June 20: At a time when Nepal Rastra Bank is encouraging commercial banks to merge, Pawan Kumar Golyan, chairman of the Confederation of Banks and Financial Institutions Nepal (CBFIN), shared that the number of commercial banks should not be reduced below…
June 20: The current fiscal year ends in less than 26 days. …
June 20: A study report released by the Confederation of Nepalese Industries (CNI) has shown that 64.4 percent of the industries in Nepal are still relying on generators for day-to-day operation due to lack of regular supply of…
June 20: Industrialists have warned that there is a high possibility of shortage of sugar in the market from…
June 20: The Civil Aviation Authority of Nepal (CAAN) has unveiled a mandatory provision for the night-stop parking for 34 aircrafts including 14 helicopters citing lack of sufficient space at the Tribhuvan International Airport…
June 20: The prices of petroleum products have been skyrocketing in the market in recent weeks.…
June 19: The state government of Province 1 has made an arrangement to provide cash subsidy at the rate of Rs 2 per liter to the farmers who produce…
June 19: Commercial production and sale of ganoderma, a red mushroom with multi-medicinal value, has started in Kathmandu.…
June 19: Industries of Bara-Parsa Industrial Corridor have appealed to the Ministry of Energy, Water Resources and Irrigation to solve the issue of power supply.…
June 19: Nepal’s footwear industry, which is striving to become self-reliant, has complained of being hard hit by the illegal import and smuggling of footwear from India and…
June 17: The number of people complaining of being cheated in the name of foreign employment is on the…
June 19: As the farmers are grappling with the crisis of chemical fertiliser across the country, a large number of farmers on Saturday seized two trucks of urea at Dharke of Dhunibensi Municipality-6 in Dhading…
June 17: The World Bank’s Board of Executive Directors on Thursday approved $140 million for the Digital Nepal Acceleration (DNA) Project to expand access to broadband and engage more people in the digital economy, the World Bank said in a press…
June 17: Due to the competition in market and central bank’s policy, a wave of mergers has started among commercial…
June 17: There are indications that the insurance bill will be finalized four years after it was registered in the House of…
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 60]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' => '15474', 'article_category_id' => '1', 'title' => '‘Nepal Needs at Least Twenty Commercial Banks’', 'sub_title' => '', 'summary' => 'June 20: At a time when Nepal Rastra Bank is encouraging commercial banks to merge, Pawan Kumar Golyan, chairman of the Confederation of Banks and Financial Institutions Nepal (CBFIN), shared that the number of commercial banks should not be reduced below 20.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 20: At a time when Nepal Rastra Bank is encouraging commercial banks to merge, Pawan Kumar Golyan, chairman of the Confederation of Banks and Financial Institutions Nepal (CBFIN), shared that the number of commercial banks should not be reduced below 20.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">In an interview with New Business Age, he said that a certain number of banks is needed for the effectiveness of the services provided to the public.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">"From the point of view of customer service, the number of commercial banks in Nepal should not be less than 20, excluding Agriculture Development Bank, SBI and Standard Chartered," Golyan said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">He claimed that the facilities available to the service seekers could be affected if the number is reduced.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">In the second half of June, NRB Governor Maha Prasad Adhikari called the directors of banks and financial institutions urging them to undergo merger within the current fiscal year as NRB would not facilitate them from the next fiscal year. Since then, four banks have entered into merger agreements.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">A study of Nepal Rastra Bank shows that the number of commercial banks would drop to 15. Stating that there is a tendency to reduce the number now and issue licenses later, Golyan stressed that the number of banks should be fixed to protect the interest of the customers. Golyan, who is also the chairman of NMB Bank, said the bank did not have a merger plan but was planning to bring in an Indian bank as its partner. He also informed that NMB Bank is preparing to bring a loan of Rs 30 billion.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">He said that due to lack of liquidity, it would not be possible for the banks to get loans from a foreign institute as the due diligence audit (DDA) process for borrowing from foreign institutions would be cumbersome and lengthy.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Although the banking sector is the backbone of the economy, Golyan complains that it has received a lot of criticism instead of praise. He said that the people of the villages have deposited Rs 490 billion in the banking channel and invested in the productive sector.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">He complained that the stakeholders were focused on the wrongdoings and the policy has been made in such a way that it would embarrass everyone when a bank did something wrong. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">"Right now, the bank's return on investment (ROI) is around 10 per cent. In three years, it could drop to 6 per cent," Golyan said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Golyan said that it is common in Nepal for bad loans to be less when collateral-based loans are more. He estimates that bad debts may increase in the coming days.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Stating that the banking industry is the backbone of the economy, Golyan said that CBFIN was set up to conduct necessary studies and conduct policy discussions to manage the banking sector as per the needs of the country. He said that the situation of banks and financial institutions, remittances and other issues have been studied by CBFIN and some of the suggestions given on that basis have been implemented.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Golyan said the government has implemented CBFIN's suggestion to allocate a 10 per cent quota on primary shares to the families of remittance senders to increase remittances in Nepal. He said that it was necessary to open a bank account and provide training on financial literacy before going abroad to send back remittances.</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> </p> <p> </p> ', 'published' => true, 'created' => '2022-06-20', 'modified' => '2022-06-20', 'keywords' => 'commercial banks, banks, merger, Nepal Rastra Bank, CBFIN, ROI, NMB Bank, Pawan Golyan', 'description' => '', 'sortorder' => '15216', 'image' => '20220620045848_Banks - Copy.jpg', 'article_date' => '2022-06-20 16:56:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15473', 'article_category_id' => '1', 'title' => 'Government Running out of Time as Capital Expenditure Stands at 37 Percent', 'sub_title' => '', 'summary' => 'June 20: The current fiscal year ends in less than 26 days. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">June 20: The current fiscal year ends in less than 26 days. This year, the government had set a target of spending capital expenditure of Rs 378.90 billion. Looking at the details so far, it seems that only Rs 140.16 billion of the capital budget has been spent. This is 37.07 percent of the total capital budget allocated for the current fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Although the government tried to increase the capital expenditure by using all its means for expediting development works, it has not been able to achieve its target. Finance Minister Janardan Sharma had announced to spend 10 percent of the capital budget every month but to no avail.</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 inability of the concerned officials to spend the capital budget is the reason why the capital budget could not be spent. This is not a new problem. This has been going on for years. Authorities who spend capital budget tend to blame others for their shortcomings. In the past, they blamed political instability, strikes, and delays in spending budgets, but now their rhetoric has changed. In the previous fiscal year, the coronavirus pandemic became a perfect excuse. This time, the third wave of coronavirus and local elections will be seen as the major excuses.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">According to the Financial Comptroller General’s Office, which keeps track of the government's expenditure, the government has not been able to spend as much on development works as expected. As of June 19, the government's budget expenditure stood at 64.55 percent. Most of it includes current expenditure. The budget spent so far mostly accounts for the salary, allowance and daily expenses of the government employees.</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 government’s c</span></span><span style="font-family:"Arial","sans-serif"">urrent expenditure has reached 77.2 percent. That is equal to 822.45 billion. The government had set a target of spending Rs 1,065.29 billion in current expenditure for the current fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Similarly, Rs 91.37 billion has been spent on fiscal management so far. In the current fiscal year, the government had allocated Rs 189.43 billion for fiscal management. This includes the principal and interest of the loan to be paid to the donor agencies. Loans taken by the government from various donor agencies are repaid at different times. Liability should be paid on the same basis. The government has spent 48.24 percent of the target in this section.</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 government has so far collected Rs 948.20 billion revenue against the target of Rs 1180.60 billion in the current fiscal year. This is 80.23 percent of the target. Of that, tax revenue is 878.33 billion. The government aims to collect Rs 1,067.96 billion in tax revenue in the current fiscal year. Revenue collection has reached 82.24 percent of the target.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Similarly, out of the target of Rs 112.63 billion for non-tax, Rs. 69.87 billion has been collected so far. This is 62.04 percent of the target. Similarly, out of the target of Rs. 59.92 billion for foreign grants, Rs 13.88 billion has been achieved.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">During a recent session of parliament, Finance Minister Sharma had presented a revised estimate of the government’s total expenditure to reach Rs 1447 billion in the current fiscal year. He presented a revised estimate of Rs 971.86 billion for current expenditure, Rs 390 million for capital expenditure and Rs 175.56 billion for fiscal management.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">As of mid-April of the current Fiscal Year, 135 billion internal debt has been raised. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-20', 'modified' => '2022-06-20', 'keywords' => '', 'description' => '', 'sortorder' => '15215', 'image' => '20220620035359_budget new.jpg', 'article_date' => '2022-06-20 15:53:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15472', 'article_category_id' => '1', 'title' => '64 Percent Industries Relying on Generator for Operation', 'sub_title' => '', 'summary' => 'June 20: A study report released by the Confederation of Nepalese Industries (CNI) has shown that 64.4 percent of the industries in Nepal are still relying on generators for day-to-day operation due to lack of regular supply of electricity.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 20: A study report released by the Confederation of Nepalese Industries (CNI) has shown that 64.4 percent of the industries in Nepal are still relying on generators for day-to-day operation due to lack of regular supply of electricity.</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 data was published in the third issue of the Industrial Status Report released by the Confederation after studying the industrial activities of Nepal's 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">The report includes detailed information of the manufacturing industry and service sector industries in the second quarter of the current Fiscal Year 2078/79. The report shows that industries utilized 71 percent of their total production capacity during the review period.</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 report shows that the income growth rate of the industry increased by 27.1 percent in the second quarter of the current Fiscal Year as compared to the corresponding period of the previous Fiscal Year. According to the report, it is clear that the capacity of the business is improving.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">During the review period, manufacturing industries paid an average interest of 9.4 percent and service sector industries paid an average interest of 9.1 percent. The study shows that manufacturing industries borrowed 43.8 percent of their capital from banks and financial institutions. These industries borrowed 54.1 percent in the corresponding period of the previous year.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Among the participants in the study, 65.5 percent said that they are ready for new investment.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Unveiling the report, President of the Confederation, Vishnu Kumar Agrawal said that the report also shows how the private sector is working as a think tank. He said that the confederation is not only giving suggestions but also trying to present a realistic picture of the industry through this report. Agrawal said that the confederation is working by prioritizing the development of the industrial sector and job creation.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-20', 'modified' => '2022-06-20', 'keywords' => '', 'description' => '', 'sortorder' => '15214', 'image' => '20220620030255_Industries.jpg', 'article_date' => '2022-06-20 15:02:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15471', 'article_category_id' => '1', 'title' => 'Nepal’s Market has a Stock of 30,000 Tons of Sugar', 'sub_title' => '', 'summary' => 'June 20: Industrialists have warned that there is a high possibility of shortage of sugar in the market from August.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 20: Industrialists have warned that there is a high possibility of shortage of sugar in the market from August. They said that the possibility of shortage is high due to the ban on sugar exports by India. According to the industrialists, they now have only about 30,000 metric tons of sugar in stock.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">This year, the Nepal’s domestic sugar industry produced 131,000 metric tons of sugar. According to the Nepal Sugar Producers Association, so far, 110,000 tons have been consumed and only 30,000 tons remain now. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">As per the association, even the Salt Trading Corporation – the government body responsible for importing and trading sugar at subsidized rate – has no stock left and if India does not resume its exports, there will be a shortage of sugar in the market.</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 General Secretary of the association, Raj Kumar Agrawal said that while there is no immediate shortage of sugar, the possibility is increasing and will have its impacts from the second week of August. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">“Nepal consumes 250,000 metric tons of sugar annually. However, when the domestic production is only 131,000 tons, we are in need of 119,000 tons of sugar. It is difficult for traders to import due to Indian restrictions. Therefore, it is almost a hundred percent certain that there will be a shortage,” said Agrawal.</span></span></span></p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:15.0pt">The price went up by Rs 20 in two weeks</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The price of sugar in Nepal went up by Rs 20 per kg within the two weeks after India imposed a ban on exports of sugar. The Indian government halted exports on May 1, citing the possibility of surge in sugar prices in the domestic market. According to the Nepal Retail Trade Association, the price of sugar in Nepal started rising as soon as India imposed the ban.</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 Amul Kaji Tuladhar, general secretary of the association, the retail price of sugar, which was Rs 90 per kg two weeks ago, now costs Rs 110. He said, “After the industrialists started selling sugar at higher prices, we also fixed the price according to our own cost.” </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Agarwal, general secretary of the association, claimed that the price naturally went up as the cost surged along with the transportation fare. Last Thursday, the Commerce, Supplies and Consumer Protection Department had called traders, industrialists and stakeholders and sought clarification on the reason for the rise in sugar prices.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-06-20', 'modified' => '2022-06-20', 'keywords' => '', 'description' => '', 'sortorder' => '15213', 'image' => '20220620013810_sugar.jpg', 'article_date' => '2022-06-20 13:37:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15470', 'article_category_id' => '1', 'title' => 'CAAN Enforces Night-Stop Parking for Planes citing Insufficient Space at TIA ', 'sub_title' => '', 'summary' => 'June 20: The Civil Aviation Authority of Nepal (CAAN) has unveiled a mandatory provision for the night-stop parking for 34 aircrafts including 14 helicopters citing lack of sufficient space at the Tribhuvan International Airport (TIA). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 20: The Civil Aviation Authority of Nepal (CAAN) has unveiled a mandatory provision for the night-stop parking for 34 aircrafts including 14 helicopters citing lack of sufficient space at the Tribhuvan International Airport (TIA). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A meeting of the CAAN on Sunday took a decision to send 14 helicopters and 20 planes belonging to nine airlines companies out of Kathmandu for the night-stop parking, CAAN Spokesperson Jagannath Niraula said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to CAAN's Director General Pradip Adhikari, the decision will come into effect from June 21 for helicopters and from June 27 for planes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Adhikari argued that the mandatory provision for the planes and helicopter to go out of Kathmandu was taken as per the policy to ensure aviation safety in Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the VVIPs in the country will not be allowed to travel in chartered helicopter managed by a single pilot. </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"">"Now onwards, provision of two pilots for chartered helicopter is mandatory to carry the VVIPs and all the helicopter companies would be written to this issue," Adhikari shared. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-06-20', 'modified' => '2022-06-20', 'keywords' => '', 'description' => '', 'sortorder' => '15212', 'image' => '20220620081730_20220405110412_Simokot-Airport-in-Humla.jpg', 'article_date' => '2022-06-20 08:17:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15469', 'article_category_id' => '1', 'title' => 'Fuel Prices Skyrocketing in Nepal', 'sub_title' => 'NOC increases price of petrol by Rs 21 per litre', 'summary' => 'June 20: The prices of petroleum products have been skyrocketing in the market in recent weeks. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Cambria","serif"">June 20: The prices of petroleum products have been skyrocketing in the market in recent weeks. In its latest move, Nepal Oil Corporation (NOC) has increased the prices of petroleum products by a big margin. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Cambria","serif"">A board meeting of NOC on Sunday decided to increase the prices of petroleum products by such a huge margin. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Cambria","serif"">As per the decision, the state-owned oil monopoly has increased the price of petrol by Rs 21 per litre and the prices of diesel and kerosene by Rs 27 per litre.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Cambria","serif"">The new price has come into effect from Monday (June 20).</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Cambria","serif"">With the increment, the price of petrol will now cost Rs 199 per litre for the general public while diesel and kerosene will cost Rs 192 per litre.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Cambria","serif"">NOC has also increased the price of aviation turbine fuel (ATF) for domestic flights by Rs 19 per litre. ATF will now cost Rs 185 per litre.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Cambria","serif"">The price of cooking gas remains unchanged at Rs 1800 per cylinder. </span></span></span></p> ', 'published' => true, 'created' => '2022-06-20', 'modified' => '2022-06-20', 'keywords' => '', 'description' => '', 'sortorder' => '15211', 'image' => '20220620080407_845791-fuel-istock-070819.jpg', 'article_date' => '2022-06-20 08:03:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15468', 'article_category_id' => '1', 'title' => 'Province 1 Government to Provide Subsidy on Milk in Farmers’ Account', 'sub_title' => '', 'summary' => 'June 19: The state government of Province 1 has made an arrangement to provide cash subsidy at the rate of Rs 2 per liter to the farmers who produce milk', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">June 19: The state government of Province 1 has made an arrangement to provide cash subsidy at the rate of Rs 2 per liter to the farmers who produce milk. The Province 1 government announced this in the budget for the upcoming fiscal year (FY2022/23).</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Minister for Economic Affairs and Planning Indra Bahadur Angbo of Province 1 said at a press conference that the subsidy will be provided at the rate of Rs 2 per litre of milk. The government has made an attempt to give subsidies directly to the farmers on the basis of production. Such a decision was taken after receiving complaints that the previous arrangement of subsidy was not fruitful and the real farmers did not get it. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Minister Angbo claims that there will be no problem in resource management as the grants given by the federal government and the internal revenue of the state will increase and there will be savings.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">He added that the budget was prepared in line with the 15th National Plan and the first periodical plan of the state. "Besides, the new basis of the current budget is the minimum common program of the five-party alliance. The new plan has been included on the same basis," he said. He clarified that additional plans will be implemented only after the completion of 66 projects. He says this will not create new obligations in the budget.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Stating that revenue collection could not be increased due to Covid-19, he informed that some tax rates have been increased this time. Minister Angbo said that the state government was ready to upgrade the Biratnagar airport to a regional level but the state alone could not afford it as a large amount of money was needed to compensate the locals for acquiring their land. He said that there is no need for the states to fund this program as the federal government has not forwarded it. "After the federal tourism ministry raised the issue that the airport could not be made of international standard by paying so much compensation, the state should not have spent any budget," he said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Minister Angbo said the federal government had proposed to make it state-level as it could not meet the standards of the international airport and the cost of land acquisition was too high. He said that the state government has proposed to arrange flights to neighboring Bhutan, Bangladesh, India, Andra Pradesh, and hill districts.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-06-19', 'modified' => '2022-06-20', 'keywords' => '', 'description' => '', 'sortorder' => '15210', 'image' => '20220619065816_milk.jpg', 'article_date' => '2022-06-19 18:57:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15467', 'article_category_id' => '1', 'title' => 'Production and Sales of Red Mushroom begins in Kathmandu', 'sub_title' => '', 'summary' => 'June 19: Commercial production and sale of ganoderma, a red mushroom with multi-medicinal value, has started in Kathmandu. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 19: Commercial production and sale of ganoderma, a red mushroom with multi-medicinal value, has started in Kathmandu. The mushroom costs Rs 20,000 per kg. The mushroom, which is produced by Bhairav Mushroom Industries Pvt Ltd in Tansen is sold and distributed in the market by Balaju-based Gurans Khadya Udhyog.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Ganoderma is a fungus with medicinal properties. Its consumption is believed to increase immunity. Due to its enhancing effects on health and life expectancy, the mushroom has been widely used for medicinal purpose. Chairman of Bhairav Mushroom Industry Keshav Bahadur Karki informed that the red mushroom is produced in a modern lab to be sold in the market.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">“Because of the medicinal properties of this mushroom, it is believed that its consumption can cure even deadly diseases like cancer and HIV, so it is sold at a high price,” said Karki. </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 him, this mushroom is also found in the forests of Nepal. Although it costs up to Rs 20,000 per kg when sold dry, now it is available at Rs 10,000 to Rs 15,000 per kg when sold fresh due to the ease in production with the development of technology.</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 red mushroom is shaped like a spread fan. This mushroom is not as soft and sweet as other species of mushrooms. It is as hard as wood and tastes bitter, so it cannot be consumed by cooking like other mushrooms. Thus, as an alternative, it can be dried and boiled in water to consume the juice as tea.</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 red mushroom contains medicinal elements such as polysaccharides, organic germanium and amino acids. It also constitutes of protein, vitamins, minerals, micronutrients, and other nutrients. These elements reportedly increase the resistance in our body and strengthen the immune system. It is believed that consumption of this mushroom also benefits patients suffering from various diseases. Due to its medicinal and nutritional value, the use of this fungus is said to be increasing all over the world.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-19', 'modified' => '2022-06-19', 'keywords' => 'Production, sale, Kathmandu, red mushroom, medicinal value, cancer, HIV, disease, life expectancy', 'description' => '', 'sortorder' => '15209', 'image' => '20220619060119_istockphoto-503078154-612x612.jpg', 'article_date' => '2022-06-19 17:59:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15466', 'article_category_id' => '1', 'title' => 'Industrialists in the Bara-Parsa corridor seek support from the ministry ', 'sub_title' => '', 'summary' => 'June 19: Industries of Bara-Parsa Industrial Corridor have appealed to the Ministry of Energy, Water Resources and Irrigation to solve the issue of power supply. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 19: Industries of Bara-Parsa Industrial Corridor have appealed to the Ministry of Energy, Water Resources and Irrigation to solve the issue of power supply. The industrialists have appealed to the ministry after the power supply to the industries in the corridor was disrupted for the past two months. </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 Birgunj Chamber of Commerce and Industry (BCCI) has written a letter to the ministry informing that the quality of electricity being supplied to the industries in the corridor has deteriorated. BCCI claims that NEA is providing low-quality electricity to the 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 BCCI, industries in the corridor are supplied electricity from the 66 kV transmission line and Himal feeders in Parwanipur. According to the industrialists, the supply from these feeders is problematic due to tripping up to 8/10 times a day and power outages for 4 to 5 times.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Even though Nepal is becoming self-reliant in power generation, the problem seen in the main industrial corridor for some time has made the industrialists worried.</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, the Bara-Parsa corridor has suffered the most due to irregular power supply,”said Anil Kumar Agrawal, senior vice-president of the BCCI.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">“There are 200 large and 2,000 small and medium enterprises in the corridor. All of them are facing energy problems at present,” said Madhav Rajpal, vice-president of the BCCI. "Regular supply of quality electricity is essential for the operation of the industry. It's unthinkable to run the industries without electricity, Rajpal shared.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">BCCI has also sent separate letters to the executive director of Nepal Electricity Authority and the head of Birgunj Distribution Center, requesting them to solve the problem, said Hari Gautam, vice president of BCCI.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Chief of the Birgunj Distribution Center of NEA Jitendra Kumar Jha said that such a problem arises due to higher demand than supply in industrial feeders. However, Gautam claimed that the infrastructure of this corridor has not been upgraded in the last 25-30 years.</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 the same time, more power-consuming industries, such as iron and cement industries, have been added. However, the supply is running on the old structure. NEA should immediately improve the capacity of the transmission line, Gautam suggested. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">In the meantime, Jha shared that the problem can be removed after upgrading the transmission line. He also informed New Business Age that the work of upgrading the transmission line is underway. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Some industrialists have said that there should be a phase-wise agitation against NEA if there is such a problem in supply.</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 the BCCI, the industries have been facing problems such as sudden power outages, voltage fluctuations, deterioration of equipment of the industry, waste of raw materials and deterioration in quality.</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 industrialists have complained that the NEA takes weeks to repair the poles and wires damaged by storms causing a halt in the production. The industrialists have complained that the local office of NEA is not serious about the speedy solution to these problems.</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> </p> <p> </p> ', 'published' => true, 'created' => '2022-06-19', 'modified' => '2022-06-19', 'keywords' => '', 'description' => '', 'sortorder' => '15208', 'image' => '20220619013939_Industries.jpg', 'article_date' => '2022-06-19 13:38:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15465', 'article_category_id' => '1', 'title' => 'Footwear Industry of Nepal in Crisis due to Smuggling and Dumping from Neighbouring Countries', 'sub_title' => '', 'summary' => 'June 19: Nepal’s footwear industry, which is striving to become self-reliant, has complained of being hard hit by the illegal import and smuggling of footwear from India and China.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">June 19: Nepal’s footwear industry, which is striving to become self-reliant, has complained of being hard hit by the illegal import and smuggling of footwear from India and China. The footwear industry of Nepal had been meeting 65 percent of the internal demand. However, they say that they have been forced to downsize the production due to smuggling of goods from across the border.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The industrialists say that Nepal’s renowned brands are operating at 20 percent of their capacity at present. Relatively new industries are also operating at 50 to 60 percent of their capacity. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although the government has announced cash subsidy of 8 percent for the export of shoes and slippers, the industries are skeptical about the implementation of such provision. They complained that the smuggling of footwear has increased excessively in the last three to four years.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Vidushi Rana, executive director (branding and marketing) of Kiran Shoes Manufacturer, the producer of Nepal’s renowned Goldstar brand shoes, says that the industry is facing lots of problems at present. She said that the Goldstar company used to operate round the clock and export 70 percent of its products to foreign countries. But now, it operates only for 6 hours a days, said Rana.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We are currently operating at 20 percent of our full capacity. The market has been affected by smuggling and dumping of goods,” said Rana.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Rana claimed that Goldstar provides direct employment to 3,000 people at present. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“But it is not certain when we have to downsize the number of employees between 500 to 1000,” she added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We are struggling to compete in the market due to the smuggled goods. It has also caused us problems in repaying bank loans.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Rana complained that the government has failed to promote production-oriented industries even when economy is in crisis due to the import-oriented policy of the government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">High cost of production is the main challenge faced by the domestic industries of Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Goods come from India and China through illegal channels at low cost. There is a trend of paying revenue for a pair of shoes while importing ten pairs.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Rana suggests that the smuggling of footwear can be controlled to some extent if it is categorized into three HS codes. She said that low-quality shoes of world-renowned brands such as Adidas and Nike are entering Nepal from China while those entering Nepal from India make their way through illegal channel. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Industrialists say that China has been dumping low quality goods while majority of shoes entering Nepal from India are smuggled.</span></span></p> ', 'published' => true, 'created' => '2022-06-19', 'modified' => '2022-06-19', 'keywords' => '', 'description' => '', 'sortorder' => '15207', 'image' => '20220619011616_shoe goldstar - Copy.jpg', 'article_date' => '2022-06-19 13:15:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15464', 'article_category_id' => '1', 'title' => 'Fraudulent Activities in the Name of Foreign Employment Rising', 'sub_title' => '', 'summary' => 'June 17: The number of people complaining of being cheated in the name of foreign employment is on the rise.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 17: The number of people complaining of being cheated in the name of foreign employment is on the rise. As the number of complaints lodged with the Department of Foreign Employment (DFE) has increased along with the claims of swindling of large amount of money, there is a confusion as to whether the claimants have been really cheated or other incidents are linked to foreign employment.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Director General of the Department, Shesh Narayan Poudel, says that people have been filing such complaints even in cases related to normal transactions and personal dispute. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">There is a provision in the Foreign Employment Act 2064 that if the victim is found to have been cheated in the name of foreign employment, the victim will get compensation by adding 50 percent to the amount cheated.</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 the concerned officials, the number of complaints lodged with the department has increased due to the greed of getting more compensation if the victims are able to prove that the transaction is related to foreign employment. Director General Poudel said that the problem of foreign employment fraud is becoming more and more complicated due to fake claims. He said, “It is not difficult to solve the problem of the genuine victims. But it is difficult to settle fake claims.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Examining the complaints received by the department in the last six years, it is clear that around Rs 5 billion has been swindled. Compensation of around Rs 820 million has been paid in the last six fiscal years. During this period, more than 9,000 complaints of fraud were registered, as per the information of department. Some even file complaints at the police, local level, and district administration offices.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Fraud cases in the name of foreign employment were registered even during the Covid-19 pandemic, when the number of people going for foreign employment during the period was very low. An employee of the department said, “Most of the complaints lodged with the department are against brokers and manpower companies. We have been found people filing cases in the name of foreign employment fraud even in cases of normal transactions.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Kamal Karki of Ramechhap who handed over Rs 500,000 to a broker to go abroad said, “Making a complaint does not earn money. Evidence is needed to prove fraud.”</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 the stakeholders, brokers have been running fraudulent business by showing the temptation of developed countries in recent times to the people. An employee of the department said, “There are lots of cheating cases by tempting them to go to Europe, America and Australia.” </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Director General Poudel says that research and investigation is required to reduce fraudulent activities in the name of foreign employment. He said, “At the moment, not only the employees of the department but also the police are insisting on taking action against the swindlers.” </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">He said that cases of educational consultancies being established by swindlers to cheat unsuspecting people is rising in recent days.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"> “A lot of people are coming in with complaints of fraud. It is really difficult to differentiate between real and fake claims,” Added Poudel.</span></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' => '2022-06-19', 'modified' => '2022-06-19', 'keywords' => '', 'description' => '', 'sortorder' => '15206', 'image' => '20220619121925_foreign emp.jpg', 'article_date' => '2022-06-19 12:18:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15463', 'article_category_id' => '1', 'title' => 'Farmers Seize Chemical Fertiliser in Dhading ', 'sub_title' => '', 'summary' => 'June 19: As the farmers are grappling with the crisis of chemical fertiliser across the country, a large number of farmers on Saturday seized two trucks of urea at Dharke of Dhunibensi Municipality-6 in Dhading district.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">June 19: As the farmers are grappling with the crisis of chemical fertiliser across the country, a large number of farmers on Saturday seized two trucks of urea at Dharke of Dhunibensi Municipality-6 in Dhading district. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The truck-loads of fertiliser is learnt to have been imported from the Indian market by evading customs duty. The fertilizer was taken under control by the officials of the Inland Revenue Department and security personnel after it was found to be imported illegally. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">After the local traders informed the farmers about the fertiliser, some 500 farmers flocked to the highway and grabbed some 500 sacks of urea, taking it away to their homes.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">However, the Armed Police Force (APF) personnel managed to save some sacks of fertiliser and kept them in Area Police Office, Khanikhola. <br /> Likewise, police personnel charged batons to disperse the locals who had thronged the highway to seize the urea. --RSS</span></span></span></span></p> ', 'published' => true, 'created' => '2022-06-19', 'modified' => '2022-06-19', 'keywords' => '', 'description' => '', 'sortorder' => '15205', 'image' => '20220619081027_20220613113728_Fertilizer.jpg', 'article_date' => '2022-06-19 08:09:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15462', 'article_category_id' => '1', 'title' => 'World Bank Extends Support to Nepal’s Digital Transformation', 'sub_title' => 'One Million People to Be Connected to Broadband as Part of Digital Nepal Acceleration Project', 'summary' => 'June 17: The World Bank’s Board of Executive Directors on Thursday approved $140 million for the Digital Nepal Acceleration (DNA) Project to expand access to broadband and engage more people in the digital economy, the World Bank said in a press statement.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">June 17: The World Bank’s Board of Executive Directors on Thursday approved $140 million for the Digital Nepal Acceleration (DNA) Project to expand access to broadband and engage more people in the digital economy, the World Bank said in a press statement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Countries that embrace a digital transformation can accelerate their transition to green, resilient, and inclusive development,” said Faris Hadad-Zervos, World Bank’s country director for the Maldives, Nepal, and Sri Lanka. “The World Bank is proud to support Nepal’s goal to promote an inclusive and secure digital economy that will connect people and businesses to information, services, and markets.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The project will support the implementation of the Digital Nepal Framework, the country’s digital economy strategy that was announced by the Government in 2019. According to the World Bank, the project will improve access to high-quality and affordable broadband services, especially for people and businesses in rural areas.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It will also support and secure the delivery of digital government services through improvements in Nepal’s data infrastructure and cyber security, the statement further said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Specific activities will seek to boost internet use, digital skills and entrepreneurship, and access to digital services by women, ethnic and social minorities, and persons with disabilities. The project will also create better job opportunities for about 1,500 people by providing digital skills development training, the World Bank said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The first World Bank-financed project in Nepal was for a telecommunications project in 1969. The DNA Project represents an evolution in Nepal’s economic growth story by investing in high-speed broadband connectivity and in digital skills and services that will position the country, its people and its businesses to be more competitive and integrated into the global digital economy,” the statement quoted Siddhartha Raja, World Bank’s task team leader for the project as saying.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The DNA project is financed by the World Bank’s International Development Association (IDA).</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-17', 'modified' => '2022-06-17', 'keywords' => '', 'description' => '', 'sortorder' => '15204', 'image' => '20220617054717_Untitled.jpg', 'article_date' => '2022-06-17 17:46:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15461', 'article_category_id' => '1', 'title' => 'Banks Intensifying Merger Process', 'sub_title' => '', 'summary' => 'June 17: Due to the competition in market and central bank’s policy, a wave of mergers has started among commercial banks.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">June 17: Due to the competition in market and central bank’s policy, a wave of mergers has started among commercial banks.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Less than a week after the merger agreement was signed between Nepal Investment Bank and Mega Bank, a preliminary agreement has been reached between Global IME Bank and Bank of Kathmandu. Nabil Bank has reached the final stage of acquiring Nepal Bangladesh Bank.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Although half a dozen commercial banks have formally entered into the merger process, all other commercial banks except government-owned Agriculture Development, Rastriya Banijya and Nepal Bank have intensified informal discussions with each other for merger.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In a meeting with the chairmen and directors of the banks three weeks ago, Nepal Rastra Bank’s Governor Maha Prasad Adhikari had hinted that the merger policy is about to change and that the discounts and other facilities being provided for at present will not be available from the next fiscal year. Less than two weeks after the governor gave such information, four banks have reached understanding for merger.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">"Following the market conditions and the governor's directive, all banks are under pressure to merge," said Bhoj Bahadur Shah, chairman of Mega Bank and senior vice-chairman of the Confederation of Banks and Financial Institutions of Nepal.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Similarly, high-ranking officials including the Deputy Governor of NRB had informed in a meeting with the Chief Executive Officers (CEOs) of the commercial banks on Tuesday that only the banks that sign the agreement within this month will get facilities. The government has also removed the provision of tax waiver for the merger of banks and financial institutions in next year's budget. Banks are under pressure to merge after the central bank of Nepal said that the discounts and concessions will not be continued in the upcoming monetary policy.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Banks are under pressure as they have not been able to meet even the CD ratio set by the central bank due to lack of liquidity since the beginning of the current financial year. Banks are also under pressure to merge as returns from investment are declining due to intense competition.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In order to reduce the number of banks and financial institutions, NRB had issued regulations regarding merger of banks and financial institutions in 2068 BS. Since then, 241 banks and financial institutions have joined the merger / acquisition process, 177 licenses have been revoked and the number of BFIs has dropped to 64.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">After increasing the paid-up capital of banks and financial institutions by 4 times in 2072 BS, the number of development banks and finance companies decreased but the number of commercial banks did not decrease. Additionally, stakeholders had suggested in a recent study conducted by NRB that it would be appropriate to reduce the number of commercial banks to 15.</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 government and NRB have been giving tax concessions to the merging banks, cooling off period, investment in the priority sector and so on.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-17', 'modified' => '2022-06-17', 'keywords' => '', 'description' => '', 'sortorder' => '15203', 'image' => '20220617045313_Pro_Ktm_GIBL_BOK.jpg', 'article_date' => '2022-06-17 16:52:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15460', 'article_category_id' => '1', 'title' => 'Insurance Development Fund in the Offing', 'sub_title' => '', 'summary' => 'June 17: There are indications that the insurance bill will be finalized four years after it was registered in the House of Representatives.', 'content' => '<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"">June 17: There are indications that the insurance bill will be finalized four years after it was registered in the House of Representatives. Due to controversy, the bill was stalled in the Finance Committee of the Federal Parliament for a long time.</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 Finance Committee on Thursday decided to resolve the dispute and pass the insurance bill and submit it to the National Assembly for approval. Along with this, there are indications that a new insurance act will come into operation soon.</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"">Currently, the Insurance Act of 2049 BS is in force in Nepal. Since it did not address the new dimension of the insurance sector, the process of bringing a new act was initiated. The bill to amend and consolidate the law related to insurance was registered in the House of Representatives on July 11, 2018. It is also the oldest bill under consideration in parliament. </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"">Now the insurance bill will be discussed in the National Assembly. After the National Assembly passes the bill, it will be introduced in the House of Representatives. The bill will be finalized after it is passed by the House of Representatives. It will be implemented after it is published in the Nepal Gazette. The government is preparing to issue a new insurance act within this month.</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 new insurance bill has proposed making the Insurance Board the insurance authority. The Finance Committee has accepted the provision. In addition, the new bill also has a provision to establish insurance development fund under the same authority. The Finance Committee meeting held on Thursday has approved the provisions in the bill.</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"">Rajuraman Poudel, executive director of the Insurance Board, said that the provision has been added for the purpose of providing subsidy in insurance premium to the low-income people as well as those below the poverty line.</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"">“After the new Act comes into force, we will make the fund systematic by making rules and procedures,” he said.</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"">One third (33.33 percent) of the regulation fee being paid by the insurance companies to the Insurance Board (proposed authority) will be kept in the insurance development fund. At present, the insurance companies are paying 1 percent of the premium to the board as regulation fee. In the new bill, it has been reduced to zero point 75 percent. Poudel said that one third of the same regulatory fee will be kept in the development fund.</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"">He said that the introduction of new insurance act was a great achievement. "We are still operating under an age-old Act," he said. </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"">“Since the old act did not address the new dimensions of insurance sector, an attempt was made to bring a new act. However, for a long time, it was stalled in the various processes of the parliament,” Pooudel shared with New Business Age. </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"">With the new act, the insurance sector will be more organized and stronger, he further added.</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 government is bringing national insurance policy for the first time with the aim of developing the insurance sector of the country according to the international standard. The government had announced to bring a national insurance policy in the upcoming budget. Stakeholders including the Prime Minister's Office, Ministry of Finance and Insurance Board have taken initiative to implement it.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-06-17', 'modified' => '2022-06-17', 'keywords' => '', 'description' => '', 'sortorder' => '15202', 'image' => '20220617041258_Insurance.jpg', 'article_date' => '2022-06-17 16:12:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '15474', 'article_category_id' => '1', 'title' => '‘Nepal Needs at Least Twenty Commercial Banks’', 'sub_title' => '', 'summary' => 'June 20: At a time when Nepal Rastra Bank is encouraging commercial banks to merge, Pawan Kumar Golyan, chairman of the Confederation of Banks and Financial Institutions Nepal (CBFIN), shared that the number of commercial banks should not be reduced below 20.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 20: At a time when Nepal Rastra Bank is encouraging commercial banks to merge, Pawan Kumar Golyan, chairman of the Confederation of Banks and Financial Institutions Nepal (CBFIN), shared that the number of commercial banks should not be reduced below 20.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">In an interview with New Business Age, he said that a certain number of banks is needed for the effectiveness of the services provided to the public.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">"From the point of view of customer service, the number of commercial banks in Nepal should not be less than 20, excluding Agriculture Development Bank, SBI and Standard Chartered," Golyan said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">He claimed that the facilities available to the service seekers could be affected if the number is reduced.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">In the second half of June, NRB Governor Maha Prasad Adhikari called the directors of banks and financial institutions urging them to undergo merger within the current fiscal year as NRB would not facilitate them from the next fiscal year. Since then, four banks have entered into merger agreements.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">A study of Nepal Rastra Bank shows that the number of commercial banks would drop to 15. Stating that there is a tendency to reduce the number now and issue licenses later, Golyan stressed that the number of banks should be fixed to protect the interest of the customers. Golyan, who is also the chairman of NMB Bank, said the bank did not have a merger plan but was planning to bring in an Indian bank as its partner. He also informed that NMB Bank is preparing to bring a loan of Rs 30 billion.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">He said that due to lack of liquidity, it would not be possible for the banks to get loans from a foreign institute as the due diligence audit (DDA) process for borrowing from foreign institutions would be cumbersome and lengthy.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Although the banking sector is the backbone of the economy, Golyan complains that it has received a lot of criticism instead of praise. He said that the people of the villages have deposited Rs 490 billion in the banking channel and invested in the productive sector.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">He complained that the stakeholders were focused on the wrongdoings and the policy has been made in such a way that it would embarrass everyone when a bank did something wrong. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">"Right now, the bank's return on investment (ROI) is around 10 per cent. In three years, it could drop to 6 per cent," Golyan said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Golyan said that it is common in Nepal for bad loans to be less when collateral-based loans are more. He estimates that bad debts may increase in the coming days.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Stating that the banking industry is the backbone of the economy, Golyan said that CBFIN was set up to conduct necessary studies and conduct policy discussions to manage the banking sector as per the needs of the country. He said that the situation of banks and financial institutions, remittances and other issues have been studied by CBFIN and some of the suggestions given on that basis have been implemented.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Golyan said the government has implemented CBFIN's suggestion to allocate a 10 per cent quota on primary shares to the families of remittance senders to increase remittances in Nepal. He said that it was necessary to open a bank account and provide training on financial literacy before going abroad to send back remittances.</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> </p> <p> </p> ', 'published' => true, 'created' => '2022-06-20', 'modified' => '2022-06-20', 'keywords' => 'commercial banks, banks, merger, Nepal Rastra Bank, CBFIN, ROI, NMB Bank, Pawan Golyan', 'description' => '', 'sortorder' => '15216', 'image' => '20220620045848_Banks - Copy.jpg', 'article_date' => '2022-06-20 16:56:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15473', 'article_category_id' => '1', 'title' => 'Government Running out of Time as Capital Expenditure Stands at 37 Percent', 'sub_title' => '', 'summary' => 'June 20: The current fiscal year ends in less than 26 days. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">June 20: The current fiscal year ends in less than 26 days. This year, the government had set a target of spending capital expenditure of Rs 378.90 billion. Looking at the details so far, it seems that only Rs 140.16 billion of the capital budget has been spent. This is 37.07 percent of the total capital budget allocated for the current fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Although the government tried to increase the capital expenditure by using all its means for expediting development works, it has not been able to achieve its target. Finance Minister Janardan Sharma had announced to spend 10 percent of the capital budget every month but to no avail.</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 inability of the concerned officials to spend the capital budget is the reason why the capital budget could not be spent. This is not a new problem. This has been going on for years. Authorities who spend capital budget tend to blame others for their shortcomings. In the past, they blamed political instability, strikes, and delays in spending budgets, but now their rhetoric has changed. In the previous fiscal year, the coronavirus pandemic became a perfect excuse. This time, the third wave of coronavirus and local elections will be seen as the major excuses.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">According to the Financial Comptroller General’s Office, which keeps track of the government's expenditure, the government has not been able to spend as much on development works as expected. As of June 19, the government's budget expenditure stood at 64.55 percent. Most of it includes current expenditure. The budget spent so far mostly accounts for the salary, allowance and daily expenses of the government employees.</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 government’s c</span></span><span style="font-family:"Arial","sans-serif"">urrent expenditure has reached 77.2 percent. That is equal to 822.45 billion. The government had set a target of spending Rs 1,065.29 billion in current expenditure for the current fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Similarly, Rs 91.37 billion has been spent on fiscal management so far. In the current fiscal year, the government had allocated Rs 189.43 billion for fiscal management. This includes the principal and interest of the loan to be paid to the donor agencies. Loans taken by the government from various donor agencies are repaid at different times. Liability should be paid on the same basis. The government has spent 48.24 percent of the target in this section.</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 government has so far collected Rs 948.20 billion revenue against the target of Rs 1180.60 billion in the current fiscal year. This is 80.23 percent of the target. Of that, tax revenue is 878.33 billion. The government aims to collect Rs 1,067.96 billion in tax revenue in the current fiscal year. Revenue collection has reached 82.24 percent of the target.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Similarly, out of the target of Rs 112.63 billion for non-tax, Rs. 69.87 billion has been collected so far. This is 62.04 percent of the target. Similarly, out of the target of Rs. 59.92 billion for foreign grants, Rs 13.88 billion has been achieved.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">During a recent session of parliament, Finance Minister Sharma had presented a revised estimate of the government’s total expenditure to reach Rs 1447 billion in the current fiscal year. He presented a revised estimate of Rs 971.86 billion for current expenditure, Rs 390 million for capital expenditure and Rs 175.56 billion for fiscal management.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">As of mid-April of the current Fiscal Year, 135 billion internal debt has been raised. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-20', 'modified' => '2022-06-20', 'keywords' => '', 'description' => '', 'sortorder' => '15215', 'image' => '20220620035359_budget new.jpg', 'article_date' => '2022-06-20 15:53:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15472', 'article_category_id' => '1', 'title' => '64 Percent Industries Relying on Generator for Operation', 'sub_title' => '', 'summary' => 'June 20: A study report released by the Confederation of Nepalese Industries (CNI) has shown that 64.4 percent of the industries in Nepal are still relying on generators for day-to-day operation due to lack of regular supply of electricity.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 20: A study report released by the Confederation of Nepalese Industries (CNI) has shown that 64.4 percent of the industries in Nepal are still relying on generators for day-to-day operation due to lack of regular supply of electricity.</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 data was published in the third issue of the Industrial Status Report released by the Confederation after studying the industrial activities of Nepal's 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">The report includes detailed information of the manufacturing industry and service sector industries in the second quarter of the current Fiscal Year 2078/79. The report shows that industries utilized 71 percent of their total production capacity during the review period.</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 report shows that the income growth rate of the industry increased by 27.1 percent in the second quarter of the current Fiscal Year as compared to the corresponding period of the previous Fiscal Year. According to the report, it is clear that the capacity of the business is improving.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">During the review period, manufacturing industries paid an average interest of 9.4 percent and service sector industries paid an average interest of 9.1 percent. The study shows that manufacturing industries borrowed 43.8 percent of their capital from banks and financial institutions. These industries borrowed 54.1 percent in the corresponding period of the previous year.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Among the participants in the study, 65.5 percent said that they are ready for new investment.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Unveiling the report, President of the Confederation, Vishnu Kumar Agrawal said that the report also shows how the private sector is working as a think tank. He said that the confederation is not only giving suggestions but also trying to present a realistic picture of the industry through this report. Agrawal said that the confederation is working by prioritizing the development of the industrial sector and job creation.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-20', 'modified' => '2022-06-20', 'keywords' => '', 'description' => '', 'sortorder' => '15214', 'image' => '20220620030255_Industries.jpg', 'article_date' => '2022-06-20 15:02:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15471', 'article_category_id' => '1', 'title' => 'Nepal’s Market has a Stock of 30,000 Tons of Sugar', 'sub_title' => '', 'summary' => 'June 20: Industrialists have warned that there is a high possibility of shortage of sugar in the market from August.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 20: Industrialists have warned that there is a high possibility of shortage of sugar in the market from August. They said that the possibility of shortage is high due to the ban on sugar exports by India. According to the industrialists, they now have only about 30,000 metric tons of sugar in stock.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">This year, the Nepal’s domestic sugar industry produced 131,000 metric tons of sugar. According to the Nepal Sugar Producers Association, so far, 110,000 tons have been consumed and only 30,000 tons remain now. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">As per the association, even the Salt Trading Corporation – the government body responsible for importing and trading sugar at subsidized rate – has no stock left and if India does not resume its exports, there will be a shortage of sugar in the market.</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 General Secretary of the association, Raj Kumar Agrawal said that while there is no immediate shortage of sugar, the possibility is increasing and will have its impacts from the second week of August. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">“Nepal consumes 250,000 metric tons of sugar annually. However, when the domestic production is only 131,000 tons, we are in need of 119,000 tons of sugar. It is difficult for traders to import due to Indian restrictions. Therefore, it is almost a hundred percent certain that there will be a shortage,” said Agrawal.</span></span></span></p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:15.0pt">The price went up by Rs 20 in two weeks</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The price of sugar in Nepal went up by Rs 20 per kg within the two weeks after India imposed a ban on exports of sugar. The Indian government halted exports on May 1, citing the possibility of surge in sugar prices in the domestic market. According to the Nepal Retail Trade Association, the price of sugar in Nepal started rising as soon as India imposed the ban.</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 Amul Kaji Tuladhar, general secretary of the association, the retail price of sugar, which was Rs 90 per kg two weeks ago, now costs Rs 110. He said, “After the industrialists started selling sugar at higher prices, we also fixed the price according to our own cost.” </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Agarwal, general secretary of the association, claimed that the price naturally went up as the cost surged along with the transportation fare. Last Thursday, the Commerce, Supplies and Consumer Protection Department had called traders, industrialists and stakeholders and sought clarification on the reason for the rise in sugar prices.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-06-20', 'modified' => '2022-06-20', 'keywords' => '', 'description' => '', 'sortorder' => '15213', 'image' => '20220620013810_sugar.jpg', 'article_date' => '2022-06-20 13:37:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15470', 'article_category_id' => '1', 'title' => 'CAAN Enforces Night-Stop Parking for Planes citing Insufficient Space at TIA ', 'sub_title' => '', 'summary' => 'June 20: The Civil Aviation Authority of Nepal (CAAN) has unveiled a mandatory provision for the night-stop parking for 34 aircrafts including 14 helicopters citing lack of sufficient space at the Tribhuvan International Airport (TIA). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 20: The Civil Aviation Authority of Nepal (CAAN) has unveiled a mandatory provision for the night-stop parking for 34 aircrafts including 14 helicopters citing lack of sufficient space at the Tribhuvan International Airport (TIA). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A meeting of the CAAN on Sunday took a decision to send 14 helicopters and 20 planes belonging to nine airlines companies out of Kathmandu for the night-stop parking, CAAN Spokesperson Jagannath Niraula said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to CAAN's Director General Pradip Adhikari, the decision will come into effect from June 21 for helicopters and from June 27 for planes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Adhikari argued that the mandatory provision for the planes and helicopter to go out of Kathmandu was taken as per the policy to ensure aviation safety in Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the VVIPs in the country will not be allowed to travel in chartered helicopter managed by a single pilot. </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"">"Now onwards, provision of two pilots for chartered helicopter is mandatory to carry the VVIPs and all the helicopter companies would be written to this issue," Adhikari shared. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-06-20', 'modified' => '2022-06-20', 'keywords' => '', 'description' => '', 'sortorder' => '15212', 'image' => '20220620081730_20220405110412_Simokot-Airport-in-Humla.jpg', 'article_date' => '2022-06-20 08:17:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15469', 'article_category_id' => '1', 'title' => 'Fuel Prices Skyrocketing in Nepal', 'sub_title' => 'NOC increases price of petrol by Rs 21 per litre', 'summary' => 'June 20: The prices of petroleum products have been skyrocketing in the market in recent weeks. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Cambria","serif"">June 20: The prices of petroleum products have been skyrocketing in the market in recent weeks. In its latest move, Nepal Oil Corporation (NOC) has increased the prices of petroleum products by a big margin. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Cambria","serif"">A board meeting of NOC on Sunday decided to increase the prices of petroleum products by such a huge margin. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Cambria","serif"">As per the decision, the state-owned oil monopoly has increased the price of petrol by Rs 21 per litre and the prices of diesel and kerosene by Rs 27 per litre.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Cambria","serif"">The new price has come into effect from Monday (June 20).</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Cambria","serif"">With the increment, the price of petrol will now cost Rs 199 per litre for the general public while diesel and kerosene will cost Rs 192 per litre.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Cambria","serif"">NOC has also increased the price of aviation turbine fuel (ATF) for domestic flights by Rs 19 per litre. ATF will now cost Rs 185 per litre.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Cambria","serif"">The price of cooking gas remains unchanged at Rs 1800 per cylinder. </span></span></span></p> ', 'published' => true, 'created' => '2022-06-20', 'modified' => '2022-06-20', 'keywords' => '', 'description' => '', 'sortorder' => '15211', 'image' => '20220620080407_845791-fuel-istock-070819.jpg', 'article_date' => '2022-06-20 08:03:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15468', 'article_category_id' => '1', 'title' => 'Province 1 Government to Provide Subsidy on Milk in Farmers’ Account', 'sub_title' => '', 'summary' => 'June 19: The state government of Province 1 has made an arrangement to provide cash subsidy at the rate of Rs 2 per liter to the farmers who produce milk', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">June 19: The state government of Province 1 has made an arrangement to provide cash subsidy at the rate of Rs 2 per liter to the farmers who produce milk. The Province 1 government announced this in the budget for the upcoming fiscal year (FY2022/23).</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Minister for Economic Affairs and Planning Indra Bahadur Angbo of Province 1 said at a press conference that the subsidy will be provided at the rate of Rs 2 per litre of milk. The government has made an attempt to give subsidies directly to the farmers on the basis of production. Such a decision was taken after receiving complaints that the previous arrangement of subsidy was not fruitful and the real farmers did not get it. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Minister Angbo claims that there will be no problem in resource management as the grants given by the federal government and the internal revenue of the state will increase and there will be savings.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">He added that the budget was prepared in line with the 15th National Plan and the first periodical plan of the state. "Besides, the new basis of the current budget is the minimum common program of the five-party alliance. The new plan has been included on the same basis," he said. He clarified that additional plans will be implemented only after the completion of 66 projects. He says this will not create new obligations in the budget.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Stating that revenue collection could not be increased due to Covid-19, he informed that some tax rates have been increased this time. Minister Angbo said that the state government was ready to upgrade the Biratnagar airport to a regional level but the state alone could not afford it as a large amount of money was needed to compensate the locals for acquiring their land. He said that there is no need for the states to fund this program as the federal government has not forwarded it. "After the federal tourism ministry raised the issue that the airport could not be made of international standard by paying so much compensation, the state should not have spent any budget," he said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Minister Angbo said the federal government had proposed to make it state-level as it could not meet the standards of the international airport and the cost of land acquisition was too high. He said that the state government has proposed to arrange flights to neighboring Bhutan, Bangladesh, India, Andra Pradesh, and hill districts.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-06-19', 'modified' => '2022-06-20', 'keywords' => '', 'description' => '', 'sortorder' => '15210', 'image' => '20220619065816_milk.jpg', 'article_date' => '2022-06-19 18:57:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15467', 'article_category_id' => '1', 'title' => 'Production and Sales of Red Mushroom begins in Kathmandu', 'sub_title' => '', 'summary' => 'June 19: Commercial production and sale of ganoderma, a red mushroom with multi-medicinal value, has started in Kathmandu. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 19: Commercial production and sale of ganoderma, a red mushroom with multi-medicinal value, has started in Kathmandu. The mushroom costs Rs 20,000 per kg. The mushroom, which is produced by Bhairav Mushroom Industries Pvt Ltd in Tansen is sold and distributed in the market by Balaju-based Gurans Khadya Udhyog.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Ganoderma is a fungus with medicinal properties. Its consumption is believed to increase immunity. Due to its enhancing effects on health and life expectancy, the mushroom has been widely used for medicinal purpose. Chairman of Bhairav Mushroom Industry Keshav Bahadur Karki informed that the red mushroom is produced in a modern lab to be sold in the market.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">“Because of the medicinal properties of this mushroom, it is believed that its consumption can cure even deadly diseases like cancer and HIV, so it is sold at a high price,” said Karki. </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 him, this mushroom is also found in the forests of Nepal. Although it costs up to Rs 20,000 per kg when sold dry, now it is available at Rs 10,000 to Rs 15,000 per kg when sold fresh due to the ease in production with the development of technology.</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 red mushroom is shaped like a spread fan. This mushroom is not as soft and sweet as other species of mushrooms. It is as hard as wood and tastes bitter, so it cannot be consumed by cooking like other mushrooms. Thus, as an alternative, it can be dried and boiled in water to consume the juice as tea.</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 red mushroom contains medicinal elements such as polysaccharides, organic germanium and amino acids. It also constitutes of protein, vitamins, minerals, micronutrients, and other nutrients. These elements reportedly increase the resistance in our body and strengthen the immune system. It is believed that consumption of this mushroom also benefits patients suffering from various diseases. Due to its medicinal and nutritional value, the use of this fungus is said to be increasing all over the world.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-19', 'modified' => '2022-06-19', 'keywords' => 'Production, sale, Kathmandu, red mushroom, medicinal value, cancer, HIV, disease, life expectancy', 'description' => '', 'sortorder' => '15209', 'image' => '20220619060119_istockphoto-503078154-612x612.jpg', 'article_date' => '2022-06-19 17:59:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15466', 'article_category_id' => '1', 'title' => 'Industrialists in the Bara-Parsa corridor seek support from the ministry ', 'sub_title' => '', 'summary' => 'June 19: Industries of Bara-Parsa Industrial Corridor have appealed to the Ministry of Energy, Water Resources and Irrigation to solve the issue of power supply. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 19: Industries of Bara-Parsa Industrial Corridor have appealed to the Ministry of Energy, Water Resources and Irrigation to solve the issue of power supply. The industrialists have appealed to the ministry after the power supply to the industries in the corridor was disrupted for the past two months. </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 Birgunj Chamber of Commerce and Industry (BCCI) has written a letter to the ministry informing that the quality of electricity being supplied to the industries in the corridor has deteriorated. BCCI claims that NEA is providing low-quality electricity to the 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 BCCI, industries in the corridor are supplied electricity from the 66 kV transmission line and Himal feeders in Parwanipur. According to the industrialists, the supply from these feeders is problematic due to tripping up to 8/10 times a day and power outages for 4 to 5 times.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Even though Nepal is becoming self-reliant in power generation, the problem seen in the main industrial corridor for some time has made the industrialists worried.</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, the Bara-Parsa corridor has suffered the most due to irregular power supply,”said Anil Kumar Agrawal, senior vice-president of the BCCI.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">“There are 200 large and 2,000 small and medium enterprises in the corridor. All of them are facing energy problems at present,” said Madhav Rajpal, vice-president of the BCCI. "Regular supply of quality electricity is essential for the operation of the industry. It's unthinkable to run the industries without electricity, Rajpal shared.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">BCCI has also sent separate letters to the executive director of Nepal Electricity Authority and the head of Birgunj Distribution Center, requesting them to solve the problem, said Hari Gautam, vice president of BCCI.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Chief of the Birgunj Distribution Center of NEA Jitendra Kumar Jha said that such a problem arises due to higher demand than supply in industrial feeders. However, Gautam claimed that the infrastructure of this corridor has not been upgraded in the last 25-30 years.</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 the same time, more power-consuming industries, such as iron and cement industries, have been added. However, the supply is running on the old structure. NEA should immediately improve the capacity of the transmission line, Gautam suggested. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">In the meantime, Jha shared that the problem can be removed after upgrading the transmission line. He also informed New Business Age that the work of upgrading the transmission line is underway. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Some industrialists have said that there should be a phase-wise agitation against NEA if there is such a problem in supply.</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 the BCCI, the industries have been facing problems such as sudden power outages, voltage fluctuations, deterioration of equipment of the industry, waste of raw materials and deterioration in quality.</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 industrialists have complained that the NEA takes weeks to repair the poles and wires damaged by storms causing a halt in the production. The industrialists have complained that the local office of NEA is not serious about the speedy solution to these problems.</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> </p> <p> </p> ', 'published' => true, 'created' => '2022-06-19', 'modified' => '2022-06-19', 'keywords' => '', 'description' => '', 'sortorder' => '15208', 'image' => '20220619013939_Industries.jpg', 'article_date' => '2022-06-19 13:38:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15465', 'article_category_id' => '1', 'title' => 'Footwear Industry of Nepal in Crisis due to Smuggling and Dumping from Neighbouring Countries', 'sub_title' => '', 'summary' => 'June 19: Nepal’s footwear industry, which is striving to become self-reliant, has complained of being hard hit by the illegal import and smuggling of footwear from India and China.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">June 19: Nepal’s footwear industry, which is striving to become self-reliant, has complained of being hard hit by the illegal import and smuggling of footwear from India and China. The footwear industry of Nepal had been meeting 65 percent of the internal demand. However, they say that they have been forced to downsize the production due to smuggling of goods from across the border.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The industrialists say that Nepal’s renowned brands are operating at 20 percent of their capacity at present. Relatively new industries are also operating at 50 to 60 percent of their capacity. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although the government has announced cash subsidy of 8 percent for the export of shoes and slippers, the industries are skeptical about the implementation of such provision. They complained that the smuggling of footwear has increased excessively in the last three to four years.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Vidushi Rana, executive director (branding and marketing) of Kiran Shoes Manufacturer, the producer of Nepal’s renowned Goldstar brand shoes, says that the industry is facing lots of problems at present. She said that the Goldstar company used to operate round the clock and export 70 percent of its products to foreign countries. But now, it operates only for 6 hours a days, said Rana.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We are currently operating at 20 percent of our full capacity. The market has been affected by smuggling and dumping of goods,” said Rana.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Rana claimed that Goldstar provides direct employment to 3,000 people at present. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“But it is not certain when we have to downsize the number of employees between 500 to 1000,” she added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We are struggling to compete in the market due to the smuggled goods. It has also caused us problems in repaying bank loans.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Rana complained that the government has failed to promote production-oriented industries even when economy is in crisis due to the import-oriented policy of the government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">High cost of production is the main challenge faced by the domestic industries of Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Goods come from India and China through illegal channels at low cost. There is a trend of paying revenue for a pair of shoes while importing ten pairs.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Rana suggests that the smuggling of footwear can be controlled to some extent if it is categorized into three HS codes. She said that low-quality shoes of world-renowned brands such as Adidas and Nike are entering Nepal from China while those entering Nepal from India make their way through illegal channel. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Industrialists say that China has been dumping low quality goods while majority of shoes entering Nepal from India are smuggled.</span></span></p> ', 'published' => true, 'created' => '2022-06-19', 'modified' => '2022-06-19', 'keywords' => '', 'description' => '', 'sortorder' => '15207', 'image' => '20220619011616_shoe goldstar - Copy.jpg', 'article_date' => '2022-06-19 13:15:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15464', 'article_category_id' => '1', 'title' => 'Fraudulent Activities in the Name of Foreign Employment Rising', 'sub_title' => '', 'summary' => 'June 17: The number of people complaining of being cheated in the name of foreign employment is on the rise.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 17: The number of people complaining of being cheated in the name of foreign employment is on the rise. As the number of complaints lodged with the Department of Foreign Employment (DFE) has increased along with the claims of swindling of large amount of money, there is a confusion as to whether the claimants have been really cheated or other incidents are linked to foreign employment.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Director General of the Department, Shesh Narayan Poudel, says that people have been filing such complaints even in cases related to normal transactions and personal dispute. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">There is a provision in the Foreign Employment Act 2064 that if the victim is found to have been cheated in the name of foreign employment, the victim will get compensation by adding 50 percent to the amount cheated.</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 the concerned officials, the number of complaints lodged with the department has increased due to the greed of getting more compensation if the victims are able to prove that the transaction is related to foreign employment. Director General Poudel said that the problem of foreign employment fraud is becoming more and more complicated due to fake claims. He said, “It is not difficult to solve the problem of the genuine victims. But it is difficult to settle fake claims.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Examining the complaints received by the department in the last six years, it is clear that around Rs 5 billion has been swindled. Compensation of around Rs 820 million has been paid in the last six fiscal years. During this period, more than 9,000 complaints of fraud were registered, as per the information of department. Some even file complaints at the police, local level, and district administration offices.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Fraud cases in the name of foreign employment were registered even during the Covid-19 pandemic, when the number of people going for foreign employment during the period was very low. An employee of the department said, “Most of the complaints lodged with the department are against brokers and manpower companies. We have been found people filing cases in the name of foreign employment fraud even in cases of normal transactions.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Kamal Karki of Ramechhap who handed over Rs 500,000 to a broker to go abroad said, “Making a complaint does not earn money. Evidence is needed to prove fraud.”</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 the stakeholders, brokers have been running fraudulent business by showing the temptation of developed countries in recent times to the people. An employee of the department said, “There are lots of cheating cases by tempting them to go to Europe, America and Australia.” </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Director General Poudel says that research and investigation is required to reduce fraudulent activities in the name of foreign employment. He said, “At the moment, not only the employees of the department but also the police are insisting on taking action against the swindlers.” </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">He said that cases of educational consultancies being established by swindlers to cheat unsuspecting people is rising in recent days.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"> “A lot of people are coming in with complaints of fraud. It is really difficult to differentiate between real and fake claims,” Added Poudel.</span></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' => '2022-06-19', 'modified' => '2022-06-19', 'keywords' => '', 'description' => '', 'sortorder' => '15206', 'image' => '20220619121925_foreign emp.jpg', 'article_date' => '2022-06-19 12:18:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15463', 'article_category_id' => '1', 'title' => 'Farmers Seize Chemical Fertiliser in Dhading ', 'sub_title' => '', 'summary' => 'June 19: As the farmers are grappling with the crisis of chemical fertiliser across the country, a large number of farmers on Saturday seized two trucks of urea at Dharke of Dhunibensi Municipality-6 in Dhading district.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">June 19: As the farmers are grappling with the crisis of chemical fertiliser across the country, a large number of farmers on Saturday seized two trucks of urea at Dharke of Dhunibensi Municipality-6 in Dhading district. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The truck-loads of fertiliser is learnt to have been imported from the Indian market by evading customs duty. The fertilizer was taken under control by the officials of the Inland Revenue Department and security personnel after it was found to be imported illegally. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">After the local traders informed the farmers about the fertiliser, some 500 farmers flocked to the highway and grabbed some 500 sacks of urea, taking it away to their homes.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">However, the Armed Police Force (APF) personnel managed to save some sacks of fertiliser and kept them in Area Police Office, Khanikhola. <br /> Likewise, police personnel charged batons to disperse the locals who had thronged the highway to seize the urea. --RSS</span></span></span></span></p> ', 'published' => true, 'created' => '2022-06-19', 'modified' => '2022-06-19', 'keywords' => '', 'description' => '', 'sortorder' => '15205', 'image' => '20220619081027_20220613113728_Fertilizer.jpg', 'article_date' => '2022-06-19 08:09:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15462', 'article_category_id' => '1', 'title' => 'World Bank Extends Support to Nepal’s Digital Transformation', 'sub_title' => 'One Million People to Be Connected to Broadband as Part of Digital Nepal Acceleration Project', 'summary' => 'June 17: The World Bank’s Board of Executive Directors on Thursday approved $140 million for the Digital Nepal Acceleration (DNA) Project to expand access to broadband and engage more people in the digital economy, the World Bank said in a press statement.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">June 17: The World Bank’s Board of Executive Directors on Thursday approved $140 million for the Digital Nepal Acceleration (DNA) Project to expand access to broadband and engage more people in the digital economy, the World Bank said in a press statement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Countries that embrace a digital transformation can accelerate their transition to green, resilient, and inclusive development,” said Faris Hadad-Zervos, World Bank’s country director for the Maldives, Nepal, and Sri Lanka. “The World Bank is proud to support Nepal’s goal to promote an inclusive and secure digital economy that will connect people and businesses to information, services, and markets.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The project will support the implementation of the Digital Nepal Framework, the country’s digital economy strategy that was announced by the Government in 2019. According to the World Bank, the project will improve access to high-quality and affordable broadband services, especially for people and businesses in rural areas.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It will also support and secure the delivery of digital government services through improvements in Nepal’s data infrastructure and cyber security, the statement further said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Specific activities will seek to boost internet use, digital skills and entrepreneurship, and access to digital services by women, ethnic and social minorities, and persons with disabilities. The project will also create better job opportunities for about 1,500 people by providing digital skills development training, the World Bank said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The first World Bank-financed project in Nepal was for a telecommunications project in 1969. The DNA Project represents an evolution in Nepal’s economic growth story by investing in high-speed broadband connectivity and in digital skills and services that will position the country, its people and its businesses to be more competitive and integrated into the global digital economy,” the statement quoted Siddhartha Raja, World Bank’s task team leader for the project as saying.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The DNA project is financed by the World Bank’s International Development Association (IDA).</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-17', 'modified' => '2022-06-17', 'keywords' => '', 'description' => '', 'sortorder' => '15204', 'image' => '20220617054717_Untitled.jpg', 'article_date' => '2022-06-17 17:46:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15461', 'article_category_id' => '1', 'title' => 'Banks Intensifying Merger Process', 'sub_title' => '', 'summary' => 'June 17: Due to the competition in market and central bank’s policy, a wave of mergers has started among commercial banks.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">June 17: Due to the competition in market and central bank’s policy, a wave of mergers has started among commercial banks.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Less than a week after the merger agreement was signed between Nepal Investment Bank and Mega Bank, a preliminary agreement has been reached between Global IME Bank and Bank of Kathmandu. Nabil Bank has reached the final stage of acquiring Nepal Bangladesh Bank.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Although half a dozen commercial banks have formally entered into the merger process, all other commercial banks except government-owned Agriculture Development, Rastriya Banijya and Nepal Bank have intensified informal discussions with each other for merger.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In a meeting with the chairmen and directors of the banks three weeks ago, Nepal Rastra Bank’s Governor Maha Prasad Adhikari had hinted that the merger policy is about to change and that the discounts and other facilities being provided for at present will not be available from the next fiscal year. Less than two weeks after the governor gave such information, four banks have reached understanding for merger.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">"Following the market conditions and the governor's directive, all banks are under pressure to merge," said Bhoj Bahadur Shah, chairman of Mega Bank and senior vice-chairman of the Confederation of Banks and Financial Institutions of Nepal.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Similarly, high-ranking officials including the Deputy Governor of NRB had informed in a meeting with the Chief Executive Officers (CEOs) of the commercial banks on Tuesday that only the banks that sign the agreement within this month will get facilities. The government has also removed the provision of tax waiver for the merger of banks and financial institutions in next year's budget. Banks are under pressure to merge after the central bank of Nepal said that the discounts and concessions will not be continued in the upcoming monetary policy.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Banks are under pressure as they have not been able to meet even the CD ratio set by the central bank due to lack of liquidity since the beginning of the current financial year. Banks are also under pressure to merge as returns from investment are declining due to intense competition.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In order to reduce the number of banks and financial institutions, NRB had issued regulations regarding merger of banks and financial institutions in 2068 BS. Since then, 241 banks and financial institutions have joined the merger / acquisition process, 177 licenses have been revoked and the number of BFIs has dropped to 64.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">After increasing the paid-up capital of banks and financial institutions by 4 times in 2072 BS, the number of development banks and finance companies decreased but the number of commercial banks did not decrease. Additionally, stakeholders had suggested in a recent study conducted by NRB that it would be appropriate to reduce the number of commercial banks to 15.</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 government and NRB have been giving tax concessions to the merging banks, cooling off period, investment in the priority sector and so on.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-17', 'modified' => '2022-06-17', 'keywords' => '', 'description' => '', 'sortorder' => '15203', 'image' => '20220617045313_Pro_Ktm_GIBL_BOK.jpg', 'article_date' => '2022-06-17 16:52:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15460', 'article_category_id' => '1', 'title' => 'Insurance Development Fund in the Offing', 'sub_title' => '', 'summary' => 'June 17: There are indications that the insurance bill will be finalized four years after it was registered in the House of Representatives.', 'content' => '<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"">June 17: There are indications that the insurance bill will be finalized four years after it was registered in the House of Representatives. Due to controversy, the bill was stalled in the Finance Committee of the Federal Parliament for a long time.</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 Finance Committee on Thursday decided to resolve the dispute and pass the insurance bill and submit it to the National Assembly for approval. Along with this, there are indications that a new insurance act will come into operation soon.</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"">Currently, the Insurance Act of 2049 BS is in force in Nepal. Since it did not address the new dimension of the insurance sector, the process of bringing a new act was initiated. The bill to amend and consolidate the law related to insurance was registered in the House of Representatives on July 11, 2018. It is also the oldest bill under consideration in parliament. </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"">Now the insurance bill will be discussed in the National Assembly. After the National Assembly passes the bill, it will be introduced in the House of Representatives. The bill will be finalized after it is passed by the House of Representatives. It will be implemented after it is published in the Nepal Gazette. The government is preparing to issue a new insurance act within this month.</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 new insurance bill has proposed making the Insurance Board the insurance authority. The Finance Committee has accepted the provision. In addition, the new bill also has a provision to establish insurance development fund under the same authority. The Finance Committee meeting held on Thursday has approved the provisions in the bill.</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"">Rajuraman Poudel, executive director of the Insurance Board, said that the provision has been added for the purpose of providing subsidy in insurance premium to the low-income people as well as those below the poverty line.</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"">“After the new Act comes into force, we will make the fund systematic by making rules and procedures,” he said.</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"">One third (33.33 percent) of the regulation fee being paid by the insurance companies to the Insurance Board (proposed authority) will be kept in the insurance development fund. At present, the insurance companies are paying 1 percent of the premium to the board as regulation fee. In the new bill, it has been reduced to zero point 75 percent. Poudel said that one third of the same regulatory fee will be kept in the development fund.</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"">He said that the introduction of new insurance act was a great achievement. "We are still operating under an age-old Act," he said. </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"">“Since the old act did not address the new dimensions of insurance sector, an attempt was made to bring a new act. However, for a long time, it was stalled in the various processes of the parliament,” Pooudel shared with New Business Age. </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"">With the new act, the insurance sector will be more organized and stronger, he further added.</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 government is bringing national insurance policy for the first time with the aim of developing the insurance sector of the country according to the international standard. The government had announced to bring a national insurance policy in the upcoming budget. Stakeholders including the Prime Minister's Office, Ministry of Finance and Insurance Board have taken initiative to implement it.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-06-17', 'modified' => '2022-06-17', 'keywords' => '', 'description' => '', 'sortorder' => '15202', 'image' => '20220617041258_Insurance.jpg', 'article_date' => '2022-06-17 16:12:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '15474', 'article_category_id' => '1', 'title' => '‘Nepal Needs at Least Twenty Commercial Banks’', 'sub_title' => '', 'summary' => 'June 20: At a time when Nepal Rastra Bank is encouraging commercial banks to merge, Pawan Kumar Golyan, chairman of the Confederation of Banks and Financial Institutions Nepal (CBFIN), shared that the number of commercial banks should not be reduced below 20.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 20: At a time when Nepal Rastra Bank is encouraging commercial banks to merge, Pawan Kumar Golyan, chairman of the Confederation of Banks and Financial Institutions Nepal (CBFIN), shared that the number of commercial banks should not be reduced below 20.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">In an interview with New Business Age, he said that a certain number of banks is needed for the effectiveness of the services provided to the public.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">"From the point of view of customer service, the number of commercial banks in Nepal should not be less than 20, excluding Agriculture Development Bank, SBI and Standard Chartered," Golyan said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">He claimed that the facilities available to the service seekers could be affected if the number is reduced.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">In the second half of June, NRB Governor Maha Prasad Adhikari called the directors of banks and financial institutions urging them to undergo merger within the current fiscal year as NRB would not facilitate them from the next fiscal year. Since then, four banks have entered into merger agreements.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">A study of Nepal Rastra Bank shows that the number of commercial banks would drop to 15. Stating that there is a tendency to reduce the number now and issue licenses later, Golyan stressed that the number of banks should be fixed to protect the interest of the customers. Golyan, who is also the chairman of NMB Bank, said the bank did not have a merger plan but was planning to bring in an Indian bank as its partner. He also informed that NMB Bank is preparing to bring a loan of Rs 30 billion.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">He said that due to lack of liquidity, it would not be possible for the banks to get loans from a foreign institute as the due diligence audit (DDA) process for borrowing from foreign institutions would be cumbersome and lengthy.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Although the banking sector is the backbone of the economy, Golyan complains that it has received a lot of criticism instead of praise. He said that the people of the villages have deposited Rs 490 billion in the banking channel and invested in the productive sector.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">He complained that the stakeholders were focused on the wrongdoings and the policy has been made in such a way that it would embarrass everyone when a bank did something wrong. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">"Right now, the bank's return on investment (ROI) is around 10 per cent. In three years, it could drop to 6 per cent," Golyan said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Golyan said that it is common in Nepal for bad loans to be less when collateral-based loans are more. He estimates that bad debts may increase in the coming days.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Stating that the banking industry is the backbone of the economy, Golyan said that CBFIN was set up to conduct necessary studies and conduct policy discussions to manage the banking sector as per the needs of the country. He said that the situation of banks and financial institutions, remittances and other issues have been studied by CBFIN and some of the suggestions given on that basis have been implemented.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Golyan said the government has implemented CBFIN's suggestion to allocate a 10 per cent quota on primary shares to the families of remittance senders to increase remittances in Nepal. He said that it was necessary to open a bank account and provide training on financial literacy before going abroad to send back remittances.</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> </p> <p> </p> ', 'published' => true, 'created' => '2022-06-20', 'modified' => '2022-06-20', 'keywords' => 'commercial banks, banks, merger, Nepal Rastra Bank, CBFIN, ROI, NMB Bank, Pawan Golyan', 'description' => '', 'sortorder' => '15216', 'image' => '20220620045848_Banks - Copy.jpg', 'article_date' => '2022-06-20 16:56:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15473', 'article_category_id' => '1', 'title' => 'Government Running out of Time as Capital Expenditure Stands at 37 Percent', 'sub_title' => '', 'summary' => 'June 20: The current fiscal year ends in less than 26 days. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">June 20: The current fiscal year ends in less than 26 days. This year, the government had set a target of spending capital expenditure of Rs 378.90 billion. Looking at the details so far, it seems that only Rs 140.16 billion of the capital budget has been spent. This is 37.07 percent of the total capital budget allocated for the current fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Although the government tried to increase the capital expenditure by using all its means for expediting development works, it has not been able to achieve its target. Finance Minister Janardan Sharma had announced to spend 10 percent of the capital budget every month but to no avail.</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 inability of the concerned officials to spend the capital budget is the reason why the capital budget could not be spent. This is not a new problem. This has been going on for years. Authorities who spend capital budget tend to blame others for their shortcomings. In the past, they blamed political instability, strikes, and delays in spending budgets, but now their rhetoric has changed. In the previous fiscal year, the coronavirus pandemic became a perfect excuse. This time, the third wave of coronavirus and local elections will be seen as the major excuses.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">According to the Financial Comptroller General’s Office, which keeps track of the government's expenditure, the government has not been able to spend as much on development works as expected. As of June 19, the government's budget expenditure stood at 64.55 percent. Most of it includes current expenditure. The budget spent so far mostly accounts for the salary, allowance and daily expenses of the government employees.</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 government’s c</span></span><span style="font-family:"Arial","sans-serif"">urrent expenditure has reached 77.2 percent. That is equal to 822.45 billion. The government had set a target of spending Rs 1,065.29 billion in current expenditure for the current fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Similarly, Rs 91.37 billion has been spent on fiscal management so far. In the current fiscal year, the government had allocated Rs 189.43 billion for fiscal management. This includes the principal and interest of the loan to be paid to the donor agencies. Loans taken by the government from various donor agencies are repaid at different times. Liability should be paid on the same basis. The government has spent 48.24 percent of the target in this section.</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 government has so far collected Rs 948.20 billion revenue against the target of Rs 1180.60 billion in the current fiscal year. This is 80.23 percent of the target. Of that, tax revenue is 878.33 billion. The government aims to collect Rs 1,067.96 billion in tax revenue in the current fiscal year. Revenue collection has reached 82.24 percent of the target.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Similarly, out of the target of Rs 112.63 billion for non-tax, Rs. 69.87 billion has been collected so far. This is 62.04 percent of the target. Similarly, out of the target of Rs. 59.92 billion for foreign grants, Rs 13.88 billion has been achieved.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">During a recent session of parliament, Finance Minister Sharma had presented a revised estimate of the government’s total expenditure to reach Rs 1447 billion in the current fiscal year. He presented a revised estimate of Rs 971.86 billion for current expenditure, Rs 390 million for capital expenditure and Rs 175.56 billion for fiscal management.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">As of mid-April of the current Fiscal Year, 135 billion internal debt has been raised. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-20', 'modified' => '2022-06-20', 'keywords' => '', 'description' => '', 'sortorder' => '15215', 'image' => '20220620035359_budget new.jpg', 'article_date' => '2022-06-20 15:53:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15472', 'article_category_id' => '1', 'title' => '64 Percent Industries Relying on Generator for Operation', 'sub_title' => '', 'summary' => 'June 20: A study report released by the Confederation of Nepalese Industries (CNI) has shown that 64.4 percent of the industries in Nepal are still relying on generators for day-to-day operation due to lack of regular supply of electricity.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 20: A study report released by the Confederation of Nepalese Industries (CNI) has shown that 64.4 percent of the industries in Nepal are still relying on generators for day-to-day operation due to lack of regular supply of electricity.</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 data was published in the third issue of the Industrial Status Report released by the Confederation after studying the industrial activities of Nepal's 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">The report includes detailed information of the manufacturing industry and service sector industries in the second quarter of the current Fiscal Year 2078/79. The report shows that industries utilized 71 percent of their total production capacity during the review period.</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 report shows that the income growth rate of the industry increased by 27.1 percent in the second quarter of the current Fiscal Year as compared to the corresponding period of the previous Fiscal Year. According to the report, it is clear that the capacity of the business is improving.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">During the review period, manufacturing industries paid an average interest of 9.4 percent and service sector industries paid an average interest of 9.1 percent. The study shows that manufacturing industries borrowed 43.8 percent of their capital from banks and financial institutions. These industries borrowed 54.1 percent in the corresponding period of the previous year.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Among the participants in the study, 65.5 percent said that they are ready for new investment.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Unveiling the report, President of the Confederation, Vishnu Kumar Agrawal said that the report also shows how the private sector is working as a think tank. He said that the confederation is not only giving suggestions but also trying to present a realistic picture of the industry through this report. Agrawal said that the confederation is working by prioritizing the development of the industrial sector and job creation.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-20', 'modified' => '2022-06-20', 'keywords' => '', 'description' => '', 'sortorder' => '15214', 'image' => '20220620030255_Industries.jpg', 'article_date' => '2022-06-20 15:02:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15471', 'article_category_id' => '1', 'title' => 'Nepal’s Market has a Stock of 30,000 Tons of Sugar', 'sub_title' => '', 'summary' => 'June 20: Industrialists have warned that there is a high possibility of shortage of sugar in the market from August.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 20: Industrialists have warned that there is a high possibility of shortage of sugar in the market from August. They said that the possibility of shortage is high due to the ban on sugar exports by India. According to the industrialists, they now have only about 30,000 metric tons of sugar in stock.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">This year, the Nepal’s domestic sugar industry produced 131,000 metric tons of sugar. According to the Nepal Sugar Producers Association, so far, 110,000 tons have been consumed and only 30,000 tons remain now. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">As per the association, even the Salt Trading Corporation – the government body responsible for importing and trading sugar at subsidized rate – has no stock left and if India does not resume its exports, there will be a shortage of sugar in the market.</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 General Secretary of the association, Raj Kumar Agrawal said that while there is no immediate shortage of sugar, the possibility is increasing and will have its impacts from the second week of August. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">“Nepal consumes 250,000 metric tons of sugar annually. However, when the domestic production is only 131,000 tons, we are in need of 119,000 tons of sugar. It is difficult for traders to import due to Indian restrictions. Therefore, it is almost a hundred percent certain that there will be a shortage,” said Agrawal.</span></span></span></p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:15.0pt">The price went up by Rs 20 in two weeks</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The price of sugar in Nepal went up by Rs 20 per kg within the two weeks after India imposed a ban on exports of sugar. The Indian government halted exports on May 1, citing the possibility of surge in sugar prices in the domestic market. According to the Nepal Retail Trade Association, the price of sugar in Nepal started rising as soon as India imposed the ban.</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 Amul Kaji Tuladhar, general secretary of the association, the retail price of sugar, which was Rs 90 per kg two weeks ago, now costs Rs 110. He said, “After the industrialists started selling sugar at higher prices, we also fixed the price according to our own cost.” </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Agarwal, general secretary of the association, claimed that the price naturally went up as the cost surged along with the transportation fare. Last Thursday, the Commerce, Supplies and Consumer Protection Department had called traders, industrialists and stakeholders and sought clarification on the reason for the rise in sugar prices.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-06-20', 'modified' => '2022-06-20', 'keywords' => '', 'description' => '', 'sortorder' => '15213', 'image' => '20220620013810_sugar.jpg', 'article_date' => '2022-06-20 13:37:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15470', 'article_category_id' => '1', 'title' => 'CAAN Enforces Night-Stop Parking for Planes citing Insufficient Space at TIA ', 'sub_title' => '', 'summary' => 'June 20: The Civil Aviation Authority of Nepal (CAAN) has unveiled a mandatory provision for the night-stop parking for 34 aircrafts including 14 helicopters citing lack of sufficient space at the Tribhuvan International Airport (TIA). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 20: The Civil Aviation Authority of Nepal (CAAN) has unveiled a mandatory provision for the night-stop parking for 34 aircrafts including 14 helicopters citing lack of sufficient space at the Tribhuvan International Airport (TIA). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A meeting of the CAAN on Sunday took a decision to send 14 helicopters and 20 planes belonging to nine airlines companies out of Kathmandu for the night-stop parking, CAAN Spokesperson Jagannath Niraula said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to CAAN's Director General Pradip Adhikari, the decision will come into effect from June 21 for helicopters and from June 27 for planes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Adhikari argued that the mandatory provision for the planes and helicopter to go out of Kathmandu was taken as per the policy to ensure aviation safety in Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the VVIPs in the country will not be allowed to travel in chartered helicopter managed by a single pilot. </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"">"Now onwards, provision of two pilots for chartered helicopter is mandatory to carry the VVIPs and all the helicopter companies would be written to this issue," Adhikari shared. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-06-20', 'modified' => '2022-06-20', 'keywords' => '', 'description' => '', 'sortorder' => '15212', 'image' => '20220620081730_20220405110412_Simokot-Airport-in-Humla.jpg', 'article_date' => '2022-06-20 08:17:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15469', 'article_category_id' => '1', 'title' => 'Fuel Prices Skyrocketing in Nepal', 'sub_title' => 'NOC increases price of petrol by Rs 21 per litre', 'summary' => 'June 20: The prices of petroleum products have been skyrocketing in the market in recent weeks. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Cambria","serif"">June 20: The prices of petroleum products have been skyrocketing in the market in recent weeks. In its latest move, Nepal Oil Corporation (NOC) has increased the prices of petroleum products by a big margin. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Cambria","serif"">A board meeting of NOC on Sunday decided to increase the prices of petroleum products by such a huge margin. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Cambria","serif"">As per the decision, the state-owned oil monopoly has increased the price of petrol by Rs 21 per litre and the prices of diesel and kerosene by Rs 27 per litre.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Cambria","serif"">The new price has come into effect from Monday (June 20).</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Cambria","serif"">With the increment, the price of petrol will now cost Rs 199 per litre for the general public while diesel and kerosene will cost Rs 192 per litre.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Cambria","serif"">NOC has also increased the price of aviation turbine fuel (ATF) for domestic flights by Rs 19 per litre. ATF will now cost Rs 185 per litre.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Cambria","serif"">The price of cooking gas remains unchanged at Rs 1800 per cylinder. </span></span></span></p> ', 'published' => true, 'created' => '2022-06-20', 'modified' => '2022-06-20', 'keywords' => '', 'description' => '', 'sortorder' => '15211', 'image' => '20220620080407_845791-fuel-istock-070819.jpg', 'article_date' => '2022-06-20 08:03:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15468', 'article_category_id' => '1', 'title' => 'Province 1 Government to Provide Subsidy on Milk in Farmers’ Account', 'sub_title' => '', 'summary' => 'June 19: The state government of Province 1 has made an arrangement to provide cash subsidy at the rate of Rs 2 per liter to the farmers who produce milk', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">June 19: The state government of Province 1 has made an arrangement to provide cash subsidy at the rate of Rs 2 per liter to the farmers who produce milk. The Province 1 government announced this in the budget for the upcoming fiscal year (FY2022/23).</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Minister for Economic Affairs and Planning Indra Bahadur Angbo of Province 1 said at a press conference that the subsidy will be provided at the rate of Rs 2 per litre of milk. The government has made an attempt to give subsidies directly to the farmers on the basis of production. Such a decision was taken after receiving complaints that the previous arrangement of subsidy was not fruitful and the real farmers did not get it. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Minister Angbo claims that there will be no problem in resource management as the grants given by the federal government and the internal revenue of the state will increase and there will be savings.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">He added that the budget was prepared in line with the 15th National Plan and the first periodical plan of the state. "Besides, the new basis of the current budget is the minimum common program of the five-party alliance. The new plan has been included on the same basis," he said. He clarified that additional plans will be implemented only after the completion of 66 projects. He says this will not create new obligations in the budget.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Stating that revenue collection could not be increased due to Covid-19, he informed that some tax rates have been increased this time. Minister Angbo said that the state government was ready to upgrade the Biratnagar airport to a regional level but the state alone could not afford it as a large amount of money was needed to compensate the locals for acquiring their land. He said that there is no need for the states to fund this program as the federal government has not forwarded it. "After the federal tourism ministry raised the issue that the airport could not be made of international standard by paying so much compensation, the state should not have spent any budget," he said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Minister Angbo said the federal government had proposed to make it state-level as it could not meet the standards of the international airport and the cost of land acquisition was too high. He said that the state government has proposed to arrange flights to neighboring Bhutan, Bangladesh, India, Andra Pradesh, and hill districts.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-06-19', 'modified' => '2022-06-20', 'keywords' => '', 'description' => '', 'sortorder' => '15210', 'image' => '20220619065816_milk.jpg', 'article_date' => '2022-06-19 18:57:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15467', 'article_category_id' => '1', 'title' => 'Production and Sales of Red Mushroom begins in Kathmandu', 'sub_title' => '', 'summary' => 'June 19: Commercial production and sale of ganoderma, a red mushroom with multi-medicinal value, has started in Kathmandu. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 19: Commercial production and sale of ganoderma, a red mushroom with multi-medicinal value, has started in Kathmandu. The mushroom costs Rs 20,000 per kg. The mushroom, which is produced by Bhairav Mushroom Industries Pvt Ltd in Tansen is sold and distributed in the market by Balaju-based Gurans Khadya Udhyog.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Ganoderma is a fungus with medicinal properties. Its consumption is believed to increase immunity. Due to its enhancing effects on health and life expectancy, the mushroom has been widely used for medicinal purpose. Chairman of Bhairav Mushroom Industry Keshav Bahadur Karki informed that the red mushroom is produced in a modern lab to be sold in the market.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">“Because of the medicinal properties of this mushroom, it is believed that its consumption can cure even deadly diseases like cancer and HIV, so it is sold at a high price,” said Karki. </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 him, this mushroom is also found in the forests of Nepal. Although it costs up to Rs 20,000 per kg when sold dry, now it is available at Rs 10,000 to Rs 15,000 per kg when sold fresh due to the ease in production with the development of technology.</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 red mushroom is shaped like a spread fan. This mushroom is not as soft and sweet as other species of mushrooms. It is as hard as wood and tastes bitter, so it cannot be consumed by cooking like other mushrooms. Thus, as an alternative, it can be dried and boiled in water to consume the juice as tea.</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 red mushroom contains medicinal elements such as polysaccharides, organic germanium and amino acids. It also constitutes of protein, vitamins, minerals, micronutrients, and other nutrients. These elements reportedly increase the resistance in our body and strengthen the immune system. It is believed that consumption of this mushroom also benefits patients suffering from various diseases. Due to its medicinal and nutritional value, the use of this fungus is said to be increasing all over the world.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-19', 'modified' => '2022-06-19', 'keywords' => 'Production, sale, Kathmandu, red mushroom, medicinal value, cancer, HIV, disease, life expectancy', 'description' => '', 'sortorder' => '15209', 'image' => '20220619060119_istockphoto-503078154-612x612.jpg', 'article_date' => '2022-06-19 17:59:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15466', 'article_category_id' => '1', 'title' => 'Industrialists in the Bara-Parsa corridor seek support from the ministry ', 'sub_title' => '', 'summary' => 'June 19: Industries of Bara-Parsa Industrial Corridor have appealed to the Ministry of Energy, Water Resources and Irrigation to solve the issue of power supply. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 19: Industries of Bara-Parsa Industrial Corridor have appealed to the Ministry of Energy, Water Resources and Irrigation to solve the issue of power supply. The industrialists have appealed to the ministry after the power supply to the industries in the corridor was disrupted for the past two months. </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 Birgunj Chamber of Commerce and Industry (BCCI) has written a letter to the ministry informing that the quality of electricity being supplied to the industries in the corridor has deteriorated. BCCI claims that NEA is providing low-quality electricity to the 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 BCCI, industries in the corridor are supplied electricity from the 66 kV transmission line and Himal feeders in Parwanipur. According to the industrialists, the supply from these feeders is problematic due to tripping up to 8/10 times a day and power outages for 4 to 5 times.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Even though Nepal is becoming self-reliant in power generation, the problem seen in the main industrial corridor for some time has made the industrialists worried.</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, the Bara-Parsa corridor has suffered the most due to irregular power supply,”said Anil Kumar Agrawal, senior vice-president of the BCCI.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">“There are 200 large and 2,000 small and medium enterprises in the corridor. All of them are facing energy problems at present,” said Madhav Rajpal, vice-president of the BCCI. "Regular supply of quality electricity is essential for the operation of the industry. It's unthinkable to run the industries without electricity, Rajpal shared.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">BCCI has also sent separate letters to the executive director of Nepal Electricity Authority and the head of Birgunj Distribution Center, requesting them to solve the problem, said Hari Gautam, vice president of BCCI.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Chief of the Birgunj Distribution Center of NEA Jitendra Kumar Jha said that such a problem arises due to higher demand than supply in industrial feeders. However, Gautam claimed that the infrastructure of this corridor has not been upgraded in the last 25-30 years.</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 the same time, more power-consuming industries, such as iron and cement industries, have been added. However, the supply is running on the old structure. NEA should immediately improve the capacity of the transmission line, Gautam suggested. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">In the meantime, Jha shared that the problem can be removed after upgrading the transmission line. He also informed New Business Age that the work of upgrading the transmission line is underway. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Some industrialists have said that there should be a phase-wise agitation against NEA if there is such a problem in supply.</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 the BCCI, the industries have been facing problems such as sudden power outages, voltage fluctuations, deterioration of equipment of the industry, waste of raw materials and deterioration in quality.</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 industrialists have complained that the NEA takes weeks to repair the poles and wires damaged by storms causing a halt in the production. The industrialists have complained that the local office of NEA is not serious about the speedy solution to these problems.</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> </p> <p> </p> ', 'published' => true, 'created' => '2022-06-19', 'modified' => '2022-06-19', 'keywords' => '', 'description' => '', 'sortorder' => '15208', 'image' => '20220619013939_Industries.jpg', 'article_date' => '2022-06-19 13:38:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15465', 'article_category_id' => '1', 'title' => 'Footwear Industry of Nepal in Crisis due to Smuggling and Dumping from Neighbouring Countries', 'sub_title' => '', 'summary' => 'June 19: Nepal’s footwear industry, which is striving to become self-reliant, has complained of being hard hit by the illegal import and smuggling of footwear from India and China.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">June 19: Nepal’s footwear industry, which is striving to become self-reliant, has complained of being hard hit by the illegal import and smuggling of footwear from India and China. The footwear industry of Nepal had been meeting 65 percent of the internal demand. However, they say that they have been forced to downsize the production due to smuggling of goods from across the border.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The industrialists say that Nepal’s renowned brands are operating at 20 percent of their capacity at present. Relatively new industries are also operating at 50 to 60 percent of their capacity. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although the government has announced cash subsidy of 8 percent for the export of shoes and slippers, the industries are skeptical about the implementation of such provision. They complained that the smuggling of footwear has increased excessively in the last three to four years.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Vidushi Rana, executive director (branding and marketing) of Kiran Shoes Manufacturer, the producer of Nepal’s renowned Goldstar brand shoes, says that the industry is facing lots of problems at present. She said that the Goldstar company used to operate round the clock and export 70 percent of its products to foreign countries. But now, it operates only for 6 hours a days, said Rana.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We are currently operating at 20 percent of our full capacity. The market has been affected by smuggling and dumping of goods,” said Rana.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Rana claimed that Goldstar provides direct employment to 3,000 people at present. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“But it is not certain when we have to downsize the number of employees between 500 to 1000,” she added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We are struggling to compete in the market due to the smuggled goods. It has also caused us problems in repaying bank loans.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Rana complained that the government has failed to promote production-oriented industries even when economy is in crisis due to the import-oriented policy of the government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">High cost of production is the main challenge faced by the domestic industries of Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Goods come from India and China through illegal channels at low cost. There is a trend of paying revenue for a pair of shoes while importing ten pairs.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Rana suggests that the smuggling of footwear can be controlled to some extent if it is categorized into three HS codes. She said that low-quality shoes of world-renowned brands such as Adidas and Nike are entering Nepal from China while those entering Nepal from India make their way through illegal channel. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Industrialists say that China has been dumping low quality goods while majority of shoes entering Nepal from India are smuggled.</span></span></p> ', 'published' => true, 'created' => '2022-06-19', 'modified' => '2022-06-19', 'keywords' => '', 'description' => '', 'sortorder' => '15207', 'image' => '20220619011616_shoe goldstar - Copy.jpg', 'article_date' => '2022-06-19 13:15:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15464', 'article_category_id' => '1', 'title' => 'Fraudulent Activities in the Name of Foreign Employment Rising', 'sub_title' => '', 'summary' => 'June 17: The number of people complaining of being cheated in the name of foreign employment is on the rise.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 17: The number of people complaining of being cheated in the name of foreign employment is on the rise. As the number of complaints lodged with the Department of Foreign Employment (DFE) has increased along with the claims of swindling of large amount of money, there is a confusion as to whether the claimants have been really cheated or other incidents are linked to foreign employment.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Director General of the Department, Shesh Narayan Poudel, says that people have been filing such complaints even in cases related to normal transactions and personal dispute. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">There is a provision in the Foreign Employment Act 2064 that if the victim is found to have been cheated in the name of foreign employment, the victim will get compensation by adding 50 percent to the amount cheated.</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 the concerned officials, the number of complaints lodged with the department has increased due to the greed of getting more compensation if the victims are able to prove that the transaction is related to foreign employment. Director General Poudel said that the problem of foreign employment fraud is becoming more and more complicated due to fake claims. He said, “It is not difficult to solve the problem of the genuine victims. But it is difficult to settle fake claims.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Examining the complaints received by the department in the last six years, it is clear that around Rs 5 billion has been swindled. Compensation of around Rs 820 million has been paid in the last six fiscal years. During this period, more than 9,000 complaints of fraud were registered, as per the information of department. Some even file complaints at the police, local level, and district administration offices.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Fraud cases in the name of foreign employment were registered even during the Covid-19 pandemic, when the number of people going for foreign employment during the period was very low. An employee of the department said, “Most of the complaints lodged with the department are against brokers and manpower companies. We have been found people filing cases in the name of foreign employment fraud even in cases of normal transactions.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Kamal Karki of Ramechhap who handed over Rs 500,000 to a broker to go abroad said, “Making a complaint does not earn money. Evidence is needed to prove fraud.”</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 the stakeholders, brokers have been running fraudulent business by showing the temptation of developed countries in recent times to the people. An employee of the department said, “There are lots of cheating cases by tempting them to go to Europe, America and Australia.” </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Director General Poudel says that research and investigation is required to reduce fraudulent activities in the name of foreign employment. He said, “At the moment, not only the employees of the department but also the police are insisting on taking action against the swindlers.” </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">He said that cases of educational consultancies being established by swindlers to cheat unsuspecting people is rising in recent days.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"> “A lot of people are coming in with complaints of fraud. It is really difficult to differentiate between real and fake claims,” Added Poudel.</span></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' => '2022-06-19', 'modified' => '2022-06-19', 'keywords' => '', 'description' => '', 'sortorder' => '15206', 'image' => '20220619121925_foreign emp.jpg', 'article_date' => '2022-06-19 12:18:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15463', 'article_category_id' => '1', 'title' => 'Farmers Seize Chemical Fertiliser in Dhading ', 'sub_title' => '', 'summary' => 'June 19: As the farmers are grappling with the crisis of chemical fertiliser across the country, a large number of farmers on Saturday seized two trucks of urea at Dharke of Dhunibensi Municipality-6 in Dhading district.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">June 19: As the farmers are grappling with the crisis of chemical fertiliser across the country, a large number of farmers on Saturday seized two trucks of urea at Dharke of Dhunibensi Municipality-6 in Dhading district. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The truck-loads of fertiliser is learnt to have been imported from the Indian market by evading customs duty. The fertilizer was taken under control by the officials of the Inland Revenue Department and security personnel after it was found to be imported illegally. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">After the local traders informed the farmers about the fertiliser, some 500 farmers flocked to the highway and grabbed some 500 sacks of urea, taking it away to their homes.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">However, the Armed Police Force (APF) personnel managed to save some sacks of fertiliser and kept them in Area Police Office, Khanikhola. <br /> Likewise, police personnel charged batons to disperse the locals who had thronged the highway to seize the urea. --RSS</span></span></span></span></p> ', 'published' => true, 'created' => '2022-06-19', 'modified' => '2022-06-19', 'keywords' => '', 'description' => '', 'sortorder' => '15205', 'image' => '20220619081027_20220613113728_Fertilizer.jpg', 'article_date' => '2022-06-19 08:09:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15462', 'article_category_id' => '1', 'title' => 'World Bank Extends Support to Nepal’s Digital Transformation', 'sub_title' => 'One Million People to Be Connected to Broadband as Part of Digital Nepal Acceleration Project', 'summary' => 'June 17: The World Bank’s Board of Executive Directors on Thursday approved $140 million for the Digital Nepal Acceleration (DNA) Project to expand access to broadband and engage more people in the digital economy, the World Bank said in a press statement.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">June 17: The World Bank’s Board of Executive Directors on Thursday approved $140 million for the Digital Nepal Acceleration (DNA) Project to expand access to broadband and engage more people in the digital economy, the World Bank said in a press statement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Countries that embrace a digital transformation can accelerate their transition to green, resilient, and inclusive development,” said Faris Hadad-Zervos, World Bank’s country director for the Maldives, Nepal, and Sri Lanka. “The World Bank is proud to support Nepal’s goal to promote an inclusive and secure digital economy that will connect people and businesses to information, services, and markets.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The project will support the implementation of the Digital Nepal Framework, the country’s digital economy strategy that was announced by the Government in 2019. According to the World Bank, the project will improve access to high-quality and affordable broadband services, especially for people and businesses in rural areas.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It will also support and secure the delivery of digital government services through improvements in Nepal’s data infrastructure and cyber security, the statement further said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Specific activities will seek to boost internet use, digital skills and entrepreneurship, and access to digital services by women, ethnic and social minorities, and persons with disabilities. The project will also create better job opportunities for about 1,500 people by providing digital skills development training, the World Bank said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The first World Bank-financed project in Nepal was for a telecommunications project in 1969. The DNA Project represents an evolution in Nepal’s economic growth story by investing in high-speed broadband connectivity and in digital skills and services that will position the country, its people and its businesses to be more competitive and integrated into the global digital economy,” the statement quoted Siddhartha Raja, World Bank’s task team leader for the project as saying.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The DNA project is financed by the World Bank’s International Development Association (IDA).</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-17', 'modified' => '2022-06-17', 'keywords' => '', 'description' => '', 'sortorder' => '15204', 'image' => '20220617054717_Untitled.jpg', 'article_date' => '2022-06-17 17:46:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15461', 'article_category_id' => '1', 'title' => 'Banks Intensifying Merger Process', 'sub_title' => '', 'summary' => 'June 17: Due to the competition in market and central bank’s policy, a wave of mergers has started among commercial banks.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">June 17: Due to the competition in market and central bank’s policy, a wave of mergers has started among commercial banks.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Less than a week after the merger agreement was signed between Nepal Investment Bank and Mega Bank, a preliminary agreement has been reached between Global IME Bank and Bank of Kathmandu. Nabil Bank has reached the final stage of acquiring Nepal Bangladesh Bank.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Although half a dozen commercial banks have formally entered into the merger process, all other commercial banks except government-owned Agriculture Development, Rastriya Banijya and Nepal Bank have intensified informal discussions with each other for merger.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In a meeting with the chairmen and directors of the banks three weeks ago, Nepal Rastra Bank’s Governor Maha Prasad Adhikari had hinted that the merger policy is about to change and that the discounts and other facilities being provided for at present will not be available from the next fiscal year. Less than two weeks after the governor gave such information, four banks have reached understanding for merger.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">"Following the market conditions and the governor's directive, all banks are under pressure to merge," said Bhoj Bahadur Shah, chairman of Mega Bank and senior vice-chairman of the Confederation of Banks and Financial Institutions of Nepal.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Similarly, high-ranking officials including the Deputy Governor of NRB had informed in a meeting with the Chief Executive Officers (CEOs) of the commercial banks on Tuesday that only the banks that sign the agreement within this month will get facilities. The government has also removed the provision of tax waiver for the merger of banks and financial institutions in next year's budget. Banks are under pressure to merge after the central bank of Nepal said that the discounts and concessions will not be continued in the upcoming monetary policy.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Banks are under pressure as they have not been able to meet even the CD ratio set by the central bank due to lack of liquidity since the beginning of the current financial year. Banks are also under pressure to merge as returns from investment are declining due to intense competition.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In order to reduce the number of banks and financial institutions, NRB had issued regulations regarding merger of banks and financial institutions in 2068 BS. Since then, 241 banks and financial institutions have joined the merger / acquisition process, 177 licenses have been revoked and the number of BFIs has dropped to 64.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">After increasing the paid-up capital of banks and financial institutions by 4 times in 2072 BS, the number of development banks and finance companies decreased but the number of commercial banks did not decrease. Additionally, stakeholders had suggested in a recent study conducted by NRB that it would be appropriate to reduce the number of commercial banks to 15.</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 government and NRB have been giving tax concessions to the merging banks, cooling off period, investment in the priority sector and so on.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-17', 'modified' => '2022-06-17', 'keywords' => '', 'description' => '', 'sortorder' => '15203', 'image' => '20220617045313_Pro_Ktm_GIBL_BOK.jpg', 'article_date' => '2022-06-17 16:52:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15460', 'article_category_id' => '1', 'title' => 'Insurance Development Fund in the Offing', 'sub_title' => '', 'summary' => 'June 17: There are indications that the insurance bill will be finalized four years after it was registered in the House of Representatives.', 'content' => '<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"">June 17: There are indications that the insurance bill will be finalized four years after it was registered in the House of Representatives. Due to controversy, the bill was stalled in the Finance Committee of the Federal Parliament for a long time.</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 Finance Committee on Thursday decided to resolve the dispute and pass the insurance bill and submit it to the National Assembly for approval. Along with this, there are indications that a new insurance act will come into operation soon.</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"">Currently, the Insurance Act of 2049 BS is in force in Nepal. Since it did not address the new dimension of the insurance sector, the process of bringing a new act was initiated. The bill to amend and consolidate the law related to insurance was registered in the House of Representatives on July 11, 2018. It is also the oldest bill under consideration in parliament. </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"">Now the insurance bill will be discussed in the National Assembly. After the National Assembly passes the bill, it will be introduced in the House of Representatives. The bill will be finalized after it is passed by the House of Representatives. It will be implemented after it is published in the Nepal Gazette. The government is preparing to issue a new insurance act within this month.</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 new insurance bill has proposed making the Insurance Board the insurance authority. The Finance Committee has accepted the provision. In addition, the new bill also has a provision to establish insurance development fund under the same authority. The Finance Committee meeting held on Thursday has approved the provisions in the bill.</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"">Rajuraman Poudel, executive director of the Insurance Board, said that the provision has been added for the purpose of providing subsidy in insurance premium to the low-income people as well as those below the poverty line.</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"">“After the new Act comes into force, we will make the fund systematic by making rules and procedures,” he said.</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"">One third (33.33 percent) of the regulation fee being paid by the insurance companies to the Insurance Board (proposed authority) will be kept in the insurance development fund. At present, the insurance companies are paying 1 percent of the premium to the board as regulation fee. In the new bill, it has been reduced to zero point 75 percent. Poudel said that one third of the same regulatory fee will be kept in the development fund.</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"">He said that the introduction of new insurance act was a great achievement. "We are still operating under an age-old Act," he said. </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"">“Since the old act did not address the new dimensions of insurance sector, an attempt was made to bring a new act. However, for a long time, it was stalled in the various processes of the parliament,” Pooudel shared with New Business Age. </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"">With the new act, the insurance sector will be more organized and stronger, he further added.</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 government is bringing national insurance policy for the first time with the aim of developing the insurance sector of the country according to the international standard. The government had announced to bring a national insurance policy in the upcoming budget. Stakeholders including the Prime Minister's Office, Ministry of Finance and Insurance Board have taken initiative to implement it.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-06-17', 'modified' => '2022-06-17', 'keywords' => '', 'description' => '', 'sortorder' => '15202', 'image' => '20220617041258_Insurance.jpg', 'article_date' => '2022-06-17 16:12:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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Since then, four banks have entered into merger agreements.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">A study of Nepal Rastra Bank shows that the number of commercial banks would drop to 15. Stating that there is a tendency to reduce the number now and issue licenses later, Golyan stressed that the number of banks should be fixed to protect the interest of the customers. Golyan, who is also the chairman of NMB Bank, said the bank did not have a merger plan but was planning to bring in an Indian bank as its partner. He also informed that NMB Bank is preparing to bring a loan of Rs 30 billion.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">He said that due to lack of liquidity, it would not be possible for the banks to get loans from a foreign institute as the due diligence audit (DDA) process for borrowing from foreign institutions would be cumbersome and lengthy.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Although the banking sector is the backbone of the economy, Golyan complains that it has received a lot of criticism instead of praise. He said that the people of the villages have deposited Rs 490 billion in the banking channel and invested in the productive sector.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">He complained that the stakeholders were focused on the wrongdoings and the policy has been made in such a way that it would embarrass everyone when a bank did something wrong. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">"Right now, the bank's return on investment (ROI) is around 10 per cent. In three years, it could drop to 6 per cent," Golyan said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Golyan said that it is common in Nepal for bad loans to be less when collateral-based loans are more. He estimates that bad debts may increase in the coming days.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Stating that the banking industry is the backbone of the economy, Golyan said that CBFIN was set up to conduct necessary studies and conduct policy discussions to manage the banking sector as per the needs of the country. He said that the situation of banks and financial institutions, remittances and other issues have been studied by CBFIN and some of the suggestions given on that basis have been implemented.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Golyan said the government has implemented CBFIN's suggestion to allocate a 10 per cent quota on primary shares to the families of remittance senders to increase remittances in Nepal. He said that it was necessary to open a bank account and provide training on financial literacy before going abroad to send back remittances.</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> </p> <p> </p> ', 'published' => true, 'created' => '2022-06-20', 'modified' => '2022-06-20', 'keywords' => 'commercial banks, banks, merger, Nepal Rastra Bank, CBFIN, ROI, NMB Bank, Pawan Golyan', 'description' => '', 'sortorder' => '15216', 'image' => '20220620045848_Banks - Copy.jpg', 'article_date' => '2022-06-20 16:56:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15473', 'article_category_id' => '1', 'title' => 'Government Running out of Time as Capital Expenditure Stands at 37 Percent', 'sub_title' => '', 'summary' => 'June 20: The current fiscal year ends in less than 26 days. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">June 20: The current fiscal year ends in less than 26 days. This year, the government had set a target of spending capital expenditure of Rs 378.90 billion. Looking at the details so far, it seems that only Rs 140.16 billion of the capital budget has been spent. This is 37.07 percent of the total capital budget allocated for the current fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Although the government tried to increase the capital expenditure by using all its means for expediting development works, it has not been able to achieve its target. Finance Minister Janardan Sharma had announced to spend 10 percent of the capital budget every month but to no avail.</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 inability of the concerned officials to spend the capital budget is the reason why the capital budget could not be spent. This is not a new problem. This has been going on for years. Authorities who spend capital budget tend to blame others for their shortcomings. In the past, they blamed political instability, strikes, and delays in spending budgets, but now their rhetoric has changed. In the previous fiscal year, the coronavirus pandemic became a perfect excuse. This time, the third wave of coronavirus and local elections will be seen as the major excuses.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">According to the Financial Comptroller General’s Office, which keeps track of the government's expenditure, the government has not been able to spend as much on development works as expected. As of June 19, the government's budget expenditure stood at 64.55 percent. Most of it includes current expenditure. The budget spent so far mostly accounts for the salary, allowance and daily expenses of the government employees.</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 government’s c</span></span><span style="font-family:"Arial","sans-serif"">urrent expenditure has reached 77.2 percent. That is equal to 822.45 billion. The government had set a target of spending Rs 1,065.29 billion in current expenditure for the current fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Similarly, Rs 91.37 billion has been spent on fiscal management so far. In the current fiscal year, the government had allocated Rs 189.43 billion for fiscal management. This includes the principal and interest of the loan to be paid to the donor agencies. Loans taken by the government from various donor agencies are repaid at different times. Liability should be paid on the same basis. The government has spent 48.24 percent of the target in this section.</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 government has so far collected Rs 948.20 billion revenue against the target of Rs 1180.60 billion in the current fiscal year. This is 80.23 percent of the target. Of that, tax revenue is 878.33 billion. The government aims to collect Rs 1,067.96 billion in tax revenue in the current fiscal year. Revenue collection has reached 82.24 percent of the target.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Similarly, out of the target of Rs 112.63 billion for non-tax, Rs. 69.87 billion has been collected so far. This is 62.04 percent of the target. Similarly, out of the target of Rs. 59.92 billion for foreign grants, Rs 13.88 billion has been achieved.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">During a recent session of parliament, Finance Minister Sharma had presented a revised estimate of the government’s total expenditure to reach Rs 1447 billion in the current fiscal year. He presented a revised estimate of Rs 971.86 billion for current expenditure, Rs 390 million for capital expenditure and Rs 175.56 billion for fiscal management.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">As of mid-April of the current Fiscal Year, 135 billion internal debt has been raised. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-20', 'modified' => '2022-06-20', 'keywords' => '', 'description' => '', 'sortorder' => '15215', 'image' => '20220620035359_budget new.jpg', 'article_date' => '2022-06-20 15:53:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15472', 'article_category_id' => '1', 'title' => '64 Percent Industries Relying on Generator for Operation', 'sub_title' => '', 'summary' => 'June 20: A study report released by the Confederation of Nepalese Industries (CNI) has shown that 64.4 percent of the industries in Nepal are still relying on generators for day-to-day operation due to lack of regular supply of electricity.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 20: A study report released by the Confederation of Nepalese Industries (CNI) has shown that 64.4 percent of the industries in Nepal are still relying on generators for day-to-day operation due to lack of regular supply of electricity.</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 data was published in the third issue of the Industrial Status Report released by the Confederation after studying the industrial activities of Nepal's 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">The report includes detailed information of the manufacturing industry and service sector industries in the second quarter of the current Fiscal Year 2078/79. The report shows that industries utilized 71 percent of their total production capacity during the review period.</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 report shows that the income growth rate of the industry increased by 27.1 percent in the second quarter of the current Fiscal Year as compared to the corresponding period of the previous Fiscal Year. According to the report, it is clear that the capacity of the business is improving.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">During the review period, manufacturing industries paid an average interest of 9.4 percent and service sector industries paid an average interest of 9.1 percent. The study shows that manufacturing industries borrowed 43.8 percent of their capital from banks and financial institutions. These industries borrowed 54.1 percent in the corresponding period of the previous year.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Among the participants in the study, 65.5 percent said that they are ready for new investment.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Unveiling the report, President of the Confederation, Vishnu Kumar Agrawal said that the report also shows how the private sector is working as a think tank. He said that the confederation is not only giving suggestions but also trying to present a realistic picture of the industry through this report. Agrawal said that the confederation is working by prioritizing the development of the industrial sector and job creation.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-20', 'modified' => '2022-06-20', 'keywords' => '', 'description' => '', 'sortorder' => '15214', 'image' => '20220620030255_Industries.jpg', 'article_date' => '2022-06-20 15:02:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15471', 'article_category_id' => '1', 'title' => 'Nepal’s Market has a Stock of 30,000 Tons of Sugar', 'sub_title' => '', 'summary' => 'June 20: Industrialists have warned that there is a high possibility of shortage of sugar in the market from August.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 20: Industrialists have warned that there is a high possibility of shortage of sugar in the market from August. They said that the possibility of shortage is high due to the ban on sugar exports by India. According to the industrialists, they now have only about 30,000 metric tons of sugar in stock.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">This year, the Nepal’s domestic sugar industry produced 131,000 metric tons of sugar. According to the Nepal Sugar Producers Association, so far, 110,000 tons have been consumed and only 30,000 tons remain now. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">As per the association, even the Salt Trading Corporation – the government body responsible for importing and trading sugar at subsidized rate – has no stock left and if India does not resume its exports, there will be a shortage of sugar in the market.</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 General Secretary of the association, Raj Kumar Agrawal said that while there is no immediate shortage of sugar, the possibility is increasing and will have its impacts from the second week of August. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">“Nepal consumes 250,000 metric tons of sugar annually. However, when the domestic production is only 131,000 tons, we are in need of 119,000 tons of sugar. It is difficult for traders to import due to Indian restrictions. Therefore, it is almost a hundred percent certain that there will be a shortage,” said Agrawal.</span></span></span></p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:15.0pt">The price went up by Rs 20 in two weeks</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The price of sugar in Nepal went up by Rs 20 per kg within the two weeks after India imposed a ban on exports of sugar. The Indian government halted exports on May 1, citing the possibility of surge in sugar prices in the domestic market. According to the Nepal Retail Trade Association, the price of sugar in Nepal started rising as soon as India imposed the ban.</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 Amul Kaji Tuladhar, general secretary of the association, the retail price of sugar, which was Rs 90 per kg two weeks ago, now costs Rs 110. He said, “After the industrialists started selling sugar at higher prices, we also fixed the price according to our own cost.” </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Agarwal, general secretary of the association, claimed that the price naturally went up as the cost surged along with the transportation fare. Last Thursday, the Commerce, Supplies and Consumer Protection Department had called traders, industrialists and stakeholders and sought clarification on the reason for the rise in sugar prices.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-06-20', 'modified' => '2022-06-20', 'keywords' => '', 'description' => '', 'sortorder' => '15213', 'image' => '20220620013810_sugar.jpg', 'article_date' => '2022-06-20 13:37:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15470', 'article_category_id' => '1', 'title' => 'CAAN Enforces Night-Stop Parking for Planes citing Insufficient Space at TIA ', 'sub_title' => '', 'summary' => 'June 20: The Civil Aviation Authority of Nepal (CAAN) has unveiled a mandatory provision for the night-stop parking for 34 aircrafts including 14 helicopters citing lack of sufficient space at the Tribhuvan International Airport (TIA). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 20: The Civil Aviation Authority of Nepal (CAAN) has unveiled a mandatory provision for the night-stop parking for 34 aircrafts including 14 helicopters citing lack of sufficient space at the Tribhuvan International Airport (TIA). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A meeting of the CAAN on Sunday took a decision to send 14 helicopters and 20 planes belonging to nine airlines companies out of Kathmandu for the night-stop parking, CAAN Spokesperson Jagannath Niraula said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to CAAN's Director General Pradip Adhikari, the decision will come into effect from June 21 for helicopters and from June 27 for planes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Adhikari argued that the mandatory provision for the planes and helicopter to go out of Kathmandu was taken as per the policy to ensure aviation safety in Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the VVIPs in the country will not be allowed to travel in chartered helicopter managed by a single pilot. </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"">"Now onwards, provision of two pilots for chartered helicopter is mandatory to carry the VVIPs and all the helicopter companies would be written to this issue," Adhikari shared. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-06-20', 'modified' => '2022-06-20', 'keywords' => '', 'description' => '', 'sortorder' => '15212', 'image' => '20220620081730_20220405110412_Simokot-Airport-in-Humla.jpg', 'article_date' => '2022-06-20 08:17:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15469', 'article_category_id' => '1', 'title' => 'Fuel Prices Skyrocketing in Nepal', 'sub_title' => 'NOC increases price of petrol by Rs 21 per litre', 'summary' => 'June 20: The prices of petroleum products have been skyrocketing in the market in recent weeks. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Cambria","serif"">June 20: The prices of petroleum products have been skyrocketing in the market in recent weeks. In its latest move, Nepal Oil Corporation (NOC) has increased the prices of petroleum products by a big margin. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Cambria","serif"">A board meeting of NOC on Sunday decided to increase the prices of petroleum products by such a huge margin. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Cambria","serif"">As per the decision, the state-owned oil monopoly has increased the price of petrol by Rs 21 per litre and the prices of diesel and kerosene by Rs 27 per litre.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Cambria","serif"">The new price has come into effect from Monday (June 20).</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Cambria","serif"">With the increment, the price of petrol will now cost Rs 199 per litre for the general public while diesel and kerosene will cost Rs 192 per litre.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Cambria","serif"">NOC has also increased the price of aviation turbine fuel (ATF) for domestic flights by Rs 19 per litre. ATF will now cost Rs 185 per litre.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Cambria","serif"">The price of cooking gas remains unchanged at Rs 1800 per cylinder. </span></span></span></p> ', 'published' => true, 'created' => '2022-06-20', 'modified' => '2022-06-20', 'keywords' => '', 'description' => '', 'sortorder' => '15211', 'image' => '20220620080407_845791-fuel-istock-070819.jpg', 'article_date' => '2022-06-20 08:03:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15468', 'article_category_id' => '1', 'title' => 'Province 1 Government to Provide Subsidy on Milk in Farmers’ Account', 'sub_title' => '', 'summary' => 'June 19: The state government of Province 1 has made an arrangement to provide cash subsidy at the rate of Rs 2 per liter to the farmers who produce milk', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">June 19: The state government of Province 1 has made an arrangement to provide cash subsidy at the rate of Rs 2 per liter to the farmers who produce milk. The Province 1 government announced this in the budget for the upcoming fiscal year (FY2022/23).</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Minister for Economic Affairs and Planning Indra Bahadur Angbo of Province 1 said at a press conference that the subsidy will be provided at the rate of Rs 2 per litre of milk. The government has made an attempt to give subsidies directly to the farmers on the basis of production. Such a decision was taken after receiving complaints that the previous arrangement of subsidy was not fruitful and the real farmers did not get it. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Minister Angbo claims that there will be no problem in resource management as the grants given by the federal government and the internal revenue of the state will increase and there will be savings.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">He added that the budget was prepared in line with the 15th National Plan and the first periodical plan of the state. "Besides, the new basis of the current budget is the minimum common program of the five-party alliance. The new plan has been included on the same basis," he said. He clarified that additional plans will be implemented only after the completion of 66 projects. He says this will not create new obligations in the budget.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Stating that revenue collection could not be increased due to Covid-19, he informed that some tax rates have been increased this time. Minister Angbo said that the state government was ready to upgrade the Biratnagar airport to a regional level but the state alone could not afford it as a large amount of money was needed to compensate the locals for acquiring their land. He said that there is no need for the states to fund this program as the federal government has not forwarded it. "After the federal tourism ministry raised the issue that the airport could not be made of international standard by paying so much compensation, the state should not have spent any budget," he said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Minister Angbo said the federal government had proposed to make it state-level as it could not meet the standards of the international airport and the cost of land acquisition was too high. He said that the state government has proposed to arrange flights to neighboring Bhutan, Bangladesh, India, Andra Pradesh, and hill districts.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-06-19', 'modified' => '2022-06-20', 'keywords' => '', 'description' => '', 'sortorder' => '15210', 'image' => '20220619065816_milk.jpg', 'article_date' => '2022-06-19 18:57:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15467', 'article_category_id' => '1', 'title' => 'Production and Sales of Red Mushroom begins in Kathmandu', 'sub_title' => '', 'summary' => 'June 19: Commercial production and sale of ganoderma, a red mushroom with multi-medicinal value, has started in Kathmandu. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 19: Commercial production and sale of ganoderma, a red mushroom with multi-medicinal value, has started in Kathmandu. The mushroom costs Rs 20,000 per kg. The mushroom, which is produced by Bhairav Mushroom Industries Pvt Ltd in Tansen is sold and distributed in the market by Balaju-based Gurans Khadya Udhyog.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Ganoderma is a fungus with medicinal properties. Its consumption is believed to increase immunity. Due to its enhancing effects on health and life expectancy, the mushroom has been widely used for medicinal purpose. Chairman of Bhairav Mushroom Industry Keshav Bahadur Karki informed that the red mushroom is produced in a modern lab to be sold in the market.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">“Because of the medicinal properties of this mushroom, it is believed that its consumption can cure even deadly diseases like cancer and HIV, so it is sold at a high price,” said Karki. </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 him, this mushroom is also found in the forests of Nepal. Although it costs up to Rs 20,000 per kg when sold dry, now it is available at Rs 10,000 to Rs 15,000 per kg when sold fresh due to the ease in production with the development of technology.</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 red mushroom is shaped like a spread fan. This mushroom is not as soft and sweet as other species of mushrooms. It is as hard as wood and tastes bitter, so it cannot be consumed by cooking like other mushrooms. Thus, as an alternative, it can be dried and boiled in water to consume the juice as tea.</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 red mushroom contains medicinal elements such as polysaccharides, organic germanium and amino acids. It also constitutes of protein, vitamins, minerals, micronutrients, and other nutrients. These elements reportedly increase the resistance in our body and strengthen the immune system. It is believed that consumption of this mushroom also benefits patients suffering from various diseases. Due to its medicinal and nutritional value, the use of this fungus is said to be increasing all over the world.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-19', 'modified' => '2022-06-19', 'keywords' => 'Production, sale, Kathmandu, red mushroom, medicinal value, cancer, HIV, disease, life expectancy', 'description' => '', 'sortorder' => '15209', 'image' => '20220619060119_istockphoto-503078154-612x612.jpg', 'article_date' => '2022-06-19 17:59:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15466', 'article_category_id' => '1', 'title' => 'Industrialists in the Bara-Parsa corridor seek support from the ministry ', 'sub_title' => '', 'summary' => 'June 19: Industries of Bara-Parsa Industrial Corridor have appealed to the Ministry of Energy, Water Resources and Irrigation to solve the issue of power supply. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 19: Industries of Bara-Parsa Industrial Corridor have appealed to the Ministry of Energy, Water Resources and Irrigation to solve the issue of power supply. The industrialists have appealed to the ministry after the power supply to the industries in the corridor was disrupted for the past two months. </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 Birgunj Chamber of Commerce and Industry (BCCI) has written a letter to the ministry informing that the quality of electricity being supplied to the industries in the corridor has deteriorated. BCCI claims that NEA is providing low-quality electricity to the 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 BCCI, industries in the corridor are supplied electricity from the 66 kV transmission line and Himal feeders in Parwanipur. According to the industrialists, the supply from these feeders is problematic due to tripping up to 8/10 times a day and power outages for 4 to 5 times.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Even though Nepal is becoming self-reliant in power generation, the problem seen in the main industrial corridor for some time has made the industrialists worried.</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, the Bara-Parsa corridor has suffered the most due to irregular power supply,”said Anil Kumar Agrawal, senior vice-president of the BCCI.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">“There are 200 large and 2,000 small and medium enterprises in the corridor. All of them are facing energy problems at present,” said Madhav Rajpal, vice-president of the BCCI. "Regular supply of quality electricity is essential for the operation of the industry. It's unthinkable to run the industries without electricity, Rajpal shared.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">BCCI has also sent separate letters to the executive director of Nepal Electricity Authority and the head of Birgunj Distribution Center, requesting them to solve the problem, said Hari Gautam, vice president of BCCI.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Chief of the Birgunj Distribution Center of NEA Jitendra Kumar Jha said that such a problem arises due to higher demand than supply in industrial feeders. However, Gautam claimed that the infrastructure of this corridor has not been upgraded in the last 25-30 years.</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 the same time, more power-consuming industries, such as iron and cement industries, have been added. However, the supply is running on the old structure. NEA should immediately improve the capacity of the transmission line, Gautam suggested. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">In the meantime, Jha shared that the problem can be removed after upgrading the transmission line. He also informed New Business Age that the work of upgrading the transmission line is underway. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Some industrialists have said that there should be a phase-wise agitation against NEA if there is such a problem in supply.</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 the BCCI, the industries have been facing problems such as sudden power outages, voltage fluctuations, deterioration of equipment of the industry, waste of raw materials and deterioration in quality.</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 industrialists have complained that the NEA takes weeks to repair the poles and wires damaged by storms causing a halt in the production. The industrialists have complained that the local office of NEA is not serious about the speedy solution to these problems.</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> </p> <p> </p> ', 'published' => true, 'created' => '2022-06-19', 'modified' => '2022-06-19', 'keywords' => '', 'description' => '', 'sortorder' => '15208', 'image' => '20220619013939_Industries.jpg', 'article_date' => '2022-06-19 13:38:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15465', 'article_category_id' => '1', 'title' => 'Footwear Industry of Nepal in Crisis due to Smuggling and Dumping from Neighbouring Countries', 'sub_title' => '', 'summary' => 'June 19: Nepal’s footwear industry, which is striving to become self-reliant, has complained of being hard hit by the illegal import and smuggling of footwear from India and China.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">June 19: Nepal’s footwear industry, which is striving to become self-reliant, has complained of being hard hit by the illegal import and smuggling of footwear from India and China. The footwear industry of Nepal had been meeting 65 percent of the internal demand. However, they say that they have been forced to downsize the production due to smuggling of goods from across the border.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The industrialists say that Nepal’s renowned brands are operating at 20 percent of their capacity at present. Relatively new industries are also operating at 50 to 60 percent of their capacity. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although the government has announced cash subsidy of 8 percent for the export of shoes and slippers, the industries are skeptical about the implementation of such provision. They complained that the smuggling of footwear has increased excessively in the last three to four years.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Vidushi Rana, executive director (branding and marketing) of Kiran Shoes Manufacturer, the producer of Nepal’s renowned Goldstar brand shoes, says that the industry is facing lots of problems at present. She said that the Goldstar company used to operate round the clock and export 70 percent of its products to foreign countries. But now, it operates only for 6 hours a days, said Rana.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We are currently operating at 20 percent of our full capacity. The market has been affected by smuggling and dumping of goods,” said Rana.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Rana claimed that Goldstar provides direct employment to 3,000 people at present. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“But it is not certain when we have to downsize the number of employees between 500 to 1000,” she added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We are struggling to compete in the market due to the smuggled goods. It has also caused us problems in repaying bank loans.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Rana complained that the government has failed to promote production-oriented industries even when economy is in crisis due to the import-oriented policy of the government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">High cost of production is the main challenge faced by the domestic industries of Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Goods come from India and China through illegal channels at low cost. There is a trend of paying revenue for a pair of shoes while importing ten pairs.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Rana suggests that the smuggling of footwear can be controlled to some extent if it is categorized into three HS codes. She said that low-quality shoes of world-renowned brands such as Adidas and Nike are entering Nepal from China while those entering Nepal from India make their way through illegal channel. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Industrialists say that China has been dumping low quality goods while majority of shoes entering Nepal from India are smuggled.</span></span></p> ', 'published' => true, 'created' => '2022-06-19', 'modified' => '2022-06-19', 'keywords' => '', 'description' => '', 'sortorder' => '15207', 'image' => '20220619011616_shoe goldstar - Copy.jpg', 'article_date' => '2022-06-19 13:15:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15464', 'article_category_id' => '1', 'title' => 'Fraudulent Activities in the Name of Foreign Employment Rising', 'sub_title' => '', 'summary' => 'June 17: The number of people complaining of being cheated in the name of foreign employment is on the rise.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 17: The number of people complaining of being cheated in the name of foreign employment is on the rise. As the number of complaints lodged with the Department of Foreign Employment (DFE) has increased along with the claims of swindling of large amount of money, there is a confusion as to whether the claimants have been really cheated or other incidents are linked to foreign employment.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Director General of the Department, Shesh Narayan Poudel, says that people have been filing such complaints even in cases related to normal transactions and personal dispute. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">There is a provision in the Foreign Employment Act 2064 that if the victim is found to have been cheated in the name of foreign employment, the victim will get compensation by adding 50 percent to the amount cheated.</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 the concerned officials, the number of complaints lodged with the department has increased due to the greed of getting more compensation if the victims are able to prove that the transaction is related to foreign employment. Director General Poudel said that the problem of foreign employment fraud is becoming more and more complicated due to fake claims. He said, “It is not difficult to solve the problem of the genuine victims. But it is difficult to settle fake claims.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Examining the complaints received by the department in the last six years, it is clear that around Rs 5 billion has been swindled. Compensation of around Rs 820 million has been paid in the last six fiscal years. During this period, more than 9,000 complaints of fraud were registered, as per the information of department. Some even file complaints at the police, local level, and district administration offices.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Fraud cases in the name of foreign employment were registered even during the Covid-19 pandemic, when the number of people going for foreign employment during the period was very low. An employee of the department said, “Most of the complaints lodged with the department are against brokers and manpower companies. We have been found people filing cases in the name of foreign employment fraud even in cases of normal transactions.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Kamal Karki of Ramechhap who handed over Rs 500,000 to a broker to go abroad said, “Making a complaint does not earn money. Evidence is needed to prove fraud.”</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 the stakeholders, brokers have been running fraudulent business by showing the temptation of developed countries in recent times to the people. An employee of the department said, “There are lots of cheating cases by tempting them to go to Europe, America and Australia.” </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Director General Poudel says that research and investigation is required to reduce fraudulent activities in the name of foreign employment. He said, “At the moment, not only the employees of the department but also the police are insisting on taking action against the swindlers.” </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">He said that cases of educational consultancies being established by swindlers to cheat unsuspecting people is rising in recent days.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"> “A lot of people are coming in with complaints of fraud. It is really difficult to differentiate between real and fake claims,” Added Poudel.</span></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' => '2022-06-19', 'modified' => '2022-06-19', 'keywords' => '', 'description' => '', 'sortorder' => '15206', 'image' => '20220619121925_foreign emp.jpg', 'article_date' => '2022-06-19 12:18:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15463', 'article_category_id' => '1', 'title' => 'Farmers Seize Chemical Fertiliser in Dhading ', 'sub_title' => '', 'summary' => 'June 19: As the farmers are grappling with the crisis of chemical fertiliser across the country, a large number of farmers on Saturday seized two trucks of urea at Dharke of Dhunibensi Municipality-6 in Dhading district.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">June 19: As the farmers are grappling with the crisis of chemical fertiliser across the country, a large number of farmers on Saturday seized two trucks of urea at Dharke of Dhunibensi Municipality-6 in Dhading district. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The truck-loads of fertiliser is learnt to have been imported from the Indian market by evading customs duty. The fertilizer was taken under control by the officials of the Inland Revenue Department and security personnel after it was found to be imported illegally. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">After the local traders informed the farmers about the fertiliser, some 500 farmers flocked to the highway and grabbed some 500 sacks of urea, taking it away to their homes.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">However, the Armed Police Force (APF) personnel managed to save some sacks of fertiliser and kept them in Area Police Office, Khanikhola. <br /> Likewise, police personnel charged batons to disperse the locals who had thronged the highway to seize the urea. --RSS</span></span></span></span></p> ', 'published' => true, 'created' => '2022-06-19', 'modified' => '2022-06-19', 'keywords' => '', 'description' => '', 'sortorder' => '15205', 'image' => '20220619081027_20220613113728_Fertilizer.jpg', 'article_date' => '2022-06-19 08:09:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15462', 'article_category_id' => '1', 'title' => 'World Bank Extends Support to Nepal’s Digital Transformation', 'sub_title' => 'One Million People to Be Connected to Broadband as Part of Digital Nepal Acceleration Project', 'summary' => 'June 17: The World Bank’s Board of Executive Directors on Thursday approved $140 million for the Digital Nepal Acceleration (DNA) Project to expand access to broadband and engage more people in the digital economy, the World Bank said in a press statement.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">June 17: The World Bank’s Board of Executive Directors on Thursday approved $140 million for the Digital Nepal Acceleration (DNA) Project to expand access to broadband and engage more people in the digital economy, the World Bank said in a press statement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Countries that embrace a digital transformation can accelerate their transition to green, resilient, and inclusive development,” said Faris Hadad-Zervos, World Bank’s country director for the Maldives, Nepal, and Sri Lanka. “The World Bank is proud to support Nepal’s goal to promote an inclusive and secure digital economy that will connect people and businesses to information, services, and markets.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The project will support the implementation of the Digital Nepal Framework, the country’s digital economy strategy that was announced by the Government in 2019. According to the World Bank, the project will improve access to high-quality and affordable broadband services, especially for people and businesses in rural areas.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It will also support and secure the delivery of digital government services through improvements in Nepal’s data infrastructure and cyber security, the statement further said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Specific activities will seek to boost internet use, digital skills and entrepreneurship, and access to digital services by women, ethnic and social minorities, and persons with disabilities. The project will also create better job opportunities for about 1,500 people by providing digital skills development training, the World Bank said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The first World Bank-financed project in Nepal was for a telecommunications project in 1969. The DNA Project represents an evolution in Nepal’s economic growth story by investing in high-speed broadband connectivity and in digital skills and services that will position the country, its people and its businesses to be more competitive and integrated into the global digital economy,” the statement quoted Siddhartha Raja, World Bank’s task team leader for the project as saying.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The DNA project is financed by the World Bank’s International Development Association (IDA).</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-17', 'modified' => '2022-06-17', 'keywords' => '', 'description' => '', 'sortorder' => '15204', 'image' => '20220617054717_Untitled.jpg', 'article_date' => '2022-06-17 17:46:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15461', 'article_category_id' => '1', 'title' => 'Banks Intensifying Merger Process', 'sub_title' => '', 'summary' => 'June 17: Due to the competition in market and central bank’s policy, a wave of mergers has started among commercial banks.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">June 17: Due to the competition in market and central bank’s policy, a wave of mergers has started among commercial banks.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Less than a week after the merger agreement was signed between Nepal Investment Bank and Mega Bank, a preliminary agreement has been reached between Global IME Bank and Bank of Kathmandu. Nabil Bank has reached the final stage of acquiring Nepal Bangladesh Bank.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Although half a dozen commercial banks have formally entered into the merger process, all other commercial banks except government-owned Agriculture Development, Rastriya Banijya and Nepal Bank have intensified informal discussions with each other for merger.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In a meeting with the chairmen and directors of the banks three weeks ago, Nepal Rastra Bank’s Governor Maha Prasad Adhikari had hinted that the merger policy is about to change and that the discounts and other facilities being provided for at present will not be available from the next fiscal year. Less than two weeks after the governor gave such information, four banks have reached understanding for merger.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">"Following the market conditions and the governor's directive, all banks are under pressure to merge," said Bhoj Bahadur Shah, chairman of Mega Bank and senior vice-chairman of the Confederation of Banks and Financial Institutions of Nepal.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Similarly, high-ranking officials including the Deputy Governor of NRB had informed in a meeting with the Chief Executive Officers (CEOs) of the commercial banks on Tuesday that only the banks that sign the agreement within this month will get facilities. The government has also removed the provision of tax waiver for the merger of banks and financial institutions in next year's budget. Banks are under pressure to merge after the central bank of Nepal said that the discounts and concessions will not be continued in the upcoming monetary policy.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Banks are under pressure as they have not been able to meet even the CD ratio set by the central bank due to lack of liquidity since the beginning of the current financial year. Banks are also under pressure to merge as returns from investment are declining due to intense competition.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In order to reduce the number of banks and financial institutions, NRB had issued regulations regarding merger of banks and financial institutions in 2068 BS. Since then, 241 banks and financial institutions have joined the merger / acquisition process, 177 licenses have been revoked and the number of BFIs has dropped to 64.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">After increasing the paid-up capital of banks and financial institutions by 4 times in 2072 BS, the number of development banks and finance companies decreased but the number of commercial banks did not decrease. Additionally, stakeholders had suggested in a recent study conducted by NRB that it would be appropriate to reduce the number of commercial banks to 15.</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 government and NRB have been giving tax concessions to the merging banks, cooling off period, investment in the priority sector and so on.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-17', 'modified' => '2022-06-17', 'keywords' => '', 'description' => '', 'sortorder' => '15203', 'image' => '20220617045313_Pro_Ktm_GIBL_BOK.jpg', 'article_date' => '2022-06-17 16:52:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15460', 'article_category_id' => '1', 'title' => 'Insurance Development Fund in the Offing', 'sub_title' => '', 'summary' => 'June 17: There are indications that the insurance bill will be finalized four years after it was registered in the House of Representatives.', 'content' => '<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"">June 17: There are indications that the insurance bill will be finalized four years after it was registered in the House of Representatives. Due to controversy, the bill was stalled in the Finance Committee of the Federal Parliament for a long time.</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 Finance Committee on Thursday decided to resolve the dispute and pass the insurance bill and submit it to the National Assembly for approval. Along with this, there are indications that a new insurance act will come into operation soon.</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"">Currently, the Insurance Act of 2049 BS is in force in Nepal. Since it did not address the new dimension of the insurance sector, the process of bringing a new act was initiated. The bill to amend and consolidate the law related to insurance was registered in the House of Representatives on July 11, 2018. It is also the oldest bill under consideration in parliament. </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"">Now the insurance bill will be discussed in the National Assembly. After the National Assembly passes the bill, it will be introduced in the House of Representatives. The bill will be finalized after it is passed by the House of Representatives. It will be implemented after it is published in the Nepal Gazette. The government is preparing to issue a new insurance act within this month.</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 new insurance bill has proposed making the Insurance Board the insurance authority. The Finance Committee has accepted the provision. In addition, the new bill also has a provision to establish insurance development fund under the same authority. The Finance Committee meeting held on Thursday has approved the provisions in the bill.</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"">Rajuraman Poudel, executive director of the Insurance Board, said that the provision has been added for the purpose of providing subsidy in insurance premium to the low-income people as well as those below the poverty line.</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"">“After the new Act comes into force, we will make the fund systematic by making rules and procedures,” he said.</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"">One third (33.33 percent) of the regulation fee being paid by the insurance companies to the Insurance Board (proposed authority) will be kept in the insurance development fund. At present, the insurance companies are paying 1 percent of the premium to the board as regulation fee. In the new bill, it has been reduced to zero point 75 percent. Poudel said that one third of the same regulatory fee will be kept in the development fund.</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"">He said that the introduction of new insurance act was a great achievement. "We are still operating under an age-old Act," he said. </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"">“Since the old act did not address the new dimensions of insurance sector, an attempt was made to bring a new act. However, for a long time, it was stalled in the various processes of the parliament,” Pooudel shared with New Business Age. </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"">With the new act, the insurance sector will be more organized and stronger, he further added.</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 government is bringing national insurance policy for the first time with the aim of developing the insurance sector of the country according to the international standard. The government had announced to bring a national insurance policy in the upcoming budget. Stakeholders including the Prime Minister's Office, Ministry of Finance and Insurance Board have taken initiative to implement it.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-06-17', 'modified' => '2022-06-17', 'keywords' => '', 'description' => '', 'sortorder' => '15202', 'image' => '20220617041258_Insurance.jpg', 'article_date' => '2022-06-17 16:12:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
