October 24: The second day of Tihar festival is dedicated to the worship of dogs.…
October 24: The second day of Tihar festival is dedicated to the worship of dogs.…
October 23: The Federation of Nepal Gold and Silver Dealers Association has revealed that gold and silver traders are facing trouble due to the ineffective gold supply system in the market.…
October 23: The average interest on loans of commercial banks has exceeded 12 percent amid protests from industrialists and businessmen.…
October 23: The year-on-year (y-o-y) consumer price inflation stood at 8.64 percent in the second month of the current fiscal year (FY 2022/23) compared to 3.49 percent a year ago, according to the latest report of Nepal Rastra Bank…
October 23: Merchandise exports of Nepal decreased by 34.9 percent in the first two months of the current fiscal year.…
October 23: Inflow of remittance to Nepal has increased in the second month of the current fiscal…
October 23: With growing access to technology, digital payment is on the rise in Nepal of…
October 23: The festival of Tihar, the second biggest festival of Nepal, formally kicked off today.…
October 23: Hindus across the country observed the festival of Dhanteras on Saturday by purchasing new items made of gold, silver, copper, and other…
October 21: Securities Board of Nepal has submitted a written clarification to the Election Commission over the issue of broker…
October 21: Everest Bank celebrated its 28th anniversary by organising a special program on Wednesday.…
October 21: The Tea Board of India has lifted the ban imposed on blending of tea produced in Nepal with Darjeeling…
October 21: Nepal Chamber of Commerce is going to support industrialists to increase the export of ready-made garments by helping in the international marketing and branding.…
October 21: Experts say that consumers themselves should be more aware to curb black marketing in the wake of…
October 21: Industrialists of eastern Nepal have started protests against excessive hike in interest rate and accused the central bank of favouring banks and financial institutions even when the production capacity of industries have dropped to 40…
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', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">October 24: The second day of Tihar festival is dedicated to the worship of dogs. This day is also called "Narak Chaturdashi" according to the Vedic Hindu tradition.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The celebration of Laxmi Puja or the worship of the goddess of wealth was observed in evening, according to the lunar calendar.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">It is believed that dog is the messenger of Lord Yamaraj, the god of death and justice and worshipping dog on this day will please the god.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Dog is also considered as the gate keeper of the God of Death, Yamaraj's palace. Today, the dog is worshipped and fed with delicious food as a sigh of gratitude.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Dog is also the man's best friend and has been domesticated for over thousands of years.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">In the evening, Goddess Laxmi -- the goddess of wealth was worshipped with huge celebration among the Hindu devotees.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">People clean their houses on this day to welcome the goddess. It is believed that the goddess will be pleased if people maintain proper cleanliness and hygiene. People also light candles and oil lamps to welcome the goddess. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Merrymakers visit the households in their neighbourhood singing songs and seeking charities on the occasion of Laxmi Puja and bless the charitable people. Legend has it that tradition was started by the Demon King Bali, who is said to be an ardent devotee of Goddess Laxmi. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Besides the traditional belief, the festival of Tihar is basically related to the interdependence of human beings with nature. This festival coincides with the harvesting season when there is abundance of food and delicacies to celebrate.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-10-24', 'modified' => '2022-10-25', 'keywords' => '', 'description' => '', 'sortorder' => '15944', 'image' => '20221024101409_Diwali-1-782x440.jpg', 'article_date' => '2022-10-24 10:13:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16202', 'article_category_id' => '1', 'title' => 'Gold Business Affected due to Supply Disruption', 'sub_title' => '', 'summary' => 'October 23: The Federation of Nepal Gold and Silver Dealers Association has revealed that gold and silver traders are facing trouble due to the ineffective gold supply system in the market. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">October 23: The Federation of Nepal Gold and Silver Dealers Association has revealed that gold and silver traders are facing trouble due to the ineffective gold supply system in the market. A delegation of the federation, led by its president Manik Ratna Shakya, made such complaint to Mahesh Bhattarai, the director general of the Department of Commerce, Supply and Consumer Protection on Friday.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">During a programme organized by the department to discuss various issues of consumer concern, the representative of the federation said that the supply of gold and silver has been very low as compared to the demand in the market. The representatives of the federation argued that it is difficult to operate the business in such a situation. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Director General Bhattarai said that the businessmen's complaints were reasonable and expressed his commitment to convey the message to the concerned authorities.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-23', 'modified' => '2022-10-24', 'keywords' => '', 'description' => '', 'sortorder' => '15943', 'image' => '20221023025655_gold.jpg', 'article_date' => '2022-10-23 14:56:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16201', 'article_category_id' => '1', 'title' => 'Average Interest on Loan Exceeds 12 Percent', 'sub_title' => '', 'summary' => 'October 23: The average interest on loans of commercial banks has exceeded 12 percent amid protests from industrialists and businessmen. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">October 23: The average interest on loans of commercial banks has exceeded 12 percent amid protests from industrialists and businessmen. Due to the tight monetary policy implemented by Nepal Rastra Bank (NRB) and lack of liquidity in the market, the interest on loans has increased with the rise in operating cost of the banks.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to NRB, the average interest rate of bank loans has reached 12.06 percent in August which was 8.57 percent last year. A report published by NRB on Friday mentions that the base rate of banks reached 10.01 percent by mid-September this year, which was 6.89 percent last year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The industrialists and businessmen have started street protests since last week stating that the banks increased the interest rate on loans excessively. The relationship between industrialists and banks has become tense regarding the issue of interest rates.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to NRB, the average interest rate of bank deposits in August also increased from 4.92 percent to 7.81 percent this year. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Due to lack of liquidity, banks increased the interest on savings to increase deposit collection, which in turn increased the interest on loans.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Banks fix the loan interest rate by adding a certain percentage premium to the base rate. Due to this, when the base rate increases, the interest rate of loan also increases. Banks are allowed to adjust the interest rate based on the quarterly base rate.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Despite the increase in the interest rate, there has been no improvement in deposit collection. According to NRB, the total deposits of bank and financial institution decreased by 0.9 percent, while lending increased by 0.55 percent as of mid-September.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-10-23', 'modified' => '2022-10-23', 'keywords' => '', 'description' => '', 'sortorder' => '15942', 'image' => '20221023024826_Banks - Copy.jpg', 'article_date' => '2022-10-23 14:47:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16200', 'article_category_id' => '1', 'title' => 'Consumer Price Inflation Rises to 8.64 Percent: NRB Report ', 'sub_title' => '', 'summary' => 'October 23: The year-on-year (y-o-y) consumer price inflation stood at 8.64 percent in the second month of the current fiscal year (FY 2022/23) compared to 3.49 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 23: The year-on-year (y-o-y) consumer price inflation stood at 8.64 percent in the second month of the current fiscal year (FY 2022/23) compared to 3.49 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB). </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The Current Macroeconomic and Financial Situation Report of Nepal released by the central bank on Friday stated that the food and beverage inflation stood at 8.17 percent whereas non-food and service inflation stood at 9.02 percent in the review month. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Under the food and beverage category, the prices of fruit, ghee and oil, restaurant and hotel, </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">alcoholic drinks and vegetable sub-categories increased by 17.29 percent, 14.53 percent, 12.30 percent, 10.24 and 9.94 percent respectively on y-o-y basis. </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"">Similarly, under the non-food and services category, the prices of transportation, health, furnishing and household equipment, education, and housing and utilities sub-categories increased by 23.41 percent, 10.54 percent, 9.25 percent, 8.11 percent and 7.69 percent respectively on y-o-y basis in the review month. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, in the review month, consumer price inflation in the Kathmandu valley, terai, hill and mountain stood at 7.62 percent, 9.33 percent, 8.82 percent and 6.68 percent respectively. Inflation in these regions was 3.23 percent, 3.65 percent, 3.96 percent and 3.51 percent respectively a year ago. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The y-o-y consumer price inflation in Nepal as of mid-September of 2022/23 remained 8.64 percent. Such inflation in India stood at 7.41 percent in September 2022. </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-10-23', 'modified' => '2022-10-23', 'keywords' => '', 'description' => '', 'sortorder' => '15941', 'image' => '20221023023656_Inflation.jpg', 'article_date' => '2022-10-23 14:36:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16199', 'article_category_id' => '1', 'title' => 'Trade Deficit Declines due to Slump in Import and Export ', 'sub_title' => '', 'summary' => 'October 23: Merchandise exports of Nepal decreased by 34.9 percent in the first two months of the current fiscal year. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">October 23: Merchandise exports of Nepal decreased by 34.9 percent in the first two months of the current fiscal year. According to the Current Macroeconomic and Financial Situation Report of Nepal Rastra Bank, the total export of Nepal in the review period stood at Rs 28.68 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The report states that the country’s exports had increased by 115.4 percent in the corresponding period of the last fiscal year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Destination-wise, exports to India and China decreased by 45.2 percent and 21.6 percent respectively whereas exports to other countries increased by 13.2 percent. Exports of zinc sheet, woolen carpets, readymade garments, medicine (ayurvedic), among others, increased whereas exports of soybean oil, palm oil, oil cakes, cardamom, toothpaste, among others, decreased in the review period, the report further said. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the central bank said that merchandise imports decreased by 13.0 percent to Rs 273.60 billion during the first two months of FY 2022/23 against an increase of 75.9 percent a year ago. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Destination-wise, imports from India, China and other countries decreased by 9.5 percent, 13.3 percent, and 20.7 percent respectively. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Imports of petroleum products, chemical fertilizer, sponge iron, medicine, aircraft and spareparts, among others, increased whereas imports of transport equipment and parts, silver, crude soybean oil, hot rolled sheet in coil, MS billet, among others, decreased in the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the report, Nepal’s trade deficit decreased by 9.4 percent to Rs 244.92 billion during the first two months of FY 2022/23. Such a deficit had increased 70.8 percent in the corresponding period of the previous year. The export-import ratio decreased to 10.5 percent in the review period from 14.0 percent in the corresponding period of the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-23', 'modified' => '2022-10-23', 'keywords' => '', 'description' => '', 'sortorder' => '15940', 'image' => '20221023013759_Trade - Copy.jpg', 'article_date' => '2022-10-23 13:36:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16198', 'article_category_id' => '1', 'title' => 'Remittance Inflow Increases during Festive Season', 'sub_title' => '', 'summary' => 'October 23: Inflow of remittance to Nepal has increased in the second month of the current fiscal year.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">October 23: Inflow of remittance to Nepal has increased in the second month of the current fiscal year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Current Macroeconomic and Financial Situation Report released by Nepal Rastra Bank on Friday, remittance inflow increased by 19.8 percent to Rs 187.04 billion in the review period against a decrease of 5.8 percent in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Economists believed that the remittance inflow increased during this period due to the onset of the festive season. The country is currently celebrating the Tihar festival for which family members working in foreign countries send money back home.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the US Dollar terms, remittance inflow increased 11.3 percent to 1.47 billion in the review period against a decrease of 5.3 percent in the same period of the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the NRB report, the number of Nepali workers (institutional and individual-new) taking approval for foreign employment increased 169.9 percent to 103,898 in the review period. Likewise, the number of Nepali workers (renew entry) taking approval for foreign employment increased 70.6 percent to 39,189 in the review period. It had increased 429.5 percent in the same period of the previous year.</span></span></p> <p><br /> <br /> </p> ', 'published' => true, 'created' => '2022-10-23', 'modified' => '2022-10-23', 'keywords' => '', 'description' => '', 'sortorder' => '15939', 'image' => '20221023095025_Remittance.jpg', 'article_date' => '2022-10-23 09:49:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16197', 'article_category_id' => '1', 'title' => 'Digital Payment on the Rise in Nepal ', 'sub_title' => '', 'summary' => 'October 23: With growing access to technology, digital payment is on the rise in Nepal of late.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 23: With growing access to technology, digital payment is on the rise in Nepal of late. The digital transaction which gained pace during the COVID-19 pandemic has continued to rise till date. Nepal Rastra Bank (NRB) has also encouraged people for the electronic payment. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The latest record shared by NRB shows that in the second month (mid-August to mid-September) of the current fiscal year alone, transaction of more than Rs 4900 billion was done via electronic medium. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the central bank, the transaction worth Rs 292 billion was made via Connect IPS. In the same period last year, the transaction of Rs 232 billion was done. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, transactions through mobile banking in the review month stood at Rs 146 billion. In the same period last year, it was Rs 74.32 billion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Digital wallet transaction amounts to Rs 17.63 billion, while it was Rs 14.42 billion in the corresponding period of last fiscal year. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-10-23', 'modified' => '2022-10-23', 'keywords' => '', 'description' => '', 'sortorder' => '15938', 'image' => '20221023094102_digital payment.jpg', 'article_date' => '2022-10-23 09:40:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16196', 'article_category_id' => '1', 'title' => 'Tihar, the Festival of Lights, Begins', 'sub_title' => '', 'summary' => 'October 23: The festival of Tihar, the second biggest festival of Nepal, formally kicked off today. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 23: The festival of Tihar, the second biggest festival of Nepal, formally kicked off today. Tihar is also called Deepawali or the Festival of Lights and Yama Panchak. According to the Nepal Calendar Determination Committee, although Yama Panchak (five days dedicated to Lord Yamaraj) started on Saturday, Kaag Tihar or the first day of the five-day festival is being observed today.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The festival is celebrated for five full days during the Nepali month of Kartik (mid-October to mid-November).</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The first day of Tihar is the day dedicated for worshipping the crows that are considered as the messenger of Lord Yamaraj, the God of Death. </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 part of the Tihar festival, Kaag Tihar is being celebrated today by offering food to the crow. Today, every household offers prayers and leaves food on the top of terraces and walls for the crows to feed on. There is a general belief among the people that the crow accompanies Lord Yamaraj and is therefore immortal and worshipping it brings good fortune. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The religious scriptures talk about how the demon king Bali was given the opportunity by Lord Bishnu to rule all over the universe for these five days. To celebrate his ascension to the lordship of the entire universes, he ordered everyone to celebrate all five days with lights and flowers. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The belief among the people is that the celebration will please Goddess Laxmi, who is considered the goddess of wealth. </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"">Due to the change in date this year, Yama Panchak or Tihar festival which starts in the evening on the day of Kartik Krishna Trayodashi has started from Saturday evening, the state-owned RSS reported. Similarly, the Dhanteras festival of buying jewelry and copper utensils to keep Goddess Lakshmi happy was also celebrated on Saturday itself. </span></span></span></p> ', 'published' => true, 'created' => '2022-10-23', 'modified' => '2022-10-23', 'keywords' => '', 'description' => '', 'sortorder' => '15937', 'image' => '20221023093327_tihar-nepal.jpg', 'article_date' => '2022-10-23 09:32:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16195', 'article_category_id' => '1', 'title' => 'Nepalis Observe Dhanteras by Buying New Utensils ', 'sub_title' => '', 'summary' => 'October 23: Hindus across the country observed the festival of Dhanteras on Saturday by purchasing new items made of gold, silver, copper, and other metals. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 23: Hindus across the country observed the festival of Dhanteras on Saturday by purchasing new items made of gold, silver, copper, and other metals. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As part of the Tihar festival celebrations, the items purchased on the day of Dhanteras are used during the Lakshmi Pooja held on the new moon day in the month of Kartik (mid-October to mid-November). There is a traditional belief that worship performed in this way will please the goddess of wealth Lakshmi who will continue to bless the family. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">There is also a tradition of buying gold and silver ornaments on the day of Dhanteras. Due to this religious belief there is usually a rush of people buying utensils and jewelry. Known by names like Deepawali, Tihar, Yamapanchak, this festival is the second biggest festival celebrated by Nepalis after the Dashain festival. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The celebration of the Tihar festival this year started on Saturday with the lighting of homes, commercial establishments and other places. According to Nepal Calendar Determination Committee, although Yamapanchak started on Saturday, Kaag Tihar falls on Sunday. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-10-23', 'modified' => '2022-10-23', 'keywords' => '', 'description' => '', 'sortorder' => '15936', 'image' => '20221023093239_dhanteras.jpg', 'article_date' => '2022-10-23 09:32:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16194', 'article_category_id' => '1', 'title' => 'SEBON Submits Written Clarification to Election Commission', 'sub_title' => '', 'summary' => 'October 21: Securities Board of Nepal has submitted a written clarification to the Election Commission over the issue of broker license.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">October 21: Securities Board of Nepal has submitted a written clarification to the Election Commission over the issue of broker license. The board has clarified that the process of issuing the license to the brokers and stock exchange company is not against the Election Code of Conduct.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Election Commission had recently sought clarification with SEBON regarding why it should not halt the process of issuing license when the Election Code of Conduct has already been enforced since September 28. The Election Commission had instructed the board to present a written clarification within three days.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The board responded saying that the process of issuing license to the brokers and new stock exchange company was initiated before the Election Code of Conduct came into force. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Executive Director of the board Binay Dev Acharya argued that the topic of issuing license did not surface right now but was pre-planned since a long time. He said that the board took steps in accordance with the budget announcement of the government in order to make the secondary market more competitive.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The board had called for applications to operate a new stock exchange company and two commodity exchanges along with broker's license on the September 18. The Election Commission enforced the Election Code of Conduct ten days later.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the board, the capital requirement for new broker license has been fixed between Rs 200 million to Rs 1.5 billion. Brokers will be issued three different types of licenses based on their capital structure.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the new provision, the first kind of brokers providing limited services of stock market transaction require a minimum capital of Rs 200 million to acquire license. Likewise, the brokers providing services like share transaction, depository participant, investment consultancy, investment management and margin business need to have a minimum paid up capital of Rs 600 million.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-21', 'modified' => '2022-10-21', 'keywords' => '', 'description' => '', 'sortorder' => '15935', 'image' => '20221021015419_Sebonnn.jpg', 'article_date' => '2022-10-21 13:53:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16193', 'article_category_id' => '218', 'title' => 'Everest Bank Marks its 28th Anniversary', 'sub_title' => '', 'summary' => 'October 21: Everest Bank celebrated its 28th anniversary by organising a special program on Wednesday. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">October 21: Everest Bank celebrated its 28th anniversary by organising a special program on Wednesday. On the occasion, the bank organized various programmes including tree plantation under the bank’s corporate social responsibility. More than 200 employees and customers of the bank were present on the occasion at the head office. During the programme, the bank also honored 10 employees who completed 25 years of service.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The bank financially helped Dr. Ram Prasad Pokhrel of the Eye Hospital, Dhankuta under Nepal Netra Jyoti Sangh with Rs 480,250, to purchase an eye examination machine under the bank’s corporate social responsibility. The bank's Chief Executive Officer Sudesh Khaling handed over the check to the board member of Nepal Netra Jyoti Sangh, Dron Guragai during the programme.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Also, the bank entered into an agreement with Godavari Municipality Ward No. 3 for the construction of a solar passenger waiting room at Taikhel in Lalitpur. Deputy Chief Executive Officer Bijay Kumar Sharma on behalf of the bank and President Sanu Raja Ghimire on behalf of the ward office signed the agreement.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-21', 'modified' => '2022-10-21', 'keywords' => '', 'description' => '', 'sortorder' => '15934', 'image' => '20221021013240_everest.jpg', 'article_date' => '2022-10-21 13:31:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16189', 'article_category_id' => '1', 'title' => 'Tea Board of India Lifts Ban on Blending of Tea to the Relief of Nepal's Tea Industry', 'sub_title' => '', 'summary' => 'October 21: The Tea Board of India has lifted the ban imposed on blending of tea produced in Nepal with Darjeeling tea.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">October 21: The Tea Board of India has lifted the ban imposed on blending of tea produced in Nepal with Darjeeling tea. The export of tea produced in Nepal is expected to grow with the board’s decision to remove the ban that was in place since one year. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Tata Consumer Products Limited had written a letter to the Tea Board of India requesting the board to allow mixing of tea produced in Nepal and other provinces of India with the tea produced in Darjeeling.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The board ruled in favour of Tata and lifted the ban effective from Tuesday (October 18). </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to the Telegraph, the Tea Board of India issued a notification on Tuesday which will let sellers mix Darjeeling tea with any other varieties, especially Nepal tea in their packs — as long as the end product does not claim to be an exclusive item covered by the geographical indication (GI) label.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Earlier, the board had issued a notice instructing tea producers to place tags in tea packs that clearly show the GI lable indicating the origin of the tea. The notice issued on November 11, 2021 had also banned mixing of tea produced in different places. Due to this decision, the sale of Darjeeling tea took a nosedive and had to be sold at throw-away prices.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">President of Nepal Tea Producers Association Suresh Mittal welcomed the latest decision of the Tea Board of India and said that the move is expected to boost the sale of tea produced in Nepal.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to Mittal, Tata Consumer Products Limited had stopped purchasing tea produced in Darjeeling about a year ago after the board made it mandatory to keep GI labels which did not allow blending of a varieties of tea. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Tata Consumer Products Limited had been purchasing over one thousand tons of tea produced in Darjeeling. This amount is 15 percent of the total production in the region. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The decision to ban the mixing of tea did not go well with some of the board members and also the central ministry. Due to the setback in sale, the board finally decided to revoke the decision.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The board’s decision is a relief to the tea industry of Nepal which is facing stiff opposition from Indian lawmakers in the parliament.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">A total of 40 MPs of India had filed a motion in the Provincial Assembly of West Bengal with 11 serious allegations against Nepal’s tea industry, alleging that the tea produced in Nepal has discredited the Darjeeling tea in the world market. If the registered motion is passed, there will be a problem for the tea produced in Nepal to get access to the Indian market. However, the board’s decision is likely to favour Nepal, says Mittal.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Nepal has been exporting tea worth Rs 3.5 billion to India annually. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-10-21', 'modified' => '2022-10-21', 'keywords' => '', 'description' => '', 'sortorder' => '15933', 'image' => '20221021113420_20221014010853_Tea.jpg', 'article_date' => '2022-10-21 11:33:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16192', 'article_category_id' => '1', 'title' => 'NCC to Help Promote Export of Readymade Garments', 'sub_title' => '', 'summary' => 'October 21: Nepal Chamber of Commerce is going to support industrialists to increase the export of ready-made garments by helping in the international marketing and branding. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">October 21: Nepal Chamber of Commerce is going to support industrialists to increase the export of ready-made garments by helping in the international marketing and branding. Rajendra Malla, president of the chamber, said they are preparing to cooperate with industrialists for promoting the market of Nepali ready-made garments through the international branch under the chamber.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">During an interaction with the newly elected officials of Nepal Readymade Garment Industry Association at the chamber building in Jamal, President Malla said that export promotion is the only option to reduce the growing trade deficit.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">“The chamber will help to increase the export of ready-made garments through Nepal’s embassies abroad and international branches of the chamber,” said Malla.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Recalling that in the 1990s, ready-made garments worth Rs 11 billion were exported annually from Nepal, Malla said that it is unfortunate that garments worth only Rs 7 billion are being exported at present. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Pashupati Dev Pandey, the newly elected president of Nepal Readymade Garment Industry Association, said that it is ironic that the clothes used for climbing Mount Everest cannot be produced within the country, even though Nepal is proud to be the country of Mount Everest. Pandey said that their target is to export ready-made garments worth Rs 10 billion in the current fiscal year.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-21', 'modified' => '2022-10-21', 'keywords' => '', 'description' => '', 'sortorder' => '15932', 'image' => '20221021012824_NCCC.jpg', 'article_date' => '2022-10-21 13:27:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16190', 'article_category_id' => '1', 'title' => 'Consumers' Awareness Imperative to Curb Black Marketing: Experts ', 'sub_title' => '', 'summary' => 'October 21: Experts say that consumers themselves should be more aware to curb black marketing in the wake of festivals.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 21: Experts say that consumers themselves should be more aware to curb black marketing in the wake of festivals. Market frauds including adulteration of food and irregularities have been reported in media of late. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The speakers during a recent meeting of Consumers' Awareness Campaign said the traders take advantage of festive season and cheat the consumers, which needs to be curbed with collective efforts. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They stressed that informed and aware consumers have important role to ensure availability of standard and quality foods in the market. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Former secretary of the government, Krishna Hari Banskota, said time has come for consumers' activism and awareness so that they would not be deprived of their rights. He added that impunity is thriving in the market. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, another former secretary of government, Dr Hari Dahal, shared that the consumer rights activists and consumers could work in unison to control such irregularities in the market. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Director at the Department of Commerce, Bhesh Bahadur Kunwar, informed that the department was conducting market monitoring as per its resources and strength. He sought cooperation from rights bodies in this regard. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chairperson of the National Consumers' Forum Nepal, Prem Lal Maharjan, also stressed the need of unity among concerned bodies for consumers' rights. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-10-21', 'modified' => '2022-10-21', 'keywords' => '', 'description' => '', 'sortorder' => '15931', 'image' => '20221021011452_RupakPuri_Chautara_RSS_26_______.jpg', 'article_date' => '2022-10-21 13:14:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16188', 'article_category_id' => '1', 'title' => 'Industrialists Opt for Protest Against Unfair Decision of Nepal Rastra Bank', 'sub_title' => '', 'summary' => 'October 21: Industrialists of eastern Nepal have started protests against excessive hike in interest rate and accused the central bank of favouring banks and financial institutions even when the production capacity of industries have dropped to 40 percent.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">October 21: Industrialists of eastern Nepal have started protests against excessive hike in interest rate and accused the central bank of favouring banks and financial institutions even when the production capacity of industries have dropped to 40 percent. They said that the Nepal Rastra Bank has been giving undue favour to the banks by ensuring that their profit does not shrink even at the expense of production cuts.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Speaking at an interaction organized by Province 1 chapter of the Federation of Nepalese Chamber of Commerce and Industry (FNCCI) on Thursday, stakeholders expressed concern over the policy adopted by the central bank that ensures banks run in profit at any cost. They also complained about forceful extortion in the name of donations ahead of the elections. All these have led to a situation in which industries have been forced to limit their production to 40 percent of their total capacity, according to the stakeholders.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Industrialist Tika Raj Dhakal shared that the political parties, leaders and activists have been seeking donations even though the industrialists have been requesting them not to ask for donations to the industries that are not in operation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Dhakal said that they opted for street protests after the leaders of political parties turned a deaf ear to their problems.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Speaking at the programme, other stakeholders including Bhim Poudel, Rajendra Raut and Suyash Raj Pyakurel were unanimous in saying that the policy adopted by Nepal Rastra Bank has badly affected the industrial sector.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Participants of the programme said that it has become difficult to operate industries and businesses due to the Covid-19 pandemic followed by the Russia-Ukraine war which resulted in rise in prices of petroleum products and disruption of supply chain. In addition to that, liquidity crisis in the banking system, decline in credit flow and increase in interest rates have all created additional burden to the business community.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Province 1 chapter of FNCCI has announced a three-phase protest programme based on suggestions from the district and municipal associations of FNCCI. Participants of the programme have also decided to submit a 17- point memo to Nepal Rastra Bank demanding the central bank to amend its decision in relation to hike in interest rates.</span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-10-21', 'modified' => '2022-10-21', 'keywords' => '', 'description' => '', 'sortorder' => '15930', 'image' => '20221021102455_market monitoring.jpg', 'article_date' => '2022-10-21 10:24:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">October 24: The second day of Tihar festival is dedicated to the worship of dogs. This day is also called "Narak Chaturdashi" according to the Vedic Hindu tradition.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The celebration of Laxmi Puja or the worship of the goddess of wealth was observed in evening, according to the lunar calendar.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">It is believed that dog is the messenger of Lord Yamaraj, the god of death and justice and worshipping dog on this day will please the god.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Dog is also considered as the gate keeper of the God of Death, Yamaraj's palace. Today, the dog is worshipped and fed with delicious food as a sigh of gratitude.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Dog is also the man's best friend and has been domesticated for over thousands of years.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">In the evening, Goddess Laxmi -- the goddess of wealth was worshipped with huge celebration among the Hindu devotees.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">People clean their houses on this day to welcome the goddess. It is believed that the goddess will be pleased if people maintain proper cleanliness and hygiene. People also light candles and oil lamps to welcome the goddess. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Merrymakers visit the households in their neighbourhood singing songs and seeking charities on the occasion of Laxmi Puja and bless the charitable people. Legend has it that tradition was started by the Demon King Bali, who is said to be an ardent devotee of Goddess Laxmi. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Besides the traditional belief, the festival of Tihar is basically related to the interdependence of human beings with nature. This festival coincides with the harvesting season when there is abundance of food and delicacies to celebrate.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-10-24', 'modified' => '2022-10-25', 'keywords' => '', 'description' => '', 'sortorder' => '15944', 'image' => '20221024101409_Diwali-1-782x440.jpg', 'article_date' => '2022-10-24 10:13:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16202', 'article_category_id' => '1', 'title' => 'Gold Business Affected due to Supply Disruption', 'sub_title' => '', 'summary' => 'October 23: The Federation of Nepal Gold and Silver Dealers Association has revealed that gold and silver traders are facing trouble due to the ineffective gold supply system in the market. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">October 23: The Federation of Nepal Gold and Silver Dealers Association has revealed that gold and silver traders are facing trouble due to the ineffective gold supply system in the market. A delegation of the federation, led by its president Manik Ratna Shakya, made such complaint to Mahesh Bhattarai, the director general of the Department of Commerce, Supply and Consumer Protection on Friday.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">During a programme organized by the department to discuss various issues of consumer concern, the representative of the federation said that the supply of gold and silver has been very low as compared to the demand in the market. The representatives of the federation argued that it is difficult to operate the business in such a situation. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Director General Bhattarai said that the businessmen's complaints were reasonable and expressed his commitment to convey the message to the concerned authorities.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-23', 'modified' => '2022-10-24', 'keywords' => '', 'description' => '', 'sortorder' => '15943', 'image' => '20221023025655_gold.jpg', 'article_date' => '2022-10-23 14:56:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16201', 'article_category_id' => '1', 'title' => 'Average Interest on Loan Exceeds 12 Percent', 'sub_title' => '', 'summary' => 'October 23: The average interest on loans of commercial banks has exceeded 12 percent amid protests from industrialists and businessmen. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">October 23: The average interest on loans of commercial banks has exceeded 12 percent amid protests from industrialists and businessmen. Due to the tight monetary policy implemented by Nepal Rastra Bank (NRB) and lack of liquidity in the market, the interest on loans has increased with the rise in operating cost of the banks.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to NRB, the average interest rate of bank loans has reached 12.06 percent in August which was 8.57 percent last year. A report published by NRB on Friday mentions that the base rate of banks reached 10.01 percent by mid-September this year, which was 6.89 percent last year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The industrialists and businessmen have started street protests since last week stating that the banks increased the interest rate on loans excessively. The relationship between industrialists and banks has become tense regarding the issue of interest rates.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to NRB, the average interest rate of bank deposits in August also increased from 4.92 percent to 7.81 percent this year. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Due to lack of liquidity, banks increased the interest on savings to increase deposit collection, which in turn increased the interest on loans.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Banks fix the loan interest rate by adding a certain percentage premium to the base rate. Due to this, when the base rate increases, the interest rate of loan also increases. Banks are allowed to adjust the interest rate based on the quarterly base rate.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Despite the increase in the interest rate, there has been no improvement in deposit collection. According to NRB, the total deposits of bank and financial institution decreased by 0.9 percent, while lending increased by 0.55 percent as of mid-September.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-10-23', 'modified' => '2022-10-23', 'keywords' => '', 'description' => '', 'sortorder' => '15942', 'image' => '20221023024826_Banks - Copy.jpg', 'article_date' => '2022-10-23 14:47:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16200', 'article_category_id' => '1', 'title' => 'Consumer Price Inflation Rises to 8.64 Percent: NRB Report ', 'sub_title' => '', 'summary' => 'October 23: The year-on-year (y-o-y) consumer price inflation stood at 8.64 percent in the second month of the current fiscal year (FY 2022/23) compared to 3.49 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 23: The year-on-year (y-o-y) consumer price inflation stood at 8.64 percent in the second month of the current fiscal year (FY 2022/23) compared to 3.49 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB). </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The Current Macroeconomic and Financial Situation Report of Nepal released by the central bank on Friday stated that the food and beverage inflation stood at 8.17 percent whereas non-food and service inflation stood at 9.02 percent in the review month. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Under the food and beverage category, the prices of fruit, ghee and oil, restaurant and hotel, </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">alcoholic drinks and vegetable sub-categories increased by 17.29 percent, 14.53 percent, 12.30 percent, 10.24 and 9.94 percent respectively on y-o-y basis. </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"">Similarly, under the non-food and services category, the prices of transportation, health, furnishing and household equipment, education, and housing and utilities sub-categories increased by 23.41 percent, 10.54 percent, 9.25 percent, 8.11 percent and 7.69 percent respectively on y-o-y basis in the review month. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, in the review month, consumer price inflation in the Kathmandu valley, terai, hill and mountain stood at 7.62 percent, 9.33 percent, 8.82 percent and 6.68 percent respectively. Inflation in these regions was 3.23 percent, 3.65 percent, 3.96 percent and 3.51 percent respectively a year ago. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The y-o-y consumer price inflation in Nepal as of mid-September of 2022/23 remained 8.64 percent. Such inflation in India stood at 7.41 percent in September 2022. </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-10-23', 'modified' => '2022-10-23', 'keywords' => '', 'description' => '', 'sortorder' => '15941', 'image' => '20221023023656_Inflation.jpg', 'article_date' => '2022-10-23 14:36:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16199', 'article_category_id' => '1', 'title' => 'Trade Deficit Declines due to Slump in Import and Export ', 'sub_title' => '', 'summary' => 'October 23: Merchandise exports of Nepal decreased by 34.9 percent in the first two months of the current fiscal year. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">October 23: Merchandise exports of Nepal decreased by 34.9 percent in the first two months of the current fiscal year. According to the Current Macroeconomic and Financial Situation Report of Nepal Rastra Bank, the total export of Nepal in the review period stood at Rs 28.68 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The report states that the country’s exports had increased by 115.4 percent in the corresponding period of the last fiscal year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Destination-wise, exports to India and China decreased by 45.2 percent and 21.6 percent respectively whereas exports to other countries increased by 13.2 percent. Exports of zinc sheet, woolen carpets, readymade garments, medicine (ayurvedic), among others, increased whereas exports of soybean oil, palm oil, oil cakes, cardamom, toothpaste, among others, decreased in the review period, the report further said. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the central bank said that merchandise imports decreased by 13.0 percent to Rs 273.60 billion during the first two months of FY 2022/23 against an increase of 75.9 percent a year ago. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Destination-wise, imports from India, China and other countries decreased by 9.5 percent, 13.3 percent, and 20.7 percent respectively. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Imports of petroleum products, chemical fertilizer, sponge iron, medicine, aircraft and spareparts, among others, increased whereas imports of transport equipment and parts, silver, crude soybean oil, hot rolled sheet in coil, MS billet, among others, decreased in the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the report, Nepal’s trade deficit decreased by 9.4 percent to Rs 244.92 billion during the first two months of FY 2022/23. Such a deficit had increased 70.8 percent in the corresponding period of the previous year. The export-import ratio decreased to 10.5 percent in the review period from 14.0 percent in the corresponding period of the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-23', 'modified' => '2022-10-23', 'keywords' => '', 'description' => '', 'sortorder' => '15940', 'image' => '20221023013759_Trade - Copy.jpg', 'article_date' => '2022-10-23 13:36:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16198', 'article_category_id' => '1', 'title' => 'Remittance Inflow Increases during Festive Season', 'sub_title' => '', 'summary' => 'October 23: Inflow of remittance to Nepal has increased in the second month of the current fiscal year.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">October 23: Inflow of remittance to Nepal has increased in the second month of the current fiscal year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Current Macroeconomic and Financial Situation Report released by Nepal Rastra Bank on Friday, remittance inflow increased by 19.8 percent to Rs 187.04 billion in the review period against a decrease of 5.8 percent in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Economists believed that the remittance inflow increased during this period due to the onset of the festive season. The country is currently celebrating the Tihar festival for which family members working in foreign countries send money back home.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the US Dollar terms, remittance inflow increased 11.3 percent to 1.47 billion in the review period against a decrease of 5.3 percent in the same period of the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the NRB report, the number of Nepali workers (institutional and individual-new) taking approval for foreign employment increased 169.9 percent to 103,898 in the review period. Likewise, the number of Nepali workers (renew entry) taking approval for foreign employment increased 70.6 percent to 39,189 in the review period. It had increased 429.5 percent in the same period of the previous year.</span></span></p> <p><br /> <br /> </p> ', 'published' => true, 'created' => '2022-10-23', 'modified' => '2022-10-23', 'keywords' => '', 'description' => '', 'sortorder' => '15939', 'image' => '20221023095025_Remittance.jpg', 'article_date' => '2022-10-23 09:49:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16197', 'article_category_id' => '1', 'title' => 'Digital Payment on the Rise in Nepal ', 'sub_title' => '', 'summary' => 'October 23: With growing access to technology, digital payment is on the rise in Nepal of late.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 23: With growing access to technology, digital payment is on the rise in Nepal of late. The digital transaction which gained pace during the COVID-19 pandemic has continued to rise till date. Nepal Rastra Bank (NRB) has also encouraged people for the electronic payment. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The latest record shared by NRB shows that in the second month (mid-August to mid-September) of the current fiscal year alone, transaction of more than Rs 4900 billion was done via electronic medium. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the central bank, the transaction worth Rs 292 billion was made via Connect IPS. In the same period last year, the transaction of Rs 232 billion was done. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, transactions through mobile banking in the review month stood at Rs 146 billion. In the same period last year, it was Rs 74.32 billion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Digital wallet transaction amounts to Rs 17.63 billion, while it was Rs 14.42 billion in the corresponding period of last fiscal year. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-10-23', 'modified' => '2022-10-23', 'keywords' => '', 'description' => '', 'sortorder' => '15938', 'image' => '20221023094102_digital payment.jpg', 'article_date' => '2022-10-23 09:40:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16196', 'article_category_id' => '1', 'title' => 'Tihar, the Festival of Lights, Begins', 'sub_title' => '', 'summary' => 'October 23: The festival of Tihar, the second biggest festival of Nepal, formally kicked off today. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 23: The festival of Tihar, the second biggest festival of Nepal, formally kicked off today. Tihar is also called Deepawali or the Festival of Lights and Yama Panchak. According to the Nepal Calendar Determination Committee, although Yama Panchak (five days dedicated to Lord Yamaraj) started on Saturday, Kaag Tihar or the first day of the five-day festival is being observed today.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The festival is celebrated for five full days during the Nepali month of Kartik (mid-October to mid-November).</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The first day of Tihar is the day dedicated for worshipping the crows that are considered as the messenger of Lord Yamaraj, the God of Death. </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 part of the Tihar festival, Kaag Tihar is being celebrated today by offering food to the crow. Today, every household offers prayers and leaves food on the top of terraces and walls for the crows to feed on. There is a general belief among the people that the crow accompanies Lord Yamaraj and is therefore immortal and worshipping it brings good fortune. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The religious scriptures talk about how the demon king Bali was given the opportunity by Lord Bishnu to rule all over the universe for these five days. To celebrate his ascension to the lordship of the entire universes, he ordered everyone to celebrate all five days with lights and flowers. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The belief among the people is that the celebration will please Goddess Laxmi, who is considered the goddess of wealth. </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"">Due to the change in date this year, Yama Panchak or Tihar festival which starts in the evening on the day of Kartik Krishna Trayodashi has started from Saturday evening, the state-owned RSS reported. Similarly, the Dhanteras festival of buying jewelry and copper utensils to keep Goddess Lakshmi happy was also celebrated on Saturday itself. </span></span></span></p> ', 'published' => true, 'created' => '2022-10-23', 'modified' => '2022-10-23', 'keywords' => '', 'description' => '', 'sortorder' => '15937', 'image' => '20221023093327_tihar-nepal.jpg', 'article_date' => '2022-10-23 09:32:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16195', 'article_category_id' => '1', 'title' => 'Nepalis Observe Dhanteras by Buying New Utensils ', 'sub_title' => '', 'summary' => 'October 23: Hindus across the country observed the festival of Dhanteras on Saturday by purchasing new items made of gold, silver, copper, and other metals. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 23: Hindus across the country observed the festival of Dhanteras on Saturday by purchasing new items made of gold, silver, copper, and other metals. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As part of the Tihar festival celebrations, the items purchased on the day of Dhanteras are used during the Lakshmi Pooja held on the new moon day in the month of Kartik (mid-October to mid-November). There is a traditional belief that worship performed in this way will please the goddess of wealth Lakshmi who will continue to bless the family. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">There is also a tradition of buying gold and silver ornaments on the day of Dhanteras. Due to this religious belief there is usually a rush of people buying utensils and jewelry. Known by names like Deepawali, Tihar, Yamapanchak, this festival is the second biggest festival celebrated by Nepalis after the Dashain festival. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The celebration of the Tihar festival this year started on Saturday with the lighting of homes, commercial establishments and other places. According to Nepal Calendar Determination Committee, although Yamapanchak started on Saturday, Kaag Tihar falls on Sunday. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-10-23', 'modified' => '2022-10-23', 'keywords' => '', 'description' => '', 'sortorder' => '15936', 'image' => '20221023093239_dhanteras.jpg', 'article_date' => '2022-10-23 09:32:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16194', 'article_category_id' => '1', 'title' => 'SEBON Submits Written Clarification to Election Commission', 'sub_title' => '', 'summary' => 'October 21: Securities Board of Nepal has submitted a written clarification to the Election Commission over the issue of broker license.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">October 21: Securities Board of Nepal has submitted a written clarification to the Election Commission over the issue of broker license. The board has clarified that the process of issuing the license to the brokers and stock exchange company is not against the Election Code of Conduct.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Election Commission had recently sought clarification with SEBON regarding why it should not halt the process of issuing license when the Election Code of Conduct has already been enforced since September 28. The Election Commission had instructed the board to present a written clarification within three days.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The board responded saying that the process of issuing license to the brokers and new stock exchange company was initiated before the Election Code of Conduct came into force. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Executive Director of the board Binay Dev Acharya argued that the topic of issuing license did not surface right now but was pre-planned since a long time. He said that the board took steps in accordance with the budget announcement of the government in order to make the secondary market more competitive.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The board had called for applications to operate a new stock exchange company and two commodity exchanges along with broker's license on the September 18. The Election Commission enforced the Election Code of Conduct ten days later.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the board, the capital requirement for new broker license has been fixed between Rs 200 million to Rs 1.5 billion. Brokers will be issued three different types of licenses based on their capital structure.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the new provision, the first kind of brokers providing limited services of stock market transaction require a minimum capital of Rs 200 million to acquire license. Likewise, the brokers providing services like share transaction, depository participant, investment consultancy, investment management and margin business need to have a minimum paid up capital of Rs 600 million.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-21', 'modified' => '2022-10-21', 'keywords' => '', 'description' => '', 'sortorder' => '15935', 'image' => '20221021015419_Sebonnn.jpg', 'article_date' => '2022-10-21 13:53:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16193', 'article_category_id' => '218', 'title' => 'Everest Bank Marks its 28th Anniversary', 'sub_title' => '', 'summary' => 'October 21: Everest Bank celebrated its 28th anniversary by organising a special program on Wednesday. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">October 21: Everest Bank celebrated its 28th anniversary by organising a special program on Wednesday. On the occasion, the bank organized various programmes including tree plantation under the bank’s corporate social responsibility. More than 200 employees and customers of the bank were present on the occasion at the head office. During the programme, the bank also honored 10 employees who completed 25 years of service.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The bank financially helped Dr. Ram Prasad Pokhrel of the Eye Hospital, Dhankuta under Nepal Netra Jyoti Sangh with Rs 480,250, to purchase an eye examination machine under the bank’s corporate social responsibility. The bank's Chief Executive Officer Sudesh Khaling handed over the check to the board member of Nepal Netra Jyoti Sangh, Dron Guragai during the programme.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Also, the bank entered into an agreement with Godavari Municipality Ward No. 3 for the construction of a solar passenger waiting room at Taikhel in Lalitpur. Deputy Chief Executive Officer Bijay Kumar Sharma on behalf of the bank and President Sanu Raja Ghimire on behalf of the ward office signed the agreement.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-21', 'modified' => '2022-10-21', 'keywords' => '', 'description' => '', 'sortorder' => '15934', 'image' => '20221021013240_everest.jpg', 'article_date' => '2022-10-21 13:31:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16189', 'article_category_id' => '1', 'title' => 'Tea Board of India Lifts Ban on Blending of Tea to the Relief of Nepal's Tea Industry', 'sub_title' => '', 'summary' => 'October 21: The Tea Board of India has lifted the ban imposed on blending of tea produced in Nepal with Darjeeling tea.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">October 21: The Tea Board of India has lifted the ban imposed on blending of tea produced in Nepal with Darjeeling tea. The export of tea produced in Nepal is expected to grow with the board’s decision to remove the ban that was in place since one year. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Tata Consumer Products Limited had written a letter to the Tea Board of India requesting the board to allow mixing of tea produced in Nepal and other provinces of India with the tea produced in Darjeeling.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The board ruled in favour of Tata and lifted the ban effective from Tuesday (October 18). </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to the Telegraph, the Tea Board of India issued a notification on Tuesday which will let sellers mix Darjeeling tea with any other varieties, especially Nepal tea in their packs — as long as the end product does not claim to be an exclusive item covered by the geographical indication (GI) label.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Earlier, the board had issued a notice instructing tea producers to place tags in tea packs that clearly show the GI lable indicating the origin of the tea. The notice issued on November 11, 2021 had also banned mixing of tea produced in different places. Due to this decision, the sale of Darjeeling tea took a nosedive and had to be sold at throw-away prices.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">President of Nepal Tea Producers Association Suresh Mittal welcomed the latest decision of the Tea Board of India and said that the move is expected to boost the sale of tea produced in Nepal.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to Mittal, Tata Consumer Products Limited had stopped purchasing tea produced in Darjeeling about a year ago after the board made it mandatory to keep GI labels which did not allow blending of a varieties of tea. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Tata Consumer Products Limited had been purchasing over one thousand tons of tea produced in Darjeeling. This amount is 15 percent of the total production in the region. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The decision to ban the mixing of tea did not go well with some of the board members and also the central ministry. Due to the setback in sale, the board finally decided to revoke the decision.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The board’s decision is a relief to the tea industry of Nepal which is facing stiff opposition from Indian lawmakers in the parliament.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">A total of 40 MPs of India had filed a motion in the Provincial Assembly of West Bengal with 11 serious allegations against Nepal’s tea industry, alleging that the tea produced in Nepal has discredited the Darjeeling tea in the world market. If the registered motion is passed, there will be a problem for the tea produced in Nepal to get access to the Indian market. However, the board’s decision is likely to favour Nepal, says Mittal.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Nepal has been exporting tea worth Rs 3.5 billion to India annually. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-10-21', 'modified' => '2022-10-21', 'keywords' => '', 'description' => '', 'sortorder' => '15933', 'image' => '20221021113420_20221014010853_Tea.jpg', 'article_date' => '2022-10-21 11:33:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16192', 'article_category_id' => '1', 'title' => 'NCC to Help Promote Export of Readymade Garments', 'sub_title' => '', 'summary' => 'October 21: Nepal Chamber of Commerce is going to support industrialists to increase the export of ready-made garments by helping in the international marketing and branding. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">October 21: Nepal Chamber of Commerce is going to support industrialists to increase the export of ready-made garments by helping in the international marketing and branding. Rajendra Malla, president of the chamber, said they are preparing to cooperate with industrialists for promoting the market of Nepali ready-made garments through the international branch under the chamber.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">During an interaction with the newly elected officials of Nepal Readymade Garment Industry Association at the chamber building in Jamal, President Malla said that export promotion is the only option to reduce the growing trade deficit.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">“The chamber will help to increase the export of ready-made garments through Nepal’s embassies abroad and international branches of the chamber,” said Malla.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Recalling that in the 1990s, ready-made garments worth Rs 11 billion were exported annually from Nepal, Malla said that it is unfortunate that garments worth only Rs 7 billion are being exported at present. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Pashupati Dev Pandey, the newly elected president of Nepal Readymade Garment Industry Association, said that it is ironic that the clothes used for climbing Mount Everest cannot be produced within the country, even though Nepal is proud to be the country of Mount Everest. Pandey said that their target is to export ready-made garments worth Rs 10 billion in the current fiscal year.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-21', 'modified' => '2022-10-21', 'keywords' => '', 'description' => '', 'sortorder' => '15932', 'image' => '20221021012824_NCCC.jpg', 'article_date' => '2022-10-21 13:27:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16190', 'article_category_id' => '1', 'title' => 'Consumers' Awareness Imperative to Curb Black Marketing: Experts ', 'sub_title' => '', 'summary' => 'October 21: Experts say that consumers themselves should be more aware to curb black marketing in the wake of festivals.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 21: Experts say that consumers themselves should be more aware to curb black marketing in the wake of festivals. Market frauds including adulteration of food and irregularities have been reported in media of late. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The speakers during a recent meeting of Consumers' Awareness Campaign said the traders take advantage of festive season and cheat the consumers, which needs to be curbed with collective efforts. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They stressed that informed and aware consumers have important role to ensure availability of standard and quality foods in the market. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Former secretary of the government, Krishna Hari Banskota, said time has come for consumers' activism and awareness so that they would not be deprived of their rights. He added that impunity is thriving in the market. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, another former secretary of government, Dr Hari Dahal, shared that the consumer rights activists and consumers could work in unison to control such irregularities in the market. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Director at the Department of Commerce, Bhesh Bahadur Kunwar, informed that the department was conducting market monitoring as per its resources and strength. He sought cooperation from rights bodies in this regard. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chairperson of the National Consumers' Forum Nepal, Prem Lal Maharjan, also stressed the need of unity among concerned bodies for consumers' rights. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-10-21', 'modified' => '2022-10-21', 'keywords' => '', 'description' => '', 'sortorder' => '15931', 'image' => '20221021011452_RupakPuri_Chautara_RSS_26_______.jpg', 'article_date' => '2022-10-21 13:14:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16188', 'article_category_id' => '1', 'title' => 'Industrialists Opt for Protest Against Unfair Decision of Nepal Rastra Bank', 'sub_title' => '', 'summary' => 'October 21: Industrialists of eastern Nepal have started protests against excessive hike in interest rate and accused the central bank of favouring banks and financial institutions even when the production capacity of industries have dropped to 40 percent.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">October 21: Industrialists of eastern Nepal have started protests against excessive hike in interest rate and accused the central bank of favouring banks and financial institutions even when the production capacity of industries have dropped to 40 percent. They said that the Nepal Rastra Bank has been giving undue favour to the banks by ensuring that their profit does not shrink even at the expense of production cuts.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Speaking at an interaction organized by Province 1 chapter of the Federation of Nepalese Chamber of Commerce and Industry (FNCCI) on Thursday, stakeholders expressed concern over the policy adopted by the central bank that ensures banks run in profit at any cost. They also complained about forceful extortion in the name of donations ahead of the elections. All these have led to a situation in which industries have been forced to limit their production to 40 percent of their total capacity, according to the stakeholders.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Industrialist Tika Raj Dhakal shared that the political parties, leaders and activists have been seeking donations even though the industrialists have been requesting them not to ask for donations to the industries that are not in operation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Dhakal said that they opted for street protests after the leaders of political parties turned a deaf ear to their problems.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Speaking at the programme, other stakeholders including Bhim Poudel, Rajendra Raut and Suyash Raj Pyakurel were unanimous in saying that the policy adopted by Nepal Rastra Bank has badly affected the industrial sector.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Participants of the programme said that it has become difficult to operate industries and businesses due to the Covid-19 pandemic followed by the Russia-Ukraine war which resulted in rise in prices of petroleum products and disruption of supply chain. In addition to that, liquidity crisis in the banking system, decline in credit flow and increase in interest rates have all created additional burden to the business community.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Province 1 chapter of FNCCI has announced a three-phase protest programme based on suggestions from the district and municipal associations of FNCCI. Participants of the programme have also decided to submit a 17- point memo to Nepal Rastra Bank demanding the central bank to amend its decision in relation to hike in interest rates.</span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-10-21', 'modified' => '2022-10-21', 'keywords' => '', 'description' => '', 'sortorder' => '15930', 'image' => '20221021102455_market monitoring.jpg', 'article_date' => '2022-10-21 10:24:07', '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' => '16203', 'article_category_id' => '1', 'title' => 'Laxmi Puja Observed', 'sub_title' => '', 'summary' => 'October 24: The second day of Tihar festival is dedicated to the worship of dogs. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">October 24: The second day of Tihar festival is dedicated to the worship of dogs. This day is also called "Narak Chaturdashi" according to the Vedic Hindu tradition.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The celebration of Laxmi Puja or the worship of the goddess of wealth was observed in evening, according to the lunar calendar.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">It is believed that dog is the messenger of Lord Yamaraj, the god of death and justice and worshipping dog on this day will please the god.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Dog is also considered as the gate keeper of the God of Death, Yamaraj's palace. Today, the dog is worshipped and fed with delicious food as a sigh of gratitude.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Dog is also the man's best friend and has been domesticated for over thousands of years.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">In the evening, Goddess Laxmi -- the goddess of wealth was worshipped with huge celebration among the Hindu devotees.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">People clean their houses on this day to welcome the goddess. It is believed that the goddess will be pleased if people maintain proper cleanliness and hygiene. People also light candles and oil lamps to welcome the goddess. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Merrymakers visit the households in their neighbourhood singing songs and seeking charities on the occasion of Laxmi Puja and bless the charitable people. Legend has it that tradition was started by the Demon King Bali, who is said to be an ardent devotee of Goddess Laxmi. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Besides the traditional belief, the festival of Tihar is basically related to the interdependence of human beings with nature. This festival coincides with the harvesting season when there is abundance of food and delicacies to celebrate.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-10-24', 'modified' => '2022-10-25', 'keywords' => '', 'description' => '', 'sortorder' => '15944', 'image' => '20221024101409_Diwali-1-782x440.jpg', 'article_date' => '2022-10-24 10:13:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16202', 'article_category_id' => '1', 'title' => 'Gold Business Affected due to Supply Disruption', 'sub_title' => '', 'summary' => 'October 23: The Federation of Nepal Gold and Silver Dealers Association has revealed that gold and silver traders are facing trouble due to the ineffective gold supply system in the market. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">October 23: The Federation of Nepal Gold and Silver Dealers Association has revealed that gold and silver traders are facing trouble due to the ineffective gold supply system in the market. A delegation of the federation, led by its president Manik Ratna Shakya, made such complaint to Mahesh Bhattarai, the director general of the Department of Commerce, Supply and Consumer Protection on Friday.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">During a programme organized by the department to discuss various issues of consumer concern, the representative of the federation said that the supply of gold and silver has been very low as compared to the demand in the market. The representatives of the federation argued that it is difficult to operate the business in such a situation. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Director General Bhattarai said that the businessmen's complaints were reasonable and expressed his commitment to convey the message to the concerned authorities.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-23', 'modified' => '2022-10-24', 'keywords' => '', 'description' => '', 'sortorder' => '15943', 'image' => '20221023025655_gold.jpg', 'article_date' => '2022-10-23 14:56:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16201', 'article_category_id' => '1', 'title' => 'Average Interest on Loan Exceeds 12 Percent', 'sub_title' => '', 'summary' => 'October 23: The average interest on loans of commercial banks has exceeded 12 percent amid protests from industrialists and businessmen. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">October 23: The average interest on loans of commercial banks has exceeded 12 percent amid protests from industrialists and businessmen. Due to the tight monetary policy implemented by Nepal Rastra Bank (NRB) and lack of liquidity in the market, the interest on loans has increased with the rise in operating cost of the banks.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to NRB, the average interest rate of bank loans has reached 12.06 percent in August which was 8.57 percent last year. A report published by NRB on Friday mentions that the base rate of banks reached 10.01 percent by mid-September this year, which was 6.89 percent last year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The industrialists and businessmen have started street protests since last week stating that the banks increased the interest rate on loans excessively. The relationship between industrialists and banks has become tense regarding the issue of interest rates.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to NRB, the average interest rate of bank deposits in August also increased from 4.92 percent to 7.81 percent this year. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Due to lack of liquidity, banks increased the interest on savings to increase deposit collection, which in turn increased the interest on loans.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Banks fix the loan interest rate by adding a certain percentage premium to the base rate. Due to this, when the base rate increases, the interest rate of loan also increases. Banks are allowed to adjust the interest rate based on the quarterly base rate.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Despite the increase in the interest rate, there has been no improvement in deposit collection. According to NRB, the total deposits of bank and financial institution decreased by 0.9 percent, while lending increased by 0.55 percent as of mid-September.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-10-23', 'modified' => '2022-10-23', 'keywords' => '', 'description' => '', 'sortorder' => '15942', 'image' => '20221023024826_Banks - Copy.jpg', 'article_date' => '2022-10-23 14:47:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16200', 'article_category_id' => '1', 'title' => 'Consumer Price Inflation Rises to 8.64 Percent: NRB Report ', 'sub_title' => '', 'summary' => 'October 23: The year-on-year (y-o-y) consumer price inflation stood at 8.64 percent in the second month of the current fiscal year (FY 2022/23) compared to 3.49 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 23: The year-on-year (y-o-y) consumer price inflation stood at 8.64 percent in the second month of the current fiscal year (FY 2022/23) compared to 3.49 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB). </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The Current Macroeconomic and Financial Situation Report of Nepal released by the central bank on Friday stated that the food and beverage inflation stood at 8.17 percent whereas non-food and service inflation stood at 9.02 percent in the review month. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Under the food and beverage category, the prices of fruit, ghee and oil, restaurant and hotel, </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">alcoholic drinks and vegetable sub-categories increased by 17.29 percent, 14.53 percent, 12.30 percent, 10.24 and 9.94 percent respectively on y-o-y basis. </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"">Similarly, under the non-food and services category, the prices of transportation, health, furnishing and household equipment, education, and housing and utilities sub-categories increased by 23.41 percent, 10.54 percent, 9.25 percent, 8.11 percent and 7.69 percent respectively on y-o-y basis in the review month. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, in the review month, consumer price inflation in the Kathmandu valley, terai, hill and mountain stood at 7.62 percent, 9.33 percent, 8.82 percent and 6.68 percent respectively. Inflation in these regions was 3.23 percent, 3.65 percent, 3.96 percent and 3.51 percent respectively a year ago. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The y-o-y consumer price inflation in Nepal as of mid-September of 2022/23 remained 8.64 percent. Such inflation in India stood at 7.41 percent in September 2022. </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-10-23', 'modified' => '2022-10-23', 'keywords' => '', 'description' => '', 'sortorder' => '15941', 'image' => '20221023023656_Inflation.jpg', 'article_date' => '2022-10-23 14:36:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16199', 'article_category_id' => '1', 'title' => 'Trade Deficit Declines due to Slump in Import and Export ', 'sub_title' => '', 'summary' => 'October 23: Merchandise exports of Nepal decreased by 34.9 percent in the first two months of the current fiscal year. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">October 23: Merchandise exports of Nepal decreased by 34.9 percent in the first two months of the current fiscal year. According to the Current Macroeconomic and Financial Situation Report of Nepal Rastra Bank, the total export of Nepal in the review period stood at Rs 28.68 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The report states that the country’s exports had increased by 115.4 percent in the corresponding period of the last fiscal year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Destination-wise, exports to India and China decreased by 45.2 percent and 21.6 percent respectively whereas exports to other countries increased by 13.2 percent. Exports of zinc sheet, woolen carpets, readymade garments, medicine (ayurvedic), among others, increased whereas exports of soybean oil, palm oil, oil cakes, cardamom, toothpaste, among others, decreased in the review period, the report further said. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the central bank said that merchandise imports decreased by 13.0 percent to Rs 273.60 billion during the first two months of FY 2022/23 against an increase of 75.9 percent a year ago. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Destination-wise, imports from India, China and other countries decreased by 9.5 percent, 13.3 percent, and 20.7 percent respectively. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Imports of petroleum products, chemical fertilizer, sponge iron, medicine, aircraft and spareparts, among others, increased whereas imports of transport equipment and parts, silver, crude soybean oil, hot rolled sheet in coil, MS billet, among others, decreased in the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the report, Nepal’s trade deficit decreased by 9.4 percent to Rs 244.92 billion during the first two months of FY 2022/23. Such a deficit had increased 70.8 percent in the corresponding period of the previous year. The export-import ratio decreased to 10.5 percent in the review period from 14.0 percent in the corresponding period of the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-23', 'modified' => '2022-10-23', 'keywords' => '', 'description' => '', 'sortorder' => '15940', 'image' => '20221023013759_Trade - Copy.jpg', 'article_date' => '2022-10-23 13:36:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16198', 'article_category_id' => '1', 'title' => 'Remittance Inflow Increases during Festive Season', 'sub_title' => '', 'summary' => 'October 23: Inflow of remittance to Nepal has increased in the second month of the current fiscal year.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">October 23: Inflow of remittance to Nepal has increased in the second month of the current fiscal year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Current Macroeconomic and Financial Situation Report released by Nepal Rastra Bank on Friday, remittance inflow increased by 19.8 percent to Rs 187.04 billion in the review period against a decrease of 5.8 percent in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Economists believed that the remittance inflow increased during this period due to the onset of the festive season. The country is currently celebrating the Tihar festival for which family members working in foreign countries send money back home.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the US Dollar terms, remittance inflow increased 11.3 percent to 1.47 billion in the review period against a decrease of 5.3 percent in the same period of the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the NRB report, the number of Nepali workers (institutional and individual-new) taking approval for foreign employment increased 169.9 percent to 103,898 in the review period. Likewise, the number of Nepali workers (renew entry) taking approval for foreign employment increased 70.6 percent to 39,189 in the review period. It had increased 429.5 percent in the same period of the previous year.</span></span></p> <p><br /> <br /> </p> ', 'published' => true, 'created' => '2022-10-23', 'modified' => '2022-10-23', 'keywords' => '', 'description' => '', 'sortorder' => '15939', 'image' => '20221023095025_Remittance.jpg', 'article_date' => '2022-10-23 09:49:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16197', 'article_category_id' => '1', 'title' => 'Digital Payment on the Rise in Nepal ', 'sub_title' => '', 'summary' => 'October 23: With growing access to technology, digital payment is on the rise in Nepal of late.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 23: With growing access to technology, digital payment is on the rise in Nepal of late. The digital transaction which gained pace during the COVID-19 pandemic has continued to rise till date. Nepal Rastra Bank (NRB) has also encouraged people for the electronic payment. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The latest record shared by NRB shows that in the second month (mid-August to mid-September) of the current fiscal year alone, transaction of more than Rs 4900 billion was done via electronic medium. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the central bank, the transaction worth Rs 292 billion was made via Connect IPS. In the same period last year, the transaction of Rs 232 billion was done. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, transactions through mobile banking in the review month stood at Rs 146 billion. In the same period last year, it was Rs 74.32 billion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Digital wallet transaction amounts to Rs 17.63 billion, while it was Rs 14.42 billion in the corresponding period of last fiscal year. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-10-23', 'modified' => '2022-10-23', 'keywords' => '', 'description' => '', 'sortorder' => '15938', 'image' => '20221023094102_digital payment.jpg', 'article_date' => '2022-10-23 09:40:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16196', 'article_category_id' => '1', 'title' => 'Tihar, the Festival of Lights, Begins', 'sub_title' => '', 'summary' => 'October 23: The festival of Tihar, the second biggest festival of Nepal, formally kicked off today. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 23: The festival of Tihar, the second biggest festival of Nepal, formally kicked off today. Tihar is also called Deepawali or the Festival of Lights and Yama Panchak. According to the Nepal Calendar Determination Committee, although Yama Panchak (five days dedicated to Lord Yamaraj) started on Saturday, Kaag Tihar or the first day of the five-day festival is being observed today.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The festival is celebrated for five full days during the Nepali month of Kartik (mid-October to mid-November).</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The first day of Tihar is the day dedicated for worshipping the crows that are considered as the messenger of Lord Yamaraj, the God of Death. </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 part of the Tihar festival, Kaag Tihar is being celebrated today by offering food to the crow. Today, every household offers prayers and leaves food on the top of terraces and walls for the crows to feed on. There is a general belief among the people that the crow accompanies Lord Yamaraj and is therefore immortal and worshipping it brings good fortune. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The religious scriptures talk about how the demon king Bali was given the opportunity by Lord Bishnu to rule all over the universe for these five days. To celebrate his ascension to the lordship of the entire universes, he ordered everyone to celebrate all five days with lights and flowers. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The belief among the people is that the celebration will please Goddess Laxmi, who is considered the goddess of wealth. </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"">Due to the change in date this year, Yama Panchak or Tihar festival which starts in the evening on the day of Kartik Krishna Trayodashi has started from Saturday evening, the state-owned RSS reported. Similarly, the Dhanteras festival of buying jewelry and copper utensils to keep Goddess Lakshmi happy was also celebrated on Saturday itself. </span></span></span></p> ', 'published' => true, 'created' => '2022-10-23', 'modified' => '2022-10-23', 'keywords' => '', 'description' => '', 'sortorder' => '15937', 'image' => '20221023093327_tihar-nepal.jpg', 'article_date' => '2022-10-23 09:32:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16195', 'article_category_id' => '1', 'title' => 'Nepalis Observe Dhanteras by Buying New Utensils ', 'sub_title' => '', 'summary' => 'October 23: Hindus across the country observed the festival of Dhanteras on Saturday by purchasing new items made of gold, silver, copper, and other metals. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 23: Hindus across the country observed the festival of Dhanteras on Saturday by purchasing new items made of gold, silver, copper, and other metals. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As part of the Tihar festival celebrations, the items purchased on the day of Dhanteras are used during the Lakshmi Pooja held on the new moon day in the month of Kartik (mid-October to mid-November). There is a traditional belief that worship performed in this way will please the goddess of wealth Lakshmi who will continue to bless the family. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">There is also a tradition of buying gold and silver ornaments on the day of Dhanteras. Due to this religious belief there is usually a rush of people buying utensils and jewelry. Known by names like Deepawali, Tihar, Yamapanchak, this festival is the second biggest festival celebrated by Nepalis after the Dashain festival. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The celebration of the Tihar festival this year started on Saturday with the lighting of homes, commercial establishments and other places. According to Nepal Calendar Determination Committee, although Yamapanchak started on Saturday, Kaag Tihar falls on Sunday. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-10-23', 'modified' => '2022-10-23', 'keywords' => '', 'description' => '', 'sortorder' => '15936', 'image' => '20221023093239_dhanteras.jpg', 'article_date' => '2022-10-23 09:32:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16194', 'article_category_id' => '1', 'title' => 'SEBON Submits Written Clarification to Election Commission', 'sub_title' => '', 'summary' => 'October 21: Securities Board of Nepal has submitted a written clarification to the Election Commission over the issue of broker license.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">October 21: Securities Board of Nepal has submitted a written clarification to the Election Commission over the issue of broker license. The board has clarified that the process of issuing the license to the brokers and stock exchange company is not against the Election Code of Conduct.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Election Commission had recently sought clarification with SEBON regarding why it should not halt the process of issuing license when the Election Code of Conduct has already been enforced since September 28. The Election Commission had instructed the board to present a written clarification within three days.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The board responded saying that the process of issuing license to the brokers and new stock exchange company was initiated before the Election Code of Conduct came into force. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Executive Director of the board Binay Dev Acharya argued that the topic of issuing license did not surface right now but was pre-planned since a long time. He said that the board took steps in accordance with the budget announcement of the government in order to make the secondary market more competitive.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The board had called for applications to operate a new stock exchange company and two commodity exchanges along with broker's license on the September 18. The Election Commission enforced the Election Code of Conduct ten days later.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the board, the capital requirement for new broker license has been fixed between Rs 200 million to Rs 1.5 billion. Brokers will be issued three different types of licenses based on their capital structure.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the new provision, the first kind of brokers providing limited services of stock market transaction require a minimum capital of Rs 200 million to acquire license. Likewise, the brokers providing services like share transaction, depository participant, investment consultancy, investment management and margin business need to have a minimum paid up capital of Rs 600 million.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-21', 'modified' => '2022-10-21', 'keywords' => '', 'description' => '', 'sortorder' => '15935', 'image' => '20221021015419_Sebonnn.jpg', 'article_date' => '2022-10-21 13:53:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16193', 'article_category_id' => '218', 'title' => 'Everest Bank Marks its 28th Anniversary', 'sub_title' => '', 'summary' => 'October 21: Everest Bank celebrated its 28th anniversary by organising a special program on Wednesday. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">October 21: Everest Bank celebrated its 28th anniversary by organising a special program on Wednesday. On the occasion, the bank organized various programmes including tree plantation under the bank’s corporate social responsibility. More than 200 employees and customers of the bank were present on the occasion at the head office. During the programme, the bank also honored 10 employees who completed 25 years of service.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The bank financially helped Dr. Ram Prasad Pokhrel of the Eye Hospital, Dhankuta under Nepal Netra Jyoti Sangh with Rs 480,250, to purchase an eye examination machine under the bank’s corporate social responsibility. The bank's Chief Executive Officer Sudesh Khaling handed over the check to the board member of Nepal Netra Jyoti Sangh, Dron Guragai during the programme.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Also, the bank entered into an agreement with Godavari Municipality Ward No. 3 for the construction of a solar passenger waiting room at Taikhel in Lalitpur. Deputy Chief Executive Officer Bijay Kumar Sharma on behalf of the bank and President Sanu Raja Ghimire on behalf of the ward office signed the agreement.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-21', 'modified' => '2022-10-21', 'keywords' => '', 'description' => '', 'sortorder' => '15934', 'image' => '20221021013240_everest.jpg', 'article_date' => '2022-10-21 13:31:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16189', 'article_category_id' => '1', 'title' => 'Tea Board of India Lifts Ban on Blending of Tea to the Relief of Nepal's Tea Industry', 'sub_title' => '', 'summary' => 'October 21: The Tea Board of India has lifted the ban imposed on blending of tea produced in Nepal with Darjeeling tea.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">October 21: The Tea Board of India has lifted the ban imposed on blending of tea produced in Nepal with Darjeeling tea. The export of tea produced in Nepal is expected to grow with the board’s decision to remove the ban that was in place since one year. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Tata Consumer Products Limited had written a letter to the Tea Board of India requesting the board to allow mixing of tea produced in Nepal and other provinces of India with the tea produced in Darjeeling.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The board ruled in favour of Tata and lifted the ban effective from Tuesday (October 18). </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to the Telegraph, the Tea Board of India issued a notification on Tuesday which will let sellers mix Darjeeling tea with any other varieties, especially Nepal tea in their packs — as long as the end product does not claim to be an exclusive item covered by the geographical indication (GI) label.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Earlier, the board had issued a notice instructing tea producers to place tags in tea packs that clearly show the GI lable indicating the origin of the tea. The notice issued on November 11, 2021 had also banned mixing of tea produced in different places. Due to this decision, the sale of Darjeeling tea took a nosedive and had to be sold at throw-away prices.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">President of Nepal Tea Producers Association Suresh Mittal welcomed the latest decision of the Tea Board of India and said that the move is expected to boost the sale of tea produced in Nepal.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to Mittal, Tata Consumer Products Limited had stopped purchasing tea produced in Darjeeling about a year ago after the board made it mandatory to keep GI labels which did not allow blending of a varieties of tea. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Tata Consumer Products Limited had been purchasing over one thousand tons of tea produced in Darjeeling. This amount is 15 percent of the total production in the region. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The decision to ban the mixing of tea did not go well with some of the board members and also the central ministry. Due to the setback in sale, the board finally decided to revoke the decision.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The board’s decision is a relief to the tea industry of Nepal which is facing stiff opposition from Indian lawmakers in the parliament.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">A total of 40 MPs of India had filed a motion in the Provincial Assembly of West Bengal with 11 serious allegations against Nepal’s tea industry, alleging that the tea produced in Nepal has discredited the Darjeeling tea in the world market. If the registered motion is passed, there will be a problem for the tea produced in Nepal to get access to the Indian market. However, the board’s decision is likely to favour Nepal, says Mittal.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Nepal has been exporting tea worth Rs 3.5 billion to India annually. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-10-21', 'modified' => '2022-10-21', 'keywords' => '', 'description' => '', 'sortorder' => '15933', 'image' => '20221021113420_20221014010853_Tea.jpg', 'article_date' => '2022-10-21 11:33:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16192', 'article_category_id' => '1', 'title' => 'NCC to Help Promote Export of Readymade Garments', 'sub_title' => '', 'summary' => 'October 21: Nepal Chamber of Commerce is going to support industrialists to increase the export of ready-made garments by helping in the international marketing and branding. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">October 21: Nepal Chamber of Commerce is going to support industrialists to increase the export of ready-made garments by helping in the international marketing and branding. Rajendra Malla, president of the chamber, said they are preparing to cooperate with industrialists for promoting the market of Nepali ready-made garments through the international branch under the chamber.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">During an interaction with the newly elected officials of Nepal Readymade Garment Industry Association at the chamber building in Jamal, President Malla said that export promotion is the only option to reduce the growing trade deficit.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">“The chamber will help to increase the export of ready-made garments through Nepal’s embassies abroad and international branches of the chamber,” said Malla.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Recalling that in the 1990s, ready-made garments worth Rs 11 billion were exported annually from Nepal, Malla said that it is unfortunate that garments worth only Rs 7 billion are being exported at present. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Pashupati Dev Pandey, the newly elected president of Nepal Readymade Garment Industry Association, said that it is ironic that the clothes used for climbing Mount Everest cannot be produced within the country, even though Nepal is proud to be the country of Mount Everest. Pandey said that their target is to export ready-made garments worth Rs 10 billion in the current fiscal year.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-21', 'modified' => '2022-10-21', 'keywords' => '', 'description' => '', 'sortorder' => '15932', 'image' => '20221021012824_NCCC.jpg', 'article_date' => '2022-10-21 13:27:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16190', 'article_category_id' => '1', 'title' => 'Consumers' Awareness Imperative to Curb Black Marketing: Experts ', 'sub_title' => '', 'summary' => 'October 21: Experts say that consumers themselves should be more aware to curb black marketing in the wake of festivals.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 21: Experts say that consumers themselves should be more aware to curb black marketing in the wake of festivals. Market frauds including adulteration of food and irregularities have been reported in media of late. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The speakers during a recent meeting of Consumers' Awareness Campaign said the traders take advantage of festive season and cheat the consumers, which needs to be curbed with collective efforts. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They stressed that informed and aware consumers have important role to ensure availability of standard and quality foods in the market. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Former secretary of the government, Krishna Hari Banskota, said time has come for consumers' activism and awareness so that they would not be deprived of their rights. He added that impunity is thriving in the market. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, another former secretary of government, Dr Hari Dahal, shared that the consumer rights activists and consumers could work in unison to control such irregularities in the market. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Director at the Department of Commerce, Bhesh Bahadur Kunwar, informed that the department was conducting market monitoring as per its resources and strength. He sought cooperation from rights bodies in this regard. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chairperson of the National Consumers' Forum Nepal, Prem Lal Maharjan, also stressed the need of unity among concerned bodies for consumers' rights. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-10-21', 'modified' => '2022-10-21', 'keywords' => '', 'description' => '', 'sortorder' => '15931', 'image' => '20221021011452_RupakPuri_Chautara_RSS_26_______.jpg', 'article_date' => '2022-10-21 13:14:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16188', 'article_category_id' => '1', 'title' => 'Industrialists Opt for Protest Against Unfair Decision of Nepal Rastra Bank', 'sub_title' => '', 'summary' => 'October 21: Industrialists of eastern Nepal have started protests against excessive hike in interest rate and accused the central bank of favouring banks and financial institutions even when the production capacity of industries have dropped to 40 percent.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">October 21: Industrialists of eastern Nepal have started protests against excessive hike in interest rate and accused the central bank of favouring banks and financial institutions even when the production capacity of industries have dropped to 40 percent. They said that the Nepal Rastra Bank has been giving undue favour to the banks by ensuring that their profit does not shrink even at the expense of production cuts.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Speaking at an interaction organized by Province 1 chapter of the Federation of Nepalese Chamber of Commerce and Industry (FNCCI) on Thursday, stakeholders expressed concern over the policy adopted by the central bank that ensures banks run in profit at any cost. They also complained about forceful extortion in the name of donations ahead of the elections. All these have led to a situation in which industries have been forced to limit their production to 40 percent of their total capacity, according to the stakeholders.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Industrialist Tika Raj Dhakal shared that the political parties, leaders and activists have been seeking donations even though the industrialists have been requesting them not to ask for donations to the industries that are not in operation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Dhakal said that they opted for street protests after the leaders of political parties turned a deaf ear to their problems.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Speaking at the programme, other stakeholders including Bhim Poudel, Rajendra Raut and Suyash Raj Pyakurel were unanimous in saying that the policy adopted by Nepal Rastra Bank has badly affected the industrial sector.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Participants of the programme said that it has become difficult to operate industries and businesses due to the Covid-19 pandemic followed by the Russia-Ukraine war which resulted in rise in prices of petroleum products and disruption of supply chain. In addition to that, liquidity crisis in the banking system, decline in credit flow and increase in interest rates have all created additional burden to the business community.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Province 1 chapter of FNCCI has announced a three-phase protest programme based on suggestions from the district and municipal associations of FNCCI. Participants of the programme have also decided to submit a 17- point memo to Nepal Rastra Bank demanding the central bank to amend its decision in relation to hike in interest rates.</span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-10-21', 'modified' => '2022-10-21', 'keywords' => '', 'description' => '', 'sortorder' => '15930', 'image' => '20221021102455_market monitoring.jpg', 'article_date' => '2022-10-21 10:24:07', '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:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">October 24: The second day of Tihar festival is dedicated to the worship of dogs. This day is also called "Narak Chaturdashi" according to the Vedic Hindu tradition.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The celebration of Laxmi Puja or the worship of the goddess of wealth was observed in evening, according to the lunar calendar.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">It is believed that dog is the messenger of Lord Yamaraj, the god of death and justice and worshipping dog on this day will please the god.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Dog is also considered as the gate keeper of the God of Death, Yamaraj's palace. Today, the dog is worshipped and fed with delicious food as a sigh of gratitude.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Dog is also the man's best friend and has been domesticated for over thousands of years.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">In the evening, Goddess Laxmi -- the goddess of wealth was worshipped with huge celebration among the Hindu devotees.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">People clean their houses on this day to welcome the goddess. It is believed that the goddess will be pleased if people maintain proper cleanliness and hygiene. People also light candles and oil lamps to welcome the goddess. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Merrymakers visit the households in their neighbourhood singing songs and seeking charities on the occasion of Laxmi Puja and bless the charitable people. Legend has it that tradition was started by the Demon King Bali, who is said to be an ardent devotee of Goddess Laxmi. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Besides the traditional belief, the festival of Tihar is basically related to the interdependence of human beings with nature. This festival coincides with the harvesting season when there is abundance of food and delicacies to celebrate.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-10-24', 'modified' => '2022-10-25', 'keywords' => '', 'description' => '', 'sortorder' => '15944', 'image' => '20221024101409_Diwali-1-782x440.jpg', 'article_date' => '2022-10-24 10:13:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16202', 'article_category_id' => '1', 'title' => 'Gold Business Affected due to Supply Disruption', 'sub_title' => '', 'summary' => 'October 23: The Federation of Nepal Gold and Silver Dealers Association has revealed that gold and silver traders are facing trouble due to the ineffective gold supply system in the market. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">October 23: The Federation of Nepal Gold and Silver Dealers Association has revealed that gold and silver traders are facing trouble due to the ineffective gold supply system in the market. A delegation of the federation, led by its president Manik Ratna Shakya, made such complaint to Mahesh Bhattarai, the director general of the Department of Commerce, Supply and Consumer Protection on Friday.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">During a programme organized by the department to discuss various issues of consumer concern, the representative of the federation said that the supply of gold and silver has been very low as compared to the demand in the market. The representatives of the federation argued that it is difficult to operate the business in such a situation. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Director General Bhattarai said that the businessmen's complaints were reasonable and expressed his commitment to convey the message to the concerned authorities.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-23', 'modified' => '2022-10-24', 'keywords' => '', 'description' => '', 'sortorder' => '15943', 'image' => '20221023025655_gold.jpg', 'article_date' => '2022-10-23 14:56:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16201', 'article_category_id' => '1', 'title' => 'Average Interest on Loan Exceeds 12 Percent', 'sub_title' => '', 'summary' => 'October 23: The average interest on loans of commercial banks has exceeded 12 percent amid protests from industrialists and businessmen. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">October 23: The average interest on loans of commercial banks has exceeded 12 percent amid protests from industrialists and businessmen. Due to the tight monetary policy implemented by Nepal Rastra Bank (NRB) and lack of liquidity in the market, the interest on loans has increased with the rise in operating cost of the banks.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to NRB, the average interest rate of bank loans has reached 12.06 percent in August which was 8.57 percent last year. A report published by NRB on Friday mentions that the base rate of banks reached 10.01 percent by mid-September this year, which was 6.89 percent last year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The industrialists and businessmen have started street protests since last week stating that the banks increased the interest rate on loans excessively. The relationship between industrialists and banks has become tense regarding the issue of interest rates.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to NRB, the average interest rate of bank deposits in August also increased from 4.92 percent to 7.81 percent this year. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Due to lack of liquidity, banks increased the interest on savings to increase deposit collection, which in turn increased the interest on loans.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Banks fix the loan interest rate by adding a certain percentage premium to the base rate. Due to this, when the base rate increases, the interest rate of loan also increases. Banks are allowed to adjust the interest rate based on the quarterly base rate.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Despite the increase in the interest rate, there has been no improvement in deposit collection. According to NRB, the total deposits of bank and financial institution decreased by 0.9 percent, while lending increased by 0.55 percent as of mid-September.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-10-23', 'modified' => '2022-10-23', 'keywords' => '', 'description' => '', 'sortorder' => '15942', 'image' => '20221023024826_Banks - Copy.jpg', 'article_date' => '2022-10-23 14:47:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16200', 'article_category_id' => '1', 'title' => 'Consumer Price Inflation Rises to 8.64 Percent: NRB Report ', 'sub_title' => '', 'summary' => 'October 23: The year-on-year (y-o-y) consumer price inflation stood at 8.64 percent in the second month of the current fiscal year (FY 2022/23) compared to 3.49 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 23: The year-on-year (y-o-y) consumer price inflation stood at 8.64 percent in the second month of the current fiscal year (FY 2022/23) compared to 3.49 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB). </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The Current Macroeconomic and Financial Situation Report of Nepal released by the central bank on Friday stated that the food and beverage inflation stood at 8.17 percent whereas non-food and service inflation stood at 9.02 percent in the review month. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Under the food and beverage category, the prices of fruit, ghee and oil, restaurant and hotel, </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">alcoholic drinks and vegetable sub-categories increased by 17.29 percent, 14.53 percent, 12.30 percent, 10.24 and 9.94 percent respectively on y-o-y basis. </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"">Similarly, under the non-food and services category, the prices of transportation, health, furnishing and household equipment, education, and housing and utilities sub-categories increased by 23.41 percent, 10.54 percent, 9.25 percent, 8.11 percent and 7.69 percent respectively on y-o-y basis in the review month. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, in the review month, consumer price inflation in the Kathmandu valley, terai, hill and mountain stood at 7.62 percent, 9.33 percent, 8.82 percent and 6.68 percent respectively. Inflation in these regions was 3.23 percent, 3.65 percent, 3.96 percent and 3.51 percent respectively a year ago. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The y-o-y consumer price inflation in Nepal as of mid-September of 2022/23 remained 8.64 percent. Such inflation in India stood at 7.41 percent in September 2022. </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-10-23', 'modified' => '2022-10-23', 'keywords' => '', 'description' => '', 'sortorder' => '15941', 'image' => '20221023023656_Inflation.jpg', 'article_date' => '2022-10-23 14:36:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16199', 'article_category_id' => '1', 'title' => 'Trade Deficit Declines due to Slump in Import and Export ', 'sub_title' => '', 'summary' => 'October 23: Merchandise exports of Nepal decreased by 34.9 percent in the first two months of the current fiscal year. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">October 23: Merchandise exports of Nepal decreased by 34.9 percent in the first two months of the current fiscal year. According to the Current Macroeconomic and Financial Situation Report of Nepal Rastra Bank, the total export of Nepal in the review period stood at Rs 28.68 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The report states that the country’s exports had increased by 115.4 percent in the corresponding period of the last fiscal year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Destination-wise, exports to India and China decreased by 45.2 percent and 21.6 percent respectively whereas exports to other countries increased by 13.2 percent. Exports of zinc sheet, woolen carpets, readymade garments, medicine (ayurvedic), among others, increased whereas exports of soybean oil, palm oil, oil cakes, cardamom, toothpaste, among others, decreased in the review period, the report further said. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the central bank said that merchandise imports decreased by 13.0 percent to Rs 273.60 billion during the first two months of FY 2022/23 against an increase of 75.9 percent a year ago. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Destination-wise, imports from India, China and other countries decreased by 9.5 percent, 13.3 percent, and 20.7 percent respectively. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Imports of petroleum products, chemical fertilizer, sponge iron, medicine, aircraft and spareparts, among others, increased whereas imports of transport equipment and parts, silver, crude soybean oil, hot rolled sheet in coil, MS billet, among others, decreased in the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the report, Nepal’s trade deficit decreased by 9.4 percent to Rs 244.92 billion during the first two months of FY 2022/23. Such a deficit had increased 70.8 percent in the corresponding period of the previous year. The export-import ratio decreased to 10.5 percent in the review period from 14.0 percent in the corresponding period of the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-23', 'modified' => '2022-10-23', 'keywords' => '', 'description' => '', 'sortorder' => '15940', 'image' => '20221023013759_Trade - Copy.jpg', 'article_date' => '2022-10-23 13:36:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16198', 'article_category_id' => '1', 'title' => 'Remittance Inflow Increases during Festive Season', 'sub_title' => '', 'summary' => 'October 23: Inflow of remittance to Nepal has increased in the second month of the current fiscal year.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">October 23: Inflow of remittance to Nepal has increased in the second month of the current fiscal year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Current Macroeconomic and Financial Situation Report released by Nepal Rastra Bank on Friday, remittance inflow increased by 19.8 percent to Rs 187.04 billion in the review period against a decrease of 5.8 percent in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Economists believed that the remittance inflow increased during this period due to the onset of the festive season. The country is currently celebrating the Tihar festival for which family members working in foreign countries send money back home.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the US Dollar terms, remittance inflow increased 11.3 percent to 1.47 billion in the review period against a decrease of 5.3 percent in the same period of the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the NRB report, the number of Nepali workers (institutional and individual-new) taking approval for foreign employment increased 169.9 percent to 103,898 in the review period. Likewise, the number of Nepali workers (renew entry) taking approval for foreign employment increased 70.6 percent to 39,189 in the review period. It had increased 429.5 percent in the same period of the previous year.</span></span></p> <p><br /> <br /> </p> ', 'published' => true, 'created' => '2022-10-23', 'modified' => '2022-10-23', 'keywords' => '', 'description' => '', 'sortorder' => '15939', 'image' => '20221023095025_Remittance.jpg', 'article_date' => '2022-10-23 09:49:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16197', 'article_category_id' => '1', 'title' => 'Digital Payment on the Rise in Nepal ', 'sub_title' => '', 'summary' => 'October 23: With growing access to technology, digital payment is on the rise in Nepal of late.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 23: With growing access to technology, digital payment is on the rise in Nepal of late. The digital transaction which gained pace during the COVID-19 pandemic has continued to rise till date. Nepal Rastra Bank (NRB) has also encouraged people for the electronic payment. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The latest record shared by NRB shows that in the second month (mid-August to mid-September) of the current fiscal year alone, transaction of more than Rs 4900 billion was done via electronic medium. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the central bank, the transaction worth Rs 292 billion was made via Connect IPS. In the same period last year, the transaction of Rs 232 billion was done. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, transactions through mobile banking in the review month stood at Rs 146 billion. In the same period last year, it was Rs 74.32 billion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Digital wallet transaction amounts to Rs 17.63 billion, while it was Rs 14.42 billion in the corresponding period of last fiscal year. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-10-23', 'modified' => '2022-10-23', 'keywords' => '', 'description' => '', 'sortorder' => '15938', 'image' => '20221023094102_digital payment.jpg', 'article_date' => '2022-10-23 09:40:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16196', 'article_category_id' => '1', 'title' => 'Tihar, the Festival of Lights, Begins', 'sub_title' => '', 'summary' => 'October 23: The festival of Tihar, the second biggest festival of Nepal, formally kicked off today. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 23: The festival of Tihar, the second biggest festival of Nepal, formally kicked off today. Tihar is also called Deepawali or the Festival of Lights and Yama Panchak. According to the Nepal Calendar Determination Committee, although Yama Panchak (five days dedicated to Lord Yamaraj) started on Saturday, Kaag Tihar or the first day of the five-day festival is being observed today.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The festival is celebrated for five full days during the Nepali month of Kartik (mid-October to mid-November).</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The first day of Tihar is the day dedicated for worshipping the crows that are considered as the messenger of Lord Yamaraj, the God of Death. </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 part of the Tihar festival, Kaag Tihar is being celebrated today by offering food to the crow. Today, every household offers prayers and leaves food on the top of terraces and walls for the crows to feed on. There is a general belief among the people that the crow accompanies Lord Yamaraj and is therefore immortal and worshipping it brings good fortune. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The religious scriptures talk about how the demon king Bali was given the opportunity by Lord Bishnu to rule all over the universe for these five days. To celebrate his ascension to the lordship of the entire universes, he ordered everyone to celebrate all five days with lights and flowers. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The belief among the people is that the celebration will please Goddess Laxmi, who is considered the goddess of wealth. </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"">Due to the change in date this year, Yama Panchak or Tihar festival which starts in the evening on the day of Kartik Krishna Trayodashi has started from Saturday evening, the state-owned RSS reported. Similarly, the Dhanteras festival of buying jewelry and copper utensils to keep Goddess Lakshmi happy was also celebrated on Saturday itself. </span></span></span></p> ', 'published' => true, 'created' => '2022-10-23', 'modified' => '2022-10-23', 'keywords' => '', 'description' => '', 'sortorder' => '15937', 'image' => '20221023093327_tihar-nepal.jpg', 'article_date' => '2022-10-23 09:32:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16195', 'article_category_id' => '1', 'title' => 'Nepalis Observe Dhanteras by Buying New Utensils ', 'sub_title' => '', 'summary' => 'October 23: Hindus across the country observed the festival of Dhanteras on Saturday by purchasing new items made of gold, silver, copper, and other metals. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 23: Hindus across the country observed the festival of Dhanteras on Saturday by purchasing new items made of gold, silver, copper, and other metals. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As part of the Tihar festival celebrations, the items purchased on the day of Dhanteras are used during the Lakshmi Pooja held on the new moon day in the month of Kartik (mid-October to mid-November). There is a traditional belief that worship performed in this way will please the goddess of wealth Lakshmi who will continue to bless the family. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">There is also a tradition of buying gold and silver ornaments on the day of Dhanteras. Due to this religious belief there is usually a rush of people buying utensils and jewelry. Known by names like Deepawali, Tihar, Yamapanchak, this festival is the second biggest festival celebrated by Nepalis after the Dashain festival. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The celebration of the Tihar festival this year started on Saturday with the lighting of homes, commercial establishments and other places. According to Nepal Calendar Determination Committee, although Yamapanchak started on Saturday, Kaag Tihar falls on Sunday. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-10-23', 'modified' => '2022-10-23', 'keywords' => '', 'description' => '', 'sortorder' => '15936', 'image' => '20221023093239_dhanteras.jpg', 'article_date' => '2022-10-23 09:32:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16194', 'article_category_id' => '1', 'title' => 'SEBON Submits Written Clarification to Election Commission', 'sub_title' => '', 'summary' => 'October 21: Securities Board of Nepal has submitted a written clarification to the Election Commission over the issue of broker license.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">October 21: Securities Board of Nepal has submitted a written clarification to the Election Commission over the issue of broker license. The board has clarified that the process of issuing the license to the brokers and stock exchange company is not against the Election Code of Conduct.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Election Commission had recently sought clarification with SEBON regarding why it should not halt the process of issuing license when the Election Code of Conduct has already been enforced since September 28. The Election Commission had instructed the board to present a written clarification within three days.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The board responded saying that the process of issuing license to the brokers and new stock exchange company was initiated before the Election Code of Conduct came into force. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Executive Director of the board Binay Dev Acharya argued that the topic of issuing license did not surface right now but was pre-planned since a long time. He said that the board took steps in accordance with the budget announcement of the government in order to make the secondary market more competitive.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The board had called for applications to operate a new stock exchange company and two commodity exchanges along with broker's license on the September 18. The Election Commission enforced the Election Code of Conduct ten days later.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the board, the capital requirement for new broker license has been fixed between Rs 200 million to Rs 1.5 billion. Brokers will be issued three different types of licenses based on their capital structure.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the new provision, the first kind of brokers providing limited services of stock market transaction require a minimum capital of Rs 200 million to acquire license. Likewise, the brokers providing services like share transaction, depository participant, investment consultancy, investment management and margin business need to have a minimum paid up capital of Rs 600 million.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-21', 'modified' => '2022-10-21', 'keywords' => '', 'description' => '', 'sortorder' => '15935', 'image' => '20221021015419_Sebonnn.jpg', 'article_date' => '2022-10-21 13:53:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16193', 'article_category_id' => '218', 'title' => 'Everest Bank Marks its 28th Anniversary', 'sub_title' => '', 'summary' => 'October 21: Everest Bank celebrated its 28th anniversary by organising a special program on Wednesday. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">October 21: Everest Bank celebrated its 28th anniversary by organising a special program on Wednesday. On the occasion, the bank organized various programmes including tree plantation under the bank’s corporate social responsibility. More than 200 employees and customers of the bank were present on the occasion at the head office. During the programme, the bank also honored 10 employees who completed 25 years of service.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The bank financially helped Dr. Ram Prasad Pokhrel of the Eye Hospital, Dhankuta under Nepal Netra Jyoti Sangh with Rs 480,250, to purchase an eye examination machine under the bank’s corporate social responsibility. The bank's Chief Executive Officer Sudesh Khaling handed over the check to the board member of Nepal Netra Jyoti Sangh, Dron Guragai during the programme.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Also, the bank entered into an agreement with Godavari Municipality Ward No. 3 for the construction of a solar passenger waiting room at Taikhel in Lalitpur. Deputy Chief Executive Officer Bijay Kumar Sharma on behalf of the bank and President Sanu Raja Ghimire on behalf of the ward office signed the agreement.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-21', 'modified' => '2022-10-21', 'keywords' => '', 'description' => '', 'sortorder' => '15934', 'image' => '20221021013240_everest.jpg', 'article_date' => '2022-10-21 13:31:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16189', 'article_category_id' => '1', 'title' => 'Tea Board of India Lifts Ban on Blending of Tea to the Relief of Nepal's Tea Industry', 'sub_title' => '', 'summary' => 'October 21: The Tea Board of India has lifted the ban imposed on blending of tea produced in Nepal with Darjeeling tea.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">October 21: The Tea Board of India has lifted the ban imposed on blending of tea produced in Nepal with Darjeeling tea. The export of tea produced in Nepal is expected to grow with the board’s decision to remove the ban that was in place since one year. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Tata Consumer Products Limited had written a letter to the Tea Board of India requesting the board to allow mixing of tea produced in Nepal and other provinces of India with the tea produced in Darjeeling.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The board ruled in favour of Tata and lifted the ban effective from Tuesday (October 18). </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to the Telegraph, the Tea Board of India issued a notification on Tuesday which will let sellers mix Darjeeling tea with any other varieties, especially Nepal tea in their packs — as long as the end product does not claim to be an exclusive item covered by the geographical indication (GI) label.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Earlier, the board had issued a notice instructing tea producers to place tags in tea packs that clearly show the GI lable indicating the origin of the tea. The notice issued on November 11, 2021 had also banned mixing of tea produced in different places. Due to this decision, the sale of Darjeeling tea took a nosedive and had to be sold at throw-away prices.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">President of Nepal Tea Producers Association Suresh Mittal welcomed the latest decision of the Tea Board of India and said that the move is expected to boost the sale of tea produced in Nepal.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to Mittal, Tata Consumer Products Limited had stopped purchasing tea produced in Darjeeling about a year ago after the board made it mandatory to keep GI labels which did not allow blending of a varieties of tea. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Tata Consumer Products Limited had been purchasing over one thousand tons of tea produced in Darjeeling. This amount is 15 percent of the total production in the region. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The decision to ban the mixing of tea did not go well with some of the board members and also the central ministry. Due to the setback in sale, the board finally decided to revoke the decision.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The board’s decision is a relief to the tea industry of Nepal which is facing stiff opposition from Indian lawmakers in the parliament.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">A total of 40 MPs of India had filed a motion in the Provincial Assembly of West Bengal with 11 serious allegations against Nepal’s tea industry, alleging that the tea produced in Nepal has discredited the Darjeeling tea in the world market. If the registered motion is passed, there will be a problem for the tea produced in Nepal to get access to the Indian market. However, the board’s decision is likely to favour Nepal, says Mittal.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Nepal has been exporting tea worth Rs 3.5 billion to India annually. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-10-21', 'modified' => '2022-10-21', 'keywords' => '', 'description' => '', 'sortorder' => '15933', 'image' => '20221021113420_20221014010853_Tea.jpg', 'article_date' => '2022-10-21 11:33:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16192', 'article_category_id' => '1', 'title' => 'NCC to Help Promote Export of Readymade Garments', 'sub_title' => '', 'summary' => 'October 21: Nepal Chamber of Commerce is going to support industrialists to increase the export of ready-made garments by helping in the international marketing and branding. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">October 21: Nepal Chamber of Commerce is going to support industrialists to increase the export of ready-made garments by helping in the international marketing and branding. Rajendra Malla, president of the chamber, said they are preparing to cooperate with industrialists for promoting the market of Nepali ready-made garments through the international branch under the chamber.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">During an interaction with the newly elected officials of Nepal Readymade Garment Industry Association at the chamber building in Jamal, President Malla said that export promotion is the only option to reduce the growing trade deficit.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">“The chamber will help to increase the export of ready-made garments through Nepal’s embassies abroad and international branches of the chamber,” said Malla.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Recalling that in the 1990s, ready-made garments worth Rs 11 billion were exported annually from Nepal, Malla said that it is unfortunate that garments worth only Rs 7 billion are being exported at present. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Pashupati Dev Pandey, the newly elected president of Nepal Readymade Garment Industry Association, said that it is ironic that the clothes used for climbing Mount Everest cannot be produced within the country, even though Nepal is proud to be the country of Mount Everest. Pandey said that their target is to export ready-made garments worth Rs 10 billion in the current fiscal year.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-21', 'modified' => '2022-10-21', 'keywords' => '', 'description' => '', 'sortorder' => '15932', 'image' => '20221021012824_NCCC.jpg', 'article_date' => '2022-10-21 13:27:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16190', 'article_category_id' => '1', 'title' => 'Consumers' Awareness Imperative to Curb Black Marketing: Experts ', 'sub_title' => '', 'summary' => 'October 21: Experts say that consumers themselves should be more aware to curb black marketing in the wake of festivals.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 21: Experts say that consumers themselves should be more aware to curb black marketing in the wake of festivals. Market frauds including adulteration of food and irregularities have been reported in media of late. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The speakers during a recent meeting of Consumers' Awareness Campaign said the traders take advantage of festive season and cheat the consumers, which needs to be curbed with collective efforts. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They stressed that informed and aware consumers have important role to ensure availability of standard and quality foods in the market. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Former secretary of the government, Krishna Hari Banskota, said time has come for consumers' activism and awareness so that they would not be deprived of their rights. He added that impunity is thriving in the market. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, another former secretary of government, Dr Hari Dahal, shared that the consumer rights activists and consumers could work in unison to control such irregularities in the market. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Director at the Department of Commerce, Bhesh Bahadur Kunwar, informed that the department was conducting market monitoring as per its resources and strength. He sought cooperation from rights bodies in this regard. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chairperson of the National Consumers' Forum Nepal, Prem Lal Maharjan, also stressed the need of unity among concerned bodies for consumers' rights. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-10-21', 'modified' => '2022-10-21', 'keywords' => '', 'description' => '', 'sortorder' => '15931', 'image' => '20221021011452_RupakPuri_Chautara_RSS_26_______.jpg', 'article_date' => '2022-10-21 13:14:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16188', 'article_category_id' => '1', 'title' => 'Industrialists Opt for Protest Against Unfair Decision of Nepal Rastra Bank', 'sub_title' => '', 'summary' => 'October 21: Industrialists of eastern Nepal have started protests against excessive hike in interest rate and accused the central bank of favouring banks and financial institutions even when the production capacity of industries have dropped to 40 percent.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">October 21: Industrialists of eastern Nepal have started protests against excessive hike in interest rate and accused the central bank of favouring banks and financial institutions even when the production capacity of industries have dropped to 40 percent. They said that the Nepal Rastra Bank has been giving undue favour to the banks by ensuring that their profit does not shrink even at the expense of production cuts.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Speaking at an interaction organized by Province 1 chapter of the Federation of Nepalese Chamber of Commerce and Industry (FNCCI) on Thursday, stakeholders expressed concern over the policy adopted by the central bank that ensures banks run in profit at any cost. They also complained about forceful extortion in the name of donations ahead of the elections. All these have led to a situation in which industries have been forced to limit their production to 40 percent of their total capacity, according to the stakeholders.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Industrialist Tika Raj Dhakal shared that the political parties, leaders and activists have been seeking donations even though the industrialists have been requesting them not to ask for donations to the industries that are not in operation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Dhakal said that they opted for street protests after the leaders of political parties turned a deaf ear to their problems.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Speaking at the programme, other stakeholders including Bhim Poudel, Rajendra Raut and Suyash Raj Pyakurel were unanimous in saying that the policy adopted by Nepal Rastra Bank has badly affected the industrial sector.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Participants of the programme said that it has become difficult to operate industries and businesses due to the Covid-19 pandemic followed by the Russia-Ukraine war which resulted in rise in prices of petroleum products and disruption of supply chain. In addition to that, liquidity crisis in the banking system, decline in credit flow and increase in interest rates have all created additional burden to the business community.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Province 1 chapter of FNCCI has announced a three-phase protest programme based on suggestions from the district and municipal associations of FNCCI. Participants of the programme have also decided to submit a 17- point memo to Nepal Rastra Bank demanding the central bank to amend its decision in relation to hike in interest rates.</span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-10-21', 'modified' => '2022-10-21', 'keywords' => '', 'description' => '', 'sortorder' => '15930', 'image' => '20221021102455_market monitoring.jpg', 'article_date' => '2022-10-21 10:24:07', '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
