary State Secretary of the Federal Ministry of Economic Cooperation and Development of Germany, Barbel Kofler on Wednesday. The meeting focused on various issues of mutual interest including cooperation and bilateral relations between the two countries. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the meeting held at the Ministry of Finance, matters related to the development priority of Nepal and Germany as well as continuation of cooperation were discussed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Germany has announced to enlist Nepal again in the list of the countries receiving bilateral assistance. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Finance Minister Sharma thanked the continuous support of Germany in Nepal's economic development enveadours and democratic process as well as in prevention and control of COVID-19. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Germany has been providing support in the areas of sustainable economic development, energy and health of Nepal since a long time. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chief of the International Cooperation Division of the Finance Ministry, Ishwori Aryal, said discussion was also held on the exchange of cooperation in the areas of renewal energy and health. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">German Ambassador to Nepal, Dr Thomas Prinz as well as other members of the visiting German delegation were present on the occasion. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-03', 'modified' => '2022-11-03', 'keywords' => '', 'description' => '', 'sortorder' => '15983', 'image' => '20221103044405_Flag-Pins-Nepal-Germany.jpg', 'article_date' => '2022-11-03 16:43:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16241', 'article_category_id' => '1', 'title' => 'Narayangadh-Butwal Road Expansion Project Likely to Get Term Extension by One Year', 'sub_title' => '', 'summary' => 'November 3: The Department of Roads has concluded that there are three main reasons for the delay in the expansion of the Narayangadh-Butwal section under the East-West Highway.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 3: The Department of Roads has concluded that there are three main reasons for the delay in the expansion of the Narayangadh-Butwal section under the East-West Highway. When the team including the director general of the department visited the site on Monday and Tuesday, they deduced that the work was delayed due to the non-cooperation of the government, construction companies and local municipalities.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Due to the three-sided problem, the road could not be leveled on time, and the department indicated that the deadline for completion of the project will be extended by one year. After failing to show satisfactory progress within the stipulated time, the department has sought explanation from the Chinese construction company -- China State Construction Engineering Corporation Limited -- within one month. The department had asked the company to submit a reliable basis for not being able to complete the construction in the extended period as well.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">During this time, even the department visited the site for inspection. Arjun Jung Thapa, director general of the department, claimed that the construction was delayed due to three main reasons. “It was seen that there was a delay in the work to be done by the Nepal government as well. The local municipality prohibited on buying of construction materials like aggregates, gravel and soil despite paying royalty to the local municipality. In addition, there were problems with the management of the construction company, leading to the delay in completion of wok on time,” said Thapa.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Even now, the electric poles on the road that needs to be widened have not been removed. Thapa said that he did not get any help from the local municipality. Stating that the road construction was delayed due to various reasons, he indicated that the deadline will be extended by one year. The company has to expand the road in the next one year because not even a quarter of the work has been completed so far.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">An agreement was reached between the Department of Roads and the Chinese company to complete the 114 km Narayangadh-Butwal road upgrading work in 3.5 years in January 2018. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As per the agreement, the road should have been expanded by August 1.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The expansion of this road section is estimated to cost around Rs 16 billion. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-03', 'modified' => '2022-11-03', 'keywords' => '', 'description' => '', 'sortorder' => '15982', 'image' => '20221103040428_20220905044250_1662071156.Clipboard02.jpg', 'article_date' => '2022-11-03 16:03:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16240', 'article_category_id' => '1', 'title' => 'Bank Deposits Start Declining since mid-October', 'sub_title' => '', 'summary' => 'November 3: The deposits of commercial banks, which were on a rise from mid-August to mid-October, have started declining continuously from the third week of October, according to the Nepal Bankers Association.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 3: The deposits of commercial banks, which were on a rise from mid-August to mid-October, have started declining continuously from the third week of October, according to the Nepal Bankers Association.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Bankers suspect that bank deposits started to decrease due to the upcoming elections as well as big festivals like Tihar and Chhath which concluded recently. They expect getting this amount back gradually to the banking system after elections.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the association, deposits decreased by Rs 6.24 billion from October 18 to 24, which further decreased by Rs 17.13 billion from October 25 to 28.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">From mid-September to mid-October, the deposits of commercial banks had increased by Rs 61.64 billion to reach Rs 4547.15 billion. By October 28, the amount decreased to Rs 4523.78 biillion. As informed by the association, the bank deposits decreased from mid-July to mid-August, which then increased by Rs 52.15 billion by mid-September.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The deposits of banks decreased before Dashain but they started returning to the system after the festival. However, after the beginning of the election campaign for the House of Representatives and the State Assembly on November 20, deposits decreased by Rs 23.37 billion within the last 2 weeks of October.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Kiran Kumar Shrestha, CEO of Rastriya Banijya Bank informed that deposits were withdrawn from the banks for the festivals and election.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“Bank deposits decreased from mid-October due to spending on festivals and increased election activities. After the election, this money will gradually return back to the banking system,” he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“After this election, we are expecting some ease in the situation of lack of liquidity,” he added.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although deposits decreased from mid-October, lending of commercial banks on the other hand has increased. Since mid-October alone, the credit flow of banks increased by Rs 5.10 billion. The total loan disbursement of banks reached Rs 4225.40 billion on October 28, which was Rs 4220.32 billion by mid-October.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Banks extended loans of Rs 10.58 billion from mid-July to mid-August, Rs 13.75 billion from mid-August to mid-September and Rs 30.4 billion rupees from mid-September to mid-October.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The banks provided loans even though there was no increase in deposits, causing their credit-deposit ratio (CD ratio) to increase. According to the association, the average CD ratio of banks was 87.23 percent till October 21, but it increased to 87.58 percent on October 28. According to the instructions of the Nepal Rastra Bank, banks should maintain a CD ratio of less than 90 percent.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-03', 'modified' => '2022-11-03', 'keywords' => '', 'description' => '', 'sortorder' => '15981', 'image' => '20221103023651_Banks.jpg', 'article_date' => '2022-11-03 14:35:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16239', 'article_category_id' => '1', 'title' => 'Cabinet gives Permission for Two-Way Air Service Agreement with US, Switzerland ', 'sub_title' => '', 'summary' => 'November 3: The government of Nepal has given permission in principle for two-way air service agreement with the US and Switzerland. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 3: The government of Nepal has given permission in principle for two-way air service agreement with the US and Switzerland. The government gave permission to initiate the necessary process after preliminary agreements for direct flights to the US and Switzerland three months ago. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It is said that the Federal Aviation Administration of the US has sent a letter for two-way air service agreement for the same. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Spokesperson of the Civil Aviation Authority of Nepal, Jagannath Niraula, said that preparation has already been started to begin the process of air service agreement with the two countries following a cabinet decision. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Ministry of Culture, Tourism and Civil Aviation in coordination with the CAAN had taken the proposal in the cabinet after the US and Switzerland showed their interest for two-way flights. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the government has also forwarded the process to operate flights to Indonesia and Rwanda. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to CAAN, Nepal has signed agreement for two-way direct flights with 40 countries so far. Among the 40 countries, commercial flights are being operated regularly to and from 20 countries. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-03', 'modified' => '2022-11-03', 'keywords' => '', 'description' => '', 'sortorder' => '15980', 'image' => '20221103123004_NAC.jpg', 'article_date' => '2022-11-03 12:29:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16238', 'article_category_id' => '1', 'title' => 'Farmers Forced to Sell Paddy at Throw-Away Prices', 'sub_title' => '', 'summary' => 'November 3: Farmers of Kailali are currently busy harvesting paddy this season.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 3: Farmers of Kailali are currently busy harvesting paddy this season. Many of them have already completed harvesting and have stored the required grains. They have already started selling excess of paddy produced this season. However, the farmers are forced to sell paddy at low price because the government is “yet to fix” the minimum support price of paddy this year even though the harvesting season is almost over.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This has forced the farmers to sell paddy at throw-away prices. Chhitra Bahadur Chaudhary, a farmer from Kailali, informed that they had no option but to sell paddy at scrap value because the government did not fix the minimum support price on time.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We are selling paddy at throw-away prices because the minimum support price has not been fixed yet,” said Chaudhary.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We need to sell the paddy so that we can purchase the seeds, fertilizer and ploughing charge required for the winter crop. Therefore, we need to sell the paddy as soon as we finish harvesting,” he added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The local businessmen are purchasing paddy at the rare of Rs 2200 to Rs 2300 per quintal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Businessman Navin Shrestha insists that they are buying paddy at the aforementioned prices because the government has not yet fixed the minimum support price and that the paddy has not dried yet. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The minimum support price is implemented only after the Provincial Offices of the Food Management and Trading Company Limited (FMTCL) receives a circular in this regard after the Council of Minister fixes the support price. Angela Basnet, chief of the Dhangadhi-based Far Western Province Office of the FMTCL, said that they have not received any such circular so far this year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The minimum support price has not been fixed yet,” said Basnet, adding, “We will set up a purchase depot once the minimum support price is fixed by the government.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">She said that the local businessmen are purchasing paddy on their own at the moment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The production of paddy in Far Western Province is expected to decline this year due to the recent floods. </span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-03', 'modified' => '2022-11-10', 'keywords' => '', 'description' => '', 'sortorder' => '15979', 'image' => '20221103110435_20220720044056_640px-Rice_Plants_(IRRI).jpg', 'article_date' => '2022-11-03 11:03:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16237', 'article_category_id' => '1', 'title' => 'Himalaya Airlines to Conduct Flights through Gautam Buddha Int’l Airport', 'sub_title' => '', 'summary' => 'November 3: Himalaya Airlines is making preparations to operate flights from the newly-built Gautam Buddha International Airport (GBIA).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">November 3: Himalaya Airlines is making preparations to operate flights from the newly-built Gautam Buddha International Airport (GBIA). </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Civil Aviation Authority of Nepal (CAAN) is ready to issue permits to the company for self ground handling at GBIA and commercial ground handling at the Tribhuvan International Airport. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Accordingly, the company has announced to conduct regular chartered flights to Kuala Lumpur from the Bhairahawa-based GBIA. Himalaya Airlines said that the company is likely to conduct flights to Kuala Lumpur starting from today (November 3) provided that the aviation regulatory body of Malaysia issues permit for the flights. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Initially, the company plans to conduct two-way flights to Kuala Lumpur from GBIA and later intends to expand to service to other destinations after it acquires commercial ground handling permit at the airport.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The airport officially came into operation on May 16 this year. At present, only Jazeera Airways is running three flights a week at the GBIA. This new airport is expected to ease the air traffic congestion at the TIA.</span></span></p> ', 'published' => true, 'created' => '2022-11-03', 'modified' => '2022-11-03', 'keywords' => '', 'description' => '', 'sortorder' => '15978', 'image' => '20221103093603_20210709114537_20210120123339_g576szqpnac61.jpg', 'article_date' => '2022-11-03 09:35:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16236', 'article_category_id' => '1', 'title' => 'Swiss Business Delegation Event to be Held in Kathmandu Next Week', 'sub_title' => '', 'summary' => 'November 2: The “Swiss Business Delegation Event” is all set to be organized at the Swiss Embassy in Kathmandu from November 7 to 9.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 2: The “Swiss Business Delegation Event” is all set to be organized at the Swiss Embassy in Kathmandu from November 7 to 9. Ten companies including Lombardy, Lufthansa, Victorinox, JKB Bank, Roche, etc. from Switzerland will participate in this programme.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Swiss and Liechtenstein companies participating in the programme will be informed about the potential investment opportunities in Nepal in areas such as health care, insurance, communication, construction engineering, banking, fintech, etc. The first meeting of business delegation of Swiss companies in Nepal is expected to help these companies enter the Nepali market. This programme is organized in collaboration between the Swiss Embassy in Nepal, Switzerland Global Enterprise and Swiss Business Hub, India.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepal is moving from political transition to economic transformation. There are many opportunities for Swiss companies to enter the Nepali market. Switzerland and Nepal have been cooperating since the 1950s. Recently, trade relations between Nepal and Switzerland have becoming stronger. Swiss Ambassador to Nepal Elisabeth von Capeller says that Swiss companies can benefit by introducing Swiss technology and expertise in Nepal.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">For a long time, Switzerland has been helping the development of Nepal by investing in areas such as agriculture, rural infrastructure development, technical education and vocational training. Recently, Nepal is becoming an attractive business destination for multinational companies due to the increase in the average income of Nepalese, increasing consumption and rapid urbanization. The Swiss business delegation event will help all types of Swiss companies, big and small, to understand the Nepali market well and get information about investment opportunities.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">There is a lot of investment potential in Nepal's renewable energy, transportation, other infrastructure construction and engineering sectors. Swiss companies can do business in the fields of engineering and construction equipment, consulting services, hydropower construction, tunneling technology and equipment, ropeway/cable car construction and equipment supply. Similarly, there are ample investment opportunities in aviation and airport infrastructure, food and agriculture sector, sustainable urban development and other sectors as well.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Likewise, there has been a rapid growth in the health care sector of Nepal in the last three decades. With the increase in the number of hospitals and treatment centers in the private sector, the potential for health care, medical technology, pharmaceutical and bio technology here has also increased. Information and communication technology, telecommunication, security printing and biometrics are also other areas with investment potential.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Compared to low-income countries in South and Southeast Asia, Nepal's financial sector is relatively well developed. There are plenty of investment opportunities in banking, finance, insurance services and fin-tech. Also, tourism is one of the main pillars of Nepal's economy. It is also an important source of foreign exchange and revenue.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-02', 'modified' => '2022-11-02', 'keywords' => '', 'description' => '', 'sortorder' => '15977', 'image' => '20221102052653_thumb.jpg', 'article_date' => '2022-11-02 17:25:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16235', 'article_category_id' => '1', 'title' => 'UML Unveils its Election Manifesto with Tall Promises', 'sub_title' => '', 'summary' => 'November 2: The main opposition party CPN UML has unveiled its election manifesto which includes over two dozen plans without any resource backup.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">November 2: The main opposition party CPN UML has unveiled its election manifesto which includes over two dozen plans without any resource backup. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">During the last election, the CPN UML had decided to merge with the CPN Maoist Centre which paid off as they secured an overwhelming two-thirds majority in parliament. The two parties ultimately merged after the election but they eventually split after some years due to conflict in power sharing agreement.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">After the last election, KP Sharma Oli took charge of the government. Amid criticism that the Oli government did not work as per the aspirations of the people, the CPN UML on Tuesday unveiled its election manifesto for the upcoming election. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The left-wing party has pledged good governance, development, prosperity and equality in its manifesto. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Besides, the party has also announced a dozens of programmes such as Citizenship only for Nepalis; Hunger no Longer; Domestic Production, Foreign Market; Secured Roof: Everyone’s Desire; Choice of Youth: Education; Free Meter: Ten Thousand Litres. Income-generating programmes and distribution of medicines for pressure and sugar also fall under the announcement.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">However, the party’s manifesto does not mention how it will manage resources for implementing these programmes. The election manifesto of the CPN UML also includes an ambitious and unattainable plan of increasing the size of Nepal’s economy to Rs 10 trillion in the next five years. According to the Central Bureau of Statistics, the current size of Nepal’s economy is Rs 4.8 trillion. In order to increase the size of Nepal’s economy to Rs 10 trillion in the next five years, the country must attain growth of Gross Domestic Product by 15 percent each year. Only a day before the UML unveiled its election manifesto, the World Bank had projected Nepal’s economy to grow by 5.8 percent in 2022, 5.1 percent in 2023 and 4.9 percent in 2024. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The UML election manifesto also mentions that the party will increase the Per Capital Income of Nepal to USD 2400 in the next five years. This target is also unattainable in the next five years. The Per Capital Income of Nepal in the current fiscal year is USD 1300. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The election manifesto also says that the UML will develop 50 new cities in the next five years and complete the construction of all the highways within the same period. </span></span></p> ', 'published' => true, 'created' => '2022-11-02', 'modified' => '2022-11-02', 'keywords' => '', 'description' => '', 'sortorder' => '15976', 'image' => '20221102044450_20201119030717_20200305102040_oli.jpg', 'article_date' => '2022-11-02 16:44:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16234', 'article_category_id' => '1', 'title' => 'India Removes Export Duty on Nepal-Bound Paddy and Rice', 'sub_title' => '', 'summary' => 'November 2: India has removed the export duty on Nepal-bound paddy and rice.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 2: India has removed the export duty on Nepal-bound paddy and rice. India had imposed a 20 percent duty on the export of paddy and rice in the second week of September while also banning the export of various food items to prevent a possible food crisis amid Covid-19 pandemic and the Russia-Ukraine war.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Indian Department of Revenue issued a notice on Monday stating that no such duty will be charged on exports to Nepal. After India imposed tariffs, local industrialists were worried that there would be a shortage of raw materials for the rice industry in Nepal and the illegal import of rice would thrive.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Birgunj Chamber of Commerce and Industries and the Association of Nepalese Rice, Oil and Pulse Industry had requested the Government of Nepal and Indian agencies to revoke the duty. Subodh Kumar Gupta, who is the president of both these organizations, welcomed the move of India.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Gupta shared, “After India imposed a 20 percent duty on exports, Nepalese rice industries were on the verge of closure. Nepali consumers were forced to buy rice at expensive rates. With this decision of India, the problems of Nepal's industries and consumers have been addressed.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">India decided not to charge duty for the annual export of 600,000 metric tons of paddy for Nepal. Last year, the industry of Nepal imported 5.5 million tons of rice from India, according to the data of the association. Based on this data, the industrialists requested India not to levy duty on imports of at least 600,000 tons of rice.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Bishwamitra Prasad Kalwar, the owner of New Om Food Industry said that this decision has given relief to the people of Nepal as the kitchens had became more expensive after India, the largest exporter of paddy and rice, tightened the export. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“Since the Covid-19 pandemic, the price of every commodity has increased. On top of that, when the price of rice, which is the staple food in Nepal, increased, the life of the common people got severely affected. This decision brought relief not only to the industrialists but to the consumers as well,” he said.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-02', 'modified' => '2022-11-02', 'keywords' => '', 'description' => '', 'sortorder' => '15975', 'image' => '20221102040045_rice.jpg', 'article_date' => '2022-11-02 16:00:08', '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' => '16249', 'article_category_id' => '1', 'title' => 'India to Import Additional 22 Megawatts of Energy from Nepal ', 'sub_title' => '', 'summary' => 'November 4: India has approved Nepal Electricity Authority (NEA) to export 22 megawatts of power produced from Chilime Hydropower Company. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 4: India has approved Nepal Electricity Authority (NEA) to export 22 megawatts of power produced from Chilime Hydropower Company. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Spokesperson of NEA Suresh Bahadur Bhattarai confirmed that the Central Electricity Authority of India on October 31 approved the proposal of NEA to export additional energy to India. With this approval, Nepal would now export 386 MW of electricity to India, Spokesperson Bhattarai added. </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"">As per the data released by the NEA last month, the power export to Nepal had exceeded one billion units and the latest data are expected to be released soon. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Earlier, the NEA had proposed for the sale of 100.9 MW of power through competitive price in the Day-Ahead Market of Indian Energy Exchange Limited (IEX). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NEA had proposed for the export of hydropower produced from Likhukhola ‘A’ (29 MW), Kabeli B-I (25 MW), Maikhola (22 MW), Hewakhola A (15 MW) and Lower Modi I (10 MW). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Nea had also proposed exporting power generated from Mistrikhola, Solukhola, Chilime and other projects. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal has earned nearly Rs 8 billion in the past five months from the export of surplus electricity. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-04', 'modified' => '2022-11-04', 'keywords' => '', 'description' => '', 'sortorder' => '15990', 'image' => '20221104014726_NEA.jpg', 'article_date' => '2022-11-04 13:46:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16248', 'article_category_id' => '1', 'title' => 'Inland Revenue Department to Intensify Market Monitoring', 'sub_title' => '', 'summary' => 'November 4: As the government's income has become insufficient to cover even the current expenses in recent times, the Inland Revenue Department has hinted that it will take aggressive steps to prevent the leakage of revenue and expand the scope of tax collection. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 4: As the government's income has become insufficient to cover even the current expenses in recent times, the Inland Revenue Department has hinted that it will take aggressive steps to prevent the leakage of revenue and expand the scope of tax collection. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">This year, the department is preparing to conduct on-site monitoring of 15,000 taxpayers to prevent leakages of revenue.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Sources at the department said that the recently held conference on revenue concluded that monitoring should be made effective in order to meet the annual revenue target. Following the conference, the department decided to prioritize market monitoring. The department expects to control revenue leakage through intensive and effective monitoring and increase tax collection by facilitating taxpayers. This year, the department is given a target of collecting revenue of Rs 626 billion. However, the department is facing difficulty in meeting even the monthly target.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The department announced that it will increase the use of technology and facilitate administrative process to increase tax collection. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">There is a policy to install flow meters in beer manufacturing companies by January of next year and to study installing flow meters in other alcohol producing industries. In terms of tax arrears collection, the department plans to settle 60 percent of the arrears of Rs 48.68 billion at present and to link the records of such arrears maintained in all offices to the electronic system.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Director of the department Raju Payakurel informed that in the current fiscal year, the department is planning to increase the number of taxpayers by issuing/renewing 200,000 personal permanent account numbers, and 176,000 commercial permanent account numbers. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The department is also planning to evaluate the progress of its second strategic plan and to formulate a third strategic plan.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to him, foreign nationals working in Nepal must submit a permanent account number and tax payment certificate when renewing their work permits and visas.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">IRD is also making it mandatory for anyone purchasing four-wheelers to show PAN cards.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Also, there is a plan to issue persona PAN cards to every individuals while issuing citizenship certificate and national identity cards.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">At the same time, the department made an action plan to expand the scope of tax collection by implementing the above mentioned criteria.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The department plans to carry out tax inspection and investigation based on the information-based analysis of the revenue risk areas, and to discourage the use of fake invoices, fake excise duty stickers in order to control the revenue leakage.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> The department made an action plan from the conference to settle 90 percent of the applications submitted in the fiscal year 2021/22 and at least 50 percent of the applications registered in the current fiscal year for administrative review due to disagreements on income tax, value added tax and excise duty.</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' => '2022-11-04', 'modified' => '2022-11-04', 'keywords' => '', 'description' => '', 'sortorder' => '15989', 'image' => '20221104014615_market monitoring.jpg', 'article_date' => '2022-11-04 13:45:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16247', 'article_category_id' => '1', 'title' => 'NRB to Issue Digital Currency within this Year', 'sub_title' => '', 'summary' => 'November 4: Nepal Rastra Bank (NRB) has started preparations to issue its own digital currency within the current fiscal year. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 4: Nepal Rastra Bank (NRB) has started preparations to issue its own digital currency within the current fiscal year. Due to the trend of issuing electronic currency by central banks around the world, NRB also initiated the process of issuing the Central Bank Digital Currency (CBDC) in Nepal.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NRB has completed the feasibility study for issuing CBDC and is collecting opinions and suggestions from stakeholders. Officials of NRB say that they are working to issue electronic currency within the current fiscal year by taking into account the opinions and suggestions of the stakeholders. According to an official of NRB’s Currency Management Department, the central bank is under pressure to issue CBDC because the central banks of the world are rapidly issuing such currencies.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“We are working with the goal of issuing them within this year,” said the official.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NRB Spokesperson Dr Gunakar Bhatta says that it is not possible to determine the timing of issuing CBDC. He added that the feasibility study has been complete and the NRB is still in the process of further study.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">During last year's monetary policy, NRB aimed to study the potential of digital currency. It also formed a steering committee under the coordination of Deputy Governor Bam Bahadur Mishra to advance the work of CBDC. The committee had submitted the feasibility study report for the CBDC at the end of last fiscal year. NRB published the feasibility study report recently and asked for opinions from stakeholders. It says that stakeholders can make suggestions on the report by the end of January.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The report has suggested NRB to proceed with the CBDC project only by building a separate structure and team with the participation of stakeholders. At the initial stage, it is suggested that a small unit can be set up within the Payment System Department or the Information Technology Department of NRB. Similarly, the need to build high-level technology and develop the capacity of NRB to issue CBDC with security of data is also pointed out in the report.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Likewise, the report has also pointed out the need to carry out feasibility studies, adequate legal arrangements, target setting as well as public awareness work before implementation.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Central banks around the world started issuing digital currencies due to the increasing interest of the general public in digital currencies, including cryptocurrencies. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Reserve Bank of India (RBI) also issued digital currency for the first time on Tuesday. In the first phase of the currency issued as a pilot project, only wholesale transactions are arranged with nine commercial banks. RBI is set to take it to the retail business for the common people only after its success. NRB informed that the use of digital currency will attract the common people to electronic payments and help reduce the expenses incurred in printing and circulation of notes.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-04', 'modified' => '2022-11-04', 'keywords' => '', 'description' => '', 'sortorder' => '15988', 'image' => '20221104124812_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-11-04 12:47:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16246', 'article_category_id' => '1', 'title' => 'Economic Agendas of Political Parties: How Viable are the Election Manifestos? ', 'sub_title' => '', 'summary' => 'November 4: Government officials and stakeholders have been making public announcements about the deteriorating economic condition of the country. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 4: Government officials and stakeholders have been making public announcements about the deteriorating economic condition of the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">High inflation, stress on foreign exchange reserve, massive trade deficit caused due to burgeoning imports, low capital expenditure, liquidity crunch and reduced investments on productive sectors are the key challenges of our economy at present. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In addition, the COVID-19 pandemic and Russia-Ukraine war have also impacted our economy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Amid such economic uncertainties, the political parties have unveiled their election manifestos targeting the elections to the House of Representatives (HoR) and provincial assemblies scheduled for November 20. </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"">Economists argue that the election manifestos of the political parties are distributive in nature and populist agendas which have hardly taken into consideration the global economy and Nepal’s current status. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The economists have expressed their concerns to the possibilities of plunging the country’s economy into further crises while prioritizing populist programmes by the parties without taking the country’s economic status and financial base into account. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Economist Dr Dilliraj Khanal said that the political parties have relegated the internal and external challenges hovering in the economy and lacked clear roadmap to implement the announcements made in the manifestos. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“In general, political parties are in competition to bring different projects for development and prosperity. This is positive in itself. But, they are silent on the resource management to implement those projects. Projects are also announced in the election manifestos even by violating fiscal discipline,” according to Dr Khanal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Economist Dr Chandra Mani Adhikari argued that economic issues of the parties are abstract and far away from the ground reality though they are fine theoretically and conceptually. He was of the view that the projects listed in the manifestos are unachievable. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Adhikari was of the view that political, economic, social and other views and priorities of all political parties are almost similar.</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""> “Our national documents have also prioritized those issues. But, the implementation side of those priorities does not seem realistic,” Adhikari observed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The election manifestos have not only failed to assess the global economy and Nepal’s situation but also fail to address the general concerns of Nepalis. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Control of high inflation, accessible employment opportunity, livelihood and basic infrastructure development issues should have been accorded priority but that is not the case, Adhikari commented. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The manifestos announced by the political parties in the previous elections also suggest that the election agenda are not objective and implementable. Adhikari adds, "Planning should be scientific, objective, and depend on resources for implementation. Rather, the parties are focused on distribution. Many goals presented in the manifesto of 2074BS election have been repeated.” </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Moreover, Professor of economics at Kathmandu University, Achyut Wagle, shared, "All political parties mentioned economic agenda in the election manifesto by ignoring legal aspects. It is sheer competition on scattered issues and programmes. The resources for the economic programmes were not studied." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He also pointed out that the economic agenda are not implemented because of lack of institutional capacity. Wagle also recalled that the election manifestos brought in the last three decades have similar plans and programmes. "Most of the issues are common. Centralized mindset is reflected in the economic agenda though we are a federal country," he underscored. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, lecturer at the Central Department of Economics of Tribhuvan University, Dr Ramesh Poudel, observed that the political parties' election manifestos are not research oriented. “They ignore experience too. They do not show objective reality and problems in the country, but sell cheap dreams,” he added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Dr Poudel further said that the political parties failed to enforce the commitments they made in the election manifestos. Rigorous study is needed to make national economy dynamic. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The political parties are blaming each other for their failure to realize the past commitments, said economist Khanal, stressing that they must be held accountable to implement the economic programmes they mentioned in the manifestos. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-04', 'modified' => '2022-11-04', 'keywords' => '', 'description' => '', 'sortorder' => '15987', 'image' => '20221104102453_Election_Commission.2e16d0ba.fill-650x500.jpg', 'article_date' => '2022-11-04 10:24:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16245', 'article_category_id' => '1', 'title' => 'SC Issues Interim Order not to Extend the Term of GMR', 'sub_title' => '', 'summary' => 'November 4: The Supreme Court has issued an interim order, asking the government not to implement its decision to extend the term of an Indian company Gandhi Mallikarjun Rao (GMR), which is the promoter of the Upper Karnali Hydropower Project. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 4: The Supreme Court has issued an interim order, asking the government not to implement its decision to extend the term of an Indian company Gandhi Mallikarjun Rao (GMR), which is the promoter of the Upper Karnali Hydropower Project. The cabinet had decided to extend GMR's term by two years. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A single bench of SC Justice Ishwor Prasad Khatiwada issued the interim order on Thursday against the cabinet decision of July 15 to extend the term of the project by another two years. The term of GMR had expired three years back. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The SC questioned why the cabinet decided to extend the term of the project while it was earlier decided by the Investment Board. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Investment Board of Nepal and GMR had signed the project development agreement seven years ago for a term of two years. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Later, the company was given one more year since the project did not advance as agreed in the contract. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the board again extended the term by one more year for financial closure for the Indian company. Since then, no process was applied to continue the contract or maintain continuation of the contract. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Recently, the government had extended the tenure of the project based on the recommendation made by a taskforce formed under the leadership of the then Vice Chairman of the National Planning Commission, Bishownath Poudel. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Ratan Bhandari, an advocate of Nepal’s water resources and energy sector, had filed the writ petition at the SC demanding to scrap the government decision to give more time for GMR. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-04', 'modified' => '2022-11-04', 'keywords' => '', 'description' => '', 'sortorder' => '15986', 'image' => '20221104095640_Supreme Court.jpg', 'article_date' => '2022-11-04 09:55:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16244', 'article_category_id' => '1', 'title' => 'Tourism Entrepreneurs Plan to Introduce Tour Packages ', 'sub_title' => '', 'summary' => 'November 4: Tourism entrepreneurs of three provinces have decided to work together and introduce tour packages for promotion of tourism. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 4: Tourism entrepreneurs of three provinces have decided to work together and introduce tour packages for promotion of tourism. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Nepal Association of Tour and Travel Agents (NATTA) Banke Chapter announced this during the inauguration of a four-day training on 'Tour Product Development and Ticketing'. The training is being organized in collaboration with the NATTA Center and Livelihood Revival Project for Sustainable Tourism. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Central Secretary of NATTA, Yuvika Bhandari, said that the training will be fruitful in preparing skilled human resource in the field of tourism, as shortage of skilled human resource in the field of tourism has increased after the COVID-19 pandemic. She said such trainings have been started in different places of the country under the plan of Nepal Tourism Board to address the shortage of human resource in the tourism sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking on the occasion Mayor of Birgunj Prashant Bista said that tourism can become a strong and permanent base for the country's economy. He expressed the confidence that there will be uniformity in the tour package developed by the tourism entrepreneurs of the three provinces after the training. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President of NATTA Banke Chapter Ram Sigdel mentioned that the training organized for the first time in Western Nepal will enable tourism businesspersons to create travel packages by managing tickets for tourists going to destinations around the world. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Altogether 30 tour and travel operators from Lumbini, Kanrali and Sudurpaschim provinces are participating in the training. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-04', 'modified' => '2022-11-04', 'keywords' => '', 'description' => '', 'sortorder' => '15985', 'image' => '20221104093420_20180513122353_tourism.jpg', 'article_date' => '2022-11-04 09:33:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16242', 'article_category_id' => '1', 'title' => 'Germany to Enlist Nepal in the List of Assistance Recipient Countries ', 'sub_title' => '', 'summary' => 'November 3: Finance Minister Janardan Sharma held discussions with a team led by Parliamentary State Secretary of the Federal Ministry of Economic Cooperation and Development of Germany, Barbel Kofler on Wednesday.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 3: Finance Minister Janardan Sharma held discussions with a team led by Parliamentary State Secretary of the Federal Ministry of Economic Cooperation and Development of Germany, Barbel Kofler on Wednesday. The meeting focused on various issues of mutual interest including cooperation and bilateral relations between the two countries. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the meeting held at the Ministry of Finance, matters related to the development priority of Nepal and Germany as well as continuation of cooperation were discussed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Germany has announced to enlist Nepal again in the list of the countries receiving bilateral assistance. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Finance Minister Sharma thanked the continuous support of Germany in Nepal's economic development enveadours and democratic process as well as in prevention and control of COVID-19. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Germany has been providing support in the areas of sustainable economic development, energy and health of Nepal since a long time. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chief of the International Cooperation Division of the Finance Ministry, Ishwori Aryal, said discussion was also held on the exchange of cooperation in the areas of renewal energy and health. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">German Ambassador to Nepal, Dr Thomas Prinz as well as other members of the visiting German delegation were present on the occasion. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-03', 'modified' => '2022-11-03', 'keywords' => '', 'description' => '', 'sortorder' => '15983', 'image' => '20221103044405_Flag-Pins-Nepal-Germany.jpg', 'article_date' => '2022-11-03 16:43:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16241', 'article_category_id' => '1', 'title' => 'Narayangadh-Butwal Road Expansion Project Likely to Get Term Extension by One Year', 'sub_title' => '', 'summary' => 'November 3: The Department of Roads has concluded that there are three main reasons for the delay in the expansion of the Narayangadh-Butwal section under the East-West Highway.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 3: The Department of Roads has concluded that there are three main reasons for the delay in the expansion of the Narayangadh-Butwal section under the East-West Highway. When the team including the director general of the department visited the site on Monday and Tuesday, they deduced that the work was delayed due to the non-cooperation of the government, construction companies and local municipalities.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Due to the three-sided problem, the road could not be leveled on time, and the department indicated that the deadline for completion of the project will be extended by one year. After failing to show satisfactory progress within the stipulated time, the department has sought explanation from the Chinese construction company -- China State Construction Engineering Corporation Limited -- within one month. The department had asked the company to submit a reliable basis for not being able to complete the construction in the extended period as well.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">During this time, even the department visited the site for inspection. Arjun Jung Thapa, director general of the department, claimed that the construction was delayed due to three main reasons. “It was seen that there was a delay in the work to be done by the Nepal government as well. The local municipality prohibited on buying of construction materials like aggregates, gravel and soil despite paying royalty to the local municipality. In addition, there were problems with the management of the construction company, leading to the delay in completion of wok on time,” said Thapa.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Even now, the electric poles on the road that needs to be widened have not been removed. Thapa said that he did not get any help from the local municipality. Stating that the road construction was delayed due to various reasons, he indicated that the deadline will be extended by one year. The company has to expand the road in the next one year because not even a quarter of the work has been completed so far.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">An agreement was reached between the Department of Roads and the Chinese company to complete the 114 km Narayangadh-Butwal road upgrading work in 3.5 years in January 2018. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As per the agreement, the road should have been expanded by August 1.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The expansion of this road section is estimated to cost around Rs 16 billion. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-03', 'modified' => '2022-11-03', 'keywords' => '', 'description' => '', 'sortorder' => '15982', 'image' => '20221103040428_20220905044250_1662071156.Clipboard02.jpg', 'article_date' => '2022-11-03 16:03:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16240', 'article_category_id' => '1', 'title' => 'Bank Deposits Start Declining since mid-October', 'sub_title' => '', 'summary' => 'November 3: The deposits of commercial banks, which were on a rise from mid-August to mid-October, have started declining continuously from the third week of October, according to the Nepal Bankers Association.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 3: The deposits of commercial banks, which were on a rise from mid-August to mid-October, have started declining continuously from the third week of October, according to the Nepal Bankers Association.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Bankers suspect that bank deposits started to decrease due to the upcoming elections as well as big festivals like Tihar and Chhath which concluded recently. They expect getting this amount back gradually to the banking system after elections.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the association, deposits decreased by Rs 6.24 billion from October 18 to 24, which further decreased by Rs 17.13 billion from October 25 to 28.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">From mid-September to mid-October, the deposits of commercial banks had increased by Rs 61.64 billion to reach Rs 4547.15 billion. By October 28, the amount decreased to Rs 4523.78 biillion. As informed by the association, the bank deposits decreased from mid-July to mid-August, which then increased by Rs 52.15 billion by mid-September.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The deposits of banks decreased before Dashain but they started returning to the system after the festival. However, after the beginning of the election campaign for the House of Representatives and the State Assembly on November 20, deposits decreased by Rs 23.37 billion within the last 2 weeks of October.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Kiran Kumar Shrestha, CEO of Rastriya Banijya Bank informed that deposits were withdrawn from the banks for the festivals and election.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“Bank deposits decreased from mid-October due to spending on festivals and increased election activities. After the election, this money will gradually return back to the banking system,” he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“After this election, we are expecting some ease in the situation of lack of liquidity,” he added.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although deposits decreased from mid-October, lending of commercial banks on the other hand has increased. Since mid-October alone, the credit flow of banks increased by Rs 5.10 billion. The total loan disbursement of banks reached Rs 4225.40 billion on October 28, which was Rs 4220.32 billion by mid-October.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Banks extended loans of Rs 10.58 billion from mid-July to mid-August, Rs 13.75 billion from mid-August to mid-September and Rs 30.4 billion rupees from mid-September to mid-October.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The banks provided loans even though there was no increase in deposits, causing their credit-deposit ratio (CD ratio) to increase. According to the association, the average CD ratio of banks was 87.23 percent till October 21, but it increased to 87.58 percent on October 28. According to the instructions of the Nepal Rastra Bank, banks should maintain a CD ratio of less than 90 percent.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-03', 'modified' => '2022-11-03', 'keywords' => '', 'description' => '', 'sortorder' => '15981', 'image' => '20221103023651_Banks.jpg', 'article_date' => '2022-11-03 14:35:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16239', 'article_category_id' => '1', 'title' => 'Cabinet gives Permission for Two-Way Air Service Agreement with US, Switzerland ', 'sub_title' => '', 'summary' => 'November 3: The government of Nepal has given permission in principle for two-way air service agreement with the US and Switzerland. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 3: The government of Nepal has given permission in principle for two-way air service agreement with the US and Switzerland. The government gave permission to initiate the necessary process after preliminary agreements for direct flights to the US and Switzerland three months ago. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It is said that the Federal Aviation Administration of the US has sent a letter for two-way air service agreement for the same. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Spokesperson of the Civil Aviation Authority of Nepal, Jagannath Niraula, said that preparation has already been started to begin the process of air service agreement with the two countries following a cabinet decision. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Ministry of Culture, Tourism and Civil Aviation in coordination with the CAAN had taken the proposal in the cabinet after the US and Switzerland showed their interest for two-way flights. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the government has also forwarded the process to operate flights to Indonesia and Rwanda. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to CAAN, Nepal has signed agreement for two-way direct flights with 40 countries so far. Among the 40 countries, commercial flights are being operated regularly to and from 20 countries. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-03', 'modified' => '2022-11-03', 'keywords' => '', 'description' => '', 'sortorder' => '15980', 'image' => '20221103123004_NAC.jpg', 'article_date' => '2022-11-03 12:29:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16238', 'article_category_id' => '1', 'title' => 'Farmers Forced to Sell Paddy at Throw-Away Prices', 'sub_title' => '', 'summary' => 'November 3: Farmers of Kailali are currently busy harvesting paddy this season.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 3: Farmers of Kailali are currently busy harvesting paddy this season. Many of them have already completed harvesting and have stored the required grains. They have already started selling excess of paddy produced this season. However, the farmers are forced to sell paddy at low price because the government is “yet to fix” the minimum support price of paddy this year even though the harvesting season is almost over.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This has forced the farmers to sell paddy at throw-away prices. Chhitra Bahadur Chaudhary, a farmer from Kailali, informed that they had no option but to sell paddy at scrap value because the government did not fix the minimum support price on time.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We are selling paddy at throw-away prices because the minimum support price has not been fixed yet,” said Chaudhary.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We need to sell the paddy so that we can purchase the seeds, fertilizer and ploughing charge required for the winter crop. Therefore, we need to sell the paddy as soon as we finish harvesting,” he added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The local businessmen are purchasing paddy at the rare of Rs 2200 to Rs 2300 per quintal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Businessman Navin Shrestha insists that they are buying paddy at the aforementioned prices because the government has not yet fixed the minimum support price and that the paddy has not dried yet. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The minimum support price is implemented only after the Provincial Offices of the Food Management and Trading Company Limited (FMTCL) receives a circular in this regard after the Council of Minister fixes the support price. Angela Basnet, chief of the Dhangadhi-based Far Western Province Office of the FMTCL, said that they have not received any such circular so far this year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The minimum support price has not been fixed yet,” said Basnet, adding, “We will set up a purchase depot once the minimum support price is fixed by the government.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">She said that the local businessmen are purchasing paddy on their own at the moment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The production of paddy in Far Western Province is expected to decline this year due to the recent floods. </span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-03', 'modified' => '2022-11-10', 'keywords' => '', 'description' => '', 'sortorder' => '15979', 'image' => '20221103110435_20220720044056_640px-Rice_Plants_(IRRI).jpg', 'article_date' => '2022-11-03 11:03:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16237', 'article_category_id' => '1', 'title' => 'Himalaya Airlines to Conduct Flights through Gautam Buddha Int’l Airport', 'sub_title' => '', 'summary' => 'November 3: Himalaya Airlines is making preparations to operate flights from the newly-built Gautam Buddha International Airport (GBIA).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">November 3: Himalaya Airlines is making preparations to operate flights from the newly-built Gautam Buddha International Airport (GBIA). </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Civil Aviation Authority of Nepal (CAAN) is ready to issue permits to the company for self ground handling at GBIA and commercial ground handling at the Tribhuvan International Airport. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Accordingly, the company has announced to conduct regular chartered flights to Kuala Lumpur from the Bhairahawa-based GBIA. Himalaya Airlines said that the company is likely to conduct flights to Kuala Lumpur starting from today (November 3) provided that the aviation regulatory body of Malaysia issues permit for the flights. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Initially, the company plans to conduct two-way flights to Kuala Lumpur from GBIA and later intends to expand to service to other destinations after it acquires commercial ground handling permit at the airport.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The airport officially came into operation on May 16 this year. At present, only Jazeera Airways is running three flights a week at the GBIA. This new airport is expected to ease the air traffic congestion at the TIA.</span></span></p> ', 'published' => true, 'created' => '2022-11-03', 'modified' => '2022-11-03', 'keywords' => '', 'description' => '', 'sortorder' => '15978', 'image' => '20221103093603_20210709114537_20210120123339_g576szqpnac61.jpg', 'article_date' => '2022-11-03 09:35:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16236', 'article_category_id' => '1', 'title' => 'Swiss Business Delegation Event to be Held in Kathmandu Next Week', 'sub_title' => '', 'summary' => 'November 2: The “Swiss Business Delegation Event” is all set to be organized at the Swiss Embassy in Kathmandu from November 7 to 9.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 2: The “Swiss Business Delegation Event” is all set to be organized at the Swiss Embassy in Kathmandu from November 7 to 9. Ten companies including Lombardy, Lufthansa, Victorinox, JKB Bank, Roche, etc. from Switzerland will participate in this programme.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Swiss and Liechtenstein companies participating in the programme will be informed about the potential investment opportunities in Nepal in areas such as health care, insurance, communication, construction engineering, banking, fintech, etc. The first meeting of business delegation of Swiss companies in Nepal is expected to help these companies enter the Nepali market. This programme is organized in collaboration between the Swiss Embassy in Nepal, Switzerland Global Enterprise and Swiss Business Hub, India.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepal is moving from political transition to economic transformation. There are many opportunities for Swiss companies to enter the Nepali market. Switzerland and Nepal have been cooperating since the 1950s. Recently, trade relations between Nepal and Switzerland have becoming stronger. Swiss Ambassador to Nepal Elisabeth von Capeller says that Swiss companies can benefit by introducing Swiss technology and expertise in Nepal.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">For a long time, Switzerland has been helping the development of Nepal by investing in areas such as agriculture, rural infrastructure development, technical education and vocational training. Recently, Nepal is becoming an attractive business destination for multinational companies due to the increase in the average income of Nepalese, increasing consumption and rapid urbanization. The Swiss business delegation event will help all types of Swiss companies, big and small, to understand the Nepali market well and get information about investment opportunities.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">There is a lot of investment potential in Nepal's renewable energy, transportation, other infrastructure construction and engineering sectors. Swiss companies can do business in the fields of engineering and construction equipment, consulting services, hydropower construction, tunneling technology and equipment, ropeway/cable car construction and equipment supply. Similarly, there are ample investment opportunities in aviation and airport infrastructure, food and agriculture sector, sustainable urban development and other sectors as well.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Likewise, there has been a rapid growth in the health care sector of Nepal in the last three decades. With the increase in the number of hospitals and treatment centers in the private sector, the potential for health care, medical technology, pharmaceutical and bio technology here has also increased. Information and communication technology, telecommunication, security printing and biometrics are also other areas with investment potential.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Compared to low-income countries in South and Southeast Asia, Nepal's financial sector is relatively well developed. There are plenty of investment opportunities in banking, finance, insurance services and fin-tech. Also, tourism is one of the main pillars of Nepal's economy. It is also an important source of foreign exchange and revenue.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-02', 'modified' => '2022-11-02', 'keywords' => '', 'description' => '', 'sortorder' => '15977', 'image' => '20221102052653_thumb.jpg', 'article_date' => '2022-11-02 17:25:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16235', 'article_category_id' => '1', 'title' => 'UML Unveils its Election Manifesto with Tall Promises', 'sub_title' => '', 'summary' => 'November 2: The main opposition party CPN UML has unveiled its election manifesto which includes over two dozen plans without any resource backup.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">November 2: The main opposition party CPN UML has unveiled its election manifesto which includes over two dozen plans without any resource backup. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">During the last election, the CPN UML had decided to merge with the CPN Maoist Centre which paid off as they secured an overwhelming two-thirds majority in parliament. The two parties ultimately merged after the election but they eventually split after some years due to conflict in power sharing agreement.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">After the last election, KP Sharma Oli took charge of the government. Amid criticism that the Oli government did not work as per the aspirations of the people, the CPN UML on Tuesday unveiled its election manifesto for the upcoming election. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The left-wing party has pledged good governance, development, prosperity and equality in its manifesto. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Besides, the party has also announced a dozens of programmes such as Citizenship only for Nepalis; Hunger no Longer; Domestic Production, Foreign Market; Secured Roof: Everyone’s Desire; Choice of Youth: Education; Free Meter: Ten Thousand Litres. Income-generating programmes and distribution of medicines for pressure and sugar also fall under the announcement.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">However, the party’s manifesto does not mention how it will manage resources for implementing these programmes. The election manifesto of the CPN UML also includes an ambitious and unattainable plan of increasing the size of Nepal’s economy to Rs 10 trillion in the next five years. According to the Central Bureau of Statistics, the current size of Nepal’s economy is Rs 4.8 trillion. In order to increase the size of Nepal’s economy to Rs 10 trillion in the next five years, the country must attain growth of Gross Domestic Product by 15 percent each year. Only a day before the UML unveiled its election manifesto, the World Bank had projected Nepal’s economy to grow by 5.8 percent in 2022, 5.1 percent in 2023 and 4.9 percent in 2024. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The UML election manifesto also mentions that the party will increase the Per Capital Income of Nepal to USD 2400 in the next five years. This target is also unattainable in the next five years. The Per Capital Income of Nepal in the current fiscal year is USD 1300. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The election manifesto also says that the UML will develop 50 new cities in the next five years and complete the construction of all the highways within the same period. </span></span></p> ', 'published' => true, 'created' => '2022-11-02', 'modified' => '2022-11-02', 'keywords' => '', 'description' => '', 'sortorder' => '15976', 'image' => '20221102044450_20201119030717_20200305102040_oli.jpg', 'article_date' => '2022-11-02 16:44:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16234', 'article_category_id' => '1', 'title' => 'India Removes Export Duty on Nepal-Bound Paddy and Rice', 'sub_title' => '', 'summary' => 'November 2: India has removed the export duty on Nepal-bound paddy and rice.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 2: India has removed the export duty on Nepal-bound paddy and rice. India had imposed a 20 percent duty on the export of paddy and rice in the second week of September while also banning the export of various food items to prevent a possible food crisis amid Covid-19 pandemic and the Russia-Ukraine war.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Indian Department of Revenue issued a notice on Monday stating that no such duty will be charged on exports to Nepal. After India imposed tariffs, local industrialists were worried that there would be a shortage of raw materials for the rice industry in Nepal and the illegal import of rice would thrive.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Birgunj Chamber of Commerce and Industries and the Association of Nepalese Rice, Oil and Pulse Industry had requested the Government of Nepal and Indian agencies to revoke the duty. Subodh Kumar Gupta, who is the president of both these organizations, welcomed the move of India.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Gupta shared, “After India imposed a 20 percent duty on exports, Nepalese rice industries were on the verge of closure. Nepali consumers were forced to buy rice at expensive rates. With this decision of India, the problems of Nepal's industries and consumers have been addressed.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">India decided not to charge duty for the annual export of 600,000 metric tons of paddy for Nepal. Last year, the industry of Nepal imported 5.5 million tons of rice from India, according to the data of the association. Based on this data, the industrialists requested India not to levy duty on imports of at least 600,000 tons of rice.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Bishwamitra Prasad Kalwar, the owner of New Om Food Industry said that this decision has given relief to the people of Nepal as the kitchens had became more expensive after India, the largest exporter of paddy and rice, tightened the export. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“Since the Covid-19 pandemic, the price of every commodity has increased. On top of that, when the price of rice, which is the staple food in Nepal, increased, the life of the common people got severely affected. This decision brought relief not only to the industrialists but to the consumers as well,” he said.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-02', 'modified' => '2022-11-02', 'keywords' => '', 'description' => '', 'sortorder' => '15975', 'image' => '20221102040045_rice.jpg', 'article_date' => '2022-11-02 16:00:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 4: India has approved Nepal Electricity Authority (NEA) to export 22 megawatts of power produced from Chilime Hydropower Company. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Spokesperson of NEA Suresh Bahadur Bhattarai confirmed that the Central Electricity Authority of India on October 31 approved the proposal of NEA to export additional energy to India. With this approval, Nepal would now export 386 MW of electricity to India, Spokesperson Bhattarai added. </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"">As per the data released by the NEA last month, the power export to Nepal had exceeded one billion units and the latest data are expected to be released soon. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Earlier, the NEA had proposed for the sale of 100.9 MW of power through competitive price in the Day-Ahead Market of Indian Energy Exchange Limited (IEX). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NEA had proposed for the export of hydropower produced from Likhukhola ‘A’ (29 MW), Kabeli B-I (25 MW), Maikhola (22 MW), Hewakhola A (15 MW) and Lower Modi I (10 MW). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Nea had also proposed exporting power generated from Mistrikhola, Solukhola, Chilime and other projects. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal has earned nearly Rs 8 billion in the past five months from the export of surplus electricity. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-04', 'modified' => '2022-11-04', 'keywords' => '', 'description' => '', 'sortorder' => '15990', 'image' => '20221104014726_NEA.jpg', 'article_date' => '2022-11-04 13:46:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16248', 'article_category_id' => '1', 'title' => 'Inland Revenue Department to Intensify Market Monitoring', 'sub_title' => '', 'summary' => 'November 4: As the government's income has become insufficient to cover even the current expenses in recent times, the Inland Revenue Department has hinted that it will take aggressive steps to prevent the leakage of revenue and expand the scope of tax collection. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 4: As the government's income has become insufficient to cover even the current expenses in recent times, the Inland Revenue Department has hinted that it will take aggressive steps to prevent the leakage of revenue and expand the scope of tax collection. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">This year, the department is preparing to conduct on-site monitoring of 15,000 taxpayers to prevent leakages of revenue.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Sources at the department said that the recently held conference on revenue concluded that monitoring should be made effective in order to meet the annual revenue target. Following the conference, the department decided to prioritize market monitoring. The department expects to control revenue leakage through intensive and effective monitoring and increase tax collection by facilitating taxpayers. This year, the department is given a target of collecting revenue of Rs 626 billion. However, the department is facing difficulty in meeting even the monthly target.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The department announced that it will increase the use of technology and facilitate administrative process to increase tax collection. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">There is a policy to install flow meters in beer manufacturing companies by January of next year and to study installing flow meters in other alcohol producing industries. In terms of tax arrears collection, the department plans to settle 60 percent of the arrears of Rs 48.68 billion at present and to link the records of such arrears maintained in all offices to the electronic system.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Director of the department Raju Payakurel informed that in the current fiscal year, the department is planning to increase the number of taxpayers by issuing/renewing 200,000 personal permanent account numbers, and 176,000 commercial permanent account numbers. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The department is also planning to evaluate the progress of its second strategic plan and to formulate a third strategic plan.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to him, foreign nationals working in Nepal must submit a permanent account number and tax payment certificate when renewing their work permits and visas.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">IRD is also making it mandatory for anyone purchasing four-wheelers to show PAN cards.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Also, there is a plan to issue persona PAN cards to every individuals while issuing citizenship certificate and national identity cards.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">At the same time, the department made an action plan to expand the scope of tax collection by implementing the above mentioned criteria.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The department plans to carry out tax inspection and investigation based on the information-based analysis of the revenue risk areas, and to discourage the use of fake invoices, fake excise duty stickers in order to control the revenue leakage.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> The department made an action plan from the conference to settle 90 percent of the applications submitted in the fiscal year 2021/22 and at least 50 percent of the applications registered in the current fiscal year for administrative review due to disagreements on income tax, value added tax and excise duty.</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' => '2022-11-04', 'modified' => '2022-11-04', 'keywords' => '', 'description' => '', 'sortorder' => '15989', 'image' => '20221104014615_market monitoring.jpg', 'article_date' => '2022-11-04 13:45:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16247', 'article_category_id' => '1', 'title' => 'NRB to Issue Digital Currency within this Year', 'sub_title' => '', 'summary' => 'November 4: Nepal Rastra Bank (NRB) has started preparations to issue its own digital currency within the current fiscal year. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 4: Nepal Rastra Bank (NRB) has started preparations to issue its own digital currency within the current fiscal year. Due to the trend of issuing electronic currency by central banks around the world, NRB also initiated the process of issuing the Central Bank Digital Currency (CBDC) in Nepal.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NRB has completed the feasibility study for issuing CBDC and is collecting opinions and suggestions from stakeholders. Officials of NRB say that they are working to issue electronic currency within the current fiscal year by taking into account the opinions and suggestions of the stakeholders. According to an official of NRB’s Currency Management Department, the central bank is under pressure to issue CBDC because the central banks of the world are rapidly issuing such currencies.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“We are working with the goal of issuing them within this year,” said the official.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NRB Spokesperson Dr Gunakar Bhatta says that it is not possible to determine the timing of issuing CBDC. He added that the feasibility study has been complete and the NRB is still in the process of further study.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">During last year's monetary policy, NRB aimed to study the potential of digital currency. It also formed a steering committee under the coordination of Deputy Governor Bam Bahadur Mishra to advance the work of CBDC. The committee had submitted the feasibility study report for the CBDC at the end of last fiscal year. NRB published the feasibility study report recently and asked for opinions from stakeholders. It says that stakeholders can make suggestions on the report by the end of January.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The report has suggested NRB to proceed with the CBDC project only by building a separate structure and team with the participation of stakeholders. At the initial stage, it is suggested that a small unit can be set up within the Payment System Department or the Information Technology Department of NRB. Similarly, the need to build high-level technology and develop the capacity of NRB to issue CBDC with security of data is also pointed out in the report.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Likewise, the report has also pointed out the need to carry out feasibility studies, adequate legal arrangements, target setting as well as public awareness work before implementation.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Central banks around the world started issuing digital currencies due to the increasing interest of the general public in digital currencies, including cryptocurrencies. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Reserve Bank of India (RBI) also issued digital currency for the first time on Tuesday. In the first phase of the currency issued as a pilot project, only wholesale transactions are arranged with nine commercial banks. RBI is set to take it to the retail business for the common people only after its success. NRB informed that the use of digital currency will attract the common people to electronic payments and help reduce the expenses incurred in printing and circulation of notes.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-04', 'modified' => '2022-11-04', 'keywords' => '', 'description' => '', 'sortorder' => '15988', 'image' => '20221104124812_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-11-04 12:47:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16246', 'article_category_id' => '1', 'title' => 'Economic Agendas of Political Parties: How Viable are the Election Manifestos? ', 'sub_title' => '', 'summary' => 'November 4: Government officials and stakeholders have been making public announcements about the deteriorating economic condition of the country. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 4: Government officials and stakeholders have been making public announcements about the deteriorating economic condition of the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">High inflation, stress on foreign exchange reserve, massive trade deficit caused due to burgeoning imports, low capital expenditure, liquidity crunch and reduced investments on productive sectors are the key challenges of our economy at present. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In addition, the COVID-19 pandemic and Russia-Ukraine war have also impacted our economy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Amid such economic uncertainties, the political parties have unveiled their election manifestos targeting the elections to the House of Representatives (HoR) and provincial assemblies scheduled for November 20. </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"">Economists argue that the election manifestos of the political parties are distributive in nature and populist agendas which have hardly taken into consideration the global economy and Nepal’s current status. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The economists have expressed their concerns to the possibilities of plunging the country’s economy into further crises while prioritizing populist programmes by the parties without taking the country’s economic status and financial base into account. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Economist Dr Dilliraj Khanal said that the political parties have relegated the internal and external challenges hovering in the economy and lacked clear roadmap to implement the announcements made in the manifestos. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“In general, political parties are in competition to bring different projects for development and prosperity. This is positive in itself. But, they are silent on the resource management to implement those projects. Projects are also announced in the election manifestos even by violating fiscal discipline,” according to Dr Khanal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Economist Dr Chandra Mani Adhikari argued that economic issues of the parties are abstract and far away from the ground reality though they are fine theoretically and conceptually. He was of the view that the projects listed in the manifestos are unachievable. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Adhikari was of the view that political, economic, social and other views and priorities of all political parties are almost similar.</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""> “Our national documents have also prioritized those issues. But, the implementation side of those priorities does not seem realistic,” Adhikari observed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The election manifestos have not only failed to assess the global economy and Nepal’s situation but also fail to address the general concerns of Nepalis. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Control of high inflation, accessible employment opportunity, livelihood and basic infrastructure development issues should have been accorded priority but that is not the case, Adhikari commented. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The manifestos announced by the political parties in the previous elections also suggest that the election agenda are not objective and implementable. Adhikari adds, "Planning should be scientific, objective, and depend on resources for implementation. Rather, the parties are focused on distribution. Many goals presented in the manifesto of 2074BS election have been repeated.” </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Moreover, Professor of economics at Kathmandu University, Achyut Wagle, shared, "All political parties mentioned economic agenda in the election manifesto by ignoring legal aspects. It is sheer competition on scattered issues and programmes. The resources for the economic programmes were not studied." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He also pointed out that the economic agenda are not implemented because of lack of institutional capacity. Wagle also recalled that the election manifestos brought in the last three decades have similar plans and programmes. "Most of the issues are common. Centralized mindset is reflected in the economic agenda though we are a federal country," he underscored. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, lecturer at the Central Department of Economics of Tribhuvan University, Dr Ramesh Poudel, observed that the political parties' election manifestos are not research oriented. “They ignore experience too. They do not show objective reality and problems in the country, but sell cheap dreams,” he added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Dr Poudel further said that the political parties failed to enforce the commitments they made in the election manifestos. Rigorous study is needed to make national economy dynamic. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The political parties are blaming each other for their failure to realize the past commitments, said economist Khanal, stressing that they must be held accountable to implement the economic programmes they mentioned in the manifestos. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-04', 'modified' => '2022-11-04', 'keywords' => '', 'description' => '', 'sortorder' => '15987', 'image' => '20221104102453_Election_Commission.2e16d0ba.fill-650x500.jpg', 'article_date' => '2022-11-04 10:24:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16245', 'article_category_id' => '1', 'title' => 'SC Issues Interim Order not to Extend the Term of GMR', 'sub_title' => '', 'summary' => 'November 4: The Supreme Court has issued an interim order, asking the government not to implement its decision to extend the term of an Indian company Gandhi Mallikarjun Rao (GMR), which is the promoter of the Upper Karnali Hydropower Project. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 4: The Supreme Court has issued an interim order, asking the government not to implement its decision to extend the term of an Indian company Gandhi Mallikarjun Rao (GMR), which is the promoter of the Upper Karnali Hydropower Project. The cabinet had decided to extend GMR's term by two years. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A single bench of SC Justice Ishwor Prasad Khatiwada issued the interim order on Thursday against the cabinet decision of July 15 to extend the term of the project by another two years. The term of GMR had expired three years back. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The SC questioned why the cabinet decided to extend the term of the project while it was earlier decided by the Investment Board. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Investment Board of Nepal and GMR had signed the project development agreement seven years ago for a term of two years. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Later, the company was given one more year since the project did not advance as agreed in the contract. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the board again extended the term by one more year for financial closure for the Indian company. Since then, no process was applied to continue the contract or maintain continuation of the contract. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Recently, the government had extended the tenure of the project based on the recommendation made by a taskforce formed under the leadership of the then Vice Chairman of the National Planning Commission, Bishownath Poudel. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Ratan Bhandari, an advocate of Nepal’s water resources and energy sector, had filed the writ petition at the SC demanding to scrap the government decision to give more time for GMR. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-04', 'modified' => '2022-11-04', 'keywords' => '', 'description' => '', 'sortorder' => '15986', 'image' => '20221104095640_Supreme Court.jpg', 'article_date' => '2022-11-04 09:55:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16244', 'article_category_id' => '1', 'title' => 'Tourism Entrepreneurs Plan to Introduce Tour Packages ', 'sub_title' => '', 'summary' => 'November 4: Tourism entrepreneurs of three provinces have decided to work together and introduce tour packages for promotion of tourism. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 4: Tourism entrepreneurs of three provinces have decided to work together and introduce tour packages for promotion of tourism. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Nepal Association of Tour and Travel Agents (NATTA) Banke Chapter announced this during the inauguration of a four-day training on 'Tour Product Development and Ticketing'. The training is being organized in collaboration with the NATTA Center and Livelihood Revival Project for Sustainable Tourism. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Central Secretary of NATTA, Yuvika Bhandari, said that the training will be fruitful in preparing skilled human resource in the field of tourism, as shortage of skilled human resource in the field of tourism has increased after the COVID-19 pandemic. She said such trainings have been started in different places of the country under the plan of Nepal Tourism Board to address the shortage of human resource in the tourism sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking on the occasion Mayor of Birgunj Prashant Bista said that tourism can become a strong and permanent base for the country's economy. He expressed the confidence that there will be uniformity in the tour package developed by the tourism entrepreneurs of the three provinces after the training. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President of NATTA Banke Chapter Ram Sigdel mentioned that the training organized for the first time in Western Nepal will enable tourism businesspersons to create travel packages by managing tickets for tourists going to destinations around the world. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Altogether 30 tour and travel operators from Lumbini, Kanrali and Sudurpaschim provinces are participating in the training. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-04', 'modified' => '2022-11-04', 'keywords' => '', 'description' => '', 'sortorder' => '15985', 'image' => '20221104093420_20180513122353_tourism.jpg', 'article_date' => '2022-11-04 09:33:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16242', 'article_category_id' => '1', 'title' => 'Germany to Enlist Nepal in the List of Assistance Recipient Countries ', 'sub_title' => '', 'summary' => 'November 3: Finance Minister Janardan Sharma held discussions with a team led by Parliamentary State Secretary of the Federal Ministry of Economic Cooperation and Development of Germany, Barbel Kofler on Wednesday.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 3: Finance Minister Janardan Sharma held discussions with a team led by Parliamentary State Secretary of the Federal Ministry of Economic Cooperation and Development of Germany, Barbel Kofler on Wednesday. The meeting focused on various issues of mutual interest including cooperation and bilateral relations between the two countries. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the meeting held at the Ministry of Finance, matters related to the development priority of Nepal and Germany as well as continuation of cooperation were discussed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Germany has announced to enlist Nepal again in the list of the countries receiving bilateral assistance. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Finance Minister Sharma thanked the continuous support of Germany in Nepal's economic development enveadours and democratic process as well as in prevention and control of COVID-19. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Germany has been providing support in the areas of sustainable economic development, energy and health of Nepal since a long time. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chief of the International Cooperation Division of the Finance Ministry, Ishwori Aryal, said discussion was also held on the exchange of cooperation in the areas of renewal energy and health. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">German Ambassador to Nepal, Dr Thomas Prinz as well as other members of the visiting German delegation were present on the occasion. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-03', 'modified' => '2022-11-03', 'keywords' => '', 'description' => '', 'sortorder' => '15983', 'image' => '20221103044405_Flag-Pins-Nepal-Germany.jpg', 'article_date' => '2022-11-03 16:43:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16241', 'article_category_id' => '1', 'title' => 'Narayangadh-Butwal Road Expansion Project Likely to Get Term Extension by One Year', 'sub_title' => '', 'summary' => 'November 3: The Department of Roads has concluded that there are three main reasons for the delay in the expansion of the Narayangadh-Butwal section under the East-West Highway.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 3: The Department of Roads has concluded that there are three main reasons for the delay in the expansion of the Narayangadh-Butwal section under the East-West Highway. When the team including the director general of the department visited the site on Monday and Tuesday, they deduced that the work was delayed due to the non-cooperation of the government, construction companies and local municipalities.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Due to the three-sided problem, the road could not be leveled on time, and the department indicated that the deadline for completion of the project will be extended by one year. After failing to show satisfactory progress within the stipulated time, the department has sought explanation from the Chinese construction company -- China State Construction Engineering Corporation Limited -- within one month. The department had asked the company to submit a reliable basis for not being able to complete the construction in the extended period as well.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">During this time, even the department visited the site for inspection. Arjun Jung Thapa, director general of the department, claimed that the construction was delayed due to three main reasons. “It was seen that there was a delay in the work to be done by the Nepal government as well. The local municipality prohibited on buying of construction materials like aggregates, gravel and soil despite paying royalty to the local municipality. In addition, there were problems with the management of the construction company, leading to the delay in completion of wok on time,” said Thapa.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Even now, the electric poles on the road that needs to be widened have not been removed. Thapa said that he did not get any help from the local municipality. Stating that the road construction was delayed due to various reasons, he indicated that the deadline will be extended by one year. The company has to expand the road in the next one year because not even a quarter of the work has been completed so far.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">An agreement was reached between the Department of Roads and the Chinese company to complete the 114 km Narayangadh-Butwal road upgrading work in 3.5 years in January 2018. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As per the agreement, the road should have been expanded by August 1.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The expansion of this road section is estimated to cost around Rs 16 billion. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-03', 'modified' => '2022-11-03', 'keywords' => '', 'description' => '', 'sortorder' => '15982', 'image' => '20221103040428_20220905044250_1662071156.Clipboard02.jpg', 'article_date' => '2022-11-03 16:03:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16240', 'article_category_id' => '1', 'title' => 'Bank Deposits Start Declining since mid-October', 'sub_title' => '', 'summary' => 'November 3: The deposits of commercial banks, which were on a rise from mid-August to mid-October, have started declining continuously from the third week of October, according to the Nepal Bankers Association.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 3: The deposits of commercial banks, which were on a rise from mid-August to mid-October, have started declining continuously from the third week of October, according to the Nepal Bankers Association.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Bankers suspect that bank deposits started to decrease due to the upcoming elections as well as big festivals like Tihar and Chhath which concluded recently. They expect getting this amount back gradually to the banking system after elections.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the association, deposits decreased by Rs 6.24 billion from October 18 to 24, which further decreased by Rs 17.13 billion from October 25 to 28.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">From mid-September to mid-October, the deposits of commercial banks had increased by Rs 61.64 billion to reach Rs 4547.15 billion. By October 28, the amount decreased to Rs 4523.78 biillion. As informed by the association, the bank deposits decreased from mid-July to mid-August, which then increased by Rs 52.15 billion by mid-September.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The deposits of banks decreased before Dashain but they started returning to the system after the festival. However, after the beginning of the election campaign for the House of Representatives and the State Assembly on November 20, deposits decreased by Rs 23.37 billion within the last 2 weeks of October.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Kiran Kumar Shrestha, CEO of Rastriya Banijya Bank informed that deposits were withdrawn from the banks for the festivals and election.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“Bank deposits decreased from mid-October due to spending on festivals and increased election activities. After the election, this money will gradually return back to the banking system,” he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“After this election, we are expecting some ease in the situation of lack of liquidity,” he added.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although deposits decreased from mid-October, lending of commercial banks on the other hand has increased. Since mid-October alone, the credit flow of banks increased by Rs 5.10 billion. The total loan disbursement of banks reached Rs 4225.40 billion on October 28, which was Rs 4220.32 billion by mid-October.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Banks extended loans of Rs 10.58 billion from mid-July to mid-August, Rs 13.75 billion from mid-August to mid-September and Rs 30.4 billion rupees from mid-September to mid-October.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The banks provided loans even though there was no increase in deposits, causing their credit-deposit ratio (CD ratio) to increase. According to the association, the average CD ratio of banks was 87.23 percent till October 21, but it increased to 87.58 percent on October 28. According to the instructions of the Nepal Rastra Bank, banks should maintain a CD ratio of less than 90 percent.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-03', 'modified' => '2022-11-03', 'keywords' => '', 'description' => '', 'sortorder' => '15981', 'image' => '20221103023651_Banks.jpg', 'article_date' => '2022-11-03 14:35:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16239', 'article_category_id' => '1', 'title' => 'Cabinet gives Permission for Two-Way Air Service Agreement with US, Switzerland ', 'sub_title' => '', 'summary' => 'November 3: The government of Nepal has given permission in principle for two-way air service agreement with the US and Switzerland. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 3: The government of Nepal has given permission in principle for two-way air service agreement with the US and Switzerland. The government gave permission to initiate the necessary process after preliminary agreements for direct flights to the US and Switzerland three months ago. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It is said that the Federal Aviation Administration of the US has sent a letter for two-way air service agreement for the same. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Spokesperson of the Civil Aviation Authority of Nepal, Jagannath Niraula, said that preparation has already been started to begin the process of air service agreement with the two countries following a cabinet decision. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Ministry of Culture, Tourism and Civil Aviation in coordination with the CAAN had taken the proposal in the cabinet after the US and Switzerland showed their interest for two-way flights. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the government has also forwarded the process to operate flights to Indonesia and Rwanda. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to CAAN, Nepal has signed agreement for two-way direct flights with 40 countries so far. Among the 40 countries, commercial flights are being operated regularly to and from 20 countries. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-03', 'modified' => '2022-11-03', 'keywords' => '', 'description' => '', 'sortorder' => '15980', 'image' => '20221103123004_NAC.jpg', 'article_date' => '2022-11-03 12:29:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16238', 'article_category_id' => '1', 'title' => 'Farmers Forced to Sell Paddy at Throw-Away Prices', 'sub_title' => '', 'summary' => 'November 3: Farmers of Kailali are currently busy harvesting paddy this season.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 3: Farmers of Kailali are currently busy harvesting paddy this season. Many of them have already completed harvesting and have stored the required grains. They have already started selling excess of paddy produced this season. However, the farmers are forced to sell paddy at low price because the government is “yet to fix” the minimum support price of paddy this year even though the harvesting season is almost over.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This has forced the farmers to sell paddy at throw-away prices. Chhitra Bahadur Chaudhary, a farmer from Kailali, informed that they had no option but to sell paddy at scrap value because the government did not fix the minimum support price on time.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We are selling paddy at throw-away prices because the minimum support price has not been fixed yet,” said Chaudhary.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We need to sell the paddy so that we can purchase the seeds, fertilizer and ploughing charge required for the winter crop. Therefore, we need to sell the paddy as soon as we finish harvesting,” he added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The local businessmen are purchasing paddy at the rare of Rs 2200 to Rs 2300 per quintal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Businessman Navin Shrestha insists that they are buying paddy at the aforementioned prices because the government has not yet fixed the minimum support price and that the paddy has not dried yet. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The minimum support price is implemented only after the Provincial Offices of the Food Management and Trading Company Limited (FMTCL) receives a circular in this regard after the Council of Minister fixes the support price. Angela Basnet, chief of the Dhangadhi-based Far Western Province Office of the FMTCL, said that they have not received any such circular so far this year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The minimum support price has not been fixed yet,” said Basnet, adding, “We will set up a purchase depot once the minimum support price is fixed by the government.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">She said that the local businessmen are purchasing paddy on their own at the moment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The production of paddy in Far Western Province is expected to decline this year due to the recent floods. </span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-03', 'modified' => '2022-11-10', 'keywords' => '', 'description' => '', 'sortorder' => '15979', 'image' => '20221103110435_20220720044056_640px-Rice_Plants_(IRRI).jpg', 'article_date' => '2022-11-03 11:03:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16237', 'article_category_id' => '1', 'title' => 'Himalaya Airlines to Conduct Flights through Gautam Buddha Int’l Airport', 'sub_title' => '', 'summary' => 'November 3: Himalaya Airlines is making preparations to operate flights from the newly-built Gautam Buddha International Airport (GBIA).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">November 3: Himalaya Airlines is making preparations to operate flights from the newly-built Gautam Buddha International Airport (GBIA). </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Civil Aviation Authority of Nepal (CAAN) is ready to issue permits to the company for self ground handling at GBIA and commercial ground handling at the Tribhuvan International Airport. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Accordingly, the company has announced to conduct regular chartered flights to Kuala Lumpur from the Bhairahawa-based GBIA. Himalaya Airlines said that the company is likely to conduct flights to Kuala Lumpur starting from today (November 3) provided that the aviation regulatory body of Malaysia issues permit for the flights. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Initially, the company plans to conduct two-way flights to Kuala Lumpur from GBIA and later intends to expand to service to other destinations after it acquires commercial ground handling permit at the airport.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The airport officially came into operation on May 16 this year. At present, only Jazeera Airways is running three flights a week at the GBIA. This new airport is expected to ease the air traffic congestion at the TIA.</span></span></p> ', 'published' => true, 'created' => '2022-11-03', 'modified' => '2022-11-03', 'keywords' => '', 'description' => '', 'sortorder' => '15978', 'image' => '20221103093603_20210709114537_20210120123339_g576szqpnac61.jpg', 'article_date' => '2022-11-03 09:35:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16236', 'article_category_id' => '1', 'title' => 'Swiss Business Delegation Event to be Held in Kathmandu Next Week', 'sub_title' => '', 'summary' => 'November 2: The “Swiss Business Delegation Event” is all set to be organized at the Swiss Embassy in Kathmandu from November 7 to 9.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 2: The “Swiss Business Delegation Event” is all set to be organized at the Swiss Embassy in Kathmandu from November 7 to 9. Ten companies including Lombardy, Lufthansa, Victorinox, JKB Bank, Roche, etc. from Switzerland will participate in this programme.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Swiss and Liechtenstein companies participating in the programme will be informed about the potential investment opportunities in Nepal in areas such as health care, insurance, communication, construction engineering, banking, fintech, etc. The first meeting of business delegation of Swiss companies in Nepal is expected to help these companies enter the Nepali market. This programme is organized in collaboration between the Swiss Embassy in Nepal, Switzerland Global Enterprise and Swiss Business Hub, India.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepal is moving from political transition to economic transformation. There are many opportunities for Swiss companies to enter the Nepali market. Switzerland and Nepal have been cooperating since the 1950s. Recently, trade relations between Nepal and Switzerland have becoming stronger. Swiss Ambassador to Nepal Elisabeth von Capeller says that Swiss companies can benefit by introducing Swiss technology and expertise in Nepal.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">For a long time, Switzerland has been helping the development of Nepal by investing in areas such as agriculture, rural infrastructure development, technical education and vocational training. Recently, Nepal is becoming an attractive business destination for multinational companies due to the increase in the average income of Nepalese, increasing consumption and rapid urbanization. The Swiss business delegation event will help all types of Swiss companies, big and small, to understand the Nepali market well and get information about investment opportunities.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">There is a lot of investment potential in Nepal's renewable energy, transportation, other infrastructure construction and engineering sectors. Swiss companies can do business in the fields of engineering and construction equipment, consulting services, hydropower construction, tunneling technology and equipment, ropeway/cable car construction and equipment supply. Similarly, there are ample investment opportunities in aviation and airport infrastructure, food and agriculture sector, sustainable urban development and other sectors as well.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Likewise, there has been a rapid growth in the health care sector of Nepal in the last three decades. With the increase in the number of hospitals and treatment centers in the private sector, the potential for health care, medical technology, pharmaceutical and bio technology here has also increased. Information and communication technology, telecommunication, security printing and biometrics are also other areas with investment potential.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Compared to low-income countries in South and Southeast Asia, Nepal's financial sector is relatively well developed. There are plenty of investment opportunities in banking, finance, insurance services and fin-tech. Also, tourism is one of the main pillars of Nepal's economy. It is also an important source of foreign exchange and revenue.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-02', 'modified' => '2022-11-02', 'keywords' => '', 'description' => '', 'sortorder' => '15977', 'image' => '20221102052653_thumb.jpg', 'article_date' => '2022-11-02 17:25:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16235', 'article_category_id' => '1', 'title' => 'UML Unveils its Election Manifesto with Tall Promises', 'sub_title' => '', 'summary' => 'November 2: The main opposition party CPN UML has unveiled its election manifesto which includes over two dozen plans without any resource backup.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">November 2: The main opposition party CPN UML has unveiled its election manifesto which includes over two dozen plans without any resource backup. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">During the last election, the CPN UML had decided to merge with the CPN Maoist Centre which paid off as they secured an overwhelming two-thirds majority in parliament. The two parties ultimately merged after the election but they eventually split after some years due to conflict in power sharing agreement.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">After the last election, KP Sharma Oli took charge of the government. Amid criticism that the Oli government did not work as per the aspirations of the people, the CPN UML on Tuesday unveiled its election manifesto for the upcoming election. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The left-wing party has pledged good governance, development, prosperity and equality in its manifesto. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Besides, the party has also announced a dozens of programmes such as Citizenship only for Nepalis; Hunger no Longer; Domestic Production, Foreign Market; Secured Roof: Everyone’s Desire; Choice of Youth: Education; Free Meter: Ten Thousand Litres. Income-generating programmes and distribution of medicines for pressure and sugar also fall under the announcement.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">However, the party’s manifesto does not mention how it will manage resources for implementing these programmes. The election manifesto of the CPN UML also includes an ambitious and unattainable plan of increasing the size of Nepal’s economy to Rs 10 trillion in the next five years. According to the Central Bureau of Statistics, the current size of Nepal’s economy is Rs 4.8 trillion. In order to increase the size of Nepal’s economy to Rs 10 trillion in the next five years, the country must attain growth of Gross Domestic Product by 15 percent each year. Only a day before the UML unveiled its election manifesto, the World Bank had projected Nepal’s economy to grow by 5.8 percent in 2022, 5.1 percent in 2023 and 4.9 percent in 2024. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The UML election manifesto also mentions that the party will increase the Per Capital Income of Nepal to USD 2400 in the next five years. This target is also unattainable in the next five years. The Per Capital Income of Nepal in the current fiscal year is USD 1300. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The election manifesto also says that the UML will develop 50 new cities in the next five years and complete the construction of all the highways within the same period. </span></span></p> ', 'published' => true, 'created' => '2022-11-02', 'modified' => '2022-11-02', 'keywords' => '', 'description' => '', 'sortorder' => '15976', 'image' => '20221102044450_20201119030717_20200305102040_oli.jpg', 'article_date' => '2022-11-02 16:44:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16234', 'article_category_id' => '1', 'title' => 'India Removes Export Duty on Nepal-Bound Paddy and Rice', 'sub_title' => '', 'summary' => 'November 2: India has removed the export duty on Nepal-bound paddy and rice.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 2: India has removed the export duty on Nepal-bound paddy and rice. India had imposed a 20 percent duty on the export of paddy and rice in the second week of September while also banning the export of various food items to prevent a possible food crisis amid Covid-19 pandemic and the Russia-Ukraine war.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Indian Department of Revenue issued a notice on Monday stating that no such duty will be charged on exports to Nepal. After India imposed tariffs, local industrialists were worried that there would be a shortage of raw materials for the rice industry in Nepal and the illegal import of rice would thrive.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Birgunj Chamber of Commerce and Industries and the Association of Nepalese Rice, Oil and Pulse Industry had requested the Government of Nepal and Indian agencies to revoke the duty. Subodh Kumar Gupta, who is the president of both these organizations, welcomed the move of India.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Gupta shared, “After India imposed a 20 percent duty on exports, Nepalese rice industries were on the verge of closure. Nepali consumers were forced to buy rice at expensive rates. With this decision of India, the problems of Nepal's industries and consumers have been addressed.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">India decided not to charge duty for the annual export of 600,000 metric tons of paddy for Nepal. Last year, the industry of Nepal imported 5.5 million tons of rice from India, according to the data of the association. Based on this data, the industrialists requested India not to levy duty on imports of at least 600,000 tons of rice.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Bishwamitra Prasad Kalwar, the owner of New Om Food Industry said that this decision has given relief to the people of Nepal as the kitchens had became more expensive after India, the largest exporter of paddy and rice, tightened the export. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“Since the Covid-19 pandemic, the price of every commodity has increased. On top of that, when the price of rice, which is the staple food in Nepal, increased, the life of the common people got severely affected. This decision brought relief not only to the industrialists but to the consumers as well,” he said.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-02', 'modified' => '2022-11-02', 'keywords' => '', 'description' => '', 'sortorder' => '15975', 'image' => '20221102040045_rice.jpg', 'article_date' => '2022-11-02 16:00:08', '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
