June 28: Monsoon will be more active for three days beginning from today across the…
June 28: Monsoon will be more active for three days beginning from today across the…
June 28: Prime Minister Sher Bahadur Deuba has responded positively to the demands of the Biratnagar Airport victims who have been protesting since last week demanding compensation for the…
June 28: Finance Minister Janardan Sharma has said that the government announced budget for the upcoming fiscal year taking into consideration the welfare of the country and the people.…
June 28: The incessant rainfall has caused disruption of flights from Nepalgunj and Surkhet to Humla, causing severe price hike of daily essentials at the district headquarters,…
July 12: The 'India-Nepal Summit-2022' has concluded in Vaishali of Bihar state in India, endorsing an 18-point demand letter related to Nepal-India economic and social…
June 27: The state-owned Nepal Airlines Corporation (NAC) is preparing to revise its 10-year Integrated Business Plan…
June 27: Banks and financial institutions (BFIs) are under pressure due to the credit-deposit (CD) ratio prescribed by Nepal Rastra Bank (NRB) through the monetary policy of the current fiscal…
June 27: Surya Life Insurance Company and Jyoti Life Insurance Company are all set to merge in line with the directive issued by the Insurance Board of…
June 27: The Airline Operators Association of Nepal (AOAN) has expressed its displeasure over Nepal Oil Corporation (NOC)’s decision to reduce the prices of petroleum products except aviation turbine fuel…
June 27: Birgunj transit, the country's main trade and transit point, has witnessed a surge in exports by a whopping 73 percent to neighbouring India and third countries in the first 11 months of the current fiscal…
June 26: The government has reduced the inter-state public transportation fare with the decline in fuel prices.…
June 26: A parliamentary committee has instructed the government to amend its discriminatory tax policy in a show of support to the agitating industrialists who have accused the government of adopting a policy that has threatened the existence of domestic…
June 26: Twenty nine physically handicapped people received Information and Technology (IT)…
June 26: The 12th edition of the Kora Challenge, arguably one of the greatest rides in the Himalayas, will take place on July 16. This event is being organized every year since…
June 26: The government has been raising huge amounts of taxes on petrol, diesel, and cooking gas to the detriment of the general…
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', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 28: Monsoon will be more active for three days beginning from today across the nation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Department of Hydrology and Meteorology, the monsoon will become more active till Thursday as the monsoon related low-pressure system is likely to reach near Tarai region of the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department has requested the general people and all bodies concerned to adopt necessary precautions and preparedness as there is a possibility of landslide in hill regions as well as water level in big and small rivers and rivulets might be increased and transport sector might be affected. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">There is a possibility of moderate rainfall at most of the places and heavy rainfall at few places of Province 1, Madhes, Bagmati, Gandaki and Lumbini provinces from Tuesday night to Wednesday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, light to moderate rainfall has been forecast at most of the places of Sudurpaschim Province and heavy rainfall at some places of Tarai of the province as well as light to moderate rainfall at most of the places and heavy rainfall at one or two places of Karnali Province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On Wednesday, the sky across the nation will be fully cloudy and most of the places of the country will witness light to moderate rainfall. Likewise, heavy rainfall at some places of Province 1, Madhes, Bagmati, Gandaki and Lumbini provinces and heavy rainfall at some places of these provinces has been predicted. There is a possibility of heavy rainfall at few places of Sudurpaschim Provinces and heavy rainfall at one or two places of Karnali Province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On Thursday, light to moderate rainfall has been forecast in most of the places of Gandaki, Lumbini and Sudurpaschim provinces and heavy rainfall at some places of these provinces. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, there is a possibility of light to moderate rainfall in the remaining provinces. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-06-28', 'modified' => '2022-06-28', 'keywords' => '', 'description' => '', 'sortorder' => '15261', 'image' => '20220628045807_weather (1).jpg', 'article_date' => '2022-06-28 16:56:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15518', 'article_category_id' => '1', 'title' => 'PM Responds Positively to Demands of Biratnagar Airport Victims', 'sub_title' => '', 'summary' => 'June 28: Prime Minister Sher Bahadur Deuba has responded positively to the demands of the Biratnagar Airport victims who have been protesting since last week demanding compensation for the land', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">June 28: Prime Minister Sher Bahadur Deuba has responded positively to the demands of the Biratnagar Airport victims who have been protesting since last week demanding compensation for the land or to allow transaction of the land plots that have been blocked by the government.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Deuba said that he would do his best to make the airport regional level after first releasing the land and then allocating the budget.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">On Sunday, a five-member team including Nepali Congress central member Amrit Aryal, former mayor of Biratnagar Metropolitan City and NC central member Bhim Parajuli met Prime Minister Deuba at Baluwatar and asked him to take initiative for the development of Biratnagar.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Aryal informed the prime minister that no budget has been allocated for the construction of Biratnagar Airport at the regional level and the locals have started agitation after the land was withheld without providing them compensation. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Former Mayor Parajuli complained that the contract for the terminal building of Biratnagar Airport was canceled and the development was pushed back.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Parajuli also reminded the prime minister that the ring road of Biratnagar had not been built even 40 years after its foundation stone was laid, the recurring problem of flood had not been solved, an exhibition site had not been built and a special economic zone could not be built in Amaduwa.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The prime minister said that the land reserved for the airport will be released immediately after the appointment of the new minister for civil aviation. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-28', 'modified' => '2022-06-28', 'keywords' => '', 'description' => '', 'sortorder' => '15260', 'image' => '20220628035129_Biratnagar_Airport-IMG_8842.jpg', 'article_date' => '2022-06-28 15:50:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15516', 'article_category_id' => '1', 'title' => 'Finance Minister Sharma says Budget Focuses on Production-Oriented Economy ', 'sub_title' => '', 'summary' => 'June 28: Finance Minister Janardan Sharma has said that the government announced budget for the upcoming fiscal year taking into consideration the welfare of the country and the people. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">June 28: Finance Minister Janardan Sharma has said that the government announced budget for the upcoming fiscal year taking into consideration the welfare of the country and the people. He, however, complained that the government has been criticized despite its effort to bring respite to the public through the budget.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Responding to the queries of lawmakers during a meeting of the National Assembly held on Tuesday to discuss the Appropriation Bill, the finance minister said that the goals and vision of the budget were clear. He was of the view that the country’s economy can only be strengthened by mobilising the resources and capital in an integrated way.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Finance Minister Sharma claimed that the budget would address the needs of the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He defended the budget saying that it focuses on production-oriented economy, creating employment opportunities, poverty alleviation, increasing agricultural production, optimal use of fallow land, distribution of seeds and fertilizer among other issues. He added that the government plans to purchase the farmers’ produce as well.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Stating that agricultural products worth Rs 358 billion are being imported on an average every year, the minister said the government has adopted a policy of providing incentives to discourage imports by increasing exports. The budget has also emphasized the development of entrepreneurship and rural economy, the minister further said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the finance minister, the government has stressed on people’s participation in implementing the programmes announced in the budget.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He further said that the government’s priorities include linking the center of the local units with black-topped roads, increment of industrial produce, development of tourism sector and pulling people out of poverty. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He added that the incumbent government will be fully accountable for the budget announced for the upcoming fiscal year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Arrangements have been made for the government to purchase sanitary pads worth Rs 2 billion produced within the country, he said, expressing hope that country's economy affected to some extent by fuel price hike in the international market would be made strong through the implementation of the government's policies, programmes and the budget. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-28', 'modified' => '2022-06-28', 'keywords' => 'Budget, economy, finance minister, production, oriented', 'description' => '', 'sortorder' => '15259', 'image' => '20220628074602_fin min sharma.jpg', 'article_date' => '2022-06-28 07:45:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15517', 'article_category_id' => '1', 'title' => 'Flights Disrupted in Humla since Three Days ', 'sub_title' => '', 'summary' => 'June 28: The incessant rainfall has caused disruption of flights from Nepalgunj and Surkhet to Humla, causing severe price hike of daily essentials at the district headquarters, Simikot. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 28: The incessant rainfall has caused disruption of flights from Nepalgunj and Surkhet to Humla, causing severe price hike of daily essentials at the district headquarters, Simikot. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Even the construction works have been halted due to the disruption in supply of materials such as pipe, cement, and rods, the state-owned national news agency RSS reported. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A farmer Parek Bahadur Rokaya told RSS that they were experiencing shortage of food stuffs in the district of late. </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"">Humla, a remote district in Karnali Province, heavily relies on air service as it lacks proper access to road network. Although some parts of the district have been recently connected to road network, the condition of roads are said to be in a pathetic state especially during the rainy season. </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"">It is not clear whether the flights have resumed or not. The Department of Hydrology and Meteorology has predicted generally to fully cloudy weather throughout the country with chances of light to moderate rain in many places on Tuesday. </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"">“There is possibility of heavy rain at few places of Province 1 and Madhes, Gandaki and Lumbini provinces, and at one or two places of Karnali and Sudurpaschim provinces,” RSS quoted the department as saying. </span><br /> </span></span></p> ', 'published' => true, 'created' => '2022-06-28', 'modified' => '2022-06-28', 'keywords' => 'flight, disruption, Humla, shortage, road, network', 'description' => '', 'sortorder' => '15258', 'image' => '20220628075731_nepalgunj-simikot-flight-ticket88.jpg', 'article_date' => '2022-06-28 07:56:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15515', 'article_category_id' => '1', 'title' => 'India-Nepal Summit - 2022 Concludes', 'sub_title' => '', 'summary' => 'July 12: The 'India-Nepal Summit-2022' has concluded in Vaishali of Bihar state in India, endorsing an 18-point demand letter related to Nepal-India economic and social relations.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">July 12: </span></span></strong><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The 'India-Nepal Summit-2022' has concluded in Vaishali of Bihar state in India, endorsing an 18-point demand letter related to Nepal-India economic and social relations.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The leaders of the two countries who attended the conference on Saturday pledged to take initiative with their respective governments to address these demands. The demand letter covers issues related to tourism, agriculture, infrastructure, transportation, communication and social relations.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The participants of the summit demanded that the citizens of both the countries should be allowed to open a bank accounts and get a mobile SIM card on the basis of proof of citizenship or government identity. The demand letter argues that this will facilitate business, tourism, religious and social relations. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Initiatives will be taken to remove the limit imposed on tourists carrying Indian currency while entering Nepal from India. Carrying more than 100 rupee denominations of Indian currency and more than IRs 25,000 in cash is banned in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Tourists entering Nepal have been facing problems due to lack of this information. Police have arrested and remanded Indians in custody for carrying Indian currency in excess of the prescribed limit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Stakeholders demand a ban on this provision arguing that the movement of Indian tourists to Nepal has become troublesome due to this. As an alternative, it has been suggested to make the use of ATM cards easier.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Participants of the summit also agreed to draw the attention of the concerned bodies regarding the unauthorized collection of tax by the local level on Indian vehicles entering Nepal with tourists. The demand letter mentions that the tourists entering Nepal from India have been unnecessarily harassed due to such problems.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">It has been demanded that the entry of private vehicles with Indian number plates should be made easier and the entrance fee should be reduced. At present, the border authorities charge a daily fee of Rs 500 for private vehicles with Indian number plates entering Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The issue of promoting religious and tourism potential by linking Kathmandu and Someshwarnath Dham in Bihar, India was also raised during the summit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The bordering Indian cities of Raxaul and Muzaffarpur have demanded immediate operation of airport for exploring industrial and commercial potential. Raxaul has also demanded the operation of an express-way train to the Indian capital Delhi.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Due to the shortage of fertilizer in Nepal during planting season, stakeholders demanded that the lengthy procedures should be shortened in the border areas to resolve such problems.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Demands have been made from time to time for interaction between the armed security forces deployed along the Nepal-India border. The security forces have been accused of mistreating the locals, media persons and businessmen in the bordering areas due to lack of coordination among the two sides.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Speaking at an interaction on 'Indo-Nepal Relations, Challenges and Diagnosis in Changing Circumstances' organized by Media for Border Harmony, leader Jitendra Sonal said that people's representatives and concerned organizations should launch a joint campaign to take the relations between the two countries on the path of mutual benefit and prosperity.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Sonal claimed that although the social, religious and cultural relations between the citizens of both Nepal and India were good, the mentality of 'Kathmandu and Delhi' was not positive. </span></span></span></span></p> <p><br /> </p> ', 'published' => true, 'created' => '2022-06-27', 'modified' => '2022-06-27', 'keywords' => 'Nepal, India, summit, border, relation, cooperation, tourists, facilitate, Indian, currency', 'description' => '', 'sortorder' => '15257', 'image' => '20220627053856_India flag.jpg', 'article_date' => '2022-06-27 17:38:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15514', 'article_category_id' => '1', 'title' => 'NAC to Revise 10-year Business Plan ', 'sub_title' => '', 'summary' => 'June 27: The state-owned Nepal Airlines Corporation (NAC) is preparing to revise its 10-year Integrated Business Plan (2021-2030). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 27: The state-owned Nepal Airlines Corporation (NAC) is preparing to revise its 10-year Integrated Business Plan (2021-2030). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The national flag-carrier has decided to revise the business plan of strategic importance in line with its policy of strengthening its institutional structure and making its services efficient and prompt. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The company’s newly-appointed General Manager Dipuraj Juharchan said that NAC will review its business plan in view of the existing domestic airlines market and revise the plan accordingly. He shared that NAC will unveil its new website on the occasion of its 64th anniversary on July 1. </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"">According to the 10-year business plan submitted to the government in December 2020, the NAC plans to purchase 6 new aircraft including 4 narrow-body aircraft and 2 wide-body aircraft for operating flights to eight new destinations including Sydney, Colombo, Shanghai, Indonesia and Riyad.</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"">As per the business plan, NAC is expected to suffer losses in the first three years but is projected to start making profit from 2024. According to the estimates of NAC, it will make a profit of Rs 5.3 billion by 2030.</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"">However, the new management of NAC has not revealed the details of changes it wants to make in the business plan.</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"">NAC reportedly has 500 unnecessary employees. A former MD of NAC had blamed political interference, unnecessary recruitment of employees and weak legal framework as the key factors behind the dwindling financial status of the corporation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, the NAC has taken a decision to table a proposal with the Board of Directors for an initiation regarding the proper management of the Chinese aircraft which are currently not in operation. The NAC management has also decided to take initiatives for rescheduling of the installments of the loans it is liable to pay to the Employees Provident Fund and the Citizen Investment Trust. The NAC has stated that coordination would be established with the Ministry of Finance, the Ministry of Tourism and the two funds for this purpose. (With inputs from RSS)</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-06-27', 'modified' => '2022-06-27', 'keywords' => 'NAC, business plan, aircraft, wide body, narrow body', 'description' => '', 'sortorder' => '15256', 'image' => '20220627035114_Nepal-Airlines.jpg', 'article_date' => '2022-06-27 15:50:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15513', 'article_category_id' => '1', 'title' => 'Banks Under Pressure to Maintain CD Tatio', 'sub_title' => '', 'summary' => 'June 27: Banks and financial institutions (BFIs) are under pressure due to the credit-deposit (CD) ratio prescribed by Nepal Rastra Bank (NRB) through the monetary policy of the current fiscal year.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">June 27: Banks and financial institutions (BFIs) are under pressure due to the credit-deposit (CD) ratio prescribed by Nepal Rastra Bank (NRB) through the monetary policy of the current fiscal year. The pressure on banks has increased as the liquidity crisis persists while the deadline for implementing the CD ratio is almost over.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to NRB, the average CD ratio of commercial banks have come within the prescribed limit since June 5. The average CD ratio of banks stood at 89.51 percent last Tuesday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">However, since the concession given by NRB for calculating the CD ratio is ending in mid-July, banks will face a troublesome situation after that. Until mid-July, banks will be able to calculate the amount of debentures and refinancing amounts as deposits in the CD ratio. Similarly, the government also facilitated banks to calculate 80 percent of the amount in the accounts of the local levels as deposits. As all these facilities are only available till mid-July, more pressure will be added on the banks, which are unable to disburse loans due to the CD ratio.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Chairman of the Nepal Bankers Association Anil Kumar Upadhyaya indicated that more time and facilitation is needed for the implementation of the CD ratio.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">“Banks maintain the CD ratio as per the timeline given by NRB, then a new monetary policy is introduced. Discussions are needed on how to proceed ahead,” said Upadhyay. He declined to comment on the policies required for the CD ratio.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Stock market investors are demanding the removal of the limit on loan for share investment and the withdrawal of the CD ratio. Similarly, the traders and entrepreneurs have also submitted similar suggestions for monetary policy.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The Nepal Chamber of Commerce has requested to increase the CCD ratio to 85 percent or the existing 90 percent CD ratio to 95 percent. Similarly, the Chamber of Industries Morang suggested implementing the provision of not calculating CD for the credit of productive sector. However, so far the NRB leadership has not indicated towards any change in the policy of implementing CD ratio. On the contrary, it indicated that the ongoing trend will be implemented strictly. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">NRB said that it will tighten the ongoing procedure even more after mid-July, after holding separate discussions with the directors and chief executive officers of the commercial banks.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Assistant Spokesperson of NRB, Narayan Prasad Pokhrel said that the CD ratio should be brought in limits within the stipulated time till the next policy. Although the average CD ratio of banks is already maintained, not everyone has been able to bring it within the limits. According to NRB, the CD ratio of 15 out of 27 commercial banks is still more than 90 percent. NRB has already asked those banks for clarification.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Banks are emphasizing on loan recovery to maintain the CD ratio. In mid-August of last year, NRB removed the requirement of banks and financial institutions to maintain capital, credit and deposit ratio (CCD ratio) at 85 percent and implemented the provision of maintaining 90 percent CD ratio. The banks with higher CD ratio were given time till mid-July, 2022 to bring them within the limit. NRB had become flexible in its mid-term monetary policy review as banks were unable to invest due to this arrangement.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">NRB issued a directive on December 16, giving deadline till mid-July 2022 to maintain the CD ratio. The NRB also directed to implement the necessary action plan to maintain the CD ratio within the prescribed limits. There is a provision to monitor and take action against the banks that fail to maintain the CD ratio as specified in the directive.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-27', 'modified' => '2022-06-27', 'keywords' => 'CD ratio, NRB, central bank, pressure, liquidity, crisis', 'description' => '', 'sortorder' => '15255', 'image' => '20220627030609_Banks - Copy.jpg', 'article_date' => '2022-06-27 15:05:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15512', 'article_category_id' => '1', 'title' => 'Surya Life Insurance Company and Jyoti Life Insurance Company to Merge', 'sub_title' => '', 'summary' => 'June 27: Surya Life Insurance Company and Jyoti Life Insurance Company are all set to merge in line with the directive issued by the Insurance Board of Nepal.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">June 27: Surya Life Insurance Company and Jyoti Life Insurance Company are all set to merge in line with the directive issued by the Insurance Board of Nepal. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">On Sunday, the two companies reached a preliminary understanding for the merger</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The chairman of Surya Life Insurance Company Keshav Prasad Bhattarai and chairman of Jyoti Life Insurance Company Nanda Kishore Sharma signed a preliminary merger agreement on behalf of their respective company.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">However, this is only a preliminary agreement and further process will be taken forward after getting the in-principle approval from the Insurance Board. The swap ratio will be decided after the Asset and Liability Assessment based on Due Diligence Audit (DDA). The companies have also agreed not to lay off the employees after the merger. The name of the company, chairman and CEO to be appointed after the merger will be agreed upon in the upcoming days.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">If merged, the company's paid-up capital will reach Rs 4.97 billion. At present, Surya Life Insurance Company’s paid-up capital is Rs 2.55 billion and Jyoti Life Insurance Company’s paid-up capital is Rs 2.42 billion. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Meanwhile, the new entity’s life insurance fund will reach Rs 19.177 billion. At present, Surya Life Insurance Company has a life insurance fund of Rs 13.35 billion and Jyoti Life Insurance Company has a life insurance fund of Rs 5.66 billion. Also, their reserve fund will reach Rs 1.16 billion. At present, Surya Life Insurance Company has a reserve fund of Rs 594.6 million and Jyoti Life Insurance Company has a reserve fund of Rs 566.8 million.</span></span> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Prior to this merger process, Prime Life Insurance Company, Gurans Life Insurance Company and Union Life Insurance Company had agreed for a preliminary merger agreement. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Everest Insurance Company and Himalayan General Insurance Company as well are merging among the non-life insurance companies. These companies have already received final approval from the Insurance Board and they will be conducting integrated business under the name of Himalayan Everest Insurance Limited from July 17.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The Insurance Board is pushing for merger by introducing policies to increase the paid-up capital of insurance companies. There is also a policy of giving tax concessions if a preliminary agreement on merger is reached by mid-July. As a result, insurance companies are opting for the merger.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-27', 'modified' => '2022-06-27', 'keywords' => 'Life, insurance, company, board, merger, paid up capital, reserve fund', 'description' => '', 'sortorder' => '15254', 'image' => '20220627015503_merger.jpg', 'article_date' => '2022-06-27 13:53:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15511', 'article_category_id' => '1', 'title' => 'Airline Companies Unhappy as Price of Aviation Fuel remains Unchanged', 'sub_title' => '', 'summary' => 'June 27: The Airline Operators Association of Nepal (AOAN) has expressed its displeasure over Nepal Oil Corporation (NOC)’s decision to reduce the prices of petroleum products except aviation turbine fuel (ATF).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">June 27: The Airline Operators Association of Nepal (AOAN) has expressed its displeasure over Nepal Oil Corporation (NOC)’s decision to reduce the prices of petroleum products except aviation turbine fuel (ATF). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A board meeting of NOC on Saturday decided to reduce the price of petrol by Rs 20 per litre and that of diesel and kerosene by Rs 29 per litre. However, it made no changes to the aviation turbine fuel. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The association drew that attention of NOC over its decision to adjust the fuel prices without changing the price of ATF for domestic and international flights. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">AOAN in a statement said that the Nepali airline companies have been forced to purchase ATF at an excessively high rate compared to India because of the high amount of profit NOC makes in addition to the exorbitant taxes that the government imposes on petroleum products that are supplied by the Indian Oil Corporation free of taxes. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The association stated that the aviation sector was badly affected by the Covid-19 pandemic due to which flights had to be suspended for almost 8 months. It further said that the arrival of foreign tourists has not improved much and the operating cost is too high. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“In such a situation, the airline companies are forced to make air tickets available at low-cost rates,” the statement said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to AOAN, fuel consumption accounts for 40 percent of the operation costs of airline companies. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Countries like India and China have been providing 50 percent concession on ATF to the airline companies in their respective countries so that they can bounce back from the impact of Covid-19,” the statement further reads. </span></span></p> ', 'published' => true, 'created' => '2022-06-27', 'modified' => '2022-06-27', 'keywords' => 'aviation, fuel, price, NOC', 'description' => '', 'sortorder' => '15253', 'image' => '20220627124039_Airport.width-1024.jpg', 'article_date' => '2022-06-27 12:39:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15510', 'article_category_id' => '1', 'title' => 'Birgunj Transit Sees 73 Percent Increment in Exports in Last 11 Months ', 'sub_title' => '', 'summary' => 'June 27: Birgunj transit, the country's main trade and transit point, has witnessed a surge in exports by a whopping 73 percent to neighbouring India and third countries in the first 11 months of the current fiscal year.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 27: Birgunj transit, the country's main trade and transit point, has witnessed a surge in exports by a whopping 73 percent to neighbouring India and third countries in the first 11 months of the current fiscal year (FY 2021/22) compared to the corresponding period of the previous FY. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As a result, the revenue collection has increased approximately by 23 percent, said Sumit Gupta, information officer at the Birgunj Customs Office. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The export in 11 months of the current FY stood at over Rs 76.55 billion, an increment of over Rs 32.31 as compared to the exports during the corresponding period of last fiscal year which was worth Rs 44.24 billion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the review period of the current fiscal year, Nepal mainly exported goods including refined soybean oil, palm oil and sunflower oil, fruit juice and clothes, said Gupta. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The customs office collected more than Rs 188.78 billion in revenue in 11 months of the current FY, an increment of Rs 34.80 billion compared to revenue of Rs 153.98 billion collected during the corresponding period of the previous FY. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-06-27', 'modified' => '2022-06-27', 'keywords' => '', 'description' => '', 'sortorder' => '15252', 'image' => '20220627110808_Birgunj.jpg', 'article_date' => '2022-06-27 11:06:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15509', 'article_category_id' => '1', 'title' => 'DoTM Reduces Transportation Fare', 'sub_title' => '', 'summary' => 'June 26: The government has reduced the inter-state public transportation fare with the decline in fuel prices. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 26: The government has reduced the inter-state public transportation fare with the decline in fuel prices. The Department of Transport Management (DoTM) slashed the fares of passenger and carge vehicles through automated pricing mechanism after Nepal Oil Corporation (NOC) lowered the prices of petrol and diesel on Saturday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The price of diesel has been reduced by Rs 29 per litre and that of petrol by Rs 20 per litre. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The DoTM informed that it slashed the fare of passenger vehicles by 5.41 percent. As per the new transport fare fixed by the department, the transportation fare of cargo vehicles operating in the hill areas has been reduced by 6.97 percent and that of the freight carriers operating in the Terai by 7.68 percent. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the existing law, the transportation fare is automatically adjusted if the fuel price rises or falls more than five percent. </span></span></span></p> ', 'published' => true, 'created' => '2022-06-26', 'modified' => '2022-06-26', 'keywords' => 'transportation, fare, DoTM, reduces, slashes, fuel, price, NOC, petrol, diesel', 'description' => '', 'sortorder' => '15251', 'image' => '20220626090411_Transport.jpg', 'article_date' => '2022-06-26 21:02:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15506', 'article_category_id' => '1', 'title' => 'House Panel Tells Government to Amend Discriminatory Policy on Sponge Iron and Prime Billets', 'sub_title' => '', 'summary' => 'June 26: A parliamentary committee has instructed the government to amend its discriminatory tax policy in a show of support to the agitating industrialists who have accused the government of adopting a policy that has threatened the existence of domestic industries.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">June 26: A parliamentary committee has instructed the government to amend its discriminatory tax policy in a show of support to the agitating industrialists who have accused the government of adopting a policy that has threatened the existence of domestic industries.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The Industry, Commerce, Labour and Consumer Welfare Committee of the House of Representatives has instructed the Ministry of Industry, Commerce and Supplies to revoke its decision on the customs duty and excise duty imposed for importing the raw materials required for producing sponge iron and prime billets. Stating that the new tax policy is discriminatory, the house panel has directed the government to scrap the new tax rate and give continuity to the previous provision in this regard.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">A meeting of the committee last week instructed the government amend the tariff rate saying that the discriminatory policy of the government was benefitting some industries while others were on the verge of collapse.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The parliamentary committee on Industry, Commerce, Labor and Consumer Welfare directed the government to reconsider its decision saying that some industries are likely to collapse due to the new tariff rates while many people face the prospect of losing jobs. The house committee also noted that the government’s revenue collection will be affected in such a situation.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The replacement bill issued by Finance Minister Janardan Sharma almost a year ago had waived the customs duty of Rs 4.75 and excise duty of Rs 1.6 imposed on the import of sponge iron. Meanwhile, the government had increased the excise duty on import of prime billet from Rs 1600 per ton to Rs 2500 per ton.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">This benefitted five or six industries that produce iron rods from sponge iron. However, around two dozen industries that produce billets in the country collapsed due to this discriminatory policy of the government, according to the industrialists. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">A letter sent to the government by the house panel states that the government should give continuity to the provisions that were in place before it introduced the replacement bill. </span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-06-26', 'modified' => '2022-06-26', 'keywords' => 'sponge iron, prime billet, discriminatory policy, parliamentary committee, finance minister, house of representatives, import, customs duty, excise duty, raw materials.', 'description' => '', 'sortorder' => '15250', 'image' => '20220626044130_Parliament.jpg', 'article_date' => '2022-06-26 16:38:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15508', 'article_category_id' => '1', 'title' => 'IT Training for Entrepreneurship Development', 'sub_title' => '', 'summary' => 'June 26: Twenty nine physically handicapped people received Information and Technology (IT) training', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 26: Twenty nine physically handicapped people received Information and Technology (IT) training at the initiative of Bikram Shrestha, President of Nepal Internet Foundation and Birodh Khatiwada, President of Disabled Care Nepal.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The training was organized to develop the ability to lead in entrepreneurship development.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Those who received the training were men and women who were either visually impaired or suffering from hearing impairment or the victims of fire. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Earlier, the Federation of Women Entrepreneurs Association Nepal had organized a cultural program entitled 'Music for Peace and Harmony' at Patan Durbar with the objective of raising funds to help women with disabilities in entrepreneurship development. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The program was organized in collaboration with Sukarma Band. Established in 2001, the federation is the umbrella organization of women entrepreneurs. The federation has been working for the economic empowerment of women through advocacy, network expansion, information flow, capacity building, vocational counseling among others.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-06-26', 'modified' => '2022-06-26', 'keywords' => 'training, IT, entrepreneurship development, handicapped', 'description' => '', 'sortorder' => '15249', 'image' => '20220626050847_Entrepreneurship-Development-4.jpg', 'article_date' => '2022-06-26 17:06:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15507', 'article_category_id' => '1', 'title' => '12th edition of Kora Challenge scheduled for July 16', 'sub_title' => '', 'summary' => 'June 26: The 12th edition of the Kora Challenge, arguably one of the greatest rides in the Himalayas, will take place on July 16. This event is being organized every year since 2011.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">June 26: The 12th edition of the Kora Challenge, arguably one of the greatest rides in the Himalayas, will take place on July 16. This event is being organized every year since 2011. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">More than 4,000 cyclists from four different countries are expected to attend the event, the organisers said in a statement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In its 12th edition this year, on 16th July 2022, it is expected that it will reach 4000 cyclists in 15 locations in Nepal, and four different countries as well, the organizers wrote in a statement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Events like these play an important role in promoting a healthier lifestyle, showcasing solutions to combat climate change, and when done at this scale, will help promote the country with a solution-driven brand image. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Targeted to building a healthy cycling community, the Kora Challenge also raises fund for causes every year, and since 2011, has injected over Rs 7 million for development activities and charities, all raised by the riders. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“This year, we aim to support the family of Yam Lal Rasaily, a cycling para-athlete who unfortunately did not survive the pandemic. We encourage all interested stakeholders in Nepal to benefit from the visibility this event provides and come join the organisers in a mutually beneficial partnership,” the statement read. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The organizers have urged the cycling community to again come out in the masses to enjoy this cycling festival. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The event is deeply honoured to have the support of the Nepal Tourism Board, B&B Hospital, Turkish Airlines, Image Ark, Makura Creations, Unity for Sustainability, Jay San Photography, Kazi studios, and Himalayan General Insurance, among others, the organisers said. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-26', 'modified' => '2022-06-26', 'keywords' => 'Kora Challenge, Himalayan, ride, fund raising, event, green, cycling, cyclists, climate change, healthy lifestyle', 'description' => '', 'sortorder' => '15248', 'image' => '20220626083145_kora.jpg', 'article_date' => '2022-06-26 16:52:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15505', 'article_category_id' => '1', 'title' => 'Government Imposing Taxes on Petroleum Products under Six Different Headings', 'sub_title' => 'People are forced to pay Rs 179 for a litre of petrol which NOC buys for Rs 65.61 per litre', 'summary' => 'June 26: The government has been raising huge amounts of taxes on petrol, diesel, and cooking gas to the detriment of the general consumers.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 26: The government has been raising huge amounts of taxes on petrol, diesel, and cooking gas to the detriment of the general consumers. Generally, goods directly related to the daily life of the people are not taxed much. However, in Nepal, which has an import-oriented tax system, the government seems to have imposed higher taxes on essential commodities.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The government has been levying taxes on cosmetics, which belong to the luxury items, under three headings, but is levying taxes on petrol and diesel under six headings.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The government has been levying taxes on petrol and diesel under six headings that include customs duty, road maintenance tax, pollution tax, infrastructure development tax, price stabilization fund and value-added tax (VAT). </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">At present, people are paying Rs 179 for a litre of petrol which is being purchased at Rs 65.61 per litre by NOC while diesel which NOC purchases for Rs 49.53 per litre is being sold to the general public at Rs 163 per litre. Until a day ago, a litre of petrol used to cost as much as Rs 199 while diesel was priced at Rs 192.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Similarly, the government has been levying taxes worth Rs 320.84 for a cylinder of cooking gas (LPG).</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The customs duty on petrol is Rs 25.23 per litre. Road maintenance tax is Rs 4 per litre, pollution tax is Rs 1.50, infrastructure development tax is Rs 10, price stabilization fund is 1 per cent, and VAT is 13 per cent.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The customs duty on a litre of diesel is Rs 12.03. The road maintenance tax is Rs 2, pollution tax is Rs 1.50, infrastructure development tax is Rs 10, price stabilization fund is 1 per cent, and VAT is 13 per cent.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Interestingly, the government has been collecting taxes on luxury items under fewer heading. Examples include beer and cosmetics. Both are luxury items. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">However, taxes on these items are collected under fewer headings. Importers only need to pay customs duty, excise duty, and VAT while importing beer made from barley. Customs duty, excise duty and VAT also need to paid for the import of cosmetic items. Apart from this, many other luxury and fancy items are taxed under a few headings unlike petroleum products.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Tax experts say it is not appropriate to tax the items that fall under the category of essential goods. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Under normal circumstances, the general public had not paid much attention to the high taxes on petroleum products. However, the prices of petroleum products have increased sharply. At this time, the general public hopes that if the government reduced taxes, it would be more affordable. The Finance Act 2079, which was recently passed by the parliament, has not interfered with the tax rates on petroleum products.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Public transportation is not possible without petroleum products. Petroleum is needed to transport all kinds of goods, including food. Vehicles running on petrol and diesel are more in use in Nepal. Diesel is essential for hydropower projects and industries. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">According to a study by the Confederation of Nepalese Industries, 64.4 per cent of industries are still using diesel-powered generators. Diesel is also used in agriculture. In this case, the rise in the price of petroleum products affects everyone.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">When there is no proper alternative, it is not appropriate to raise taxes on petroleum products under many headings, says economist Dr Chandramani Adhikari. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">“If there had been an alternative to petroleum products and gas in Nepal, levying such a tax would have been appropriate. Electricity has been taken as an alternative to petroleum products. However, this is not possible immediately due to the lack of development of necessary infrastructure. So it's not fair to impose taxes under many headings on fuel,” he added. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">On top of that, the country is heading towards an economic crisis. In that case, it is not acceptable, the economist opined.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-26', 'modified' => '2022-06-26', 'keywords' => 'petrol, tax, headings, VAT, gas, diesel, economic, crisis, customs duty, excise duty, infrastructure development tax', 'description' => '', 'sortorder' => '15247', 'image' => '20220626032044_Petrol-Price-Increase.jpg', 'article_date' => '2022-06-26 15:19:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, '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' => '15519', 'article_category_id' => '1', 'title' => 'Monsoon to be More Active, Department Requests to Adopt Preparedness ', 'sub_title' => '', 'summary' => 'June 28: Monsoon will be more active for three days beginning from today across the nation. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 28: Monsoon will be more active for three days beginning from today across the nation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Department of Hydrology and Meteorology, the monsoon will become more active till Thursday as the monsoon related low-pressure system is likely to reach near Tarai region of the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department has requested the general people and all bodies concerned to adopt necessary precautions and preparedness as there is a possibility of landslide in hill regions as well as water level in big and small rivers and rivulets might be increased and transport sector might be affected. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">There is a possibility of moderate rainfall at most of the places and heavy rainfall at few places of Province 1, Madhes, Bagmati, Gandaki and Lumbini provinces from Tuesday night to Wednesday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, light to moderate rainfall has been forecast at most of the places of Sudurpaschim Province and heavy rainfall at some places of Tarai of the province as well as light to moderate rainfall at most of the places and heavy rainfall at one or two places of Karnali Province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On Wednesday, the sky across the nation will be fully cloudy and most of the places of the country will witness light to moderate rainfall. Likewise, heavy rainfall at some places of Province 1, Madhes, Bagmati, Gandaki and Lumbini provinces and heavy rainfall at some places of these provinces has been predicted. There is a possibility of heavy rainfall at few places of Sudurpaschim Provinces and heavy rainfall at one or two places of Karnali Province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On Thursday, light to moderate rainfall has been forecast in most of the places of Gandaki, Lumbini and Sudurpaschim provinces and heavy rainfall at some places of these provinces. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, there is a possibility of light to moderate rainfall in the remaining provinces. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-06-28', 'modified' => '2022-06-28', 'keywords' => '', 'description' => '', 'sortorder' => '15261', 'image' => '20220628045807_weather (1).jpg', 'article_date' => '2022-06-28 16:56:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15518', 'article_category_id' => '1', 'title' => 'PM Responds Positively to Demands of Biratnagar Airport Victims', 'sub_title' => '', 'summary' => 'June 28: Prime Minister Sher Bahadur Deuba has responded positively to the demands of the Biratnagar Airport victims who have been protesting since last week demanding compensation for the land', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">June 28: Prime Minister Sher Bahadur Deuba has responded positively to the demands of the Biratnagar Airport victims who have been protesting since last week demanding compensation for the land or to allow transaction of the land plots that have been blocked by the government.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Deuba said that he would do his best to make the airport regional level after first releasing the land and then allocating the budget.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">On Sunday, a five-member team including Nepali Congress central member Amrit Aryal, former mayor of Biratnagar Metropolitan City and NC central member Bhim Parajuli met Prime Minister Deuba at Baluwatar and asked him to take initiative for the development of Biratnagar.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Aryal informed the prime minister that no budget has been allocated for the construction of Biratnagar Airport at the regional level and the locals have started agitation after the land was withheld without providing them compensation. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Former Mayor Parajuli complained that the contract for the terminal building of Biratnagar Airport was canceled and the development was pushed back.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Parajuli also reminded the prime minister that the ring road of Biratnagar had not been built even 40 years after its foundation stone was laid, the recurring problem of flood had not been solved, an exhibition site had not been built and a special economic zone could not be built in Amaduwa.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The prime minister said that the land reserved for the airport will be released immediately after the appointment of the new minister for civil aviation. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-28', 'modified' => '2022-06-28', 'keywords' => '', 'description' => '', 'sortorder' => '15260', 'image' => '20220628035129_Biratnagar_Airport-IMG_8842.jpg', 'article_date' => '2022-06-28 15:50:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15516', 'article_category_id' => '1', 'title' => 'Finance Minister Sharma says Budget Focuses on Production-Oriented Economy ', 'sub_title' => '', 'summary' => 'June 28: Finance Minister Janardan Sharma has said that the government announced budget for the upcoming fiscal year taking into consideration the welfare of the country and the people. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">June 28: Finance Minister Janardan Sharma has said that the government announced budget for the upcoming fiscal year taking into consideration the welfare of the country and the people. He, however, complained that the government has been criticized despite its effort to bring respite to the public through the budget.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Responding to the queries of lawmakers during a meeting of the National Assembly held on Tuesday to discuss the Appropriation Bill, the finance minister said that the goals and vision of the budget were clear. He was of the view that the country’s economy can only be strengthened by mobilising the resources and capital in an integrated way.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Finance Minister Sharma claimed that the budget would address the needs of the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He defended the budget saying that it focuses on production-oriented economy, creating employment opportunities, poverty alleviation, increasing agricultural production, optimal use of fallow land, distribution of seeds and fertilizer among other issues. He added that the government plans to purchase the farmers’ produce as well.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Stating that agricultural products worth Rs 358 billion are being imported on an average every year, the minister said the government has adopted a policy of providing incentives to discourage imports by increasing exports. The budget has also emphasized the development of entrepreneurship and rural economy, the minister further said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the finance minister, the government has stressed on people’s participation in implementing the programmes announced in the budget.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He further said that the government’s priorities include linking the center of the local units with black-topped roads, increment of industrial produce, development of tourism sector and pulling people out of poverty. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He added that the incumbent government will be fully accountable for the budget announced for the upcoming fiscal year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Arrangements have been made for the government to purchase sanitary pads worth Rs 2 billion produced within the country, he said, expressing hope that country's economy affected to some extent by fuel price hike in the international market would be made strong through the implementation of the government's policies, programmes and the budget. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-28', 'modified' => '2022-06-28', 'keywords' => 'Budget, economy, finance minister, production, oriented', 'description' => '', 'sortorder' => '15259', 'image' => '20220628074602_fin min sharma.jpg', 'article_date' => '2022-06-28 07:45:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15517', 'article_category_id' => '1', 'title' => 'Flights Disrupted in Humla since Three Days ', 'sub_title' => '', 'summary' => 'June 28: The incessant rainfall has caused disruption of flights from Nepalgunj and Surkhet to Humla, causing severe price hike of daily essentials at the district headquarters, Simikot. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 28: The incessant rainfall has caused disruption of flights from Nepalgunj and Surkhet to Humla, causing severe price hike of daily essentials at the district headquarters, Simikot. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Even the construction works have been halted due to the disruption in supply of materials such as pipe, cement, and rods, the state-owned national news agency RSS reported. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A farmer Parek Bahadur Rokaya told RSS that they were experiencing shortage of food stuffs in the district of late. </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"">Humla, a remote district in Karnali Province, heavily relies on air service as it lacks proper access to road network. Although some parts of the district have been recently connected to road network, the condition of roads are said to be in a pathetic state especially during the rainy season. </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"">It is not clear whether the flights have resumed or not. The Department of Hydrology and Meteorology has predicted generally to fully cloudy weather throughout the country with chances of light to moderate rain in many places on Tuesday. </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"">“There is possibility of heavy rain at few places of Province 1 and Madhes, Gandaki and Lumbini provinces, and at one or two places of Karnali and Sudurpaschim provinces,” RSS quoted the department as saying. </span><br /> </span></span></p> ', 'published' => true, 'created' => '2022-06-28', 'modified' => '2022-06-28', 'keywords' => 'flight, disruption, Humla, shortage, road, network', 'description' => '', 'sortorder' => '15258', 'image' => '20220628075731_nepalgunj-simikot-flight-ticket88.jpg', 'article_date' => '2022-06-28 07:56:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15515', 'article_category_id' => '1', 'title' => 'India-Nepal Summit - 2022 Concludes', 'sub_title' => '', 'summary' => 'July 12: The 'India-Nepal Summit-2022' has concluded in Vaishali of Bihar state in India, endorsing an 18-point demand letter related to Nepal-India economic and social relations.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">July 12: </span></span></strong><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The 'India-Nepal Summit-2022' has concluded in Vaishali of Bihar state in India, endorsing an 18-point demand letter related to Nepal-India economic and social relations.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The leaders of the two countries who attended the conference on Saturday pledged to take initiative with their respective governments to address these demands. The demand letter covers issues related to tourism, agriculture, infrastructure, transportation, communication and social relations.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The participants of the summit demanded that the citizens of both the countries should be allowed to open a bank accounts and get a mobile SIM card on the basis of proof of citizenship or government identity. The demand letter argues that this will facilitate business, tourism, religious and social relations. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Initiatives will be taken to remove the limit imposed on tourists carrying Indian currency while entering Nepal from India. Carrying more than 100 rupee denominations of Indian currency and more than IRs 25,000 in cash is banned in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Tourists entering Nepal have been facing problems due to lack of this information. Police have arrested and remanded Indians in custody for carrying Indian currency in excess of the prescribed limit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Stakeholders demand a ban on this provision arguing that the movement of Indian tourists to Nepal has become troublesome due to this. As an alternative, it has been suggested to make the use of ATM cards easier.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Participants of the summit also agreed to draw the attention of the concerned bodies regarding the unauthorized collection of tax by the local level on Indian vehicles entering Nepal with tourists. The demand letter mentions that the tourists entering Nepal from India have been unnecessarily harassed due to such problems.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">It has been demanded that the entry of private vehicles with Indian number plates should be made easier and the entrance fee should be reduced. At present, the border authorities charge a daily fee of Rs 500 for private vehicles with Indian number plates entering Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The issue of promoting religious and tourism potential by linking Kathmandu and Someshwarnath Dham in Bihar, India was also raised during the summit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The bordering Indian cities of Raxaul and Muzaffarpur have demanded immediate operation of airport for exploring industrial and commercial potential. Raxaul has also demanded the operation of an express-way train to the Indian capital Delhi.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Due to the shortage of fertilizer in Nepal during planting season, stakeholders demanded that the lengthy procedures should be shortened in the border areas to resolve such problems.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Demands have been made from time to time for interaction between the armed security forces deployed along the Nepal-India border. The security forces have been accused of mistreating the locals, media persons and businessmen in the bordering areas due to lack of coordination among the two sides.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Speaking at an interaction on 'Indo-Nepal Relations, Challenges and Diagnosis in Changing Circumstances' organized by Media for Border Harmony, leader Jitendra Sonal said that people's representatives and concerned organizations should launch a joint campaign to take the relations between the two countries on the path of mutual benefit and prosperity.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Sonal claimed that although the social, religious and cultural relations between the citizens of both Nepal and India were good, the mentality of 'Kathmandu and Delhi' was not positive. </span></span></span></span></p> <p><br /> </p> ', 'published' => true, 'created' => '2022-06-27', 'modified' => '2022-06-27', 'keywords' => 'Nepal, India, summit, border, relation, cooperation, tourists, facilitate, Indian, currency', 'description' => '', 'sortorder' => '15257', 'image' => '20220627053856_India flag.jpg', 'article_date' => '2022-06-27 17:38:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15514', 'article_category_id' => '1', 'title' => 'NAC to Revise 10-year Business Plan ', 'sub_title' => '', 'summary' => 'June 27: The state-owned Nepal Airlines Corporation (NAC) is preparing to revise its 10-year Integrated Business Plan (2021-2030). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 27: The state-owned Nepal Airlines Corporation (NAC) is preparing to revise its 10-year Integrated Business Plan (2021-2030). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The national flag-carrier has decided to revise the business plan of strategic importance in line with its policy of strengthening its institutional structure and making its services efficient and prompt. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The company’s newly-appointed General Manager Dipuraj Juharchan said that NAC will review its business plan in view of the existing domestic airlines market and revise the plan accordingly. He shared that NAC will unveil its new website on the occasion of its 64th anniversary on July 1. </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"">According to the 10-year business plan submitted to the government in December 2020, the NAC plans to purchase 6 new aircraft including 4 narrow-body aircraft and 2 wide-body aircraft for operating flights to eight new destinations including Sydney, Colombo, Shanghai, Indonesia and Riyad.</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"">As per the business plan, NAC is expected to suffer losses in the first three years but is projected to start making profit from 2024. According to the estimates of NAC, it will make a profit of Rs 5.3 billion by 2030.</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"">However, the new management of NAC has not revealed the details of changes it wants to make in the business plan.</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"">NAC reportedly has 500 unnecessary employees. A former MD of NAC had blamed political interference, unnecessary recruitment of employees and weak legal framework as the key factors behind the dwindling financial status of the corporation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, the NAC has taken a decision to table a proposal with the Board of Directors for an initiation regarding the proper management of the Chinese aircraft which are currently not in operation. The NAC management has also decided to take initiatives for rescheduling of the installments of the loans it is liable to pay to the Employees Provident Fund and the Citizen Investment Trust. The NAC has stated that coordination would be established with the Ministry of Finance, the Ministry of Tourism and the two funds for this purpose. (With inputs from RSS)</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-06-27', 'modified' => '2022-06-27', 'keywords' => 'NAC, business plan, aircraft, wide body, narrow body', 'description' => '', 'sortorder' => '15256', 'image' => '20220627035114_Nepal-Airlines.jpg', 'article_date' => '2022-06-27 15:50:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15513', 'article_category_id' => '1', 'title' => 'Banks Under Pressure to Maintain CD Tatio', 'sub_title' => '', 'summary' => 'June 27: Banks and financial institutions (BFIs) are under pressure due to the credit-deposit (CD) ratio prescribed by Nepal Rastra Bank (NRB) through the monetary policy of the current fiscal year.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">June 27: Banks and financial institutions (BFIs) are under pressure due to the credit-deposit (CD) ratio prescribed by Nepal Rastra Bank (NRB) through the monetary policy of the current fiscal year. The pressure on banks has increased as the liquidity crisis persists while the deadline for implementing the CD ratio is almost over.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to NRB, the average CD ratio of commercial banks have come within the prescribed limit since June 5. The average CD ratio of banks stood at 89.51 percent last Tuesday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">However, since the concession given by NRB for calculating the CD ratio is ending in mid-July, banks will face a troublesome situation after that. Until mid-July, banks will be able to calculate the amount of debentures and refinancing amounts as deposits in the CD ratio. Similarly, the government also facilitated banks to calculate 80 percent of the amount in the accounts of the local levels as deposits. As all these facilities are only available till mid-July, more pressure will be added on the banks, which are unable to disburse loans due to the CD ratio.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Chairman of the Nepal Bankers Association Anil Kumar Upadhyaya indicated that more time and facilitation is needed for the implementation of the CD ratio.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">“Banks maintain the CD ratio as per the timeline given by NRB, then a new monetary policy is introduced. Discussions are needed on how to proceed ahead,” said Upadhyay. He declined to comment on the policies required for the CD ratio.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Stock market investors are demanding the removal of the limit on loan for share investment and the withdrawal of the CD ratio. Similarly, the traders and entrepreneurs have also submitted similar suggestions for monetary policy.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The Nepal Chamber of Commerce has requested to increase the CCD ratio to 85 percent or the existing 90 percent CD ratio to 95 percent. Similarly, the Chamber of Industries Morang suggested implementing the provision of not calculating CD for the credit of productive sector. However, so far the NRB leadership has not indicated towards any change in the policy of implementing CD ratio. On the contrary, it indicated that the ongoing trend will be implemented strictly. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">NRB said that it will tighten the ongoing procedure even more after mid-July, after holding separate discussions with the directors and chief executive officers of the commercial banks.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Assistant Spokesperson of NRB, Narayan Prasad Pokhrel said that the CD ratio should be brought in limits within the stipulated time till the next policy. Although the average CD ratio of banks is already maintained, not everyone has been able to bring it within the limits. According to NRB, the CD ratio of 15 out of 27 commercial banks is still more than 90 percent. NRB has already asked those banks for clarification.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Banks are emphasizing on loan recovery to maintain the CD ratio. In mid-August of last year, NRB removed the requirement of banks and financial institutions to maintain capital, credit and deposit ratio (CCD ratio) at 85 percent and implemented the provision of maintaining 90 percent CD ratio. The banks with higher CD ratio were given time till mid-July, 2022 to bring them within the limit. NRB had become flexible in its mid-term monetary policy review as banks were unable to invest due to this arrangement.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">NRB issued a directive on December 16, giving deadline till mid-July 2022 to maintain the CD ratio. The NRB also directed to implement the necessary action plan to maintain the CD ratio within the prescribed limits. There is a provision to monitor and take action against the banks that fail to maintain the CD ratio as specified in the directive.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-27', 'modified' => '2022-06-27', 'keywords' => 'CD ratio, NRB, central bank, pressure, liquidity, crisis', 'description' => '', 'sortorder' => '15255', 'image' => '20220627030609_Banks - Copy.jpg', 'article_date' => '2022-06-27 15:05:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15512', 'article_category_id' => '1', 'title' => 'Surya Life Insurance Company and Jyoti Life Insurance Company to Merge', 'sub_title' => '', 'summary' => 'June 27: Surya Life Insurance Company and Jyoti Life Insurance Company are all set to merge in line with the directive issued by the Insurance Board of Nepal.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">June 27: Surya Life Insurance Company and Jyoti Life Insurance Company are all set to merge in line with the directive issued by the Insurance Board of Nepal. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">On Sunday, the two companies reached a preliminary understanding for the merger</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The chairman of Surya Life Insurance Company Keshav Prasad Bhattarai and chairman of Jyoti Life Insurance Company Nanda Kishore Sharma signed a preliminary merger agreement on behalf of their respective company.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">However, this is only a preliminary agreement and further process will be taken forward after getting the in-principle approval from the Insurance Board. The swap ratio will be decided after the Asset and Liability Assessment based on Due Diligence Audit (DDA). The companies have also agreed not to lay off the employees after the merger. The name of the company, chairman and CEO to be appointed after the merger will be agreed upon in the upcoming days.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">If merged, the company's paid-up capital will reach Rs 4.97 billion. At present, Surya Life Insurance Company’s paid-up capital is Rs 2.55 billion and Jyoti Life Insurance Company’s paid-up capital is Rs 2.42 billion. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Meanwhile, the new entity’s life insurance fund will reach Rs 19.177 billion. At present, Surya Life Insurance Company has a life insurance fund of Rs 13.35 billion and Jyoti Life Insurance Company has a life insurance fund of Rs 5.66 billion. Also, their reserve fund will reach Rs 1.16 billion. At present, Surya Life Insurance Company has a reserve fund of Rs 594.6 million and Jyoti Life Insurance Company has a reserve fund of Rs 566.8 million.</span></span> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Prior to this merger process, Prime Life Insurance Company, Gurans Life Insurance Company and Union Life Insurance Company had agreed for a preliminary merger agreement. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Everest Insurance Company and Himalayan General Insurance Company as well are merging among the non-life insurance companies. These companies have already received final approval from the Insurance Board and they will be conducting integrated business under the name of Himalayan Everest Insurance Limited from July 17.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The Insurance Board is pushing for merger by introducing policies to increase the paid-up capital of insurance companies. There is also a policy of giving tax concessions if a preliminary agreement on merger is reached by mid-July. As a result, insurance companies are opting for the merger.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-27', 'modified' => '2022-06-27', 'keywords' => 'Life, insurance, company, board, merger, paid up capital, reserve fund', 'description' => '', 'sortorder' => '15254', 'image' => '20220627015503_merger.jpg', 'article_date' => '2022-06-27 13:53:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15511', 'article_category_id' => '1', 'title' => 'Airline Companies Unhappy as Price of Aviation Fuel remains Unchanged', 'sub_title' => '', 'summary' => 'June 27: The Airline Operators Association of Nepal (AOAN) has expressed its displeasure over Nepal Oil Corporation (NOC)’s decision to reduce the prices of petroleum products except aviation turbine fuel (ATF).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">June 27: The Airline Operators Association of Nepal (AOAN) has expressed its displeasure over Nepal Oil Corporation (NOC)’s decision to reduce the prices of petroleum products except aviation turbine fuel (ATF). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A board meeting of NOC on Saturday decided to reduce the price of petrol by Rs 20 per litre and that of diesel and kerosene by Rs 29 per litre. However, it made no changes to the aviation turbine fuel. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The association drew that attention of NOC over its decision to adjust the fuel prices without changing the price of ATF for domestic and international flights. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">AOAN in a statement said that the Nepali airline companies have been forced to purchase ATF at an excessively high rate compared to India because of the high amount of profit NOC makes in addition to the exorbitant taxes that the government imposes on petroleum products that are supplied by the Indian Oil Corporation free of taxes. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The association stated that the aviation sector was badly affected by the Covid-19 pandemic due to which flights had to be suspended for almost 8 months. It further said that the arrival of foreign tourists has not improved much and the operating cost is too high. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“In such a situation, the airline companies are forced to make air tickets available at low-cost rates,” the statement said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to AOAN, fuel consumption accounts for 40 percent of the operation costs of airline companies. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Countries like India and China have been providing 50 percent concession on ATF to the airline companies in their respective countries so that they can bounce back from the impact of Covid-19,” the statement further reads. </span></span></p> ', 'published' => true, 'created' => '2022-06-27', 'modified' => '2022-06-27', 'keywords' => 'aviation, fuel, price, NOC', 'description' => '', 'sortorder' => '15253', 'image' => '20220627124039_Airport.width-1024.jpg', 'article_date' => '2022-06-27 12:39:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15510', 'article_category_id' => '1', 'title' => 'Birgunj Transit Sees 73 Percent Increment in Exports in Last 11 Months ', 'sub_title' => '', 'summary' => 'June 27: Birgunj transit, the country's main trade and transit point, has witnessed a surge in exports by a whopping 73 percent to neighbouring India and third countries in the first 11 months of the current fiscal year.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 27: Birgunj transit, the country's main trade and transit point, has witnessed a surge in exports by a whopping 73 percent to neighbouring India and third countries in the first 11 months of the current fiscal year (FY 2021/22) compared to the corresponding period of the previous FY. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As a result, the revenue collection has increased approximately by 23 percent, said Sumit Gupta, information officer at the Birgunj Customs Office. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The export in 11 months of the current FY stood at over Rs 76.55 billion, an increment of over Rs 32.31 as compared to the exports during the corresponding period of last fiscal year which was worth Rs 44.24 billion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the review period of the current fiscal year, Nepal mainly exported goods including refined soybean oil, palm oil and sunflower oil, fruit juice and clothes, said Gupta. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The customs office collected more than Rs 188.78 billion in revenue in 11 months of the current FY, an increment of Rs 34.80 billion compared to revenue of Rs 153.98 billion collected during the corresponding period of the previous FY. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-06-27', 'modified' => '2022-06-27', 'keywords' => '', 'description' => '', 'sortorder' => '15252', 'image' => '20220627110808_Birgunj.jpg', 'article_date' => '2022-06-27 11:06:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15509', 'article_category_id' => '1', 'title' => 'DoTM Reduces Transportation Fare', 'sub_title' => '', 'summary' => 'June 26: The government has reduced the inter-state public transportation fare with the decline in fuel prices. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 26: The government has reduced the inter-state public transportation fare with the decline in fuel prices. The Department of Transport Management (DoTM) slashed the fares of passenger and carge vehicles through automated pricing mechanism after Nepal Oil Corporation (NOC) lowered the prices of petrol and diesel on Saturday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The price of diesel has been reduced by Rs 29 per litre and that of petrol by Rs 20 per litre. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The DoTM informed that it slashed the fare of passenger vehicles by 5.41 percent. As per the new transport fare fixed by the department, the transportation fare of cargo vehicles operating in the hill areas has been reduced by 6.97 percent and that of the freight carriers operating in the Terai by 7.68 percent. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the existing law, the transportation fare is automatically adjusted if the fuel price rises or falls more than five percent. </span></span></span></p> ', 'published' => true, 'created' => '2022-06-26', 'modified' => '2022-06-26', 'keywords' => 'transportation, fare, DoTM, reduces, slashes, fuel, price, NOC, petrol, diesel', 'description' => '', 'sortorder' => '15251', 'image' => '20220626090411_Transport.jpg', 'article_date' => '2022-06-26 21:02:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15506', 'article_category_id' => '1', 'title' => 'House Panel Tells Government to Amend Discriminatory Policy on Sponge Iron and Prime Billets', 'sub_title' => '', 'summary' => 'June 26: A parliamentary committee has instructed the government to amend its discriminatory tax policy in a show of support to the agitating industrialists who have accused the government of adopting a policy that has threatened the existence of domestic industries.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">June 26: A parliamentary committee has instructed the government to amend its discriminatory tax policy in a show of support to the agitating industrialists who have accused the government of adopting a policy that has threatened the existence of domestic industries.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The Industry, Commerce, Labour and Consumer Welfare Committee of the House of Representatives has instructed the Ministry of Industry, Commerce and Supplies to revoke its decision on the customs duty and excise duty imposed for importing the raw materials required for producing sponge iron and prime billets. Stating that the new tax policy is discriminatory, the house panel has directed the government to scrap the new tax rate and give continuity to the previous provision in this regard.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">A meeting of the committee last week instructed the government amend the tariff rate saying that the discriminatory policy of the government was benefitting some industries while others were on the verge of collapse.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The parliamentary committee on Industry, Commerce, Labor and Consumer Welfare directed the government to reconsider its decision saying that some industries are likely to collapse due to the new tariff rates while many people face the prospect of losing jobs. The house committee also noted that the government’s revenue collection will be affected in such a situation.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The replacement bill issued by Finance Minister Janardan Sharma almost a year ago had waived the customs duty of Rs 4.75 and excise duty of Rs 1.6 imposed on the import of sponge iron. Meanwhile, the government had increased the excise duty on import of prime billet from Rs 1600 per ton to Rs 2500 per ton.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">This benefitted five or six industries that produce iron rods from sponge iron. However, around two dozen industries that produce billets in the country collapsed due to this discriminatory policy of the government, according to the industrialists. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">A letter sent to the government by the house panel states that the government should give continuity to the provisions that were in place before it introduced the replacement bill. </span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-06-26', 'modified' => '2022-06-26', 'keywords' => 'sponge iron, prime billet, discriminatory policy, parliamentary committee, finance minister, house of representatives, import, customs duty, excise duty, raw materials.', 'description' => '', 'sortorder' => '15250', 'image' => '20220626044130_Parliament.jpg', 'article_date' => '2022-06-26 16:38:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15508', 'article_category_id' => '1', 'title' => 'IT Training for Entrepreneurship Development', 'sub_title' => '', 'summary' => 'June 26: Twenty nine physically handicapped people received Information and Technology (IT) training', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 26: Twenty nine physically handicapped people received Information and Technology (IT) training at the initiative of Bikram Shrestha, President of Nepal Internet Foundation and Birodh Khatiwada, President of Disabled Care Nepal.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The training was organized to develop the ability to lead in entrepreneurship development.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Those who received the training were men and women who were either visually impaired or suffering from hearing impairment or the victims of fire. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Earlier, the Federation of Women Entrepreneurs Association Nepal had organized a cultural program entitled 'Music for Peace and Harmony' at Patan Durbar with the objective of raising funds to help women with disabilities in entrepreneurship development. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The program was organized in collaboration with Sukarma Band. Established in 2001, the federation is the umbrella organization of women entrepreneurs. The federation has been working for the economic empowerment of women through advocacy, network expansion, information flow, capacity building, vocational counseling among others.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-06-26', 'modified' => '2022-06-26', 'keywords' => 'training, IT, entrepreneurship development, handicapped', 'description' => '', 'sortorder' => '15249', 'image' => '20220626050847_Entrepreneurship-Development-4.jpg', 'article_date' => '2022-06-26 17:06:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15507', 'article_category_id' => '1', 'title' => '12th edition of Kora Challenge scheduled for July 16', 'sub_title' => '', 'summary' => 'June 26: The 12th edition of the Kora Challenge, arguably one of the greatest rides in the Himalayas, will take place on July 16. This event is being organized every year since 2011.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">June 26: The 12th edition of the Kora Challenge, arguably one of the greatest rides in the Himalayas, will take place on July 16. This event is being organized every year since 2011. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">More than 4,000 cyclists from four different countries are expected to attend the event, the organisers said in a statement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In its 12th edition this year, on 16th July 2022, it is expected that it will reach 4000 cyclists in 15 locations in Nepal, and four different countries as well, the organizers wrote in a statement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Events like these play an important role in promoting a healthier lifestyle, showcasing solutions to combat climate change, and when done at this scale, will help promote the country with a solution-driven brand image. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Targeted to building a healthy cycling community, the Kora Challenge also raises fund for causes every year, and since 2011, has injected over Rs 7 million for development activities and charities, all raised by the riders. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“This year, we aim to support the family of Yam Lal Rasaily, a cycling para-athlete who unfortunately did not survive the pandemic. We encourage all interested stakeholders in Nepal to benefit from the visibility this event provides and come join the organisers in a mutually beneficial partnership,” the statement read. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The organizers have urged the cycling community to again come out in the masses to enjoy this cycling festival. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The event is deeply honoured to have the support of the Nepal Tourism Board, B&B Hospital, Turkish Airlines, Image Ark, Makura Creations, Unity for Sustainability, Jay San Photography, Kazi studios, and Himalayan General Insurance, among others, the organisers said. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-26', 'modified' => '2022-06-26', 'keywords' => 'Kora Challenge, Himalayan, ride, fund raising, event, green, cycling, cyclists, climate change, healthy lifestyle', 'description' => '', 'sortorder' => '15248', 'image' => '20220626083145_kora.jpg', 'article_date' => '2022-06-26 16:52:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15505', 'article_category_id' => '1', 'title' => 'Government Imposing Taxes on Petroleum Products under Six Different Headings', 'sub_title' => 'People are forced to pay Rs 179 for a litre of petrol which NOC buys for Rs 65.61 per litre', 'summary' => 'June 26: The government has been raising huge amounts of taxes on petrol, diesel, and cooking gas to the detriment of the general consumers.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 26: The government has been raising huge amounts of taxes on petrol, diesel, and cooking gas to the detriment of the general consumers. Generally, goods directly related to the daily life of the people are not taxed much. However, in Nepal, which has an import-oriented tax system, the government seems to have imposed higher taxes on essential commodities.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The government has been levying taxes on cosmetics, which belong to the luxury items, under three headings, but is levying taxes on petrol and diesel under six headings.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The government has been levying taxes on petrol and diesel under six headings that include customs duty, road maintenance tax, pollution tax, infrastructure development tax, price stabilization fund and value-added tax (VAT). </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">At present, people are paying Rs 179 for a litre of petrol which is being purchased at Rs 65.61 per litre by NOC while diesel which NOC purchases for Rs 49.53 per litre is being sold to the general public at Rs 163 per litre. Until a day ago, a litre of petrol used to cost as much as Rs 199 while diesel was priced at Rs 192.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Similarly, the government has been levying taxes worth Rs 320.84 for a cylinder of cooking gas (LPG).</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The customs duty on petrol is Rs 25.23 per litre. Road maintenance tax is Rs 4 per litre, pollution tax is Rs 1.50, infrastructure development tax is Rs 10, price stabilization fund is 1 per cent, and VAT is 13 per cent.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The customs duty on a litre of diesel is Rs 12.03. The road maintenance tax is Rs 2, pollution tax is Rs 1.50, infrastructure development tax is Rs 10, price stabilization fund is 1 per cent, and VAT is 13 per cent.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Interestingly, the government has been collecting taxes on luxury items under fewer heading. Examples include beer and cosmetics. Both are luxury items. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">However, taxes on these items are collected under fewer headings. Importers only need to pay customs duty, excise duty, and VAT while importing beer made from barley. Customs duty, excise duty and VAT also need to paid for the import of cosmetic items. Apart from this, many other luxury and fancy items are taxed under a few headings unlike petroleum products.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Tax experts say it is not appropriate to tax the items that fall under the category of essential goods. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Under normal circumstances, the general public had not paid much attention to the high taxes on petroleum products. However, the prices of petroleum products have increased sharply. At this time, the general public hopes that if the government reduced taxes, it would be more affordable. The Finance Act 2079, which was recently passed by the parliament, has not interfered with the tax rates on petroleum products.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Public transportation is not possible without petroleum products. Petroleum is needed to transport all kinds of goods, including food. Vehicles running on petrol and diesel are more in use in Nepal. Diesel is essential for hydropower projects and industries. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">According to a study by the Confederation of Nepalese Industries, 64.4 per cent of industries are still using diesel-powered generators. Diesel is also used in agriculture. In this case, the rise in the price of petroleum products affects everyone.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">When there is no proper alternative, it is not appropriate to raise taxes on petroleum products under many headings, says economist Dr Chandramani Adhikari. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">“If there had been an alternative to petroleum products and gas in Nepal, levying such a tax would have been appropriate. Electricity has been taken as an alternative to petroleum products. However, this is not possible immediately due to the lack of development of necessary infrastructure. So it's not fair to impose taxes under many headings on fuel,” he added. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">On top of that, the country is heading towards an economic crisis. In that case, it is not acceptable, the economist opined.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-26', 'modified' => '2022-06-26', 'keywords' => 'petrol, tax, headings, VAT, gas, diesel, economic, crisis, customs duty, excise duty, infrastructure development tax', 'description' => '', 'sortorder' => '15247', 'image' => '20220626032044_Petrol-Price-Increase.jpg', 'article_date' => '2022-06-26 15:19:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, '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' => '15519', 'article_category_id' => '1', 'title' => 'Monsoon to be More Active, Department Requests to Adopt Preparedness ', 'sub_title' => '', 'summary' => 'June 28: Monsoon will be more active for three days beginning from today across the nation. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 28: Monsoon will be more active for three days beginning from today across the nation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Department of Hydrology and Meteorology, the monsoon will become more active till Thursday as the monsoon related low-pressure system is likely to reach near Tarai region of the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department has requested the general people and all bodies concerned to adopt necessary precautions and preparedness as there is a possibility of landslide in hill regions as well as water level in big and small rivers and rivulets might be increased and transport sector might be affected. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">There is a possibility of moderate rainfall at most of the places and heavy rainfall at few places of Province 1, Madhes, Bagmati, Gandaki and Lumbini provinces from Tuesday night to Wednesday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, light to moderate rainfall has been forecast at most of the places of Sudurpaschim Province and heavy rainfall at some places of Tarai of the province as well as light to moderate rainfall at most of the places and heavy rainfall at one or two places of Karnali Province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On Wednesday, the sky across the nation will be fully cloudy and most of the places of the country will witness light to moderate rainfall. Likewise, heavy rainfall at some places of Province 1, Madhes, Bagmati, Gandaki and Lumbini provinces and heavy rainfall at some places of these provinces has been predicted. There is a possibility of heavy rainfall at few places of Sudurpaschim Provinces and heavy rainfall at one or two places of Karnali Province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On Thursday, light to moderate rainfall has been forecast in most of the places of Gandaki, Lumbini and Sudurpaschim provinces and heavy rainfall at some places of these provinces. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, there is a possibility of light to moderate rainfall in the remaining provinces. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-06-28', 'modified' => '2022-06-28', 'keywords' => '', 'description' => '', 'sortorder' => '15261', 'image' => '20220628045807_weather (1).jpg', 'article_date' => '2022-06-28 16:56:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15518', 'article_category_id' => '1', 'title' => 'PM Responds Positively to Demands of Biratnagar Airport Victims', 'sub_title' => '', 'summary' => 'June 28: Prime Minister Sher Bahadur Deuba has responded positively to the demands of the Biratnagar Airport victims who have been protesting since last week demanding compensation for the land', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">June 28: Prime Minister Sher Bahadur Deuba has responded positively to the demands of the Biratnagar Airport victims who have been protesting since last week demanding compensation for the land or to allow transaction of the land plots that have been blocked by the government.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Deuba said that he would do his best to make the airport regional level after first releasing the land and then allocating the budget.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">On Sunday, a five-member team including Nepali Congress central member Amrit Aryal, former mayor of Biratnagar Metropolitan City and NC central member Bhim Parajuli met Prime Minister Deuba at Baluwatar and asked him to take initiative for the development of Biratnagar.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Aryal informed the prime minister that no budget has been allocated for the construction of Biratnagar Airport at the regional level and the locals have started agitation after the land was withheld without providing them compensation. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Former Mayor Parajuli complained that the contract for the terminal building of Biratnagar Airport was canceled and the development was pushed back.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Parajuli also reminded the prime minister that the ring road of Biratnagar had not been built even 40 years after its foundation stone was laid, the recurring problem of flood had not been solved, an exhibition site had not been built and a special economic zone could not be built in Amaduwa.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The prime minister said that the land reserved for the airport will be released immediately after the appointment of the new minister for civil aviation. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-28', 'modified' => '2022-06-28', 'keywords' => '', 'description' => '', 'sortorder' => '15260', 'image' => '20220628035129_Biratnagar_Airport-IMG_8842.jpg', 'article_date' => '2022-06-28 15:50:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15516', 'article_category_id' => '1', 'title' => 'Finance Minister Sharma says Budget Focuses on Production-Oriented Economy ', 'sub_title' => '', 'summary' => 'June 28: Finance Minister Janardan Sharma has said that the government announced budget for the upcoming fiscal year taking into consideration the welfare of the country and the people. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">June 28: Finance Minister Janardan Sharma has said that the government announced budget for the upcoming fiscal year taking into consideration the welfare of the country and the people. He, however, complained that the government has been criticized despite its effort to bring respite to the public through the budget.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Responding to the queries of lawmakers during a meeting of the National Assembly held on Tuesday to discuss the Appropriation Bill, the finance minister said that the goals and vision of the budget were clear. He was of the view that the country’s economy can only be strengthened by mobilising the resources and capital in an integrated way.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Finance Minister Sharma claimed that the budget would address the needs of the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He defended the budget saying that it focuses on production-oriented economy, creating employment opportunities, poverty alleviation, increasing agricultural production, optimal use of fallow land, distribution of seeds and fertilizer among other issues. He added that the government plans to purchase the farmers’ produce as well.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Stating that agricultural products worth Rs 358 billion are being imported on an average every year, the minister said the government has adopted a policy of providing incentives to discourage imports by increasing exports. The budget has also emphasized the development of entrepreneurship and rural economy, the minister further said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the finance minister, the government has stressed on people’s participation in implementing the programmes announced in the budget.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He further said that the government’s priorities include linking the center of the local units with black-topped roads, increment of industrial produce, development of tourism sector and pulling people out of poverty. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He added that the incumbent government will be fully accountable for the budget announced for the upcoming fiscal year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Arrangements have been made for the government to purchase sanitary pads worth Rs 2 billion produced within the country, he said, expressing hope that country's economy affected to some extent by fuel price hike in the international market would be made strong through the implementation of the government's policies, programmes and the budget. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-28', 'modified' => '2022-06-28', 'keywords' => 'Budget, economy, finance minister, production, oriented', 'description' => '', 'sortorder' => '15259', 'image' => '20220628074602_fin min sharma.jpg', 'article_date' => '2022-06-28 07:45:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15517', 'article_category_id' => '1', 'title' => 'Flights Disrupted in Humla since Three Days ', 'sub_title' => '', 'summary' => 'June 28: The incessant rainfall has caused disruption of flights from Nepalgunj and Surkhet to Humla, causing severe price hike of daily essentials at the district headquarters, Simikot. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 28: The incessant rainfall has caused disruption of flights from Nepalgunj and Surkhet to Humla, causing severe price hike of daily essentials at the district headquarters, Simikot. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Even the construction works have been halted due to the disruption in supply of materials such as pipe, cement, and rods, the state-owned national news agency RSS reported. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A farmer Parek Bahadur Rokaya told RSS that they were experiencing shortage of food stuffs in the district of late. </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"">Humla, a remote district in Karnali Province, heavily relies on air service as it lacks proper access to road network. Although some parts of the district have been recently connected to road network, the condition of roads are said to be in a pathetic state especially during the rainy season. </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"">It is not clear whether the flights have resumed or not. The Department of Hydrology and Meteorology has predicted generally to fully cloudy weather throughout the country with chances of light to moderate rain in many places on Tuesday. </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"">“There is possibility of heavy rain at few places of Province 1 and Madhes, Gandaki and Lumbini provinces, and at one or two places of Karnali and Sudurpaschim provinces,” RSS quoted the department as saying. </span><br /> </span></span></p> ', 'published' => true, 'created' => '2022-06-28', 'modified' => '2022-06-28', 'keywords' => 'flight, disruption, Humla, shortage, road, network', 'description' => '', 'sortorder' => '15258', 'image' => '20220628075731_nepalgunj-simikot-flight-ticket88.jpg', 'article_date' => '2022-06-28 07:56:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15515', 'article_category_id' => '1', 'title' => 'India-Nepal Summit - 2022 Concludes', 'sub_title' => '', 'summary' => 'July 12: The 'India-Nepal Summit-2022' has concluded in Vaishali of Bihar state in India, endorsing an 18-point demand letter related to Nepal-India economic and social relations.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">July 12: </span></span></strong><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The 'India-Nepal Summit-2022' has concluded in Vaishali of Bihar state in India, endorsing an 18-point demand letter related to Nepal-India economic and social relations.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The leaders of the two countries who attended the conference on Saturday pledged to take initiative with their respective governments to address these demands. The demand letter covers issues related to tourism, agriculture, infrastructure, transportation, communication and social relations.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The participants of the summit demanded that the citizens of both the countries should be allowed to open a bank accounts and get a mobile SIM card on the basis of proof of citizenship or government identity. The demand letter argues that this will facilitate business, tourism, religious and social relations. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Initiatives will be taken to remove the limit imposed on tourists carrying Indian currency while entering Nepal from India. Carrying more than 100 rupee denominations of Indian currency and more than IRs 25,000 in cash is banned in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Tourists entering Nepal have been facing problems due to lack of this information. Police have arrested and remanded Indians in custody for carrying Indian currency in excess of the prescribed limit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Stakeholders demand a ban on this provision arguing that the movement of Indian tourists to Nepal has become troublesome due to this. As an alternative, it has been suggested to make the use of ATM cards easier.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Participants of the summit also agreed to draw the attention of the concerned bodies regarding the unauthorized collection of tax by the local level on Indian vehicles entering Nepal with tourists. The demand letter mentions that the tourists entering Nepal from India have been unnecessarily harassed due to such problems.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">It has been demanded that the entry of private vehicles with Indian number plates should be made easier and the entrance fee should be reduced. At present, the border authorities charge a daily fee of Rs 500 for private vehicles with Indian number plates entering Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The issue of promoting religious and tourism potential by linking Kathmandu and Someshwarnath Dham in Bihar, India was also raised during the summit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The bordering Indian cities of Raxaul and Muzaffarpur have demanded immediate operation of airport for exploring industrial and commercial potential. Raxaul has also demanded the operation of an express-way train to the Indian capital Delhi.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Due to the shortage of fertilizer in Nepal during planting season, stakeholders demanded that the lengthy procedures should be shortened in the border areas to resolve such problems.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Demands have been made from time to time for interaction between the armed security forces deployed along the Nepal-India border. The security forces have been accused of mistreating the locals, media persons and businessmen in the bordering areas due to lack of coordination among the two sides.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Speaking at an interaction on 'Indo-Nepal Relations, Challenges and Diagnosis in Changing Circumstances' organized by Media for Border Harmony, leader Jitendra Sonal said that people's representatives and concerned organizations should launch a joint campaign to take the relations between the two countries on the path of mutual benefit and prosperity.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Sonal claimed that although the social, religious and cultural relations between the citizens of both Nepal and India were good, the mentality of 'Kathmandu and Delhi' was not positive. </span></span></span></span></p> <p><br /> </p> ', 'published' => true, 'created' => '2022-06-27', 'modified' => '2022-06-27', 'keywords' => 'Nepal, India, summit, border, relation, cooperation, tourists, facilitate, Indian, currency', 'description' => '', 'sortorder' => '15257', 'image' => '20220627053856_India flag.jpg', 'article_date' => '2022-06-27 17:38:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15514', 'article_category_id' => '1', 'title' => 'NAC to Revise 10-year Business Plan ', 'sub_title' => '', 'summary' => 'June 27: The state-owned Nepal Airlines Corporation (NAC) is preparing to revise its 10-year Integrated Business Plan (2021-2030). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 27: The state-owned Nepal Airlines Corporation (NAC) is preparing to revise its 10-year Integrated Business Plan (2021-2030). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The national flag-carrier has decided to revise the business plan of strategic importance in line with its policy of strengthening its institutional structure and making its services efficient and prompt. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The company’s newly-appointed General Manager Dipuraj Juharchan said that NAC will review its business plan in view of the existing domestic airlines market and revise the plan accordingly. He shared that NAC will unveil its new website on the occasion of its 64th anniversary on July 1. </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"">According to the 10-year business plan submitted to the government in December 2020, the NAC plans to purchase 6 new aircraft including 4 narrow-body aircraft and 2 wide-body aircraft for operating flights to eight new destinations including Sydney, Colombo, Shanghai, Indonesia and Riyad.</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"">As per the business plan, NAC is expected to suffer losses in the first three years but is projected to start making profit from 2024. According to the estimates of NAC, it will make a profit of Rs 5.3 billion by 2030.</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"">However, the new management of NAC has not revealed the details of changes it wants to make in the business plan.</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"">NAC reportedly has 500 unnecessary employees. A former MD of NAC had blamed political interference, unnecessary recruitment of employees and weak legal framework as the key factors behind the dwindling financial status of the corporation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, the NAC has taken a decision to table a proposal with the Board of Directors for an initiation regarding the proper management of the Chinese aircraft which are currently not in operation. The NAC management has also decided to take initiatives for rescheduling of the installments of the loans it is liable to pay to the Employees Provident Fund and the Citizen Investment Trust. The NAC has stated that coordination would be established with the Ministry of Finance, the Ministry of Tourism and the two funds for this purpose. (With inputs from RSS)</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-06-27', 'modified' => '2022-06-27', 'keywords' => 'NAC, business plan, aircraft, wide body, narrow body', 'description' => '', 'sortorder' => '15256', 'image' => '20220627035114_Nepal-Airlines.jpg', 'article_date' => '2022-06-27 15:50:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15513', 'article_category_id' => '1', 'title' => 'Banks Under Pressure to Maintain CD Tatio', 'sub_title' => '', 'summary' => 'June 27: Banks and financial institutions (BFIs) are under pressure due to the credit-deposit (CD) ratio prescribed by Nepal Rastra Bank (NRB) through the monetary policy of the current fiscal year.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">June 27: Banks and financial institutions (BFIs) are under pressure due to the credit-deposit (CD) ratio prescribed by Nepal Rastra Bank (NRB) through the monetary policy of the current fiscal year. The pressure on banks has increased as the liquidity crisis persists while the deadline for implementing the CD ratio is almost over.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to NRB, the average CD ratio of commercial banks have come within the prescribed limit since June 5. The average CD ratio of banks stood at 89.51 percent last Tuesday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">However, since the concession given by NRB for calculating the CD ratio is ending in mid-July, banks will face a troublesome situation after that. Until mid-July, banks will be able to calculate the amount of debentures and refinancing amounts as deposits in the CD ratio. Similarly, the government also facilitated banks to calculate 80 percent of the amount in the accounts of the local levels as deposits. As all these facilities are only available till mid-July, more pressure will be added on the banks, which are unable to disburse loans due to the CD ratio.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Chairman of the Nepal Bankers Association Anil Kumar Upadhyaya indicated that more time and facilitation is needed for the implementation of the CD ratio.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">“Banks maintain the CD ratio as per the timeline given by NRB, then a new monetary policy is introduced. Discussions are needed on how to proceed ahead,” said Upadhyay. He declined to comment on the policies required for the CD ratio.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Stock market investors are demanding the removal of the limit on loan for share investment and the withdrawal of the CD ratio. Similarly, the traders and entrepreneurs have also submitted similar suggestions for monetary policy.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The Nepal Chamber of Commerce has requested to increase the CCD ratio to 85 percent or the existing 90 percent CD ratio to 95 percent. Similarly, the Chamber of Industries Morang suggested implementing the provision of not calculating CD for the credit of productive sector. However, so far the NRB leadership has not indicated towards any change in the policy of implementing CD ratio. On the contrary, it indicated that the ongoing trend will be implemented strictly. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">NRB said that it will tighten the ongoing procedure even more after mid-July, after holding separate discussions with the directors and chief executive officers of the commercial banks.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Assistant Spokesperson of NRB, Narayan Prasad Pokhrel said that the CD ratio should be brought in limits within the stipulated time till the next policy. Although the average CD ratio of banks is already maintained, not everyone has been able to bring it within the limits. According to NRB, the CD ratio of 15 out of 27 commercial banks is still more than 90 percent. NRB has already asked those banks for clarification.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Banks are emphasizing on loan recovery to maintain the CD ratio. In mid-August of last year, NRB removed the requirement of banks and financial institutions to maintain capital, credit and deposit ratio (CCD ratio) at 85 percent and implemented the provision of maintaining 90 percent CD ratio. The banks with higher CD ratio were given time till mid-July, 2022 to bring them within the limit. NRB had become flexible in its mid-term monetary policy review as banks were unable to invest due to this arrangement.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">NRB issued a directive on December 16, giving deadline till mid-July 2022 to maintain the CD ratio. The NRB also directed to implement the necessary action plan to maintain the CD ratio within the prescribed limits. There is a provision to monitor and take action against the banks that fail to maintain the CD ratio as specified in the directive.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-27', 'modified' => '2022-06-27', 'keywords' => 'CD ratio, NRB, central bank, pressure, liquidity, crisis', 'description' => '', 'sortorder' => '15255', 'image' => '20220627030609_Banks - Copy.jpg', 'article_date' => '2022-06-27 15:05:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15512', 'article_category_id' => '1', 'title' => 'Surya Life Insurance Company and Jyoti Life Insurance Company to Merge', 'sub_title' => '', 'summary' => 'June 27: Surya Life Insurance Company and Jyoti Life Insurance Company are all set to merge in line with the directive issued by the Insurance Board of Nepal.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">June 27: Surya Life Insurance Company and Jyoti Life Insurance Company are all set to merge in line with the directive issued by the Insurance Board of Nepal. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">On Sunday, the two companies reached a preliminary understanding for the merger</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The chairman of Surya Life Insurance Company Keshav Prasad Bhattarai and chairman of Jyoti Life Insurance Company Nanda Kishore Sharma signed a preliminary merger agreement on behalf of their respective company.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">However, this is only a preliminary agreement and further process will be taken forward after getting the in-principle approval from the Insurance Board. The swap ratio will be decided after the Asset and Liability Assessment based on Due Diligence Audit (DDA). The companies have also agreed not to lay off the employees after the merger. The name of the company, chairman and CEO to be appointed after the merger will be agreed upon in the upcoming days.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">If merged, the company's paid-up capital will reach Rs 4.97 billion. At present, Surya Life Insurance Company’s paid-up capital is Rs 2.55 billion and Jyoti Life Insurance Company’s paid-up capital is Rs 2.42 billion. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Meanwhile, the new entity’s life insurance fund will reach Rs 19.177 billion. At present, Surya Life Insurance Company has a life insurance fund of Rs 13.35 billion and Jyoti Life Insurance Company has a life insurance fund of Rs 5.66 billion. Also, their reserve fund will reach Rs 1.16 billion. At present, Surya Life Insurance Company has a reserve fund of Rs 594.6 million and Jyoti Life Insurance Company has a reserve fund of Rs 566.8 million.</span></span> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Prior to this merger process, Prime Life Insurance Company, Gurans Life Insurance Company and Union Life Insurance Company had agreed for a preliminary merger agreement. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Everest Insurance Company and Himalayan General Insurance Company as well are merging among the non-life insurance companies. These companies have already received final approval from the Insurance Board and they will be conducting integrated business under the name of Himalayan Everest Insurance Limited from July 17.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The Insurance Board is pushing for merger by introducing policies to increase the paid-up capital of insurance companies. There is also a policy of giving tax concessions if a preliminary agreement on merger is reached by mid-July. As a result, insurance companies are opting for the merger.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-27', 'modified' => '2022-06-27', 'keywords' => 'Life, insurance, company, board, merger, paid up capital, reserve fund', 'description' => '', 'sortorder' => '15254', 'image' => '20220627015503_merger.jpg', 'article_date' => '2022-06-27 13:53:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15511', 'article_category_id' => '1', 'title' => 'Airline Companies Unhappy as Price of Aviation Fuel remains Unchanged', 'sub_title' => '', 'summary' => 'June 27: The Airline Operators Association of Nepal (AOAN) has expressed its displeasure over Nepal Oil Corporation (NOC)’s decision to reduce the prices of petroleum products except aviation turbine fuel (ATF).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">June 27: The Airline Operators Association of Nepal (AOAN) has expressed its displeasure over Nepal Oil Corporation (NOC)’s decision to reduce the prices of petroleum products except aviation turbine fuel (ATF). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A board meeting of NOC on Saturday decided to reduce the price of petrol by Rs 20 per litre and that of diesel and kerosene by Rs 29 per litre. However, it made no changes to the aviation turbine fuel. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The association drew that attention of NOC over its decision to adjust the fuel prices without changing the price of ATF for domestic and international flights. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">AOAN in a statement said that the Nepali airline companies have been forced to purchase ATF at an excessively high rate compared to India because of the high amount of profit NOC makes in addition to the exorbitant taxes that the government imposes on petroleum products that are supplied by the Indian Oil Corporation free of taxes. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The association stated that the aviation sector was badly affected by the Covid-19 pandemic due to which flights had to be suspended for almost 8 months. It further said that the arrival of foreign tourists has not improved much and the operating cost is too high. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“In such a situation, the airline companies are forced to make air tickets available at low-cost rates,” the statement said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to AOAN, fuel consumption accounts for 40 percent of the operation costs of airline companies. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Countries like India and China have been providing 50 percent concession on ATF to the airline companies in their respective countries so that they can bounce back from the impact of Covid-19,” the statement further reads. </span></span></p> ', 'published' => true, 'created' => '2022-06-27', 'modified' => '2022-06-27', 'keywords' => 'aviation, fuel, price, NOC', 'description' => '', 'sortorder' => '15253', 'image' => '20220627124039_Airport.width-1024.jpg', 'article_date' => '2022-06-27 12:39:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15510', 'article_category_id' => '1', 'title' => 'Birgunj Transit Sees 73 Percent Increment in Exports in Last 11 Months ', 'sub_title' => '', 'summary' => 'June 27: Birgunj transit, the country's main trade and transit point, has witnessed a surge in exports by a whopping 73 percent to neighbouring India and third countries in the first 11 months of the current fiscal year.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 27: Birgunj transit, the country's main trade and transit point, has witnessed a surge in exports by a whopping 73 percent to neighbouring India and third countries in the first 11 months of the current fiscal year (FY 2021/22) compared to the corresponding period of the previous FY. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As a result, the revenue collection has increased approximately by 23 percent, said Sumit Gupta, information officer at the Birgunj Customs Office. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The export in 11 months of the current FY stood at over Rs 76.55 billion, an increment of over Rs 32.31 as compared to the exports during the corresponding period of last fiscal year which was worth Rs 44.24 billion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the review period of the current fiscal year, Nepal mainly exported goods including refined soybean oil, palm oil and sunflower oil, fruit juice and clothes, said Gupta. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The customs office collected more than Rs 188.78 billion in revenue in 11 months of the current FY, an increment of Rs 34.80 billion compared to revenue of Rs 153.98 billion collected during the corresponding period of the previous FY. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-06-27', 'modified' => '2022-06-27', 'keywords' => '', 'description' => '', 'sortorder' => '15252', 'image' => '20220627110808_Birgunj.jpg', 'article_date' => '2022-06-27 11:06:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15509', 'article_category_id' => '1', 'title' => 'DoTM Reduces Transportation Fare', 'sub_title' => '', 'summary' => 'June 26: The government has reduced the inter-state public transportation fare with the decline in fuel prices. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 26: The government has reduced the inter-state public transportation fare with the decline in fuel prices. The Department of Transport Management (DoTM) slashed the fares of passenger and carge vehicles through automated pricing mechanism after Nepal Oil Corporation (NOC) lowered the prices of petrol and diesel on Saturday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The price of diesel has been reduced by Rs 29 per litre and that of petrol by Rs 20 per litre. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The DoTM informed that it slashed the fare of passenger vehicles by 5.41 percent. As per the new transport fare fixed by the department, the transportation fare of cargo vehicles operating in the hill areas has been reduced by 6.97 percent and that of the freight carriers operating in the Terai by 7.68 percent. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the existing law, the transportation fare is automatically adjusted if the fuel price rises or falls more than five percent. </span></span></span></p> ', 'published' => true, 'created' => '2022-06-26', 'modified' => '2022-06-26', 'keywords' => 'transportation, fare, DoTM, reduces, slashes, fuel, price, NOC, petrol, diesel', 'description' => '', 'sortorder' => '15251', 'image' => '20220626090411_Transport.jpg', 'article_date' => '2022-06-26 21:02:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15506', 'article_category_id' => '1', 'title' => 'House Panel Tells Government to Amend Discriminatory Policy on Sponge Iron and Prime Billets', 'sub_title' => '', 'summary' => 'June 26: A parliamentary committee has instructed the government to amend its discriminatory tax policy in a show of support to the agitating industrialists who have accused the government of adopting a policy that has threatened the existence of domestic industries.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">June 26: A parliamentary committee has instructed the government to amend its discriminatory tax policy in a show of support to the agitating industrialists who have accused the government of adopting a policy that has threatened the existence of domestic industries.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The Industry, Commerce, Labour and Consumer Welfare Committee of the House of Representatives has instructed the Ministry of Industry, Commerce and Supplies to revoke its decision on the customs duty and excise duty imposed for importing the raw materials required for producing sponge iron and prime billets. Stating that the new tax policy is discriminatory, the house panel has directed the government to scrap the new tax rate and give continuity to the previous provision in this regard.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">A meeting of the committee last week instructed the government amend the tariff rate saying that the discriminatory policy of the government was benefitting some industries while others were on the verge of collapse.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The parliamentary committee on Industry, Commerce, Labor and Consumer Welfare directed the government to reconsider its decision saying that some industries are likely to collapse due to the new tariff rates while many people face the prospect of losing jobs. The house committee also noted that the government’s revenue collection will be affected in such a situation.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The replacement bill issued by Finance Minister Janardan Sharma almost a year ago had waived the customs duty of Rs 4.75 and excise duty of Rs 1.6 imposed on the import of sponge iron. Meanwhile, the government had increased the excise duty on import of prime billet from Rs 1600 per ton to Rs 2500 per ton.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">This benefitted five or six industries that produce iron rods from sponge iron. However, around two dozen industries that produce billets in the country collapsed due to this discriminatory policy of the government, according to the industrialists. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">A letter sent to the government by the house panel states that the government should give continuity to the provisions that were in place before it introduced the replacement bill. </span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-06-26', 'modified' => '2022-06-26', 'keywords' => 'sponge iron, prime billet, discriminatory policy, parliamentary committee, finance minister, house of representatives, import, customs duty, excise duty, raw materials.', 'description' => '', 'sortorder' => '15250', 'image' => '20220626044130_Parliament.jpg', 'article_date' => '2022-06-26 16:38:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15508', 'article_category_id' => '1', 'title' => 'IT Training for Entrepreneurship Development', 'sub_title' => '', 'summary' => 'June 26: Twenty nine physically handicapped people received Information and Technology (IT) training', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 26: Twenty nine physically handicapped people received Information and Technology (IT) training at the initiative of Bikram Shrestha, President of Nepal Internet Foundation and Birodh Khatiwada, President of Disabled Care Nepal.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The training was organized to develop the ability to lead in entrepreneurship development.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Those who received the training were men and women who were either visually impaired or suffering from hearing impairment or the victims of fire. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Earlier, the Federation of Women Entrepreneurs Association Nepal had organized a cultural program entitled 'Music for Peace and Harmony' at Patan Durbar with the objective of raising funds to help women with disabilities in entrepreneurship development. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The program was organized in collaboration with Sukarma Band. Established in 2001, the federation is the umbrella organization of women entrepreneurs. The federation has been working for the economic empowerment of women through advocacy, network expansion, information flow, capacity building, vocational counseling among others.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-06-26', 'modified' => '2022-06-26', 'keywords' => 'training, IT, entrepreneurship development, handicapped', 'description' => '', 'sortorder' => '15249', 'image' => '20220626050847_Entrepreneurship-Development-4.jpg', 'article_date' => '2022-06-26 17:06:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15507', 'article_category_id' => '1', 'title' => '12th edition of Kora Challenge scheduled for July 16', 'sub_title' => '', 'summary' => 'June 26: The 12th edition of the Kora Challenge, arguably one of the greatest rides in the Himalayas, will take place on July 16. This event is being organized every year since 2011.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">June 26: The 12th edition of the Kora Challenge, arguably one of the greatest rides in the Himalayas, will take place on July 16. This event is being organized every year since 2011. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">More than 4,000 cyclists from four different countries are expected to attend the event, the organisers said in a statement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In its 12th edition this year, on 16th July 2022, it is expected that it will reach 4000 cyclists in 15 locations in Nepal, and four different countries as well, the organizers wrote in a statement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Events like these play an important role in promoting a healthier lifestyle, showcasing solutions to combat climate change, and when done at this scale, will help promote the country with a solution-driven brand image. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Targeted to building a healthy cycling community, the Kora Challenge also raises fund for causes every year, and since 2011, has injected over Rs 7 million for development activities and charities, all raised by the riders. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“This year, we aim to support the family of Yam Lal Rasaily, a cycling para-athlete who unfortunately did not survive the pandemic. We encourage all interested stakeholders in Nepal to benefit from the visibility this event provides and come join the organisers in a mutually beneficial partnership,” the statement read. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The organizers have urged the cycling community to again come out in the masses to enjoy this cycling festival. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The event is deeply honoured to have the support of the Nepal Tourism Board, B&B Hospital, Turkish Airlines, Image Ark, Makura Creations, Unity for Sustainability, Jay San Photography, Kazi studios, and Himalayan General Insurance, among others, the organisers said. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-26', 'modified' => '2022-06-26', 'keywords' => 'Kora Challenge, Himalayan, ride, fund raising, event, green, cycling, cyclists, climate change, healthy lifestyle', 'description' => '', 'sortorder' => '15248', 'image' => '20220626083145_kora.jpg', 'article_date' => '2022-06-26 16:52:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15505', 'article_category_id' => '1', 'title' => 'Government Imposing Taxes on Petroleum Products under Six Different Headings', 'sub_title' => 'People are forced to pay Rs 179 for a litre of petrol which NOC buys for Rs 65.61 per litre', 'summary' => 'June 26: The government has been raising huge amounts of taxes on petrol, diesel, and cooking gas to the detriment of the general consumers.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 26: The government has been raising huge amounts of taxes on petrol, diesel, and cooking gas to the detriment of the general consumers. Generally, goods directly related to the daily life of the people are not taxed much. However, in Nepal, which has an import-oriented tax system, the government seems to have imposed higher taxes on essential commodities.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The government has been levying taxes on cosmetics, which belong to the luxury items, under three headings, but is levying taxes on petrol and diesel under six headings.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The government has been levying taxes on petrol and diesel under six headings that include customs duty, road maintenance tax, pollution tax, infrastructure development tax, price stabilization fund and value-added tax (VAT). </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">At present, people are paying Rs 179 for a litre of petrol which is being purchased at Rs 65.61 per litre by NOC while diesel which NOC purchases for Rs 49.53 per litre is being sold to the general public at Rs 163 per litre. Until a day ago, a litre of petrol used to cost as much as Rs 199 while diesel was priced at Rs 192.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Similarly, the government has been levying taxes worth Rs 320.84 for a cylinder of cooking gas (LPG).</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The customs duty on petrol is Rs 25.23 per litre. Road maintenance tax is Rs 4 per litre, pollution tax is Rs 1.50, infrastructure development tax is Rs 10, price stabilization fund is 1 per cent, and VAT is 13 per cent.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The customs duty on a litre of diesel is Rs 12.03. The road maintenance tax is Rs 2, pollution tax is Rs 1.50, infrastructure development tax is Rs 10, price stabilization fund is 1 per cent, and VAT is 13 per cent.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Interestingly, the government has been collecting taxes on luxury items under fewer heading. Examples include beer and cosmetics. Both are luxury items. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">However, taxes on these items are collected under fewer headings. Importers only need to pay customs duty, excise duty, and VAT while importing beer made from barley. Customs duty, excise duty and VAT also need to paid for the import of cosmetic items. Apart from this, many other luxury and fancy items are taxed under a few headings unlike petroleum products.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Tax experts say it is not appropriate to tax the items that fall under the category of essential goods. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Under normal circumstances, the general public had not paid much attention to the high taxes on petroleum products. However, the prices of petroleum products have increased sharply. At this time, the general public hopes that if the government reduced taxes, it would be more affordable. The Finance Act 2079, which was recently passed by the parliament, has not interfered with the tax rates on petroleum products.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Public transportation is not possible without petroleum products. Petroleum is needed to transport all kinds of goods, including food. Vehicles running on petrol and diesel are more in use in Nepal. Diesel is essential for hydropower projects and industries. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">According to a study by the Confederation of Nepalese Industries, 64.4 per cent of industries are still using diesel-powered generators. Diesel is also used in agriculture. In this case, the rise in the price of petroleum products affects everyone.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">When there is no proper alternative, it is not appropriate to raise taxes on petroleum products under many headings, says economist Dr Chandramani Adhikari. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">“If there had been an alternative to petroleum products and gas in Nepal, levying such a tax would have been appropriate. Electricity has been taken as an alternative to petroleum products. However, this is not possible immediately due to the lack of development of necessary infrastructure. So it's not fair to impose taxes under many headings on fuel,” he added. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">On top of that, the country is heading towards an economic crisis. In that case, it is not acceptable, the economist opined.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-26', 'modified' => '2022-06-26', 'keywords' => 'petrol, tax, headings, VAT, gas, diesel, economic, crisis, customs duty, excise duty, infrastructure development tax', 'description' => '', 'sortorder' => '15247', 'image' => '20220626032044_Petrol-Price-Increase.jpg', 'article_date' => '2022-06-26 15:19:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 28: Monsoon will be more active for three days beginning from today across the nation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Department of Hydrology and Meteorology, the monsoon will become more active till Thursday as the monsoon related low-pressure system is likely to reach near Tarai region of the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department has requested the general people and all bodies concerned to adopt necessary precautions and preparedness as there is a possibility of landslide in hill regions as well as water level in big and small rivers and rivulets might be increased and transport sector might be affected. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">There is a possibility of moderate rainfall at most of the places and heavy rainfall at few places of Province 1, Madhes, Bagmati, Gandaki and Lumbini provinces from Tuesday night to Wednesday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, light to moderate rainfall has been forecast at most of the places of Sudurpaschim Province and heavy rainfall at some places of Tarai of the province as well as light to moderate rainfall at most of the places and heavy rainfall at one or two places of Karnali Province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On Wednesday, the sky across the nation will be fully cloudy and most of the places of the country will witness light to moderate rainfall. Likewise, heavy rainfall at some places of Province 1, Madhes, Bagmati, Gandaki and Lumbini provinces and heavy rainfall at some places of these provinces has been predicted. There is a possibility of heavy rainfall at few places of Sudurpaschim Provinces and heavy rainfall at one or two places of Karnali Province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On Thursday, light to moderate rainfall has been forecast in most of the places of Gandaki, Lumbini and Sudurpaschim provinces and heavy rainfall at some places of these provinces. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, there is a possibility of light to moderate rainfall in the remaining provinces. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-06-28', 'modified' => '2022-06-28', 'keywords' => '', 'description' => '', 'sortorder' => '15261', 'image' => '20220628045807_weather (1).jpg', 'article_date' => '2022-06-28 16:56:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15518', 'article_category_id' => '1', 'title' => 'PM Responds Positively to Demands of Biratnagar Airport Victims', 'sub_title' => '', 'summary' => 'June 28: Prime Minister Sher Bahadur Deuba has responded positively to the demands of the Biratnagar Airport victims who have been protesting since last week demanding compensation for the land', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">June 28: Prime Minister Sher Bahadur Deuba has responded positively to the demands of the Biratnagar Airport victims who have been protesting since last week demanding compensation for the land or to allow transaction of the land plots that have been blocked by the government.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Deuba said that he would do his best to make the airport regional level after first releasing the land and then allocating the budget.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">On Sunday, a five-member team including Nepali Congress central member Amrit Aryal, former mayor of Biratnagar Metropolitan City and NC central member Bhim Parajuli met Prime Minister Deuba at Baluwatar and asked him to take initiative for the development of Biratnagar.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Aryal informed the prime minister that no budget has been allocated for the construction of Biratnagar Airport at the regional level and the locals have started agitation after the land was withheld without providing them compensation. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Former Mayor Parajuli complained that the contract for the terminal building of Biratnagar Airport was canceled and the development was pushed back.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Parajuli also reminded the prime minister that the ring road of Biratnagar had not been built even 40 years after its foundation stone was laid, the recurring problem of flood had not been solved, an exhibition site had not been built and a special economic zone could not be built in Amaduwa.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The prime minister said that the land reserved for the airport will be released immediately after the appointment of the new minister for civil aviation. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-28', 'modified' => '2022-06-28', 'keywords' => '', 'description' => '', 'sortorder' => '15260', 'image' => '20220628035129_Biratnagar_Airport-IMG_8842.jpg', 'article_date' => '2022-06-28 15:50:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15516', 'article_category_id' => '1', 'title' => 'Finance Minister Sharma says Budget Focuses on Production-Oriented Economy ', 'sub_title' => '', 'summary' => 'June 28: Finance Minister Janardan Sharma has said that the government announced budget for the upcoming fiscal year taking into consideration the welfare of the country and the people. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">June 28: Finance Minister Janardan Sharma has said that the government announced budget for the upcoming fiscal year taking into consideration the welfare of the country and the people. He, however, complained that the government has been criticized despite its effort to bring respite to the public through the budget.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Responding to the queries of lawmakers during a meeting of the National Assembly held on Tuesday to discuss the Appropriation Bill, the finance minister said that the goals and vision of the budget were clear. He was of the view that the country’s economy can only be strengthened by mobilising the resources and capital in an integrated way.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Finance Minister Sharma claimed that the budget would address the needs of the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He defended the budget saying that it focuses on production-oriented economy, creating employment opportunities, poverty alleviation, increasing agricultural production, optimal use of fallow land, distribution of seeds and fertilizer among other issues. He added that the government plans to purchase the farmers’ produce as well.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Stating that agricultural products worth Rs 358 billion are being imported on an average every year, the minister said the government has adopted a policy of providing incentives to discourage imports by increasing exports. The budget has also emphasized the development of entrepreneurship and rural economy, the minister further said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the finance minister, the government has stressed on people’s participation in implementing the programmes announced in the budget.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He further said that the government’s priorities include linking the center of the local units with black-topped roads, increment of industrial produce, development of tourism sector and pulling people out of poverty. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He added that the incumbent government will be fully accountable for the budget announced for the upcoming fiscal year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Arrangements have been made for the government to purchase sanitary pads worth Rs 2 billion produced within the country, he said, expressing hope that country's economy affected to some extent by fuel price hike in the international market would be made strong through the implementation of the government's policies, programmes and the budget. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-28', 'modified' => '2022-06-28', 'keywords' => 'Budget, economy, finance minister, production, oriented', 'description' => '', 'sortorder' => '15259', 'image' => '20220628074602_fin min sharma.jpg', 'article_date' => '2022-06-28 07:45:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15517', 'article_category_id' => '1', 'title' => 'Flights Disrupted in Humla since Three Days ', 'sub_title' => '', 'summary' => 'June 28: The incessant rainfall has caused disruption of flights from Nepalgunj and Surkhet to Humla, causing severe price hike of daily essentials at the district headquarters, Simikot. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 28: The incessant rainfall has caused disruption of flights from Nepalgunj and Surkhet to Humla, causing severe price hike of daily essentials at the district headquarters, Simikot. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Even the construction works have been halted due to the disruption in supply of materials such as pipe, cement, and rods, the state-owned national news agency RSS reported. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A farmer Parek Bahadur Rokaya told RSS that they were experiencing shortage of food stuffs in the district of late. </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"">Humla, a remote district in Karnali Province, heavily relies on air service as it lacks proper access to road network. Although some parts of the district have been recently connected to road network, the condition of roads are said to be in a pathetic state especially during the rainy season. </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"">It is not clear whether the flights have resumed or not. The Department of Hydrology and Meteorology has predicted generally to fully cloudy weather throughout the country with chances of light to moderate rain in many places on Tuesday. </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"">“There is possibility of heavy rain at few places of Province 1 and Madhes, Gandaki and Lumbini provinces, and at one or two places of Karnali and Sudurpaschim provinces,” RSS quoted the department as saying. </span><br /> </span></span></p> ', 'published' => true, 'created' => '2022-06-28', 'modified' => '2022-06-28', 'keywords' => 'flight, disruption, Humla, shortage, road, network', 'description' => '', 'sortorder' => '15258', 'image' => '20220628075731_nepalgunj-simikot-flight-ticket88.jpg', 'article_date' => '2022-06-28 07:56:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15515', 'article_category_id' => '1', 'title' => 'India-Nepal Summit - 2022 Concludes', 'sub_title' => '', 'summary' => 'July 12: The 'India-Nepal Summit-2022' has concluded in Vaishali of Bihar state in India, endorsing an 18-point demand letter related to Nepal-India economic and social relations.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">July 12: </span></span></strong><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The 'India-Nepal Summit-2022' has concluded in Vaishali of Bihar state in India, endorsing an 18-point demand letter related to Nepal-India economic and social relations.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The leaders of the two countries who attended the conference on Saturday pledged to take initiative with their respective governments to address these demands. The demand letter covers issues related to tourism, agriculture, infrastructure, transportation, communication and social relations.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The participants of the summit demanded that the citizens of both the countries should be allowed to open a bank accounts and get a mobile SIM card on the basis of proof of citizenship or government identity. The demand letter argues that this will facilitate business, tourism, religious and social relations. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Initiatives will be taken to remove the limit imposed on tourists carrying Indian currency while entering Nepal from India. Carrying more than 100 rupee denominations of Indian currency and more than IRs 25,000 in cash is banned in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Tourists entering Nepal have been facing problems due to lack of this information. Police have arrested and remanded Indians in custody for carrying Indian currency in excess of the prescribed limit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Stakeholders demand a ban on this provision arguing that the movement of Indian tourists to Nepal has become troublesome due to this. As an alternative, it has been suggested to make the use of ATM cards easier.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Participants of the summit also agreed to draw the attention of the concerned bodies regarding the unauthorized collection of tax by the local level on Indian vehicles entering Nepal with tourists. The demand letter mentions that the tourists entering Nepal from India have been unnecessarily harassed due to such problems.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">It has been demanded that the entry of private vehicles with Indian number plates should be made easier and the entrance fee should be reduced. At present, the border authorities charge a daily fee of Rs 500 for private vehicles with Indian number plates entering Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The issue of promoting religious and tourism potential by linking Kathmandu and Someshwarnath Dham in Bihar, India was also raised during the summit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The bordering Indian cities of Raxaul and Muzaffarpur have demanded immediate operation of airport for exploring industrial and commercial potential. Raxaul has also demanded the operation of an express-way train to the Indian capital Delhi.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Due to the shortage of fertilizer in Nepal during planting season, stakeholders demanded that the lengthy procedures should be shortened in the border areas to resolve such problems.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Demands have been made from time to time for interaction between the armed security forces deployed along the Nepal-India border. The security forces have been accused of mistreating the locals, media persons and businessmen in the bordering areas due to lack of coordination among the two sides.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Speaking at an interaction on 'Indo-Nepal Relations, Challenges and Diagnosis in Changing Circumstances' organized by Media for Border Harmony, leader Jitendra Sonal said that people's representatives and concerned organizations should launch a joint campaign to take the relations between the two countries on the path of mutual benefit and prosperity.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Sonal claimed that although the social, religious and cultural relations between the citizens of both Nepal and India were good, the mentality of 'Kathmandu and Delhi' was not positive. </span></span></span></span></p> <p><br /> </p> ', 'published' => true, 'created' => '2022-06-27', 'modified' => '2022-06-27', 'keywords' => 'Nepal, India, summit, border, relation, cooperation, tourists, facilitate, Indian, currency', 'description' => '', 'sortorder' => '15257', 'image' => '20220627053856_India flag.jpg', 'article_date' => '2022-06-27 17:38:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15514', 'article_category_id' => '1', 'title' => 'NAC to Revise 10-year Business Plan ', 'sub_title' => '', 'summary' => 'June 27: The state-owned Nepal Airlines Corporation (NAC) is preparing to revise its 10-year Integrated Business Plan (2021-2030). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 27: The state-owned Nepal Airlines Corporation (NAC) is preparing to revise its 10-year Integrated Business Plan (2021-2030). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The national flag-carrier has decided to revise the business plan of strategic importance in line with its policy of strengthening its institutional structure and making its services efficient and prompt. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The company’s newly-appointed General Manager Dipuraj Juharchan said that NAC will review its business plan in view of the existing domestic airlines market and revise the plan accordingly. He shared that NAC will unveil its new website on the occasion of its 64th anniversary on July 1. </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"">According to the 10-year business plan submitted to the government in December 2020, the NAC plans to purchase 6 new aircraft including 4 narrow-body aircraft and 2 wide-body aircraft for operating flights to eight new destinations including Sydney, Colombo, Shanghai, Indonesia and Riyad.</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"">As per the business plan, NAC is expected to suffer losses in the first three years but is projected to start making profit from 2024. According to the estimates of NAC, it will make a profit of Rs 5.3 billion by 2030.</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"">However, the new management of NAC has not revealed the details of changes it wants to make in the business plan.</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"">NAC reportedly has 500 unnecessary employees. A former MD of NAC had blamed political interference, unnecessary recruitment of employees and weak legal framework as the key factors behind the dwindling financial status of the corporation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, the NAC has taken a decision to table a proposal with the Board of Directors for an initiation regarding the proper management of the Chinese aircraft which are currently not in operation. The NAC management has also decided to take initiatives for rescheduling of the installments of the loans it is liable to pay to the Employees Provident Fund and the Citizen Investment Trust. The NAC has stated that coordination would be established with the Ministry of Finance, the Ministry of Tourism and the two funds for this purpose. (With inputs from RSS)</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-06-27', 'modified' => '2022-06-27', 'keywords' => 'NAC, business plan, aircraft, wide body, narrow body', 'description' => '', 'sortorder' => '15256', 'image' => '20220627035114_Nepal-Airlines.jpg', 'article_date' => '2022-06-27 15:50:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15513', 'article_category_id' => '1', 'title' => 'Banks Under Pressure to Maintain CD Tatio', 'sub_title' => '', 'summary' => 'June 27: Banks and financial institutions (BFIs) are under pressure due to the credit-deposit (CD) ratio prescribed by Nepal Rastra Bank (NRB) through the monetary policy of the current fiscal year.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">June 27: Banks and financial institutions (BFIs) are under pressure due to the credit-deposit (CD) ratio prescribed by Nepal Rastra Bank (NRB) through the monetary policy of the current fiscal year. The pressure on banks has increased as the liquidity crisis persists while the deadline for implementing the CD ratio is almost over.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to NRB, the average CD ratio of commercial banks have come within the prescribed limit since June 5. The average CD ratio of banks stood at 89.51 percent last Tuesday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">However, since the concession given by NRB for calculating the CD ratio is ending in mid-July, banks will face a troublesome situation after that. Until mid-July, banks will be able to calculate the amount of debentures and refinancing amounts as deposits in the CD ratio. Similarly, the government also facilitated banks to calculate 80 percent of the amount in the accounts of the local levels as deposits. As all these facilities are only available till mid-July, more pressure will be added on the banks, which are unable to disburse loans due to the CD ratio.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Chairman of the Nepal Bankers Association Anil Kumar Upadhyaya indicated that more time and facilitation is needed for the implementation of the CD ratio.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">“Banks maintain the CD ratio as per the timeline given by NRB, then a new monetary policy is introduced. Discussions are needed on how to proceed ahead,” said Upadhyay. He declined to comment on the policies required for the CD ratio.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Stock market investors are demanding the removal of the limit on loan for share investment and the withdrawal of the CD ratio. Similarly, the traders and entrepreneurs have also submitted similar suggestions for monetary policy.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The Nepal Chamber of Commerce has requested to increase the CCD ratio to 85 percent or the existing 90 percent CD ratio to 95 percent. Similarly, the Chamber of Industries Morang suggested implementing the provision of not calculating CD for the credit of productive sector. However, so far the NRB leadership has not indicated towards any change in the policy of implementing CD ratio. On the contrary, it indicated that the ongoing trend will be implemented strictly. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">NRB said that it will tighten the ongoing procedure even more after mid-July, after holding separate discussions with the directors and chief executive officers of the commercial banks.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Assistant Spokesperson of NRB, Narayan Prasad Pokhrel said that the CD ratio should be brought in limits within the stipulated time till the next policy. Although the average CD ratio of banks is already maintained, not everyone has been able to bring it within the limits. According to NRB, the CD ratio of 15 out of 27 commercial banks is still more than 90 percent. NRB has already asked those banks for clarification.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Banks are emphasizing on loan recovery to maintain the CD ratio. In mid-August of last year, NRB removed the requirement of banks and financial institutions to maintain capital, credit and deposit ratio (CCD ratio) at 85 percent and implemented the provision of maintaining 90 percent CD ratio. The banks with higher CD ratio were given time till mid-July, 2022 to bring them within the limit. NRB had become flexible in its mid-term monetary policy review as banks were unable to invest due to this arrangement.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">NRB issued a directive on December 16, giving deadline till mid-July 2022 to maintain the CD ratio. The NRB also directed to implement the necessary action plan to maintain the CD ratio within the prescribed limits. There is a provision to monitor and take action against the banks that fail to maintain the CD ratio as specified in the directive.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-27', 'modified' => '2022-06-27', 'keywords' => 'CD ratio, NRB, central bank, pressure, liquidity, crisis', 'description' => '', 'sortorder' => '15255', 'image' => '20220627030609_Banks - Copy.jpg', 'article_date' => '2022-06-27 15:05:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15512', 'article_category_id' => '1', 'title' => 'Surya Life Insurance Company and Jyoti Life Insurance Company to Merge', 'sub_title' => '', 'summary' => 'June 27: Surya Life Insurance Company and Jyoti Life Insurance Company are all set to merge in line with the directive issued by the Insurance Board of Nepal.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">June 27: Surya Life Insurance Company and Jyoti Life Insurance Company are all set to merge in line with the directive issued by the Insurance Board of Nepal. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">On Sunday, the two companies reached a preliminary understanding for the merger</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The chairman of Surya Life Insurance Company Keshav Prasad Bhattarai and chairman of Jyoti Life Insurance Company Nanda Kishore Sharma signed a preliminary merger agreement on behalf of their respective company.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">However, this is only a preliminary agreement and further process will be taken forward after getting the in-principle approval from the Insurance Board. The swap ratio will be decided after the Asset and Liability Assessment based on Due Diligence Audit (DDA). The companies have also agreed not to lay off the employees after the merger. The name of the company, chairman and CEO to be appointed after the merger will be agreed upon in the upcoming days.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">If merged, the company's paid-up capital will reach Rs 4.97 billion. At present, Surya Life Insurance Company’s paid-up capital is Rs 2.55 billion and Jyoti Life Insurance Company’s paid-up capital is Rs 2.42 billion. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Meanwhile, the new entity’s life insurance fund will reach Rs 19.177 billion. At present, Surya Life Insurance Company has a life insurance fund of Rs 13.35 billion and Jyoti Life Insurance Company has a life insurance fund of Rs 5.66 billion. Also, their reserve fund will reach Rs 1.16 billion. At present, Surya Life Insurance Company has a reserve fund of Rs 594.6 million and Jyoti Life Insurance Company has a reserve fund of Rs 566.8 million.</span></span> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Prior to this merger process, Prime Life Insurance Company, Gurans Life Insurance Company and Union Life Insurance Company had agreed for a preliminary merger agreement. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Everest Insurance Company and Himalayan General Insurance Company as well are merging among the non-life insurance companies. These companies have already received final approval from the Insurance Board and they will be conducting integrated business under the name of Himalayan Everest Insurance Limited from July 17.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The Insurance Board is pushing for merger by introducing policies to increase the paid-up capital of insurance companies. There is also a policy of giving tax concessions if a preliminary agreement on merger is reached by mid-July. As a result, insurance companies are opting for the merger.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-27', 'modified' => '2022-06-27', 'keywords' => 'Life, insurance, company, board, merger, paid up capital, reserve fund', 'description' => '', 'sortorder' => '15254', 'image' => '20220627015503_merger.jpg', 'article_date' => '2022-06-27 13:53:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15511', 'article_category_id' => '1', 'title' => 'Airline Companies Unhappy as Price of Aviation Fuel remains Unchanged', 'sub_title' => '', 'summary' => 'June 27: The Airline Operators Association of Nepal (AOAN) has expressed its displeasure over Nepal Oil Corporation (NOC)’s decision to reduce the prices of petroleum products except aviation turbine fuel (ATF).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">June 27: The Airline Operators Association of Nepal (AOAN) has expressed its displeasure over Nepal Oil Corporation (NOC)’s decision to reduce the prices of petroleum products except aviation turbine fuel (ATF). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A board meeting of NOC on Saturday decided to reduce the price of petrol by Rs 20 per litre and that of diesel and kerosene by Rs 29 per litre. However, it made no changes to the aviation turbine fuel. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The association drew that attention of NOC over its decision to adjust the fuel prices without changing the price of ATF for domestic and international flights. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">AOAN in a statement said that the Nepali airline companies have been forced to purchase ATF at an excessively high rate compared to India because of the high amount of profit NOC makes in addition to the exorbitant taxes that the government imposes on petroleum products that are supplied by the Indian Oil Corporation free of taxes. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The association stated that the aviation sector was badly affected by the Covid-19 pandemic due to which flights had to be suspended for almost 8 months. It further said that the arrival of foreign tourists has not improved much and the operating cost is too high. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“In such a situation, the airline companies are forced to make air tickets available at low-cost rates,” the statement said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to AOAN, fuel consumption accounts for 40 percent of the operation costs of airline companies. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Countries like India and China have been providing 50 percent concession on ATF to the airline companies in their respective countries so that they can bounce back from the impact of Covid-19,” the statement further reads. </span></span></p> ', 'published' => true, 'created' => '2022-06-27', 'modified' => '2022-06-27', 'keywords' => 'aviation, fuel, price, NOC', 'description' => '', 'sortorder' => '15253', 'image' => '20220627124039_Airport.width-1024.jpg', 'article_date' => '2022-06-27 12:39:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15510', 'article_category_id' => '1', 'title' => 'Birgunj Transit Sees 73 Percent Increment in Exports in Last 11 Months ', 'sub_title' => '', 'summary' => 'June 27: Birgunj transit, the country's main trade and transit point, has witnessed a surge in exports by a whopping 73 percent to neighbouring India and third countries in the first 11 months of the current fiscal year.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 27: Birgunj transit, the country's main trade and transit point, has witnessed a surge in exports by a whopping 73 percent to neighbouring India and third countries in the first 11 months of the current fiscal year (FY 2021/22) compared to the corresponding period of the previous FY. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As a result, the revenue collection has increased approximately by 23 percent, said Sumit Gupta, information officer at the Birgunj Customs Office. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The export in 11 months of the current FY stood at over Rs 76.55 billion, an increment of over Rs 32.31 as compared to the exports during the corresponding period of last fiscal year which was worth Rs 44.24 billion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the review period of the current fiscal year, Nepal mainly exported goods including refined soybean oil, palm oil and sunflower oil, fruit juice and clothes, said Gupta. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The customs office collected more than Rs 188.78 billion in revenue in 11 months of the current FY, an increment of Rs 34.80 billion compared to revenue of Rs 153.98 billion collected during the corresponding period of the previous FY. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-06-27', 'modified' => '2022-06-27', 'keywords' => '', 'description' => '', 'sortorder' => '15252', 'image' => '20220627110808_Birgunj.jpg', 'article_date' => '2022-06-27 11:06:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15509', 'article_category_id' => '1', 'title' => 'DoTM Reduces Transportation Fare', 'sub_title' => '', 'summary' => 'June 26: The government has reduced the inter-state public transportation fare with the decline in fuel prices. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 26: The government has reduced the inter-state public transportation fare with the decline in fuel prices. The Department of Transport Management (DoTM) slashed the fares of passenger and carge vehicles through automated pricing mechanism after Nepal Oil Corporation (NOC) lowered the prices of petrol and diesel on Saturday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The price of diesel has been reduced by Rs 29 per litre and that of petrol by Rs 20 per litre. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The DoTM informed that it slashed the fare of passenger vehicles by 5.41 percent. As per the new transport fare fixed by the department, the transportation fare of cargo vehicles operating in the hill areas has been reduced by 6.97 percent and that of the freight carriers operating in the Terai by 7.68 percent. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the existing law, the transportation fare is automatically adjusted if the fuel price rises or falls more than five percent. </span></span></span></p> ', 'published' => true, 'created' => '2022-06-26', 'modified' => '2022-06-26', 'keywords' => 'transportation, fare, DoTM, reduces, slashes, fuel, price, NOC, petrol, diesel', 'description' => '', 'sortorder' => '15251', 'image' => '20220626090411_Transport.jpg', 'article_date' => '2022-06-26 21:02:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15506', 'article_category_id' => '1', 'title' => 'House Panel Tells Government to Amend Discriminatory Policy on Sponge Iron and Prime Billets', 'sub_title' => '', 'summary' => 'June 26: A parliamentary committee has instructed the government to amend its discriminatory tax policy in a show of support to the agitating industrialists who have accused the government of adopting a policy that has threatened the existence of domestic industries.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">June 26: A parliamentary committee has instructed the government to amend its discriminatory tax policy in a show of support to the agitating industrialists who have accused the government of adopting a policy that has threatened the existence of domestic industries.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The Industry, Commerce, Labour and Consumer Welfare Committee of the House of Representatives has instructed the Ministry of Industry, Commerce and Supplies to revoke its decision on the customs duty and excise duty imposed for importing the raw materials required for producing sponge iron and prime billets. Stating that the new tax policy is discriminatory, the house panel has directed the government to scrap the new tax rate and give continuity to the previous provision in this regard.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">A meeting of the committee last week instructed the government amend the tariff rate saying that the discriminatory policy of the government was benefitting some industries while others were on the verge of collapse.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The parliamentary committee on Industry, Commerce, Labor and Consumer Welfare directed the government to reconsider its decision saying that some industries are likely to collapse due to the new tariff rates while many people face the prospect of losing jobs. The house committee also noted that the government’s revenue collection will be affected in such a situation.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The replacement bill issued by Finance Minister Janardan Sharma almost a year ago had waived the customs duty of Rs 4.75 and excise duty of Rs 1.6 imposed on the import of sponge iron. Meanwhile, the government had increased the excise duty on import of prime billet from Rs 1600 per ton to Rs 2500 per ton.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">This benefitted five or six industries that produce iron rods from sponge iron. However, around two dozen industries that produce billets in the country collapsed due to this discriminatory policy of the government, according to the industrialists. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">A letter sent to the government by the house panel states that the government should give continuity to the provisions that were in place before it introduced the replacement bill. </span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-06-26', 'modified' => '2022-06-26', 'keywords' => 'sponge iron, prime billet, discriminatory policy, parliamentary committee, finance minister, house of representatives, import, customs duty, excise duty, raw materials.', 'description' => '', 'sortorder' => '15250', 'image' => '20220626044130_Parliament.jpg', 'article_date' => '2022-06-26 16:38:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15508', 'article_category_id' => '1', 'title' => 'IT Training for Entrepreneurship Development', 'sub_title' => '', 'summary' => 'June 26: Twenty nine physically handicapped people received Information and Technology (IT) training', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 26: Twenty nine physically handicapped people received Information and Technology (IT) training at the initiative of Bikram Shrestha, President of Nepal Internet Foundation and Birodh Khatiwada, President of Disabled Care Nepal.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The training was organized to develop the ability to lead in entrepreneurship development.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Those who received the training were men and women who were either visually impaired or suffering from hearing impairment or the victims of fire. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Earlier, the Federation of Women Entrepreneurs Association Nepal had organized a cultural program entitled 'Music for Peace and Harmony' at Patan Durbar with the objective of raising funds to help women with disabilities in entrepreneurship development. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The program was organized in collaboration with Sukarma Band. Established in 2001, the federation is the umbrella organization of women entrepreneurs. The federation has been working for the economic empowerment of women through advocacy, network expansion, information flow, capacity building, vocational counseling among others.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-06-26', 'modified' => '2022-06-26', 'keywords' => 'training, IT, entrepreneurship development, handicapped', 'description' => '', 'sortorder' => '15249', 'image' => '20220626050847_Entrepreneurship-Development-4.jpg', 'article_date' => '2022-06-26 17:06:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15507', 'article_category_id' => '1', 'title' => '12th edition of Kora Challenge scheduled for July 16', 'sub_title' => '', 'summary' => 'June 26: The 12th edition of the Kora Challenge, arguably one of the greatest rides in the Himalayas, will take place on July 16. This event is being organized every year since 2011.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">June 26: The 12th edition of the Kora Challenge, arguably one of the greatest rides in the Himalayas, will take place on July 16. This event is being organized every year since 2011. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">More than 4,000 cyclists from four different countries are expected to attend the event, the organisers said in a statement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In its 12th edition this year, on 16th July 2022, it is expected that it will reach 4000 cyclists in 15 locations in Nepal, and four different countries as well, the organizers wrote in a statement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Events like these play an important role in promoting a healthier lifestyle, showcasing solutions to combat climate change, and when done at this scale, will help promote the country with a solution-driven brand image. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Targeted to building a healthy cycling community, the Kora Challenge also raises fund for causes every year, and since 2011, has injected over Rs 7 million for development activities and charities, all raised by the riders. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“This year, we aim to support the family of Yam Lal Rasaily, a cycling para-athlete who unfortunately did not survive the pandemic. We encourage all interested stakeholders in Nepal to benefit from the visibility this event provides and come join the organisers in a mutually beneficial partnership,” the statement read. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The organizers have urged the cycling community to again come out in the masses to enjoy this cycling festival. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The event is deeply honoured to have the support of the Nepal Tourism Board, B&B Hospital, Turkish Airlines, Image Ark, Makura Creations, Unity for Sustainability, Jay San Photography, Kazi studios, and Himalayan General Insurance, among others, the organisers said. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-26', 'modified' => '2022-06-26', 'keywords' => 'Kora Challenge, Himalayan, ride, fund raising, event, green, cycling, cyclists, climate change, healthy lifestyle', 'description' => '', 'sortorder' => '15248', 'image' => '20220626083145_kora.jpg', 'article_date' => '2022-06-26 16:52:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15505', 'article_category_id' => '1', 'title' => 'Government Imposing Taxes on Petroleum Products under Six Different Headings', 'sub_title' => 'People are forced to pay Rs 179 for a litre of petrol which NOC buys for Rs 65.61 per litre', 'summary' => 'June 26: The government has been raising huge amounts of taxes on petrol, diesel, and cooking gas to the detriment of the general consumers.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 26: The government has been raising huge amounts of taxes on petrol, diesel, and cooking gas to the detriment of the general consumers. Generally, goods directly related to the daily life of the people are not taxed much. However, in Nepal, which has an import-oriented tax system, the government seems to have imposed higher taxes on essential commodities.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The government has been levying taxes on cosmetics, which belong to the luxury items, under three headings, but is levying taxes on petrol and diesel under six headings.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The government has been levying taxes on petrol and diesel under six headings that include customs duty, road maintenance tax, pollution tax, infrastructure development tax, price stabilization fund and value-added tax (VAT). </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">At present, people are paying Rs 179 for a litre of petrol which is being purchased at Rs 65.61 per litre by NOC while diesel which NOC purchases for Rs 49.53 per litre is being sold to the general public at Rs 163 per litre. Until a day ago, a litre of petrol used to cost as much as Rs 199 while diesel was priced at Rs 192.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Similarly, the government has been levying taxes worth Rs 320.84 for a cylinder of cooking gas (LPG).</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The customs duty on petrol is Rs 25.23 per litre. Road maintenance tax is Rs 4 per litre, pollution tax is Rs 1.50, infrastructure development tax is Rs 10, price stabilization fund is 1 per cent, and VAT is 13 per cent.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The customs duty on a litre of diesel is Rs 12.03. The road maintenance tax is Rs 2, pollution tax is Rs 1.50, infrastructure development tax is Rs 10, price stabilization fund is 1 per cent, and VAT is 13 per cent.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Interestingly, the government has been collecting taxes on luxury items under fewer heading. Examples include beer and cosmetics. Both are luxury items. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">However, taxes on these items are collected under fewer headings. Importers only need to pay customs duty, excise duty, and VAT while importing beer made from barley. Customs duty, excise duty and VAT also need to paid for the import of cosmetic items. Apart from this, many other luxury and fancy items are taxed under a few headings unlike petroleum products.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Tax experts say it is not appropriate to tax the items that fall under the category of essential goods. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Under normal circumstances, the general public had not paid much attention to the high taxes on petroleum products. However, the prices of petroleum products have increased sharply. At this time, the general public hopes that if the government reduced taxes, it would be more affordable. The Finance Act 2079, which was recently passed by the parliament, has not interfered with the tax rates on petroleum products.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Public transportation is not possible without petroleum products. Petroleum is needed to transport all kinds of goods, including food. Vehicles running on petrol and diesel are more in use in Nepal. Diesel is essential for hydropower projects and industries. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">According to a study by the Confederation of Nepalese Industries, 64.4 per cent of industries are still using diesel-powered generators. Diesel is also used in agriculture. In this case, the rise in the price of petroleum products affects everyone.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">When there is no proper alternative, it is not appropriate to raise taxes on petroleum products under many headings, says economist Dr Chandramani Adhikari. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">“If there had been an alternative to petroleum products and gas in Nepal, levying such a tax would have been appropriate. Electricity has been taken as an alternative to petroleum products. However, this is not possible immediately due to the lack of development of necessary infrastructure. So it's not fair to impose taxes under many headings on fuel,” he added. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">On top of that, the country is heading towards an economic crisis. In that case, it is not acceptable, the economist opined.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-26', 'modified' => '2022-06-26', 'keywords' => 'petrol, tax, headings, VAT, gas, diesel, economic, crisis, customs duty, excise duty, infrastructure development tax', 'description' => '', 'sortorder' => '15247', 'image' => '20220626032044_Petrol-Price-Increase.jpg', 'article_date' => '2022-06-26 15:19:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, '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
