The Nepal Stock Exchange (NEPSE) index witnessed a minimal loss of 1.93 points, or 0.09%, closing at 2,077.78 on the last trading day of the week on…
The Nepal Stock Exchange (NEPSE) index witnessed a minimal loss of 1.93 points, or 0.09%, closing at 2,077.78 on the last trading day of the week on…
KATHMANDU: The Computer Association of Nepal Federation (CAN Federation) has urged the government to reconsider the excise duty imposed on laptops in the budget for the fiscal year…
KATHMANDU: The Auditor General's report has highlighted that despite the government's arrangements for importing and selling gold through commercial banks, a significant amount of gold is being supplied to the market via informal…
PARIS: The world has never had so many rich people and their investments in soaring stock markets have made them wealthier than ever recorded, according to a study published on…
KATHMANDU: Nepali Congress MP Gagan Kumar Thapa has remarked that there is no basis for the government to achieve the 6 percent economic growth rate projected in the budget statement presented by Finance Minister Barshaman Pun for the next fiscal year (FY)…
KATHMANDU: The government has prepared a five-year strategy to enhance measures against money laundering. The Asset Laundering Steering Committee, chaired by the Finance Minister, approved the draft strategy with amendments during its first meeting on…
KATHMANDU: Samsung Nepal has announced a price drop for several of its smartphone models.…
KATHMANDU: A new state-of-the-art artificial intelligence system that can analyse the significant amount of data needed to identify when landslide is about to take place is being installed in the landslide-prone regions of the…
KATHMANDU: The Nepalese Army has collected 11 metric tons of garbage, four dead bodies and one human skeleton from different mountains.…
KATHMANDU: Experts have warned that recent changes to the Income Tax Act may increase the risk of evasion of capital gains…
KATHMANDU: President Ramchandra Paudel has appealed to the global community to secure future of upcoming generation by mitigating negative impacts of climate…
The Nepal Stock Exchange (NEPSE) index shed a minimal 5.58 points, or 0.26%, to close at 2,079.71 on Wednesday, the fourth trading day of the…
Birgunj/Biratnagar: Nepal Electricity Authority (NEA) has started exporting electricity to India from May 27.…
KATHMANDU: The 900 megawatt capacity Arun-III hydropower project under construction with Indian investment in Sankhuwasabha district has achieved a breakthrough of its main…
KATHMANDU: The Government of Nepal has reiterated its commitment to conclude the projects under the MCC within the deadline.…
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A total of 8,813,374 units of shares changed hands, resulting in a total turnover of Rs. 4.38 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">NRN Development and Infrastructure Limited (NRN) led the turnover amount with a total transaction of Rs. 18 crore. Emerging Nepal Limited (ENL) and Mid Solu Hydropower Limited (MSHL) each gained 10% and hit the positive circuit for the day. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Conversely, Mai Khola Hydropower Limited (MKHL) faced the highest loss at 6.40%, closing at a market price of Rs. 468 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sector indices, a majority of sectors closed in negative territory, while the rest closed in the positive zone. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Banking Subindex, Development Bank Index, Finance Index, Life Insurance Index, Manufacturing and Processing Index, Mutual Fund, Non-Life Insurance, and Others Index closed in negative territory.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Trading Index saw the highest gain at 1.96%, while the Finance Index lost the most at 2.08%.</span></span></p> ', 'published' => true, 'created' => '2024-06-06', 'modified' => '2024-06-06', 'keywords' => '', 'description' => '', 'sortorder' => '20927', 'image' => '20240606032218_collage (23).jpg', 'article_date' => '2024-06-06 15:20:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 1 => array( 'Article' => array( 'id' => '21199', 'article_category_id' => '1', 'title' => 'CAN Federation Requests Government to Reconsider 5% Excise Duty on Laptops', 'sub_title' => '', 'summary' => 'KATHMANDU: The Computer Association of Nepal Federation (CAN Federation) has urged the government to reconsider the excise duty imposed on laptops in the budget for the fiscal year 2081/82.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: The Computer Association of Nepal Federation (CAN Federation) has urged the government to reconsider the excise duty imposed on laptops in the budget for the fiscal year 2081/82. During a meeting held on Tuesday, the federation requested the government to reevaluate the 5 percent excise duty on laptops.</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:"Times New Roman","serif"">CAN Federation President Ranjit Podar stated that this tax hike would raise laptop prices in Nepal, negatively impacting various sectors, including ICT.</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:"Times New Roman","serif"">"Excise duty, typically imposed on items harmful to human health, has now been applied to laptops and notebooks. We urge the government to reconsider this as these devices are crucial for the development of information technology," 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:"Times New Roman","serif"">He also mentioned that increasing the excise duty on laptops contradicts the government's new programs for the information technology sector, giving the wrong message.</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:"Times New Roman","serif"">"If a laptop costs Rs 100,000, the VAT is Rs 13,000. With the additional five percent excise duty, the total price will be Rs 118,000," CAN President Podar explained. "Consumers will be the most affected, and this move will likely promote the grey market for laptops, leading to further market disorder."</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:"Times New Roman","serif"">President Podar highlighted that the lower prices in the grey market discourage official distributors, further complicating the issue. "Therefore, the government must reconsider this step," he emphasized.</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:"Times New Roman","serif"">Similarly, CAN Federation General Secretary Chiranjeevi Adhikari expressed concerns that this policy will directly impact various sectors, including education, health, tourism, finance, IT, and hospitals. He added that to foster a technology-friendly society, it is essential to have incentive policies for importing crucial devices like laptops.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-06', 'modified' => '2024-06-06', 'keywords' => '', 'description' => '', 'sortorder' => '20926', 'image' => '20240606121904_best-laptop-brands-20230420-3-medium.jpg', 'article_date' => '2024-06-06 12:18:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21198', 'article_category_id' => '1', 'title' => 'What is the Source of 67 Percent of Gold in the Market?', 'sub_title' => '', 'summary' => 'KATHMANDU: The Auditor General's report has highlighted that despite the government's arrangements for importing and selling gold through commercial banks, a significant amount of gold is being supplied to the market via informal channels.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: The Auditor General's report has highlighted that despite the government's arrangements for importing and selling gold through commercial banks, a significant amount of gold is being supplied to the market via informal channels. The recently published 61st annual report of the Office of the Auditor General mentions that only 13% of the annual gold traded by dealers in New Road is sourced from banks.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The report states that an additional 20% of gold is supplied through mutual buying and selling, while 67% is purchased from individuals. However, the Auditor General’s report has criticized businessmen for not using banking channels for these purchases.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, the report of the Auditor General points out that transactions between three gold traders in Nepalgunj revealed that 61 to 83 percent of their total gold purchases were made within the same family.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although the government has been controlling gold imports by setting quotas, the report indicates that a large amount of gold is entering the market through informal channels. Traders claim that the high influx of gold through informal channels is due to the government's failure to set import quotas according to market demand.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"Currently, there is a daily demand for 30 kg of gold in the domestic market of Nepal," said Mani Ratna Shakya, former president of the Federation of Nepal Gold and Silver Dealers Association. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepalis returning from abroad can import up to 50 grams of gold. This policy aims to discourage the import of raw gold.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Shakya asserts that a significant amount of gold is brought into the country daily under the facilities provided by the government. However, the Department of Customs has not recorded the amount of gold imported under this facility provided to the individual travellers.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, Nepal Rastra Bank has allowed commercial banks to import 20 kg of gold per day. Until last October, the import quota was only 10 kg per day.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In 2011, the government tasked the Nepal Rastra Bank with importing and selling gold after excessive imports affected foreign currency reserves and exchange rates. Subsequently, the central bank issued the Gold Import and Sale Distribution Procedure, 2011 (2068 BS), granting import rights exclusively to commercial banks.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Banks have also set quotas for the sale of imported gold. According to these quotas, 50 percent of the imports must be sold in the eight districts of the former Bagmati zone, with the remaining 50 percent must be sold in other districts. From the quota allocated for Bagmati zone, 50 percent is reserved for the Federation of Nepal Gold and Silver Dealers Association, 40 percent for the Nepal Gold and Silver Gems and Jewellery Federation, and 10 percent for the Federation of Handicraft Association of Nepal. The procedure stipulates that businessmen should sell the gold received from banks only by making jewelry.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the date of the Department of Customs, 2,350 kg of gold worth Rs 20.76 billion has been imported as of mid-May of the current fiscal year. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-06', 'modified' => '2024-06-06', 'keywords' => '', 'description' => '', 'sortorder' => '20925', 'image' => '20240606121817_cd5483b7.jpeg', 'article_date' => '2024-06-06 12:16:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21196', 'article_category_id' => '1', 'title' => 'World's Richest have Never Been so Wealthy: Study', 'sub_title' => '', 'summary' => 'PARIS: The world has never had so many rich people and their investments in soaring stock markets have made them wealthier than ever recorded, according to a study published on Wednesday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">PARIS: The world has never had so many rich people and their investments in soaring stock markets have made them wealthier than ever recorded, according to a study published on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The number of "high net worth individuals" (HNWI) -- defined as people with liquid assets of at least $1 million -- rose by 5.1 percent last year to 22.8 million, according to consulting firm Capgemini.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Their total wealth reached $86.8 trillion in 2023, a 4.7 percent increase from the previous year, according to the annual World Wealth Report.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The number of HNWI and their total wealth are the highest since Capgemini began the annual study in 1997.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Their fortunes have risen as stock markets have surged: New York's tech-heavy Nasdaq soared 43 percent in 2023 while the broad-based S&P 500 gained 24 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Paris CAC 40 grew 16 percent while the Frankfurt DAX advanced by 20 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The number of HNWI and their wealth had each fallen by more than three percent in 2022, a year of macroeconomic uncertainty and geopolitical tensions, the report said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The decline in their wealth was the steepest in a decade as equities fell.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"However, 2023 brought economic growth and improved fortunes for major investment sectors to reverse the falloff," the report said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Despite ongoing interest rate uncertainty and rising bond yields, equities surged along with the tech market, fueled by enthusiasm for generative AI and its potential impact on the economy."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Rising wealth and inequality in the world have fuelled debates on making the rich pay their fair share of taxes.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Brazil and France have pressed fellow G20 countries to set a global minimum tax on the world's wealthiest people. – AFP/RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-06', 'modified' => '2024-06-06', 'keywords' => '', 'description' => '', 'sortorder' => '20924', 'image' => '20240606113118_Interest-Rate-Savings_187ec48414f_medium.jpg', 'article_date' => '2024-06-06 11:29:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21197', 'article_category_id' => '1', 'title' => 'No Basis for 6 Percent Economic Growth Rate: MP Thapa', 'sub_title' => '', 'summary' => 'KATHMANDU: Nepali Congress MP Gagan Kumar Thapa has remarked that there is no basis for the government to achieve the 6 percent economic growth rate projected in the budget statement presented by Finance Minister Barshaman Pun for the next fiscal year (FY) 2081/82.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">KATHMANDU: Nepali Congress MP Gagan Kumar Thapa has remarked that there is no basis for the government to achieve the 6 percent economic growth rate projected in the budget statement presented by Finance Minister Barshaman Pun for the next fiscal year (FY) 2081/82. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">During a recent meeting of the House of Representatives, Thapa questioned the basis for achieving the 6 percent economic growth.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"Economic growth is projected to be 6 percent in the coming year. However, when some development partner agencies are projecting an economic growth rate of only 4 percent, on what basis has Finance Minister Pun set a target of 6 percent economic growth?" Thapa asked.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He highlighted the lack of demand in the market and the current economic crisis, suggesting these factors will challenge economic growth.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"Our expenses are increasing, middle-class people are being hit by high taxes, and money is piling up in banks due to the high taxes on new investments. There is an economic crisis. The goal of economic growth cannot be achieved by merely increasing the general tax rate," Thapa stated.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Thapa pointed out that many development projects remain incomplete due to insufficient investment in infrastructure development. He emphasized the importance of not only increasing spending but also ensuring quality in infrastructure construction.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"In the upcoming fiscal year, the government has allocated a budget of Rs 1.6 billion for the Sikta Irrigation Project even though the project has requested for Rs 3 billion. This project will take years to complete," he said. "The goal of the agricultural decade cannot be achieved by reducing investment in irrigation projects."</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-06', 'modified' => '2024-06-06', 'keywords' => '', 'description' => '', 'sortorder' => '20923', 'image' => '20240606120728_20240516080124_20240426010045_20220817123841_economic-growth.jpg', 'article_date' => '2024-06-06 12:06:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21194', 'article_category_id' => '1', 'title' => 'Govt Prepares Five-Year Strategy against Money Laundering', 'sub_title' => '', 'summary' => 'KATHMANDU: The government has prepared a five-year strategy to enhance measures against money laundering. The Asset Laundering Steering Committee, chaired by the Finance Minister, approved the draft strategy with amendments during its first meeting on Wednesday.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">KATHMANDU: The government has prepared a five-year strategy to enhance measures against money laundering. The Asset Laundering Steering Committee, chaired by the Finance Minister, approved the draft strategy with amendments during its first meeting on Wednesday. Once the Council of Ministers approves it, the strategy will be implemented.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">The meeting, chaired by Finance Minister Barsha Man Pun, included committee members Law Minister Padam Giri, Chief Secretary Baikunth Aryal, Nepal Rastra Bank’s Governor Maha Prasad Adhikari, Attorney General Dinmani Pokharel, Secretary of the Office of the Prime Minister and Council of Ministers, Leela Gartaula, and Revenue Secretary Dr Ram Prasad Ghimire.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">The strategy, titled "National Strategy and Action Plan on Prevention of Financial Investments in Money Laundering and Terrorist Activities," will be implemented in the current financial year 081/082.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">Mahesh Acharya, joint secretary and Head of the Economic Policy Analysis Division of the Ministry of Finance, stated that the strategy focuses on safeguarding the country's financial system and overall economy from the risks of financial crimes. It aims to curb financial crimes such as corruption, revenue evasion, money laundering, and cryptocurrency transactions. The strategy also addresses drug trafficking, organized crime, criminal activities, internal terrorism, fraud, theft, counterfeit currency trading, black market activities, smuggling, and crime control.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">Last year, the Asia Pacific Group (APG), in collaboration with the Financial Action Task Force (FATF) and the FTF, conducted a technical assessment of Nepal's money laundering situation. Following the APG's mutual evaluation report in September, 2023, recommendations were made to improve the technical, legal, policy, and structural aspects of Nepal's anti-money laundering efforts.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">Nepal, a member state of APG, has already amended the Prevention of Money Laundering Act based on recommendations from the FATF and APG. The APG delegation is scheduled to revisit Nepal in October for the next phase of their study. Both organizations have advised implementing and modifying the existing legal framework to better address money laundering concerns.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">The FATF has warned that if the current situation does not improve, Nepal risks being placed on the "grey list" for money laundering. Being on this list could damage the country's international reputation, reduce foreign aid, loans, and investments, complicate international banking transactions, decrease remittance flow, increase the hundi business, and potentially trigger an economic crisis.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">In the previous session of Parliament, the House of Representatives passed the Bill to Amend Some Laws Related to Prevention of Money Laundering and Promotion of Business Environment 2080. This bill amended and updated 19 different laws related to money laundering.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">These amendments included the Export Import (Control) Act 2013, Ship Registration Act 2027, Land Act 2034, Tourism Act 2035, Building Act 2055, Securities Act 2063, Nepal Rastra Bank Act 2058, Human Trafficking and Transportation (Control) Act 2064, Criminal Assets and Instruments (Seizure, Control and Confiscation) Act 2070, Mutual Legal Assistance Act 2070, Prevention of Organized Crime Act 2070, Electricity Regulatory Commission Act 2074, Cooperatives Act 2074, Foreign Investment and Technology Transfer Act 2075, Insurance Act 2079, Civil Crime Code 2074, and Civil Criminal Procedure Code 2074.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">The Act expands the police's jurisdiction in collecting information and prosecuting money laundering cases, regulates casinos, and includes money laundering as a criminal offense. It also encompasses electronic and digital transactions within the scope of money laundering. Section 7 (b) of the Act establishes a Steering Committee chaired by the finance minister.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">The Act empowers the Steering Committee to draft policies and programs related to money laundering, develop necessary mechanisms, and coordinate and monitor all agencies of the federal, state, and local governments. The committee can also take actions to enforce the Prevention of Money Laundering Act. Additionally, the committee will approve the National Risk Assessment Report on Money Laundering submitted by other committees and prepare an annual report on Money Laundering for the Council of Ministers.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-06', 'modified' => '2024-06-06', 'keywords' => 'money, laundering, Nepal, AML, terrorism', 'description' => '', 'sortorder' => '20922', 'image' => '20240606095240_20240605101057_20230910023832_20220712082812_20210901020646_Richest-Nepalese-–-List-of-Top-Richest-People-scaled.jpg', 'article_date' => '2024-06-06 09:51:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21195', 'article_category_id' => '1', 'title' => 'Samsung Nepal Lowers Prices of Smartphones, Offers EMI Facility at 0% Interest Rate', 'sub_title' => '', 'summary' => 'KATHMANDU: Samsung Nepal has announced a price drop for several of its smartphone models. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Arial,"sans-serif"">KATHMANDU: Samsung Nepal has announced a price drop for several of its smartphone models. Issuing a recent statement, the company said the Galaxy A25 5G, Galaxy M14 LTE, and Galaxy A05 are now available at “attractive prices” making these feature-rich smartphones even more accessible.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Arial,"sans-serif"">According to the company, it has slashed the price of Galaxy A25 5G by a maximum of Rs 2000 and that of Galaxy M14 LTE and Galaxy A05 by Rs 1000 each.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Arial,"sans-serif"">The statement added that the Galaxy A25 5G offers a 6.5-inch Super AMOLED display, a 50MP main camera with OIS and VDIS and a 13MP front camera. Powered by the Exynos 1280 processor and a 120Hz refresh rate, it ensures smooth performance. It also features a 5000mAh battery with super-fast charging, Samsung Knox security, and runs on Android 14-based One UI 6.0 and is now available for Rs 42,999 (256GB variant) and Rs 39,999 (128GB variant)</span></span></p> <p><span style="font-size:16px"><span style="font-family:Arial,"sans-serif"">Likewise, the Galaxy A05 and M14 LTE feature a 50MP primary camera supported by a 8MP and 13MP front camera respectively. Galaxy M14 LTE boasts the cutting-edge Qualcomm Snapdragon 680 processor, whereas the Galaxy A05 is powered by Mediatek Helio G85 processor to deliver unparalleled performance and enabling seamless multitasking, the company added. Meanwhile, both Galaxy A05 and M14 LTE boast a 6.7-inch screen offering an immersive viewing experience. Additionally, both devices are powered by a 5000mAh battery providing ample power for all-day use. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Arial,"sans-serif"">The Galaxy M14 LTE is now available at Rs 20,999 while the Galaxy A05 is available at 17,999</span></span></p> <p><span style="font-size:16px"><span style="font-family:Arial,"sans-serif"">The company further said that its customers can avail the Galaxy A25 5G and M14 LTE easily on EMI at 0% interest rate by presenting just the citizenship certificate through Samsung Insta Finance. This service is available at more than 500 authorized Samsung Retail Stores across the country, the statement added.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-06', 'modified' => '2024-06-06', 'keywords' => '', 'description' => '', 'sortorder' => '20921', 'image' => '20240606103513_blank eight by six.jpg', 'article_date' => '2024-06-06 10:34:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21193', 'article_category_id' => '1', 'title' => 'Landslide Forecasting System to Help Save Lives ', 'sub_title' => '', 'summary' => 'KATHMANDU: A new state-of-the-art artificial intelligence system that can analyse the significant amount of data needed to identify when landslide is about to take place is being installed in the landslide-prone regions of the country. ', 'content' => '<p><span style="font-size:16px">KATHMANDU: A new state-of-the-art artificial intelligence system that can analyse the significant amount of data needed to identify when landslide is about to take place is being installed in the landslide-prone regions of the country. <br /> Scientists from the University of Melbourne, Australia, Tribhuvan University and the University of Florence, Italy have teamed up with the Government of Nepal and Australia’s Department of Foreign Affairs and Trade to deliver the forecasting system. <br /> The forecasting system, called SAFE-RISCCS, continuously analyses satellite images of Earth taken by NASA, the European Space Agency and the Japan Aerospace Exploration Agency. Feeding SAFE-RISCCS forecasts’ into Landslide Early Warning Systems will protect people living in the shadow of landslides, ensuring alerts will be far more accurate, either days or even weeks in advance, says a media release issued by the University of Melbourne. <br /> Scientist at the University Professor Antoinette Tordesillas, who is leading the project, with the monsoons due in June, we are helping policymakers and risk managers better prepare for future monsoons when increasingly frequent and heavy rains are expected to trigger more devastating landslides. <br /> “Early warning systems are crucial because they give public officials more lead time to better plan, prepare and protect communities before the hazard strikes,” she said. Climate change and growing human activities pose a significant threat to communities in Nepal. Women, children, the elderly, and people with disabilities are especially vulnerable during disasters. <br /> The SAFE-RISCCS platform uses images from space, combined with a new open-access artificial intelligence tool invented at the University of Melbourne, to combine rain measurements and ever-changing ground motion data to continuously monitor and forecast the risk of a landslide at any one time in any one place. <br /> SAFE-RISCCS will be rolled out in two high-risk regions in partnership with Nepal’s National Disaster Risk Reduction and Management Authority (NDRRMA), as part of a new Landslide Early Warning System being developed in Nepal. <br /> Prof Basanta Adhikari from Tribhuvan University said continuous monitoring of deformations in the surface was vital in protecting the people of Nepal. <br /> “The increasing occurrences of landslides in the Himalayas, driven by the coupling effect of seismotectonic activities and climate change alongside human-made factors such as haphazard road construction, highlight the vulnerability of mountain communities,” Adhikari said. <br /> Professor Emanuele Intrieri from Florence University said raising people's awareness about the risk affecting the area they are living in remains the most cost-effective solution to reduce the exposure. <br /> “Nepal is only one of several regions in the Asia-Pacific at risk of worsening natural disasters associated with climate change. By improving early landslide prediction globally, we reduce the risk of catastrophic events and so protect human life, people’s livelihoods, critical infrastructure and the environment,” Professor Tordesillas said. -- RSS</span></p> ', 'published' => true, 'created' => '2024-06-06', 'modified' => '2024-06-06', 'keywords' => '', 'description' => '', 'sortorder' => '20920', 'image' => '20240606092300_20240605093819_Untitled.jpg', 'article_date' => '2024-06-06 09:21:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21190', 'article_category_id' => '1', 'title' => 'Nepalese Army removes 11 Metric Tons of Garbage from Mountains ', 'sub_title' => '', 'summary' => 'KATHMANDU: The Nepalese Army has collected 11 metric tons of garbage, four dead bodies and one human skeleton from different mountains. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The Nepalese Army has collected 11 metric tons of garbage, four dead bodies and one human skeleton from different mountains. The NA has been carrying out the clean-up of the major mountains in the country since 2019, under the title 'Mountain Clean-up Campaign’. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Assistant Director of National Parks and Wildlife Reserve Directorate, Sanjay Deuja, said that a total of 11,000 kilograms of garbage were collected from different places of Mount Everest, Lhotse and Nupse including 2,226 kilograms of biodegradable and 8,774 kilograms of non-biodegradable waste. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The biodegradable waste has been handed over to the Everest Pollution Control Committee in Namche area while the non-degradable waste has been brought to Kathmandu and handed over to a recycling company. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the NA, the human bodies and skeleton were handed over to the TU Teaching Hospital Maharajganj for disposal after necessary legal procedures. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The clean-up campaign was carried out for 55 days starting April 1. The cleaning team also successfully climbed Mount Everest. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">So far, 12 dead bodies and 180 metric tons of garbage have been collected from major mountains, including the highest peak Everest, during the five-year period of the 'Mountain Clean-up Campaign', said Deuja. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-06-05', 'modified' => '2024-06-05', 'keywords' => '', 'description' => '', 'sortorder' => '20917', 'image' => '20240605092131_10.JPG', 'article_date' => '2024-06-05 21:20:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21189', 'article_category_id' => '1', 'title' => 'Amendment of Section 57 of Income Tax Act Risks Loss of Capital Gains Tax by the Government', 'sub_title' => '', 'summary' => 'KATHMANDU: Experts have warned that recent changes to the Income Tax Act may increase the risk of evasion of capital gains tax.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">BIJAY DAMASE</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: Experts have warned that recent changes to the Income Tax Act may increase the risk of evasion of capital gains tax. The government has amended the current arrangement regarding ownership through the Financial Act for the next fiscal year (FY 2081/82). A restrictive phrase has been added to Subsection (1) of Section 57 of the Income Tax Act 2058. This new provision states that ownership changes due to the addition of capital from partners do not constitute a change in ownership.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The newly added restrictive phrase specifies, "However, the provisions of this subsection shall not apply when the number of shares and capital of the former shareholders and partners remain the same, and new shareholders and partners are added, resulting in increased capital."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Previously, a company with more than 50 percent ownership change had to pay up to 25 percent tax on the profit. According to the new system, increasing a company’s capital through investment does not incur profit tax as per Section 57.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Although the government claims this change is to encourage investment, experts believe it might be misused. They warn that a small initial investment in a highly valuable company could lead to significant ownership changes without tax liability later, taking advantage of this provision.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Former minister and finance secretary Bidyadhar Mallik illustrated this risk with the example of TeliaSonera’s investment in Ncell. Despite a limited initial investment, the high valuation of Ncell resulted in substantial capital gains tax when sold to the Malaysian company Axiata. When TeliaSonera transferred Ncell's ownership to Axiata in 2072, the company was valued at $1.37 billion. TeliaSonera was supposed to pay 25 percent tax on the profit, but due to non-payment, Axiata had to pay Rs 47 billion in fines and interest.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">A senior official from the Inland Revenue Department, who preferred not to be named, expressed concerns about potential losses to the government. They acknowledged that while the government could monitor the arrangement and amend it if misused, the risk remains significant.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Mallik emphasized that the new provision allows new investors to invest significantly in a company without triggering capital gains tax for the original owners, even if their shares become a minority. This means a private company owner could avoid paying capital gains tax when ownership changes through new investments.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">A former director general of the Inland Revenue Department suggested that this new provision might enable internal share sales without paying taxes.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Officials from the Ministry of Finance, however, claim that the amendment was made with good intentions. Dhaniram Sharma, Head of the Revenue Division, explained that if a company's paid-up capital is Rs 100 and another person invests an additional Rs 200, no tax will be charged on the profit. This concession is designed to encourage capital increases for business expansion.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The finance minister also stated in a press conference that the new arrangement would benefit startups, venture capital, and private equity funds, particularly by alleviating tax burdens during significant investments in startups.</span></span></span></p> ', 'published' => true, 'created' => '2024-06-05', 'modified' => '2024-06-05', 'keywords' => '', 'description' => '', 'sortorder' => '20916', 'image' => '20240605035226_20210226043111_20201119021010_20200907074520_1599400665.tax.jpg', 'article_date' => '2024-06-05 15:51:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21188', 'article_category_id' => '1', 'title' => ' President Appeals to Global Community to Contribute for Mitigating Climate Change Impacts ', 'sub_title' => '', 'summary' => 'KATHMANDU: President Ramchandra Paudel has appealed to the global community to secure future of upcoming generation by mitigating negative impacts of climate change. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: President Ramchandra Paudel has appealed to the global community to secure future of upcoming generation by mitigating negative impacts of climate change. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at a programme organized at the President's Office on the occasion of the World Environment Day on Wednesday, President Paudel said rapid changes in glaciers and glacial lakes due to growing impacts of global warming has added challenges to the lives and livelihoods with flash floods and landslides in the downstream areas. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"Nepal and other countries of the world are struggling with the crisis caused by climate change, pollution and loss of biodiversity. These crises cannot be solved by someone's efforts, everyone should be united," the President said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He noted that our common challenges and opportunities have been incorporated in the theme of the World Environment Day ' Our Land, Our Future: Land Restoration, Desertification and Drought Resistance'. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Recalling the views expressed by UN Secretary-General Antonio Guterres to reduce Nepal's mountain crisis, high risk of climate change and climate-related problems in Nepal and other mountainous countries, President Paudel expressed concern over the negligible contribution to greenhouse gas emissions in Nepal. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">He stressed the need for the world community to come together to solve the problems arising out of climate change and reduce its impact. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Stating that Nepal has been carrying out various works at the national level to mitigate the impacts of climate change and this issue has also been addressed in the policies and programmes of the government, President Paudel expressed the belief that the President Climate Change Management Programme would help increase adaptive capacity by reducing the negative impacts of climate change. -- RSS </span></span></span><br /> <br /> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-05', 'modified' => '2024-06-05', 'keywords' => '', 'description' => '', 'sortorder' => '20915', 'image' => '20240605033229_RSS-IMG-20240605-WA0015.jpg', 'article_date' => '2024-06-05 15:31:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21187', 'article_category_id' => '1', 'title' => 'NEPSE Sheds 5.58 Points to Close at 2079.71', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) index shed a minimal 5.58 points, or 0.26%, to close at 2,079.71 on Wednesday, the fourth trading day of the week.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 5: The Nepal Stock Exchange (NEPSE) index shed a minimal 5.58 points, or 0.26%, to close at 2,079.71 on Wednesday, the fourth trading day of the week.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today's trading session, 306 scrips were traded through 49,733 transactions. A total of 8,042,767 units of shares changed hands, resulting in a total turnover of Rs 3.99 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">NRN Infrastructure and Development Fund Limited (NRN) led the turnover amount with a total transaction worth Rs 19 crore. Bhagawati Hydropower Development Company Limited (BGWT) gained 10% and hit the positive circuit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Conversely, Upper Lohore Khola Hydropower Limited Company (ULHC) incurred the maximum loss of 5.51%, closing at a market price of Rs 377 per share. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sector indices, all sectors closed in negative territory except for the Finance Index, Manufacturing and Processing Index, Microfinance Index, and Mutual Fund Index. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Investment Index remained neutral. The Mutual Fund Index gained the highest at 4.92%, while the Trading Index lost the maximum at 1.03%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-05', 'modified' => '2024-06-05', 'keywords' => '', 'description' => '', 'sortorder' => '20914', 'image' => '20240605032252_collage (22).jpg', 'article_date' => '2024-06-05 15:21:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '21186', 'article_category_id' => '1', 'title' => 'NEA Starts Exporting Electricity while Domestic Industries Still Face Load-Shedding', 'sub_title' => '', 'summary' => 'Birgunj/Biratnagar: Nepal Electricity Authority (NEA) has started exporting electricity to India from May 27. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Birgunj/Biratnagar: Nepal Electricity Authority (NEA) has started exporting electricity to India from May 27. The NEA says that it started exporting electricity because the production is more than the demand in the domestic market.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">However, the main industrial sectors of the country are still suffering from undeclared load shedding. Industrialists say that load shedding is still continuing in the main industrial areas such as Bara-Parsa Industrial Corridor, Sunsari-Morang Industrial Corridor due to the lack of proper infrastructure for transmission lines.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">NEA officials say that the electricity generation has increased due to the increase in the flow of water in the river, and the country has been exporting electricity during the night time. Stakeholders associated with the industries have criticized the government stating that there is no point in exporting electricity when it is unable to meet the domestic demand.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Ramesh Aggarwal, owner of Jagdamba Enterprises which manufactures iron rods, says the Bara-Parsa industrial corridor is currently facing 10 to 12 hours of unannounced load-shedding each day.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The industrialists complained that frequent tripping has hit the industry more than unannounced load-shedding. Tripping is the problem of sudden power outages. "Due to the repeated and unannounced power cuts, the raw material in the production process are being wasted and causing more damage," Agarwal said.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to the industrialists, a single power trip in the iron industry causes a loss of Rs 100,000. Entrepreneurs say that the electricity has been tripping every hour. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Dipesh Agarwal, chairman of the Madhesh Province chapter of the Federation of Nepalese Chamber of Commerce and Industry, said that raw materials are wasted due to frequent tripping and it is also causing damage to the industrial equipment.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Chairman Agarwal also said that there has been some improvement in the power supply after the recent rainfall incidents have increased water flow in the rivers for the past few days. "Unannounced load-shedding has decreased, but it has not gone away entirely," he said.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The weak transmission line of the authority has been cited as the reason for the frequent power outages in the industry. The NEA has been saying that the construction of transmission lines and substations has been prioritized to facilitate electricity supply in this corridor.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The NEA Executive Director Kulman Ghising, who recently came to monitor the infrastructure improvement work, said that the NEA is committed to supply quality electricity to the industrial corridors as well as domestic customers of Bara-Parsa area by doubling the capacity of the transmission lines.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">NEA officials say that due to the current demand of 300 megawatts of electricity in Birganj area, the supply has become problematic due to the power imported from the 132 KV Parwanipur-Raxaul transmission line.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to Bishwamitra Kalwar, a food entrepreneur, the industries that have opened in the Birgunj to Pokharia section are also facing problems due to the indiscriminate power cuts. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">“It has become difficult to run the industry due to unannounced load shedding. Also, there is no demand in the market, and on top of that, there is another problem in production, which is not having electricity," said Kalwar, Managing Director of New Om Food Industry. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Prabhat Rungta, a pharmaceutical industrialist, also says that the industries are in crisis due to frequent power cuts. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">“The production has been affected by unannounced load shedding. The raw material in the process is wasted. There are also problems in workers’ management. Power cut has become one major problem for the industry, which is facing an all-round crisis," he said.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Industrialists from Biratnagar have also said that loadshedding is still happening for 12 hours in Sunsari Morang Industrial Corridor.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The owner of Premier Steel, Shaurav Sharda, said due to continuous power cuts without information, the industry's molding machines had to be heated repeatedly.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">About 500 large, medium and small industries are operating in the Sunsari-Morang industrial corridor. Large, especially iron industries have been consuming more electricity. Currently, there is load shedding for 12 hours at night in the same industry.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Ramesh Rathi, director of Swastik Iron, said that it would be a relief if the government announced the schedule of load shedding. He said that the industry is losing millions of rupees daily due to load shedding for 8 to 10 hours every day.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to him, the production of the industry has dropped to 40 percent due to irregular power supply. He commented that talking about selling electricity to other countries when the domestic demand cannot be met is simply a big joke.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Mahesh Pokharel, head of administration of Reliance Spinning Mills, said that unannounced loadshedding has affected the industries that have to run 24 hours a day. Reliance, which operated in three shifts, has now been limited to two shifts. According to him, production has decreased by 35 percent. “Laborers have not found work. If this situation continues, the industry will have to lay off 400 workers,” said Pokharel. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Ashutosh Yadav, Head of the accounts section of Hulas Wire Industries, said that in February, power supply was stopped for only 4 hours at night, but now they have to face 12 hours of unannounced load shedding.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">He said that it is not practical to sell electricity to others when there is load-shedding in one's own industry. “The government should first pay attention to the demand of its own country,” he added.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to Roshan Khadka, Head of Duhabi Grid of Nepal Electricity Authority, 30 MW of electricity is not enough in Sunsari Morang Industrial Corridor. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to the authority, the electricity demand of Koshi region is 340 MW. Currently, as the water level in the river has not increased, electricity generation is not at full capacity, and only 310 MW is being supplied.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Khadka said, "Due to technical problems in power plants and transmission lines, the balance of demand and supply sometimes deteriorates. However, we are working to ensure that the supply in the industrial corridor continues as much as possible.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Meanwhile, the Morang Industry and Trade Association has issued a statement and requested the government to sell the remaining electricity to India and Bangladesh after meeting domestic demand first. The president of the association, Anupam Rathi, said that the industries of Sunsari Morang Industrial Corridor can survive only if the government plans to meet the domestic demand and the export surplus electricity.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-05', 'modified' => '2024-06-05', 'keywords' => '', 'description' => '', 'sortorder' => '20913', 'image' => '20240605013841_20240102121524_NEA_eight by six.jpg', 'article_date' => '2024-06-05 13:37:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21184', 'article_category_id' => '1', 'title' => 'Main Tunnel of Arun-III Hydropower Project Achieves Breakthrough', 'sub_title' => '', 'summary' => 'KATHMANDU: The 900 megawatt capacity Arun-III hydropower project under construction with Indian investment in Sankhuwasabha district has achieved a breakthrough of its main tunnel.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The 900 megawatt capacity Arun-III hydropower project under construction with Indian investment in Sankhuwasabha district has achieved a breakthrough of its main tunnel. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The developer SJVN Arun-III Power Development Company has informed that 74.09 percent of the project has been completed with the breakthrough on Tuesday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This project is being developed with the investment of India's state-controlled SJVN Limited Company. The company said that the water brought from the dam in Makalu Rural Municipality, Ward No. 3 and 7 of Sankhuwasabha district through the 11.8 kilometer tunnel will be pumped into the power house in Chichila Rural Municipality, Ward No. 3, Pukuwa to generate electricity.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the company, the dam work is also progressing. The goal is to produce electricity by March 2025.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The project will be vital to implement the agreement between Nepal and India to export 10,000 megawatts of electricity to India in 10 years. The company is also building a transmission line to transfer electricity from the project site to the Dhalkewar substation, and is also building a Nepal-India international transmission line to export electricity to India.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prime Minister Pushpa Kamal Dahal, who attended the breakthrough ceremony in Sankhuwasabha on Tuesday, expressed his belief that after the completion of this project, it will make a significant contribution to the country's electricity business.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Naveen Srivastava, India's ambassador to Nepal, said that this project is important for the implementation of the agreement between Nepal and India for the trade of 10,000 megawatts of electricity in the next 10 years. Stating that there are many possibilities for power generation in the Arun River, he emphasized that both countries should use this potential together.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Along with Arun-III, SJVN Limited has also received permission to build the lower Arun of 679 MW. SJVN has signed a memorandum of understanding to develop 490 MW Arun-IV as a joint venture with Nepal Electricity Authority.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Ambassador Srivastava said that India is ready to cooperate with the Government of Nepal for the development of other projects in the Arun River. Sushil Kumar Sharma, Managing Director of SJVN Arun-III Power Development Company, requested Prime Minister Dahal to assist in acquiring land for the construction of the Koshi Highway and the construction of transmission lines for the completion of the project on time. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government of Nepal will get 21.9 percent (about 200 megawatts) of the electricity produced by this project, which is being built by the Indian company, for free, while the rest will be exported to India. The project will be handed over to Nepal 25 years after the start of electricity generation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The foundation stone of the project was laid by the then Prime Minister KP Sharma Oli and Indian Prime Minister Narendra Modi jointly from Kathmandu on May 11 , 2018 </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-05', 'modified' => '2024-06-05', 'keywords' => '', 'description' => '', 'sortorder' => '20912', 'image' => '20240605010245_93ffae57.jpeg', 'article_date' => '2024-06-05 13:02:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21183', 'article_category_id' => '1', 'title' => 'Government Committed to Timely Completion of MCC: FinMin Pun', 'sub_title' => '', 'summary' => 'KATHMANDU: The Government of Nepal has reiterated its commitment to conclude the projects under the MCC within the deadline. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: The Government of Nepal has reiterated its commitment to conclude the projects under the MCC within the deadline. Finance Minister Barsha Man Pun made such remarks during a meeting with visiting Deputy Vice President of Millennium Challenge Corporation (MCC), Jonathan Brooks, on Tuesday.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The delegation led by Brooks called on the Minister at the latter's office at Singha Durbar. During the meeting, Brooks requested for updates regarding the progress in the construction of an electricity transmission line and road projects under the MCC. In response, Finance Minister Pun said he said he was hopeful of the timely completion of the MCC projects. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">A 315-km cross-border transmission line is being developed under the MCC Project along with the road upgrading works within the next five years. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Under the 400 kV double circuit transmission line stretching from Butwal to Gorakhpur, works are underway to build sub-stations at Ratmate of Belkotgadhi municipality of Nuwakot, Damauli of Tanahu and Bhumahi of Nawalparasi East. This is considered the largest transmission line in the country. The transmission line project will have a total of 856 towers. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Nepal and the US signed the MCC Project worth $500 million on September 14, 2017. However, the MCC was delayed due to widespread protest by a section of the society on the pretext that the grant agreement was allegedly a part of the Indo-Pacific Strategy of the US government.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">After much debate and deliberations, the House of Representatives finally ratified the MCC grant agreement on February 27, 2022 with a 12-point explanatory note clarifying that the project should not be associated with any military alliance and that the grant agreement must abide by the Constitution of Nepal.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"> Projects under the US-funded Millennium Challenge Corporation (MCC) entered the implementation phase with the Entry into Force (EIF) only on August 30 last year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Millennium Challenge Account-Nepal (MCA Nepal), which has been entrusted with the responsibility of implementing the US grant projects worth As per the agreement with the US government, the MCC projects need to be completed within five years after the commencement of the EIF.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the initial agreement, the United States was supposed to provide US$ 500 million to Nepal for construction of cross-border transmission line and upgrading of roads while Nepal would have to contribute US$ 130 million for the project, expecting the total cost of the MCC project to remain at US$ 630 million.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">But the 'supplemental agreement' over the MCC that was signed last year, demands the government to bear additional cost of US$ 67 million, seeking its total contribution of US$ 197 million for the enforcement of the agreement. In the beginning, Nepal was supposed to take up 20.63 per cent financial responsibility for the MCC project and now it has increased to 28.26 percent. The increased responsibility amount is equivalent to Rs 900 million.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-05', 'modified' => '2024-06-05', 'keywords' => '', 'description' => '', 'sortorder' => '20911', 'image' => '20240605115101_20230830105937_1693279080.1692757131.1691983136.1690248678.1681795913[1].jpg', 'article_date' => '2024-06-05 11:50:29', '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' => '21200', 'article_category_id' => '1', 'title' => 'NEPSE Loses Minimal 1.93 Points to Close at 2,077.78', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) index witnessed a minimal loss of 1.93 points, or 0.09%, closing at 2,077.78 on the last trading day of the week on Thursday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 6: The Nepal Stock Exchange (NEPSE) index witnessed a minimal loss of 1.93 points, or 0.09%, closing at 2,077.78 on the last trading day of the week on Thursday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today's trading session, 322 scrips were traded on the NEPSE through 59,650 transactions. A total of 8,813,374 units of shares changed hands, resulting in a total turnover of Rs. 4.38 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">NRN Development and Infrastructure Limited (NRN) led the turnover amount with a total transaction of Rs. 18 crore. Emerging Nepal Limited (ENL) and Mid Solu Hydropower Limited (MSHL) each gained 10% and hit the positive circuit for the day. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Conversely, Mai Khola Hydropower Limited (MKHL) faced the highest loss at 6.40%, closing at a market price of Rs. 468 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sector indices, a majority of sectors closed in negative territory, while the rest closed in the positive zone. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Banking Subindex, Development Bank Index, Finance Index, Life Insurance Index, Manufacturing and Processing Index, Mutual Fund, Non-Life Insurance, and Others Index closed in negative territory.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Trading Index saw the highest gain at 1.96%, while the Finance Index lost the most at 2.08%.</span></span></p> ', 'published' => true, 'created' => '2024-06-06', 'modified' => '2024-06-06', 'keywords' => '', 'description' => '', 'sortorder' => '20927', 'image' => '20240606032218_collage (23).jpg', 'article_date' => '2024-06-06 15:20:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 1 => array( 'Article' => array( 'id' => '21199', 'article_category_id' => '1', 'title' => 'CAN Federation Requests Government to Reconsider 5% Excise Duty on Laptops', 'sub_title' => '', 'summary' => 'KATHMANDU: The Computer Association of Nepal Federation (CAN Federation) has urged the government to reconsider the excise duty imposed on laptops in the budget for the fiscal year 2081/82.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: The Computer Association of Nepal Federation (CAN Federation) has urged the government to reconsider the excise duty imposed on laptops in the budget for the fiscal year 2081/82. During a meeting held on Tuesday, the federation requested the government to reevaluate the 5 percent excise duty on laptops.</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:"Times New Roman","serif"">CAN Federation President Ranjit Podar stated that this tax hike would raise laptop prices in Nepal, negatively impacting various sectors, including ICT.</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:"Times New Roman","serif"">"Excise duty, typically imposed on items harmful to human health, has now been applied to laptops and notebooks. We urge the government to reconsider this as these devices are crucial for the development of information technology," 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:"Times New Roman","serif"">He also mentioned that increasing the excise duty on laptops contradicts the government's new programs for the information technology sector, giving the wrong message.</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:"Times New Roman","serif"">"If a laptop costs Rs 100,000, the VAT is Rs 13,000. With the additional five percent excise duty, the total price will be Rs 118,000," CAN President Podar explained. "Consumers will be the most affected, and this move will likely promote the grey market for laptops, leading to further market disorder."</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:"Times New Roman","serif"">President Podar highlighted that the lower prices in the grey market discourage official distributors, further complicating the issue. "Therefore, the government must reconsider this step," he emphasized.</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:"Times New Roman","serif"">Similarly, CAN Federation General Secretary Chiranjeevi Adhikari expressed concerns that this policy will directly impact various sectors, including education, health, tourism, finance, IT, and hospitals. He added that to foster a technology-friendly society, it is essential to have incentive policies for importing crucial devices like laptops.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-06', 'modified' => '2024-06-06', 'keywords' => '', 'description' => '', 'sortorder' => '20926', 'image' => '20240606121904_best-laptop-brands-20230420-3-medium.jpg', 'article_date' => '2024-06-06 12:18:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21198', 'article_category_id' => '1', 'title' => 'What is the Source of 67 Percent of Gold in the Market?', 'sub_title' => '', 'summary' => 'KATHMANDU: The Auditor General's report has highlighted that despite the government's arrangements for importing and selling gold through commercial banks, a significant amount of gold is being supplied to the market via informal channels.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: The Auditor General's report has highlighted that despite the government's arrangements for importing and selling gold through commercial banks, a significant amount of gold is being supplied to the market via informal channels. The recently published 61st annual report of the Office of the Auditor General mentions that only 13% of the annual gold traded by dealers in New Road is sourced from banks.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The report states that an additional 20% of gold is supplied through mutual buying and selling, while 67% is purchased from individuals. However, the Auditor General’s report has criticized businessmen for not using banking channels for these purchases.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, the report of the Auditor General points out that transactions between three gold traders in Nepalgunj revealed that 61 to 83 percent of their total gold purchases were made within the same family.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although the government has been controlling gold imports by setting quotas, the report indicates that a large amount of gold is entering the market through informal channels. Traders claim that the high influx of gold through informal channels is due to the government's failure to set import quotas according to market demand.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"Currently, there is a daily demand for 30 kg of gold in the domestic market of Nepal," said Mani Ratna Shakya, former president of the Federation of Nepal Gold and Silver Dealers Association. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepalis returning from abroad can import up to 50 grams of gold. This policy aims to discourage the import of raw gold.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Shakya asserts that a significant amount of gold is brought into the country daily under the facilities provided by the government. However, the Department of Customs has not recorded the amount of gold imported under this facility provided to the individual travellers.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, Nepal Rastra Bank has allowed commercial banks to import 20 kg of gold per day. Until last October, the import quota was only 10 kg per day.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In 2011, the government tasked the Nepal Rastra Bank with importing and selling gold after excessive imports affected foreign currency reserves and exchange rates. Subsequently, the central bank issued the Gold Import and Sale Distribution Procedure, 2011 (2068 BS), granting import rights exclusively to commercial banks.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Banks have also set quotas for the sale of imported gold. According to these quotas, 50 percent of the imports must be sold in the eight districts of the former Bagmati zone, with the remaining 50 percent must be sold in other districts. From the quota allocated for Bagmati zone, 50 percent is reserved for the Federation of Nepal Gold and Silver Dealers Association, 40 percent for the Nepal Gold and Silver Gems and Jewellery Federation, and 10 percent for the Federation of Handicraft Association of Nepal. The procedure stipulates that businessmen should sell the gold received from banks only by making jewelry.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the date of the Department of Customs, 2,350 kg of gold worth Rs 20.76 billion has been imported as of mid-May of the current fiscal year. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-06', 'modified' => '2024-06-06', 'keywords' => '', 'description' => '', 'sortorder' => '20925', 'image' => '20240606121817_cd5483b7.jpeg', 'article_date' => '2024-06-06 12:16:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21196', 'article_category_id' => '1', 'title' => 'World's Richest have Never Been so Wealthy: Study', 'sub_title' => '', 'summary' => 'PARIS: The world has never had so many rich people and their investments in soaring stock markets have made them wealthier than ever recorded, according to a study published on Wednesday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">PARIS: The world has never had so many rich people and their investments in soaring stock markets have made them wealthier than ever recorded, according to a study published on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The number of "high net worth individuals" (HNWI) -- defined as people with liquid assets of at least $1 million -- rose by 5.1 percent last year to 22.8 million, according to consulting firm Capgemini.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Their total wealth reached $86.8 trillion in 2023, a 4.7 percent increase from the previous year, according to the annual World Wealth Report.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The number of HNWI and their total wealth are the highest since Capgemini began the annual study in 1997.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Their fortunes have risen as stock markets have surged: New York's tech-heavy Nasdaq soared 43 percent in 2023 while the broad-based S&P 500 gained 24 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Paris CAC 40 grew 16 percent while the Frankfurt DAX advanced by 20 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The number of HNWI and their wealth had each fallen by more than three percent in 2022, a year of macroeconomic uncertainty and geopolitical tensions, the report said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The decline in their wealth was the steepest in a decade as equities fell.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"However, 2023 brought economic growth and improved fortunes for major investment sectors to reverse the falloff," the report said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Despite ongoing interest rate uncertainty and rising bond yields, equities surged along with the tech market, fueled by enthusiasm for generative AI and its potential impact on the economy."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Rising wealth and inequality in the world have fuelled debates on making the rich pay their fair share of taxes.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Brazil and France have pressed fellow G20 countries to set a global minimum tax on the world's wealthiest people. – AFP/RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-06', 'modified' => '2024-06-06', 'keywords' => '', 'description' => '', 'sortorder' => '20924', 'image' => '20240606113118_Interest-Rate-Savings_187ec48414f_medium.jpg', 'article_date' => '2024-06-06 11:29:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21197', 'article_category_id' => '1', 'title' => 'No Basis for 6 Percent Economic Growth Rate: MP Thapa', 'sub_title' => '', 'summary' => 'KATHMANDU: Nepali Congress MP Gagan Kumar Thapa has remarked that there is no basis for the government to achieve the 6 percent economic growth rate projected in the budget statement presented by Finance Minister Barshaman Pun for the next fiscal year (FY) 2081/82.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">KATHMANDU: Nepali Congress MP Gagan Kumar Thapa has remarked that there is no basis for the government to achieve the 6 percent economic growth rate projected in the budget statement presented by Finance Minister Barshaman Pun for the next fiscal year (FY) 2081/82. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">During a recent meeting of the House of Representatives, Thapa questioned the basis for achieving the 6 percent economic growth.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"Economic growth is projected to be 6 percent in the coming year. However, when some development partner agencies are projecting an economic growth rate of only 4 percent, on what basis has Finance Minister Pun set a target of 6 percent economic growth?" Thapa asked.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He highlighted the lack of demand in the market and the current economic crisis, suggesting these factors will challenge economic growth.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"Our expenses are increasing, middle-class people are being hit by high taxes, and money is piling up in banks due to the high taxes on new investments. There is an economic crisis. The goal of economic growth cannot be achieved by merely increasing the general tax rate," Thapa stated.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Thapa pointed out that many development projects remain incomplete due to insufficient investment in infrastructure development. He emphasized the importance of not only increasing spending but also ensuring quality in infrastructure construction.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"In the upcoming fiscal year, the government has allocated a budget of Rs 1.6 billion for the Sikta Irrigation Project even though the project has requested for Rs 3 billion. This project will take years to complete," he said. "The goal of the agricultural decade cannot be achieved by reducing investment in irrigation projects."</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-06', 'modified' => '2024-06-06', 'keywords' => '', 'description' => '', 'sortorder' => '20923', 'image' => '20240606120728_20240516080124_20240426010045_20220817123841_economic-growth.jpg', 'article_date' => '2024-06-06 12:06:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21194', 'article_category_id' => '1', 'title' => 'Govt Prepares Five-Year Strategy against Money Laundering', 'sub_title' => '', 'summary' => 'KATHMANDU: The government has prepared a five-year strategy to enhance measures against money laundering. The Asset Laundering Steering Committee, chaired by the Finance Minister, approved the draft strategy with amendments during its first meeting on Wednesday.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">KATHMANDU: The government has prepared a five-year strategy to enhance measures against money laundering. The Asset Laundering Steering Committee, chaired by the Finance Minister, approved the draft strategy with amendments during its first meeting on Wednesday. Once the Council of Ministers approves it, the strategy will be implemented.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">The meeting, chaired by Finance Minister Barsha Man Pun, included committee members Law Minister Padam Giri, Chief Secretary Baikunth Aryal, Nepal Rastra Bank’s Governor Maha Prasad Adhikari, Attorney General Dinmani Pokharel, Secretary of the Office of the Prime Minister and Council of Ministers, Leela Gartaula, and Revenue Secretary Dr Ram Prasad Ghimire.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">The strategy, titled "National Strategy and Action Plan on Prevention of Financial Investments in Money Laundering and Terrorist Activities," will be implemented in the current financial year 081/082.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">Mahesh Acharya, joint secretary and Head of the Economic Policy Analysis Division of the Ministry of Finance, stated that the strategy focuses on safeguarding the country's financial system and overall economy from the risks of financial crimes. It aims to curb financial crimes such as corruption, revenue evasion, money laundering, and cryptocurrency transactions. The strategy also addresses drug trafficking, organized crime, criminal activities, internal terrorism, fraud, theft, counterfeit currency trading, black market activities, smuggling, and crime control.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">Last year, the Asia Pacific Group (APG), in collaboration with the Financial Action Task Force (FATF) and the FTF, conducted a technical assessment of Nepal's money laundering situation. Following the APG's mutual evaluation report in September, 2023, recommendations were made to improve the technical, legal, policy, and structural aspects of Nepal's anti-money laundering efforts.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">Nepal, a member state of APG, has already amended the Prevention of Money Laundering Act based on recommendations from the FATF and APG. The APG delegation is scheduled to revisit Nepal in October for the next phase of their study. Both organizations have advised implementing and modifying the existing legal framework to better address money laundering concerns.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">The FATF has warned that if the current situation does not improve, Nepal risks being placed on the "grey list" for money laundering. Being on this list could damage the country's international reputation, reduce foreign aid, loans, and investments, complicate international banking transactions, decrease remittance flow, increase the hundi business, and potentially trigger an economic crisis.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">In the previous session of Parliament, the House of Representatives passed the Bill to Amend Some Laws Related to Prevention of Money Laundering and Promotion of Business Environment 2080. This bill amended and updated 19 different laws related to money laundering.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">These amendments included the Export Import (Control) Act 2013, Ship Registration Act 2027, Land Act 2034, Tourism Act 2035, Building Act 2055, Securities Act 2063, Nepal Rastra Bank Act 2058, Human Trafficking and Transportation (Control) Act 2064, Criminal Assets and Instruments (Seizure, Control and Confiscation) Act 2070, Mutual Legal Assistance Act 2070, Prevention of Organized Crime Act 2070, Electricity Regulatory Commission Act 2074, Cooperatives Act 2074, Foreign Investment and Technology Transfer Act 2075, Insurance Act 2079, Civil Crime Code 2074, and Civil Criminal Procedure Code 2074.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">The Act expands the police's jurisdiction in collecting information and prosecuting money laundering cases, regulates casinos, and includes money laundering as a criminal offense. It also encompasses electronic and digital transactions within the scope of money laundering. Section 7 (b) of the Act establishes a Steering Committee chaired by the finance minister.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">The Act empowers the Steering Committee to draft policies and programs related to money laundering, develop necessary mechanisms, and coordinate and monitor all agencies of the federal, state, and local governments. The committee can also take actions to enforce the Prevention of Money Laundering Act. Additionally, the committee will approve the National Risk Assessment Report on Money Laundering submitted by other committees and prepare an annual report on Money Laundering for the Council of Ministers.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-06', 'modified' => '2024-06-06', 'keywords' => 'money, laundering, Nepal, AML, terrorism', 'description' => '', 'sortorder' => '20922', 'image' => '20240606095240_20240605101057_20230910023832_20220712082812_20210901020646_Richest-Nepalese-–-List-of-Top-Richest-People-scaled.jpg', 'article_date' => '2024-06-06 09:51:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21195', 'article_category_id' => '1', 'title' => 'Samsung Nepal Lowers Prices of Smartphones, Offers EMI Facility at 0% Interest Rate', 'sub_title' => '', 'summary' => 'KATHMANDU: Samsung Nepal has announced a price drop for several of its smartphone models. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Arial,"sans-serif"">KATHMANDU: Samsung Nepal has announced a price drop for several of its smartphone models. Issuing a recent statement, the company said the Galaxy A25 5G, Galaxy M14 LTE, and Galaxy A05 are now available at “attractive prices” making these feature-rich smartphones even more accessible.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Arial,"sans-serif"">According to the company, it has slashed the price of Galaxy A25 5G by a maximum of Rs 2000 and that of Galaxy M14 LTE and Galaxy A05 by Rs 1000 each.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Arial,"sans-serif"">The statement added that the Galaxy A25 5G offers a 6.5-inch Super AMOLED display, a 50MP main camera with OIS and VDIS and a 13MP front camera. Powered by the Exynos 1280 processor and a 120Hz refresh rate, it ensures smooth performance. It also features a 5000mAh battery with super-fast charging, Samsung Knox security, and runs on Android 14-based One UI 6.0 and is now available for Rs 42,999 (256GB variant) and Rs 39,999 (128GB variant)</span></span></p> <p><span style="font-size:16px"><span style="font-family:Arial,"sans-serif"">Likewise, the Galaxy A05 and M14 LTE feature a 50MP primary camera supported by a 8MP and 13MP front camera respectively. Galaxy M14 LTE boasts the cutting-edge Qualcomm Snapdragon 680 processor, whereas the Galaxy A05 is powered by Mediatek Helio G85 processor to deliver unparalleled performance and enabling seamless multitasking, the company added. Meanwhile, both Galaxy A05 and M14 LTE boast a 6.7-inch screen offering an immersive viewing experience. Additionally, both devices are powered by a 5000mAh battery providing ample power for all-day use. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Arial,"sans-serif"">The Galaxy M14 LTE is now available at Rs 20,999 while the Galaxy A05 is available at 17,999</span></span></p> <p><span style="font-size:16px"><span style="font-family:Arial,"sans-serif"">The company further said that its customers can avail the Galaxy A25 5G and M14 LTE easily on EMI at 0% interest rate by presenting just the citizenship certificate through Samsung Insta Finance. This service is available at more than 500 authorized Samsung Retail Stores across the country, the statement added.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-06', 'modified' => '2024-06-06', 'keywords' => '', 'description' => '', 'sortorder' => '20921', 'image' => '20240606103513_blank eight by six.jpg', 'article_date' => '2024-06-06 10:34:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21193', 'article_category_id' => '1', 'title' => 'Landslide Forecasting System to Help Save Lives ', 'sub_title' => '', 'summary' => 'KATHMANDU: A new state-of-the-art artificial intelligence system that can analyse the significant amount of data needed to identify when landslide is about to take place is being installed in the landslide-prone regions of the country. ', 'content' => '<p><span style="font-size:16px">KATHMANDU: A new state-of-the-art artificial intelligence system that can analyse the significant amount of data needed to identify when landslide is about to take place is being installed in the landslide-prone regions of the country. <br /> Scientists from the University of Melbourne, Australia, Tribhuvan University and the University of Florence, Italy have teamed up with the Government of Nepal and Australia’s Department of Foreign Affairs and Trade to deliver the forecasting system. <br /> The forecasting system, called SAFE-RISCCS, continuously analyses satellite images of Earth taken by NASA, the European Space Agency and the Japan Aerospace Exploration Agency. Feeding SAFE-RISCCS forecasts’ into Landslide Early Warning Systems will protect people living in the shadow of landslides, ensuring alerts will be far more accurate, either days or even weeks in advance, says a media release issued by the University of Melbourne. <br /> Scientist at the University Professor Antoinette Tordesillas, who is leading the project, with the monsoons due in June, we are helping policymakers and risk managers better prepare for future monsoons when increasingly frequent and heavy rains are expected to trigger more devastating landslides. <br /> “Early warning systems are crucial because they give public officials more lead time to better plan, prepare and protect communities before the hazard strikes,” she said. Climate change and growing human activities pose a significant threat to communities in Nepal. Women, children, the elderly, and people with disabilities are especially vulnerable during disasters. <br /> The SAFE-RISCCS platform uses images from space, combined with a new open-access artificial intelligence tool invented at the University of Melbourne, to combine rain measurements and ever-changing ground motion data to continuously monitor and forecast the risk of a landslide at any one time in any one place. <br /> SAFE-RISCCS will be rolled out in two high-risk regions in partnership with Nepal’s National Disaster Risk Reduction and Management Authority (NDRRMA), as part of a new Landslide Early Warning System being developed in Nepal. <br /> Prof Basanta Adhikari from Tribhuvan University said continuous monitoring of deformations in the surface was vital in protecting the people of Nepal. <br /> “The increasing occurrences of landslides in the Himalayas, driven by the coupling effect of seismotectonic activities and climate change alongside human-made factors such as haphazard road construction, highlight the vulnerability of mountain communities,” Adhikari said. <br /> Professor Emanuele Intrieri from Florence University said raising people's awareness about the risk affecting the area they are living in remains the most cost-effective solution to reduce the exposure. <br /> “Nepal is only one of several regions in the Asia-Pacific at risk of worsening natural disasters associated with climate change. By improving early landslide prediction globally, we reduce the risk of catastrophic events and so protect human life, people’s livelihoods, critical infrastructure and the environment,” Professor Tordesillas said. -- RSS</span></p> ', 'published' => true, 'created' => '2024-06-06', 'modified' => '2024-06-06', 'keywords' => '', 'description' => '', 'sortorder' => '20920', 'image' => '20240606092300_20240605093819_Untitled.jpg', 'article_date' => '2024-06-06 09:21:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21190', 'article_category_id' => '1', 'title' => 'Nepalese Army removes 11 Metric Tons of Garbage from Mountains ', 'sub_title' => '', 'summary' => 'KATHMANDU: The Nepalese Army has collected 11 metric tons of garbage, four dead bodies and one human skeleton from different mountains. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The Nepalese Army has collected 11 metric tons of garbage, four dead bodies and one human skeleton from different mountains. The NA has been carrying out the clean-up of the major mountains in the country since 2019, under the title 'Mountain Clean-up Campaign’. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Assistant Director of National Parks and Wildlife Reserve Directorate, Sanjay Deuja, said that a total of 11,000 kilograms of garbage were collected from different places of Mount Everest, Lhotse and Nupse including 2,226 kilograms of biodegradable and 8,774 kilograms of non-biodegradable waste. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The biodegradable waste has been handed over to the Everest Pollution Control Committee in Namche area while the non-degradable waste has been brought to Kathmandu and handed over to a recycling company. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the NA, the human bodies and skeleton were handed over to the TU Teaching Hospital Maharajganj for disposal after necessary legal procedures. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The clean-up campaign was carried out for 55 days starting April 1. The cleaning team also successfully climbed Mount Everest. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">So far, 12 dead bodies and 180 metric tons of garbage have been collected from major mountains, including the highest peak Everest, during the five-year period of the 'Mountain Clean-up Campaign', said Deuja. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-06-05', 'modified' => '2024-06-05', 'keywords' => '', 'description' => '', 'sortorder' => '20917', 'image' => '20240605092131_10.JPG', 'article_date' => '2024-06-05 21:20:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21189', 'article_category_id' => '1', 'title' => 'Amendment of Section 57 of Income Tax Act Risks Loss of Capital Gains Tax by the Government', 'sub_title' => '', 'summary' => 'KATHMANDU: Experts have warned that recent changes to the Income Tax Act may increase the risk of evasion of capital gains tax.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">BIJAY DAMASE</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: Experts have warned that recent changes to the Income Tax Act may increase the risk of evasion of capital gains tax. The government has amended the current arrangement regarding ownership through the Financial Act for the next fiscal year (FY 2081/82). A restrictive phrase has been added to Subsection (1) of Section 57 of the Income Tax Act 2058. This new provision states that ownership changes due to the addition of capital from partners do not constitute a change in ownership.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The newly added restrictive phrase specifies, "However, the provisions of this subsection shall not apply when the number of shares and capital of the former shareholders and partners remain the same, and new shareholders and partners are added, resulting in increased capital."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Previously, a company with more than 50 percent ownership change had to pay up to 25 percent tax on the profit. According to the new system, increasing a company’s capital through investment does not incur profit tax as per Section 57.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Although the government claims this change is to encourage investment, experts believe it might be misused. They warn that a small initial investment in a highly valuable company could lead to significant ownership changes without tax liability later, taking advantage of this provision.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Former minister and finance secretary Bidyadhar Mallik illustrated this risk with the example of TeliaSonera’s investment in Ncell. Despite a limited initial investment, the high valuation of Ncell resulted in substantial capital gains tax when sold to the Malaysian company Axiata. When TeliaSonera transferred Ncell's ownership to Axiata in 2072, the company was valued at $1.37 billion. TeliaSonera was supposed to pay 25 percent tax on the profit, but due to non-payment, Axiata had to pay Rs 47 billion in fines and interest.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">A senior official from the Inland Revenue Department, who preferred not to be named, expressed concerns about potential losses to the government. They acknowledged that while the government could monitor the arrangement and amend it if misused, the risk remains significant.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Mallik emphasized that the new provision allows new investors to invest significantly in a company without triggering capital gains tax for the original owners, even if their shares become a minority. This means a private company owner could avoid paying capital gains tax when ownership changes through new investments.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">A former director general of the Inland Revenue Department suggested that this new provision might enable internal share sales without paying taxes.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Officials from the Ministry of Finance, however, claim that the amendment was made with good intentions. Dhaniram Sharma, Head of the Revenue Division, explained that if a company's paid-up capital is Rs 100 and another person invests an additional Rs 200, no tax will be charged on the profit. This concession is designed to encourage capital increases for business expansion.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The finance minister also stated in a press conference that the new arrangement would benefit startups, venture capital, and private equity funds, particularly by alleviating tax burdens during significant investments in startups.</span></span></span></p> ', 'published' => true, 'created' => '2024-06-05', 'modified' => '2024-06-05', 'keywords' => '', 'description' => '', 'sortorder' => '20916', 'image' => '20240605035226_20210226043111_20201119021010_20200907074520_1599400665.tax.jpg', 'article_date' => '2024-06-05 15:51:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21188', 'article_category_id' => '1', 'title' => ' President Appeals to Global Community to Contribute for Mitigating Climate Change Impacts ', 'sub_title' => '', 'summary' => 'KATHMANDU: President Ramchandra Paudel has appealed to the global community to secure future of upcoming generation by mitigating negative impacts of climate change. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: President Ramchandra Paudel has appealed to the global community to secure future of upcoming generation by mitigating negative impacts of climate change. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at a programme organized at the President's Office on the occasion of the World Environment Day on Wednesday, President Paudel said rapid changes in glaciers and glacial lakes due to growing impacts of global warming has added challenges to the lives and livelihoods with flash floods and landslides in the downstream areas. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"Nepal and other countries of the world are struggling with the crisis caused by climate change, pollution and loss of biodiversity. These crises cannot be solved by someone's efforts, everyone should be united," the President said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He noted that our common challenges and opportunities have been incorporated in the theme of the World Environment Day ' Our Land, Our Future: Land Restoration, Desertification and Drought Resistance'. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Recalling the views expressed by UN Secretary-General Antonio Guterres to reduce Nepal's mountain crisis, high risk of climate change and climate-related problems in Nepal and other mountainous countries, President Paudel expressed concern over the negligible contribution to greenhouse gas emissions in Nepal. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">He stressed the need for the world community to come together to solve the problems arising out of climate change and reduce its impact. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Stating that Nepal has been carrying out various works at the national level to mitigate the impacts of climate change and this issue has also been addressed in the policies and programmes of the government, President Paudel expressed the belief that the President Climate Change Management Programme would help increase adaptive capacity by reducing the negative impacts of climate change. -- RSS </span></span></span><br /> <br /> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-05', 'modified' => '2024-06-05', 'keywords' => '', 'description' => '', 'sortorder' => '20915', 'image' => '20240605033229_RSS-IMG-20240605-WA0015.jpg', 'article_date' => '2024-06-05 15:31:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21187', 'article_category_id' => '1', 'title' => 'NEPSE Sheds 5.58 Points to Close at 2079.71', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) index shed a minimal 5.58 points, or 0.26%, to close at 2,079.71 on Wednesday, the fourth trading day of the week.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 5: The Nepal Stock Exchange (NEPSE) index shed a minimal 5.58 points, or 0.26%, to close at 2,079.71 on Wednesday, the fourth trading day of the week.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today's trading session, 306 scrips were traded through 49,733 transactions. A total of 8,042,767 units of shares changed hands, resulting in a total turnover of Rs 3.99 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">NRN Infrastructure and Development Fund Limited (NRN) led the turnover amount with a total transaction worth Rs 19 crore. Bhagawati Hydropower Development Company Limited (BGWT) gained 10% and hit the positive circuit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Conversely, Upper Lohore Khola Hydropower Limited Company (ULHC) incurred the maximum loss of 5.51%, closing at a market price of Rs 377 per share. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sector indices, all sectors closed in negative territory except for the Finance Index, Manufacturing and Processing Index, Microfinance Index, and Mutual Fund Index. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Investment Index remained neutral. The Mutual Fund Index gained the highest at 4.92%, while the Trading Index lost the maximum at 1.03%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-05', 'modified' => '2024-06-05', 'keywords' => '', 'description' => '', 'sortorder' => '20914', 'image' => '20240605032252_collage (22).jpg', 'article_date' => '2024-06-05 15:21:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '21186', 'article_category_id' => '1', 'title' => 'NEA Starts Exporting Electricity while Domestic Industries Still Face Load-Shedding', 'sub_title' => '', 'summary' => 'Birgunj/Biratnagar: Nepal Electricity Authority (NEA) has started exporting electricity to India from May 27. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Birgunj/Biratnagar: Nepal Electricity Authority (NEA) has started exporting electricity to India from May 27. The NEA says that it started exporting electricity because the production is more than the demand in the domestic market.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">However, the main industrial sectors of the country are still suffering from undeclared load shedding. Industrialists say that load shedding is still continuing in the main industrial areas such as Bara-Parsa Industrial Corridor, Sunsari-Morang Industrial Corridor due to the lack of proper infrastructure for transmission lines.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">NEA officials say that the electricity generation has increased due to the increase in the flow of water in the river, and the country has been exporting electricity during the night time. Stakeholders associated with the industries have criticized the government stating that there is no point in exporting electricity when it is unable to meet the domestic demand.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Ramesh Aggarwal, owner of Jagdamba Enterprises which manufactures iron rods, says the Bara-Parsa industrial corridor is currently facing 10 to 12 hours of unannounced load-shedding each day.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The industrialists complained that frequent tripping has hit the industry more than unannounced load-shedding. Tripping is the problem of sudden power outages. "Due to the repeated and unannounced power cuts, the raw material in the production process are being wasted and causing more damage," Agarwal said.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to the industrialists, a single power trip in the iron industry causes a loss of Rs 100,000. Entrepreneurs say that the electricity has been tripping every hour. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Dipesh Agarwal, chairman of the Madhesh Province chapter of the Federation of Nepalese Chamber of Commerce and Industry, said that raw materials are wasted due to frequent tripping and it is also causing damage to the industrial equipment.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Chairman Agarwal also said that there has been some improvement in the power supply after the recent rainfall incidents have increased water flow in the rivers for the past few days. "Unannounced load-shedding has decreased, but it has not gone away entirely," he said.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The weak transmission line of the authority has been cited as the reason for the frequent power outages in the industry. The NEA has been saying that the construction of transmission lines and substations has been prioritized to facilitate electricity supply in this corridor.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The NEA Executive Director Kulman Ghising, who recently came to monitor the infrastructure improvement work, said that the NEA is committed to supply quality electricity to the industrial corridors as well as domestic customers of Bara-Parsa area by doubling the capacity of the transmission lines.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">NEA officials say that due to the current demand of 300 megawatts of electricity in Birganj area, the supply has become problematic due to the power imported from the 132 KV Parwanipur-Raxaul transmission line.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to Bishwamitra Kalwar, a food entrepreneur, the industries that have opened in the Birgunj to Pokharia section are also facing problems due to the indiscriminate power cuts. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">“It has become difficult to run the industry due to unannounced load shedding. Also, there is no demand in the market, and on top of that, there is another problem in production, which is not having electricity," said Kalwar, Managing Director of New Om Food Industry. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Prabhat Rungta, a pharmaceutical industrialist, also says that the industries are in crisis due to frequent power cuts. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">“The production has been affected by unannounced load shedding. The raw material in the process is wasted. There are also problems in workers’ management. Power cut has become one major problem for the industry, which is facing an all-round crisis," he said.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Industrialists from Biratnagar have also said that loadshedding is still happening for 12 hours in Sunsari Morang Industrial Corridor.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The owner of Premier Steel, Shaurav Sharda, said due to continuous power cuts without information, the industry's molding machines had to be heated repeatedly.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">About 500 large, medium and small industries are operating in the Sunsari-Morang industrial corridor. Large, especially iron industries have been consuming more electricity. Currently, there is load shedding for 12 hours at night in the same industry.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Ramesh Rathi, director of Swastik Iron, said that it would be a relief if the government announced the schedule of load shedding. He said that the industry is losing millions of rupees daily due to load shedding for 8 to 10 hours every day.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to him, the production of the industry has dropped to 40 percent due to irregular power supply. He commented that talking about selling electricity to other countries when the domestic demand cannot be met is simply a big joke.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Mahesh Pokharel, head of administration of Reliance Spinning Mills, said that unannounced loadshedding has affected the industries that have to run 24 hours a day. Reliance, which operated in three shifts, has now been limited to two shifts. According to him, production has decreased by 35 percent. “Laborers have not found work. If this situation continues, the industry will have to lay off 400 workers,” said Pokharel. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Ashutosh Yadav, Head of the accounts section of Hulas Wire Industries, said that in February, power supply was stopped for only 4 hours at night, but now they have to face 12 hours of unannounced load shedding.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">He said that it is not practical to sell electricity to others when there is load-shedding in one's own industry. “The government should first pay attention to the demand of its own country,” he added.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to Roshan Khadka, Head of Duhabi Grid of Nepal Electricity Authority, 30 MW of electricity is not enough in Sunsari Morang Industrial Corridor. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to the authority, the electricity demand of Koshi region is 340 MW. Currently, as the water level in the river has not increased, electricity generation is not at full capacity, and only 310 MW is being supplied.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Khadka said, "Due to technical problems in power plants and transmission lines, the balance of demand and supply sometimes deteriorates. However, we are working to ensure that the supply in the industrial corridor continues as much as possible.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Meanwhile, the Morang Industry and Trade Association has issued a statement and requested the government to sell the remaining electricity to India and Bangladesh after meeting domestic demand first. The president of the association, Anupam Rathi, said that the industries of Sunsari Morang Industrial Corridor can survive only if the government plans to meet the domestic demand and the export surplus electricity.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-05', 'modified' => '2024-06-05', 'keywords' => '', 'description' => '', 'sortorder' => '20913', 'image' => '20240605013841_20240102121524_NEA_eight by six.jpg', 'article_date' => '2024-06-05 13:37:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21184', 'article_category_id' => '1', 'title' => 'Main Tunnel of Arun-III Hydropower Project Achieves Breakthrough', 'sub_title' => '', 'summary' => 'KATHMANDU: The 900 megawatt capacity Arun-III hydropower project under construction with Indian investment in Sankhuwasabha district has achieved a breakthrough of its main tunnel.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The 900 megawatt capacity Arun-III hydropower project under construction with Indian investment in Sankhuwasabha district has achieved a breakthrough of its main tunnel. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The developer SJVN Arun-III Power Development Company has informed that 74.09 percent of the project has been completed with the breakthrough on Tuesday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This project is being developed with the investment of India's state-controlled SJVN Limited Company. The company said that the water brought from the dam in Makalu Rural Municipality, Ward No. 3 and 7 of Sankhuwasabha district through the 11.8 kilometer tunnel will be pumped into the power house in Chichila Rural Municipality, Ward No. 3, Pukuwa to generate electricity.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the company, the dam work is also progressing. The goal is to produce electricity by March 2025.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The project will be vital to implement the agreement between Nepal and India to export 10,000 megawatts of electricity to India in 10 years. The company is also building a transmission line to transfer electricity from the project site to the Dhalkewar substation, and is also building a Nepal-India international transmission line to export electricity to India.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prime Minister Pushpa Kamal Dahal, who attended the breakthrough ceremony in Sankhuwasabha on Tuesday, expressed his belief that after the completion of this project, it will make a significant contribution to the country's electricity business.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Naveen Srivastava, India's ambassador to Nepal, said that this project is important for the implementation of the agreement between Nepal and India for the trade of 10,000 megawatts of electricity in the next 10 years. Stating that there are many possibilities for power generation in the Arun River, he emphasized that both countries should use this potential together.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Along with Arun-III, SJVN Limited has also received permission to build the lower Arun of 679 MW. SJVN has signed a memorandum of understanding to develop 490 MW Arun-IV as a joint venture with Nepal Electricity Authority.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Ambassador Srivastava said that India is ready to cooperate with the Government of Nepal for the development of other projects in the Arun River. Sushil Kumar Sharma, Managing Director of SJVN Arun-III Power Development Company, requested Prime Minister Dahal to assist in acquiring land for the construction of the Koshi Highway and the construction of transmission lines for the completion of the project on time. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government of Nepal will get 21.9 percent (about 200 megawatts) of the electricity produced by this project, which is being built by the Indian company, for free, while the rest will be exported to India. The project will be handed over to Nepal 25 years after the start of electricity generation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The foundation stone of the project was laid by the then Prime Minister KP Sharma Oli and Indian Prime Minister Narendra Modi jointly from Kathmandu on May 11 , 2018 </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-05', 'modified' => '2024-06-05', 'keywords' => '', 'description' => '', 'sortorder' => '20912', 'image' => '20240605010245_93ffae57.jpeg', 'article_date' => '2024-06-05 13:02:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21183', 'article_category_id' => '1', 'title' => 'Government Committed to Timely Completion of MCC: FinMin Pun', 'sub_title' => '', 'summary' => 'KATHMANDU: The Government of Nepal has reiterated its commitment to conclude the projects under the MCC within the deadline. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: The Government of Nepal has reiterated its commitment to conclude the projects under the MCC within the deadline. Finance Minister Barsha Man Pun made such remarks during a meeting with visiting Deputy Vice President of Millennium Challenge Corporation (MCC), Jonathan Brooks, on Tuesday.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The delegation led by Brooks called on the Minister at the latter's office at Singha Durbar. During the meeting, Brooks requested for updates regarding the progress in the construction of an electricity transmission line and road projects under the MCC. In response, Finance Minister Pun said he said he was hopeful of the timely completion of the MCC projects. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">A 315-km cross-border transmission line is being developed under the MCC Project along with the road upgrading works within the next five years. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Under the 400 kV double circuit transmission line stretching from Butwal to Gorakhpur, works are underway to build sub-stations at Ratmate of Belkotgadhi municipality of Nuwakot, Damauli of Tanahu and Bhumahi of Nawalparasi East. This is considered the largest transmission line in the country. The transmission line project will have a total of 856 towers. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Nepal and the US signed the MCC Project worth $500 million on September 14, 2017. However, the MCC was delayed due to widespread protest by a section of the society on the pretext that the grant agreement was allegedly a part of the Indo-Pacific Strategy of the US government.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">After much debate and deliberations, the House of Representatives finally ratified the MCC grant agreement on February 27, 2022 with a 12-point explanatory note clarifying that the project should not be associated with any military alliance and that the grant agreement must abide by the Constitution of Nepal.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"> Projects under the US-funded Millennium Challenge Corporation (MCC) entered the implementation phase with the Entry into Force (EIF) only on August 30 last year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Millennium Challenge Account-Nepal (MCA Nepal), which has been entrusted with the responsibility of implementing the US grant projects worth As per the agreement with the US government, the MCC projects need to be completed within five years after the commencement of the EIF.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the initial agreement, the United States was supposed to provide US$ 500 million to Nepal for construction of cross-border transmission line and upgrading of roads while Nepal would have to contribute US$ 130 million for the project, expecting the total cost of the MCC project to remain at US$ 630 million.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">But the 'supplemental agreement' over the MCC that was signed last year, demands the government to bear additional cost of US$ 67 million, seeking its total contribution of US$ 197 million for the enforcement of the agreement. In the beginning, Nepal was supposed to take up 20.63 per cent financial responsibility for the MCC project and now it has increased to 28.26 percent. The increased responsibility amount is equivalent to Rs 900 million.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-05', 'modified' => '2024-06-05', 'keywords' => '', 'description' => '', 'sortorder' => '20911', 'image' => '20240605115101_20230830105937_1693279080.1692757131.1691983136.1690248678.1681795913[1].jpg', 'article_date' => '2024-06-05 11:50:29', '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' => '21200', 'article_category_id' => '1', 'title' => 'NEPSE Loses Minimal 1.93 Points to Close at 2,077.78', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) index witnessed a minimal loss of 1.93 points, or 0.09%, closing at 2,077.78 on the last trading day of the week on Thursday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 6: The Nepal Stock Exchange (NEPSE) index witnessed a minimal loss of 1.93 points, or 0.09%, closing at 2,077.78 on the last trading day of the week on Thursday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today's trading session, 322 scrips were traded on the NEPSE through 59,650 transactions. A total of 8,813,374 units of shares changed hands, resulting in a total turnover of Rs. 4.38 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">NRN Development and Infrastructure Limited (NRN) led the turnover amount with a total transaction of Rs. 18 crore. Emerging Nepal Limited (ENL) and Mid Solu Hydropower Limited (MSHL) each gained 10% and hit the positive circuit for the day. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Conversely, Mai Khola Hydropower Limited (MKHL) faced the highest loss at 6.40%, closing at a market price of Rs. 468 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sector indices, a majority of sectors closed in negative territory, while the rest closed in the positive zone. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Banking Subindex, Development Bank Index, Finance Index, Life Insurance Index, Manufacturing and Processing Index, Mutual Fund, Non-Life Insurance, and Others Index closed in negative territory.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Trading Index saw the highest gain at 1.96%, while the Finance Index lost the most at 2.08%.</span></span></p> ', 'published' => true, 'created' => '2024-06-06', 'modified' => '2024-06-06', 'keywords' => '', 'description' => '', 'sortorder' => '20927', 'image' => '20240606032218_collage (23).jpg', 'article_date' => '2024-06-06 15:20:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 1 => array( 'Article' => array( 'id' => '21199', 'article_category_id' => '1', 'title' => 'CAN Federation Requests Government to Reconsider 5% Excise Duty on Laptops', 'sub_title' => '', 'summary' => 'KATHMANDU: The Computer Association of Nepal Federation (CAN Federation) has urged the government to reconsider the excise duty imposed on laptops in the budget for the fiscal year 2081/82.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: The Computer Association of Nepal Federation (CAN Federation) has urged the government to reconsider the excise duty imposed on laptops in the budget for the fiscal year 2081/82. During a meeting held on Tuesday, the federation requested the government to reevaluate the 5 percent excise duty on laptops.</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:"Times New Roman","serif"">CAN Federation President Ranjit Podar stated that this tax hike would raise laptop prices in Nepal, negatively impacting various sectors, including ICT.</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:"Times New Roman","serif"">"Excise duty, typically imposed on items harmful to human health, has now been applied to laptops and notebooks. We urge the government to reconsider this as these devices are crucial for the development of information technology," 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:"Times New Roman","serif"">He also mentioned that increasing the excise duty on laptops contradicts the government's new programs for the information technology sector, giving the wrong message.</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:"Times New Roman","serif"">"If a laptop costs Rs 100,000, the VAT is Rs 13,000. With the additional five percent excise duty, the total price will be Rs 118,000," CAN President Podar explained. "Consumers will be the most affected, and this move will likely promote the grey market for laptops, leading to further market disorder."</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:"Times New Roman","serif"">President Podar highlighted that the lower prices in the grey market discourage official distributors, further complicating the issue. "Therefore, the government must reconsider this step," he emphasized.</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:"Times New Roman","serif"">Similarly, CAN Federation General Secretary Chiranjeevi Adhikari expressed concerns that this policy will directly impact various sectors, including education, health, tourism, finance, IT, and hospitals. He added that to foster a technology-friendly society, it is essential to have incentive policies for importing crucial devices like laptops.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-06', 'modified' => '2024-06-06', 'keywords' => '', 'description' => '', 'sortorder' => '20926', 'image' => '20240606121904_best-laptop-brands-20230420-3-medium.jpg', 'article_date' => '2024-06-06 12:18:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21198', 'article_category_id' => '1', 'title' => 'What is the Source of 67 Percent of Gold in the Market?', 'sub_title' => '', 'summary' => 'KATHMANDU: The Auditor General's report has highlighted that despite the government's arrangements for importing and selling gold through commercial banks, a significant amount of gold is being supplied to the market via informal channels.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: The Auditor General's report has highlighted that despite the government's arrangements for importing and selling gold through commercial banks, a significant amount of gold is being supplied to the market via informal channels. The recently published 61st annual report of the Office of the Auditor General mentions that only 13% of the annual gold traded by dealers in New Road is sourced from banks.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The report states that an additional 20% of gold is supplied through mutual buying and selling, while 67% is purchased from individuals. However, the Auditor General’s report has criticized businessmen for not using banking channels for these purchases.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, the report of the Auditor General points out that transactions between three gold traders in Nepalgunj revealed that 61 to 83 percent of their total gold purchases were made within the same family.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although the government has been controlling gold imports by setting quotas, the report indicates that a large amount of gold is entering the market through informal channels. Traders claim that the high influx of gold through informal channels is due to the government's failure to set import quotas according to market demand.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"Currently, there is a daily demand for 30 kg of gold in the domestic market of Nepal," said Mani Ratna Shakya, former president of the Federation of Nepal Gold and Silver Dealers Association. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepalis returning from abroad can import up to 50 grams of gold. This policy aims to discourage the import of raw gold.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Shakya asserts that a significant amount of gold is brought into the country daily under the facilities provided by the government. However, the Department of Customs has not recorded the amount of gold imported under this facility provided to the individual travellers.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, Nepal Rastra Bank has allowed commercial banks to import 20 kg of gold per day. Until last October, the import quota was only 10 kg per day.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In 2011, the government tasked the Nepal Rastra Bank with importing and selling gold after excessive imports affected foreign currency reserves and exchange rates. Subsequently, the central bank issued the Gold Import and Sale Distribution Procedure, 2011 (2068 BS), granting import rights exclusively to commercial banks.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Banks have also set quotas for the sale of imported gold. According to these quotas, 50 percent of the imports must be sold in the eight districts of the former Bagmati zone, with the remaining 50 percent must be sold in other districts. From the quota allocated for Bagmati zone, 50 percent is reserved for the Federation of Nepal Gold and Silver Dealers Association, 40 percent for the Nepal Gold and Silver Gems and Jewellery Federation, and 10 percent for the Federation of Handicraft Association of Nepal. The procedure stipulates that businessmen should sell the gold received from banks only by making jewelry.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the date of the Department of Customs, 2,350 kg of gold worth Rs 20.76 billion has been imported as of mid-May of the current fiscal year. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-06', 'modified' => '2024-06-06', 'keywords' => '', 'description' => '', 'sortorder' => '20925', 'image' => '20240606121817_cd5483b7.jpeg', 'article_date' => '2024-06-06 12:16:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21196', 'article_category_id' => '1', 'title' => 'World's Richest have Never Been so Wealthy: Study', 'sub_title' => '', 'summary' => 'PARIS: The world has never had so many rich people and their investments in soaring stock markets have made them wealthier than ever recorded, according to a study published on Wednesday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">PARIS: The world has never had so many rich people and their investments in soaring stock markets have made them wealthier than ever recorded, according to a study published on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The number of "high net worth individuals" (HNWI) -- defined as people with liquid assets of at least $1 million -- rose by 5.1 percent last year to 22.8 million, according to consulting firm Capgemini.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Their total wealth reached $86.8 trillion in 2023, a 4.7 percent increase from the previous year, according to the annual World Wealth Report.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The number of HNWI and their total wealth are the highest since Capgemini began the annual study in 1997.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Their fortunes have risen as stock markets have surged: New York's tech-heavy Nasdaq soared 43 percent in 2023 while the broad-based S&P 500 gained 24 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Paris CAC 40 grew 16 percent while the Frankfurt DAX advanced by 20 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The number of HNWI and their wealth had each fallen by more than three percent in 2022, a year of macroeconomic uncertainty and geopolitical tensions, the report said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The decline in their wealth was the steepest in a decade as equities fell.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"However, 2023 brought economic growth and improved fortunes for major investment sectors to reverse the falloff," the report said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Despite ongoing interest rate uncertainty and rising bond yields, equities surged along with the tech market, fueled by enthusiasm for generative AI and its potential impact on the economy."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Rising wealth and inequality in the world have fuelled debates on making the rich pay their fair share of taxes.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Brazil and France have pressed fellow G20 countries to set a global minimum tax on the world's wealthiest people. – AFP/RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-06', 'modified' => '2024-06-06', 'keywords' => '', 'description' => '', 'sortorder' => '20924', 'image' => '20240606113118_Interest-Rate-Savings_187ec48414f_medium.jpg', 'article_date' => '2024-06-06 11:29:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21197', 'article_category_id' => '1', 'title' => 'No Basis for 6 Percent Economic Growth Rate: MP Thapa', 'sub_title' => '', 'summary' => 'KATHMANDU: Nepali Congress MP Gagan Kumar Thapa has remarked that there is no basis for the government to achieve the 6 percent economic growth rate projected in the budget statement presented by Finance Minister Barshaman Pun for the next fiscal year (FY) 2081/82.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">KATHMANDU: Nepali Congress MP Gagan Kumar Thapa has remarked that there is no basis for the government to achieve the 6 percent economic growth rate projected in the budget statement presented by Finance Minister Barshaman Pun for the next fiscal year (FY) 2081/82. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">During a recent meeting of the House of Representatives, Thapa questioned the basis for achieving the 6 percent economic growth.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"Economic growth is projected to be 6 percent in the coming year. However, when some development partner agencies are projecting an economic growth rate of only 4 percent, on what basis has Finance Minister Pun set a target of 6 percent economic growth?" Thapa asked.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He highlighted the lack of demand in the market and the current economic crisis, suggesting these factors will challenge economic growth.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"Our expenses are increasing, middle-class people are being hit by high taxes, and money is piling up in banks due to the high taxes on new investments. There is an economic crisis. The goal of economic growth cannot be achieved by merely increasing the general tax rate," Thapa stated.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Thapa pointed out that many development projects remain incomplete due to insufficient investment in infrastructure development. He emphasized the importance of not only increasing spending but also ensuring quality in infrastructure construction.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"In the upcoming fiscal year, the government has allocated a budget of Rs 1.6 billion for the Sikta Irrigation Project even though the project has requested for Rs 3 billion. This project will take years to complete," he said. "The goal of the agricultural decade cannot be achieved by reducing investment in irrigation projects."</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-06', 'modified' => '2024-06-06', 'keywords' => '', 'description' => '', 'sortorder' => '20923', 'image' => '20240606120728_20240516080124_20240426010045_20220817123841_economic-growth.jpg', 'article_date' => '2024-06-06 12:06:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21194', 'article_category_id' => '1', 'title' => 'Govt Prepares Five-Year Strategy against Money Laundering', 'sub_title' => '', 'summary' => 'KATHMANDU: The government has prepared a five-year strategy to enhance measures against money laundering. The Asset Laundering Steering Committee, chaired by the Finance Minister, approved the draft strategy with amendments during its first meeting on Wednesday.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">KATHMANDU: The government has prepared a five-year strategy to enhance measures against money laundering. The Asset Laundering Steering Committee, chaired by the Finance Minister, approved the draft strategy with amendments during its first meeting on Wednesday. Once the Council of Ministers approves it, the strategy will be implemented.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">The meeting, chaired by Finance Minister Barsha Man Pun, included committee members Law Minister Padam Giri, Chief Secretary Baikunth Aryal, Nepal Rastra Bank’s Governor Maha Prasad Adhikari, Attorney General Dinmani Pokharel, Secretary of the Office of the Prime Minister and Council of Ministers, Leela Gartaula, and Revenue Secretary Dr Ram Prasad Ghimire.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">The strategy, titled "National Strategy and Action Plan on Prevention of Financial Investments in Money Laundering and Terrorist Activities," will be implemented in the current financial year 081/082.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">Mahesh Acharya, joint secretary and Head of the Economic Policy Analysis Division of the Ministry of Finance, stated that the strategy focuses on safeguarding the country's financial system and overall economy from the risks of financial crimes. It aims to curb financial crimes such as corruption, revenue evasion, money laundering, and cryptocurrency transactions. The strategy also addresses drug trafficking, organized crime, criminal activities, internal terrorism, fraud, theft, counterfeit currency trading, black market activities, smuggling, and crime control.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">Last year, the Asia Pacific Group (APG), in collaboration with the Financial Action Task Force (FATF) and the FTF, conducted a technical assessment of Nepal's money laundering situation. Following the APG's mutual evaluation report in September, 2023, recommendations were made to improve the technical, legal, policy, and structural aspects of Nepal's anti-money laundering efforts.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">Nepal, a member state of APG, has already amended the Prevention of Money Laundering Act based on recommendations from the FATF and APG. The APG delegation is scheduled to revisit Nepal in October for the next phase of their study. Both organizations have advised implementing and modifying the existing legal framework to better address money laundering concerns.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">The FATF has warned that if the current situation does not improve, Nepal risks being placed on the "grey list" for money laundering. Being on this list could damage the country's international reputation, reduce foreign aid, loans, and investments, complicate international banking transactions, decrease remittance flow, increase the hundi business, and potentially trigger an economic crisis.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">In the previous session of Parliament, the House of Representatives passed the Bill to Amend Some Laws Related to Prevention of Money Laundering and Promotion of Business Environment 2080. This bill amended and updated 19 different laws related to money laundering.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">These amendments included the Export Import (Control) Act 2013, Ship Registration Act 2027, Land Act 2034, Tourism Act 2035, Building Act 2055, Securities Act 2063, Nepal Rastra Bank Act 2058, Human Trafficking and Transportation (Control) Act 2064, Criminal Assets and Instruments (Seizure, Control and Confiscation) Act 2070, Mutual Legal Assistance Act 2070, Prevention of Organized Crime Act 2070, Electricity Regulatory Commission Act 2074, Cooperatives Act 2074, Foreign Investment and Technology Transfer Act 2075, Insurance Act 2079, Civil Crime Code 2074, and Civil Criminal Procedure Code 2074.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">The Act expands the police's jurisdiction in collecting information and prosecuting money laundering cases, regulates casinos, and includes money laundering as a criminal offense. It also encompasses electronic and digital transactions within the scope of money laundering. Section 7 (b) of the Act establishes a Steering Committee chaired by the finance minister.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">The Act empowers the Steering Committee to draft policies and programs related to money laundering, develop necessary mechanisms, and coordinate and monitor all agencies of the federal, state, and local governments. The committee can also take actions to enforce the Prevention of Money Laundering Act. Additionally, the committee will approve the National Risk Assessment Report on Money Laundering submitted by other committees and prepare an annual report on Money Laundering for the Council of Ministers.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-06', 'modified' => '2024-06-06', 'keywords' => 'money, laundering, Nepal, AML, terrorism', 'description' => '', 'sortorder' => '20922', 'image' => '20240606095240_20240605101057_20230910023832_20220712082812_20210901020646_Richest-Nepalese-–-List-of-Top-Richest-People-scaled.jpg', 'article_date' => '2024-06-06 09:51:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21195', 'article_category_id' => '1', 'title' => 'Samsung Nepal Lowers Prices of Smartphones, Offers EMI Facility at 0% Interest Rate', 'sub_title' => '', 'summary' => 'KATHMANDU: Samsung Nepal has announced a price drop for several of its smartphone models. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Arial,"sans-serif"">KATHMANDU: Samsung Nepal has announced a price drop for several of its smartphone models. Issuing a recent statement, the company said the Galaxy A25 5G, Galaxy M14 LTE, and Galaxy A05 are now available at “attractive prices” making these feature-rich smartphones even more accessible.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Arial,"sans-serif"">According to the company, it has slashed the price of Galaxy A25 5G by a maximum of Rs 2000 and that of Galaxy M14 LTE and Galaxy A05 by Rs 1000 each.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Arial,"sans-serif"">The statement added that the Galaxy A25 5G offers a 6.5-inch Super AMOLED display, a 50MP main camera with OIS and VDIS and a 13MP front camera. Powered by the Exynos 1280 processor and a 120Hz refresh rate, it ensures smooth performance. It also features a 5000mAh battery with super-fast charging, Samsung Knox security, and runs on Android 14-based One UI 6.0 and is now available for Rs 42,999 (256GB variant) and Rs 39,999 (128GB variant)</span></span></p> <p><span style="font-size:16px"><span style="font-family:Arial,"sans-serif"">Likewise, the Galaxy A05 and M14 LTE feature a 50MP primary camera supported by a 8MP and 13MP front camera respectively. Galaxy M14 LTE boasts the cutting-edge Qualcomm Snapdragon 680 processor, whereas the Galaxy A05 is powered by Mediatek Helio G85 processor to deliver unparalleled performance and enabling seamless multitasking, the company added. Meanwhile, both Galaxy A05 and M14 LTE boast a 6.7-inch screen offering an immersive viewing experience. Additionally, both devices are powered by a 5000mAh battery providing ample power for all-day use. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Arial,"sans-serif"">The Galaxy M14 LTE is now available at Rs 20,999 while the Galaxy A05 is available at 17,999</span></span></p> <p><span style="font-size:16px"><span style="font-family:Arial,"sans-serif"">The company further said that its customers can avail the Galaxy A25 5G and M14 LTE easily on EMI at 0% interest rate by presenting just the citizenship certificate through Samsung Insta Finance. This service is available at more than 500 authorized Samsung Retail Stores across the country, the statement added.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-06', 'modified' => '2024-06-06', 'keywords' => '', 'description' => '', 'sortorder' => '20921', 'image' => '20240606103513_blank eight by six.jpg', 'article_date' => '2024-06-06 10:34:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21193', 'article_category_id' => '1', 'title' => 'Landslide Forecasting System to Help Save Lives ', 'sub_title' => '', 'summary' => 'KATHMANDU: A new state-of-the-art artificial intelligence system that can analyse the significant amount of data needed to identify when landslide is about to take place is being installed in the landslide-prone regions of the country. ', 'content' => '<p><span style="font-size:16px">KATHMANDU: A new state-of-the-art artificial intelligence system that can analyse the significant amount of data needed to identify when landslide is about to take place is being installed in the landslide-prone regions of the country. <br /> Scientists from the University of Melbourne, Australia, Tribhuvan University and the University of Florence, Italy have teamed up with the Government of Nepal and Australia’s Department of Foreign Affairs and Trade to deliver the forecasting system. <br /> The forecasting system, called SAFE-RISCCS, continuously analyses satellite images of Earth taken by NASA, the European Space Agency and the Japan Aerospace Exploration Agency. Feeding SAFE-RISCCS forecasts’ into Landslide Early Warning Systems will protect people living in the shadow of landslides, ensuring alerts will be far more accurate, either days or even weeks in advance, says a media release issued by the University of Melbourne. <br /> Scientist at the University Professor Antoinette Tordesillas, who is leading the project, with the monsoons due in June, we are helping policymakers and risk managers better prepare for future monsoons when increasingly frequent and heavy rains are expected to trigger more devastating landslides. <br /> “Early warning systems are crucial because they give public officials more lead time to better plan, prepare and protect communities before the hazard strikes,” she said. Climate change and growing human activities pose a significant threat to communities in Nepal. Women, children, the elderly, and people with disabilities are especially vulnerable during disasters. <br /> The SAFE-RISCCS platform uses images from space, combined with a new open-access artificial intelligence tool invented at the University of Melbourne, to combine rain measurements and ever-changing ground motion data to continuously monitor and forecast the risk of a landslide at any one time in any one place. <br /> SAFE-RISCCS will be rolled out in two high-risk regions in partnership with Nepal’s National Disaster Risk Reduction and Management Authority (NDRRMA), as part of a new Landslide Early Warning System being developed in Nepal. <br /> Prof Basanta Adhikari from Tribhuvan University said continuous monitoring of deformations in the surface was vital in protecting the people of Nepal. <br /> “The increasing occurrences of landslides in the Himalayas, driven by the coupling effect of seismotectonic activities and climate change alongside human-made factors such as haphazard road construction, highlight the vulnerability of mountain communities,” Adhikari said. <br /> Professor Emanuele Intrieri from Florence University said raising people's awareness about the risk affecting the area they are living in remains the most cost-effective solution to reduce the exposure. <br /> “Nepal is only one of several regions in the Asia-Pacific at risk of worsening natural disasters associated with climate change. By improving early landslide prediction globally, we reduce the risk of catastrophic events and so protect human life, people’s livelihoods, critical infrastructure and the environment,” Professor Tordesillas said. -- RSS</span></p> ', 'published' => true, 'created' => '2024-06-06', 'modified' => '2024-06-06', 'keywords' => '', 'description' => '', 'sortorder' => '20920', 'image' => '20240606092300_20240605093819_Untitled.jpg', 'article_date' => '2024-06-06 09:21:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21190', 'article_category_id' => '1', 'title' => 'Nepalese Army removes 11 Metric Tons of Garbage from Mountains ', 'sub_title' => '', 'summary' => 'KATHMANDU: The Nepalese Army has collected 11 metric tons of garbage, four dead bodies and one human skeleton from different mountains. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The Nepalese Army has collected 11 metric tons of garbage, four dead bodies and one human skeleton from different mountains. The NA has been carrying out the clean-up of the major mountains in the country since 2019, under the title 'Mountain Clean-up Campaign’. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Assistant Director of National Parks and Wildlife Reserve Directorate, Sanjay Deuja, said that a total of 11,000 kilograms of garbage were collected from different places of Mount Everest, Lhotse and Nupse including 2,226 kilograms of biodegradable and 8,774 kilograms of non-biodegradable waste. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The biodegradable waste has been handed over to the Everest Pollution Control Committee in Namche area while the non-degradable waste has been brought to Kathmandu and handed over to a recycling company. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the NA, the human bodies and skeleton were handed over to the TU Teaching Hospital Maharajganj for disposal after necessary legal procedures. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The clean-up campaign was carried out for 55 days starting April 1. The cleaning team also successfully climbed Mount Everest. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">So far, 12 dead bodies and 180 metric tons of garbage have been collected from major mountains, including the highest peak Everest, during the five-year period of the 'Mountain Clean-up Campaign', said Deuja. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-06-05', 'modified' => '2024-06-05', 'keywords' => '', 'description' => '', 'sortorder' => '20917', 'image' => '20240605092131_10.JPG', 'article_date' => '2024-06-05 21:20:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21189', 'article_category_id' => '1', 'title' => 'Amendment of Section 57 of Income Tax Act Risks Loss of Capital Gains Tax by the Government', 'sub_title' => '', 'summary' => 'KATHMANDU: Experts have warned that recent changes to the Income Tax Act may increase the risk of evasion of capital gains tax.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">BIJAY DAMASE</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: Experts have warned that recent changes to the Income Tax Act may increase the risk of evasion of capital gains tax. The government has amended the current arrangement regarding ownership through the Financial Act for the next fiscal year (FY 2081/82). A restrictive phrase has been added to Subsection (1) of Section 57 of the Income Tax Act 2058. This new provision states that ownership changes due to the addition of capital from partners do not constitute a change in ownership.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The newly added restrictive phrase specifies, "However, the provisions of this subsection shall not apply when the number of shares and capital of the former shareholders and partners remain the same, and new shareholders and partners are added, resulting in increased capital."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Previously, a company with more than 50 percent ownership change had to pay up to 25 percent tax on the profit. According to the new system, increasing a company’s capital through investment does not incur profit tax as per Section 57.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Although the government claims this change is to encourage investment, experts believe it might be misused. They warn that a small initial investment in a highly valuable company could lead to significant ownership changes without tax liability later, taking advantage of this provision.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Former minister and finance secretary Bidyadhar Mallik illustrated this risk with the example of TeliaSonera’s investment in Ncell. Despite a limited initial investment, the high valuation of Ncell resulted in substantial capital gains tax when sold to the Malaysian company Axiata. When TeliaSonera transferred Ncell's ownership to Axiata in 2072, the company was valued at $1.37 billion. TeliaSonera was supposed to pay 25 percent tax on the profit, but due to non-payment, Axiata had to pay Rs 47 billion in fines and interest.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">A senior official from the Inland Revenue Department, who preferred not to be named, expressed concerns about potential losses to the government. They acknowledged that while the government could monitor the arrangement and amend it if misused, the risk remains significant.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Mallik emphasized that the new provision allows new investors to invest significantly in a company without triggering capital gains tax for the original owners, even if their shares become a minority. This means a private company owner could avoid paying capital gains tax when ownership changes through new investments.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">A former director general of the Inland Revenue Department suggested that this new provision might enable internal share sales without paying taxes.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Officials from the Ministry of Finance, however, claim that the amendment was made with good intentions. Dhaniram Sharma, Head of the Revenue Division, explained that if a company's paid-up capital is Rs 100 and another person invests an additional Rs 200, no tax will be charged on the profit. This concession is designed to encourage capital increases for business expansion.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The finance minister also stated in a press conference that the new arrangement would benefit startups, venture capital, and private equity funds, particularly by alleviating tax burdens during significant investments in startups.</span></span></span></p> ', 'published' => true, 'created' => '2024-06-05', 'modified' => '2024-06-05', 'keywords' => '', 'description' => '', 'sortorder' => '20916', 'image' => '20240605035226_20210226043111_20201119021010_20200907074520_1599400665.tax.jpg', 'article_date' => '2024-06-05 15:51:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21188', 'article_category_id' => '1', 'title' => ' President Appeals to Global Community to Contribute for Mitigating Climate Change Impacts ', 'sub_title' => '', 'summary' => 'KATHMANDU: President Ramchandra Paudel has appealed to the global community to secure future of upcoming generation by mitigating negative impacts of climate change. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: President Ramchandra Paudel has appealed to the global community to secure future of upcoming generation by mitigating negative impacts of climate change. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at a programme organized at the President's Office on the occasion of the World Environment Day on Wednesday, President Paudel said rapid changes in glaciers and glacial lakes due to growing impacts of global warming has added challenges to the lives and livelihoods with flash floods and landslides in the downstream areas. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"Nepal and other countries of the world are struggling with the crisis caused by climate change, pollution and loss of biodiversity. These crises cannot be solved by someone's efforts, everyone should be united," the President said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He noted that our common challenges and opportunities have been incorporated in the theme of the World Environment Day ' Our Land, Our Future: Land Restoration, Desertification and Drought Resistance'. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Recalling the views expressed by UN Secretary-General Antonio Guterres to reduce Nepal's mountain crisis, high risk of climate change and climate-related problems in Nepal and other mountainous countries, President Paudel expressed concern over the negligible contribution to greenhouse gas emissions in Nepal. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">He stressed the need for the world community to come together to solve the problems arising out of climate change and reduce its impact. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Stating that Nepal has been carrying out various works at the national level to mitigate the impacts of climate change and this issue has also been addressed in the policies and programmes of the government, President Paudel expressed the belief that the President Climate Change Management Programme would help increase adaptive capacity by reducing the negative impacts of climate change. -- RSS </span></span></span><br /> <br /> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-05', 'modified' => '2024-06-05', 'keywords' => '', 'description' => '', 'sortorder' => '20915', 'image' => '20240605033229_RSS-IMG-20240605-WA0015.jpg', 'article_date' => '2024-06-05 15:31:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21187', 'article_category_id' => '1', 'title' => 'NEPSE Sheds 5.58 Points to Close at 2079.71', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) index shed a minimal 5.58 points, or 0.26%, to close at 2,079.71 on Wednesday, the fourth trading day of the week.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 5: The Nepal Stock Exchange (NEPSE) index shed a minimal 5.58 points, or 0.26%, to close at 2,079.71 on Wednesday, the fourth trading day of the week.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today's trading session, 306 scrips were traded through 49,733 transactions. A total of 8,042,767 units of shares changed hands, resulting in a total turnover of Rs 3.99 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">NRN Infrastructure and Development Fund Limited (NRN) led the turnover amount with a total transaction worth Rs 19 crore. Bhagawati Hydropower Development Company Limited (BGWT) gained 10% and hit the positive circuit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Conversely, Upper Lohore Khola Hydropower Limited Company (ULHC) incurred the maximum loss of 5.51%, closing at a market price of Rs 377 per share. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sector indices, all sectors closed in negative territory except for the Finance Index, Manufacturing and Processing Index, Microfinance Index, and Mutual Fund Index. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Investment Index remained neutral. The Mutual Fund Index gained the highest at 4.92%, while the Trading Index lost the maximum at 1.03%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-05', 'modified' => '2024-06-05', 'keywords' => '', 'description' => '', 'sortorder' => '20914', 'image' => '20240605032252_collage (22).jpg', 'article_date' => '2024-06-05 15:21:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '21186', 'article_category_id' => '1', 'title' => 'NEA Starts Exporting Electricity while Domestic Industries Still Face Load-Shedding', 'sub_title' => '', 'summary' => 'Birgunj/Biratnagar: Nepal Electricity Authority (NEA) has started exporting electricity to India from May 27. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Birgunj/Biratnagar: Nepal Electricity Authority (NEA) has started exporting electricity to India from May 27. The NEA says that it started exporting electricity because the production is more than the demand in the domestic market.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">However, the main industrial sectors of the country are still suffering from undeclared load shedding. Industrialists say that load shedding is still continuing in the main industrial areas such as Bara-Parsa Industrial Corridor, Sunsari-Morang Industrial Corridor due to the lack of proper infrastructure for transmission lines.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">NEA officials say that the electricity generation has increased due to the increase in the flow of water in the river, and the country has been exporting electricity during the night time. Stakeholders associated with the industries have criticized the government stating that there is no point in exporting electricity when it is unable to meet the domestic demand.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Ramesh Aggarwal, owner of Jagdamba Enterprises which manufactures iron rods, says the Bara-Parsa industrial corridor is currently facing 10 to 12 hours of unannounced load-shedding each day.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The industrialists complained that frequent tripping has hit the industry more than unannounced load-shedding. Tripping is the problem of sudden power outages. "Due to the repeated and unannounced power cuts, the raw material in the production process are being wasted and causing more damage," Agarwal said.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to the industrialists, a single power trip in the iron industry causes a loss of Rs 100,000. Entrepreneurs say that the electricity has been tripping every hour. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Dipesh Agarwal, chairman of the Madhesh Province chapter of the Federation of Nepalese Chamber of Commerce and Industry, said that raw materials are wasted due to frequent tripping and it is also causing damage to the industrial equipment.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Chairman Agarwal also said that there has been some improvement in the power supply after the recent rainfall incidents have increased water flow in the rivers for the past few days. "Unannounced load-shedding has decreased, but it has not gone away entirely," he said.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The weak transmission line of the authority has been cited as the reason for the frequent power outages in the industry. The NEA has been saying that the construction of transmission lines and substations has been prioritized to facilitate electricity supply in this corridor.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The NEA Executive Director Kulman Ghising, who recently came to monitor the infrastructure improvement work, said that the NEA is committed to supply quality electricity to the industrial corridors as well as domestic customers of Bara-Parsa area by doubling the capacity of the transmission lines.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">NEA officials say that due to the current demand of 300 megawatts of electricity in Birganj area, the supply has become problematic due to the power imported from the 132 KV Parwanipur-Raxaul transmission line.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to Bishwamitra Kalwar, a food entrepreneur, the industries that have opened in the Birgunj to Pokharia section are also facing problems due to the indiscriminate power cuts. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">“It has become difficult to run the industry due to unannounced load shedding. Also, there is no demand in the market, and on top of that, there is another problem in production, which is not having electricity," said Kalwar, Managing Director of New Om Food Industry. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Prabhat Rungta, a pharmaceutical industrialist, also says that the industries are in crisis due to frequent power cuts. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">“The production has been affected by unannounced load shedding. The raw material in the process is wasted. There are also problems in workers’ management. Power cut has become one major problem for the industry, which is facing an all-round crisis," he said.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Industrialists from Biratnagar have also said that loadshedding is still happening for 12 hours in Sunsari Morang Industrial Corridor.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The owner of Premier Steel, Shaurav Sharda, said due to continuous power cuts without information, the industry's molding machines had to be heated repeatedly.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">About 500 large, medium and small industries are operating in the Sunsari-Morang industrial corridor. Large, especially iron industries have been consuming more electricity. Currently, there is load shedding for 12 hours at night in the same industry.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Ramesh Rathi, director of Swastik Iron, said that it would be a relief if the government announced the schedule of load shedding. He said that the industry is losing millions of rupees daily due to load shedding for 8 to 10 hours every day.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to him, the production of the industry has dropped to 40 percent due to irregular power supply. He commented that talking about selling electricity to other countries when the domestic demand cannot be met is simply a big joke.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Mahesh Pokharel, head of administration of Reliance Spinning Mills, said that unannounced loadshedding has affected the industries that have to run 24 hours a day. Reliance, which operated in three shifts, has now been limited to two shifts. According to him, production has decreased by 35 percent. “Laborers have not found work. If this situation continues, the industry will have to lay off 400 workers,” said Pokharel. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Ashutosh Yadav, Head of the accounts section of Hulas Wire Industries, said that in February, power supply was stopped for only 4 hours at night, but now they have to face 12 hours of unannounced load shedding.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">He said that it is not practical to sell electricity to others when there is load-shedding in one's own industry. “The government should first pay attention to the demand of its own country,” he added.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to Roshan Khadka, Head of Duhabi Grid of Nepal Electricity Authority, 30 MW of electricity is not enough in Sunsari Morang Industrial Corridor. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to the authority, the electricity demand of Koshi region is 340 MW. Currently, as the water level in the river has not increased, electricity generation is not at full capacity, and only 310 MW is being supplied.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Khadka said, "Due to technical problems in power plants and transmission lines, the balance of demand and supply sometimes deteriorates. However, we are working to ensure that the supply in the industrial corridor continues as much as possible.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Meanwhile, the Morang Industry and Trade Association has issued a statement and requested the government to sell the remaining electricity to India and Bangladesh after meeting domestic demand first. The president of the association, Anupam Rathi, said that the industries of Sunsari Morang Industrial Corridor can survive only if the government plans to meet the domestic demand and the export surplus electricity.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-05', 'modified' => '2024-06-05', 'keywords' => '', 'description' => '', 'sortorder' => '20913', 'image' => '20240605013841_20240102121524_NEA_eight by six.jpg', 'article_date' => '2024-06-05 13:37:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21184', 'article_category_id' => '1', 'title' => 'Main Tunnel of Arun-III Hydropower Project Achieves Breakthrough', 'sub_title' => '', 'summary' => 'KATHMANDU: The 900 megawatt capacity Arun-III hydropower project under construction with Indian investment in Sankhuwasabha district has achieved a breakthrough of its main tunnel.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The 900 megawatt capacity Arun-III hydropower project under construction with Indian investment in Sankhuwasabha district has achieved a breakthrough of its main tunnel. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The developer SJVN Arun-III Power Development Company has informed that 74.09 percent of the project has been completed with the breakthrough on Tuesday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This project is being developed with the investment of India's state-controlled SJVN Limited Company. The company said that the water brought from the dam in Makalu Rural Municipality, Ward No. 3 and 7 of Sankhuwasabha district through the 11.8 kilometer tunnel will be pumped into the power house in Chichila Rural Municipality, Ward No. 3, Pukuwa to generate electricity.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the company, the dam work is also progressing. The goal is to produce electricity by March 2025.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The project will be vital to implement the agreement between Nepal and India to export 10,000 megawatts of electricity to India in 10 years. The company is also building a transmission line to transfer electricity from the project site to the Dhalkewar substation, and is also building a Nepal-India international transmission line to export electricity to India.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prime Minister Pushpa Kamal Dahal, who attended the breakthrough ceremony in Sankhuwasabha on Tuesday, expressed his belief that after the completion of this project, it will make a significant contribution to the country's electricity business.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Naveen Srivastava, India's ambassador to Nepal, said that this project is important for the implementation of the agreement between Nepal and India for the trade of 10,000 megawatts of electricity in the next 10 years. Stating that there are many possibilities for power generation in the Arun River, he emphasized that both countries should use this potential together.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Along with Arun-III, SJVN Limited has also received permission to build the lower Arun of 679 MW. SJVN has signed a memorandum of understanding to develop 490 MW Arun-IV as a joint venture with Nepal Electricity Authority.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Ambassador Srivastava said that India is ready to cooperate with the Government of Nepal for the development of other projects in the Arun River. Sushil Kumar Sharma, Managing Director of SJVN Arun-III Power Development Company, requested Prime Minister Dahal to assist in acquiring land for the construction of the Koshi Highway and the construction of transmission lines for the completion of the project on time. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government of Nepal will get 21.9 percent (about 200 megawatts) of the electricity produced by this project, which is being built by the Indian company, for free, while the rest will be exported to India. The project will be handed over to Nepal 25 years after the start of electricity generation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The foundation stone of the project was laid by the then Prime Minister KP Sharma Oli and Indian Prime Minister Narendra Modi jointly from Kathmandu on May 11 , 2018 </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-05', 'modified' => '2024-06-05', 'keywords' => '', 'description' => '', 'sortorder' => '20912', 'image' => '20240605010245_93ffae57.jpeg', 'article_date' => '2024-06-05 13:02:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21183', 'article_category_id' => '1', 'title' => 'Government Committed to Timely Completion of MCC: FinMin Pun', 'sub_title' => '', 'summary' => 'KATHMANDU: The Government of Nepal has reiterated its commitment to conclude the projects under the MCC within the deadline. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: The Government of Nepal has reiterated its commitment to conclude the projects under the MCC within the deadline. Finance Minister Barsha Man Pun made such remarks during a meeting with visiting Deputy Vice President of Millennium Challenge Corporation (MCC), Jonathan Brooks, on Tuesday.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The delegation led by Brooks called on the Minister at the latter's office at Singha Durbar. During the meeting, Brooks requested for updates regarding the progress in the construction of an electricity transmission line and road projects under the MCC. In response, Finance Minister Pun said he said he was hopeful of the timely completion of the MCC projects. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">A 315-km cross-border transmission line is being developed under the MCC Project along with the road upgrading works within the next five years. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Under the 400 kV double circuit transmission line stretching from Butwal to Gorakhpur, works are underway to build sub-stations at Ratmate of Belkotgadhi municipality of Nuwakot, Damauli of Tanahu and Bhumahi of Nawalparasi East. This is considered the largest transmission line in the country. The transmission line project will have a total of 856 towers. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Nepal and the US signed the MCC Project worth $500 million on September 14, 2017. However, the MCC was delayed due to widespread protest by a section of the society on the pretext that the grant agreement was allegedly a part of the Indo-Pacific Strategy of the US government.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">After much debate and deliberations, the House of Representatives finally ratified the MCC grant agreement on February 27, 2022 with a 12-point explanatory note clarifying that the project should not be associated with any military alliance and that the grant agreement must abide by the Constitution of Nepal.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"> Projects under the US-funded Millennium Challenge Corporation (MCC) entered the implementation phase with the Entry into Force (EIF) only on August 30 last year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Millennium Challenge Account-Nepal (MCA Nepal), which has been entrusted with the responsibility of implementing the US grant projects worth As per the agreement with the US government, the MCC projects need to be completed within five years after the commencement of the EIF.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the initial agreement, the United States was supposed to provide US$ 500 million to Nepal for construction of cross-border transmission line and upgrading of roads while Nepal would have to contribute US$ 130 million for the project, expecting the total cost of the MCC project to remain at US$ 630 million.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">But the 'supplemental agreement' over the MCC that was signed last year, demands the government to bear additional cost of US$ 67 million, seeking its total contribution of US$ 197 million for the enforcement of the agreement. In the beginning, Nepal was supposed to take up 20.63 per cent financial responsibility for the MCC project and now it has increased to 28.26 percent. The increased responsibility amount is equivalent to Rs 900 million.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-05', 'modified' => '2024-06-05', 'keywords' => '', 'description' => '', 'sortorder' => '20911', 'image' => '20240605115101_20230830105937_1693279080.1692757131.1691983136.1690248678.1681795913[1].jpg', 'article_date' => '2024-06-05 11:50:29', '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
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 133]file not found!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' => '21200', 'article_category_id' => '1', 'title' => 'NEPSE Loses Minimal 1.93 Points to Close at 2,077.78', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) index witnessed a minimal loss of 1.93 points, or 0.09%, closing at 2,077.78 on the last trading day of the week on Thursday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 6: The Nepal Stock Exchange (NEPSE) index witnessed a minimal loss of 1.93 points, or 0.09%, closing at 2,077.78 on the last trading day of the week on Thursday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today's trading session, 322 scrips were traded on the NEPSE through 59,650 transactions. A total of 8,813,374 units of shares changed hands, resulting in a total turnover of Rs. 4.38 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">NRN Development and Infrastructure Limited (NRN) led the turnover amount with a total transaction of Rs. 18 crore. Emerging Nepal Limited (ENL) and Mid Solu Hydropower Limited (MSHL) each gained 10% and hit the positive circuit for the day. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Conversely, Mai Khola Hydropower Limited (MKHL) faced the highest loss at 6.40%, closing at a market price of Rs. 468 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sector indices, a majority of sectors closed in negative territory, while the rest closed in the positive zone. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Banking Subindex, Development Bank Index, Finance Index, Life Insurance Index, Manufacturing and Processing Index, Mutual Fund, Non-Life Insurance, and Others Index closed in negative territory.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Trading Index saw the highest gain at 1.96%, while the Finance Index lost the most at 2.08%.</span></span></p> ', 'published' => true, 'created' => '2024-06-06', 'modified' => '2024-06-06', 'keywords' => '', 'description' => '', 'sortorder' => '20927', 'image' => '20240606032218_collage (23).jpg', 'article_date' => '2024-06-06 15:20:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 1 => array( 'Article' => array( 'id' => '21199', 'article_category_id' => '1', 'title' => 'CAN Federation Requests Government to Reconsider 5% Excise Duty on Laptops', 'sub_title' => '', 'summary' => 'KATHMANDU: The Computer Association of Nepal Federation (CAN Federation) has urged the government to reconsider the excise duty imposed on laptops in the budget for the fiscal year 2081/82.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: The Computer Association of Nepal Federation (CAN Federation) has urged the government to reconsider the excise duty imposed on laptops in the budget for the fiscal year 2081/82. During a meeting held on Tuesday, the federation requested the government to reevaluate the 5 percent excise duty on laptops.</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:"Times New Roman","serif"">CAN Federation President Ranjit Podar stated that this tax hike would raise laptop prices in Nepal, negatively impacting various sectors, including ICT.</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:"Times New Roman","serif"">"Excise duty, typically imposed on items harmful to human health, has now been applied to laptops and notebooks. We urge the government to reconsider this as these devices are crucial for the development of information technology," 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:"Times New Roman","serif"">He also mentioned that increasing the excise duty on laptops contradicts the government's new programs for the information technology sector, giving the wrong message.</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:"Times New Roman","serif"">"If a laptop costs Rs 100,000, the VAT is Rs 13,000. With the additional five percent excise duty, the total price will be Rs 118,000," CAN President Podar explained. "Consumers will be the most affected, and this move will likely promote the grey market for laptops, leading to further market disorder."</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:"Times New Roman","serif"">President Podar highlighted that the lower prices in the grey market discourage official distributors, further complicating the issue. "Therefore, the government must reconsider this step," he emphasized.</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:"Times New Roman","serif"">Similarly, CAN Federation General Secretary Chiranjeevi Adhikari expressed concerns that this policy will directly impact various sectors, including education, health, tourism, finance, IT, and hospitals. He added that to foster a technology-friendly society, it is essential to have incentive policies for importing crucial devices like laptops.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-06', 'modified' => '2024-06-06', 'keywords' => '', 'description' => '', 'sortorder' => '20926', 'image' => '20240606121904_best-laptop-brands-20230420-3-medium.jpg', 'article_date' => '2024-06-06 12:18:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21198', 'article_category_id' => '1', 'title' => 'What is the Source of 67 Percent of Gold in the Market?', 'sub_title' => '', 'summary' => 'KATHMANDU: The Auditor General's report has highlighted that despite the government's arrangements for importing and selling gold through commercial banks, a significant amount of gold is being supplied to the market via informal channels.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: The Auditor General's report has highlighted that despite the government's arrangements for importing and selling gold through commercial banks, a significant amount of gold is being supplied to the market via informal channels. The recently published 61st annual report of the Office of the Auditor General mentions that only 13% of the annual gold traded by dealers in New Road is sourced from banks.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The report states that an additional 20% of gold is supplied through mutual buying and selling, while 67% is purchased from individuals. However, the Auditor General’s report has criticized businessmen for not using banking channels for these purchases.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, the report of the Auditor General points out that transactions between three gold traders in Nepalgunj revealed that 61 to 83 percent of their total gold purchases were made within the same family.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although the government has been controlling gold imports by setting quotas, the report indicates that a large amount of gold is entering the market through informal channels. Traders claim that the high influx of gold through informal channels is due to the government's failure to set import quotas according to market demand.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"Currently, there is a daily demand for 30 kg of gold in the domestic market of Nepal," said Mani Ratna Shakya, former president of the Federation of Nepal Gold and Silver Dealers Association. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepalis returning from abroad can import up to 50 grams of gold. This policy aims to discourage the import of raw gold.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Shakya asserts that a significant amount of gold is brought into the country daily under the facilities provided by the government. However, the Department of Customs has not recorded the amount of gold imported under this facility provided to the individual travellers.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, Nepal Rastra Bank has allowed commercial banks to import 20 kg of gold per day. Until last October, the import quota was only 10 kg per day.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In 2011, the government tasked the Nepal Rastra Bank with importing and selling gold after excessive imports affected foreign currency reserves and exchange rates. Subsequently, the central bank issued the Gold Import and Sale Distribution Procedure, 2011 (2068 BS), granting import rights exclusively to commercial banks.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Banks have also set quotas for the sale of imported gold. According to these quotas, 50 percent of the imports must be sold in the eight districts of the former Bagmati zone, with the remaining 50 percent must be sold in other districts. From the quota allocated for Bagmati zone, 50 percent is reserved for the Federation of Nepal Gold and Silver Dealers Association, 40 percent for the Nepal Gold and Silver Gems and Jewellery Federation, and 10 percent for the Federation of Handicraft Association of Nepal. The procedure stipulates that businessmen should sell the gold received from banks only by making jewelry.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the date of the Department of Customs, 2,350 kg of gold worth Rs 20.76 billion has been imported as of mid-May of the current fiscal year. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-06', 'modified' => '2024-06-06', 'keywords' => '', 'description' => '', 'sortorder' => '20925', 'image' => '20240606121817_cd5483b7.jpeg', 'article_date' => '2024-06-06 12:16:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21196', 'article_category_id' => '1', 'title' => 'World's Richest have Never Been so Wealthy: Study', 'sub_title' => '', 'summary' => 'PARIS: The world has never had so many rich people and their investments in soaring stock markets have made them wealthier than ever recorded, according to a study published on Wednesday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">PARIS: The world has never had so many rich people and their investments in soaring stock markets have made them wealthier than ever recorded, according to a study published on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The number of "high net worth individuals" (HNWI) -- defined as people with liquid assets of at least $1 million -- rose by 5.1 percent last year to 22.8 million, according to consulting firm Capgemini.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Their total wealth reached $86.8 trillion in 2023, a 4.7 percent increase from the previous year, according to the annual World Wealth Report.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The number of HNWI and their total wealth are the highest since Capgemini began the annual study in 1997.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Their fortunes have risen as stock markets have surged: New York's tech-heavy Nasdaq soared 43 percent in 2023 while the broad-based S&P 500 gained 24 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Paris CAC 40 grew 16 percent while the Frankfurt DAX advanced by 20 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The number of HNWI and their wealth had each fallen by more than three percent in 2022, a year of macroeconomic uncertainty and geopolitical tensions, the report said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The decline in their wealth was the steepest in a decade as equities fell.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"However, 2023 brought economic growth and improved fortunes for major investment sectors to reverse the falloff," the report said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Despite ongoing interest rate uncertainty and rising bond yields, equities surged along with the tech market, fueled by enthusiasm for generative AI and its potential impact on the economy."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Rising wealth and inequality in the world have fuelled debates on making the rich pay their fair share of taxes.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Brazil and France have pressed fellow G20 countries to set a global minimum tax on the world's wealthiest people. – AFP/RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-06', 'modified' => '2024-06-06', 'keywords' => '', 'description' => '', 'sortorder' => '20924', 'image' => '20240606113118_Interest-Rate-Savings_187ec48414f_medium.jpg', 'article_date' => '2024-06-06 11:29:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21197', 'article_category_id' => '1', 'title' => 'No Basis for 6 Percent Economic Growth Rate: MP Thapa', 'sub_title' => '', 'summary' => 'KATHMANDU: Nepali Congress MP Gagan Kumar Thapa has remarked that there is no basis for the government to achieve the 6 percent economic growth rate projected in the budget statement presented by Finance Minister Barshaman Pun for the next fiscal year (FY) 2081/82.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">KATHMANDU: Nepali Congress MP Gagan Kumar Thapa has remarked that there is no basis for the government to achieve the 6 percent economic growth rate projected in the budget statement presented by Finance Minister Barshaman Pun for the next fiscal year (FY) 2081/82. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">During a recent meeting of the House of Representatives, Thapa questioned the basis for achieving the 6 percent economic growth.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"Economic growth is projected to be 6 percent in the coming year. However, when some development partner agencies are projecting an economic growth rate of only 4 percent, on what basis has Finance Minister Pun set a target of 6 percent economic growth?" Thapa asked.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He highlighted the lack of demand in the market and the current economic crisis, suggesting these factors will challenge economic growth.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"Our expenses are increasing, middle-class people are being hit by high taxes, and money is piling up in banks due to the high taxes on new investments. There is an economic crisis. The goal of economic growth cannot be achieved by merely increasing the general tax rate," Thapa stated.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Thapa pointed out that many development projects remain incomplete due to insufficient investment in infrastructure development. He emphasized the importance of not only increasing spending but also ensuring quality in infrastructure construction.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"In the upcoming fiscal year, the government has allocated a budget of Rs 1.6 billion for the Sikta Irrigation Project even though the project has requested for Rs 3 billion. This project will take years to complete," he said. "The goal of the agricultural decade cannot be achieved by reducing investment in irrigation projects."</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-06', 'modified' => '2024-06-06', 'keywords' => '', 'description' => '', 'sortorder' => '20923', 'image' => '20240606120728_20240516080124_20240426010045_20220817123841_economic-growth.jpg', 'article_date' => '2024-06-06 12:06:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21194', 'article_category_id' => '1', 'title' => 'Govt Prepares Five-Year Strategy against Money Laundering', 'sub_title' => '', 'summary' => 'KATHMANDU: The government has prepared a five-year strategy to enhance measures against money laundering. The Asset Laundering Steering Committee, chaired by the Finance Minister, approved the draft strategy with amendments during its first meeting on Wednesday.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">KATHMANDU: The government has prepared a five-year strategy to enhance measures against money laundering. The Asset Laundering Steering Committee, chaired by the Finance Minister, approved the draft strategy with amendments during its first meeting on Wednesday. Once the Council of Ministers approves it, the strategy will be implemented.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">The meeting, chaired by Finance Minister Barsha Man Pun, included committee members Law Minister Padam Giri, Chief Secretary Baikunth Aryal, Nepal Rastra Bank’s Governor Maha Prasad Adhikari, Attorney General Dinmani Pokharel, Secretary of the Office of the Prime Minister and Council of Ministers, Leela Gartaula, and Revenue Secretary Dr Ram Prasad Ghimire.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">The strategy, titled "National Strategy and Action Plan on Prevention of Financial Investments in Money Laundering and Terrorist Activities," will be implemented in the current financial year 081/082.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">Mahesh Acharya, joint secretary and Head of the Economic Policy Analysis Division of the Ministry of Finance, stated that the strategy focuses on safeguarding the country's financial system and overall economy from the risks of financial crimes. It aims to curb financial crimes such as corruption, revenue evasion, money laundering, and cryptocurrency transactions. The strategy also addresses drug trafficking, organized crime, criminal activities, internal terrorism, fraud, theft, counterfeit currency trading, black market activities, smuggling, and crime control.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">Last year, the Asia Pacific Group (APG), in collaboration with the Financial Action Task Force (FATF) and the FTF, conducted a technical assessment of Nepal's money laundering situation. Following the APG's mutual evaluation report in September, 2023, recommendations were made to improve the technical, legal, policy, and structural aspects of Nepal's anti-money laundering efforts.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">Nepal, a member state of APG, has already amended the Prevention of Money Laundering Act based on recommendations from the FATF and APG. The APG delegation is scheduled to revisit Nepal in October for the next phase of their study. Both organizations have advised implementing and modifying the existing legal framework to better address money laundering concerns.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">The FATF has warned that if the current situation does not improve, Nepal risks being placed on the "grey list" for money laundering. Being on this list could damage the country's international reputation, reduce foreign aid, loans, and investments, complicate international banking transactions, decrease remittance flow, increase the hundi business, and potentially trigger an economic crisis.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">In the previous session of Parliament, the House of Representatives passed the Bill to Amend Some Laws Related to Prevention of Money Laundering and Promotion of Business Environment 2080. This bill amended and updated 19 different laws related to money laundering.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">These amendments included the Export Import (Control) Act 2013, Ship Registration Act 2027, Land Act 2034, Tourism Act 2035, Building Act 2055, Securities Act 2063, Nepal Rastra Bank Act 2058, Human Trafficking and Transportation (Control) Act 2064, Criminal Assets and Instruments (Seizure, Control and Confiscation) Act 2070, Mutual Legal Assistance Act 2070, Prevention of Organized Crime Act 2070, Electricity Regulatory Commission Act 2074, Cooperatives Act 2074, Foreign Investment and Technology Transfer Act 2075, Insurance Act 2079, Civil Crime Code 2074, and Civil Criminal Procedure Code 2074.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">The Act expands the police's jurisdiction in collecting information and prosecuting money laundering cases, regulates casinos, and includes money laundering as a criminal offense. It also encompasses electronic and digital transactions within the scope of money laundering. Section 7 (b) of the Act establishes a Steering Committee chaired by the finance minister.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">The Act empowers the Steering Committee to draft policies and programs related to money laundering, develop necessary mechanisms, and coordinate and monitor all agencies of the federal, state, and local governments. The committee can also take actions to enforce the Prevention of Money Laundering Act. Additionally, the committee will approve the National Risk Assessment Report on Money Laundering submitted by other committees and prepare an annual report on Money Laundering for the Council of Ministers.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-06', 'modified' => '2024-06-06', 'keywords' => 'money, laundering, Nepal, AML, terrorism', 'description' => '', 'sortorder' => '20922', 'image' => '20240606095240_20240605101057_20230910023832_20220712082812_20210901020646_Richest-Nepalese-–-List-of-Top-Richest-People-scaled.jpg', 'article_date' => '2024-06-06 09:51:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21195', 'article_category_id' => '1', 'title' => 'Samsung Nepal Lowers Prices of Smartphones, Offers EMI Facility at 0% Interest Rate', 'sub_title' => '', 'summary' => 'KATHMANDU: Samsung Nepal has announced a price drop for several of its smartphone models. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Arial,"sans-serif"">KATHMANDU: Samsung Nepal has announced a price drop for several of its smartphone models. Issuing a recent statement, the company said the Galaxy A25 5G, Galaxy M14 LTE, and Galaxy A05 are now available at “attractive prices” making these feature-rich smartphones even more accessible.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Arial,"sans-serif"">According to the company, it has slashed the price of Galaxy A25 5G by a maximum of Rs 2000 and that of Galaxy M14 LTE and Galaxy A05 by Rs 1000 each.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Arial,"sans-serif"">The statement added that the Galaxy A25 5G offers a 6.5-inch Super AMOLED display, a 50MP main camera with OIS and VDIS and a 13MP front camera. Powered by the Exynos 1280 processor and a 120Hz refresh rate, it ensures smooth performance. It also features a 5000mAh battery with super-fast charging, Samsung Knox security, and runs on Android 14-based One UI 6.0 and is now available for Rs 42,999 (256GB variant) and Rs 39,999 (128GB variant)</span></span></p> <p><span style="font-size:16px"><span style="font-family:Arial,"sans-serif"">Likewise, the Galaxy A05 and M14 LTE feature a 50MP primary camera supported by a 8MP and 13MP front camera respectively. Galaxy M14 LTE boasts the cutting-edge Qualcomm Snapdragon 680 processor, whereas the Galaxy A05 is powered by Mediatek Helio G85 processor to deliver unparalleled performance and enabling seamless multitasking, the company added. Meanwhile, both Galaxy A05 and M14 LTE boast a 6.7-inch screen offering an immersive viewing experience. Additionally, both devices are powered by a 5000mAh battery providing ample power for all-day use. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Arial,"sans-serif"">The Galaxy M14 LTE is now available at Rs 20,999 while the Galaxy A05 is available at 17,999</span></span></p> <p><span style="font-size:16px"><span style="font-family:Arial,"sans-serif"">The company further said that its customers can avail the Galaxy A25 5G and M14 LTE easily on EMI at 0% interest rate by presenting just the citizenship certificate through Samsung Insta Finance. This service is available at more than 500 authorized Samsung Retail Stores across the country, the statement added.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-06', 'modified' => '2024-06-06', 'keywords' => '', 'description' => '', 'sortorder' => '20921', 'image' => '20240606103513_blank eight by six.jpg', 'article_date' => '2024-06-06 10:34:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21193', 'article_category_id' => '1', 'title' => 'Landslide Forecasting System to Help Save Lives ', 'sub_title' => '', 'summary' => 'KATHMANDU: A new state-of-the-art artificial intelligence system that can analyse the significant amount of data needed to identify when landslide is about to take place is being installed in the landslide-prone regions of the country. ', 'content' => '<p><span style="font-size:16px">KATHMANDU: A new state-of-the-art artificial intelligence system that can analyse the significant amount of data needed to identify when landslide is about to take place is being installed in the landslide-prone regions of the country. <br /> Scientists from the University of Melbourne, Australia, Tribhuvan University and the University of Florence, Italy have teamed up with the Government of Nepal and Australia’s Department of Foreign Affairs and Trade to deliver the forecasting system. <br /> The forecasting system, called SAFE-RISCCS, continuously analyses satellite images of Earth taken by NASA, the European Space Agency and the Japan Aerospace Exploration Agency. Feeding SAFE-RISCCS forecasts’ into Landslide Early Warning Systems will protect people living in the shadow of landslides, ensuring alerts will be far more accurate, either days or even weeks in advance, says a media release issued by the University of Melbourne. <br /> Scientist at the University Professor Antoinette Tordesillas, who is leading the project, with the monsoons due in June, we are helping policymakers and risk managers better prepare for future monsoons when increasingly frequent and heavy rains are expected to trigger more devastating landslides. <br /> “Early warning systems are crucial because they give public officials more lead time to better plan, prepare and protect communities before the hazard strikes,” she said. Climate change and growing human activities pose a significant threat to communities in Nepal. Women, children, the elderly, and people with disabilities are especially vulnerable during disasters. <br /> The SAFE-RISCCS platform uses images from space, combined with a new open-access artificial intelligence tool invented at the University of Melbourne, to combine rain measurements and ever-changing ground motion data to continuously monitor and forecast the risk of a landslide at any one time in any one place. <br /> SAFE-RISCCS will be rolled out in two high-risk regions in partnership with Nepal’s National Disaster Risk Reduction and Management Authority (NDRRMA), as part of a new Landslide Early Warning System being developed in Nepal. <br /> Prof Basanta Adhikari from Tribhuvan University said continuous monitoring of deformations in the surface was vital in protecting the people of Nepal. <br /> “The increasing occurrences of landslides in the Himalayas, driven by the coupling effect of seismotectonic activities and climate change alongside human-made factors such as haphazard road construction, highlight the vulnerability of mountain communities,” Adhikari said. <br /> Professor Emanuele Intrieri from Florence University said raising people's awareness about the risk affecting the area they are living in remains the most cost-effective solution to reduce the exposure. <br /> “Nepal is only one of several regions in the Asia-Pacific at risk of worsening natural disasters associated with climate change. By improving early landslide prediction globally, we reduce the risk of catastrophic events and so protect human life, people’s livelihoods, critical infrastructure and the environment,” Professor Tordesillas said. -- RSS</span></p> ', 'published' => true, 'created' => '2024-06-06', 'modified' => '2024-06-06', 'keywords' => '', 'description' => '', 'sortorder' => '20920', 'image' => '20240606092300_20240605093819_Untitled.jpg', 'article_date' => '2024-06-06 09:21:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21190', 'article_category_id' => '1', 'title' => 'Nepalese Army removes 11 Metric Tons of Garbage from Mountains ', 'sub_title' => '', 'summary' => 'KATHMANDU: The Nepalese Army has collected 11 metric tons of garbage, four dead bodies and one human skeleton from different mountains. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The Nepalese Army has collected 11 metric tons of garbage, four dead bodies and one human skeleton from different mountains. The NA has been carrying out the clean-up of the major mountains in the country since 2019, under the title 'Mountain Clean-up Campaign’. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Assistant Director of National Parks and Wildlife Reserve Directorate, Sanjay Deuja, said that a total of 11,000 kilograms of garbage were collected from different places of Mount Everest, Lhotse and Nupse including 2,226 kilograms of biodegradable and 8,774 kilograms of non-biodegradable waste. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The biodegradable waste has been handed over to the Everest Pollution Control Committee in Namche area while the non-degradable waste has been brought to Kathmandu and handed over to a recycling company. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the NA, the human bodies and skeleton were handed over to the TU Teaching Hospital Maharajganj for disposal after necessary legal procedures. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The clean-up campaign was carried out for 55 days starting April 1. The cleaning team also successfully climbed Mount Everest. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">So far, 12 dead bodies and 180 metric tons of garbage have been collected from major mountains, including the highest peak Everest, during the five-year period of the 'Mountain Clean-up Campaign', said Deuja. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-06-05', 'modified' => '2024-06-05', 'keywords' => '', 'description' => '', 'sortorder' => '20917', 'image' => '20240605092131_10.JPG', 'article_date' => '2024-06-05 21:20:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21189', 'article_category_id' => '1', 'title' => 'Amendment of Section 57 of Income Tax Act Risks Loss of Capital Gains Tax by the Government', 'sub_title' => '', 'summary' => 'KATHMANDU: Experts have warned that recent changes to the Income Tax Act may increase the risk of evasion of capital gains tax.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">BIJAY DAMASE</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: Experts have warned that recent changes to the Income Tax Act may increase the risk of evasion of capital gains tax. The government has amended the current arrangement regarding ownership through the Financial Act for the next fiscal year (FY 2081/82). A restrictive phrase has been added to Subsection (1) of Section 57 of the Income Tax Act 2058. This new provision states that ownership changes due to the addition of capital from partners do not constitute a change in ownership.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The newly added restrictive phrase specifies, "However, the provisions of this subsection shall not apply when the number of shares and capital of the former shareholders and partners remain the same, and new shareholders and partners are added, resulting in increased capital."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Previously, a company with more than 50 percent ownership change had to pay up to 25 percent tax on the profit. According to the new system, increasing a company’s capital through investment does not incur profit tax as per Section 57.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Although the government claims this change is to encourage investment, experts believe it might be misused. They warn that a small initial investment in a highly valuable company could lead to significant ownership changes without tax liability later, taking advantage of this provision.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Former minister and finance secretary Bidyadhar Mallik illustrated this risk with the example of TeliaSonera’s investment in Ncell. Despite a limited initial investment, the high valuation of Ncell resulted in substantial capital gains tax when sold to the Malaysian company Axiata. When TeliaSonera transferred Ncell's ownership to Axiata in 2072, the company was valued at $1.37 billion. TeliaSonera was supposed to pay 25 percent tax on the profit, but due to non-payment, Axiata had to pay Rs 47 billion in fines and interest.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">A senior official from the Inland Revenue Department, who preferred not to be named, expressed concerns about potential losses to the government. They acknowledged that while the government could monitor the arrangement and amend it if misused, the risk remains significant.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Mallik emphasized that the new provision allows new investors to invest significantly in a company without triggering capital gains tax for the original owners, even if their shares become a minority. This means a private company owner could avoid paying capital gains tax when ownership changes through new investments.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">A former director general of the Inland Revenue Department suggested that this new provision might enable internal share sales without paying taxes.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Officials from the Ministry of Finance, however, claim that the amendment was made with good intentions. Dhaniram Sharma, Head of the Revenue Division, explained that if a company's paid-up capital is Rs 100 and another person invests an additional Rs 200, no tax will be charged on the profit. This concession is designed to encourage capital increases for business expansion.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The finance minister also stated in a press conference that the new arrangement would benefit startups, venture capital, and private equity funds, particularly by alleviating tax burdens during significant investments in startups.</span></span></span></p> ', 'published' => true, 'created' => '2024-06-05', 'modified' => '2024-06-05', 'keywords' => '', 'description' => '', 'sortorder' => '20916', 'image' => '20240605035226_20210226043111_20201119021010_20200907074520_1599400665.tax.jpg', 'article_date' => '2024-06-05 15:51:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21188', 'article_category_id' => '1', 'title' => ' President Appeals to Global Community to Contribute for Mitigating Climate Change Impacts ', 'sub_title' => '', 'summary' => 'KATHMANDU: President Ramchandra Paudel has appealed to the global community to secure future of upcoming generation by mitigating negative impacts of climate change. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: President Ramchandra Paudel has appealed to the global community to secure future of upcoming generation by mitigating negative impacts of climate change. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at a programme organized at the President's Office on the occasion of the World Environment Day on Wednesday, President Paudel said rapid changes in glaciers and glacial lakes due to growing impacts of global warming has added challenges to the lives and livelihoods with flash floods and landslides in the downstream areas. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"Nepal and other countries of the world are struggling with the crisis caused by climate change, pollution and loss of biodiversity. These crises cannot be solved by someone's efforts, everyone should be united," the President said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He noted that our common challenges and opportunities have been incorporated in the theme of the World Environment Day ' Our Land, Our Future: Land Restoration, Desertification and Drought Resistance'. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Recalling the views expressed by UN Secretary-General Antonio Guterres to reduce Nepal's mountain crisis, high risk of climate change and climate-related problems in Nepal and other mountainous countries, President Paudel expressed concern over the negligible contribution to greenhouse gas emissions in Nepal. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">He stressed the need for the world community to come together to solve the problems arising out of climate change and reduce its impact. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Stating that Nepal has been carrying out various works at the national level to mitigate the impacts of climate change and this issue has also been addressed in the policies and programmes of the government, President Paudel expressed the belief that the President Climate Change Management Programme would help increase adaptive capacity by reducing the negative impacts of climate change. -- RSS </span></span></span><br /> <br /> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-05', 'modified' => '2024-06-05', 'keywords' => '', 'description' => '', 'sortorder' => '20915', 'image' => '20240605033229_RSS-IMG-20240605-WA0015.jpg', 'article_date' => '2024-06-05 15:31:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21187', 'article_category_id' => '1', 'title' => 'NEPSE Sheds 5.58 Points to Close at 2079.71', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) index shed a minimal 5.58 points, or 0.26%, to close at 2,079.71 on Wednesday, the fourth trading day of the week.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 5: The Nepal Stock Exchange (NEPSE) index shed a minimal 5.58 points, or 0.26%, to close at 2,079.71 on Wednesday, the fourth trading day of the week.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today's trading session, 306 scrips were traded through 49,733 transactions. A total of 8,042,767 units of shares changed hands, resulting in a total turnover of Rs 3.99 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">NRN Infrastructure and Development Fund Limited (NRN) led the turnover amount with a total transaction worth Rs 19 crore. Bhagawati Hydropower Development Company Limited (BGWT) gained 10% and hit the positive circuit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Conversely, Upper Lohore Khola Hydropower Limited Company (ULHC) incurred the maximum loss of 5.51%, closing at a market price of Rs 377 per share. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sector indices, all sectors closed in negative territory except for the Finance Index, Manufacturing and Processing Index, Microfinance Index, and Mutual Fund Index. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Investment Index remained neutral. The Mutual Fund Index gained the highest at 4.92%, while the Trading Index lost the maximum at 1.03%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-05', 'modified' => '2024-06-05', 'keywords' => '', 'description' => '', 'sortorder' => '20914', 'image' => '20240605032252_collage (22).jpg', 'article_date' => '2024-06-05 15:21:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '21186', 'article_category_id' => '1', 'title' => 'NEA Starts Exporting Electricity while Domestic Industries Still Face Load-Shedding', 'sub_title' => '', 'summary' => 'Birgunj/Biratnagar: Nepal Electricity Authority (NEA) has started exporting electricity to India from May 27. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Birgunj/Biratnagar: Nepal Electricity Authority (NEA) has started exporting electricity to India from May 27. The NEA says that it started exporting electricity because the production is more than the demand in the domestic market.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">However, the main industrial sectors of the country are still suffering from undeclared load shedding. Industrialists say that load shedding is still continuing in the main industrial areas such as Bara-Parsa Industrial Corridor, Sunsari-Morang Industrial Corridor due to the lack of proper infrastructure for transmission lines.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">NEA officials say that the electricity generation has increased due to the increase in the flow of water in the river, and the country has been exporting electricity during the night time. Stakeholders associated with the industries have criticized the government stating that there is no point in exporting electricity when it is unable to meet the domestic demand.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Ramesh Aggarwal, owner of Jagdamba Enterprises which manufactures iron rods, says the Bara-Parsa industrial corridor is currently facing 10 to 12 hours of unannounced load-shedding each day.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The industrialists complained that frequent tripping has hit the industry more than unannounced load-shedding. Tripping is the problem of sudden power outages. "Due to the repeated and unannounced power cuts, the raw material in the production process are being wasted and causing more damage," Agarwal said.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to the industrialists, a single power trip in the iron industry causes a loss of Rs 100,000. Entrepreneurs say that the electricity has been tripping every hour. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Dipesh Agarwal, chairman of the Madhesh Province chapter of the Federation of Nepalese Chamber of Commerce and Industry, said that raw materials are wasted due to frequent tripping and it is also causing damage to the industrial equipment.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Chairman Agarwal also said that there has been some improvement in the power supply after the recent rainfall incidents have increased water flow in the rivers for the past few days. "Unannounced load-shedding has decreased, but it has not gone away entirely," he said.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The weak transmission line of the authority has been cited as the reason for the frequent power outages in the industry. The NEA has been saying that the construction of transmission lines and substations has been prioritized to facilitate electricity supply in this corridor.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The NEA Executive Director Kulman Ghising, who recently came to monitor the infrastructure improvement work, said that the NEA is committed to supply quality electricity to the industrial corridors as well as domestic customers of Bara-Parsa area by doubling the capacity of the transmission lines.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">NEA officials say that due to the current demand of 300 megawatts of electricity in Birganj area, the supply has become problematic due to the power imported from the 132 KV Parwanipur-Raxaul transmission line.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to Bishwamitra Kalwar, a food entrepreneur, the industries that have opened in the Birgunj to Pokharia section are also facing problems due to the indiscriminate power cuts. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">“It has become difficult to run the industry due to unannounced load shedding. Also, there is no demand in the market, and on top of that, there is another problem in production, which is not having electricity," said Kalwar, Managing Director of New Om Food Industry. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Prabhat Rungta, a pharmaceutical industrialist, also says that the industries are in crisis due to frequent power cuts. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">“The production has been affected by unannounced load shedding. The raw material in the process is wasted. There are also problems in workers’ management. Power cut has become one major problem for the industry, which is facing an all-round crisis," he said.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Industrialists from Biratnagar have also said that loadshedding is still happening for 12 hours in Sunsari Morang Industrial Corridor.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The owner of Premier Steel, Shaurav Sharda, said due to continuous power cuts without information, the industry's molding machines had to be heated repeatedly.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">About 500 large, medium and small industries are operating in the Sunsari-Morang industrial corridor. Large, especially iron industries have been consuming more electricity. Currently, there is load shedding for 12 hours at night in the same industry.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Ramesh Rathi, director of Swastik Iron, said that it would be a relief if the government announced the schedule of load shedding. He said that the industry is losing millions of rupees daily due to load shedding for 8 to 10 hours every day.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to him, the production of the industry has dropped to 40 percent due to irregular power supply. He commented that talking about selling electricity to other countries when the domestic demand cannot be met is simply a big joke.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Mahesh Pokharel, head of administration of Reliance Spinning Mills, said that unannounced loadshedding has affected the industries that have to run 24 hours a day. Reliance, which operated in three shifts, has now been limited to two shifts. According to him, production has decreased by 35 percent. “Laborers have not found work. If this situation continues, the industry will have to lay off 400 workers,” said Pokharel. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Ashutosh Yadav, Head of the accounts section of Hulas Wire Industries, said that in February, power supply was stopped for only 4 hours at night, but now they have to face 12 hours of unannounced load shedding.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">He said that it is not practical to sell electricity to others when there is load-shedding in one's own industry. “The government should first pay attention to the demand of its own country,” he added.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to Roshan Khadka, Head of Duhabi Grid of Nepal Electricity Authority, 30 MW of electricity is not enough in Sunsari Morang Industrial Corridor. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to the authority, the electricity demand of Koshi region is 340 MW. Currently, as the water level in the river has not increased, electricity generation is not at full capacity, and only 310 MW is being supplied.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Khadka said, "Due to technical problems in power plants and transmission lines, the balance of demand and supply sometimes deteriorates. However, we are working to ensure that the supply in the industrial corridor continues as much as possible.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Meanwhile, the Morang Industry and Trade Association has issued a statement and requested the government to sell the remaining electricity to India and Bangladesh after meeting domestic demand first. The president of the association, Anupam Rathi, said that the industries of Sunsari Morang Industrial Corridor can survive only if the government plans to meet the domestic demand and the export surplus electricity.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-05', 'modified' => '2024-06-05', 'keywords' => '', 'description' => '', 'sortorder' => '20913', 'image' => '20240605013841_20240102121524_NEA_eight by six.jpg', 'article_date' => '2024-06-05 13:37:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21184', 'article_category_id' => '1', 'title' => 'Main Tunnel of Arun-III Hydropower Project Achieves Breakthrough', 'sub_title' => '', 'summary' => 'KATHMANDU: The 900 megawatt capacity Arun-III hydropower project under construction with Indian investment in Sankhuwasabha district has achieved a breakthrough of its main tunnel.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The 900 megawatt capacity Arun-III hydropower project under construction with Indian investment in Sankhuwasabha district has achieved a breakthrough of its main tunnel. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The developer SJVN Arun-III Power Development Company has informed that 74.09 percent of the project has been completed with the breakthrough on Tuesday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This project is being developed with the investment of India's state-controlled SJVN Limited Company. The company said that the water brought from the dam in Makalu Rural Municipality, Ward No. 3 and 7 of Sankhuwasabha district through the 11.8 kilometer tunnel will be pumped into the power house in Chichila Rural Municipality, Ward No. 3, Pukuwa to generate electricity.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the company, the dam work is also progressing. The goal is to produce electricity by March 2025.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The project will be vital to implement the agreement between Nepal and India to export 10,000 megawatts of electricity to India in 10 years. The company is also building a transmission line to transfer electricity from the project site to the Dhalkewar substation, and is also building a Nepal-India international transmission line to export electricity to India.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prime Minister Pushpa Kamal Dahal, who attended the breakthrough ceremony in Sankhuwasabha on Tuesday, expressed his belief that after the completion of this project, it will make a significant contribution to the country's electricity business.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Naveen Srivastava, India's ambassador to Nepal, said that this project is important for the implementation of the agreement between Nepal and India for the trade of 10,000 megawatts of electricity in the next 10 years. Stating that there are many possibilities for power generation in the Arun River, he emphasized that both countries should use this potential together.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Along with Arun-III, SJVN Limited has also received permission to build the lower Arun of 679 MW. SJVN has signed a memorandum of understanding to develop 490 MW Arun-IV as a joint venture with Nepal Electricity Authority.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Ambassador Srivastava said that India is ready to cooperate with the Government of Nepal for the development of other projects in the Arun River. Sushil Kumar Sharma, Managing Director of SJVN Arun-III Power Development Company, requested Prime Minister Dahal to assist in acquiring land for the construction of the Koshi Highway and the construction of transmission lines for the completion of the project on time. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government of Nepal will get 21.9 percent (about 200 megawatts) of the electricity produced by this project, which is being built by the Indian company, for free, while the rest will be exported to India. The project will be handed over to Nepal 25 years after the start of electricity generation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The foundation stone of the project was laid by the then Prime Minister KP Sharma Oli and Indian Prime Minister Narendra Modi jointly from Kathmandu on May 11 , 2018 </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-05', 'modified' => '2024-06-05', 'keywords' => '', 'description' => '', 'sortorder' => '20912', 'image' => '20240605010245_93ffae57.jpeg', 'article_date' => '2024-06-05 13:02:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21183', 'article_category_id' => '1', 'title' => 'Government Committed to Timely Completion of MCC: FinMin Pun', 'sub_title' => '', 'summary' => 'KATHMANDU: The Government of Nepal has reiterated its commitment to conclude the projects under the MCC within the deadline. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: The Government of Nepal has reiterated its commitment to conclude the projects under the MCC within the deadline. Finance Minister Barsha Man Pun made such remarks during a meeting with visiting Deputy Vice President of Millennium Challenge Corporation (MCC), Jonathan Brooks, on Tuesday.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The delegation led by Brooks called on the Minister at the latter's office at Singha Durbar. During the meeting, Brooks requested for updates regarding the progress in the construction of an electricity transmission line and road projects under the MCC. In response, Finance Minister Pun said he said he was hopeful of the timely completion of the MCC projects. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">A 315-km cross-border transmission line is being developed under the MCC Project along with the road upgrading works within the next five years. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Under the 400 kV double circuit transmission line stretching from Butwal to Gorakhpur, works are underway to build sub-stations at Ratmate of Belkotgadhi municipality of Nuwakot, Damauli of Tanahu and Bhumahi of Nawalparasi East. This is considered the largest transmission line in the country. The transmission line project will have a total of 856 towers. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Nepal and the US signed the MCC Project worth $500 million on September 14, 2017. However, the MCC was delayed due to widespread protest by a section of the society on the pretext that the grant agreement was allegedly a part of the Indo-Pacific Strategy of the US government.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">After much debate and deliberations, the House of Representatives finally ratified the MCC grant agreement on February 27, 2022 with a 12-point explanatory note clarifying that the project should not be associated with any military alliance and that the grant agreement must abide by the Constitution of Nepal.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"> Projects under the US-funded Millennium Challenge Corporation (MCC) entered the implementation phase with the Entry into Force (EIF) only on August 30 last year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Millennium Challenge Account-Nepal (MCA Nepal), which has been entrusted with the responsibility of implementing the US grant projects worth As per the agreement with the US government, the MCC projects need to be completed within five years after the commencement of the EIF.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the initial agreement, the United States was supposed to provide US$ 500 million to Nepal for construction of cross-border transmission line and upgrading of roads while Nepal would have to contribute US$ 130 million for the project, expecting the total cost of the MCC project to remain at US$ 630 million.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">But the 'supplemental agreement' over the MCC that was signed last year, demands the government to bear additional cost of US$ 67 million, seeking its total contribution of US$ 197 million for the enforcement of the agreement. In the beginning, Nepal was supposed to take up 20.63 per cent financial responsibility for the MCC project and now it has increased to 28.26 percent. The increased responsibility amount is equivalent to Rs 900 million.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-05', 'modified' => '2024-06-05', 'keywords' => '', 'description' => '', 'sortorder' => '20911', 'image' => '20240605115101_20230830105937_1693279080.1692757131.1691983136.1690248678.1681795913[1].jpg', 'article_date' => '2024-06-05 11:50:29', '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
