August 5: The Election Commission (EC) has stepped up preparations for the upcoming elections following the government's decision to hold the federal and provincial elections in a single phase on November…
August 5: The Election Commission (EC) has stepped up preparations for the upcoming elections following the government's decision to hold the federal and provincial elections in a single phase on November…
August 4: A few years ago, Nepal Rastra Bank (NRB) had adopted a policy to bring down the interest rates of banks to single digit. But now, the central bank is encouraging banks and financial institutions to increase the interest…
August 4: The Land Use Regulation issued by the government is currently in the phase of implementation. The main objective of introducing this regulation is to protect the agricultural land and increase…
August 4: Gagan Pradhan, the founder of Nepal's famous Himalayan Java Coffee, shared his bittersweet experience with New Business Age about his two-decade long entrepreneurial…
August 4: "Nepal Sales Mission 2022" was recently organised in Thailand with the aim of promoting tourist destinations in…
August 4: About 10,000 sacks of urea, a chemical fertilizer extensively used in the agriculture sector of Nepal, are stranded in Tatopani customs since the last three…
August 4: An aircraft of Shree Airlines made an emergency landing at Nepalgunj Airport today morning (Thursday ). …
August 4: The textile industry is considered to be one of the most promising…
August 4: Nepal Oil Corporation (NOC) has clarified that the prices of petroleum products will not be adjusted even after a slight decline in the purchase price because of the due it owes to the Indian Oil Corporation…
August 3: Around 39,000 tourists visited Mustang district in the last fiscal…
August 3: Deposit collection of commercial banks have declined by Rs 91 billion in a period of just two…
August 3: The government had initiated the process of establishing a tea auction market around eight years ago.…
August 3: The private sector is dissatisfied with the decision of Industrial Area Management Limited (IDM) to increase the industrial land lease rate of all 10 industrial estates.…
August 3: Prime Minister Sher Bahadur Deuba has instructed government employees to reduce unnecessary expenses citing increase in fuel prices affecting the country's foreign exchange…
August 3: A Chinese court has ordered a Chinese bank to refund the counter guarantee amount of Bank of Kathmandu (BoK) and Himalayan Bank for the Melamchi Water Supply Project…
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EC officials had met Prime Minister Sher Bahadur Deuba on July 6 and recommended the government to hold the elections to the provincial and federal parliaments on November 20, arguing that the term of the present lawmakers will expire on December 7. The EC had made the recommendation for announcement of election date by maintaining at least 120 days as election period. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Organizing a press conference after the announcement of the election date on Thursday, Chief Election Commissioner Dinesh Kumar Thapaliya said the EC would expedite the preparations for the upcoming election. According to him, the election calendar would be published immediately after Dashain. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He thanked the government for deciding to hold the provincial and federal elections in a single phase. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the EC, the number of voters will be increased by around 1 million in the upcoming election. Similarly, the process of party registration will begin as per Article 271 of the Constitution of Nepal and Section 48 of Political Parties Act, 2073. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">CEC Thapaliya said Rs 8.11 billion was spent to hold the local level elections while Rs 10 billion is estimated to be spent for the upcoming elections. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-08-05', 'modified' => '2022-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '15487', 'image' => '20220805085711_Election_Commission.2e16d0ba.fill-650x500.jpg', 'article_date' => '2022-08-05 08:56:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15745', 'article_category_id' => '1', 'title' => 'Central Bank Encouraging BFIs to Increase Interest Rates', 'sub_title' => '', 'summary' => 'August 4: A few years ago, Nepal Rastra Bank (NRB) had adopted a policy to bring down the interest rates of banks to single digit. But now, the central bank is encouraging banks and financial institutions to increase the interest rates.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">August 4: A few years ago, Nepal Rastra Bank (NRB) had adopted a policy to bring down the interest rates of banks to single digit. But now, the central bank is encouraging banks and financial institutions to increase the interest rates.<br /> Issuing a directive to implement the provision included in the monetary policy for the current fiscal year, NRB has allowed BFIs to change the interest rates as per the instruction of the central bank.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Amending the Unified Directive 2078 on Wednesday, the central bank has given permission to the BFIs to change the interest rate with immediate effect whenever the central bank changes the bank rate and the policy interest rate. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank had announced to increase the policy interest rate through the monetary policy in order to discourage credit flow. As per the announcement, the central bank had increased the bank rate by 1. 5 percentage points and fixed it at 8.5 percent. Likewise, the policy interest rate has been increased from 5.5 percent to 7 percent and the deposit collection rate has been increased from 4 percent to 5.5 percent. These rates have been implemented before the amendment of the unified directive.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Banks had reached a gentlemen’s agreement to stabilize the interest rates since the last five months. However, they are now preparing to increase the interest rate as per the instruction of the central bank.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal Bankers’ Association President Anil Kumar Upadhyay said that the banks will decide about increasing the interest rates after their meeting. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The Unified Directive has allowed us to increase the interest rates with immediate effect. Now the association will take an official decision after holding a meeting,” he said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Last year, the banks were involved in unhealthy competition to increase deposit collection by increasing the interest rates due to the liquidity crisis. However, the central bank intervened nine months ago to stop the banks from indulging in such activity. The central bank issued a verbal instruction to the banks not to increase the interest rates on October 19 last year. The very next day, NRB issued a circular allowing banks to increase or decrease the interest rates by ten percent every month. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The association had brokered a deal among its member banks to fix the maximum interest rate on personal deposits at 11.3 percent and the maximum interest on institutional deposits at 10.3. However, the instruction issued by the central bank on Wednesday has paved the way for banks to increase the interest rates beyond the those limits. </span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-08-04', 'modified' => '2022-08-04', 'keywords' => '', 'description' => '', 'sortorder' => '15486', 'image' => '20220804074619_Banks - Copy.jpg', 'article_date' => '2022-08-04 19:45:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15743', 'article_category_id' => '1', 'title' => 'Complexities of Land Use Regulation Exposed', 'sub_title' => '', 'summary' => 'August 4: The Land Use Regulation issued by the government is currently in the phase of implementation. The main objective of introducing this regulation is to protect the agricultural land and increase productivity.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">August 4: The Land Use Regulation issued by the government is currently in the phase of implementation. The main objective of introducing this regulation is to protect the agricultural land and increase productivity. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, the complexities that have surfaced while implementing this regulation is unlikely to disappear soon. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">For example, there are plenty of agricultural land on the outskirts of Kathmandu valley. But the people’s representatives have been insisting that there isn’t any agricultural land in their local units. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has authorized the local units for the first time to classify lands on the basis of the Land Use Regulation. But later on, if the land use classification is to be changed it has to be done through the Local Land Use Council as well as the councils of the provincial and federal levels.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The centre does not have the authority to reject the recommendation made by the local level regarding the agricultural land. The people’s representatives are wary that classifying the land in agricultural category might cost them votes of the people get dissatisfied with their decision.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Department of Survey insists that the local units have been making fake claims that there isn’t any agricultural land in their area just to appease their voters. Chandragiri and Nagarjun municipalities within the Kathamdu valley have recommended the Department of Survey that they have no agricultural land within their premises.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Department of Survey as well as the concerned ministry does not have any answer if all the local units come up with the same conclusion that they do not have any cultivable land.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Department of Survey has been mandated to update the existing map as per the recommendation made by the local units. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Director General of the department Prakash Joshi says that the map prepared by the department and the one prepared by the local units are totally different.</span></span></p> ', 'published' => true, 'created' => '2022-08-04', 'modified' => '2022-08-04', 'keywords' => '', 'description' => '', 'sortorder' => '15485', 'image' => '20220804020714_ArunYadav_Rajbiraj_RSS_17_a.jpg', 'article_date' => '2022-08-04 14:06:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15744', 'article_category_id' => '1', 'title' => '‘People used to Mistaken Himalayan Java for Furniture Shop’ ', 'sub_title' => '', 'summary' => 'August 4: Gagan Pradhan, the founder of Nepal's famous Himalayan Java Coffee, shared his bittersweet experience with New Business Age about his two-decade long entrepreneurial journey.', 'content' => '<p><span style="font-size:18px">August 4: Gagan Pradhan, the founder of Nepal's famous Himalayan Java Coffee, shared his bittersweet experience with New Business Age about his two-decade long entrepreneurial journey.</span></p> <p><span style="font-size:18px">During the interview, he shared that Nepal's coffee is of the highest quality in the world, and it is necessary to increase the government's efforts to promote cultivation of coffee in the country. According to him, farmer’s attraction towards coffee farming can be increased if necessary training, publicity, and subsidies are provided by the government.</span></p> <p><span style="font-size:18px">Due to the lack of necessary training, required skills, and investment, the farmers are not much interested in coffee farming compared to other cash crops. Due to these reasons, they could not produce coffee as per the demand, says Pradhan. According to him, there is a lot of potential for exporting coffee produced in Nepal. His experience says that the government has not been able to do the required homework for exporting coffee.</span></p> <p><span style="font-size:18px">Because of the lack of knowledge that crush farming (other cultivation along with coffee) is done during coffee cultivation, the farmers' interest in it has not increased. It is difficult to grow coffee as the production starts after 6-7 years of planting, shares Pradhan.</span></p> <p><span style="font-size:18px">According to him, the annual consumption of coffee in Nepal is 10,000 metric tons. Nepalese coffee is 100 percent organic. He said that the farmers were unaware that coffee is sold for as much as Rs 1,200 per kg. As Nepal is not able to produce coffee in accordance to the demand, it is being imported from countries like India, Italy, Thailand, and Indonesia.</span></p> <p><span style="font-size:18px">Pradhan, who went to Australia for higher education, learned to make coffee there. After completing his studies, he came back with the intention of doing something in Nepal and went to America to learn more about management. He again took coffee-making training, learned the method, and returned home with the coffee-making machine. At that time, only five-star hotels sold coffee in Kathmandu. Only instant coffee was available at cheap prices in tea shops and restaurants.</span></p> <p><span style="font-size:18px">Pradhan says Himalayan Java has played an important role in developing coffee culture in Nepal since the past two decades.</span></p> <p><span style="font-size:18px">Pradhan established Himalayan Java with an investment of around Rs 1.3 million after a market survey in the initial stage. He also shared the experience that some people were initially mistaken with Himalayan Java for a furniture store or a computer training center.</span></p> <p><span style="font-size:18px">His company is currently involved in coffee farming as well as importing coffee and providing barista and bakery training. Pradhan informed that his business started from Heritage Plaza in Kathmandu and has reached 40 outlets in the country and abroad. Fifty percent of the outlets in operation are in the form of franchises. He said that the franchise was given upon the request of the businessmen. Business expansion stopped during the period of coromavirus pandemic. Now, Himalayan Java is working with the goal of expanding the franchise in the cities located along the major highways.</span></p> <p><span style="font-size:18px">He is of the view that the Nepalese need to promote commercial farming of coffee. For this, there should be a coordination for production and supply chain. If all these can be managed, Nepal will have a good prospect of coffee culture in the days ahead.</span></p> ', 'published' => true, 'created' => '2022-08-04', 'modified' => '2022-08-04', 'keywords' => 'Himalayan, Java, coffee, culture, promotion', 'description' => '', 'sortorder' => '15484', 'image' => '20220804055531_1659608040.gagan pradhan.jpg', 'article_date' => '2022-08-04 17:53:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15742', 'article_category_id' => '1', 'title' => 'Nepal Sales Mission 2022 concludes in Thailand ', 'sub_title' => '', 'summary' => 'August 4: "Nepal Sales Mission 2022" was recently organised in Thailand with the aim of promoting tourist destinations in Nepal. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 4: "Nepal Sales Mission 2022" was recently organised in Thailand with the aim of promoting tourist destinations in Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Eleven exhibitors from Nepal and over 45 tour operators in Thailand joined the event organised by the Pacific Asia Travels Association (PATA) Nepal chapter on August 1. As per the organiser, the event concluded on a positive note. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the PATA Nepal chapter, B2B session, formal function and networking dinner reception were the parts of the event. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Welcoming the participants on the occasion, Bibhuti Chand Thakur, chairperson of PATA Nepal Chapter, called on all the tourism stakeholders in the public and private sectors to join hands to overcome the hardships created by the global pandemic, and promote tourism exchange between the two friendly nations, Nepal and Thailand. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the PATA, Thakur expressed his belief that this Sales Mission in Bangkok has been a timely and productive initiative to support the post-pandemic tourism recovery, promoting the newly built Gautam Buddha International Airport and the new avenues and opportunities for sustainable tourism development. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal’s Ambassador to the Kingdom of Thailand, Ganesh Prasad Dhakal, highlighted the attractions of Nepal’s tourism and encouraged the Thai Travel Agents and visitors by assuring full support of Nepal’s embassy for visa issuance, necessary information and other cooperation in regard to their travel to Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Ben Montgomery, chairperson of PATA Thailand Chapter, extended her welcome remarks and best wishes for Nepal’s tourism recovery initiatives. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Former CEO of Nepal Tourism Board Deepak Raj Joshi, speaking as a keynote speaker about Destination Nepal, shared the in-depth insights about latest updates and the alluring offerings of Nepal as a lifetime experience destination. He also shared his expert thoughts on how Thai Travel Agents can benefit by connecting with Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Shivek Sachdev, vice president of Thai Travel Agents Association, appreciated sustainable and environment-friendly initiatives of Nepal and urged his Thai tourism fraternity to extend their support for Nepal's tourism promotion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Hom Prasad Parajuli, Country Manager of Nepal Airlines in Thailand, made a presentation regarding the easy connectivity between Nepal and Thailand, the national flag carrier’s promotional fare, and special facilitation </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The event was supported by the Embassy of Nepal in Thailand, Nepal Airlines, PATA HQ and PATA Thailand Chapter, Thai Travel Agents Association (TTAA), SS Group Thailand, Confederation of Nepalese Industries (CNI), Jawalakhel Group of Industries (JGI).</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">It was the first post-pandemic tourism promotion event overseas that included a delegation of 20 tourism professionals comprising PATA Nepal Chapter executives and members who also attended the 6th PATA Destination Marketing Forum (PDMF), held in Songkhla, Thailand from August 2nd to 4th, 2022. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-08-04', 'modified' => '2022-08-04', 'keywords' => '', 'description' => '', 'sortorder' => '15483', 'image' => '20220804012910_20220728124411_PN-Nepal-Sales-Mission-2022-Thailand.jpg', 'article_date' => '2022-08-04 13:28:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15741', 'article_category_id' => '1', 'title' => '10,000 Sacks of Fertilizers stuck at Tatopani Customs', 'sub_title' => '', 'summary' => 'August 4: About 10,000 sacks of urea, a chemical fertilizer extensively used in the agriculture sector of Nepal, are stranded in Tatopani customs since the last three months.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">August 4: About 10,000 sacks of urea, a chemical fertilizer extensively used in the agriculture sector of Nepal, are stranded in Tatopani customs since the last three months. While farmers across the country are facing extreme shortage of fertilizer, 9,970 sacks of urea are stranded due to the negligence of the importers and the state-owned Agriculture Inputs Company Limited.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The problem started when the two companies, Silk and Sinovac, who bagged the contract issued by the Agriculture Inputs Company Limited, delayed the purchase from China. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the contract, the fertilizer should have been handed over to the Agriculture Inputs Company Limited within 120 days. However, those two companies could not bring the fertilizer within the given deadline. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">After that, Silk and Sinovac ignored the notice issued by Agriculture Inputs Company Limited requesting them to come into contact within 21 days. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Later, Agriculture Inputs Company Limited filed a case against both the companies in court. While the case was sub judice, the fertilizer arrived at the Tatopani customs. Although the importing companies informed about the arrival of fertilizer, Agriculture Inputs Company Limited refused to receive the consignment. The Agriculture Inputs Company Limited did not even send inspection team for mandatory quality tests to be done when importing fertilizer from the customs. Due to this tussle, the fertilizer that arrived at the customs after a long process is on verge of being damaged.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Narad Gautam, the head of customs informed that Tatopani customs warned the importing company twice to release the fertilizer from the customs as soon as possible saying that the fertilizer may get damaged in the warehouse. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“However, the importer company has not come in contact yet,” he said. The fertilizer arrived at Tatopani Customs on May 13. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to sources, the companies importing the fertilizer have to pay Rs 5.5 million for keeping the fertilizer in the warehouse of Nepal Transit and Warehousing Company Limited in Tatopani for three months.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Sources claim that the fertilizer failed to enter Nepal as both the importing companies were involved in the process of getting the charge waived. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-08-04', 'modified' => '2022-08-04', 'keywords' => 'Tatopani, customs, fertilizer, urea, import', 'description' => '', 'sortorder' => '15482', 'image' => '20220804125749_Tatopani.jpg', 'article_date' => '2022-08-04 12:57:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15740', 'article_category_id' => '1', 'title' => 'Shree Airlines Aircraft makes Emergency Landing at Nepalgunj Airport', 'sub_title' => '', 'summary' => 'August 4: An aircraft of Shree Airlines made an emergency landing at Nepalgunj Airport today morning (Thursday ). . ', 'content' => '<p><span style="font-size:18px">August 4: An aircraft of Shree Airlines made an emergency landing at Nepalgunj Airport today morning (Thursday). . </span></p> <p><span style="font-size:18px">Nepalgunj-based Station Chief of Shree Airlines, Parshuram Chaudhary, told the state-owned RSS that the aircraft with call sign 9N-ANF 432 that took off for Kathmandu from Nepalgunj made an emergency landing within six minutes of take-off after smoke started to appear inside the aircraft. </span></p> <p><span style="font-size:18px">A total of 79 passengers were in the aircraft and all of them are safe, added Chaudhary.</span></p> <p><span style="font-size:18px">He further said that a team of engineers from Kathmandu will arrive in Nepalgunj to find out the reason behind the problem, RSS reported.</span></p> <p><span style="font-size:18px">A similar incident occurred last week at Pokhara Airport.</span></p> <p><span style="font-size:18px">An aircraft of Yeti Airlines that took off from Pokhara to Kathmandu on Friday morning made a safe landing back in Pokhara six minutes later following a technical problem.</span></p> <p><span style="font-size:18px">According to the state-owned national news agency RSS, the aircraft returned back to Pokhara after its engine malfunctioned.</span></p> <p><span style="font-size:18px">Nepal has a poor record of aviation safety despite making some improvement as per the ICAO report.</span></p> <p><span style="font-size:18px">The last time Nepal witnessed a fatal air crash was on May 29 when a Twin Otter carrying nineteen passengers and three crew members crashed in Manapathi hill of Mustang district killing all people on board.</span></p> <p><span style="font-size:18px">According to media reports, the aircraft with call sign 9N-AET had been in operation since the last 43 years.</span></p> <p><span style="font-size:18px"> - </span></p> ', 'published' => true, 'created' => '2022-08-04', 'modified' => '2022-08-04', 'keywords' => 'aircraft, Shree, Airlines, Nepalgunj, airport, landing, technical, problem, aviation, safety', 'description' => '', 'sortorder' => '15481', 'image' => '20220804123230_maxresdefault.jpg', 'article_date' => '2022-08-04 12:30:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15739', 'article_category_id' => '1', 'title' => 'Nepal's Textile Industry Still Relying on Age-Old Technology', 'sub_title' => '', 'summary' => 'August 4: The textile industry is considered to be one of the most promising enterprises.', 'content' => '<p><span style="font-size:16px">Om Prakash Khanal</span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">August 4: The textile industry is considered to be one of the most promising enterprises. However, most of the 200 small-scale textile industries in Nepal are running with age-old equipment. The textile industries of Nepal are importing second-hand machineries that have been used for at least one decade in third countries including India.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The Nepal Textile Industry Association estimates that the annual consumption of clothes in Nepal is worth Rs 6 billion. The share of home-made products is only 5 to 10 percent. The annual clothes consumption data of Nepal mentioned in a statement released by the association on June 2 is not official though. It is not possible to independently verify this data.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Why are industries relying on old equipment despite such a large market potential? Entrepreneur Ramesh Gadia's answers by saying that the market is small and the dominance of foreign clothes scare industrialists to invest in new technology.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Out of the total clothes consumed in Nepal, local production and import through formal means is worth Rs 1 billion. Jitendra Lohia, vice-president of the Nepal Textile Industry Association claims that the remaining clothes worth Rs 5 billion are imported through informal channels.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to Gadia, the domestic manufacturers are afraid to invest in technology because of the cheap clothes imported or smuggled from India and China. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">When Binay Shah, the owner of Nobel Textiles in Birgunj, introduced new technology in his industry, other textile industrialists suggested Shah that it would be risky. He said that he was ready to take risk. However, the most of the entrepreneurs do not want to take this risk. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“Production is taking place in the country since the last 30/35 years with the use of old equipment that has been used for over 10 years elsewhere,” said Gadia.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The lack of stability in the government's policy towards the textile industry is also the reason for the industrialists' hesitation. Vice President Lohia complains that the provisions brought by the government as concessions are also unreasonable. The government announced a subsidy of 5 percentage points on loans taken by the textile industry up to Rs 50 million. Not all types of textile industries are able to get this concession.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Industrialist Pitambar Munka complained that up to the year 2074/75, the textile industry was given a 100 percent VAT exemption, which was removed after the concession scheme. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“The government gave 50 percent subsidy on electricity tariff in the year 2076/77, which was also removed from the year 2077/78,” said Munka.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Most of the clothes consumed in Nepal are imported from India. Goods and Services Tax (GST) is levied at 5 percent on clothing in India. This tax is not levied on clothes entering Nepal legally. Although 15 percent customs duty is imposed on textile imports, most of them come under SAFTA concessions of 5 to 7 percent. Meanwhile, 5 percent customs duty is to be paid on yarn imported by the domestic industry.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Industrialists claim that most of the clothes are imported through illegal means without paying revenue. Gadia added, “On top of that, since India has given up to 50 percent subsidy to the textile industry, it is difficult to compete with the cheap textiles imported from there. Due to the competition, the domestic textile industry of Nepal is stuck with old technology.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-08-04', 'modified' => '2022-08-04', 'keywords' => '', 'description' => '', 'sortorder' => '15480', 'image' => '20220804112418_DXHGMR-1024x937.jpg', 'article_date' => '2022-08-04 11:22:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15738', 'article_category_id' => '1', 'title' => 'Price of Petroleum Products will not be Adjusted: NOC ', 'sub_title' => '', 'summary' => 'August 4: Nepal Oil Corporation (NOC) has clarified that the prices of petroleum products will not be adjusted even after a slight decline in the purchase price because of the due it owes to the Indian Oil Corporation (IOC). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 4: Nepal Oil Corporation (NOC) has clarified that the prices of petroleum products will not be adjusted even after a slight decline in the purchase price because of the due it owes to the Indian Oil Corporation (IOC). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Issuing a press statement on Wednesday, the NOC shared that even though it has made some profit in petrol, kerosene and aviation fuel, the price of petroleum products would not be adjusted as it has to pay loan taken from the Government of Nepal and dues to the IOC.</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 state-owned oil monopoly made such remarks despite adopting the auto-pricing mechanism, under which it should have adjusted the prices as per the fluctuation in prices in the international market. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the new purchase price received from IOC on Monday, NOC makes a profit of Rs 2.75 per litre of petrol, Rs 9.37 loss per litre of diesel and Rs 499.57 loss per cylinder of cooking gas (LPG), said NOC's Joint-Spokesperson Puskar Karki. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The state-owned national news agency RSS reported that the NOC is making profit through the sale of kerosene and aviation fuel. However, the NOC projects that it will incur a loss of Rs 1.27 billion per month from the sale of petroleum products in the current price, RSS added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The state-owned NOC had earlier taken a loan of seven billion rupees from the government and three billion rupees from Rastriya Banijya Bank to pay to the IOC, to which it still owes Rs 23 billion. </span></span></span></p> ', 'published' => true, 'created' => '2022-08-04', 'modified' => '2022-08-04', 'keywords' => '', 'description' => '', 'sortorder' => '15479', 'image' => '20220804103954_petroo - Copy.jpg', 'article_date' => '2022-08-04 10:39:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15733', 'article_category_id' => '1', 'title' => 'Around 39,000 Tourists Visited Mustang in Last Fiscal Year', 'sub_title' => '', 'summary' => 'August 3: Around 39,000 tourists visited Mustang district in the last fiscal year.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">August 3: Around 39,000 tourists visited Mustang district in the last fiscal year. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the Jomsom-based office of the Annapurna Area Conservation Project (ACAP), a total of 38,896 tourists visited the district in FY 2021/22. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The state-owned national news agency RSS reported that the tourists visiting the area were from 48 different countries. Among them, most of the tourists arrived from neighbouring India. The number of Indian tourists was an overwhelming 33,457, informed Ashok Subedi, chief of the Jomsom-based ACAP office.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Similarly, 2,743 foreign tourists visited Mustang after crossing the 5,300-meter Thorang-La pass from Manang district.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Likewise, 1, 566 tourists visited Upper Mustang. Tourists need special permit to visit the Upper Mustang that lies to the north of Kagbeni and extends to the Korala border point. According to ACAP, the visitors need to pay USD 500 to enter this semi-restricted area with beautiful landscape for a seven-day period. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Tourists from SAARC countries need to pay a fee of Rs 1,000 to visit the ACAP region which spreads over Lamjung, Kaski, Manang, Mustang and Myagadi districts of Gandaki Province.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Tourists from other countries need to pay a fee of Rs 3,000 each to visit this area. </span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-08-03', 'modified' => '2022-08-03', 'keywords' => 'tourists, visit, Mustang, Manang, Thorang La, pass, ACAP, Annapurna, Jomsom, Upper, Korala, Kagbeni, Indian', 'description' => '', 'sortorder' => '15478', 'image' => '20220803094744_mustang.jpg', 'article_date' => '2022-08-03 09:45:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15737', 'article_category_id' => '1', 'title' => 'Deposits of Banks Decline by Rs 91 Billion after mid-July', 'sub_title' => '', 'summary' => 'August 3: Deposit collection of commercial banks have declined by Rs 91 billion in a period of just two weeks.', 'content' => '<p><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">August 3: Bank d</span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">eposits have declined by Rs 91 billion in a period of just two weeks. According to the data released by the Nepal Bankers Association on Tuesday, both the bank deposits and credit disbursement of commercial banks have declined since mid-July.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the association, their total deposits were Rs 45.41 trillion in mid-June, which dropped to Rs 44.50 trillion by July 29. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the association, deposit collection of commercial banks decreased by Rs 64 billion in the second week of July and by Rs 28 billion in the third week. Prior to that, the deposits of banks had increased by about Rs 1.5 billion till mid-July. By mid-June, total deposits of banks stood at Rs 44 trillion, which reached Rs 45.41 trillion by mid-July.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Spokesperson of Nepal Rastra Bank Dr. Gunakar Bhatt says, “After mid-July, a large amount of money was deducted from the banking system when Nepal Oil Corporation paid the amount of oil purchase to the Indian Oil Corporation (IOC). The deposits of commercial banks decreased when the Nepal Oil Corporation paid the amount to the Indian Oil Corporation (IOC) in the third week of July. Deposits may also have declined as the government issued cheques to pay builders by mid-July.” He believes that this amount will get back to the banking system gradually.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">In the third week of July, NOC took a loan from the government and paid Rs 16.80 billion to the IOC. Bhatta estimates that when NOC withdrew a large amount of money at once, the deposits of the commercial banks decreased significantly. Similarly, after the start of the new fiscal year, some of the budgets that could not be spent by the local bodies were returned to the state coffers, resulting in the decline in the deposits of the commercial banks. Along with the deposits, the investment of the banks has also decreased. As per the association, since mid-July, the banks' credit flow decreased by Rs 11 billion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">By mid-July, the total credit disbursement of commercial banks was Rs 41.75 trillion, which decreased to Rs 41.64 trillion as of July 29. Due to the lack of liquidity, banks recently stopped loan investment and emphasized on recovery. According to the association, the average credit-to-deposit ratio of banks remained at 87.98 percent on July 29.</span></span></span></span></p> ', 'published' => true, 'created' => '2022-08-03', 'modified' => '2022-08-03', 'keywords' => '', 'description' => '', 'sortorder' => '15477', 'image' => '20220803054019_Banks - Copy.jpg', 'article_date' => '2022-08-03 17:38:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15736', 'article_category_id' => '1', 'title' => 'Eight Years on, Concept of Tea Auction Market Limited to Papers in Nepal', 'sub_title' => '', 'summary' => 'August 3: The government had initiated the process of establishing a tea auction market around eight years ago. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">August 3: The government had initiated the process of establishing a tea auction market around eight years ago. However, the government is yet to implement the concept. The government had even allocated budget for setting up the auction market and a lab for testing the quality of tea. Experts believe that the tea produced in Nepal will get a good place in the international market if such an auction market is set up. However, there has not been any tangible efforts in establishing the auction market.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The concept of auction market has been making rounds since the last thirteen years. It was eight years ago that a committee headed by tea producer Suresh Mittal was formed to set up an auction market. The then section officer of the National Tea and Coffee Development Board Indra Adhikari was the member secretary of the committee. The committee had prepared ‘guidelines’ for the auction market and also set up a lab in Jhapa and required software with an investment of Rs ten million provided by the Ministry of Agriculture and Livestock Development.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">There were plans to include all the tea producers of Nepal in the auction market. As per the plan, all the tea industrialists were also affiliated to the auction market. However, the auction market is yet to function. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Dilliram Baskota, general secretary of the Himalayan Orthodox Tea Producers Association, says that the auction market would have been set up years ago if the concerned parties had worked as per their commitment. Both the government and the industrialists need the auction market, says Baskota. However, the auction market has not come into operation due to the stance of both the sides.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Both the government and the industrialists have been blaming each other for the delay in operation of the auction market. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Spokesperson of the National Tea and Coffee Development Board Dr Deepak Khanal says that the auction market could not be operated due to the stance taken by the industrialists after all the required infrastructure was ready. According to Khanal, the tea producers declined to join the auction market until their demand to seek bank loan by keeping the tea in warehouse as collateral was fulfilled. They also demanded grant from the government for exporting tea. The board tried to address the demands of the tea producers through the Ministry of Agriculture to failed to do so.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">On the other hand, the tea producers blamed the government for not fulfilling their demands. They also accuse the government of dilly-dallying in bringing the auction market into operation fearing that the transaction of the market would be transparent. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“Once the auction market comes into operation, all the transactions will be transparent. The government fears that the transactions of the state-owned tea garden will also become transparent. Therefore, the government does not want to operate the auction market,” said an industrialist requesting anonymity.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Tea auction is the process of selling tea through software using a common platform where the tea producers and businessmen from within the country and abroad will have access. The software will have information about the price and samples of various brands of tea. The dealers can make online order for tea from overseas. This auction market started in the UK and entered the Indian market in the <span style="font-family:"Arial Unicode MS","sans-serif"">1980s. However, it is still not certain whether Nepal will implement it or not.</span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-08-03', 'modified' => '2022-08-03', 'keywords' => '', 'description' => '', 'sortorder' => '15476', 'image' => '20220803041253_Tea.jpg', 'article_date' => '2022-08-03 16:12:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15735', 'article_category_id' => '1', 'title' => 'Industrialists Unhappy about Hike in Rental Charge of Industrial Estates', 'sub_title' => '', 'summary' => 'August 3: The private sector is dissatisfied with the decision of Industrial Area Management Limited (IDM) to increase the industrial land lease rate of all 10 industrial estates. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">August 3: The private sector is dissatisfied with the decision of Industrial Area Management Limited (IDM) to increase the rental charge of all 10 industrial estates. The Confederation of Nepalese Industries (CNI) has requested the government to withdraw the decision immediately, stating that the investment in the country's industry will be affected due to the increase in rate. The CNI argued that the increment has discouraged the private sector.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">A sub-committee on fares, tariffs and service charges formed by IDM had recommended the new fares to be effective from 17 July 2018. The industrialists had expressed their displeasure during that time after the maximum annual charge for using the industrial areas was increased by 687 percent. After that, the then Minister for Industry instructed the concerned bodies not to implement this provision. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Prakash Khadka, information officer of IDM, said that now the IDA has started writing to the industries to comply with the same provision.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">CNI has been asking for an immediate refund of the increased rental charge in the industrial sector to create a conducive environment. CNI made this request after meeting Minister for Industry, Commerce and Supplies Dilendra Prasad Badu on Tuesday. A team led by the Acting President of the Confederation, Krishna Prasad Adhikari met Industry Secretary Arjun Prasad Pokharel and asked IDM to give continuity to the previous provision of rental charge . A meeting of IDM held on June 6, 2021 had decided to collect the additional charges that were due since July 17, 2018.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The CNI expressed objection stating that IDM has been seeking demand charge for stored equipment, collecting fees even for the water extracted through boring by the industries themselves and raising the rent of the land in an unwanted manner. The executive chairman of the federation said that the industries cannot bear the increase in rent from 98 percent to 687 percent until the industries affected by Covid-19 are able to recover. He urged the concerned authorities to create a conducive working environment by quickly solving the problems. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The acting presiding of CNI also pointed out the need for restructuring the IDM. He argued that the decision of IDM will result in the collapse of existing industries and the country's dream of import substitution and export promotion through the promotion of manufacturing and industrial sectors will not be fulfilled.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">CNI informed that the IDM has denied extending contract period of land and also refused to issue recommendation letter for the industries to apply for bank loans in case they did not pay the new rate.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Minister Badu expressed his commitment to find a long-term solution after discussion with IDM. IDM has set different rates for manufacturing and non-manufacturing industries. Depending on the industrial sector, the rental fare is less or more.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-08-03', 'modified' => '2022-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '15475', 'image' => '20220803025853_Industrial-Policy.jpg', 'article_date' => '2022-08-03 14:58:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15734', 'article_category_id' => '1', 'title' => 'PM Deuba Tells Ministers, Secretaries to Reduce Unnecessary Expenses', 'sub_title' => '', 'summary' => 'August 3: Prime Minister Sher Bahadur Deuba has instructed government employees to reduce unnecessary expenses citing increase in fuel prices affecting the country's foreign exchange reserves.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 3: Prime Minister Sher Bahadur Deuba has instructed government employees to reduce unnecessary expenses citing increase in fuel prices affecting the country's foreign exchange reserves.</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"">During a meeting at the Office of the Prime Minister and Council of Ministers in Singh Durbar on Tuesday, he urged the ministers and secretaries not provide vehicle facilities and fuel to employees or other officials except those who are entitled to receive such facilities.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prime Minister Deuba also instructed the ministers and secretaries to work towards making the country become self-sufficient in vegetables and fruits within six months and self-reliant in food within one year. He directed all the ministries to make plans and work towards increasing electricity consumption and promoting exports. </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, PM Deuba said that consumption of the petroleum products should be gradually reduced while increasing consumption of hydroelectricity and directed the line agencies to introduce concrete plan of action for increasing consumption of hydroelectricity. </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"">Stating that the entire strength and vigour should be devoted for economic progress, social transformation and good-governance, the PM said the bottlenecks of development should be resolved through policy and institutional reforms by identifying those issues on time. </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"">On the occasion, PM Deuba directed the ministers and secretaries to bring about positive changes in the service delivery to achieve good results through enhancement of the implementation capacity. </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"">During the meeting, PM Deuba said COVID-19 has had serious impact on our economic and social activities and our economy has witnessed external sector's pressure leading to challenges in all sectors of the economy. </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"">"But, the situation is not so worrisome. Growth in the recurrent expenditure should be controlled by strengthening policy implementation and regulation side. We should work to control inflation and ensure investment in the productive sector," the PM said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The major challenge of the time is to maintain economic stability and gradually bring reforms in the key indicators of economy, PM Deuba said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, PM Deuba urged all to speed up implementation of the development projects to contribute to SDGs target, and Nepal's graduation from the least developed country (LDC) by 2026. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-08-03', 'modified' => '2022-08-03', 'keywords' => '', 'description' => '', 'sortorder' => '15474', 'image' => '20220803100737_image_6483441.JPG', 'article_date' => '2022-08-03 10:07:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15732', 'article_category_id' => '1', 'title' => 'Chinese High Court Rules in Favour of Nepalese Banks', 'sub_title' => 'Court Orders Chinese Bank to Refund Counter Guarantee Amount to BoK and Himalayan Bank', 'summary' => 'August 3: A Chinese court has ordered a Chinese bank to refund the counter guarantee amount of Bank of Kathmandu (BoK) and Himalayan Bank for the Melamchi Water Supply Project (MWSP).', 'content' => '<p><span style="font-size:16px">August 3: A Chinese court has ordered a Chinese bank to refund the counter guarantee amount of Bank of Kathmandu (BoK) and Himalayan Bank for the Melamchi Water Supply Project (MWSP).</span></p> <p><span style="font-size:16px">Following the high court order, the two banks of Nepal are all set to receive more than one and a half billion rupees for the counter guarantee of the project.</span></p> <p><span style="font-size:16px">CEO of BoK Shrawan Maskey confirmed that the Chinese high court ruled in their favour and expressed happiness about the prospect of receiving the money.</span></p> <p><span style="font-size:16px">“We have received information that we won the court case in China,” said Maskey, adding, “Now we will move ahead to claim the amount.”</span></p> <p><span style="font-size:16px">BoK and Himalayan Bank had provided counter guarantee of USD 66,25,010 and USD 14,11,453 respectively to China Railway which was assured the bank guarantee for the MWSP by the China Construction Bank.</span></p> <p><span style="font-size:16px">MWSP had terminated the contract with China Railway after it failed to undertake the project as per the agreement. MWSP then filed a case in the Chinese court seeking the guarantee amount. The Chinese court ruled that although the Nepalese banks had provided the guarantee amount to the project, they were yet to receive the counter guarantee amount from the Chinese bank.</span></p> <p><span style="font-size:16px">Earlier, China Railway had pleaded in the court that it the China Construction Company is not liable to pay the counter guarantee amount to the Nepalese banks. The two banks of Nepal then sent their representatives to China and fought a legal battle in the high court. CEO Maskey is hopeful of receiving the amount following the high court verdict.</span></p> <p> </p> ', 'published' => true, 'created' => '2022-08-03', 'modified' => '2022-08-03', 'keywords' => 'bank, guarantee, BoK, Himalayan, China, Railway, Construction, Melamchi, court, case, high', 'description' => '', 'sortorder' => '15473', 'image' => '20220803094438_istockphoto-900791430-612x612.jpg', 'article_date' => '2022-08-03 09:42:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '15746', 'article_category_id' => '1', 'title' => 'Election Commission Gears up for November 20 Polls ', 'sub_title' => '', 'summary' => 'August 5: The Election Commission (EC) has stepped up preparations for the upcoming elections following the government's decision to hold the federal and provincial elections in a single phase on November 20.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 5: The Election Commission (EC) has stepped up preparations for the upcoming elections following the government's decision to hold the federal and provincial elections in a single phase on November 20.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The EC on Thursday made it clear that it was capable to hold the election on the stipulated date in a free and fair manner. EC officials had met Prime Minister Sher Bahadur Deuba on July 6 and recommended the government to hold the elections to the provincial and federal parliaments on November 20, arguing that the term of the present lawmakers will expire on December 7. The EC had made the recommendation for announcement of election date by maintaining at least 120 days as election period. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Organizing a press conference after the announcement of the election date on Thursday, Chief Election Commissioner Dinesh Kumar Thapaliya said the EC would expedite the preparations for the upcoming election. According to him, the election calendar would be published immediately after Dashain. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He thanked the government for deciding to hold the provincial and federal elections in a single phase. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the EC, the number of voters will be increased by around 1 million in the upcoming election. Similarly, the process of party registration will begin as per Article 271 of the Constitution of Nepal and Section 48 of Political Parties Act, 2073. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">CEC Thapaliya said Rs 8.11 billion was spent to hold the local level elections while Rs 10 billion is estimated to be spent for the upcoming elections. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-08-05', 'modified' => '2022-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '15487', 'image' => '20220805085711_Election_Commission.2e16d0ba.fill-650x500.jpg', 'article_date' => '2022-08-05 08:56:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15745', 'article_category_id' => '1', 'title' => 'Central Bank Encouraging BFIs to Increase Interest Rates', 'sub_title' => '', 'summary' => 'August 4: A few years ago, Nepal Rastra Bank (NRB) had adopted a policy to bring down the interest rates of banks to single digit. But now, the central bank is encouraging banks and financial institutions to increase the interest rates.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">August 4: A few years ago, Nepal Rastra Bank (NRB) had adopted a policy to bring down the interest rates of banks to single digit. But now, the central bank is encouraging banks and financial institutions to increase the interest rates.<br /> Issuing a directive to implement the provision included in the monetary policy for the current fiscal year, NRB has allowed BFIs to change the interest rates as per the instruction of the central bank.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Amending the Unified Directive 2078 on Wednesday, the central bank has given permission to the BFIs to change the interest rate with immediate effect whenever the central bank changes the bank rate and the policy interest rate. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank had announced to increase the policy interest rate through the monetary policy in order to discourage credit flow. As per the announcement, the central bank had increased the bank rate by 1. 5 percentage points and fixed it at 8.5 percent. Likewise, the policy interest rate has been increased from 5.5 percent to 7 percent and the deposit collection rate has been increased from 4 percent to 5.5 percent. These rates have been implemented before the amendment of the unified directive.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Banks had reached a gentlemen’s agreement to stabilize the interest rates since the last five months. However, they are now preparing to increase the interest rate as per the instruction of the central bank.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal Bankers’ Association President Anil Kumar Upadhyay said that the banks will decide about increasing the interest rates after their meeting. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The Unified Directive has allowed us to increase the interest rates with immediate effect. Now the association will take an official decision after holding a meeting,” he said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Last year, the banks were involved in unhealthy competition to increase deposit collection by increasing the interest rates due to the liquidity crisis. However, the central bank intervened nine months ago to stop the banks from indulging in such activity. The central bank issued a verbal instruction to the banks not to increase the interest rates on October 19 last year. The very next day, NRB issued a circular allowing banks to increase or decrease the interest rates by ten percent every month. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The association had brokered a deal among its member banks to fix the maximum interest rate on personal deposits at 11.3 percent and the maximum interest on institutional deposits at 10.3. However, the instruction issued by the central bank on Wednesday has paved the way for banks to increase the interest rates beyond the those limits. </span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-08-04', 'modified' => '2022-08-04', 'keywords' => '', 'description' => '', 'sortorder' => '15486', 'image' => '20220804074619_Banks - Copy.jpg', 'article_date' => '2022-08-04 19:45:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15743', 'article_category_id' => '1', 'title' => 'Complexities of Land Use Regulation Exposed', 'sub_title' => '', 'summary' => 'August 4: The Land Use Regulation issued by the government is currently in the phase of implementation. The main objective of introducing this regulation is to protect the agricultural land and increase productivity.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">August 4: The Land Use Regulation issued by the government is currently in the phase of implementation. The main objective of introducing this regulation is to protect the agricultural land and increase productivity. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, the complexities that have surfaced while implementing this regulation is unlikely to disappear soon. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">For example, there are plenty of agricultural land on the outskirts of Kathmandu valley. But the people’s representatives have been insisting that there isn’t any agricultural land in their local units. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has authorized the local units for the first time to classify lands on the basis of the Land Use Regulation. But later on, if the land use classification is to be changed it has to be done through the Local Land Use Council as well as the councils of the provincial and federal levels.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The centre does not have the authority to reject the recommendation made by the local level regarding the agricultural land. The people’s representatives are wary that classifying the land in agricultural category might cost them votes of the people get dissatisfied with their decision.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Department of Survey insists that the local units have been making fake claims that there isn’t any agricultural land in their area just to appease their voters. Chandragiri and Nagarjun municipalities within the Kathamdu valley have recommended the Department of Survey that they have no agricultural land within their premises.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Department of Survey as well as the concerned ministry does not have any answer if all the local units come up with the same conclusion that they do not have any cultivable land.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Department of Survey has been mandated to update the existing map as per the recommendation made by the local units. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Director General of the department Prakash Joshi says that the map prepared by the department and the one prepared by the local units are totally different.</span></span></p> ', 'published' => true, 'created' => '2022-08-04', 'modified' => '2022-08-04', 'keywords' => '', 'description' => '', 'sortorder' => '15485', 'image' => '20220804020714_ArunYadav_Rajbiraj_RSS_17_a.jpg', 'article_date' => '2022-08-04 14:06:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15744', 'article_category_id' => '1', 'title' => '‘People used to Mistaken Himalayan Java for Furniture Shop’ ', 'sub_title' => '', 'summary' => 'August 4: Gagan Pradhan, the founder of Nepal's famous Himalayan Java Coffee, shared his bittersweet experience with New Business Age about his two-decade long entrepreneurial journey.', 'content' => '<p><span style="font-size:18px">August 4: Gagan Pradhan, the founder of Nepal's famous Himalayan Java Coffee, shared his bittersweet experience with New Business Age about his two-decade long entrepreneurial journey.</span></p> <p><span style="font-size:18px">During the interview, he shared that Nepal's coffee is of the highest quality in the world, and it is necessary to increase the government's efforts to promote cultivation of coffee in the country. According to him, farmer’s attraction towards coffee farming can be increased if necessary training, publicity, and subsidies are provided by the government.</span></p> <p><span style="font-size:18px">Due to the lack of necessary training, required skills, and investment, the farmers are not much interested in coffee farming compared to other cash crops. Due to these reasons, they could not produce coffee as per the demand, says Pradhan. According to him, there is a lot of potential for exporting coffee produced in Nepal. His experience says that the government has not been able to do the required homework for exporting coffee.</span></p> <p><span style="font-size:18px">Because of the lack of knowledge that crush farming (other cultivation along with coffee) is done during coffee cultivation, the farmers' interest in it has not increased. It is difficult to grow coffee as the production starts after 6-7 years of planting, shares Pradhan.</span></p> <p><span style="font-size:18px">According to him, the annual consumption of coffee in Nepal is 10,000 metric tons. Nepalese coffee is 100 percent organic. He said that the farmers were unaware that coffee is sold for as much as Rs 1,200 per kg. As Nepal is not able to produce coffee in accordance to the demand, it is being imported from countries like India, Italy, Thailand, and Indonesia.</span></p> <p><span style="font-size:18px">Pradhan, who went to Australia for higher education, learned to make coffee there. After completing his studies, he came back with the intention of doing something in Nepal and went to America to learn more about management. He again took coffee-making training, learned the method, and returned home with the coffee-making machine. At that time, only five-star hotels sold coffee in Kathmandu. Only instant coffee was available at cheap prices in tea shops and restaurants.</span></p> <p><span style="font-size:18px">Pradhan says Himalayan Java has played an important role in developing coffee culture in Nepal since the past two decades.</span></p> <p><span style="font-size:18px">Pradhan established Himalayan Java with an investment of around Rs 1.3 million after a market survey in the initial stage. He also shared the experience that some people were initially mistaken with Himalayan Java for a furniture store or a computer training center.</span></p> <p><span style="font-size:18px">His company is currently involved in coffee farming as well as importing coffee and providing barista and bakery training. Pradhan informed that his business started from Heritage Plaza in Kathmandu and has reached 40 outlets in the country and abroad. Fifty percent of the outlets in operation are in the form of franchises. He said that the franchise was given upon the request of the businessmen. Business expansion stopped during the period of coromavirus pandemic. Now, Himalayan Java is working with the goal of expanding the franchise in the cities located along the major highways.</span></p> <p><span style="font-size:18px">He is of the view that the Nepalese need to promote commercial farming of coffee. For this, there should be a coordination for production and supply chain. If all these can be managed, Nepal will have a good prospect of coffee culture in the days ahead.</span></p> ', 'published' => true, 'created' => '2022-08-04', 'modified' => '2022-08-04', 'keywords' => 'Himalayan, Java, coffee, culture, promotion', 'description' => '', 'sortorder' => '15484', 'image' => '20220804055531_1659608040.gagan pradhan.jpg', 'article_date' => '2022-08-04 17:53:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15742', 'article_category_id' => '1', 'title' => 'Nepal Sales Mission 2022 concludes in Thailand ', 'sub_title' => '', 'summary' => 'August 4: "Nepal Sales Mission 2022" was recently organised in Thailand with the aim of promoting tourist destinations in Nepal. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 4: "Nepal Sales Mission 2022" was recently organised in Thailand with the aim of promoting tourist destinations in Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Eleven exhibitors from Nepal and over 45 tour operators in Thailand joined the event organised by the Pacific Asia Travels Association (PATA) Nepal chapter on August 1. As per the organiser, the event concluded on a positive note. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the PATA Nepal chapter, B2B session, formal function and networking dinner reception were the parts of the event. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Welcoming the participants on the occasion, Bibhuti Chand Thakur, chairperson of PATA Nepal Chapter, called on all the tourism stakeholders in the public and private sectors to join hands to overcome the hardships created by the global pandemic, and promote tourism exchange between the two friendly nations, Nepal and Thailand. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the PATA, Thakur expressed his belief that this Sales Mission in Bangkok has been a timely and productive initiative to support the post-pandemic tourism recovery, promoting the newly built Gautam Buddha International Airport and the new avenues and opportunities for sustainable tourism development. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal’s Ambassador to the Kingdom of Thailand, Ganesh Prasad Dhakal, highlighted the attractions of Nepal’s tourism and encouraged the Thai Travel Agents and visitors by assuring full support of Nepal’s embassy for visa issuance, necessary information and other cooperation in regard to their travel to Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Ben Montgomery, chairperson of PATA Thailand Chapter, extended her welcome remarks and best wishes for Nepal’s tourism recovery initiatives. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Former CEO of Nepal Tourism Board Deepak Raj Joshi, speaking as a keynote speaker about Destination Nepal, shared the in-depth insights about latest updates and the alluring offerings of Nepal as a lifetime experience destination. He also shared his expert thoughts on how Thai Travel Agents can benefit by connecting with Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Shivek Sachdev, vice president of Thai Travel Agents Association, appreciated sustainable and environment-friendly initiatives of Nepal and urged his Thai tourism fraternity to extend their support for Nepal's tourism promotion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Hom Prasad Parajuli, Country Manager of Nepal Airlines in Thailand, made a presentation regarding the easy connectivity between Nepal and Thailand, the national flag carrier’s promotional fare, and special facilitation </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The event was supported by the Embassy of Nepal in Thailand, Nepal Airlines, PATA HQ and PATA Thailand Chapter, Thai Travel Agents Association (TTAA), SS Group Thailand, Confederation of Nepalese Industries (CNI), Jawalakhel Group of Industries (JGI).</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">It was the first post-pandemic tourism promotion event overseas that included a delegation of 20 tourism professionals comprising PATA Nepal Chapter executives and members who also attended the 6th PATA Destination Marketing Forum (PDMF), held in Songkhla, Thailand from August 2nd to 4th, 2022. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-08-04', 'modified' => '2022-08-04', 'keywords' => '', 'description' => '', 'sortorder' => '15483', 'image' => '20220804012910_20220728124411_PN-Nepal-Sales-Mission-2022-Thailand.jpg', 'article_date' => '2022-08-04 13:28:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15741', 'article_category_id' => '1', 'title' => '10,000 Sacks of Fertilizers stuck at Tatopani Customs', 'sub_title' => '', 'summary' => 'August 4: About 10,000 sacks of urea, a chemical fertilizer extensively used in the agriculture sector of Nepal, are stranded in Tatopani customs since the last three months.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">August 4: About 10,000 sacks of urea, a chemical fertilizer extensively used in the agriculture sector of Nepal, are stranded in Tatopani customs since the last three months. While farmers across the country are facing extreme shortage of fertilizer, 9,970 sacks of urea are stranded due to the negligence of the importers and the state-owned Agriculture Inputs Company Limited.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The problem started when the two companies, Silk and Sinovac, who bagged the contract issued by the Agriculture Inputs Company Limited, delayed the purchase from China. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the contract, the fertilizer should have been handed over to the Agriculture Inputs Company Limited within 120 days. However, those two companies could not bring the fertilizer within the given deadline. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">After that, Silk and Sinovac ignored the notice issued by Agriculture Inputs Company Limited requesting them to come into contact within 21 days. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Later, Agriculture Inputs Company Limited filed a case against both the companies in court. While the case was sub judice, the fertilizer arrived at the Tatopani customs. Although the importing companies informed about the arrival of fertilizer, Agriculture Inputs Company Limited refused to receive the consignment. The Agriculture Inputs Company Limited did not even send inspection team for mandatory quality tests to be done when importing fertilizer from the customs. Due to this tussle, the fertilizer that arrived at the customs after a long process is on verge of being damaged.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Narad Gautam, the head of customs informed that Tatopani customs warned the importing company twice to release the fertilizer from the customs as soon as possible saying that the fertilizer may get damaged in the warehouse. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“However, the importer company has not come in contact yet,” he said. The fertilizer arrived at Tatopani Customs on May 13. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to sources, the companies importing the fertilizer have to pay Rs 5.5 million for keeping the fertilizer in the warehouse of Nepal Transit and Warehousing Company Limited in Tatopani for three months.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Sources claim that the fertilizer failed to enter Nepal as both the importing companies were involved in the process of getting the charge waived. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-08-04', 'modified' => '2022-08-04', 'keywords' => 'Tatopani, customs, fertilizer, urea, import', 'description' => '', 'sortorder' => '15482', 'image' => '20220804125749_Tatopani.jpg', 'article_date' => '2022-08-04 12:57:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15740', 'article_category_id' => '1', 'title' => 'Shree Airlines Aircraft makes Emergency Landing at Nepalgunj Airport', 'sub_title' => '', 'summary' => 'August 4: An aircraft of Shree Airlines made an emergency landing at Nepalgunj Airport today morning (Thursday ). . ', 'content' => '<p><span style="font-size:18px">August 4: An aircraft of Shree Airlines made an emergency landing at Nepalgunj Airport today morning (Thursday). . </span></p> <p><span style="font-size:18px">Nepalgunj-based Station Chief of Shree Airlines, Parshuram Chaudhary, told the state-owned RSS that the aircraft with call sign 9N-ANF 432 that took off for Kathmandu from Nepalgunj made an emergency landing within six minutes of take-off after smoke started to appear inside the aircraft. </span></p> <p><span style="font-size:18px">A total of 79 passengers were in the aircraft and all of them are safe, added Chaudhary.</span></p> <p><span style="font-size:18px">He further said that a team of engineers from Kathmandu will arrive in Nepalgunj to find out the reason behind the problem, RSS reported.</span></p> <p><span style="font-size:18px">A similar incident occurred last week at Pokhara Airport.</span></p> <p><span style="font-size:18px">An aircraft of Yeti Airlines that took off from Pokhara to Kathmandu on Friday morning made a safe landing back in Pokhara six minutes later following a technical problem.</span></p> <p><span style="font-size:18px">According to the state-owned national news agency RSS, the aircraft returned back to Pokhara after its engine malfunctioned.</span></p> <p><span style="font-size:18px">Nepal has a poor record of aviation safety despite making some improvement as per the ICAO report.</span></p> <p><span style="font-size:18px">The last time Nepal witnessed a fatal air crash was on May 29 when a Twin Otter carrying nineteen passengers and three crew members crashed in Manapathi hill of Mustang district killing all people on board.</span></p> <p><span style="font-size:18px">According to media reports, the aircraft with call sign 9N-AET had been in operation since the last 43 years.</span></p> <p><span style="font-size:18px"> - </span></p> ', 'published' => true, 'created' => '2022-08-04', 'modified' => '2022-08-04', 'keywords' => 'aircraft, Shree, Airlines, Nepalgunj, airport, landing, technical, problem, aviation, safety', 'description' => '', 'sortorder' => '15481', 'image' => '20220804123230_maxresdefault.jpg', 'article_date' => '2022-08-04 12:30:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15739', 'article_category_id' => '1', 'title' => 'Nepal's Textile Industry Still Relying on Age-Old Technology', 'sub_title' => '', 'summary' => 'August 4: The textile industry is considered to be one of the most promising enterprises.', 'content' => '<p><span style="font-size:16px">Om Prakash Khanal</span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">August 4: The textile industry is considered to be one of the most promising enterprises. However, most of the 200 small-scale textile industries in Nepal are running with age-old equipment. The textile industries of Nepal are importing second-hand machineries that have been used for at least one decade in third countries including India.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The Nepal Textile Industry Association estimates that the annual consumption of clothes in Nepal is worth Rs 6 billion. The share of home-made products is only 5 to 10 percent. The annual clothes consumption data of Nepal mentioned in a statement released by the association on June 2 is not official though. It is not possible to independently verify this data.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Why are industries relying on old equipment despite such a large market potential? Entrepreneur Ramesh Gadia's answers by saying that the market is small and the dominance of foreign clothes scare industrialists to invest in new technology.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Out of the total clothes consumed in Nepal, local production and import through formal means is worth Rs 1 billion. Jitendra Lohia, vice-president of the Nepal Textile Industry Association claims that the remaining clothes worth Rs 5 billion are imported through informal channels.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to Gadia, the domestic manufacturers are afraid to invest in technology because of the cheap clothes imported or smuggled from India and China. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">When Binay Shah, the owner of Nobel Textiles in Birgunj, introduced new technology in his industry, other textile industrialists suggested Shah that it would be risky. He said that he was ready to take risk. However, the most of the entrepreneurs do not want to take this risk. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“Production is taking place in the country since the last 30/35 years with the use of old equipment that has been used for over 10 years elsewhere,” said Gadia.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The lack of stability in the government's policy towards the textile industry is also the reason for the industrialists' hesitation. Vice President Lohia complains that the provisions brought by the government as concessions are also unreasonable. The government announced a subsidy of 5 percentage points on loans taken by the textile industry up to Rs 50 million. Not all types of textile industries are able to get this concession.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Industrialist Pitambar Munka complained that up to the year 2074/75, the textile industry was given a 100 percent VAT exemption, which was removed after the concession scheme. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“The government gave 50 percent subsidy on electricity tariff in the year 2076/77, which was also removed from the year 2077/78,” said Munka.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Most of the clothes consumed in Nepal are imported from India. Goods and Services Tax (GST) is levied at 5 percent on clothing in India. This tax is not levied on clothes entering Nepal legally. Although 15 percent customs duty is imposed on textile imports, most of them come under SAFTA concessions of 5 to 7 percent. Meanwhile, 5 percent customs duty is to be paid on yarn imported by the domestic industry.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Industrialists claim that most of the clothes are imported through illegal means without paying revenue. Gadia added, “On top of that, since India has given up to 50 percent subsidy to the textile industry, it is difficult to compete with the cheap textiles imported from there. Due to the competition, the domestic textile industry of Nepal is stuck with old technology.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-08-04', 'modified' => '2022-08-04', 'keywords' => '', 'description' => '', 'sortorder' => '15480', 'image' => '20220804112418_DXHGMR-1024x937.jpg', 'article_date' => '2022-08-04 11:22:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15738', 'article_category_id' => '1', 'title' => 'Price of Petroleum Products will not be Adjusted: NOC ', 'sub_title' => '', 'summary' => 'August 4: Nepal Oil Corporation (NOC) has clarified that the prices of petroleum products will not be adjusted even after a slight decline in the purchase price because of the due it owes to the Indian Oil Corporation (IOC). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 4: Nepal Oil Corporation (NOC) has clarified that the prices of petroleum products will not be adjusted even after a slight decline in the purchase price because of the due it owes to the Indian Oil Corporation (IOC). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Issuing a press statement on Wednesday, the NOC shared that even though it has made some profit in petrol, kerosene and aviation fuel, the price of petroleum products would not be adjusted as it has to pay loan taken from the Government of Nepal and dues to the IOC.</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 state-owned oil monopoly made such remarks despite adopting the auto-pricing mechanism, under which it should have adjusted the prices as per the fluctuation in prices in the international market. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the new purchase price received from IOC on Monday, NOC makes a profit of Rs 2.75 per litre of petrol, Rs 9.37 loss per litre of diesel and Rs 499.57 loss per cylinder of cooking gas (LPG), said NOC's Joint-Spokesperson Puskar Karki. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The state-owned national news agency RSS reported that the NOC is making profit through the sale of kerosene and aviation fuel. However, the NOC projects that it will incur a loss of Rs 1.27 billion per month from the sale of petroleum products in the current price, RSS added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The state-owned NOC had earlier taken a loan of seven billion rupees from the government and three billion rupees from Rastriya Banijya Bank to pay to the IOC, to which it still owes Rs 23 billion. </span></span></span></p> ', 'published' => true, 'created' => '2022-08-04', 'modified' => '2022-08-04', 'keywords' => '', 'description' => '', 'sortorder' => '15479', 'image' => '20220804103954_petroo - Copy.jpg', 'article_date' => '2022-08-04 10:39:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15733', 'article_category_id' => '1', 'title' => 'Around 39,000 Tourists Visited Mustang in Last Fiscal Year', 'sub_title' => '', 'summary' => 'August 3: Around 39,000 tourists visited Mustang district in the last fiscal year.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">August 3: Around 39,000 tourists visited Mustang district in the last fiscal year. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the Jomsom-based office of the Annapurna Area Conservation Project (ACAP), a total of 38,896 tourists visited the district in FY 2021/22. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The state-owned national news agency RSS reported that the tourists visiting the area were from 48 different countries. Among them, most of the tourists arrived from neighbouring India. The number of Indian tourists was an overwhelming 33,457, informed Ashok Subedi, chief of the Jomsom-based ACAP office.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Similarly, 2,743 foreign tourists visited Mustang after crossing the 5,300-meter Thorang-La pass from Manang district.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Likewise, 1, 566 tourists visited Upper Mustang. Tourists need special permit to visit the Upper Mustang that lies to the north of Kagbeni and extends to the Korala border point. According to ACAP, the visitors need to pay USD 500 to enter this semi-restricted area with beautiful landscape for a seven-day period. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Tourists from SAARC countries need to pay a fee of Rs 1,000 to visit the ACAP region which spreads over Lamjung, Kaski, Manang, Mustang and Myagadi districts of Gandaki Province.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Tourists from other countries need to pay a fee of Rs 3,000 each to visit this area. </span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-08-03', 'modified' => '2022-08-03', 'keywords' => 'tourists, visit, Mustang, Manang, Thorang La, pass, ACAP, Annapurna, Jomsom, Upper, Korala, Kagbeni, Indian', 'description' => '', 'sortorder' => '15478', 'image' => '20220803094744_mustang.jpg', 'article_date' => '2022-08-03 09:45:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15737', 'article_category_id' => '1', 'title' => 'Deposits of Banks Decline by Rs 91 Billion after mid-July', 'sub_title' => '', 'summary' => 'August 3: Deposit collection of commercial banks have declined by Rs 91 billion in a period of just two weeks.', 'content' => '<p><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">August 3: Bank d</span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">eposits have declined by Rs 91 billion in a period of just two weeks. According to the data released by the Nepal Bankers Association on Tuesday, both the bank deposits and credit disbursement of commercial banks have declined since mid-July.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the association, their total deposits were Rs 45.41 trillion in mid-June, which dropped to Rs 44.50 trillion by July 29. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the association, deposit collection of commercial banks decreased by Rs 64 billion in the second week of July and by Rs 28 billion in the third week. Prior to that, the deposits of banks had increased by about Rs 1.5 billion till mid-July. By mid-June, total deposits of banks stood at Rs 44 trillion, which reached Rs 45.41 trillion by mid-July.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Spokesperson of Nepal Rastra Bank Dr. Gunakar Bhatt says, “After mid-July, a large amount of money was deducted from the banking system when Nepal Oil Corporation paid the amount of oil purchase to the Indian Oil Corporation (IOC). The deposits of commercial banks decreased when the Nepal Oil Corporation paid the amount to the Indian Oil Corporation (IOC) in the third week of July. Deposits may also have declined as the government issued cheques to pay builders by mid-July.” He believes that this amount will get back to the banking system gradually.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">In the third week of July, NOC took a loan from the government and paid Rs 16.80 billion to the IOC. Bhatta estimates that when NOC withdrew a large amount of money at once, the deposits of the commercial banks decreased significantly. Similarly, after the start of the new fiscal year, some of the budgets that could not be spent by the local bodies were returned to the state coffers, resulting in the decline in the deposits of the commercial banks. Along with the deposits, the investment of the banks has also decreased. As per the association, since mid-July, the banks' credit flow decreased by Rs 11 billion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">By mid-July, the total credit disbursement of commercial banks was Rs 41.75 trillion, which decreased to Rs 41.64 trillion as of July 29. Due to the lack of liquidity, banks recently stopped loan investment and emphasized on recovery. According to the association, the average credit-to-deposit ratio of banks remained at 87.98 percent on July 29.</span></span></span></span></p> ', 'published' => true, 'created' => '2022-08-03', 'modified' => '2022-08-03', 'keywords' => '', 'description' => '', 'sortorder' => '15477', 'image' => '20220803054019_Banks - Copy.jpg', 'article_date' => '2022-08-03 17:38:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15736', 'article_category_id' => '1', 'title' => 'Eight Years on, Concept of Tea Auction Market Limited to Papers in Nepal', 'sub_title' => '', 'summary' => 'August 3: The government had initiated the process of establishing a tea auction market around eight years ago. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">August 3: The government had initiated the process of establishing a tea auction market around eight years ago. However, the government is yet to implement the concept. The government had even allocated budget for setting up the auction market and a lab for testing the quality of tea. Experts believe that the tea produced in Nepal will get a good place in the international market if such an auction market is set up. However, there has not been any tangible efforts in establishing the auction market.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The concept of auction market has been making rounds since the last thirteen years. It was eight years ago that a committee headed by tea producer Suresh Mittal was formed to set up an auction market. The then section officer of the National Tea and Coffee Development Board Indra Adhikari was the member secretary of the committee. The committee had prepared ‘guidelines’ for the auction market and also set up a lab in Jhapa and required software with an investment of Rs ten million provided by the Ministry of Agriculture and Livestock Development.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">There were plans to include all the tea producers of Nepal in the auction market. As per the plan, all the tea industrialists were also affiliated to the auction market. However, the auction market is yet to function. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Dilliram Baskota, general secretary of the Himalayan Orthodox Tea Producers Association, says that the auction market would have been set up years ago if the concerned parties had worked as per their commitment. Both the government and the industrialists need the auction market, says Baskota. However, the auction market has not come into operation due to the stance of both the sides.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Both the government and the industrialists have been blaming each other for the delay in operation of the auction market. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Spokesperson of the National Tea and Coffee Development Board Dr Deepak Khanal says that the auction market could not be operated due to the stance taken by the industrialists after all the required infrastructure was ready. According to Khanal, the tea producers declined to join the auction market until their demand to seek bank loan by keeping the tea in warehouse as collateral was fulfilled. They also demanded grant from the government for exporting tea. The board tried to address the demands of the tea producers through the Ministry of Agriculture to failed to do so.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">On the other hand, the tea producers blamed the government for not fulfilling their demands. They also accuse the government of dilly-dallying in bringing the auction market into operation fearing that the transaction of the market would be transparent. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“Once the auction market comes into operation, all the transactions will be transparent. The government fears that the transactions of the state-owned tea garden will also become transparent. Therefore, the government does not want to operate the auction market,” said an industrialist requesting anonymity.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Tea auction is the process of selling tea through software using a common platform where the tea producers and businessmen from within the country and abroad will have access. The software will have information about the price and samples of various brands of tea. The dealers can make online order for tea from overseas. This auction market started in the UK and entered the Indian market in the <span style="font-family:"Arial Unicode MS","sans-serif"">1980s. However, it is still not certain whether Nepal will implement it or not.</span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-08-03', 'modified' => '2022-08-03', 'keywords' => '', 'description' => '', 'sortorder' => '15476', 'image' => '20220803041253_Tea.jpg', 'article_date' => '2022-08-03 16:12:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15735', 'article_category_id' => '1', 'title' => 'Industrialists Unhappy about Hike in Rental Charge of Industrial Estates', 'sub_title' => '', 'summary' => 'August 3: The private sector is dissatisfied with the decision of Industrial Area Management Limited (IDM) to increase the industrial land lease rate of all 10 industrial estates. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">August 3: The private sector is dissatisfied with the decision of Industrial Area Management Limited (IDM) to increase the rental charge of all 10 industrial estates. The Confederation of Nepalese Industries (CNI) has requested the government to withdraw the decision immediately, stating that the investment in the country's industry will be affected due to the increase in rate. The CNI argued that the increment has discouraged the private sector.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">A sub-committee on fares, tariffs and service charges formed by IDM had recommended the new fares to be effective from 17 July 2018. The industrialists had expressed their displeasure during that time after the maximum annual charge for using the industrial areas was increased by 687 percent. After that, the then Minister for Industry instructed the concerned bodies not to implement this provision. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Prakash Khadka, information officer of IDM, said that now the IDA has started writing to the industries to comply with the same provision.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">CNI has been asking for an immediate refund of the increased rental charge in the industrial sector to create a conducive environment. CNI made this request after meeting Minister for Industry, Commerce and Supplies Dilendra Prasad Badu on Tuesday. A team led by the Acting President of the Confederation, Krishna Prasad Adhikari met Industry Secretary Arjun Prasad Pokharel and asked IDM to give continuity to the previous provision of rental charge . A meeting of IDM held on June 6, 2021 had decided to collect the additional charges that were due since July 17, 2018.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The CNI expressed objection stating that IDM has been seeking demand charge for stored equipment, collecting fees even for the water extracted through boring by the industries themselves and raising the rent of the land in an unwanted manner. The executive chairman of the federation said that the industries cannot bear the increase in rent from 98 percent to 687 percent until the industries affected by Covid-19 are able to recover. He urged the concerned authorities to create a conducive working environment by quickly solving the problems. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The acting presiding of CNI also pointed out the need for restructuring the IDM. He argued that the decision of IDM will result in the collapse of existing industries and the country's dream of import substitution and export promotion through the promotion of manufacturing and industrial sectors will not be fulfilled.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">CNI informed that the IDM has denied extending contract period of land and also refused to issue recommendation letter for the industries to apply for bank loans in case they did not pay the new rate.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Minister Badu expressed his commitment to find a long-term solution after discussion with IDM. IDM has set different rates for manufacturing and non-manufacturing industries. Depending on the industrial sector, the rental fare is less or more.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-08-03', 'modified' => '2022-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '15475', 'image' => '20220803025853_Industrial-Policy.jpg', 'article_date' => '2022-08-03 14:58:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15734', 'article_category_id' => '1', 'title' => 'PM Deuba Tells Ministers, Secretaries to Reduce Unnecessary Expenses', 'sub_title' => '', 'summary' => 'August 3: Prime Minister Sher Bahadur Deuba has instructed government employees to reduce unnecessary expenses citing increase in fuel prices affecting the country's foreign exchange reserves.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 3: Prime Minister Sher Bahadur Deuba has instructed government employees to reduce unnecessary expenses citing increase in fuel prices affecting the country's foreign exchange reserves.</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"">During a meeting at the Office of the Prime Minister and Council of Ministers in Singh Durbar on Tuesday, he urged the ministers and secretaries not provide vehicle facilities and fuel to employees or other officials except those who are entitled to receive such facilities.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prime Minister Deuba also instructed the ministers and secretaries to work towards making the country become self-sufficient in vegetables and fruits within six months and self-reliant in food within one year. He directed all the ministries to make plans and work towards increasing electricity consumption and promoting exports. </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, PM Deuba said that consumption of the petroleum products should be gradually reduced while increasing consumption of hydroelectricity and directed the line agencies to introduce concrete plan of action for increasing consumption of hydroelectricity. </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"">Stating that the entire strength and vigour should be devoted for economic progress, social transformation and good-governance, the PM said the bottlenecks of development should be resolved through policy and institutional reforms by identifying those issues on time. </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"">On the occasion, PM Deuba directed the ministers and secretaries to bring about positive changes in the service delivery to achieve good results through enhancement of the implementation capacity. </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"">During the meeting, PM Deuba said COVID-19 has had serious impact on our economic and social activities and our economy has witnessed external sector's pressure leading to challenges in all sectors of the economy. </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"">"But, the situation is not so worrisome. Growth in the recurrent expenditure should be controlled by strengthening policy implementation and regulation side. We should work to control inflation and ensure investment in the productive sector," the PM said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The major challenge of the time is to maintain economic stability and gradually bring reforms in the key indicators of economy, PM Deuba said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, PM Deuba urged all to speed up implementation of the development projects to contribute to SDGs target, and Nepal's graduation from the least developed country (LDC) by 2026. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-08-03', 'modified' => '2022-08-03', 'keywords' => '', 'description' => '', 'sortorder' => '15474', 'image' => '20220803100737_image_6483441.JPG', 'article_date' => '2022-08-03 10:07:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15732', 'article_category_id' => '1', 'title' => 'Chinese High Court Rules in Favour of Nepalese Banks', 'sub_title' => 'Court Orders Chinese Bank to Refund Counter Guarantee Amount to BoK and Himalayan Bank', 'summary' => 'August 3: A Chinese court has ordered a Chinese bank to refund the counter guarantee amount of Bank of Kathmandu (BoK) and Himalayan Bank for the Melamchi Water Supply Project (MWSP).', 'content' => '<p><span style="font-size:16px">August 3: A Chinese court has ordered a Chinese bank to refund the counter guarantee amount of Bank of Kathmandu (BoK) and Himalayan Bank for the Melamchi Water Supply Project (MWSP).</span></p> <p><span style="font-size:16px">Following the high court order, the two banks of Nepal are all set to receive more than one and a half billion rupees for the counter guarantee of the project.</span></p> <p><span style="font-size:16px">CEO of BoK Shrawan Maskey confirmed that the Chinese high court ruled in their favour and expressed happiness about the prospect of receiving the money.</span></p> <p><span style="font-size:16px">“We have received information that we won the court case in China,” said Maskey, adding, “Now we will move ahead to claim the amount.”</span></p> <p><span style="font-size:16px">BoK and Himalayan Bank had provided counter guarantee of USD 66,25,010 and USD 14,11,453 respectively to China Railway which was assured the bank guarantee for the MWSP by the China Construction Bank.</span></p> <p><span style="font-size:16px">MWSP had terminated the contract with China Railway after it failed to undertake the project as per the agreement. MWSP then filed a case in the Chinese court seeking the guarantee amount. The Chinese court ruled that although the Nepalese banks had provided the guarantee amount to the project, they were yet to receive the counter guarantee amount from the Chinese bank.</span></p> <p><span style="font-size:16px">Earlier, China Railway had pleaded in the court that it the China Construction Company is not liable to pay the counter guarantee amount to the Nepalese banks. The two banks of Nepal then sent their representatives to China and fought a legal battle in the high court. CEO Maskey is hopeful of receiving the amount following the high court verdict.</span></p> <p> </p> ', 'published' => true, 'created' => '2022-08-03', 'modified' => '2022-08-03', 'keywords' => 'bank, guarantee, BoK, Himalayan, China, Railway, Construction, Melamchi, court, case, high', 'description' => '', 'sortorder' => '15473', 'image' => '20220803094438_istockphoto-900791430-612x612.jpg', 'article_date' => '2022-08-03 09:42:47', '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' => '15746', 'article_category_id' => '1', 'title' => 'Election Commission Gears up for November 20 Polls ', 'sub_title' => '', 'summary' => 'August 5: The Election Commission (EC) has stepped up preparations for the upcoming elections following the government's decision to hold the federal and provincial elections in a single phase on November 20.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 5: The Election Commission (EC) has stepped up preparations for the upcoming elections following the government's decision to hold the federal and provincial elections in a single phase on November 20.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The EC on Thursday made it clear that it was capable to hold the election on the stipulated date in a free and fair manner. EC officials had met Prime Minister Sher Bahadur Deuba on July 6 and recommended the government to hold the elections to the provincial and federal parliaments on November 20, arguing that the term of the present lawmakers will expire on December 7. The EC had made the recommendation for announcement of election date by maintaining at least 120 days as election period. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Organizing a press conference after the announcement of the election date on Thursday, Chief Election Commissioner Dinesh Kumar Thapaliya said the EC would expedite the preparations for the upcoming election. According to him, the election calendar would be published immediately after Dashain. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He thanked the government for deciding to hold the provincial and federal elections in a single phase. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the EC, the number of voters will be increased by around 1 million in the upcoming election. Similarly, the process of party registration will begin as per Article 271 of the Constitution of Nepal and Section 48 of Political Parties Act, 2073. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">CEC Thapaliya said Rs 8.11 billion was spent to hold the local level elections while Rs 10 billion is estimated to be spent for the upcoming elections. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-08-05', 'modified' => '2022-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '15487', 'image' => '20220805085711_Election_Commission.2e16d0ba.fill-650x500.jpg', 'article_date' => '2022-08-05 08:56:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15745', 'article_category_id' => '1', 'title' => 'Central Bank Encouraging BFIs to Increase Interest Rates', 'sub_title' => '', 'summary' => 'August 4: A few years ago, Nepal Rastra Bank (NRB) had adopted a policy to bring down the interest rates of banks to single digit. But now, the central bank is encouraging banks and financial institutions to increase the interest rates.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">August 4: A few years ago, Nepal Rastra Bank (NRB) had adopted a policy to bring down the interest rates of banks to single digit. But now, the central bank is encouraging banks and financial institutions to increase the interest rates.<br /> Issuing a directive to implement the provision included in the monetary policy for the current fiscal year, NRB has allowed BFIs to change the interest rates as per the instruction of the central bank.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Amending the Unified Directive 2078 on Wednesday, the central bank has given permission to the BFIs to change the interest rate with immediate effect whenever the central bank changes the bank rate and the policy interest rate. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank had announced to increase the policy interest rate through the monetary policy in order to discourage credit flow. As per the announcement, the central bank had increased the bank rate by 1. 5 percentage points and fixed it at 8.5 percent. Likewise, the policy interest rate has been increased from 5.5 percent to 7 percent and the deposit collection rate has been increased from 4 percent to 5.5 percent. These rates have been implemented before the amendment of the unified directive.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Banks had reached a gentlemen’s agreement to stabilize the interest rates since the last five months. However, they are now preparing to increase the interest rate as per the instruction of the central bank.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal Bankers’ Association President Anil Kumar Upadhyay said that the banks will decide about increasing the interest rates after their meeting. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The Unified Directive has allowed us to increase the interest rates with immediate effect. Now the association will take an official decision after holding a meeting,” he said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Last year, the banks were involved in unhealthy competition to increase deposit collection by increasing the interest rates due to the liquidity crisis. However, the central bank intervened nine months ago to stop the banks from indulging in such activity. The central bank issued a verbal instruction to the banks not to increase the interest rates on October 19 last year. The very next day, NRB issued a circular allowing banks to increase or decrease the interest rates by ten percent every month. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The association had brokered a deal among its member banks to fix the maximum interest rate on personal deposits at 11.3 percent and the maximum interest on institutional deposits at 10.3. However, the instruction issued by the central bank on Wednesday has paved the way for banks to increase the interest rates beyond the those limits. </span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-08-04', 'modified' => '2022-08-04', 'keywords' => '', 'description' => '', 'sortorder' => '15486', 'image' => '20220804074619_Banks - Copy.jpg', 'article_date' => '2022-08-04 19:45:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15743', 'article_category_id' => '1', 'title' => 'Complexities of Land Use Regulation Exposed', 'sub_title' => '', 'summary' => 'August 4: The Land Use Regulation issued by the government is currently in the phase of implementation. The main objective of introducing this regulation is to protect the agricultural land and increase productivity.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">August 4: The Land Use Regulation issued by the government is currently in the phase of implementation. The main objective of introducing this regulation is to protect the agricultural land and increase productivity. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, the complexities that have surfaced while implementing this regulation is unlikely to disappear soon. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">For example, there are plenty of agricultural land on the outskirts of Kathmandu valley. But the people’s representatives have been insisting that there isn’t any agricultural land in their local units. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has authorized the local units for the first time to classify lands on the basis of the Land Use Regulation. But later on, if the land use classification is to be changed it has to be done through the Local Land Use Council as well as the councils of the provincial and federal levels.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The centre does not have the authority to reject the recommendation made by the local level regarding the agricultural land. The people’s representatives are wary that classifying the land in agricultural category might cost them votes of the people get dissatisfied with their decision.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Department of Survey insists that the local units have been making fake claims that there isn’t any agricultural land in their area just to appease their voters. Chandragiri and Nagarjun municipalities within the Kathamdu valley have recommended the Department of Survey that they have no agricultural land within their premises.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Department of Survey as well as the concerned ministry does not have any answer if all the local units come up with the same conclusion that they do not have any cultivable land.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Department of Survey has been mandated to update the existing map as per the recommendation made by the local units. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Director General of the department Prakash Joshi says that the map prepared by the department and the one prepared by the local units are totally different.</span></span></p> ', 'published' => true, 'created' => '2022-08-04', 'modified' => '2022-08-04', 'keywords' => '', 'description' => '', 'sortorder' => '15485', 'image' => '20220804020714_ArunYadav_Rajbiraj_RSS_17_a.jpg', 'article_date' => '2022-08-04 14:06:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15744', 'article_category_id' => '1', 'title' => '‘People used to Mistaken Himalayan Java for Furniture Shop’ ', 'sub_title' => '', 'summary' => 'August 4: Gagan Pradhan, the founder of Nepal's famous Himalayan Java Coffee, shared his bittersweet experience with New Business Age about his two-decade long entrepreneurial journey.', 'content' => '<p><span style="font-size:18px">August 4: Gagan Pradhan, the founder of Nepal's famous Himalayan Java Coffee, shared his bittersweet experience with New Business Age about his two-decade long entrepreneurial journey.</span></p> <p><span style="font-size:18px">During the interview, he shared that Nepal's coffee is of the highest quality in the world, and it is necessary to increase the government's efforts to promote cultivation of coffee in the country. According to him, farmer’s attraction towards coffee farming can be increased if necessary training, publicity, and subsidies are provided by the government.</span></p> <p><span style="font-size:18px">Due to the lack of necessary training, required skills, and investment, the farmers are not much interested in coffee farming compared to other cash crops. Due to these reasons, they could not produce coffee as per the demand, says Pradhan. According to him, there is a lot of potential for exporting coffee produced in Nepal. His experience says that the government has not been able to do the required homework for exporting coffee.</span></p> <p><span style="font-size:18px">Because of the lack of knowledge that crush farming (other cultivation along with coffee) is done during coffee cultivation, the farmers' interest in it has not increased. It is difficult to grow coffee as the production starts after 6-7 years of planting, shares Pradhan.</span></p> <p><span style="font-size:18px">According to him, the annual consumption of coffee in Nepal is 10,000 metric tons. Nepalese coffee is 100 percent organic. He said that the farmers were unaware that coffee is sold for as much as Rs 1,200 per kg. As Nepal is not able to produce coffee in accordance to the demand, it is being imported from countries like India, Italy, Thailand, and Indonesia.</span></p> <p><span style="font-size:18px">Pradhan, who went to Australia for higher education, learned to make coffee there. After completing his studies, he came back with the intention of doing something in Nepal and went to America to learn more about management. He again took coffee-making training, learned the method, and returned home with the coffee-making machine. At that time, only five-star hotels sold coffee in Kathmandu. Only instant coffee was available at cheap prices in tea shops and restaurants.</span></p> <p><span style="font-size:18px">Pradhan says Himalayan Java has played an important role in developing coffee culture in Nepal since the past two decades.</span></p> <p><span style="font-size:18px">Pradhan established Himalayan Java with an investment of around Rs 1.3 million after a market survey in the initial stage. He also shared the experience that some people were initially mistaken with Himalayan Java for a furniture store or a computer training center.</span></p> <p><span style="font-size:18px">His company is currently involved in coffee farming as well as importing coffee and providing barista and bakery training. Pradhan informed that his business started from Heritage Plaza in Kathmandu and has reached 40 outlets in the country and abroad. Fifty percent of the outlets in operation are in the form of franchises. He said that the franchise was given upon the request of the businessmen. Business expansion stopped during the period of coromavirus pandemic. Now, Himalayan Java is working with the goal of expanding the franchise in the cities located along the major highways.</span></p> <p><span style="font-size:18px">He is of the view that the Nepalese need to promote commercial farming of coffee. For this, there should be a coordination for production and supply chain. If all these can be managed, Nepal will have a good prospect of coffee culture in the days ahead.</span></p> ', 'published' => true, 'created' => '2022-08-04', 'modified' => '2022-08-04', 'keywords' => 'Himalayan, Java, coffee, culture, promotion', 'description' => '', 'sortorder' => '15484', 'image' => '20220804055531_1659608040.gagan pradhan.jpg', 'article_date' => '2022-08-04 17:53:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15742', 'article_category_id' => '1', 'title' => 'Nepal Sales Mission 2022 concludes in Thailand ', 'sub_title' => '', 'summary' => 'August 4: "Nepal Sales Mission 2022" was recently organised in Thailand with the aim of promoting tourist destinations in Nepal. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 4: "Nepal Sales Mission 2022" was recently organised in Thailand with the aim of promoting tourist destinations in Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Eleven exhibitors from Nepal and over 45 tour operators in Thailand joined the event organised by the Pacific Asia Travels Association (PATA) Nepal chapter on August 1. As per the organiser, the event concluded on a positive note. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the PATA Nepal chapter, B2B session, formal function and networking dinner reception were the parts of the event. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Welcoming the participants on the occasion, Bibhuti Chand Thakur, chairperson of PATA Nepal Chapter, called on all the tourism stakeholders in the public and private sectors to join hands to overcome the hardships created by the global pandemic, and promote tourism exchange between the two friendly nations, Nepal and Thailand. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the PATA, Thakur expressed his belief that this Sales Mission in Bangkok has been a timely and productive initiative to support the post-pandemic tourism recovery, promoting the newly built Gautam Buddha International Airport and the new avenues and opportunities for sustainable tourism development. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal’s Ambassador to the Kingdom of Thailand, Ganesh Prasad Dhakal, highlighted the attractions of Nepal’s tourism and encouraged the Thai Travel Agents and visitors by assuring full support of Nepal’s embassy for visa issuance, necessary information and other cooperation in regard to their travel to Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Ben Montgomery, chairperson of PATA Thailand Chapter, extended her welcome remarks and best wishes for Nepal’s tourism recovery initiatives. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Former CEO of Nepal Tourism Board Deepak Raj Joshi, speaking as a keynote speaker about Destination Nepal, shared the in-depth insights about latest updates and the alluring offerings of Nepal as a lifetime experience destination. He also shared his expert thoughts on how Thai Travel Agents can benefit by connecting with Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Shivek Sachdev, vice president of Thai Travel Agents Association, appreciated sustainable and environment-friendly initiatives of Nepal and urged his Thai tourism fraternity to extend their support for Nepal's tourism promotion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Hom Prasad Parajuli, Country Manager of Nepal Airlines in Thailand, made a presentation regarding the easy connectivity between Nepal and Thailand, the national flag carrier’s promotional fare, and special facilitation </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The event was supported by the Embassy of Nepal in Thailand, Nepal Airlines, PATA HQ and PATA Thailand Chapter, Thai Travel Agents Association (TTAA), SS Group Thailand, Confederation of Nepalese Industries (CNI), Jawalakhel Group of Industries (JGI).</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">It was the first post-pandemic tourism promotion event overseas that included a delegation of 20 tourism professionals comprising PATA Nepal Chapter executives and members who also attended the 6th PATA Destination Marketing Forum (PDMF), held in Songkhla, Thailand from August 2nd to 4th, 2022. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-08-04', 'modified' => '2022-08-04', 'keywords' => '', 'description' => '', 'sortorder' => '15483', 'image' => '20220804012910_20220728124411_PN-Nepal-Sales-Mission-2022-Thailand.jpg', 'article_date' => '2022-08-04 13:28:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15741', 'article_category_id' => '1', 'title' => '10,000 Sacks of Fertilizers stuck at Tatopani Customs', 'sub_title' => '', 'summary' => 'August 4: About 10,000 sacks of urea, a chemical fertilizer extensively used in the agriculture sector of Nepal, are stranded in Tatopani customs since the last three months.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">August 4: About 10,000 sacks of urea, a chemical fertilizer extensively used in the agriculture sector of Nepal, are stranded in Tatopani customs since the last three months. While farmers across the country are facing extreme shortage of fertilizer, 9,970 sacks of urea are stranded due to the negligence of the importers and the state-owned Agriculture Inputs Company Limited.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The problem started when the two companies, Silk and Sinovac, who bagged the contract issued by the Agriculture Inputs Company Limited, delayed the purchase from China. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the contract, the fertilizer should have been handed over to the Agriculture Inputs Company Limited within 120 days. However, those two companies could not bring the fertilizer within the given deadline. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">After that, Silk and Sinovac ignored the notice issued by Agriculture Inputs Company Limited requesting them to come into contact within 21 days. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Later, Agriculture Inputs Company Limited filed a case against both the companies in court. While the case was sub judice, the fertilizer arrived at the Tatopani customs. Although the importing companies informed about the arrival of fertilizer, Agriculture Inputs Company Limited refused to receive the consignment. The Agriculture Inputs Company Limited did not even send inspection team for mandatory quality tests to be done when importing fertilizer from the customs. Due to this tussle, the fertilizer that arrived at the customs after a long process is on verge of being damaged.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Narad Gautam, the head of customs informed that Tatopani customs warned the importing company twice to release the fertilizer from the customs as soon as possible saying that the fertilizer may get damaged in the warehouse. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“However, the importer company has not come in contact yet,” he said. The fertilizer arrived at Tatopani Customs on May 13. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to sources, the companies importing the fertilizer have to pay Rs 5.5 million for keeping the fertilizer in the warehouse of Nepal Transit and Warehousing Company Limited in Tatopani for three months.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Sources claim that the fertilizer failed to enter Nepal as both the importing companies were involved in the process of getting the charge waived. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-08-04', 'modified' => '2022-08-04', 'keywords' => 'Tatopani, customs, fertilizer, urea, import', 'description' => '', 'sortorder' => '15482', 'image' => '20220804125749_Tatopani.jpg', 'article_date' => '2022-08-04 12:57:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15740', 'article_category_id' => '1', 'title' => 'Shree Airlines Aircraft makes Emergency Landing at Nepalgunj Airport', 'sub_title' => '', 'summary' => 'August 4: An aircraft of Shree Airlines made an emergency landing at Nepalgunj Airport today morning (Thursday ). . ', 'content' => '<p><span style="font-size:18px">August 4: An aircraft of Shree Airlines made an emergency landing at Nepalgunj Airport today morning (Thursday). . </span></p> <p><span style="font-size:18px">Nepalgunj-based Station Chief of Shree Airlines, Parshuram Chaudhary, told the state-owned RSS that the aircraft with call sign 9N-ANF 432 that took off for Kathmandu from Nepalgunj made an emergency landing within six minutes of take-off after smoke started to appear inside the aircraft. </span></p> <p><span style="font-size:18px">A total of 79 passengers were in the aircraft and all of them are safe, added Chaudhary.</span></p> <p><span style="font-size:18px">He further said that a team of engineers from Kathmandu will arrive in Nepalgunj to find out the reason behind the problem, RSS reported.</span></p> <p><span style="font-size:18px">A similar incident occurred last week at Pokhara Airport.</span></p> <p><span style="font-size:18px">An aircraft of Yeti Airlines that took off from Pokhara to Kathmandu on Friday morning made a safe landing back in Pokhara six minutes later following a technical problem.</span></p> <p><span style="font-size:18px">According to the state-owned national news agency RSS, the aircraft returned back to Pokhara after its engine malfunctioned.</span></p> <p><span style="font-size:18px">Nepal has a poor record of aviation safety despite making some improvement as per the ICAO report.</span></p> <p><span style="font-size:18px">The last time Nepal witnessed a fatal air crash was on May 29 when a Twin Otter carrying nineteen passengers and three crew members crashed in Manapathi hill of Mustang district killing all people on board.</span></p> <p><span style="font-size:18px">According to media reports, the aircraft with call sign 9N-AET had been in operation since the last 43 years.</span></p> <p><span style="font-size:18px"> - </span></p> ', 'published' => true, 'created' => '2022-08-04', 'modified' => '2022-08-04', 'keywords' => 'aircraft, Shree, Airlines, Nepalgunj, airport, landing, technical, problem, aviation, safety', 'description' => '', 'sortorder' => '15481', 'image' => '20220804123230_maxresdefault.jpg', 'article_date' => '2022-08-04 12:30:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15739', 'article_category_id' => '1', 'title' => 'Nepal's Textile Industry Still Relying on Age-Old Technology', 'sub_title' => '', 'summary' => 'August 4: The textile industry is considered to be one of the most promising enterprises.', 'content' => '<p><span style="font-size:16px">Om Prakash Khanal</span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">August 4: The textile industry is considered to be one of the most promising enterprises. However, most of the 200 small-scale textile industries in Nepal are running with age-old equipment. The textile industries of Nepal are importing second-hand machineries that have been used for at least one decade in third countries including India.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The Nepal Textile Industry Association estimates that the annual consumption of clothes in Nepal is worth Rs 6 billion. The share of home-made products is only 5 to 10 percent. The annual clothes consumption data of Nepal mentioned in a statement released by the association on June 2 is not official though. It is not possible to independently verify this data.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Why are industries relying on old equipment despite such a large market potential? Entrepreneur Ramesh Gadia's answers by saying that the market is small and the dominance of foreign clothes scare industrialists to invest in new technology.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Out of the total clothes consumed in Nepal, local production and import through formal means is worth Rs 1 billion. Jitendra Lohia, vice-president of the Nepal Textile Industry Association claims that the remaining clothes worth Rs 5 billion are imported through informal channels.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to Gadia, the domestic manufacturers are afraid to invest in technology because of the cheap clothes imported or smuggled from India and China. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">When Binay Shah, the owner of Nobel Textiles in Birgunj, introduced new technology in his industry, other textile industrialists suggested Shah that it would be risky. He said that he was ready to take risk. However, the most of the entrepreneurs do not want to take this risk. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“Production is taking place in the country since the last 30/35 years with the use of old equipment that has been used for over 10 years elsewhere,” said Gadia.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The lack of stability in the government's policy towards the textile industry is also the reason for the industrialists' hesitation. Vice President Lohia complains that the provisions brought by the government as concessions are also unreasonable. The government announced a subsidy of 5 percentage points on loans taken by the textile industry up to Rs 50 million. Not all types of textile industries are able to get this concession.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Industrialist Pitambar Munka complained that up to the year 2074/75, the textile industry was given a 100 percent VAT exemption, which was removed after the concession scheme. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“The government gave 50 percent subsidy on electricity tariff in the year 2076/77, which was also removed from the year 2077/78,” said Munka.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Most of the clothes consumed in Nepal are imported from India. Goods and Services Tax (GST) is levied at 5 percent on clothing in India. This tax is not levied on clothes entering Nepal legally. Although 15 percent customs duty is imposed on textile imports, most of them come under SAFTA concessions of 5 to 7 percent. Meanwhile, 5 percent customs duty is to be paid on yarn imported by the domestic industry.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Industrialists claim that most of the clothes are imported through illegal means without paying revenue. Gadia added, “On top of that, since India has given up to 50 percent subsidy to the textile industry, it is difficult to compete with the cheap textiles imported from there. Due to the competition, the domestic textile industry of Nepal is stuck with old technology.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-08-04', 'modified' => '2022-08-04', 'keywords' => '', 'description' => '', 'sortorder' => '15480', 'image' => '20220804112418_DXHGMR-1024x937.jpg', 'article_date' => '2022-08-04 11:22:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15738', 'article_category_id' => '1', 'title' => 'Price of Petroleum Products will not be Adjusted: NOC ', 'sub_title' => '', 'summary' => 'August 4: Nepal Oil Corporation (NOC) has clarified that the prices of petroleum products will not be adjusted even after a slight decline in the purchase price because of the due it owes to the Indian Oil Corporation (IOC). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 4: Nepal Oil Corporation (NOC) has clarified that the prices of petroleum products will not be adjusted even after a slight decline in the purchase price because of the due it owes to the Indian Oil Corporation (IOC). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Issuing a press statement on Wednesday, the NOC shared that even though it has made some profit in petrol, kerosene and aviation fuel, the price of petroleum products would not be adjusted as it has to pay loan taken from the Government of Nepal and dues to the IOC.</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 state-owned oil monopoly made such remarks despite adopting the auto-pricing mechanism, under which it should have adjusted the prices as per the fluctuation in prices in the international market. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the new purchase price received from IOC on Monday, NOC makes a profit of Rs 2.75 per litre of petrol, Rs 9.37 loss per litre of diesel and Rs 499.57 loss per cylinder of cooking gas (LPG), said NOC's Joint-Spokesperson Puskar Karki. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The state-owned national news agency RSS reported that the NOC is making profit through the sale of kerosene and aviation fuel. However, the NOC projects that it will incur a loss of Rs 1.27 billion per month from the sale of petroleum products in the current price, RSS added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The state-owned NOC had earlier taken a loan of seven billion rupees from the government and three billion rupees from Rastriya Banijya Bank to pay to the IOC, to which it still owes Rs 23 billion. </span></span></span></p> ', 'published' => true, 'created' => '2022-08-04', 'modified' => '2022-08-04', 'keywords' => '', 'description' => '', 'sortorder' => '15479', 'image' => '20220804103954_petroo - Copy.jpg', 'article_date' => '2022-08-04 10:39:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15733', 'article_category_id' => '1', 'title' => 'Around 39,000 Tourists Visited Mustang in Last Fiscal Year', 'sub_title' => '', 'summary' => 'August 3: Around 39,000 tourists visited Mustang district in the last fiscal year.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">August 3: Around 39,000 tourists visited Mustang district in the last fiscal year. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the Jomsom-based office of the Annapurna Area Conservation Project (ACAP), a total of 38,896 tourists visited the district in FY 2021/22. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The state-owned national news agency RSS reported that the tourists visiting the area were from 48 different countries. Among them, most of the tourists arrived from neighbouring India. The number of Indian tourists was an overwhelming 33,457, informed Ashok Subedi, chief of the Jomsom-based ACAP office.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Similarly, 2,743 foreign tourists visited Mustang after crossing the 5,300-meter Thorang-La pass from Manang district.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Likewise, 1, 566 tourists visited Upper Mustang. Tourists need special permit to visit the Upper Mustang that lies to the north of Kagbeni and extends to the Korala border point. According to ACAP, the visitors need to pay USD 500 to enter this semi-restricted area with beautiful landscape for a seven-day period. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Tourists from SAARC countries need to pay a fee of Rs 1,000 to visit the ACAP region which spreads over Lamjung, Kaski, Manang, Mustang and Myagadi districts of Gandaki Province.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Tourists from other countries need to pay a fee of Rs 3,000 each to visit this area. </span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-08-03', 'modified' => '2022-08-03', 'keywords' => 'tourists, visit, Mustang, Manang, Thorang La, pass, ACAP, Annapurna, Jomsom, Upper, Korala, Kagbeni, Indian', 'description' => '', 'sortorder' => '15478', 'image' => '20220803094744_mustang.jpg', 'article_date' => '2022-08-03 09:45:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15737', 'article_category_id' => '1', 'title' => 'Deposits of Banks Decline by Rs 91 Billion after mid-July', 'sub_title' => '', 'summary' => 'August 3: Deposit collection of commercial banks have declined by Rs 91 billion in a period of just two weeks.', 'content' => '<p><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">August 3: Bank d</span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">eposits have declined by Rs 91 billion in a period of just two weeks. According to the data released by the Nepal Bankers Association on Tuesday, both the bank deposits and credit disbursement of commercial banks have declined since mid-July.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the association, their total deposits were Rs 45.41 trillion in mid-June, which dropped to Rs 44.50 trillion by July 29. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the association, deposit collection of commercial banks decreased by Rs 64 billion in the second week of July and by Rs 28 billion in the third week. Prior to that, the deposits of banks had increased by about Rs 1.5 billion till mid-July. By mid-June, total deposits of banks stood at Rs 44 trillion, which reached Rs 45.41 trillion by mid-July.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Spokesperson of Nepal Rastra Bank Dr. Gunakar Bhatt says, “After mid-July, a large amount of money was deducted from the banking system when Nepal Oil Corporation paid the amount of oil purchase to the Indian Oil Corporation (IOC). The deposits of commercial banks decreased when the Nepal Oil Corporation paid the amount to the Indian Oil Corporation (IOC) in the third week of July. Deposits may also have declined as the government issued cheques to pay builders by mid-July.” He believes that this amount will get back to the banking system gradually.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">In the third week of July, NOC took a loan from the government and paid Rs 16.80 billion to the IOC. Bhatta estimates that when NOC withdrew a large amount of money at once, the deposits of the commercial banks decreased significantly. Similarly, after the start of the new fiscal year, some of the budgets that could not be spent by the local bodies were returned to the state coffers, resulting in the decline in the deposits of the commercial banks. Along with the deposits, the investment of the banks has also decreased. As per the association, since mid-July, the banks' credit flow decreased by Rs 11 billion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">By mid-July, the total credit disbursement of commercial banks was Rs 41.75 trillion, which decreased to Rs 41.64 trillion as of July 29. Due to the lack of liquidity, banks recently stopped loan investment and emphasized on recovery. According to the association, the average credit-to-deposit ratio of banks remained at 87.98 percent on July 29.</span></span></span></span></p> ', 'published' => true, 'created' => '2022-08-03', 'modified' => '2022-08-03', 'keywords' => '', 'description' => '', 'sortorder' => '15477', 'image' => '20220803054019_Banks - Copy.jpg', 'article_date' => '2022-08-03 17:38:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15736', 'article_category_id' => '1', 'title' => 'Eight Years on, Concept of Tea Auction Market Limited to Papers in Nepal', 'sub_title' => '', 'summary' => 'August 3: The government had initiated the process of establishing a tea auction market around eight years ago. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">August 3: The government had initiated the process of establishing a tea auction market around eight years ago. However, the government is yet to implement the concept. The government had even allocated budget for setting up the auction market and a lab for testing the quality of tea. Experts believe that the tea produced in Nepal will get a good place in the international market if such an auction market is set up. However, there has not been any tangible efforts in establishing the auction market.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The concept of auction market has been making rounds since the last thirteen years. It was eight years ago that a committee headed by tea producer Suresh Mittal was formed to set up an auction market. The then section officer of the National Tea and Coffee Development Board Indra Adhikari was the member secretary of the committee. The committee had prepared ‘guidelines’ for the auction market and also set up a lab in Jhapa and required software with an investment of Rs ten million provided by the Ministry of Agriculture and Livestock Development.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">There were plans to include all the tea producers of Nepal in the auction market. As per the plan, all the tea industrialists were also affiliated to the auction market. However, the auction market is yet to function. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Dilliram Baskota, general secretary of the Himalayan Orthodox Tea Producers Association, says that the auction market would have been set up years ago if the concerned parties had worked as per their commitment. Both the government and the industrialists need the auction market, says Baskota. However, the auction market has not come into operation due to the stance of both the sides.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Both the government and the industrialists have been blaming each other for the delay in operation of the auction market. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Spokesperson of the National Tea and Coffee Development Board Dr Deepak Khanal says that the auction market could not be operated due to the stance taken by the industrialists after all the required infrastructure was ready. According to Khanal, the tea producers declined to join the auction market until their demand to seek bank loan by keeping the tea in warehouse as collateral was fulfilled. They also demanded grant from the government for exporting tea. The board tried to address the demands of the tea producers through the Ministry of Agriculture to failed to do so.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">On the other hand, the tea producers blamed the government for not fulfilling their demands. They also accuse the government of dilly-dallying in bringing the auction market into operation fearing that the transaction of the market would be transparent. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“Once the auction market comes into operation, all the transactions will be transparent. The government fears that the transactions of the state-owned tea garden will also become transparent. Therefore, the government does not want to operate the auction market,” said an industrialist requesting anonymity.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Tea auction is the process of selling tea through software using a common platform where the tea producers and businessmen from within the country and abroad will have access. The software will have information about the price and samples of various brands of tea. The dealers can make online order for tea from overseas. This auction market started in the UK and entered the Indian market in the <span style="font-family:"Arial Unicode MS","sans-serif"">1980s. However, it is still not certain whether Nepal will implement it or not.</span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-08-03', 'modified' => '2022-08-03', 'keywords' => '', 'description' => '', 'sortorder' => '15476', 'image' => '20220803041253_Tea.jpg', 'article_date' => '2022-08-03 16:12:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15735', 'article_category_id' => '1', 'title' => 'Industrialists Unhappy about Hike in Rental Charge of Industrial Estates', 'sub_title' => '', 'summary' => 'August 3: The private sector is dissatisfied with the decision of Industrial Area Management Limited (IDM) to increase the industrial land lease rate of all 10 industrial estates. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">August 3: The private sector is dissatisfied with the decision of Industrial Area Management Limited (IDM) to increase the rental charge of all 10 industrial estates. The Confederation of Nepalese Industries (CNI) has requested the government to withdraw the decision immediately, stating that the investment in the country's industry will be affected due to the increase in rate. The CNI argued that the increment has discouraged the private sector.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">A sub-committee on fares, tariffs and service charges formed by IDM had recommended the new fares to be effective from 17 July 2018. The industrialists had expressed their displeasure during that time after the maximum annual charge for using the industrial areas was increased by 687 percent. After that, the then Minister for Industry instructed the concerned bodies not to implement this provision. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Prakash Khadka, information officer of IDM, said that now the IDA has started writing to the industries to comply with the same provision.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">CNI has been asking for an immediate refund of the increased rental charge in the industrial sector to create a conducive environment. CNI made this request after meeting Minister for Industry, Commerce and Supplies Dilendra Prasad Badu on Tuesday. A team led by the Acting President of the Confederation, Krishna Prasad Adhikari met Industry Secretary Arjun Prasad Pokharel and asked IDM to give continuity to the previous provision of rental charge . A meeting of IDM held on June 6, 2021 had decided to collect the additional charges that were due since July 17, 2018.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The CNI expressed objection stating that IDM has been seeking demand charge for stored equipment, collecting fees even for the water extracted through boring by the industries themselves and raising the rent of the land in an unwanted manner. The executive chairman of the federation said that the industries cannot bear the increase in rent from 98 percent to 687 percent until the industries affected by Covid-19 are able to recover. He urged the concerned authorities to create a conducive working environment by quickly solving the problems. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The acting presiding of CNI also pointed out the need for restructuring the IDM. He argued that the decision of IDM will result in the collapse of existing industries and the country's dream of import substitution and export promotion through the promotion of manufacturing and industrial sectors will not be fulfilled.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">CNI informed that the IDM has denied extending contract period of land and also refused to issue recommendation letter for the industries to apply for bank loans in case they did not pay the new rate.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Minister Badu expressed his commitment to find a long-term solution after discussion with IDM. IDM has set different rates for manufacturing and non-manufacturing industries. Depending on the industrial sector, the rental fare is less or more.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-08-03', 'modified' => '2022-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '15475', 'image' => '20220803025853_Industrial-Policy.jpg', 'article_date' => '2022-08-03 14:58:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15734', 'article_category_id' => '1', 'title' => 'PM Deuba Tells Ministers, Secretaries to Reduce Unnecessary Expenses', 'sub_title' => '', 'summary' => 'August 3: Prime Minister Sher Bahadur Deuba has instructed government employees to reduce unnecessary expenses citing increase in fuel prices affecting the country's foreign exchange reserves.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 3: Prime Minister Sher Bahadur Deuba has instructed government employees to reduce unnecessary expenses citing increase in fuel prices affecting the country's foreign exchange reserves.</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"">During a meeting at the Office of the Prime Minister and Council of Ministers in Singh Durbar on Tuesday, he urged the ministers and secretaries not provide vehicle facilities and fuel to employees or other officials except those who are entitled to receive such facilities.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prime Minister Deuba also instructed the ministers and secretaries to work towards making the country become self-sufficient in vegetables and fruits within six months and self-reliant in food within one year. He directed all the ministries to make plans and work towards increasing electricity consumption and promoting exports. </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, PM Deuba said that consumption of the petroleum products should be gradually reduced while increasing consumption of hydroelectricity and directed the line agencies to introduce concrete plan of action for increasing consumption of hydroelectricity. </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"">Stating that the entire strength and vigour should be devoted for economic progress, social transformation and good-governance, the PM said the bottlenecks of development should be resolved through policy and institutional reforms by identifying those issues on time. </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"">On the occasion, PM Deuba directed the ministers and secretaries to bring about positive changes in the service delivery to achieve good results through enhancement of the implementation capacity. </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"">During the meeting, PM Deuba said COVID-19 has had serious impact on our economic and social activities and our economy has witnessed external sector's pressure leading to challenges in all sectors of the economy. </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"">"But, the situation is not so worrisome. Growth in the recurrent expenditure should be controlled by strengthening policy implementation and regulation side. We should work to control inflation and ensure investment in the productive sector," the PM said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The major challenge of the time is to maintain economic stability and gradually bring reforms in the key indicators of economy, PM Deuba said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, PM Deuba urged all to speed up implementation of the development projects to contribute to SDGs target, and Nepal's graduation from the least developed country (LDC) by 2026. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-08-03', 'modified' => '2022-08-03', 'keywords' => '', 'description' => '', 'sortorder' => '15474', 'image' => '20220803100737_image_6483441.JPG', 'article_date' => '2022-08-03 10:07:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15732', 'article_category_id' => '1', 'title' => 'Chinese High Court Rules in Favour of Nepalese Banks', 'sub_title' => 'Court Orders Chinese Bank to Refund Counter Guarantee Amount to BoK and Himalayan Bank', 'summary' => 'August 3: A Chinese court has ordered a Chinese bank to refund the counter guarantee amount of Bank of Kathmandu (BoK) and Himalayan Bank for the Melamchi Water Supply Project (MWSP).', 'content' => '<p><span style="font-size:16px">August 3: A Chinese court has ordered a Chinese bank to refund the counter guarantee amount of Bank of Kathmandu (BoK) and Himalayan Bank for the Melamchi Water Supply Project (MWSP).</span></p> <p><span style="font-size:16px">Following the high court order, the two banks of Nepal are all set to receive more than one and a half billion rupees for the counter guarantee of the project.</span></p> <p><span style="font-size:16px">CEO of BoK Shrawan Maskey confirmed that the Chinese high court ruled in their favour and expressed happiness about the prospect of receiving the money.</span></p> <p><span style="font-size:16px">“We have received information that we won the court case in China,” said Maskey, adding, “Now we will move ahead to claim the amount.”</span></p> <p><span style="font-size:16px">BoK and Himalayan Bank had provided counter guarantee of USD 66,25,010 and USD 14,11,453 respectively to China Railway which was assured the bank guarantee for the MWSP by the China Construction Bank.</span></p> <p><span style="font-size:16px">MWSP had terminated the contract with China Railway after it failed to undertake the project as per the agreement. MWSP then filed a case in the Chinese court seeking the guarantee amount. The Chinese court ruled that although the Nepalese banks had provided the guarantee amount to the project, they were yet to receive the counter guarantee amount from the Chinese bank.</span></p> <p><span style="font-size:16px">Earlier, China Railway had pleaded in the court that it the China Construction Company is not liable to pay the counter guarantee amount to the Nepalese banks. The two banks of Nepal then sent their representatives to China and fought a legal battle in the high court. CEO Maskey is hopeful of receiving the amount following the high court verdict.</span></p> <p> </p> ', 'published' => true, 'created' => '2022-08-03', 'modified' => '2022-08-03', 'keywords' => 'bank, guarantee, BoK, Himalayan, China, Railway, Construction, Melamchi, court, case, high', 'description' => '', 'sortorder' => '15473', 'image' => '20220803094438_istockphoto-900791430-612x612.jpg', 'article_date' => '2022-08-03 09:42:47', '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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EC officials had met Prime Minister Sher Bahadur Deuba on July 6 and recommended the government to hold the elections to the provincial and federal parliaments on November 20, arguing that the term of the present lawmakers will expire on December 7. The EC had made the recommendation for announcement of election date by maintaining at least 120 days as election period. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Organizing a press conference after the announcement of the election date on Thursday, Chief Election Commissioner Dinesh Kumar Thapaliya said the EC would expedite the preparations for the upcoming election. According to him, the election calendar would be published immediately after Dashain. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He thanked the government for deciding to hold the provincial and federal elections in a single phase. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the EC, the number of voters will be increased by around 1 million in the upcoming election. Similarly, the process of party registration will begin as per Article 271 of the Constitution of Nepal and Section 48 of Political Parties Act, 2073. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">CEC Thapaliya said Rs 8.11 billion was spent to hold the local level elections while Rs 10 billion is estimated to be spent for the upcoming elections. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-08-05', 'modified' => '2022-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '15487', 'image' => '20220805085711_Election_Commission.2e16d0ba.fill-650x500.jpg', 'article_date' => '2022-08-05 08:56:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15745', 'article_category_id' => '1', 'title' => 'Central Bank Encouraging BFIs to Increase Interest Rates', 'sub_title' => '', 'summary' => 'August 4: A few years ago, Nepal Rastra Bank (NRB) had adopted a policy to bring down the interest rates of banks to single digit. But now, the central bank is encouraging banks and financial institutions to increase the interest rates.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">August 4: A few years ago, Nepal Rastra Bank (NRB) had adopted a policy to bring down the interest rates of banks to single digit. But now, the central bank is encouraging banks and financial institutions to increase the interest rates.<br /> Issuing a directive to implement the provision included in the monetary policy for the current fiscal year, NRB has allowed BFIs to change the interest rates as per the instruction of the central bank.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Amending the Unified Directive 2078 on Wednesday, the central bank has given permission to the BFIs to change the interest rate with immediate effect whenever the central bank changes the bank rate and the policy interest rate. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank had announced to increase the policy interest rate through the monetary policy in order to discourage credit flow. As per the announcement, the central bank had increased the bank rate by 1. 5 percentage points and fixed it at 8.5 percent. Likewise, the policy interest rate has been increased from 5.5 percent to 7 percent and the deposit collection rate has been increased from 4 percent to 5.5 percent. These rates have been implemented before the amendment of the unified directive.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Banks had reached a gentlemen’s agreement to stabilize the interest rates since the last five months. However, they are now preparing to increase the interest rate as per the instruction of the central bank.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal Bankers’ Association President Anil Kumar Upadhyay said that the banks will decide about increasing the interest rates after their meeting. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The Unified Directive has allowed us to increase the interest rates with immediate effect. Now the association will take an official decision after holding a meeting,” he said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Last year, the banks were involved in unhealthy competition to increase deposit collection by increasing the interest rates due to the liquidity crisis. However, the central bank intervened nine months ago to stop the banks from indulging in such activity. The central bank issued a verbal instruction to the banks not to increase the interest rates on October 19 last year. The very next day, NRB issued a circular allowing banks to increase or decrease the interest rates by ten percent every month. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The association had brokered a deal among its member banks to fix the maximum interest rate on personal deposits at 11.3 percent and the maximum interest on institutional deposits at 10.3. However, the instruction issued by the central bank on Wednesday has paved the way for banks to increase the interest rates beyond the those limits. </span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-08-04', 'modified' => '2022-08-04', 'keywords' => '', 'description' => '', 'sortorder' => '15486', 'image' => '20220804074619_Banks - Copy.jpg', 'article_date' => '2022-08-04 19:45:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15743', 'article_category_id' => '1', 'title' => 'Complexities of Land Use Regulation Exposed', 'sub_title' => '', 'summary' => 'August 4: The Land Use Regulation issued by the government is currently in the phase of implementation. The main objective of introducing this regulation is to protect the agricultural land and increase productivity.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">August 4: The Land Use Regulation issued by the government is currently in the phase of implementation. The main objective of introducing this regulation is to protect the agricultural land and increase productivity. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, the complexities that have surfaced while implementing this regulation is unlikely to disappear soon. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">For example, there are plenty of agricultural land on the outskirts of Kathmandu valley. But the people’s representatives have been insisting that there isn’t any agricultural land in their local units. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has authorized the local units for the first time to classify lands on the basis of the Land Use Regulation. But later on, if the land use classification is to be changed it has to be done through the Local Land Use Council as well as the councils of the provincial and federal levels.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The centre does not have the authority to reject the recommendation made by the local level regarding the agricultural land. The people’s representatives are wary that classifying the land in agricultural category might cost them votes of the people get dissatisfied with their decision.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Department of Survey insists that the local units have been making fake claims that there isn’t any agricultural land in their area just to appease their voters. Chandragiri and Nagarjun municipalities within the Kathamdu valley have recommended the Department of Survey that they have no agricultural land within their premises.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Department of Survey as well as the concerned ministry does not have any answer if all the local units come up with the same conclusion that they do not have any cultivable land.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Department of Survey has been mandated to update the existing map as per the recommendation made by the local units. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Director General of the department Prakash Joshi says that the map prepared by the department and the one prepared by the local units are totally different.</span></span></p> ', 'published' => true, 'created' => '2022-08-04', 'modified' => '2022-08-04', 'keywords' => '', 'description' => '', 'sortorder' => '15485', 'image' => '20220804020714_ArunYadav_Rajbiraj_RSS_17_a.jpg', 'article_date' => '2022-08-04 14:06:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15744', 'article_category_id' => '1', 'title' => '‘People used to Mistaken Himalayan Java for Furniture Shop’ ', 'sub_title' => '', 'summary' => 'August 4: Gagan Pradhan, the founder of Nepal's famous Himalayan Java Coffee, shared his bittersweet experience with New Business Age about his two-decade long entrepreneurial journey.', 'content' => '<p><span style="font-size:18px">August 4: Gagan Pradhan, the founder of Nepal's famous Himalayan Java Coffee, shared his bittersweet experience with New Business Age about his two-decade long entrepreneurial journey.</span></p> <p><span style="font-size:18px">During the interview, he shared that Nepal's coffee is of the highest quality in the world, and it is necessary to increase the government's efforts to promote cultivation of coffee in the country. According to him, farmer’s attraction towards coffee farming can be increased if necessary training, publicity, and subsidies are provided by the government.</span></p> <p><span style="font-size:18px">Due to the lack of necessary training, required skills, and investment, the farmers are not much interested in coffee farming compared to other cash crops. Due to these reasons, they could not produce coffee as per the demand, says Pradhan. According to him, there is a lot of potential for exporting coffee produced in Nepal. His experience says that the government has not been able to do the required homework for exporting coffee.</span></p> <p><span style="font-size:18px">Because of the lack of knowledge that crush farming (other cultivation along with coffee) is done during coffee cultivation, the farmers' interest in it has not increased. It is difficult to grow coffee as the production starts after 6-7 years of planting, shares Pradhan.</span></p> <p><span style="font-size:18px">According to him, the annual consumption of coffee in Nepal is 10,000 metric tons. Nepalese coffee is 100 percent organic. He said that the farmers were unaware that coffee is sold for as much as Rs 1,200 per kg. As Nepal is not able to produce coffee in accordance to the demand, it is being imported from countries like India, Italy, Thailand, and Indonesia.</span></p> <p><span style="font-size:18px">Pradhan, who went to Australia for higher education, learned to make coffee there. After completing his studies, he came back with the intention of doing something in Nepal and went to America to learn more about management. He again took coffee-making training, learned the method, and returned home with the coffee-making machine. At that time, only five-star hotels sold coffee in Kathmandu. Only instant coffee was available at cheap prices in tea shops and restaurants.</span></p> <p><span style="font-size:18px">Pradhan says Himalayan Java has played an important role in developing coffee culture in Nepal since the past two decades.</span></p> <p><span style="font-size:18px">Pradhan established Himalayan Java with an investment of around Rs 1.3 million after a market survey in the initial stage. He also shared the experience that some people were initially mistaken with Himalayan Java for a furniture store or a computer training center.</span></p> <p><span style="font-size:18px">His company is currently involved in coffee farming as well as importing coffee and providing barista and bakery training. Pradhan informed that his business started from Heritage Plaza in Kathmandu and has reached 40 outlets in the country and abroad. Fifty percent of the outlets in operation are in the form of franchises. He said that the franchise was given upon the request of the businessmen. Business expansion stopped during the period of coromavirus pandemic. Now, Himalayan Java is working with the goal of expanding the franchise in the cities located along the major highways.</span></p> <p><span style="font-size:18px">He is of the view that the Nepalese need to promote commercial farming of coffee. For this, there should be a coordination for production and supply chain. If all these can be managed, Nepal will have a good prospect of coffee culture in the days ahead.</span></p> ', 'published' => true, 'created' => '2022-08-04', 'modified' => '2022-08-04', 'keywords' => 'Himalayan, Java, coffee, culture, promotion', 'description' => '', 'sortorder' => '15484', 'image' => '20220804055531_1659608040.gagan pradhan.jpg', 'article_date' => '2022-08-04 17:53:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15742', 'article_category_id' => '1', 'title' => 'Nepal Sales Mission 2022 concludes in Thailand ', 'sub_title' => '', 'summary' => 'August 4: "Nepal Sales Mission 2022" was recently organised in Thailand with the aim of promoting tourist destinations in Nepal. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 4: "Nepal Sales Mission 2022" was recently organised in Thailand with the aim of promoting tourist destinations in Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Eleven exhibitors from Nepal and over 45 tour operators in Thailand joined the event organised by the Pacific Asia Travels Association (PATA) Nepal chapter on August 1. As per the organiser, the event concluded on a positive note. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the PATA Nepal chapter, B2B session, formal function and networking dinner reception were the parts of the event. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Welcoming the participants on the occasion, Bibhuti Chand Thakur, chairperson of PATA Nepal Chapter, called on all the tourism stakeholders in the public and private sectors to join hands to overcome the hardships created by the global pandemic, and promote tourism exchange between the two friendly nations, Nepal and Thailand. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the PATA, Thakur expressed his belief that this Sales Mission in Bangkok has been a timely and productive initiative to support the post-pandemic tourism recovery, promoting the newly built Gautam Buddha International Airport and the new avenues and opportunities for sustainable tourism development. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal’s Ambassador to the Kingdom of Thailand, Ganesh Prasad Dhakal, highlighted the attractions of Nepal’s tourism and encouraged the Thai Travel Agents and visitors by assuring full support of Nepal’s embassy for visa issuance, necessary information and other cooperation in regard to their travel to Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Ben Montgomery, chairperson of PATA Thailand Chapter, extended her welcome remarks and best wishes for Nepal’s tourism recovery initiatives. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Former CEO of Nepal Tourism Board Deepak Raj Joshi, speaking as a keynote speaker about Destination Nepal, shared the in-depth insights about latest updates and the alluring offerings of Nepal as a lifetime experience destination. He also shared his expert thoughts on how Thai Travel Agents can benefit by connecting with Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Shivek Sachdev, vice president of Thai Travel Agents Association, appreciated sustainable and environment-friendly initiatives of Nepal and urged his Thai tourism fraternity to extend their support for Nepal's tourism promotion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Hom Prasad Parajuli, Country Manager of Nepal Airlines in Thailand, made a presentation regarding the easy connectivity between Nepal and Thailand, the national flag carrier’s promotional fare, and special facilitation </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The event was supported by the Embassy of Nepal in Thailand, Nepal Airlines, PATA HQ and PATA Thailand Chapter, Thai Travel Agents Association (TTAA), SS Group Thailand, Confederation of Nepalese Industries (CNI), Jawalakhel Group of Industries (JGI).</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">It was the first post-pandemic tourism promotion event overseas that included a delegation of 20 tourism professionals comprising PATA Nepal Chapter executives and members who also attended the 6th PATA Destination Marketing Forum (PDMF), held in Songkhla, Thailand from August 2nd to 4th, 2022. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-08-04', 'modified' => '2022-08-04', 'keywords' => '', 'description' => '', 'sortorder' => '15483', 'image' => '20220804012910_20220728124411_PN-Nepal-Sales-Mission-2022-Thailand.jpg', 'article_date' => '2022-08-04 13:28:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15741', 'article_category_id' => '1', 'title' => '10,000 Sacks of Fertilizers stuck at Tatopani Customs', 'sub_title' => '', 'summary' => 'August 4: About 10,000 sacks of urea, a chemical fertilizer extensively used in the agriculture sector of Nepal, are stranded in Tatopani customs since the last three months.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">August 4: About 10,000 sacks of urea, a chemical fertilizer extensively used in the agriculture sector of Nepal, are stranded in Tatopani customs since the last three months. While farmers across the country are facing extreme shortage of fertilizer, 9,970 sacks of urea are stranded due to the negligence of the importers and the state-owned Agriculture Inputs Company Limited.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The problem started when the two companies, Silk and Sinovac, who bagged the contract issued by the Agriculture Inputs Company Limited, delayed the purchase from China. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the contract, the fertilizer should have been handed over to the Agriculture Inputs Company Limited within 120 days. However, those two companies could not bring the fertilizer within the given deadline. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">After that, Silk and Sinovac ignored the notice issued by Agriculture Inputs Company Limited requesting them to come into contact within 21 days. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Later, Agriculture Inputs Company Limited filed a case against both the companies in court. While the case was sub judice, the fertilizer arrived at the Tatopani customs. Although the importing companies informed about the arrival of fertilizer, Agriculture Inputs Company Limited refused to receive the consignment. The Agriculture Inputs Company Limited did not even send inspection team for mandatory quality tests to be done when importing fertilizer from the customs. Due to this tussle, the fertilizer that arrived at the customs after a long process is on verge of being damaged.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Narad Gautam, the head of customs informed that Tatopani customs warned the importing company twice to release the fertilizer from the customs as soon as possible saying that the fertilizer may get damaged in the warehouse. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“However, the importer company has not come in contact yet,” he said. The fertilizer arrived at Tatopani Customs on May 13. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to sources, the companies importing the fertilizer have to pay Rs 5.5 million for keeping the fertilizer in the warehouse of Nepal Transit and Warehousing Company Limited in Tatopani for three months.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Sources claim that the fertilizer failed to enter Nepal as both the importing companies were involved in the process of getting the charge waived. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-08-04', 'modified' => '2022-08-04', 'keywords' => 'Tatopani, customs, fertilizer, urea, import', 'description' => '', 'sortorder' => '15482', 'image' => '20220804125749_Tatopani.jpg', 'article_date' => '2022-08-04 12:57:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15740', 'article_category_id' => '1', 'title' => 'Shree Airlines Aircraft makes Emergency Landing at Nepalgunj Airport', 'sub_title' => '', 'summary' => 'August 4: An aircraft of Shree Airlines made an emergency landing at Nepalgunj Airport today morning (Thursday ). . ', 'content' => '<p><span style="font-size:18px">August 4: An aircraft of Shree Airlines made an emergency landing at Nepalgunj Airport today morning (Thursday). . </span></p> <p><span style="font-size:18px">Nepalgunj-based Station Chief of Shree Airlines, Parshuram Chaudhary, told the state-owned RSS that the aircraft with call sign 9N-ANF 432 that took off for Kathmandu from Nepalgunj made an emergency landing within six minutes of take-off after smoke started to appear inside the aircraft. </span></p> <p><span style="font-size:18px">A total of 79 passengers were in the aircraft and all of them are safe, added Chaudhary.</span></p> <p><span style="font-size:18px">He further said that a team of engineers from Kathmandu will arrive in Nepalgunj to find out the reason behind the problem, RSS reported.</span></p> <p><span style="font-size:18px">A similar incident occurred last week at Pokhara Airport.</span></p> <p><span style="font-size:18px">An aircraft of Yeti Airlines that took off from Pokhara to Kathmandu on Friday morning made a safe landing back in Pokhara six minutes later following a technical problem.</span></p> <p><span style="font-size:18px">According to the state-owned national news agency RSS, the aircraft returned back to Pokhara after its engine malfunctioned.</span></p> <p><span style="font-size:18px">Nepal has a poor record of aviation safety despite making some improvement as per the ICAO report.</span></p> <p><span style="font-size:18px">The last time Nepal witnessed a fatal air crash was on May 29 when a Twin Otter carrying nineteen passengers and three crew members crashed in Manapathi hill of Mustang district killing all people on board.</span></p> <p><span style="font-size:18px">According to media reports, the aircraft with call sign 9N-AET had been in operation since the last 43 years.</span></p> <p><span style="font-size:18px"> - </span></p> ', 'published' => true, 'created' => '2022-08-04', 'modified' => '2022-08-04', 'keywords' => 'aircraft, Shree, Airlines, Nepalgunj, airport, landing, technical, problem, aviation, safety', 'description' => '', 'sortorder' => '15481', 'image' => '20220804123230_maxresdefault.jpg', 'article_date' => '2022-08-04 12:30:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15739', 'article_category_id' => '1', 'title' => 'Nepal's Textile Industry Still Relying on Age-Old Technology', 'sub_title' => '', 'summary' => 'August 4: The textile industry is considered to be one of the most promising enterprises.', 'content' => '<p><span style="font-size:16px">Om Prakash Khanal</span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">August 4: The textile industry is considered to be one of the most promising enterprises. However, most of the 200 small-scale textile industries in Nepal are running with age-old equipment. The textile industries of Nepal are importing second-hand machineries that have been used for at least one decade in third countries including India.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The Nepal Textile Industry Association estimates that the annual consumption of clothes in Nepal is worth Rs 6 billion. The share of home-made products is only 5 to 10 percent. The annual clothes consumption data of Nepal mentioned in a statement released by the association on June 2 is not official though. It is not possible to independently verify this data.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Why are industries relying on old equipment despite such a large market potential? Entrepreneur Ramesh Gadia's answers by saying that the market is small and the dominance of foreign clothes scare industrialists to invest in new technology.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Out of the total clothes consumed in Nepal, local production and import through formal means is worth Rs 1 billion. Jitendra Lohia, vice-president of the Nepal Textile Industry Association claims that the remaining clothes worth Rs 5 billion are imported through informal channels.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to Gadia, the domestic manufacturers are afraid to invest in technology because of the cheap clothes imported or smuggled from India and China. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">When Binay Shah, the owner of Nobel Textiles in Birgunj, introduced new technology in his industry, other textile industrialists suggested Shah that it would be risky. He said that he was ready to take risk. However, the most of the entrepreneurs do not want to take this risk. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“Production is taking place in the country since the last 30/35 years with the use of old equipment that has been used for over 10 years elsewhere,” said Gadia.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The lack of stability in the government's policy towards the textile industry is also the reason for the industrialists' hesitation. Vice President Lohia complains that the provisions brought by the government as concessions are also unreasonable. The government announced a subsidy of 5 percentage points on loans taken by the textile industry up to Rs 50 million. Not all types of textile industries are able to get this concession.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Industrialist Pitambar Munka complained that up to the year 2074/75, the textile industry was given a 100 percent VAT exemption, which was removed after the concession scheme. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“The government gave 50 percent subsidy on electricity tariff in the year 2076/77, which was also removed from the year 2077/78,” said Munka.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Most of the clothes consumed in Nepal are imported from India. Goods and Services Tax (GST) is levied at 5 percent on clothing in India. This tax is not levied on clothes entering Nepal legally. Although 15 percent customs duty is imposed on textile imports, most of them come under SAFTA concessions of 5 to 7 percent. Meanwhile, 5 percent customs duty is to be paid on yarn imported by the domestic industry.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Industrialists claim that most of the clothes are imported through illegal means without paying revenue. Gadia added, “On top of that, since India has given up to 50 percent subsidy to the textile industry, it is difficult to compete with the cheap textiles imported from there. Due to the competition, the domestic textile industry of Nepal is stuck with old technology.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-08-04', 'modified' => '2022-08-04', 'keywords' => '', 'description' => '', 'sortorder' => '15480', 'image' => '20220804112418_DXHGMR-1024x937.jpg', 'article_date' => '2022-08-04 11:22:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15738', 'article_category_id' => '1', 'title' => 'Price of Petroleum Products will not be Adjusted: NOC ', 'sub_title' => '', 'summary' => 'August 4: Nepal Oil Corporation (NOC) has clarified that the prices of petroleum products will not be adjusted even after a slight decline in the purchase price because of the due it owes to the Indian Oil Corporation (IOC). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 4: Nepal Oil Corporation (NOC) has clarified that the prices of petroleum products will not be adjusted even after a slight decline in the purchase price because of the due it owes to the Indian Oil Corporation (IOC). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Issuing a press statement on Wednesday, the NOC shared that even though it has made some profit in petrol, kerosene and aviation fuel, the price of petroleum products would not be adjusted as it has to pay loan taken from the Government of Nepal and dues to the IOC.</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 state-owned oil monopoly made such remarks despite adopting the auto-pricing mechanism, under which it should have adjusted the prices as per the fluctuation in prices in the international market. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the new purchase price received from IOC on Monday, NOC makes a profit of Rs 2.75 per litre of petrol, Rs 9.37 loss per litre of diesel and Rs 499.57 loss per cylinder of cooking gas (LPG), said NOC's Joint-Spokesperson Puskar Karki. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The state-owned national news agency RSS reported that the NOC is making profit through the sale of kerosene and aviation fuel. However, the NOC projects that it will incur a loss of Rs 1.27 billion per month from the sale of petroleum products in the current price, RSS added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The state-owned NOC had earlier taken a loan of seven billion rupees from the government and three billion rupees from Rastriya Banijya Bank to pay to the IOC, to which it still owes Rs 23 billion. </span></span></span></p> ', 'published' => true, 'created' => '2022-08-04', 'modified' => '2022-08-04', 'keywords' => '', 'description' => '', 'sortorder' => '15479', 'image' => '20220804103954_petroo - Copy.jpg', 'article_date' => '2022-08-04 10:39:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15733', 'article_category_id' => '1', 'title' => 'Around 39,000 Tourists Visited Mustang in Last Fiscal Year', 'sub_title' => '', 'summary' => 'August 3: Around 39,000 tourists visited Mustang district in the last fiscal year.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">August 3: Around 39,000 tourists visited Mustang district in the last fiscal year. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the Jomsom-based office of the Annapurna Area Conservation Project (ACAP), a total of 38,896 tourists visited the district in FY 2021/22. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The state-owned national news agency RSS reported that the tourists visiting the area were from 48 different countries. Among them, most of the tourists arrived from neighbouring India. The number of Indian tourists was an overwhelming 33,457, informed Ashok Subedi, chief of the Jomsom-based ACAP office.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Similarly, 2,743 foreign tourists visited Mustang after crossing the 5,300-meter Thorang-La pass from Manang district.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Likewise, 1, 566 tourists visited Upper Mustang. Tourists need special permit to visit the Upper Mustang that lies to the north of Kagbeni and extends to the Korala border point. According to ACAP, the visitors need to pay USD 500 to enter this semi-restricted area with beautiful landscape for a seven-day period. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Tourists from SAARC countries need to pay a fee of Rs 1,000 to visit the ACAP region which spreads over Lamjung, Kaski, Manang, Mustang and Myagadi districts of Gandaki Province.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Tourists from other countries need to pay a fee of Rs 3,000 each to visit this area. </span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-08-03', 'modified' => '2022-08-03', 'keywords' => 'tourists, visit, Mustang, Manang, Thorang La, pass, ACAP, Annapurna, Jomsom, Upper, Korala, Kagbeni, Indian', 'description' => '', 'sortorder' => '15478', 'image' => '20220803094744_mustang.jpg', 'article_date' => '2022-08-03 09:45:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15737', 'article_category_id' => '1', 'title' => 'Deposits of Banks Decline by Rs 91 Billion after mid-July', 'sub_title' => '', 'summary' => 'August 3: Deposit collection of commercial banks have declined by Rs 91 billion in a period of just two weeks.', 'content' => '<p><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">August 3: Bank d</span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">eposits have declined by Rs 91 billion in a period of just two weeks. According to the data released by the Nepal Bankers Association on Tuesday, both the bank deposits and credit disbursement of commercial banks have declined since mid-July.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the association, their total deposits were Rs 45.41 trillion in mid-June, which dropped to Rs 44.50 trillion by July 29. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the association, deposit collection of commercial banks decreased by Rs 64 billion in the second week of July and by Rs 28 billion in the third week. Prior to that, the deposits of banks had increased by about Rs 1.5 billion till mid-July. By mid-June, total deposits of banks stood at Rs 44 trillion, which reached Rs 45.41 trillion by mid-July.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Spokesperson of Nepal Rastra Bank Dr. Gunakar Bhatt says, “After mid-July, a large amount of money was deducted from the banking system when Nepal Oil Corporation paid the amount of oil purchase to the Indian Oil Corporation (IOC). The deposits of commercial banks decreased when the Nepal Oil Corporation paid the amount to the Indian Oil Corporation (IOC) in the third week of July. Deposits may also have declined as the government issued cheques to pay builders by mid-July.” He believes that this amount will get back to the banking system gradually.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">In the third week of July, NOC took a loan from the government and paid Rs 16.80 billion to the IOC. Bhatta estimates that when NOC withdrew a large amount of money at once, the deposits of the commercial banks decreased significantly. Similarly, after the start of the new fiscal year, some of the budgets that could not be spent by the local bodies were returned to the state coffers, resulting in the decline in the deposits of the commercial banks. Along with the deposits, the investment of the banks has also decreased. As per the association, since mid-July, the banks' credit flow decreased by Rs 11 billion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">By mid-July, the total credit disbursement of commercial banks was Rs 41.75 trillion, which decreased to Rs 41.64 trillion as of July 29. Due to the lack of liquidity, banks recently stopped loan investment and emphasized on recovery. According to the association, the average credit-to-deposit ratio of banks remained at 87.98 percent on July 29.</span></span></span></span></p> ', 'published' => true, 'created' => '2022-08-03', 'modified' => '2022-08-03', 'keywords' => '', 'description' => '', 'sortorder' => '15477', 'image' => '20220803054019_Banks - Copy.jpg', 'article_date' => '2022-08-03 17:38:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15736', 'article_category_id' => '1', 'title' => 'Eight Years on, Concept of Tea Auction Market Limited to Papers in Nepal', 'sub_title' => '', 'summary' => 'August 3: The government had initiated the process of establishing a tea auction market around eight years ago. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">August 3: The government had initiated the process of establishing a tea auction market around eight years ago. However, the government is yet to implement the concept. The government had even allocated budget for setting up the auction market and a lab for testing the quality of tea. Experts believe that the tea produced in Nepal will get a good place in the international market if such an auction market is set up. However, there has not been any tangible efforts in establishing the auction market.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The concept of auction market has been making rounds since the last thirteen years. It was eight years ago that a committee headed by tea producer Suresh Mittal was formed to set up an auction market. The then section officer of the National Tea and Coffee Development Board Indra Adhikari was the member secretary of the committee. The committee had prepared ‘guidelines’ for the auction market and also set up a lab in Jhapa and required software with an investment of Rs ten million provided by the Ministry of Agriculture and Livestock Development.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">There were plans to include all the tea producers of Nepal in the auction market. As per the plan, all the tea industrialists were also affiliated to the auction market. However, the auction market is yet to function. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Dilliram Baskota, general secretary of the Himalayan Orthodox Tea Producers Association, says that the auction market would have been set up years ago if the concerned parties had worked as per their commitment. Both the government and the industrialists need the auction market, says Baskota. However, the auction market has not come into operation due to the stance of both the sides.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Both the government and the industrialists have been blaming each other for the delay in operation of the auction market. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Spokesperson of the National Tea and Coffee Development Board Dr Deepak Khanal says that the auction market could not be operated due to the stance taken by the industrialists after all the required infrastructure was ready. According to Khanal, the tea producers declined to join the auction market until their demand to seek bank loan by keeping the tea in warehouse as collateral was fulfilled. They also demanded grant from the government for exporting tea. The board tried to address the demands of the tea producers through the Ministry of Agriculture to failed to do so.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">On the other hand, the tea producers blamed the government for not fulfilling their demands. They also accuse the government of dilly-dallying in bringing the auction market into operation fearing that the transaction of the market would be transparent. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“Once the auction market comes into operation, all the transactions will be transparent. The government fears that the transactions of the state-owned tea garden will also become transparent. Therefore, the government does not want to operate the auction market,” said an industrialist requesting anonymity.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Tea auction is the process of selling tea through software using a common platform where the tea producers and businessmen from within the country and abroad will have access. The software will have information about the price and samples of various brands of tea. The dealers can make online order for tea from overseas. This auction market started in the UK and entered the Indian market in the <span style="font-family:"Arial Unicode MS","sans-serif"">1980s. However, it is still not certain whether Nepal will implement it or not.</span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-08-03', 'modified' => '2022-08-03', 'keywords' => '', 'description' => '', 'sortorder' => '15476', 'image' => '20220803041253_Tea.jpg', 'article_date' => '2022-08-03 16:12:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15735', 'article_category_id' => '1', 'title' => 'Industrialists Unhappy about Hike in Rental Charge of Industrial Estates', 'sub_title' => '', 'summary' => 'August 3: The private sector is dissatisfied with the decision of Industrial Area Management Limited (IDM) to increase the industrial land lease rate of all 10 industrial estates. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">August 3: The private sector is dissatisfied with the decision of Industrial Area Management Limited (IDM) to increase the rental charge of all 10 industrial estates. The Confederation of Nepalese Industries (CNI) has requested the government to withdraw the decision immediately, stating that the investment in the country's industry will be affected due to the increase in rate. The CNI argued that the increment has discouraged the private sector.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">A sub-committee on fares, tariffs and service charges formed by IDM had recommended the new fares to be effective from 17 July 2018. The industrialists had expressed their displeasure during that time after the maximum annual charge for using the industrial areas was increased by 687 percent. After that, the then Minister for Industry instructed the concerned bodies not to implement this provision. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Prakash Khadka, information officer of IDM, said that now the IDA has started writing to the industries to comply with the same provision.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">CNI has been asking for an immediate refund of the increased rental charge in the industrial sector to create a conducive environment. CNI made this request after meeting Minister for Industry, Commerce and Supplies Dilendra Prasad Badu on Tuesday. A team led by the Acting President of the Confederation, Krishna Prasad Adhikari met Industry Secretary Arjun Prasad Pokharel and asked IDM to give continuity to the previous provision of rental charge . A meeting of IDM held on June 6, 2021 had decided to collect the additional charges that were due since July 17, 2018.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The CNI expressed objection stating that IDM has been seeking demand charge for stored equipment, collecting fees even for the water extracted through boring by the industries themselves and raising the rent of the land in an unwanted manner. The executive chairman of the federation said that the industries cannot bear the increase in rent from 98 percent to 687 percent until the industries affected by Covid-19 are able to recover. He urged the concerned authorities to create a conducive working environment by quickly solving the problems. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The acting presiding of CNI also pointed out the need for restructuring the IDM. He argued that the decision of IDM will result in the collapse of existing industries and the country's dream of import substitution and export promotion through the promotion of manufacturing and industrial sectors will not be fulfilled.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">CNI informed that the IDM has denied extending contract period of land and also refused to issue recommendation letter for the industries to apply for bank loans in case they did not pay the new rate.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Minister Badu expressed his commitment to find a long-term solution after discussion with IDM. IDM has set different rates for manufacturing and non-manufacturing industries. Depending on the industrial sector, the rental fare is less or more.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-08-03', 'modified' => '2022-08-05', 'keywords' => '', 'description' => '', 'sortorder' => '15475', 'image' => '20220803025853_Industrial-Policy.jpg', 'article_date' => '2022-08-03 14:58:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15734', 'article_category_id' => '1', 'title' => 'PM Deuba Tells Ministers, Secretaries to Reduce Unnecessary Expenses', 'sub_title' => '', 'summary' => 'August 3: Prime Minister Sher Bahadur Deuba has instructed government employees to reduce unnecessary expenses citing increase in fuel prices affecting the country's foreign exchange reserves.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 3: Prime Minister Sher Bahadur Deuba has instructed government employees to reduce unnecessary expenses citing increase in fuel prices affecting the country's foreign exchange reserves.</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"">During a meeting at the Office of the Prime Minister and Council of Ministers in Singh Durbar on Tuesday, he urged the ministers and secretaries not provide vehicle facilities and fuel to employees or other officials except those who are entitled to receive such facilities.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prime Minister Deuba also instructed the ministers and secretaries to work towards making the country become self-sufficient in vegetables and fruits within six months and self-reliant in food within one year. He directed all the ministries to make plans and work towards increasing electricity consumption and promoting exports. </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, PM Deuba said that consumption of the petroleum products should be gradually reduced while increasing consumption of hydroelectricity and directed the line agencies to introduce concrete plan of action for increasing consumption of hydroelectricity. </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"">Stating that the entire strength and vigour should be devoted for economic progress, social transformation and good-governance, the PM said the bottlenecks of development should be resolved through policy and institutional reforms by identifying those issues on time. </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"">On the occasion, PM Deuba directed the ministers and secretaries to bring about positive changes in the service delivery to achieve good results through enhancement of the implementation capacity. </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"">During the meeting, PM Deuba said COVID-19 has had serious impact on our economic and social activities and our economy has witnessed external sector's pressure leading to challenges in all sectors of the economy. </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"">"But, the situation is not so worrisome. Growth in the recurrent expenditure should be controlled by strengthening policy implementation and regulation side. We should work to control inflation and ensure investment in the productive sector," the PM said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The major challenge of the time is to maintain economic stability and gradually bring reforms in the key indicators of economy, PM Deuba said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, PM Deuba urged all to speed up implementation of the development projects to contribute to SDGs target, and Nepal's graduation from the least developed country (LDC) by 2026. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-08-03', 'modified' => '2022-08-03', 'keywords' => '', 'description' => '', 'sortorder' => '15474', 'image' => '20220803100737_image_6483441.JPG', 'article_date' => '2022-08-03 10:07:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15732', 'article_category_id' => '1', 'title' => 'Chinese High Court Rules in Favour of Nepalese Banks', 'sub_title' => 'Court Orders Chinese Bank to Refund Counter Guarantee Amount to BoK and Himalayan Bank', 'summary' => 'August 3: A Chinese court has ordered a Chinese bank to refund the counter guarantee amount of Bank of Kathmandu (BoK) and Himalayan Bank for the Melamchi Water Supply Project (MWSP).', 'content' => '<p><span style="font-size:16px">August 3: A Chinese court has ordered a Chinese bank to refund the counter guarantee amount of Bank of Kathmandu (BoK) and Himalayan Bank for the Melamchi Water Supply Project (MWSP).</span></p> <p><span style="font-size:16px">Following the high court order, the two banks of Nepal are all set to receive more than one and a half billion rupees for the counter guarantee of the project.</span></p> <p><span style="font-size:16px">CEO of BoK Shrawan Maskey confirmed that the Chinese high court ruled in their favour and expressed happiness about the prospect of receiving the money.</span></p> <p><span style="font-size:16px">“We have received information that we won the court case in China,” said Maskey, adding, “Now we will move ahead to claim the amount.”</span></p> <p><span style="font-size:16px">BoK and Himalayan Bank had provided counter guarantee of USD 66,25,010 and USD 14,11,453 respectively to China Railway which was assured the bank guarantee for the MWSP by the China Construction Bank.</span></p> <p><span style="font-size:16px">MWSP had terminated the contract with China Railway after it failed to undertake the project as per the agreement. MWSP then filed a case in the Chinese court seeking the guarantee amount. The Chinese court ruled that although the Nepalese banks had provided the guarantee amount to the project, they were yet to receive the counter guarantee amount from the Chinese bank.</span></p> <p><span style="font-size:16px">Earlier, China Railway had pleaded in the court that it the China Construction Company is not liable to pay the counter guarantee amount to the Nepalese banks. The two banks of Nepal then sent their representatives to China and fought a legal battle in the high court. CEO Maskey is hopeful of receiving the amount following the high court verdict.</span></p> <p> </p> ', 'published' => true, 'created' => '2022-08-03', 'modified' => '2022-08-03', 'keywords' => 'bank, guarantee, BoK, Himalayan, China, Railway, Construction, Melamchi, court, case, high', 'description' => '', 'sortorder' => '15473', 'image' => '20220803094438_istockphoto-900791430-612x612.jpg', 'article_date' => '2022-08-03 09:42:47', '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
