May 18: As the liquidity crisis deepened, banks and financial institutions borrowed loans from Nepal Rastra Bank (NRB) exceeding their deposit…
May 18: As the liquidity crisis deepened, banks and financial institutions borrowed loans from Nepal Rastra Bank (NRB) exceeding their deposit…
May 18: The date for discussions on principles and priorities of appropriation bill (except for tax proposition) is scheduled for May 18 and…
May 18: The government is set to present the upcoming fiscal year's budget with a vision towards building an independent economy with a focus on social justice and rural…
May 17: The Ministry of Agriculture and Livestock Development has proposed giving continuity to the old programme related to the agricultural sector in the upcoming fiscal year’s…
May 17: The government is preparing to make it mandatory for co-operatives to join the Co-operative and Poverty Management Information System…
May 17: The Securities Board of Nepal (SEBON) is preparing to increase the trading hours in the secondary market by one hour to five hours a…
May 17: Birgunj is not only the main gateway of the country but also the source of supply and transit.…
May 17: Prime Minister Sher Bahadur Deuba has urged India to provide additional air entry routes from Mahendranagar, Nepalgunj and…
May 17: Nepal and India discussed multiple issues of bilateral relations and cooperation and also exchanged memorandum of understandings (MoU) during the visit of Indian Prime Minister Narendra Modi to Lumbini, Nepal on Monday (May…
May 17: The new session of the federal Parliament will commence from today (May…
May 16: India banned the exports of wheat just a day after New Delhi declared a goal of setting a new record for shipment of…
May 16: Prime Minister Sher Bahadur Deuba formally inaugurated the Gautam Buddha International Airport (GBIA) in Bhairahawa on Monday (May 16) on the occasion of Buddha Jayanti…
May 16: The governments of Nepal and India have signed a Memorandum of Understanding (MoU) for the construction of the proposed 490.2 megawatts Arun-4 hydropower project.…
May 16: Mountain expedition, which had slowed down for two years due to the Covid-19 pandemic, has regained momentum this year.…
May 16: The profit generated by the insurance companies, which was continuously rising until the last fiscal year, took a nosedive in the current fiscal…
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The amount disbursed to the market by the central bank is more than the total deposits of the banks. As of April, banks have deposits of Rs 4.97 trillion. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">NRB has arranged various monetary instruments to facilitate the flow and mobilization of liquidity depending on the market conditions. Banks have resorted to borrowing heavily in the current fiscal year because of the liquidity crisis in the market due to higher credit flow than deposit collection. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">NRB informed that as of April this year, deposits in banks and financial institutions have increased by 4.1 percent (Rs 237 billion) as compared to the previous year, while loans have increased by 12.8 percent (Rs 558 billion). </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">According to the central bank, banks have borrowed Rs 6.91 trillion through the standing liquidity facility. Similarly, Rs 325.91 billion has been issued through repo, Rs 160.76 billion through overnight repo and Rs 55.91 billion through direct purchase instruments. Of this, Rs 211 billion is with banks. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">NRB issues a repo to send a certain amount to the market. However, the banks can take LLF and overnight repo as required by pledging their investments in instruments including government bonds. Banks have been renewing the LLF facility as it is provided for only 7 days. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Banks have started borrowing money through monetary instruments to manage the required cash reserves ratio (CRR) with the NRB as deposits in banks have not increased. Banks and financial institutions should keep 3 percent of the total deposit in the account of the central bank as CRR. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Since there hasn’t been any increase in deposit collection, banks have been managing the prescribed CRR by taking loans from the central bank. NRB has prescribed seven percent interest on LLF loans. NRB has increased the interest rate of LLF from 5 percent from December 27. The use of SLLF has not diminished even after the increase in the interest rate. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Chairman of the Nepal Bankers' Association Anil Kumar Upadhyaya says that the banks are using the facility provided by the central bank under compulsion. "Deposits have not increased as expected," he said, "Banks have used the facilities as prescribed by the regulator to manage the financial indicators." </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Officials at the NRB say the regular use of emergency equipment is a weakness. "Regular use of liquidity management tools is a weakness for banks," said Prakash Kumar Shrestha, executive director of the NRB. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">The NRB has implemented the provision of CD (Credit-Deposit) ratio in the banks from the current fiscal year through the monetary policy. Accordingly, the banks have been directed to maintain the CD ratio at 90 percent by mid-July 2022. However, as of April, the CD ratio of 18 banks is above 90 percent. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-18', 'modified' => '2022-05-18', 'keywords' => '', 'description' => '', 'sortorder' => '15036', 'image' => '20220518013824_Banks - Copy.jpg', 'article_date' => '2022-05-18 13:37:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15293', 'article_category_id' => '1', 'title' => 'Pre-Budget Discussions to Start from Today', 'sub_title' => '', 'summary' => 'May 18: The date for discussions on principles and priorities of appropriation bill (except for tax proposition) is scheduled for May 18 and 19. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 18: The date for discussions on principles and priorities of appropriation bill (except for tax proposition) is scheduled for May 18 and 19. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During Tuesday's meeting of the House of Representatives (HoR), Finance Minister Janardan Sharma tabled a motion seeking parliamentary discussions on principles and priorities of appropriation bill (except for tax proposition) for the fiscal year 2022/23. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaker Agni Prasad Sapkota has fixed the date for discussion on May 18 and 19 as proposed by Minister Sharma. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The House of Representatives is scheduled to meet again at 1:00 pm today (May 18). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, pre-budget discussions in the National Assembly have been fixed for May 19. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During Tuesday's meeting of the National Assembly, Finance Minister Sharma tabled a motion seeking parliamentary discussions on principles and priorities of appropriation bill (except for tax proposition) for the fiscal year 2079/080 BS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Tabling the motion, Minister Sharma said the Appropriation Bill, 2079 BS is aimed at building a socialism-oriented, balanced, inclusive and self-reliant economy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">National Assembly Chair Ganesh Prasad Timilsina summoned the next meeting of the NA at 1:00 pm on May 19 for holding discussions on the Appropriation Bill. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-05-18', 'modified' => '2022-05-18', 'keywords' => '', 'description' => '', 'sortorder' => '15035', 'image' => '20220518080411_20210501025837_11.jpg', 'article_date' => '2022-05-18 08:03:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15292', 'article_category_id' => '1', 'title' => ''Budget to Focus on Social Justice and Self-Reliant Economy' ', 'sub_title' => '', 'summary' => 'May 18: The government is set to present the upcoming fiscal year's budget with a vision towards building an independent economy with a focus on social justice and rural development. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 18: The government is set to present the upcoming fiscal year's budget with a vision towards building an independent economy with a focus on social justice and rural development. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Laying emphasis on developing socialism-oriented economy, the government has set its policy to generate employment opportunities for youths within the country and increase agricultural yields. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister for Finance Janardan Sharma shared this while presenting the principles and priorities of budget and programme to be included in upcoming fiscal year's Appropriation Bill during the House of Representatives meeting on Tuesday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Minister Sharma further noted that the constitutional ideals, parameters and directives including democratic republic, federal governance system, inclusion, socialism-oriented economy have been taken into consideration while formulating the budget proposal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He clarified that the government would focus on allocating adequate resources in prioritized sectors, enhancing allocation efficiency for ensuring result-oriented execution of appropriated budget, boosting institutional capacity and maintaining financial discipline. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the principles and priorities, the government is to focus on proposing budget only in the financially and technically feasible projects and cutting off public spending on unproductive sectors, the minister added. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to the minister, the budget will be pro-people and service-seeker friendly and will be centralized in ensuring smooth public service as well as increasing the use of information technology in service delivery. It will also focus on promoting good governance by checking corruption and irregularities. "The priorities are ultimately meant for enhancing public trust towards government," the minister explained. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He further said the new budget would put measures for productive economy by improving existing tax system. Focus would be laid on increasing the share of inland revenue to the national revenue portfolio, Minister Sharma said, adding the budget has set a long-term goal of making tax system sustainable by expanding scope of tax, checking revenue leakage and ensuring further reforms in tax system. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the policies will be formulated for utilizing public debt in national priority areas, productive sectors and capital formation while foreign aid will be channelized only towards national priorities and capital formation, the document states. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-05-18', 'modified' => '2022-05-18', 'keywords' => '', 'description' => '', 'sortorder' => '15034', 'image' => '20220518075553_the-House-of-Representatives (1).jpg', 'article_date' => '2022-05-18 07:55:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15291', 'article_category_id' => '1', 'title' => 'Old Wine in a New Bottle best Describes Proposed Budget for Agriculture', 'sub_title' => '', 'summary' => 'May 17: The Ministry of Agriculture and Livestock Development has proposed giving continuity to the old programme related to the agricultural sector in the upcoming fiscal year’s budget.', '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"">May 17: The Ministry of Agriculture and Livestock Development has proposed giving continuity to the old programme related to the agricultural sector in the upcoming fiscal year’s budget. It is has been learnt that the ministry has decided to give continuity to most of the old programmes which fall under in the main priority of the agriculture and livestock development sector for the budget of the upcoming fiscal year.</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"">Most of the programmes proposed for the upcoming budget are old ones including the continuation of the data collection system, expansion and continuation of farmer listing programme, implementation of seed distribution and management guidelines, implementation of minimum support price, construction of warehouse for storage, expansion and continuity of digital soil mapping programme, extension and continuity of agriculture and livestock insurance programme, national agriculture etc. Although this is not the final proposal, the Ministry of Finance prepares the budget based on this proposal.</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"">Spokesperson of the Ministry of Agriculture and Livestock Development, Prakash Kumar Sanjel, said that most of the old programmes have been getting continuity in the budget of the agriculture sector every year. He added that the ministry will focus on the implementation of the old programme rather than adding new programmes as the budget sealing for the coming fiscal year will be the similar as that of last year. He said that the ministry will play a role in facilitating the implementation of policies and standards.</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"">Concerned authorities of the agricultural sector on the other hand, are not satisfied with the ministry's proposal of old programmes. They expressed that new programmes that can be implemented easily have not been added because the government lacks vision. Uddhav Adhikari, coordinator of the Agriculture Campaign for Food, complained that the government still has not paid attention towards the issue of increasing imports of agricultural commodities every year. He said that the focus should be on increasing production rather than keeping the old programmes in the budget.</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"">“The government has set a goal to increase production. However, the model of increasing production is outdated. The government well knows that the production cannot be increased with the prevailing model. Despite this, the government has not paid attention to it,” said Adhikari.</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"">The government seems to have always failed to address the problems faced by the farmers. Stakeholders complained that the government failed to provide proper relief to the farmers affected by the natural calamities. Other problems faced by the farmers include mismanagement of fertilizers, seeds, distribution system and untimely allocation of support prices. Due to this, the number of people engaged in agriculture is decreasing every year.</span></span></span></span></p> <p><br /> <br /> <br /> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-17', 'modified' => '2022-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '15033', 'image' => '20220517061107_Agri.jpg', 'article_date' => '2022-05-17 18:10:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15290', 'article_category_id' => '1', 'title' => 'Online Reporting Mandatory for Co-operatives', 'sub_title' => '', 'summary' => 'May 17: The government is preparing to make it mandatory for co-operatives to join the Co-operative and Poverty Management Information System (CoPoMIS).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">May 17: The government is preparing to make it mandatory for co-operatives to join the Co-operative and Poverty Management Information System (CoPoMIS). In order to manage the records and regulation of co-operatives, arrangements are being made to facilitate the reporting to the regulatory body through online based software.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">The government launched the online-based software CoPoMIS five years ago. It covers everything from registration of co-operative to online monitoring. The Federal Department of Co-operatives is about to make it mandatory as only a few organizations have joined it during this period. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Registrar of the department Rudra Prasad Pandit informed that affiliation to CoPoMIS is being made mandatory so that various services provided by the government would be available to the users. He said, “We are going to make affiliation to CoPoMIS mandatory even for the certificate of tax payment from the subsidy given by the government to the co-operatives. Discussions are being held with the concerned bodies regarding this matter.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">The Ministry of Land Reforms and Poverty Alleviation started implementation of CoPoMIS from April 2017. But due to technical problems seen in the software and lack of interest among the users, it could not be implemented effectively.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">With the implementation of federalism, the implementation of CoPoMIS became further challenging.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">According to the Federal Department, out of 29,000 co-operatives across the country, only 38 percent (11,000) co-operatives have so far taken usernames and passwords for using CoPoMIS. Most of the co-operatives who own passwords do not update data regularly. According to the department, only 7,421 people have logged in to the software at least once. Similarly, the details of 1,668,929 members are updated in the system by just 3,903 co-operatives regularly submitting information to CoPoMIS. The co-operatives are not willing to use the software due to technical problems and lack of transparency.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Although the department has given the user ID and password of CoPoMIS to the states and municipalities, they have not given priority to its use and implementation among the co-operatives under their jurisdiction. According to the department, only 263 municipalities have logged in to the software.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Article 29 of the Co-operatives Act 2074 stipulates that a co-operative dealing with more than Rs 50 million must be affiliated to the CoPoMIS within one year and less than Rs 50 million within 3 years. The department has not taken any action against any co-operative even though the law states that the registrar can impose a fine of up to Rs 300,000 for violating the law.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Registrar Pandit said that the plan is to get the co-operatives to join the system by encouraging them rather than by imposing fines on them. He said, “In the first phase, we are planning to encourage them to join. We will only take action against those who do not join even after that.” The department plans to provide conditional grants from the upcoming budget to attract the local level as well.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Although the registration and monitoring rights are now transferred to the local level, the management of the co-operatives is becoming chaotic due to lack of effective monitoring. As a result, public deposits in co-operatives are also at risk.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-17', 'modified' => '2022-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '15032', 'image' => '20220517055734_Cooperative dept.jpg', 'article_date' => '2022-05-17 17:56:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15289', 'article_category_id' => '1', 'title' => 'Preparations underway to Increase Trading Hours of Share Transactions', 'sub_title' => '', 'summary' => 'May 17: The Securities Board of Nepal (SEBON) is preparing to increase the trading hours in the secondary market by one hour to five hours a day.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">May 17: The Securities Board of Nepal (SEBON) is preparing to increase the trading hours in the secondary market by one hour to five hours a day. At present, the share transaction is done for 4 hours daily. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">The board has already given unofficial instructions to Nepal Stock Exchange Limited (Nepse) in this regard. Nevertheless, there has not been any official discussion on how to proceed ahead. Meanwhile, Nepse has also unofficially informed the securities brokers to extend the trading hours. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">According to Santosh Mainali, president of the Stock Brokers Association of Nepal, formal discussions are yet to take place regarding the extension of trading hours. "Even though the board has not formally discussed the issue with us, Nepse has informed us about the extension," said Mainali. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Earlier, Bhishmaraj Dhungana, during his tenure as president of the board, had given verbal instructions to extend trading hours to five hours a day. Later, on March 13, 2020, he had officially instructed to operate the business for 5 hours daily from March 15, 2020. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">The share trading was closed after the nationwide lockdown was announced to curb the spread of Covid-19 infection. Although the secondary market was open in between the lockdowns, there was no full time trading due to the circuit breaker. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Later, the trading hour was again reduced to four hours after the brokers complained that it was not practical. Stakeholders say that the new initiative failed after the decision was made baselessly without any study. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Some have commented that the regulatory body has made such a decision without any study even now.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">According to a source within the board, they are working on this issue following the demand for more trading hours by the investors and brokers. Mainali says that the increased trading hours will benefit the investors. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">As Nepalis living abroad can also trade as per their convenience, Mainali says that the transaction amount in the market will increase. "Increasing the time will increase the business volume and such an arrangement will be more beneficial in the long run than at present. Nepalis living abroad will also be able to do business and daily business will also increase," he said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">However, Jyoti Dahal, a securities expert and advocate says that in the case of Nepal, trading hours are ideal at the moment. He said that in a small country like Nepal, one should not have unfavourable practice in the market under various pretexts. </span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-17', 'modified' => '2022-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '15031', 'image' => '20220517045823_share.jpg', 'article_date' => '2022-05-17 16:57:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15288', 'article_category_id' => '1', 'title' => 'Nepal’s Major Customs Centre lacks Transport City', 'sub_title' => '', 'summary' => 'May 17: Birgunj is not only the main gateway of the country but also the source of supply and transit. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">May 17: Birgunj is not only the main gateway of the country but also the source of supply and transit. Two thousand cargo vehicles enter the country through the three customs checkpoints here on a daily basis. These cargo vehicles go to other cities of the country via Birgunj. However, Birgunj is yet to become a well-organized transport city for the transportation of goods. Transportation is disrupted due to lack of infrastructure here.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">The Birgunj Chamber of Commerce and Industry and the local government have been raising the issue of transport city to manage transportation. However, it has not been managed yet. The shipment is done through the offices of the transport companies located at the center of the main city.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">There are more offices of such companies in Adarshnagar, the main market area of Birgunj. The companies have been loading and unloading goods by stopping trucks on the roadside itself in front of their offices.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Adarshnagar is not only a business area, but also a residential area. Due to this reason, the transportation business operated in the middle of the city is causing inconvenience to the people, especially due to the problems in movement. Businessmen of Birgunj have been demanding a transport city in a different place than within the city for the transportation of goods entering from the main checkpoint.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Daytime transport of large vehicles is currently banned in urban areas, making traders to load and unload goods at night time only. Goods imported from India are transported to other cities of the country by various transport companies from Birgunj.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">According to Ashok Kumar Temani, coordinator of the Transport and Transit Committee of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Madhesh Province, there is a need for a separate transport city as Birgunj is the main transit point. In the past, the Municipal Council of Birgunj Metropolitan City had passed a proposal to remove transport business from Adarshnagar area. This effort could not be completed due to lack of other alternatives.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Local traders had launched a campaign to manage the transportation and related work conducted from the market area. Coordinator Temani remarked that such transportation will be organized only if there is the alternative of a transport city.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">The issue of transport city was given top priority even in the concept of Greater Birgunj brought by the Birgunj Chamber of Commerce and Industry a decade ago. Traders suggest finding land in the area where the dry port and integrated check post of Birgunj are located to convert it into a transport city.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-17', 'modified' => '2022-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '15030', 'image' => '20220517041731_birgunj icp.jpg', 'article_date' => '2022-05-17 16:16:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15287', 'article_category_id' => '228', 'title' => 'PM Deuba Requests India to Provide Additional Air Routes ', 'sub_title' => '', 'summary' => 'May 17: Prime Minister Sher Bahadur Deuba has urged India to provide additional air entry routes from Mahendranagar, Nepalgunj and Janakpur. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 17: Prime Minister Sher Bahadur Deuba has urged India to provide additional air entry routes from Mahendranagar, Nepalgunj and Janakpur. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He made such request during a delegation-level talks held with his Indian counterpart, Narendra Modi in Lumbini on Monday. Prime Minister Deuba requested for additional air routes in order to facilitate connectivity and travel between the two countries during Modi’s official visit to Lumbini. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Civil Aviation Authority of Nepal (CAAN), the airway distance to Nepal from India and beyond will be shorter from these new routes.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal has been pressing India since a long time to open new air entry routes with the view of facilitating flights to and from the Gautam Buddha International Airport, which came into operation on May 16, as well as the under-construction Pokhara Regional International Airport and the proposed Nijgadh International Airport.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On June 15, 2018, India had agreed to allow new air entry routes to Nepal for international flights. The Civil Aviation Authority of Nepal (CAAN) and Airports Authority of India (AAI) had signed a bilateral agreement on international air route to Nepal back then to allow international flights to enter Nepal through Janakpur and Biratnagar entry points.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prior to this, international flights from India could enter Nepal's air space only from Simara.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although India had in principle agreed to allow Nepal to use the air entry routes of Janakpur, Biratnagar, Bhairahawa Nepalgunj and Mahendranagar, India has allowed Nepal to use only Bhairahawa and Janakpur entry routes.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Officials at the Civil Aviation Authority of Nepal (CAAN) say that India denied permission to use the other air routes citing security concerns.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">All aircraft entering Nepal through India have to use the route near Simara. However, the aircraft leaving Nepal can use Mahendranagar, Nepalgunj, Bhairahawa and Janakpur routes.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to officials, using the Mahendranagar and Nepalgunj routes to enter Nepal would lessen the distance by 14 nautical miles.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal and India have held several rounds of discussions to open air entry routes from Mahendranagar and Nepalgunj. However, the two countries are yet to reach an understanding in this regard.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two countries had decided to conduct a feasibility study to allow air entry routes to Nepal from Mahendranagar and Nepalgunj. However, due to India’s reluctance, the work has not yet been able to progress. An official of CAAN had informed New Business Age during an interview in 2019 that India is reluctant to grant permission along these two routes citing security concerns.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Former Prime Minister KP Oli had also discussed the issue with his Indian counterpart Narendra Modi during his visit to India but there has been no further development.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although the political actors of India have not rejected the proposal of Nepal to use the two air routes, which is shorter than the other route in use, India’s bureaucracy has been reportedly delaying the process, according to officials at the tourism ministry.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-17', 'modified' => '2022-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '15029', 'image' => '20220517023218_Nepal-Airlines.jpg', 'article_date' => '2022-05-17 14:31:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15286', 'article_category_id' => '1', 'title' => 'Nepal, India discuss Multiple Issues during PM Modi’s Lumbini Visit', 'sub_title' => 'The two countries exchange MoUs related to education and hydropower sectors', 'summary' => 'May 17: Nepal and India discussed multiple issues of bilateral relations and cooperation and also exchanged memorandum of understandings (MoU) during the visit of Indian Prime Minister Narendra Modi to Lumbini, Nepal on Monday (May 16). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 17: Nepal and India discussed multiple issues of bilateral relations and cooperation and also exchanged memorandum of understandings (MoU) during the visit of Indian Prime Minister Narendra Modi to Lumbini, Nepal on Monday (May 16). </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The Indian premier paid an official visit to Lumbini on the auspicious occasion of Buddha Jayanti festival at the invitation of Prime Minister Sher Bahadur Deuba. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Prime Minister Deuba and his spouse Arzu Rana Deuba warmly welcomed Indian Prime Minister Modi on his arrival at Lumbini helipad on Monday morning. Federal ministers, chief minister of the Lumbini Province, Nepal’s Ambassador to India and other senior officials of the government were also present on the occasion. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif""> According to a press statement issued by Ministry of Foreign Affairs on Monday, the Indian Prime Minister was accompanied by a high-level delegation consisting of the national security Advisor of India, foreign secretary and other senior officials of the government of India. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to the ministry, the two prime ministers held bilateral talks in Lumbini and recalled the fruitful discussions they had in New Delhi during the official visit of Prime Minister Deuba to India on April 1-3, 2022. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">During the bilateral talks, the two prime ministers had a broad overview of Nepal-India cooperation and matters of mutual interests with a view to further enhancing the close and cordial ties between the two countries. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Prime Minister Deuba thanked Modi for India’s assistance in fighting the COVID-19 pandemic and also expressed gratitude for India’s support in the post-earthquake reconstruction. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif""> “The two sides discussed promoting cooperation in connectivity; early supply of fertilizers; expeditious conclusion of the revised Transit Treaty, its Protocols and Memorandum; review of the treaty of trade; additional air entry routes; hydropower generation; culture and tourism including Buddhist circuit and Ramayana circuit; education and academic collaboration; increasing the threshold of carrying Indian currency by individuals; and cooperation at regional and multilateral forums in matters of mutual interest,” reads the statement. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Other issues featured during the discussion were infrastructure development including the dry port and integrated check posts in Chandani Dodhara as well as bridges linking Purnagiri Mai of Uttarakhand, India and Parshuram Dham in Dadeldhura, Nepal; and Jhulaghat over Mahakali river. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Prime Minister Deuba requested the Indian PM Modi to consider constructing Motigada-Fattepur-Rampur Road in Udaypur district of Nepal under Indian grant assistance. In the context of official inauguration and commencement of commercial operation of the Gautam Buddha International Airport, Prime Minister Deuba highlighted that the airport would further facilitate connectivity, cultural linkages, and people-to-people movements and promote cultural tourism. He also requested the additional air entry routes from Mahendranagar, Nepalgunj and Janakpur. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">In response, Indian PM Modi assured that authorities concerned of India would take up the matters raised by the Prime Minister Deuba. Deuba also requested for seamless power trade on a long-term basis under mutually beneficial terms. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The two sides expressed satisfaction that Arun III project was progressing well and welcomed the signing and exchange of MoU between Nepal Electricity Authority and SJVN Ltd. India for the development of Arun-IV hydropower project. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The two prime ministers stressed the importance of hydropower for clean energy and noted that immense potential exists for Public Private Partnership (PPP) in hydropower sector, the statement added. Prime Minister Deuba invited interested companies from India such as NHPC for the development of West Seti Hydroelectricity project. The two Prime Ministers agreed to take up the Pancheswor Project with priority. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Before holding the discussions, the prime ministers of Nepal and India visited the sacred Mayadevi Temple and offered worship at the birthplace of the Lord Gautam Buddha, who is regarded as the Light of Asia for preaching non-violence throughout the continent. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, the two prime ministers laid the foundation stone for the construction of the India International Center for Buddhist Culture and Heritage at the Lumbini Monastic Zone. In their address during a special ceremony organized by the Lumbini Development Trust, the two prime ministers highlighted the importance of Buddha’s teachings of peace, harmony, and mutual respect. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">PM Deuba and his Indian counterpart also witnessed the exchange of the Memoranda of Understanding (MoU) related to cooperation and collaboration in academic field and power sector. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Indian PM Modi returned home in the afternoon upon successfully completing the visit to Lumbini on the pious day of Buddha Jayanti. Prime Minister Deuba, his spouse Arzu Rana Deuba, ministers and senior officials of the government bade farewell to the Indian PM. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The ministry said that the official visit of Prime Minister Modi to Lumbini, Nepal has contributed in deepening the socio-cultural bonds and cooperation between Nepal and India. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Earlier, the MoFA had issued a statement saying it was the fifth visit of Modi to Nepal after becoming the prime minister of India. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-05-17', 'modified' => '2022-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '15028', 'image' => '20220517120325_RS_KTM_20220516_133633.jpg', 'article_date' => '2022-05-17 12:02:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15285', 'article_category_id' => '1', 'title' => 'Budget Session of Parliament Begins Today', 'sub_title' => '', 'summary' => 'May 17: The new session of the federal Parliament will commence from today (May 17).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">May 17: The new session of the federal Parliament will commence from today (May 17).</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">President Bidya Devi Bhandari has summoned the new session of parliament from today upon the recommendation of the Council of Ministers. A cabinet meeting on May 8 had decided to recommend the president to call the house session in order to pass the budget for the upcoming fiscal year.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">There is a constitutional provision of announcing the budget on 15 Jestha (May 29 this year) almost one and a half months ahead of the new fiscal year. The new fiscal year begins on July 17 this year. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Meanwhile, the meeting of the federal parliament has been called at the parliament building, New Baneshwor, at 4:00 pm today. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Speaker Agni Prasad Sapkota reportedly reached the parliament building on Monday and took stock of the preparation of the House of Representatives meeting. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Similarly, Speaker Sapkota has called a meeting of Business Advisory Committee of parliament for 2:30 pm today. The meeting of the Business Advisory Committee would decide on various issues including the agenda of the parliament meeting. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government's policies and programmes as well as the budget would be presented in this session. As per the schedule, the government will be presenting its policies and programmes on May 21. Once the policies and programmes are endorsed by the parliament, discussions will be held during the pre-budget session. However, the pre-budget session this time has become uncertain due to lack of time as the budget has to be presented at any cost on May 29. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-17', 'modified' => '2022-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '15027', 'image' => '20220517080933_the-House-of-Representatives (1).jpg', 'article_date' => '2022-05-17 08:08:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15284', 'article_category_id' => '268', 'title' => 'India bans Export of Wheat', 'sub_title' => '', 'summary' => 'May 16: India banned the exports of wheat just a day after New Delhi declared a goal of setting a new record for shipment of exports.', '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"">May 16: India banned the exports of wheat just a day after New Delhi declared a goal of setting a new record for shipment of exports.</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"">Extreme heat in India resulted in the decline in wheat production this year and the prices have skyrpcketed. The Indian government has made it clear that the ban on export will not be applicable for LC opened before May 13. According to Reuters, exports to countries that demand food supplies to meet food security needs will not be stopped.</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"">Importers from around the world turned to India, the world's second-largest wheat producer, after exports via the Black Sea came to a halt due to Russia's invasion of Ukraine on February 24. Prior to the ban, India had set a target of exporting 10 million tons of wheat this year.</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"">India is one of the world's largest wheat exporters. The decision of imposing a ban on exports can push the already tight wheat prices in the international market to new heights and put the poor consumers of Asia and Africa in a difficult position.</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"">An official of a Mumbai-based multinational trading company said, “The ban is shocking. We already expected control on exports a few months back. However, the rates of inflation must have played a vital role in changing the decision of the government.” The rising inflation in food and energy prices pushed India's annual inflation close to 8 percent in April.</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"">Wheat prices in India have reached record highs. In some markets, it has reached IRs 25,000 (Rs 40,000) per ton. The government of India has fixed the minimum support price of wheat at IRs 20,150 per metric ton in the country. Rising prices of fuel, labor, transportation and packaging have raised the price of wheat flour in India.</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""> “It is not just wheat. The price of everything has raised concerns about inflation. This is the reason why the government decided to ban wheat exports. This step is a big caution for us,” said a senior government official on condition of anonymity.</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"">Just this week, India said that it would set a record in wheat exports in the current fiscal year which started on April 1. The Indian government had planned to send delegations to Morocco, Tunisia, Indonesia and the Philippines to find ways to increase wheat exports. Last February, the government projected wheat production to exceed 110 million metric tons this year. Later in May, the projection was reduced to 105 million metric tons. According to a New Delhi-based multinational trading company, the heat wave in India in mid-March is expected to limit wheat production to just 100 million metric tons.</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"">“The government’s procurement has dropped by more than 50 per cent. The supply in the spot market is much less as compared to last year. All of this is indicative of low yields,” said the dealer. India exported 7 million metric tons of wheat in March while taking advantage of rising global prices following the Russia-Ukraine war. This record setting export is 250 percent more than the previous year.</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"">“The rise in wheat prices was moderate and Indian prices are still lower than the world market. In some parts of the country, the price of wheat rose to its current level last year itself, so a ban on exports is a necessary response,” Reuters quoted New Delhi-based businessman Rajesh Pahadia Jain as saying,</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"">Jain said India can export at least 10 million tons of wheat this year, despite a drop in production and procurement by the state-owned Food Corporation of India (FCI). So far, FCI purchased just over 19 million tons of wheat from farmers, which was 43.3 million ton last year. FCI buys food from local farmers to run food welfare programmes for the poor. Unlike in previous years, farmers preferred to sell wheat to private traders this time. Farmers are attracted to them because they pay more than the price fixed by the government. India exported 1.4 million tons of wheat in April and 1.5 million tons in May. Another Indian wheat trader says, “India's ban will push up the price of wheat worldwide. There is no big supplier in the market right now.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-16', 'modified' => '2022-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '15026', 'image' => '20220516083105_wheat.jpg', 'article_date' => '2022-05-16 20:30:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15283', 'article_category_id' => '1', 'title' => 'Opening of GBIA has Prepared the Basis for Tourism and Economic Development: PM Deuba ', 'sub_title' => '', 'summary' => 'May 16: Prime Minister Sher Bahadur Deuba formally inaugurated the Gautam Buddha International Airport (GBIA) in Bhairahawa on Monday (May 16) on the occasion of Buddha Jayanti festival. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 16: Prime Minister Sher Bahadur Deuba formally inaugurated the Gautam Buddha International Airport (GBIA) amid a function in Bhairahawa on Monday (May 16) on the occasion of Buddha Jayanti festival. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">While inaugurating the strategically important airport, the PM said that with the opening of GBIA has created the foundation for the nation's tourism and sustainable economic development. PM Deuba expressed his belief that the arrival of tourists will increase with opening of the second international airport of Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Experts believed that this airport will help reduce air traffic congestion at the Tribhuvan International Airport and also play a vital role in promotion of religious tourism due to its close proximity with Lumbini, the birthplace of Gautam Buddha. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Director General of the Civil Aviation Authority of Nepal (CAAN) Pradeep Adhikari said GBIA will serve as an alternative to TIA for the operation of international flights. He further added that the operation of GBIA has put to an end the compulsion of having to divert airplanes to the neighbouring countries in emergency situations when aircraft could not land or take off from TIA due to technical problems. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On the occasion, Minister for Culture, Tourism and Civil Aviation Prem Bahadur Ale said GBIA is one among the five national pride projects to be completed, adding that the country's tourism and economic development would take a stride after the completion of all these five projects under the Ministry of Tourism. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Nepal's message of peace and prosperity would be spread across the world from the land of the Buddha,” said Minister Ale.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The tourism minister also announced that the TIA and GBIA would be operated for 24 hours a day from today. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The construction of the GBIA had started in early 2015 with the target of completing it within December 2017. However, the construction was stalled in the middle due to the negligence of the construction company. Following extended deadlines, the airport has been finally brought into operation for commercial flights about five years later due to the COVID-19 pandemic. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the CAAN, approximately Rs 11 billion has been invested in the first phase of this project constructed with soft loan provided by the Asian Development Bank. The process of construction of the terminal building under the second phase would be forwarded soon. The airport is being constructed by a Chinese construction company. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Domestic airlines have been operating flights since the past few weeks after the successful completion of calibration and test flights. Private airlines companies such as Buddha Air, Yeti Airlines, Shree Airlines, Saurya Airlines, among others are operating flights from here. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, international flights has been opened only on May 16 coinciding with the day of the official inauguration of the airport. According to the airport office, the first flight of Nepal Airlines Corporation landed at 6:55 am on Monday morning, and the Jazeera Airway flight landed at 7:08 am. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-16', 'modified' => '2022-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '15025', 'image' => '20220516062116_jajira.JPG', 'article_date' => '2022-05-16 18:18:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15282', 'article_category_id' => '279', 'title' => 'Nepal, India sign MoU to Construct Arun-4 Hydropower Project ', 'sub_title' => '', 'summary' => 'May 16: The governments of Nepal and India have signed a Memorandum of Understanding (MoU) for the construction of the proposed 490.2 megawatts Arun-4 hydropower project. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 16: The governments of Nepal and India have signed a Memorandum of Understanding (MoU) for the construction of the proposed 490.2 megawatts Arun-4 hydropower project. Such a deal was signed during the official visit of Indian Prime Minister Narendra Modi to Lumbini on the occasion of the Buddha Jayanti Festival.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Indian PM arrived in Lumbini on Monday morning at the invitation of Prime Minister Sher Bahadur Deuba. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Executive Director of Nepal Electricity Authority (NEA), Kulman Ghising and Nanda Lal Sharma, chairperson and operation manager of Satluj Jal Vidyut Nigam, an Indian hydropower company, signed the MoU for the construction of the joint venture semi-reservoir based hydropower project on Monday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The signing ceremony took place in the presence of Prime Minister Deuba and his visiting Indian counterpart Narendra Modi. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two countries had reached an agreement to construct the Arun-4 hydropower project during PM Deuba’s state visit to India in the first week of April.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the state-owned national news agency RSS, NEA has a share of 49 percent investment and the Satluj Jal Vidyut Nigam 51 percent in the Sankhwasabha-based Arun-III hydropower project estimated to cost around Rs 79.1 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal will get 21.9 percent electricity from the project free of cost every month. Nepal reserves the right to purchase electricity generated from the project if it can afford to consume it. Only then, the surplus power generated from the project will be sold elsewhere to India or Bangladesh, RSS reported. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The project has the capacity of generating 2.1 billion units of electricity annually. (With inputs from RSS) </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-16', 'modified' => '2022-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '15024', 'image' => '20220516060214_RS_KTM-20220516_144449.jpg', 'article_date' => '2022-05-16 18:01:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15281', 'article_category_id' => '1', 'title' => 'Government Collects Rs 470 Million Revenue from Climbing Permits ', 'sub_title' => '', 'summary' => 'May 16: Mountain expedition, which had slowed down for two years due to the Covid-19 pandemic, has regained momentum this year. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.0pt">May 16: Mountain expedition, which had slowed down for two years due to the Covid-19 pandemic, has regained momentum this year. With the beginning of the spring season, which is considered suitable for mountaineering, 953 people have so far taken permission to climb 25 mountain peaks, including Mount Everest. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.0pt">According to the statistics of the Department of Tourism, a total of Rs 474.6 million revenue was collected till last Sunday from the 953 climbers from different countries. The government charges higher fees during the spring season. As per the department, a tourist has to pay USD 11,000 per person to climb Mount Everest. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.0pt">The department has collected revenue of Rs 396.8 million by issuing permits for climbing Mt Everest, which also accounts for a large share of the total revenue collection. At a time when foreign exchange is under pressure, the arrival of tourists since the beginning of this year has made a positive impact. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.0pt">Altogether 414 mountains and peaks of Nepal are open for expedition. According to the department, 317 people from 73 expeditions have taken permission to climb Mt Everest alone. Tourists from 55 countries including India, China, the UK, the USA, Russia, Canada have taken permission to climb Mt Everest during this year's spring season. There are 73 women seeking permission. This year, the highest number of tourists seeking permission to climb Mt Everest is from the US and the UK. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.0pt">Dambar Parajuli, president of the Expedition Operators Association of Nepal, said that this year has been an exciting year for mountaineering as compared to 2020 and 2021. "Looking at the post-Covid situation, there has been a significant improvement in tourist arrivals this year," he said, adding, "With the increase in tourist arrival, tourism will soon bounce back."</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.0pt">He is of the view that although coronavirus is seen in some countries like China and Korea at present, tourist arrival will increase as it is not found in countries like the USA and the UK. As people were confined within their houses for around 2 years, they now want to travel and venture. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.0pt">With the decline in coronavirus infection, the number of tourists visiting Nepal for mountaineering and other purpose has increased this year. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-16', 'modified' => '2022-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '15023', 'image' => '20220516042550_expedition-in-nepal.jpg', 'article_date' => '2022-05-16 16:25:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15280', 'article_category_id' => '1', 'title' => 'Profit of Life Insurance Companies Declining', 'sub_title' => '', 'summary' => 'May 16: The profit generated by the insurance companies, which was continuously rising until the last fiscal year, took a nosedive in the current fiscal year.', '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"">May 16: The profit generated by the insurance companies, which was continuously rising until the last fiscal year, took a nosedive in the current fiscal year. In the third quarter of the current fiscal year, the average profit of 19 life insurance companies dropped by 30 percent as compared to that of last fiscal year.</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"">As of mid-April this fiscal year, the total profit of 19 life insurance companies stood at Rs 2.21 billion. This is a decrease of Rs 944.6 million compared to the same period of the previous year. Life insurance companies had made a profit of Rs 3.16 billion in the corresponding period of last year.</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"">As per the financial reports of the third quarter revealed by the insurance companies, their profit will increase after the final valuation. During the process, some amount can be transferred to the profit-loss account from the life insurance fund, resulting in an increase in the size of the profit.</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"">In the first nine months of the current fiscal year, the profits of eight companies declined at a higher rate compared to the same period of the previous year. Profits of Life Insurance Corporation (Nepal) Limited (LIC Nepal), National Life Insurance Company, Prabhu Life Insurance Company, Prime Life Insurance Company, Sury Life Insurance Company, Union Life Insurance Company and MetLife Life Insurance Company have declineded during the review period.</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"">Nepal Life Insurance Company incurred a loss of Rs 194.5 million in the same period. Compared to the previous nine months, Nepal Life's profit was negative by 138 percent. Until last year, Nepal Life was the number one profit generating company. Nepal Life is also the largest life insurance company in terms of paid-up capital, life insurance fund, size of business.</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"">The profits of 11 companies on the other hand increased as compared to the previous fiscal year. During the period, Jyoti Life Insurance Company, Reliance Life Insurance Company, Sanima Life Insurance Company, Sun Nepal Life Insurance Company and Gurans Life Insurance Company increased their profits by double digits. Whereas, the profit growth rate of Mahalakshmi Life Insurance Company, Reliable Nepal Life Insurance Company, Rastriya Beema Sansthan, IME Life Insurance Company, Asian Life Insurance Company and Citizen Life Insurance Company increased by a single digit. </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"">The reason for the decline in profits is speculated to be the decline in the stock market. Insurance companies invested heavily even in the stock market. Manoj Kumar Bhattarai, chief executive officer (CEO) of Prime Life Nepal said that the Stock Exchange (NEPSE) index is on constant slump recently, which declined the value of shares bought by insurance companies. As a result, their profits plummeted.</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 said, “Lately, the share price bought by insurance companies declined due to the decline in the stock market. The provisioning of that amount affected the profits of the companies.”</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, the expenses of insurance companies also increased recently. The liquidity problem seen in the banking sector and the crisis faced by the overall economy also affected the insurance business. However, insurance companies increased their investment to grow their business. According to Bhattarai, the companies' profits also declined due to this reason.</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 said, “Lately, life insurance business is not encouraging. Companies increased their investments to grow the business. However, it has not paid off. We have not been able to contribute well to the insurance fund. Due to these reasons, the profit of insurance companies got affected.”</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"">National Life Insurance Company is number one in terms of profit making during this period. The company earned a profit of Rs 255.6 million till mid-April this fiscal year. </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"">Reliable Nepal Life, which is ranked second in terms of profit, earned Rs 210 million and Jyoti Life earned Rs 206.5 million, according to their financial statements.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-16', 'modified' => '2022-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '15022', 'image' => '20220516020259_Insurance.jpg', 'article_date' => '2022-05-16 14:02:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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The amount disbursed to the market by the central bank is more than the total deposits of the banks. As of April, banks have deposits of Rs 4.97 trillion. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">NRB has arranged various monetary instruments to facilitate the flow and mobilization of liquidity depending on the market conditions. Banks have resorted to borrowing heavily in the current fiscal year because of the liquidity crisis in the market due to higher credit flow than deposit collection. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">NRB informed that as of April this year, deposits in banks and financial institutions have increased by 4.1 percent (Rs 237 billion) as compared to the previous year, while loans have increased by 12.8 percent (Rs 558 billion). </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">According to the central bank, banks have borrowed Rs 6.91 trillion through the standing liquidity facility. Similarly, Rs 325.91 billion has been issued through repo, Rs 160.76 billion through overnight repo and Rs 55.91 billion through direct purchase instruments. Of this, Rs 211 billion is with banks. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">NRB issues a repo to send a certain amount to the market. However, the banks can take LLF and overnight repo as required by pledging their investments in instruments including government bonds. Banks have been renewing the LLF facility as it is provided for only 7 days. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Banks have started borrowing money through monetary instruments to manage the required cash reserves ratio (CRR) with the NRB as deposits in banks have not increased. Banks and financial institutions should keep 3 percent of the total deposit in the account of the central bank as CRR. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Since there hasn’t been any increase in deposit collection, banks have been managing the prescribed CRR by taking loans from the central bank. NRB has prescribed seven percent interest on LLF loans. NRB has increased the interest rate of LLF from 5 percent from December 27. The use of SLLF has not diminished even after the increase in the interest rate. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Chairman of the Nepal Bankers' Association Anil Kumar Upadhyaya says that the banks are using the facility provided by the central bank under compulsion. "Deposits have not increased as expected," he said, "Banks have used the facilities as prescribed by the regulator to manage the financial indicators." </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Officials at the NRB say the regular use of emergency equipment is a weakness. "Regular use of liquidity management tools is a weakness for banks," said Prakash Kumar Shrestha, executive director of the NRB. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">The NRB has implemented the provision of CD (Credit-Deposit) ratio in the banks from the current fiscal year through the monetary policy. Accordingly, the banks have been directed to maintain the CD ratio at 90 percent by mid-July 2022. However, as of April, the CD ratio of 18 banks is above 90 percent. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-18', 'modified' => '2022-05-18', 'keywords' => '', 'description' => '', 'sortorder' => '15036', 'image' => '20220518013824_Banks - Copy.jpg', 'article_date' => '2022-05-18 13:37:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15293', 'article_category_id' => '1', 'title' => 'Pre-Budget Discussions to Start from Today', 'sub_title' => '', 'summary' => 'May 18: The date for discussions on principles and priorities of appropriation bill (except for tax proposition) is scheduled for May 18 and 19. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 18: The date for discussions on principles and priorities of appropriation bill (except for tax proposition) is scheduled for May 18 and 19. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During Tuesday's meeting of the House of Representatives (HoR), Finance Minister Janardan Sharma tabled a motion seeking parliamentary discussions on principles and priorities of appropriation bill (except for tax proposition) for the fiscal year 2022/23. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaker Agni Prasad Sapkota has fixed the date for discussion on May 18 and 19 as proposed by Minister Sharma. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The House of Representatives is scheduled to meet again at 1:00 pm today (May 18). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, pre-budget discussions in the National Assembly have been fixed for May 19. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During Tuesday's meeting of the National Assembly, Finance Minister Sharma tabled a motion seeking parliamentary discussions on principles and priorities of appropriation bill (except for tax proposition) for the fiscal year 2079/080 BS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Tabling the motion, Minister Sharma said the Appropriation Bill, 2079 BS is aimed at building a socialism-oriented, balanced, inclusive and self-reliant economy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">National Assembly Chair Ganesh Prasad Timilsina summoned the next meeting of the NA at 1:00 pm on May 19 for holding discussions on the Appropriation Bill. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-05-18', 'modified' => '2022-05-18', 'keywords' => '', 'description' => '', 'sortorder' => '15035', 'image' => '20220518080411_20210501025837_11.jpg', 'article_date' => '2022-05-18 08:03:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15292', 'article_category_id' => '1', 'title' => ''Budget to Focus on Social Justice and Self-Reliant Economy' ', 'sub_title' => '', 'summary' => 'May 18: The government is set to present the upcoming fiscal year's budget with a vision towards building an independent economy with a focus on social justice and rural development. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 18: The government is set to present the upcoming fiscal year's budget with a vision towards building an independent economy with a focus on social justice and rural development. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Laying emphasis on developing socialism-oriented economy, the government has set its policy to generate employment opportunities for youths within the country and increase agricultural yields. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister for Finance Janardan Sharma shared this while presenting the principles and priorities of budget and programme to be included in upcoming fiscal year's Appropriation Bill during the House of Representatives meeting on Tuesday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Minister Sharma further noted that the constitutional ideals, parameters and directives including democratic republic, federal governance system, inclusion, socialism-oriented economy have been taken into consideration while formulating the budget proposal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He clarified that the government would focus on allocating adequate resources in prioritized sectors, enhancing allocation efficiency for ensuring result-oriented execution of appropriated budget, boosting institutional capacity and maintaining financial discipline. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the principles and priorities, the government is to focus on proposing budget only in the financially and technically feasible projects and cutting off public spending on unproductive sectors, the minister added. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to the minister, the budget will be pro-people and service-seeker friendly and will be centralized in ensuring smooth public service as well as increasing the use of information technology in service delivery. It will also focus on promoting good governance by checking corruption and irregularities. "The priorities are ultimately meant for enhancing public trust towards government," the minister explained. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He further said the new budget would put measures for productive economy by improving existing tax system. Focus would be laid on increasing the share of inland revenue to the national revenue portfolio, Minister Sharma said, adding the budget has set a long-term goal of making tax system sustainable by expanding scope of tax, checking revenue leakage and ensuring further reforms in tax system. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the policies will be formulated for utilizing public debt in national priority areas, productive sectors and capital formation while foreign aid will be channelized only towards national priorities and capital formation, the document states. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-05-18', 'modified' => '2022-05-18', 'keywords' => '', 'description' => '', 'sortorder' => '15034', 'image' => '20220518075553_the-House-of-Representatives (1).jpg', 'article_date' => '2022-05-18 07:55:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15291', 'article_category_id' => '1', 'title' => 'Old Wine in a New Bottle best Describes Proposed Budget for Agriculture', 'sub_title' => '', 'summary' => 'May 17: The Ministry of Agriculture and Livestock Development has proposed giving continuity to the old programme related to the agricultural sector in the upcoming fiscal year’s budget.', '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"">May 17: The Ministry of Agriculture and Livestock Development has proposed giving continuity to the old programme related to the agricultural sector in the upcoming fiscal year’s budget. It is has been learnt that the ministry has decided to give continuity to most of the old programmes which fall under in the main priority of the agriculture and livestock development sector for the budget of the upcoming fiscal year.</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"">Most of the programmes proposed for the upcoming budget are old ones including the continuation of the data collection system, expansion and continuation of farmer listing programme, implementation of seed distribution and management guidelines, implementation of minimum support price, construction of warehouse for storage, expansion and continuity of digital soil mapping programme, extension and continuity of agriculture and livestock insurance programme, national agriculture etc. Although this is not the final proposal, the Ministry of Finance prepares the budget based on this proposal.</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"">Spokesperson of the Ministry of Agriculture and Livestock Development, Prakash Kumar Sanjel, said that most of the old programmes have been getting continuity in the budget of the agriculture sector every year. He added that the ministry will focus on the implementation of the old programme rather than adding new programmes as the budget sealing for the coming fiscal year will be the similar as that of last year. He said that the ministry will play a role in facilitating the implementation of policies and standards.</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"">Concerned authorities of the agricultural sector on the other hand, are not satisfied with the ministry's proposal of old programmes. They expressed that new programmes that can be implemented easily have not been added because the government lacks vision. Uddhav Adhikari, coordinator of the Agriculture Campaign for Food, complained that the government still has not paid attention towards the issue of increasing imports of agricultural commodities every year. He said that the focus should be on increasing production rather than keeping the old programmes in the budget.</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"">“The government has set a goal to increase production. However, the model of increasing production is outdated. The government well knows that the production cannot be increased with the prevailing model. Despite this, the government has not paid attention to it,” said Adhikari.</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"">The government seems to have always failed to address the problems faced by the farmers. Stakeholders complained that the government failed to provide proper relief to the farmers affected by the natural calamities. Other problems faced by the farmers include mismanagement of fertilizers, seeds, distribution system and untimely allocation of support prices. Due to this, the number of people engaged in agriculture is decreasing every year.</span></span></span></span></p> <p><br /> <br /> <br /> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-17', 'modified' => '2022-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '15033', 'image' => '20220517061107_Agri.jpg', 'article_date' => '2022-05-17 18:10:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15290', 'article_category_id' => '1', 'title' => 'Online Reporting Mandatory for Co-operatives', 'sub_title' => '', 'summary' => 'May 17: The government is preparing to make it mandatory for co-operatives to join the Co-operative and Poverty Management Information System (CoPoMIS).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">May 17: The government is preparing to make it mandatory for co-operatives to join the Co-operative and Poverty Management Information System (CoPoMIS). In order to manage the records and regulation of co-operatives, arrangements are being made to facilitate the reporting to the regulatory body through online based software.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">The government launched the online-based software CoPoMIS five years ago. It covers everything from registration of co-operative to online monitoring. The Federal Department of Co-operatives is about to make it mandatory as only a few organizations have joined it during this period. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Registrar of the department Rudra Prasad Pandit informed that affiliation to CoPoMIS is being made mandatory so that various services provided by the government would be available to the users. He said, “We are going to make affiliation to CoPoMIS mandatory even for the certificate of tax payment from the subsidy given by the government to the co-operatives. Discussions are being held with the concerned bodies regarding this matter.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">The Ministry of Land Reforms and Poverty Alleviation started implementation of CoPoMIS from April 2017. But due to technical problems seen in the software and lack of interest among the users, it could not be implemented effectively.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">With the implementation of federalism, the implementation of CoPoMIS became further challenging.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">According to the Federal Department, out of 29,000 co-operatives across the country, only 38 percent (11,000) co-operatives have so far taken usernames and passwords for using CoPoMIS. Most of the co-operatives who own passwords do not update data regularly. According to the department, only 7,421 people have logged in to the software at least once. Similarly, the details of 1,668,929 members are updated in the system by just 3,903 co-operatives regularly submitting information to CoPoMIS. The co-operatives are not willing to use the software due to technical problems and lack of transparency.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Although the department has given the user ID and password of CoPoMIS to the states and municipalities, they have not given priority to its use and implementation among the co-operatives under their jurisdiction. According to the department, only 263 municipalities have logged in to the software.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Article 29 of the Co-operatives Act 2074 stipulates that a co-operative dealing with more than Rs 50 million must be affiliated to the CoPoMIS within one year and less than Rs 50 million within 3 years. The department has not taken any action against any co-operative even though the law states that the registrar can impose a fine of up to Rs 300,000 for violating the law.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Registrar Pandit said that the plan is to get the co-operatives to join the system by encouraging them rather than by imposing fines on them. He said, “In the first phase, we are planning to encourage them to join. We will only take action against those who do not join even after that.” The department plans to provide conditional grants from the upcoming budget to attract the local level as well.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Although the registration and monitoring rights are now transferred to the local level, the management of the co-operatives is becoming chaotic due to lack of effective monitoring. As a result, public deposits in co-operatives are also at risk.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-17', 'modified' => '2022-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '15032', 'image' => '20220517055734_Cooperative dept.jpg', 'article_date' => '2022-05-17 17:56:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15289', 'article_category_id' => '1', 'title' => 'Preparations underway to Increase Trading Hours of Share Transactions', 'sub_title' => '', 'summary' => 'May 17: The Securities Board of Nepal (SEBON) is preparing to increase the trading hours in the secondary market by one hour to five hours a day.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">May 17: The Securities Board of Nepal (SEBON) is preparing to increase the trading hours in the secondary market by one hour to five hours a day. At present, the share transaction is done for 4 hours daily. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">The board has already given unofficial instructions to Nepal Stock Exchange Limited (Nepse) in this regard. Nevertheless, there has not been any official discussion on how to proceed ahead. Meanwhile, Nepse has also unofficially informed the securities brokers to extend the trading hours. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">According to Santosh Mainali, president of the Stock Brokers Association of Nepal, formal discussions are yet to take place regarding the extension of trading hours. "Even though the board has not formally discussed the issue with us, Nepse has informed us about the extension," said Mainali. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Earlier, Bhishmaraj Dhungana, during his tenure as president of the board, had given verbal instructions to extend trading hours to five hours a day. Later, on March 13, 2020, he had officially instructed to operate the business for 5 hours daily from March 15, 2020. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">The share trading was closed after the nationwide lockdown was announced to curb the spread of Covid-19 infection. Although the secondary market was open in between the lockdowns, there was no full time trading due to the circuit breaker. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Later, the trading hour was again reduced to four hours after the brokers complained that it was not practical. Stakeholders say that the new initiative failed after the decision was made baselessly without any study. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Some have commented that the regulatory body has made such a decision without any study even now.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">According to a source within the board, they are working on this issue following the demand for more trading hours by the investors and brokers. Mainali says that the increased trading hours will benefit the investors. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">As Nepalis living abroad can also trade as per their convenience, Mainali says that the transaction amount in the market will increase. "Increasing the time will increase the business volume and such an arrangement will be more beneficial in the long run than at present. Nepalis living abroad will also be able to do business and daily business will also increase," he said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">However, Jyoti Dahal, a securities expert and advocate says that in the case of Nepal, trading hours are ideal at the moment. He said that in a small country like Nepal, one should not have unfavourable practice in the market under various pretexts. </span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-17', 'modified' => '2022-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '15031', 'image' => '20220517045823_share.jpg', 'article_date' => '2022-05-17 16:57:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15288', 'article_category_id' => '1', 'title' => 'Nepal’s Major Customs Centre lacks Transport City', 'sub_title' => '', 'summary' => 'May 17: Birgunj is not only the main gateway of the country but also the source of supply and transit. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">May 17: Birgunj is not only the main gateway of the country but also the source of supply and transit. Two thousand cargo vehicles enter the country through the three customs checkpoints here on a daily basis. These cargo vehicles go to other cities of the country via Birgunj. However, Birgunj is yet to become a well-organized transport city for the transportation of goods. Transportation is disrupted due to lack of infrastructure here.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">The Birgunj Chamber of Commerce and Industry and the local government have been raising the issue of transport city to manage transportation. However, it has not been managed yet. The shipment is done through the offices of the transport companies located at the center of the main city.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">There are more offices of such companies in Adarshnagar, the main market area of Birgunj. The companies have been loading and unloading goods by stopping trucks on the roadside itself in front of their offices.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Adarshnagar is not only a business area, but also a residential area. Due to this reason, the transportation business operated in the middle of the city is causing inconvenience to the people, especially due to the problems in movement. Businessmen of Birgunj have been demanding a transport city in a different place than within the city for the transportation of goods entering from the main checkpoint.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Daytime transport of large vehicles is currently banned in urban areas, making traders to load and unload goods at night time only. Goods imported from India are transported to other cities of the country by various transport companies from Birgunj.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">According to Ashok Kumar Temani, coordinator of the Transport and Transit Committee of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Madhesh Province, there is a need for a separate transport city as Birgunj is the main transit point. In the past, the Municipal Council of Birgunj Metropolitan City had passed a proposal to remove transport business from Adarshnagar area. This effort could not be completed due to lack of other alternatives.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Local traders had launched a campaign to manage the transportation and related work conducted from the market area. Coordinator Temani remarked that such transportation will be organized only if there is the alternative of a transport city.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">The issue of transport city was given top priority even in the concept of Greater Birgunj brought by the Birgunj Chamber of Commerce and Industry a decade ago. Traders suggest finding land in the area where the dry port and integrated check post of Birgunj are located to convert it into a transport city.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-17', 'modified' => '2022-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '15030', 'image' => '20220517041731_birgunj icp.jpg', 'article_date' => '2022-05-17 16:16:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15287', 'article_category_id' => '228', 'title' => 'PM Deuba Requests India to Provide Additional Air Routes ', 'sub_title' => '', 'summary' => 'May 17: Prime Minister Sher Bahadur Deuba has urged India to provide additional air entry routes from Mahendranagar, Nepalgunj and Janakpur. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 17: Prime Minister Sher Bahadur Deuba has urged India to provide additional air entry routes from Mahendranagar, Nepalgunj and Janakpur. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He made such request during a delegation-level talks held with his Indian counterpart, Narendra Modi in Lumbini on Monday. Prime Minister Deuba requested for additional air routes in order to facilitate connectivity and travel between the two countries during Modi’s official visit to Lumbini. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Civil Aviation Authority of Nepal (CAAN), the airway distance to Nepal from India and beyond will be shorter from these new routes.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal has been pressing India since a long time to open new air entry routes with the view of facilitating flights to and from the Gautam Buddha International Airport, which came into operation on May 16, as well as the under-construction Pokhara Regional International Airport and the proposed Nijgadh International Airport.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On June 15, 2018, India had agreed to allow new air entry routes to Nepal for international flights. The Civil Aviation Authority of Nepal (CAAN) and Airports Authority of India (AAI) had signed a bilateral agreement on international air route to Nepal back then to allow international flights to enter Nepal through Janakpur and Biratnagar entry points.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prior to this, international flights from India could enter Nepal's air space only from Simara.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although India had in principle agreed to allow Nepal to use the air entry routes of Janakpur, Biratnagar, Bhairahawa Nepalgunj and Mahendranagar, India has allowed Nepal to use only Bhairahawa and Janakpur entry routes.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Officials at the Civil Aviation Authority of Nepal (CAAN) say that India denied permission to use the other air routes citing security concerns.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">All aircraft entering Nepal through India have to use the route near Simara. However, the aircraft leaving Nepal can use Mahendranagar, Nepalgunj, Bhairahawa and Janakpur routes.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to officials, using the Mahendranagar and Nepalgunj routes to enter Nepal would lessen the distance by 14 nautical miles.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal and India have held several rounds of discussions to open air entry routes from Mahendranagar and Nepalgunj. However, the two countries are yet to reach an understanding in this regard.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two countries had decided to conduct a feasibility study to allow air entry routes to Nepal from Mahendranagar and Nepalgunj. However, due to India’s reluctance, the work has not yet been able to progress. An official of CAAN had informed New Business Age during an interview in 2019 that India is reluctant to grant permission along these two routes citing security concerns.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Former Prime Minister KP Oli had also discussed the issue with his Indian counterpart Narendra Modi during his visit to India but there has been no further development.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although the political actors of India have not rejected the proposal of Nepal to use the two air routes, which is shorter than the other route in use, India’s bureaucracy has been reportedly delaying the process, according to officials at the tourism ministry.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-17', 'modified' => '2022-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '15029', 'image' => '20220517023218_Nepal-Airlines.jpg', 'article_date' => '2022-05-17 14:31:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15286', 'article_category_id' => '1', 'title' => 'Nepal, India discuss Multiple Issues during PM Modi’s Lumbini Visit', 'sub_title' => 'The two countries exchange MoUs related to education and hydropower sectors', 'summary' => 'May 17: Nepal and India discussed multiple issues of bilateral relations and cooperation and also exchanged memorandum of understandings (MoU) during the visit of Indian Prime Minister Narendra Modi to Lumbini, Nepal on Monday (May 16). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 17: Nepal and India discussed multiple issues of bilateral relations and cooperation and also exchanged memorandum of understandings (MoU) during the visit of Indian Prime Minister Narendra Modi to Lumbini, Nepal on Monday (May 16). </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The Indian premier paid an official visit to Lumbini on the auspicious occasion of Buddha Jayanti festival at the invitation of Prime Minister Sher Bahadur Deuba. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Prime Minister Deuba and his spouse Arzu Rana Deuba warmly welcomed Indian Prime Minister Modi on his arrival at Lumbini helipad on Monday morning. Federal ministers, chief minister of the Lumbini Province, Nepal’s Ambassador to India and other senior officials of the government were also present on the occasion. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif""> According to a press statement issued by Ministry of Foreign Affairs on Monday, the Indian Prime Minister was accompanied by a high-level delegation consisting of the national security Advisor of India, foreign secretary and other senior officials of the government of India. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to the ministry, the two prime ministers held bilateral talks in Lumbini and recalled the fruitful discussions they had in New Delhi during the official visit of Prime Minister Deuba to India on April 1-3, 2022. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">During the bilateral talks, the two prime ministers had a broad overview of Nepal-India cooperation and matters of mutual interests with a view to further enhancing the close and cordial ties between the two countries. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Prime Minister Deuba thanked Modi for India’s assistance in fighting the COVID-19 pandemic and also expressed gratitude for India’s support in the post-earthquake reconstruction. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif""> “The two sides discussed promoting cooperation in connectivity; early supply of fertilizers; expeditious conclusion of the revised Transit Treaty, its Protocols and Memorandum; review of the treaty of trade; additional air entry routes; hydropower generation; culture and tourism including Buddhist circuit and Ramayana circuit; education and academic collaboration; increasing the threshold of carrying Indian currency by individuals; and cooperation at regional and multilateral forums in matters of mutual interest,” reads the statement. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Other issues featured during the discussion were infrastructure development including the dry port and integrated check posts in Chandani Dodhara as well as bridges linking Purnagiri Mai of Uttarakhand, India and Parshuram Dham in Dadeldhura, Nepal; and Jhulaghat over Mahakali river. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Prime Minister Deuba requested the Indian PM Modi to consider constructing Motigada-Fattepur-Rampur Road in Udaypur district of Nepal under Indian grant assistance. In the context of official inauguration and commencement of commercial operation of the Gautam Buddha International Airport, Prime Minister Deuba highlighted that the airport would further facilitate connectivity, cultural linkages, and people-to-people movements and promote cultural tourism. He also requested the additional air entry routes from Mahendranagar, Nepalgunj and Janakpur. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">In response, Indian PM Modi assured that authorities concerned of India would take up the matters raised by the Prime Minister Deuba. Deuba also requested for seamless power trade on a long-term basis under mutually beneficial terms. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The two sides expressed satisfaction that Arun III project was progressing well and welcomed the signing and exchange of MoU between Nepal Electricity Authority and SJVN Ltd. India for the development of Arun-IV hydropower project. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The two prime ministers stressed the importance of hydropower for clean energy and noted that immense potential exists for Public Private Partnership (PPP) in hydropower sector, the statement added. Prime Minister Deuba invited interested companies from India such as NHPC for the development of West Seti Hydroelectricity project. The two Prime Ministers agreed to take up the Pancheswor Project with priority. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Before holding the discussions, the prime ministers of Nepal and India visited the sacred Mayadevi Temple and offered worship at the birthplace of the Lord Gautam Buddha, who is regarded as the Light of Asia for preaching non-violence throughout the continent. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, the two prime ministers laid the foundation stone for the construction of the India International Center for Buddhist Culture and Heritage at the Lumbini Monastic Zone. In their address during a special ceremony organized by the Lumbini Development Trust, the two prime ministers highlighted the importance of Buddha’s teachings of peace, harmony, and mutual respect. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">PM Deuba and his Indian counterpart also witnessed the exchange of the Memoranda of Understanding (MoU) related to cooperation and collaboration in academic field and power sector. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Indian PM Modi returned home in the afternoon upon successfully completing the visit to Lumbini on the pious day of Buddha Jayanti. Prime Minister Deuba, his spouse Arzu Rana Deuba, ministers and senior officials of the government bade farewell to the Indian PM. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The ministry said that the official visit of Prime Minister Modi to Lumbini, Nepal has contributed in deepening the socio-cultural bonds and cooperation between Nepal and India. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Earlier, the MoFA had issued a statement saying it was the fifth visit of Modi to Nepal after becoming the prime minister of India. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-05-17', 'modified' => '2022-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '15028', 'image' => '20220517120325_RS_KTM_20220516_133633.jpg', 'article_date' => '2022-05-17 12:02:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15285', 'article_category_id' => '1', 'title' => 'Budget Session of Parliament Begins Today', 'sub_title' => '', 'summary' => 'May 17: The new session of the federal Parliament will commence from today (May 17).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">May 17: The new session of the federal Parliament will commence from today (May 17).</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">President Bidya Devi Bhandari has summoned the new session of parliament from today upon the recommendation of the Council of Ministers. A cabinet meeting on May 8 had decided to recommend the president to call the house session in order to pass the budget for the upcoming fiscal year.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">There is a constitutional provision of announcing the budget on 15 Jestha (May 29 this year) almost one and a half months ahead of the new fiscal year. The new fiscal year begins on July 17 this year. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Meanwhile, the meeting of the federal parliament has been called at the parliament building, New Baneshwor, at 4:00 pm today. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Speaker Agni Prasad Sapkota reportedly reached the parliament building on Monday and took stock of the preparation of the House of Representatives meeting. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Similarly, Speaker Sapkota has called a meeting of Business Advisory Committee of parliament for 2:30 pm today. The meeting of the Business Advisory Committee would decide on various issues including the agenda of the parliament meeting. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government's policies and programmes as well as the budget would be presented in this session. As per the schedule, the government will be presenting its policies and programmes on May 21. Once the policies and programmes are endorsed by the parliament, discussions will be held during the pre-budget session. However, the pre-budget session this time has become uncertain due to lack of time as the budget has to be presented at any cost on May 29. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-17', 'modified' => '2022-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '15027', 'image' => '20220517080933_the-House-of-Representatives (1).jpg', 'article_date' => '2022-05-17 08:08:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15284', 'article_category_id' => '268', 'title' => 'India bans Export of Wheat', 'sub_title' => '', 'summary' => 'May 16: India banned the exports of wheat just a day after New Delhi declared a goal of setting a new record for shipment of exports.', '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"">May 16: India banned the exports of wheat just a day after New Delhi declared a goal of setting a new record for shipment of exports.</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"">Extreme heat in India resulted in the decline in wheat production this year and the prices have skyrpcketed. The Indian government has made it clear that the ban on export will not be applicable for LC opened before May 13. According to Reuters, exports to countries that demand food supplies to meet food security needs will not be stopped.</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"">Importers from around the world turned to India, the world's second-largest wheat producer, after exports via the Black Sea came to a halt due to Russia's invasion of Ukraine on February 24. Prior to the ban, India had set a target of exporting 10 million tons of wheat this year.</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"">India is one of the world's largest wheat exporters. The decision of imposing a ban on exports can push the already tight wheat prices in the international market to new heights and put the poor consumers of Asia and Africa in a difficult position.</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"">An official of a Mumbai-based multinational trading company said, “The ban is shocking. We already expected control on exports a few months back. However, the rates of inflation must have played a vital role in changing the decision of the government.” The rising inflation in food and energy prices pushed India's annual inflation close to 8 percent in April.</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"">Wheat prices in India have reached record highs. In some markets, it has reached IRs 25,000 (Rs 40,000) per ton. The government of India has fixed the minimum support price of wheat at IRs 20,150 per metric ton in the country. Rising prices of fuel, labor, transportation and packaging have raised the price of wheat flour in India.</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""> “It is not just wheat. The price of everything has raised concerns about inflation. This is the reason why the government decided to ban wheat exports. This step is a big caution for us,” said a senior government official on condition of anonymity.</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"">Just this week, India said that it would set a record in wheat exports in the current fiscal year which started on April 1. The Indian government had planned to send delegations to Morocco, Tunisia, Indonesia and the Philippines to find ways to increase wheat exports. Last February, the government projected wheat production to exceed 110 million metric tons this year. Later in May, the projection was reduced to 105 million metric tons. According to a New Delhi-based multinational trading company, the heat wave in India in mid-March is expected to limit wheat production to just 100 million metric tons.</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"">“The government’s procurement has dropped by more than 50 per cent. The supply in the spot market is much less as compared to last year. All of this is indicative of low yields,” said the dealer. India exported 7 million metric tons of wheat in March while taking advantage of rising global prices following the Russia-Ukraine war. This record setting export is 250 percent more than the previous year.</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"">“The rise in wheat prices was moderate and Indian prices are still lower than the world market. In some parts of the country, the price of wheat rose to its current level last year itself, so a ban on exports is a necessary response,” Reuters quoted New Delhi-based businessman Rajesh Pahadia Jain as saying,</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"">Jain said India can export at least 10 million tons of wheat this year, despite a drop in production and procurement by the state-owned Food Corporation of India (FCI). So far, FCI purchased just over 19 million tons of wheat from farmers, which was 43.3 million ton last year. FCI buys food from local farmers to run food welfare programmes for the poor. Unlike in previous years, farmers preferred to sell wheat to private traders this time. Farmers are attracted to them because they pay more than the price fixed by the government. India exported 1.4 million tons of wheat in April and 1.5 million tons in May. Another Indian wheat trader says, “India's ban will push up the price of wheat worldwide. There is no big supplier in the market right now.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-16', 'modified' => '2022-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '15026', 'image' => '20220516083105_wheat.jpg', 'article_date' => '2022-05-16 20:30:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15283', 'article_category_id' => '1', 'title' => 'Opening of GBIA has Prepared the Basis for Tourism and Economic Development: PM Deuba ', 'sub_title' => '', 'summary' => 'May 16: Prime Minister Sher Bahadur Deuba formally inaugurated the Gautam Buddha International Airport (GBIA) in Bhairahawa on Monday (May 16) on the occasion of Buddha Jayanti festival. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 16: Prime Minister Sher Bahadur Deuba formally inaugurated the Gautam Buddha International Airport (GBIA) amid a function in Bhairahawa on Monday (May 16) on the occasion of Buddha Jayanti festival. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">While inaugurating the strategically important airport, the PM said that with the opening of GBIA has created the foundation for the nation's tourism and sustainable economic development. PM Deuba expressed his belief that the arrival of tourists will increase with opening of the second international airport of Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Experts believed that this airport will help reduce air traffic congestion at the Tribhuvan International Airport and also play a vital role in promotion of religious tourism due to its close proximity with Lumbini, the birthplace of Gautam Buddha. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Director General of the Civil Aviation Authority of Nepal (CAAN) Pradeep Adhikari said GBIA will serve as an alternative to TIA for the operation of international flights. He further added that the operation of GBIA has put to an end the compulsion of having to divert airplanes to the neighbouring countries in emergency situations when aircraft could not land or take off from TIA due to technical problems. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On the occasion, Minister for Culture, Tourism and Civil Aviation Prem Bahadur Ale said GBIA is one among the five national pride projects to be completed, adding that the country's tourism and economic development would take a stride after the completion of all these five projects under the Ministry of Tourism. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Nepal's message of peace and prosperity would be spread across the world from the land of the Buddha,” said Minister Ale.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The tourism minister also announced that the TIA and GBIA would be operated for 24 hours a day from today. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The construction of the GBIA had started in early 2015 with the target of completing it within December 2017. However, the construction was stalled in the middle due to the negligence of the construction company. Following extended deadlines, the airport has been finally brought into operation for commercial flights about five years later due to the COVID-19 pandemic. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the CAAN, approximately Rs 11 billion has been invested in the first phase of this project constructed with soft loan provided by the Asian Development Bank. The process of construction of the terminal building under the second phase would be forwarded soon. The airport is being constructed by a Chinese construction company. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Domestic airlines have been operating flights since the past few weeks after the successful completion of calibration and test flights. Private airlines companies such as Buddha Air, Yeti Airlines, Shree Airlines, Saurya Airlines, among others are operating flights from here. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, international flights has been opened only on May 16 coinciding with the day of the official inauguration of the airport. According to the airport office, the first flight of Nepal Airlines Corporation landed at 6:55 am on Monday morning, and the Jazeera Airway flight landed at 7:08 am. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-16', 'modified' => '2022-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '15025', 'image' => '20220516062116_jajira.JPG', 'article_date' => '2022-05-16 18:18:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15282', 'article_category_id' => '279', 'title' => 'Nepal, India sign MoU to Construct Arun-4 Hydropower Project ', 'sub_title' => '', 'summary' => 'May 16: The governments of Nepal and India have signed a Memorandum of Understanding (MoU) for the construction of the proposed 490.2 megawatts Arun-4 hydropower project. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 16: The governments of Nepal and India have signed a Memorandum of Understanding (MoU) for the construction of the proposed 490.2 megawatts Arun-4 hydropower project. Such a deal was signed during the official visit of Indian Prime Minister Narendra Modi to Lumbini on the occasion of the Buddha Jayanti Festival.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Indian PM arrived in Lumbini on Monday morning at the invitation of Prime Minister Sher Bahadur Deuba. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Executive Director of Nepal Electricity Authority (NEA), Kulman Ghising and Nanda Lal Sharma, chairperson and operation manager of Satluj Jal Vidyut Nigam, an Indian hydropower company, signed the MoU for the construction of the joint venture semi-reservoir based hydropower project on Monday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The signing ceremony took place in the presence of Prime Minister Deuba and his visiting Indian counterpart Narendra Modi. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two countries had reached an agreement to construct the Arun-4 hydropower project during PM Deuba’s state visit to India in the first week of April.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the state-owned national news agency RSS, NEA has a share of 49 percent investment and the Satluj Jal Vidyut Nigam 51 percent in the Sankhwasabha-based Arun-III hydropower project estimated to cost around Rs 79.1 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal will get 21.9 percent electricity from the project free of cost every month. Nepal reserves the right to purchase electricity generated from the project if it can afford to consume it. Only then, the surplus power generated from the project will be sold elsewhere to India or Bangladesh, RSS reported. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The project has the capacity of generating 2.1 billion units of electricity annually. (With inputs from RSS) </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-16', 'modified' => '2022-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '15024', 'image' => '20220516060214_RS_KTM-20220516_144449.jpg', 'article_date' => '2022-05-16 18:01:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15281', 'article_category_id' => '1', 'title' => 'Government Collects Rs 470 Million Revenue from Climbing Permits ', 'sub_title' => '', 'summary' => 'May 16: Mountain expedition, which had slowed down for two years due to the Covid-19 pandemic, has regained momentum this year. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.0pt">May 16: Mountain expedition, which had slowed down for two years due to the Covid-19 pandemic, has regained momentum this year. With the beginning of the spring season, which is considered suitable for mountaineering, 953 people have so far taken permission to climb 25 mountain peaks, including Mount Everest. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.0pt">According to the statistics of the Department of Tourism, a total of Rs 474.6 million revenue was collected till last Sunday from the 953 climbers from different countries. The government charges higher fees during the spring season. As per the department, a tourist has to pay USD 11,000 per person to climb Mount Everest. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.0pt">The department has collected revenue of Rs 396.8 million by issuing permits for climbing Mt Everest, which also accounts for a large share of the total revenue collection. At a time when foreign exchange is under pressure, the arrival of tourists since the beginning of this year has made a positive impact. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.0pt">Altogether 414 mountains and peaks of Nepal are open for expedition. According to the department, 317 people from 73 expeditions have taken permission to climb Mt Everest alone. Tourists from 55 countries including India, China, the UK, the USA, Russia, Canada have taken permission to climb Mt Everest during this year's spring season. There are 73 women seeking permission. This year, the highest number of tourists seeking permission to climb Mt Everest is from the US and the UK. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.0pt">Dambar Parajuli, president of the Expedition Operators Association of Nepal, said that this year has been an exciting year for mountaineering as compared to 2020 and 2021. "Looking at the post-Covid situation, there has been a significant improvement in tourist arrivals this year," he said, adding, "With the increase in tourist arrival, tourism will soon bounce back."</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.0pt">He is of the view that although coronavirus is seen in some countries like China and Korea at present, tourist arrival will increase as it is not found in countries like the USA and the UK. As people were confined within their houses for around 2 years, they now want to travel and venture. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.0pt">With the decline in coronavirus infection, the number of tourists visiting Nepal for mountaineering and other purpose has increased this year. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-16', 'modified' => '2022-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '15023', 'image' => '20220516042550_expedition-in-nepal.jpg', 'article_date' => '2022-05-16 16:25:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15280', 'article_category_id' => '1', 'title' => 'Profit of Life Insurance Companies Declining', 'sub_title' => '', 'summary' => 'May 16: The profit generated by the insurance companies, which was continuously rising until the last fiscal year, took a nosedive in the current fiscal year.', '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"">May 16: The profit generated by the insurance companies, which was continuously rising until the last fiscal year, took a nosedive in the current fiscal year. In the third quarter of the current fiscal year, the average profit of 19 life insurance companies dropped by 30 percent as compared to that of last fiscal year.</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"">As of mid-April this fiscal year, the total profit of 19 life insurance companies stood at Rs 2.21 billion. This is a decrease of Rs 944.6 million compared to the same period of the previous year. Life insurance companies had made a profit of Rs 3.16 billion in the corresponding period of last year.</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"">As per the financial reports of the third quarter revealed by the insurance companies, their profit will increase after the final valuation. During the process, some amount can be transferred to the profit-loss account from the life insurance fund, resulting in an increase in the size of the profit.</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"">In the first nine months of the current fiscal year, the profits of eight companies declined at a higher rate compared to the same period of the previous year. Profits of Life Insurance Corporation (Nepal) Limited (LIC Nepal), National Life Insurance Company, Prabhu Life Insurance Company, Prime Life Insurance Company, Sury Life Insurance Company, Union Life Insurance Company and MetLife Life Insurance Company have declineded during the review period.</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"">Nepal Life Insurance Company incurred a loss of Rs 194.5 million in the same period. Compared to the previous nine months, Nepal Life's profit was negative by 138 percent. Until last year, Nepal Life was the number one profit generating company. Nepal Life is also the largest life insurance company in terms of paid-up capital, life insurance fund, size of business.</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"">The profits of 11 companies on the other hand increased as compared to the previous fiscal year. During the period, Jyoti Life Insurance Company, Reliance Life Insurance Company, Sanima Life Insurance Company, Sun Nepal Life Insurance Company and Gurans Life Insurance Company increased their profits by double digits. Whereas, the profit growth rate of Mahalakshmi Life Insurance Company, Reliable Nepal Life Insurance Company, Rastriya Beema Sansthan, IME Life Insurance Company, Asian Life Insurance Company and Citizen Life Insurance Company increased by a single digit. </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"">The reason for the decline in profits is speculated to be the decline in the stock market. Insurance companies invested heavily even in the stock market. Manoj Kumar Bhattarai, chief executive officer (CEO) of Prime Life Nepal said that the Stock Exchange (NEPSE) index is on constant slump recently, which declined the value of shares bought by insurance companies. As a result, their profits plummeted.</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 said, “Lately, the share price bought by insurance companies declined due to the decline in the stock market. The provisioning of that amount affected the profits of the companies.”</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, the expenses of insurance companies also increased recently. The liquidity problem seen in the banking sector and the crisis faced by the overall economy also affected the insurance business. However, insurance companies increased their investment to grow their business. According to Bhattarai, the companies' profits also declined due to this reason.</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 said, “Lately, life insurance business is not encouraging. Companies increased their investments to grow the business. However, it has not paid off. We have not been able to contribute well to the insurance fund. Due to these reasons, the profit of insurance companies got affected.”</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"">National Life Insurance Company is number one in terms of profit making during this period. The company earned a profit of Rs 255.6 million till mid-April this fiscal year. </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"">Reliable Nepal Life, which is ranked second in terms of profit, earned Rs 210 million and Jyoti Life earned Rs 206.5 million, according to their financial statements.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-16', 'modified' => '2022-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '15022', 'image' => '20220516020259_Insurance.jpg', 'article_date' => '2022-05-16 14:02:10', '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' => '15294', 'article_category_id' => '1', 'title' => 'Deposit Collection of Banks Less than Loans Acquired from NRB ', 'sub_title' => '', 'summary' => 'May 18: As the liquidity crisis deepened, banks and financial institutions borrowed loans from Nepal Rastra Bank (NRB) exceeding their deposit collection.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">May 18: As the liquidity crisis deepened, banks and financial institutions borrowed loans from Nepal Rastra Bank (NRB) exceeding their deposit collection.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">In the current Fiscal Year (FY 2021/22), the NRB has provided liquidity of Rs 7.42 trillion to the banking system as of May 12. The amount disbursed to the market by the central bank is more than the total deposits of the banks. As of April, banks have deposits of Rs 4.97 trillion. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">NRB has arranged various monetary instruments to facilitate the flow and mobilization of liquidity depending on the market conditions. Banks have resorted to borrowing heavily in the current fiscal year because of the liquidity crisis in the market due to higher credit flow than deposit collection. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">NRB informed that as of April this year, deposits in banks and financial institutions have increased by 4.1 percent (Rs 237 billion) as compared to the previous year, while loans have increased by 12.8 percent (Rs 558 billion). </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">According to the central bank, banks have borrowed Rs 6.91 trillion through the standing liquidity facility. Similarly, Rs 325.91 billion has been issued through repo, Rs 160.76 billion through overnight repo and Rs 55.91 billion through direct purchase instruments. Of this, Rs 211 billion is with banks. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">NRB issues a repo to send a certain amount to the market. However, the banks can take LLF and overnight repo as required by pledging their investments in instruments including government bonds. Banks have been renewing the LLF facility as it is provided for only 7 days. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Banks have started borrowing money through monetary instruments to manage the required cash reserves ratio (CRR) with the NRB as deposits in banks have not increased. Banks and financial institutions should keep 3 percent of the total deposit in the account of the central bank as CRR. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Since there hasn’t been any increase in deposit collection, banks have been managing the prescribed CRR by taking loans from the central bank. NRB has prescribed seven percent interest on LLF loans. NRB has increased the interest rate of LLF from 5 percent from December 27. The use of SLLF has not diminished even after the increase in the interest rate. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Chairman of the Nepal Bankers' Association Anil Kumar Upadhyaya says that the banks are using the facility provided by the central bank under compulsion. "Deposits have not increased as expected," he said, "Banks have used the facilities as prescribed by the regulator to manage the financial indicators." </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Officials at the NRB say the regular use of emergency equipment is a weakness. "Regular use of liquidity management tools is a weakness for banks," said Prakash Kumar Shrestha, executive director of the NRB. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">The NRB has implemented the provision of CD (Credit-Deposit) ratio in the banks from the current fiscal year through the monetary policy. Accordingly, the banks have been directed to maintain the CD ratio at 90 percent by mid-July 2022. However, as of April, the CD ratio of 18 banks is above 90 percent. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-18', 'modified' => '2022-05-18', 'keywords' => '', 'description' => '', 'sortorder' => '15036', 'image' => '20220518013824_Banks - Copy.jpg', 'article_date' => '2022-05-18 13:37:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15293', 'article_category_id' => '1', 'title' => 'Pre-Budget Discussions to Start from Today', 'sub_title' => '', 'summary' => 'May 18: The date for discussions on principles and priorities of appropriation bill (except for tax proposition) is scheduled for May 18 and 19. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 18: The date for discussions on principles and priorities of appropriation bill (except for tax proposition) is scheduled for May 18 and 19. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During Tuesday's meeting of the House of Representatives (HoR), Finance Minister Janardan Sharma tabled a motion seeking parliamentary discussions on principles and priorities of appropriation bill (except for tax proposition) for the fiscal year 2022/23. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaker Agni Prasad Sapkota has fixed the date for discussion on May 18 and 19 as proposed by Minister Sharma. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The House of Representatives is scheduled to meet again at 1:00 pm today (May 18). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, pre-budget discussions in the National Assembly have been fixed for May 19. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During Tuesday's meeting of the National Assembly, Finance Minister Sharma tabled a motion seeking parliamentary discussions on principles and priorities of appropriation bill (except for tax proposition) for the fiscal year 2079/080 BS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Tabling the motion, Minister Sharma said the Appropriation Bill, 2079 BS is aimed at building a socialism-oriented, balanced, inclusive and self-reliant economy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">National Assembly Chair Ganesh Prasad Timilsina summoned the next meeting of the NA at 1:00 pm on May 19 for holding discussions on the Appropriation Bill. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-05-18', 'modified' => '2022-05-18', 'keywords' => '', 'description' => '', 'sortorder' => '15035', 'image' => '20220518080411_20210501025837_11.jpg', 'article_date' => '2022-05-18 08:03:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15292', 'article_category_id' => '1', 'title' => ''Budget to Focus on Social Justice and Self-Reliant Economy' ', 'sub_title' => '', 'summary' => 'May 18: The government is set to present the upcoming fiscal year's budget with a vision towards building an independent economy with a focus on social justice and rural development. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 18: The government is set to present the upcoming fiscal year's budget with a vision towards building an independent economy with a focus on social justice and rural development. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Laying emphasis on developing socialism-oriented economy, the government has set its policy to generate employment opportunities for youths within the country and increase agricultural yields. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister for Finance Janardan Sharma shared this while presenting the principles and priorities of budget and programme to be included in upcoming fiscal year's Appropriation Bill during the House of Representatives meeting on Tuesday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Minister Sharma further noted that the constitutional ideals, parameters and directives including democratic republic, federal governance system, inclusion, socialism-oriented economy have been taken into consideration while formulating the budget proposal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He clarified that the government would focus on allocating adequate resources in prioritized sectors, enhancing allocation efficiency for ensuring result-oriented execution of appropriated budget, boosting institutional capacity and maintaining financial discipline. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the principles and priorities, the government is to focus on proposing budget only in the financially and technically feasible projects and cutting off public spending on unproductive sectors, the minister added. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to the minister, the budget will be pro-people and service-seeker friendly and will be centralized in ensuring smooth public service as well as increasing the use of information technology in service delivery. It will also focus on promoting good governance by checking corruption and irregularities. "The priorities are ultimately meant for enhancing public trust towards government," the minister explained. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He further said the new budget would put measures for productive economy by improving existing tax system. Focus would be laid on increasing the share of inland revenue to the national revenue portfolio, Minister Sharma said, adding the budget has set a long-term goal of making tax system sustainable by expanding scope of tax, checking revenue leakage and ensuring further reforms in tax system. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the policies will be formulated for utilizing public debt in national priority areas, productive sectors and capital formation while foreign aid will be channelized only towards national priorities and capital formation, the document states. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-05-18', 'modified' => '2022-05-18', 'keywords' => '', 'description' => '', 'sortorder' => '15034', 'image' => '20220518075553_the-House-of-Representatives (1).jpg', 'article_date' => '2022-05-18 07:55:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15291', 'article_category_id' => '1', 'title' => 'Old Wine in a New Bottle best Describes Proposed Budget for Agriculture', 'sub_title' => '', 'summary' => 'May 17: The Ministry of Agriculture and Livestock Development has proposed giving continuity to the old programme related to the agricultural sector in the upcoming fiscal year’s budget.', '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"">May 17: The Ministry of Agriculture and Livestock Development has proposed giving continuity to the old programme related to the agricultural sector in the upcoming fiscal year’s budget. It is has been learnt that the ministry has decided to give continuity to most of the old programmes which fall under in the main priority of the agriculture and livestock development sector for the budget of the upcoming fiscal year.</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"">Most of the programmes proposed for the upcoming budget are old ones including the continuation of the data collection system, expansion and continuation of farmer listing programme, implementation of seed distribution and management guidelines, implementation of minimum support price, construction of warehouse for storage, expansion and continuity of digital soil mapping programme, extension and continuity of agriculture and livestock insurance programme, national agriculture etc. Although this is not the final proposal, the Ministry of Finance prepares the budget based on this proposal.</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"">Spokesperson of the Ministry of Agriculture and Livestock Development, Prakash Kumar Sanjel, said that most of the old programmes have been getting continuity in the budget of the agriculture sector every year. He added that the ministry will focus on the implementation of the old programme rather than adding new programmes as the budget sealing for the coming fiscal year will be the similar as that of last year. He said that the ministry will play a role in facilitating the implementation of policies and standards.</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"">Concerned authorities of the agricultural sector on the other hand, are not satisfied with the ministry's proposal of old programmes. They expressed that new programmes that can be implemented easily have not been added because the government lacks vision. Uddhav Adhikari, coordinator of the Agriculture Campaign for Food, complained that the government still has not paid attention towards the issue of increasing imports of agricultural commodities every year. He said that the focus should be on increasing production rather than keeping the old programmes in the budget.</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"">“The government has set a goal to increase production. However, the model of increasing production is outdated. The government well knows that the production cannot be increased with the prevailing model. Despite this, the government has not paid attention to it,” said Adhikari.</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"">The government seems to have always failed to address the problems faced by the farmers. Stakeholders complained that the government failed to provide proper relief to the farmers affected by the natural calamities. Other problems faced by the farmers include mismanagement of fertilizers, seeds, distribution system and untimely allocation of support prices. Due to this, the number of people engaged in agriculture is decreasing every year.</span></span></span></span></p> <p><br /> <br /> <br /> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-17', 'modified' => '2022-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '15033', 'image' => '20220517061107_Agri.jpg', 'article_date' => '2022-05-17 18:10:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15290', 'article_category_id' => '1', 'title' => 'Online Reporting Mandatory for Co-operatives', 'sub_title' => '', 'summary' => 'May 17: The government is preparing to make it mandatory for co-operatives to join the Co-operative and Poverty Management Information System (CoPoMIS).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">May 17: The government is preparing to make it mandatory for co-operatives to join the Co-operative and Poverty Management Information System (CoPoMIS). In order to manage the records and regulation of co-operatives, arrangements are being made to facilitate the reporting to the regulatory body through online based software.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">The government launched the online-based software CoPoMIS five years ago. It covers everything from registration of co-operative to online monitoring. The Federal Department of Co-operatives is about to make it mandatory as only a few organizations have joined it during this period. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Registrar of the department Rudra Prasad Pandit informed that affiliation to CoPoMIS is being made mandatory so that various services provided by the government would be available to the users. He said, “We are going to make affiliation to CoPoMIS mandatory even for the certificate of tax payment from the subsidy given by the government to the co-operatives. Discussions are being held with the concerned bodies regarding this matter.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">The Ministry of Land Reforms and Poverty Alleviation started implementation of CoPoMIS from April 2017. But due to technical problems seen in the software and lack of interest among the users, it could not be implemented effectively.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">With the implementation of federalism, the implementation of CoPoMIS became further challenging.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">According to the Federal Department, out of 29,000 co-operatives across the country, only 38 percent (11,000) co-operatives have so far taken usernames and passwords for using CoPoMIS. Most of the co-operatives who own passwords do not update data regularly. According to the department, only 7,421 people have logged in to the software at least once. Similarly, the details of 1,668,929 members are updated in the system by just 3,903 co-operatives regularly submitting information to CoPoMIS. The co-operatives are not willing to use the software due to technical problems and lack of transparency.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Although the department has given the user ID and password of CoPoMIS to the states and municipalities, they have not given priority to its use and implementation among the co-operatives under their jurisdiction. According to the department, only 263 municipalities have logged in to the software.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Article 29 of the Co-operatives Act 2074 stipulates that a co-operative dealing with more than Rs 50 million must be affiliated to the CoPoMIS within one year and less than Rs 50 million within 3 years. The department has not taken any action against any co-operative even though the law states that the registrar can impose a fine of up to Rs 300,000 for violating the law.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Registrar Pandit said that the plan is to get the co-operatives to join the system by encouraging them rather than by imposing fines on them. He said, “In the first phase, we are planning to encourage them to join. We will only take action against those who do not join even after that.” The department plans to provide conditional grants from the upcoming budget to attract the local level as well.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Although the registration and monitoring rights are now transferred to the local level, the management of the co-operatives is becoming chaotic due to lack of effective monitoring. As a result, public deposits in co-operatives are also at risk.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-17', 'modified' => '2022-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '15032', 'image' => '20220517055734_Cooperative dept.jpg', 'article_date' => '2022-05-17 17:56:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15289', 'article_category_id' => '1', 'title' => 'Preparations underway to Increase Trading Hours of Share Transactions', 'sub_title' => '', 'summary' => 'May 17: The Securities Board of Nepal (SEBON) is preparing to increase the trading hours in the secondary market by one hour to five hours a day.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">May 17: The Securities Board of Nepal (SEBON) is preparing to increase the trading hours in the secondary market by one hour to five hours a day. At present, the share transaction is done for 4 hours daily. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">The board has already given unofficial instructions to Nepal Stock Exchange Limited (Nepse) in this regard. Nevertheless, there has not been any official discussion on how to proceed ahead. Meanwhile, Nepse has also unofficially informed the securities brokers to extend the trading hours. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">According to Santosh Mainali, president of the Stock Brokers Association of Nepal, formal discussions are yet to take place regarding the extension of trading hours. "Even though the board has not formally discussed the issue with us, Nepse has informed us about the extension," said Mainali. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Earlier, Bhishmaraj Dhungana, during his tenure as president of the board, had given verbal instructions to extend trading hours to five hours a day. Later, on March 13, 2020, he had officially instructed to operate the business for 5 hours daily from March 15, 2020. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">The share trading was closed after the nationwide lockdown was announced to curb the spread of Covid-19 infection. Although the secondary market was open in between the lockdowns, there was no full time trading due to the circuit breaker. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Later, the trading hour was again reduced to four hours after the brokers complained that it was not practical. Stakeholders say that the new initiative failed after the decision was made baselessly without any study. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Some have commented that the regulatory body has made such a decision without any study even now.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">According to a source within the board, they are working on this issue following the demand for more trading hours by the investors and brokers. Mainali says that the increased trading hours will benefit the investors. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">As Nepalis living abroad can also trade as per their convenience, Mainali says that the transaction amount in the market will increase. "Increasing the time will increase the business volume and such an arrangement will be more beneficial in the long run than at present. Nepalis living abroad will also be able to do business and daily business will also increase," he said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">However, Jyoti Dahal, a securities expert and advocate says that in the case of Nepal, trading hours are ideal at the moment. He said that in a small country like Nepal, one should not have unfavourable practice in the market under various pretexts. </span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-17', 'modified' => '2022-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '15031', 'image' => '20220517045823_share.jpg', 'article_date' => '2022-05-17 16:57:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15288', 'article_category_id' => '1', 'title' => 'Nepal’s Major Customs Centre lacks Transport City', 'sub_title' => '', 'summary' => 'May 17: Birgunj is not only the main gateway of the country but also the source of supply and transit. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">May 17: Birgunj is not only the main gateway of the country but also the source of supply and transit. Two thousand cargo vehicles enter the country through the three customs checkpoints here on a daily basis. These cargo vehicles go to other cities of the country via Birgunj. However, Birgunj is yet to become a well-organized transport city for the transportation of goods. Transportation is disrupted due to lack of infrastructure here.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">The Birgunj Chamber of Commerce and Industry and the local government have been raising the issue of transport city to manage transportation. However, it has not been managed yet. The shipment is done through the offices of the transport companies located at the center of the main city.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">There are more offices of such companies in Adarshnagar, the main market area of Birgunj. The companies have been loading and unloading goods by stopping trucks on the roadside itself in front of their offices.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Adarshnagar is not only a business area, but also a residential area. Due to this reason, the transportation business operated in the middle of the city is causing inconvenience to the people, especially due to the problems in movement. Businessmen of Birgunj have been demanding a transport city in a different place than within the city for the transportation of goods entering from the main checkpoint.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Daytime transport of large vehicles is currently banned in urban areas, making traders to load and unload goods at night time only. Goods imported from India are transported to other cities of the country by various transport companies from Birgunj.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">According to Ashok Kumar Temani, coordinator of the Transport and Transit Committee of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Madhesh Province, there is a need for a separate transport city as Birgunj is the main transit point. In the past, the Municipal Council of Birgunj Metropolitan City had passed a proposal to remove transport business from Adarshnagar area. This effort could not be completed due to lack of other alternatives.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Local traders had launched a campaign to manage the transportation and related work conducted from the market area. Coordinator Temani remarked that such transportation will be organized only if there is the alternative of a transport city.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">The issue of transport city was given top priority even in the concept of Greater Birgunj brought by the Birgunj Chamber of Commerce and Industry a decade ago. Traders suggest finding land in the area where the dry port and integrated check post of Birgunj are located to convert it into a transport city.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-17', 'modified' => '2022-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '15030', 'image' => '20220517041731_birgunj icp.jpg', 'article_date' => '2022-05-17 16:16:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15287', 'article_category_id' => '228', 'title' => 'PM Deuba Requests India to Provide Additional Air Routes ', 'sub_title' => '', 'summary' => 'May 17: Prime Minister Sher Bahadur Deuba has urged India to provide additional air entry routes from Mahendranagar, Nepalgunj and Janakpur. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 17: Prime Minister Sher Bahadur Deuba has urged India to provide additional air entry routes from Mahendranagar, Nepalgunj and Janakpur. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He made such request during a delegation-level talks held with his Indian counterpart, Narendra Modi in Lumbini on Monday. Prime Minister Deuba requested for additional air routes in order to facilitate connectivity and travel between the two countries during Modi’s official visit to Lumbini. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Civil Aviation Authority of Nepal (CAAN), the airway distance to Nepal from India and beyond will be shorter from these new routes.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal has been pressing India since a long time to open new air entry routes with the view of facilitating flights to and from the Gautam Buddha International Airport, which came into operation on May 16, as well as the under-construction Pokhara Regional International Airport and the proposed Nijgadh International Airport.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On June 15, 2018, India had agreed to allow new air entry routes to Nepal for international flights. The Civil Aviation Authority of Nepal (CAAN) and Airports Authority of India (AAI) had signed a bilateral agreement on international air route to Nepal back then to allow international flights to enter Nepal through Janakpur and Biratnagar entry points.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prior to this, international flights from India could enter Nepal's air space only from Simara.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although India had in principle agreed to allow Nepal to use the air entry routes of Janakpur, Biratnagar, Bhairahawa Nepalgunj and Mahendranagar, India has allowed Nepal to use only Bhairahawa and Janakpur entry routes.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Officials at the Civil Aviation Authority of Nepal (CAAN) say that India denied permission to use the other air routes citing security concerns.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">All aircraft entering Nepal through India have to use the route near Simara. However, the aircraft leaving Nepal can use Mahendranagar, Nepalgunj, Bhairahawa and Janakpur routes.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to officials, using the Mahendranagar and Nepalgunj routes to enter Nepal would lessen the distance by 14 nautical miles.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal and India have held several rounds of discussions to open air entry routes from Mahendranagar and Nepalgunj. However, the two countries are yet to reach an understanding in this regard.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two countries had decided to conduct a feasibility study to allow air entry routes to Nepal from Mahendranagar and Nepalgunj. However, due to India’s reluctance, the work has not yet been able to progress. An official of CAAN had informed New Business Age during an interview in 2019 that India is reluctant to grant permission along these two routes citing security concerns.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Former Prime Minister KP Oli had also discussed the issue with his Indian counterpart Narendra Modi during his visit to India but there has been no further development.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although the political actors of India have not rejected the proposal of Nepal to use the two air routes, which is shorter than the other route in use, India’s bureaucracy has been reportedly delaying the process, according to officials at the tourism ministry.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-17', 'modified' => '2022-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '15029', 'image' => '20220517023218_Nepal-Airlines.jpg', 'article_date' => '2022-05-17 14:31:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15286', 'article_category_id' => '1', 'title' => 'Nepal, India discuss Multiple Issues during PM Modi’s Lumbini Visit', 'sub_title' => 'The two countries exchange MoUs related to education and hydropower sectors', 'summary' => 'May 17: Nepal and India discussed multiple issues of bilateral relations and cooperation and also exchanged memorandum of understandings (MoU) during the visit of Indian Prime Minister Narendra Modi to Lumbini, Nepal on Monday (May 16). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 17: Nepal and India discussed multiple issues of bilateral relations and cooperation and also exchanged memorandum of understandings (MoU) during the visit of Indian Prime Minister Narendra Modi to Lumbini, Nepal on Monday (May 16). </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The Indian premier paid an official visit to Lumbini on the auspicious occasion of Buddha Jayanti festival at the invitation of Prime Minister Sher Bahadur Deuba. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Prime Minister Deuba and his spouse Arzu Rana Deuba warmly welcomed Indian Prime Minister Modi on his arrival at Lumbini helipad on Monday morning. Federal ministers, chief minister of the Lumbini Province, Nepal’s Ambassador to India and other senior officials of the government were also present on the occasion. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif""> According to a press statement issued by Ministry of Foreign Affairs on Monday, the Indian Prime Minister was accompanied by a high-level delegation consisting of the national security Advisor of India, foreign secretary and other senior officials of the government of India. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to the ministry, the two prime ministers held bilateral talks in Lumbini and recalled the fruitful discussions they had in New Delhi during the official visit of Prime Minister Deuba to India on April 1-3, 2022. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">During the bilateral talks, the two prime ministers had a broad overview of Nepal-India cooperation and matters of mutual interests with a view to further enhancing the close and cordial ties between the two countries. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Prime Minister Deuba thanked Modi for India’s assistance in fighting the COVID-19 pandemic and also expressed gratitude for India’s support in the post-earthquake reconstruction. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif""> “The two sides discussed promoting cooperation in connectivity; early supply of fertilizers; expeditious conclusion of the revised Transit Treaty, its Protocols and Memorandum; review of the treaty of trade; additional air entry routes; hydropower generation; culture and tourism including Buddhist circuit and Ramayana circuit; education and academic collaboration; increasing the threshold of carrying Indian currency by individuals; and cooperation at regional and multilateral forums in matters of mutual interest,” reads the statement. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Other issues featured during the discussion were infrastructure development including the dry port and integrated check posts in Chandani Dodhara as well as bridges linking Purnagiri Mai of Uttarakhand, India and Parshuram Dham in Dadeldhura, Nepal; and Jhulaghat over Mahakali river. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Prime Minister Deuba requested the Indian PM Modi to consider constructing Motigada-Fattepur-Rampur Road in Udaypur district of Nepal under Indian grant assistance. In the context of official inauguration and commencement of commercial operation of the Gautam Buddha International Airport, Prime Minister Deuba highlighted that the airport would further facilitate connectivity, cultural linkages, and people-to-people movements and promote cultural tourism. He also requested the additional air entry routes from Mahendranagar, Nepalgunj and Janakpur. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">In response, Indian PM Modi assured that authorities concerned of India would take up the matters raised by the Prime Minister Deuba. Deuba also requested for seamless power trade on a long-term basis under mutually beneficial terms. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The two sides expressed satisfaction that Arun III project was progressing well and welcomed the signing and exchange of MoU between Nepal Electricity Authority and SJVN Ltd. India for the development of Arun-IV hydropower project. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The two prime ministers stressed the importance of hydropower for clean energy and noted that immense potential exists for Public Private Partnership (PPP) in hydropower sector, the statement added. Prime Minister Deuba invited interested companies from India such as NHPC for the development of West Seti Hydroelectricity project. The two Prime Ministers agreed to take up the Pancheswor Project with priority. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Before holding the discussions, the prime ministers of Nepal and India visited the sacred Mayadevi Temple and offered worship at the birthplace of the Lord Gautam Buddha, who is regarded as the Light of Asia for preaching non-violence throughout the continent. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, the two prime ministers laid the foundation stone for the construction of the India International Center for Buddhist Culture and Heritage at the Lumbini Monastic Zone. In their address during a special ceremony organized by the Lumbini Development Trust, the two prime ministers highlighted the importance of Buddha’s teachings of peace, harmony, and mutual respect. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">PM Deuba and his Indian counterpart also witnessed the exchange of the Memoranda of Understanding (MoU) related to cooperation and collaboration in academic field and power sector. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Indian PM Modi returned home in the afternoon upon successfully completing the visit to Lumbini on the pious day of Buddha Jayanti. Prime Minister Deuba, his spouse Arzu Rana Deuba, ministers and senior officials of the government bade farewell to the Indian PM. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The ministry said that the official visit of Prime Minister Modi to Lumbini, Nepal has contributed in deepening the socio-cultural bonds and cooperation between Nepal and India. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Earlier, the MoFA had issued a statement saying it was the fifth visit of Modi to Nepal after becoming the prime minister of India. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-05-17', 'modified' => '2022-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '15028', 'image' => '20220517120325_RS_KTM_20220516_133633.jpg', 'article_date' => '2022-05-17 12:02:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15285', 'article_category_id' => '1', 'title' => 'Budget Session of Parliament Begins Today', 'sub_title' => '', 'summary' => 'May 17: The new session of the federal Parliament will commence from today (May 17).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">May 17: The new session of the federal Parliament will commence from today (May 17).</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">President Bidya Devi Bhandari has summoned the new session of parliament from today upon the recommendation of the Council of Ministers. A cabinet meeting on May 8 had decided to recommend the president to call the house session in order to pass the budget for the upcoming fiscal year.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">There is a constitutional provision of announcing the budget on 15 Jestha (May 29 this year) almost one and a half months ahead of the new fiscal year. The new fiscal year begins on July 17 this year. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Meanwhile, the meeting of the federal parliament has been called at the parliament building, New Baneshwor, at 4:00 pm today. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Speaker Agni Prasad Sapkota reportedly reached the parliament building on Monday and took stock of the preparation of the House of Representatives meeting. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Similarly, Speaker Sapkota has called a meeting of Business Advisory Committee of parliament for 2:30 pm today. The meeting of the Business Advisory Committee would decide on various issues including the agenda of the parliament meeting. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government's policies and programmes as well as the budget would be presented in this session. As per the schedule, the government will be presenting its policies and programmes on May 21. Once the policies and programmes are endorsed by the parliament, discussions will be held during the pre-budget session. However, the pre-budget session this time has become uncertain due to lack of time as the budget has to be presented at any cost on May 29. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-17', 'modified' => '2022-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '15027', 'image' => '20220517080933_the-House-of-Representatives (1).jpg', 'article_date' => '2022-05-17 08:08:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15284', 'article_category_id' => '268', 'title' => 'India bans Export of Wheat', 'sub_title' => '', 'summary' => 'May 16: India banned the exports of wheat just a day after New Delhi declared a goal of setting a new record for shipment of exports.', '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"">May 16: India banned the exports of wheat just a day after New Delhi declared a goal of setting a new record for shipment of exports.</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"">Extreme heat in India resulted in the decline in wheat production this year and the prices have skyrpcketed. The Indian government has made it clear that the ban on export will not be applicable for LC opened before May 13. According to Reuters, exports to countries that demand food supplies to meet food security needs will not be stopped.</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"">Importers from around the world turned to India, the world's second-largest wheat producer, after exports via the Black Sea came to a halt due to Russia's invasion of Ukraine on February 24. Prior to the ban, India had set a target of exporting 10 million tons of wheat this year.</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"">India is one of the world's largest wheat exporters. The decision of imposing a ban on exports can push the already tight wheat prices in the international market to new heights and put the poor consumers of Asia and Africa in a difficult position.</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"">An official of a Mumbai-based multinational trading company said, “The ban is shocking. We already expected control on exports a few months back. However, the rates of inflation must have played a vital role in changing the decision of the government.” The rising inflation in food and energy prices pushed India's annual inflation close to 8 percent in April.</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"">Wheat prices in India have reached record highs. In some markets, it has reached IRs 25,000 (Rs 40,000) per ton. The government of India has fixed the minimum support price of wheat at IRs 20,150 per metric ton in the country. Rising prices of fuel, labor, transportation and packaging have raised the price of wheat flour in India.</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""> “It is not just wheat. The price of everything has raised concerns about inflation. This is the reason why the government decided to ban wheat exports. This step is a big caution for us,” said a senior government official on condition of anonymity.</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"">Just this week, India said that it would set a record in wheat exports in the current fiscal year which started on April 1. The Indian government had planned to send delegations to Morocco, Tunisia, Indonesia and the Philippines to find ways to increase wheat exports. Last February, the government projected wheat production to exceed 110 million metric tons this year. Later in May, the projection was reduced to 105 million metric tons. According to a New Delhi-based multinational trading company, the heat wave in India in mid-March is expected to limit wheat production to just 100 million metric tons.</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"">“The government’s procurement has dropped by more than 50 per cent. The supply in the spot market is much less as compared to last year. All of this is indicative of low yields,” said the dealer. India exported 7 million metric tons of wheat in March while taking advantage of rising global prices following the Russia-Ukraine war. This record setting export is 250 percent more than the previous year.</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"">“The rise in wheat prices was moderate and Indian prices are still lower than the world market. In some parts of the country, the price of wheat rose to its current level last year itself, so a ban on exports is a necessary response,” Reuters quoted New Delhi-based businessman Rajesh Pahadia Jain as saying,</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"">Jain said India can export at least 10 million tons of wheat this year, despite a drop in production and procurement by the state-owned Food Corporation of India (FCI). So far, FCI purchased just over 19 million tons of wheat from farmers, which was 43.3 million ton last year. FCI buys food from local farmers to run food welfare programmes for the poor. Unlike in previous years, farmers preferred to sell wheat to private traders this time. Farmers are attracted to them because they pay more than the price fixed by the government. India exported 1.4 million tons of wheat in April and 1.5 million tons in May. Another Indian wheat trader says, “India's ban will push up the price of wheat worldwide. There is no big supplier in the market right now.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-16', 'modified' => '2022-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '15026', 'image' => '20220516083105_wheat.jpg', 'article_date' => '2022-05-16 20:30:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15283', 'article_category_id' => '1', 'title' => 'Opening of GBIA has Prepared the Basis for Tourism and Economic Development: PM Deuba ', 'sub_title' => '', 'summary' => 'May 16: Prime Minister Sher Bahadur Deuba formally inaugurated the Gautam Buddha International Airport (GBIA) in Bhairahawa on Monday (May 16) on the occasion of Buddha Jayanti festival. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 16: Prime Minister Sher Bahadur Deuba formally inaugurated the Gautam Buddha International Airport (GBIA) amid a function in Bhairahawa on Monday (May 16) on the occasion of Buddha Jayanti festival. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">While inaugurating the strategically important airport, the PM said that with the opening of GBIA has created the foundation for the nation's tourism and sustainable economic development. PM Deuba expressed his belief that the arrival of tourists will increase with opening of the second international airport of Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Experts believed that this airport will help reduce air traffic congestion at the Tribhuvan International Airport and also play a vital role in promotion of religious tourism due to its close proximity with Lumbini, the birthplace of Gautam Buddha. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Director General of the Civil Aviation Authority of Nepal (CAAN) Pradeep Adhikari said GBIA will serve as an alternative to TIA for the operation of international flights. He further added that the operation of GBIA has put to an end the compulsion of having to divert airplanes to the neighbouring countries in emergency situations when aircraft could not land or take off from TIA due to technical problems. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On the occasion, Minister for Culture, Tourism and Civil Aviation Prem Bahadur Ale said GBIA is one among the five national pride projects to be completed, adding that the country's tourism and economic development would take a stride after the completion of all these five projects under the Ministry of Tourism. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Nepal's message of peace and prosperity would be spread across the world from the land of the Buddha,” said Minister Ale.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The tourism minister also announced that the TIA and GBIA would be operated for 24 hours a day from today. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The construction of the GBIA had started in early 2015 with the target of completing it within December 2017. However, the construction was stalled in the middle due to the negligence of the construction company. Following extended deadlines, the airport has been finally brought into operation for commercial flights about five years later due to the COVID-19 pandemic. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the CAAN, approximately Rs 11 billion has been invested in the first phase of this project constructed with soft loan provided by the Asian Development Bank. The process of construction of the terminal building under the second phase would be forwarded soon. The airport is being constructed by a Chinese construction company. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Domestic airlines have been operating flights since the past few weeks after the successful completion of calibration and test flights. Private airlines companies such as Buddha Air, Yeti Airlines, Shree Airlines, Saurya Airlines, among others are operating flights from here. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, international flights has been opened only on May 16 coinciding with the day of the official inauguration of the airport. According to the airport office, the first flight of Nepal Airlines Corporation landed at 6:55 am on Monday morning, and the Jazeera Airway flight landed at 7:08 am. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-16', 'modified' => '2022-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '15025', 'image' => '20220516062116_jajira.JPG', 'article_date' => '2022-05-16 18:18:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15282', 'article_category_id' => '279', 'title' => 'Nepal, India sign MoU to Construct Arun-4 Hydropower Project ', 'sub_title' => '', 'summary' => 'May 16: The governments of Nepal and India have signed a Memorandum of Understanding (MoU) for the construction of the proposed 490.2 megawatts Arun-4 hydropower project. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 16: The governments of Nepal and India have signed a Memorandum of Understanding (MoU) for the construction of the proposed 490.2 megawatts Arun-4 hydropower project. Such a deal was signed during the official visit of Indian Prime Minister Narendra Modi to Lumbini on the occasion of the Buddha Jayanti Festival.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Indian PM arrived in Lumbini on Monday morning at the invitation of Prime Minister Sher Bahadur Deuba. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Executive Director of Nepal Electricity Authority (NEA), Kulman Ghising and Nanda Lal Sharma, chairperson and operation manager of Satluj Jal Vidyut Nigam, an Indian hydropower company, signed the MoU for the construction of the joint venture semi-reservoir based hydropower project on Monday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The signing ceremony took place in the presence of Prime Minister Deuba and his visiting Indian counterpart Narendra Modi. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two countries had reached an agreement to construct the Arun-4 hydropower project during PM Deuba’s state visit to India in the first week of April.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the state-owned national news agency RSS, NEA has a share of 49 percent investment and the Satluj Jal Vidyut Nigam 51 percent in the Sankhwasabha-based Arun-III hydropower project estimated to cost around Rs 79.1 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal will get 21.9 percent electricity from the project free of cost every month. Nepal reserves the right to purchase electricity generated from the project if it can afford to consume it. Only then, the surplus power generated from the project will be sold elsewhere to India or Bangladesh, RSS reported. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The project has the capacity of generating 2.1 billion units of electricity annually. (With inputs from RSS) </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-16', 'modified' => '2022-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '15024', 'image' => '20220516060214_RS_KTM-20220516_144449.jpg', 'article_date' => '2022-05-16 18:01:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15281', 'article_category_id' => '1', 'title' => 'Government Collects Rs 470 Million Revenue from Climbing Permits ', 'sub_title' => '', 'summary' => 'May 16: Mountain expedition, which had slowed down for two years due to the Covid-19 pandemic, has regained momentum this year. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.0pt">May 16: Mountain expedition, which had slowed down for two years due to the Covid-19 pandemic, has regained momentum this year. With the beginning of the spring season, which is considered suitable for mountaineering, 953 people have so far taken permission to climb 25 mountain peaks, including Mount Everest. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.0pt">According to the statistics of the Department of Tourism, a total of Rs 474.6 million revenue was collected till last Sunday from the 953 climbers from different countries. The government charges higher fees during the spring season. As per the department, a tourist has to pay USD 11,000 per person to climb Mount Everest. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.0pt">The department has collected revenue of Rs 396.8 million by issuing permits for climbing Mt Everest, which also accounts for a large share of the total revenue collection. At a time when foreign exchange is under pressure, the arrival of tourists since the beginning of this year has made a positive impact. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.0pt">Altogether 414 mountains and peaks of Nepal are open for expedition. According to the department, 317 people from 73 expeditions have taken permission to climb Mt Everest alone. Tourists from 55 countries including India, China, the UK, the USA, Russia, Canada have taken permission to climb Mt Everest during this year's spring season. There are 73 women seeking permission. This year, the highest number of tourists seeking permission to climb Mt Everest is from the US and the UK. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.0pt">Dambar Parajuli, president of the Expedition Operators Association of Nepal, said that this year has been an exciting year for mountaineering as compared to 2020 and 2021. "Looking at the post-Covid situation, there has been a significant improvement in tourist arrivals this year," he said, adding, "With the increase in tourist arrival, tourism will soon bounce back."</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.0pt">He is of the view that although coronavirus is seen in some countries like China and Korea at present, tourist arrival will increase as it is not found in countries like the USA and the UK. As people were confined within their houses for around 2 years, they now want to travel and venture. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.0pt">With the decline in coronavirus infection, the number of tourists visiting Nepal for mountaineering and other purpose has increased this year. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-16', 'modified' => '2022-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '15023', 'image' => '20220516042550_expedition-in-nepal.jpg', 'article_date' => '2022-05-16 16:25:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15280', 'article_category_id' => '1', 'title' => 'Profit of Life Insurance Companies Declining', 'sub_title' => '', 'summary' => 'May 16: The profit generated by the insurance companies, which was continuously rising until the last fiscal year, took a nosedive in the current fiscal year.', '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"">May 16: The profit generated by the insurance companies, which was continuously rising until the last fiscal year, took a nosedive in the current fiscal year. In the third quarter of the current fiscal year, the average profit of 19 life insurance companies dropped by 30 percent as compared to that of last fiscal year.</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"">As of mid-April this fiscal year, the total profit of 19 life insurance companies stood at Rs 2.21 billion. This is a decrease of Rs 944.6 million compared to the same period of the previous year. Life insurance companies had made a profit of Rs 3.16 billion in the corresponding period of last year.</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"">As per the financial reports of the third quarter revealed by the insurance companies, their profit will increase after the final valuation. During the process, some amount can be transferred to the profit-loss account from the life insurance fund, resulting in an increase in the size of the profit.</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"">In the first nine months of the current fiscal year, the profits of eight companies declined at a higher rate compared to the same period of the previous year. Profits of Life Insurance Corporation (Nepal) Limited (LIC Nepal), National Life Insurance Company, Prabhu Life Insurance Company, Prime Life Insurance Company, Sury Life Insurance Company, Union Life Insurance Company and MetLife Life Insurance Company have declineded during the review period.</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"">Nepal Life Insurance Company incurred a loss of Rs 194.5 million in the same period. Compared to the previous nine months, Nepal Life's profit was negative by 138 percent. Until last year, Nepal Life was the number one profit generating company. Nepal Life is also the largest life insurance company in terms of paid-up capital, life insurance fund, size of business.</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"">The profits of 11 companies on the other hand increased as compared to the previous fiscal year. During the period, Jyoti Life Insurance Company, Reliance Life Insurance Company, Sanima Life Insurance Company, Sun Nepal Life Insurance Company and Gurans Life Insurance Company increased their profits by double digits. Whereas, the profit growth rate of Mahalakshmi Life Insurance Company, Reliable Nepal Life Insurance Company, Rastriya Beema Sansthan, IME Life Insurance Company, Asian Life Insurance Company and Citizen Life Insurance Company increased by a single digit. </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"">The reason for the decline in profits is speculated to be the decline in the stock market. Insurance companies invested heavily even in the stock market. Manoj Kumar Bhattarai, chief executive officer (CEO) of Prime Life Nepal said that the Stock Exchange (NEPSE) index is on constant slump recently, which declined the value of shares bought by insurance companies. As a result, their profits plummeted.</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 said, “Lately, the share price bought by insurance companies declined due to the decline in the stock market. The provisioning of that amount affected the profits of the companies.”</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, the expenses of insurance companies also increased recently. The liquidity problem seen in the banking sector and the crisis faced by the overall economy also affected the insurance business. However, insurance companies increased their investment to grow their business. According to Bhattarai, the companies' profits also declined due to this reason.</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 said, “Lately, life insurance business is not encouraging. Companies increased their investments to grow the business. However, it has not paid off. We have not been able to contribute well to the insurance fund. Due to these reasons, the profit of insurance companies got affected.”</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"">National Life Insurance Company is number one in terms of profit making during this period. The company earned a profit of Rs 255.6 million till mid-April this fiscal year. </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"">Reliable Nepal Life, which is ranked second in terms of profit, earned Rs 210 million and Jyoti Life earned Rs 206.5 million, according to their financial statements.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-16', 'modified' => '2022-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '15022', 'image' => '20220516020259_Insurance.jpg', 'article_date' => '2022-05-16 14:02:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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The amount disbursed to the market by the central bank is more than the total deposits of the banks. As of April, banks have deposits of Rs 4.97 trillion. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">NRB has arranged various monetary instruments to facilitate the flow and mobilization of liquidity depending on the market conditions. Banks have resorted to borrowing heavily in the current fiscal year because of the liquidity crisis in the market due to higher credit flow than deposit collection. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">NRB informed that as of April this year, deposits in banks and financial institutions have increased by 4.1 percent (Rs 237 billion) as compared to the previous year, while loans have increased by 12.8 percent (Rs 558 billion). </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">According to the central bank, banks have borrowed Rs 6.91 trillion through the standing liquidity facility. Similarly, Rs 325.91 billion has been issued through repo, Rs 160.76 billion through overnight repo and Rs 55.91 billion through direct purchase instruments. Of this, Rs 211 billion is with banks. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">NRB issues a repo to send a certain amount to the market. However, the banks can take LLF and overnight repo as required by pledging their investments in instruments including government bonds. Banks have been renewing the LLF facility as it is provided for only 7 days. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Banks have started borrowing money through monetary instruments to manage the required cash reserves ratio (CRR) with the NRB as deposits in banks have not increased. Banks and financial institutions should keep 3 percent of the total deposit in the account of the central bank as CRR. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Since there hasn’t been any increase in deposit collection, banks have been managing the prescribed CRR by taking loans from the central bank. NRB has prescribed seven percent interest on LLF loans. NRB has increased the interest rate of LLF from 5 percent from December 27. The use of SLLF has not diminished even after the increase in the interest rate. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Chairman of the Nepal Bankers' Association Anil Kumar Upadhyaya says that the banks are using the facility provided by the central bank under compulsion. "Deposits have not increased as expected," he said, "Banks have used the facilities as prescribed by the regulator to manage the financial indicators." </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Officials at the NRB say the regular use of emergency equipment is a weakness. "Regular use of liquidity management tools is a weakness for banks," said Prakash Kumar Shrestha, executive director of the NRB. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">The NRB has implemented the provision of CD (Credit-Deposit) ratio in the banks from the current fiscal year through the monetary policy. Accordingly, the banks have been directed to maintain the CD ratio at 90 percent by mid-July 2022. However, as of April, the CD ratio of 18 banks is above 90 percent. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-18', 'modified' => '2022-05-18', 'keywords' => '', 'description' => '', 'sortorder' => '15036', 'image' => '20220518013824_Banks - Copy.jpg', 'article_date' => '2022-05-18 13:37:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15293', 'article_category_id' => '1', 'title' => 'Pre-Budget Discussions to Start from Today', 'sub_title' => '', 'summary' => 'May 18: The date for discussions on principles and priorities of appropriation bill (except for tax proposition) is scheduled for May 18 and 19. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 18: The date for discussions on principles and priorities of appropriation bill (except for tax proposition) is scheduled for May 18 and 19. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During Tuesday's meeting of the House of Representatives (HoR), Finance Minister Janardan Sharma tabled a motion seeking parliamentary discussions on principles and priorities of appropriation bill (except for tax proposition) for the fiscal year 2022/23. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaker Agni Prasad Sapkota has fixed the date for discussion on May 18 and 19 as proposed by Minister Sharma. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The House of Representatives is scheduled to meet again at 1:00 pm today (May 18). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, pre-budget discussions in the National Assembly have been fixed for May 19. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During Tuesday's meeting of the National Assembly, Finance Minister Sharma tabled a motion seeking parliamentary discussions on principles and priorities of appropriation bill (except for tax proposition) for the fiscal year 2079/080 BS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Tabling the motion, Minister Sharma said the Appropriation Bill, 2079 BS is aimed at building a socialism-oriented, balanced, inclusive and self-reliant economy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">National Assembly Chair Ganesh Prasad Timilsina summoned the next meeting of the NA at 1:00 pm on May 19 for holding discussions on the Appropriation Bill. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-05-18', 'modified' => '2022-05-18', 'keywords' => '', 'description' => '', 'sortorder' => '15035', 'image' => '20220518080411_20210501025837_11.jpg', 'article_date' => '2022-05-18 08:03:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15292', 'article_category_id' => '1', 'title' => ''Budget to Focus on Social Justice and Self-Reliant Economy' ', 'sub_title' => '', 'summary' => 'May 18: The government is set to present the upcoming fiscal year's budget with a vision towards building an independent economy with a focus on social justice and rural development. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 18: The government is set to present the upcoming fiscal year's budget with a vision towards building an independent economy with a focus on social justice and rural development. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Laying emphasis on developing socialism-oriented economy, the government has set its policy to generate employment opportunities for youths within the country and increase agricultural yields. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister for Finance Janardan Sharma shared this while presenting the principles and priorities of budget and programme to be included in upcoming fiscal year's Appropriation Bill during the House of Representatives meeting on Tuesday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Minister Sharma further noted that the constitutional ideals, parameters and directives including democratic republic, federal governance system, inclusion, socialism-oriented economy have been taken into consideration while formulating the budget proposal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He clarified that the government would focus on allocating adequate resources in prioritized sectors, enhancing allocation efficiency for ensuring result-oriented execution of appropriated budget, boosting institutional capacity and maintaining financial discipline. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the principles and priorities, the government is to focus on proposing budget only in the financially and technically feasible projects and cutting off public spending on unproductive sectors, the minister added. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to the minister, the budget will be pro-people and service-seeker friendly and will be centralized in ensuring smooth public service as well as increasing the use of information technology in service delivery. It will also focus on promoting good governance by checking corruption and irregularities. "The priorities are ultimately meant for enhancing public trust towards government," the minister explained. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He further said the new budget would put measures for productive economy by improving existing tax system. Focus would be laid on increasing the share of inland revenue to the national revenue portfolio, Minister Sharma said, adding the budget has set a long-term goal of making tax system sustainable by expanding scope of tax, checking revenue leakage and ensuring further reforms in tax system. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the policies will be formulated for utilizing public debt in national priority areas, productive sectors and capital formation while foreign aid will be channelized only towards national priorities and capital formation, the document states. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-05-18', 'modified' => '2022-05-18', 'keywords' => '', 'description' => '', 'sortorder' => '15034', 'image' => '20220518075553_the-House-of-Representatives (1).jpg', 'article_date' => '2022-05-18 07:55:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15291', 'article_category_id' => '1', 'title' => 'Old Wine in a New Bottle best Describes Proposed Budget for Agriculture', 'sub_title' => '', 'summary' => 'May 17: The Ministry of Agriculture and Livestock Development has proposed giving continuity to the old programme related to the agricultural sector in the upcoming fiscal year’s budget.', '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"">May 17: The Ministry of Agriculture and Livestock Development has proposed giving continuity to the old programme related to the agricultural sector in the upcoming fiscal year’s budget. It is has been learnt that the ministry has decided to give continuity to most of the old programmes which fall under in the main priority of the agriculture and livestock development sector for the budget of the upcoming fiscal year.</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"">Most of the programmes proposed for the upcoming budget are old ones including the continuation of the data collection system, expansion and continuation of farmer listing programme, implementation of seed distribution and management guidelines, implementation of minimum support price, construction of warehouse for storage, expansion and continuity of digital soil mapping programme, extension and continuity of agriculture and livestock insurance programme, national agriculture etc. Although this is not the final proposal, the Ministry of Finance prepares the budget based on this proposal.</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"">Spokesperson of the Ministry of Agriculture and Livestock Development, Prakash Kumar Sanjel, said that most of the old programmes have been getting continuity in the budget of the agriculture sector every year. He added that the ministry will focus on the implementation of the old programme rather than adding new programmes as the budget sealing for the coming fiscal year will be the similar as that of last year. He said that the ministry will play a role in facilitating the implementation of policies and standards.</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"">Concerned authorities of the agricultural sector on the other hand, are not satisfied with the ministry's proposal of old programmes. They expressed that new programmes that can be implemented easily have not been added because the government lacks vision. Uddhav Adhikari, coordinator of the Agriculture Campaign for Food, complained that the government still has not paid attention towards the issue of increasing imports of agricultural commodities every year. He said that the focus should be on increasing production rather than keeping the old programmes in the budget.</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"">“The government has set a goal to increase production. However, the model of increasing production is outdated. The government well knows that the production cannot be increased with the prevailing model. Despite this, the government has not paid attention to it,” said Adhikari.</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"">The government seems to have always failed to address the problems faced by the farmers. Stakeholders complained that the government failed to provide proper relief to the farmers affected by the natural calamities. Other problems faced by the farmers include mismanagement of fertilizers, seeds, distribution system and untimely allocation of support prices. Due to this, the number of people engaged in agriculture is decreasing every year.</span></span></span></span></p> <p><br /> <br /> <br /> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-17', 'modified' => '2022-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '15033', 'image' => '20220517061107_Agri.jpg', 'article_date' => '2022-05-17 18:10:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15290', 'article_category_id' => '1', 'title' => 'Online Reporting Mandatory for Co-operatives', 'sub_title' => '', 'summary' => 'May 17: The government is preparing to make it mandatory for co-operatives to join the Co-operative and Poverty Management Information System (CoPoMIS).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">May 17: The government is preparing to make it mandatory for co-operatives to join the Co-operative and Poverty Management Information System (CoPoMIS). In order to manage the records and regulation of co-operatives, arrangements are being made to facilitate the reporting to the regulatory body through online based software.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">The government launched the online-based software CoPoMIS five years ago. It covers everything from registration of co-operative to online monitoring. The Federal Department of Co-operatives is about to make it mandatory as only a few organizations have joined it during this period. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Registrar of the department Rudra Prasad Pandit informed that affiliation to CoPoMIS is being made mandatory so that various services provided by the government would be available to the users. He said, “We are going to make affiliation to CoPoMIS mandatory even for the certificate of tax payment from the subsidy given by the government to the co-operatives. Discussions are being held with the concerned bodies regarding this matter.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">The Ministry of Land Reforms and Poverty Alleviation started implementation of CoPoMIS from April 2017. But due to technical problems seen in the software and lack of interest among the users, it could not be implemented effectively.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">With the implementation of federalism, the implementation of CoPoMIS became further challenging.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">According to the Federal Department, out of 29,000 co-operatives across the country, only 38 percent (11,000) co-operatives have so far taken usernames and passwords for using CoPoMIS. Most of the co-operatives who own passwords do not update data regularly. According to the department, only 7,421 people have logged in to the software at least once. Similarly, the details of 1,668,929 members are updated in the system by just 3,903 co-operatives regularly submitting information to CoPoMIS. The co-operatives are not willing to use the software due to technical problems and lack of transparency.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Although the department has given the user ID and password of CoPoMIS to the states and municipalities, they have not given priority to its use and implementation among the co-operatives under their jurisdiction. According to the department, only 263 municipalities have logged in to the software.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Article 29 of the Co-operatives Act 2074 stipulates that a co-operative dealing with more than Rs 50 million must be affiliated to the CoPoMIS within one year and less than Rs 50 million within 3 years. The department has not taken any action against any co-operative even though the law states that the registrar can impose a fine of up to Rs 300,000 for violating the law.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Registrar Pandit said that the plan is to get the co-operatives to join the system by encouraging them rather than by imposing fines on them. He said, “In the first phase, we are planning to encourage them to join. We will only take action against those who do not join even after that.” The department plans to provide conditional grants from the upcoming budget to attract the local level as well.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Although the registration and monitoring rights are now transferred to the local level, the management of the co-operatives is becoming chaotic due to lack of effective monitoring. As a result, public deposits in co-operatives are also at risk.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-17', 'modified' => '2022-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '15032', 'image' => '20220517055734_Cooperative dept.jpg', 'article_date' => '2022-05-17 17:56:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15289', 'article_category_id' => '1', 'title' => 'Preparations underway to Increase Trading Hours of Share Transactions', 'sub_title' => '', 'summary' => 'May 17: The Securities Board of Nepal (SEBON) is preparing to increase the trading hours in the secondary market by one hour to five hours a day.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">May 17: The Securities Board of Nepal (SEBON) is preparing to increase the trading hours in the secondary market by one hour to five hours a day. At present, the share transaction is done for 4 hours daily. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">The board has already given unofficial instructions to Nepal Stock Exchange Limited (Nepse) in this regard. Nevertheless, there has not been any official discussion on how to proceed ahead. Meanwhile, Nepse has also unofficially informed the securities brokers to extend the trading hours. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">According to Santosh Mainali, president of the Stock Brokers Association of Nepal, formal discussions are yet to take place regarding the extension of trading hours. "Even though the board has not formally discussed the issue with us, Nepse has informed us about the extension," said Mainali. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Earlier, Bhishmaraj Dhungana, during his tenure as president of the board, had given verbal instructions to extend trading hours to five hours a day. Later, on March 13, 2020, he had officially instructed to operate the business for 5 hours daily from March 15, 2020. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">The share trading was closed after the nationwide lockdown was announced to curb the spread of Covid-19 infection. Although the secondary market was open in between the lockdowns, there was no full time trading due to the circuit breaker. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Later, the trading hour was again reduced to four hours after the brokers complained that it was not practical. Stakeholders say that the new initiative failed after the decision was made baselessly without any study. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Some have commented that the regulatory body has made such a decision without any study even now.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">According to a source within the board, they are working on this issue following the demand for more trading hours by the investors and brokers. Mainali says that the increased trading hours will benefit the investors. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">As Nepalis living abroad can also trade as per their convenience, Mainali says that the transaction amount in the market will increase. "Increasing the time will increase the business volume and such an arrangement will be more beneficial in the long run than at present. Nepalis living abroad will also be able to do business and daily business will also increase," he said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">However, Jyoti Dahal, a securities expert and advocate says that in the case of Nepal, trading hours are ideal at the moment. He said that in a small country like Nepal, one should not have unfavourable practice in the market under various pretexts. </span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-17', 'modified' => '2022-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '15031', 'image' => '20220517045823_share.jpg', 'article_date' => '2022-05-17 16:57:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15288', 'article_category_id' => '1', 'title' => 'Nepal’s Major Customs Centre lacks Transport City', 'sub_title' => '', 'summary' => 'May 17: Birgunj is not only the main gateway of the country but also the source of supply and transit. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">May 17: Birgunj is not only the main gateway of the country but also the source of supply and transit. Two thousand cargo vehicles enter the country through the three customs checkpoints here on a daily basis. These cargo vehicles go to other cities of the country via Birgunj. However, Birgunj is yet to become a well-organized transport city for the transportation of goods. Transportation is disrupted due to lack of infrastructure here.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">The Birgunj Chamber of Commerce and Industry and the local government have been raising the issue of transport city to manage transportation. However, it has not been managed yet. The shipment is done through the offices of the transport companies located at the center of the main city.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">There are more offices of such companies in Adarshnagar, the main market area of Birgunj. The companies have been loading and unloading goods by stopping trucks on the roadside itself in front of their offices.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Adarshnagar is not only a business area, but also a residential area. Due to this reason, the transportation business operated in the middle of the city is causing inconvenience to the people, especially due to the problems in movement. Businessmen of Birgunj have been demanding a transport city in a different place than within the city for the transportation of goods entering from the main checkpoint.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Daytime transport of large vehicles is currently banned in urban areas, making traders to load and unload goods at night time only. Goods imported from India are transported to other cities of the country by various transport companies from Birgunj.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">According to Ashok Kumar Temani, coordinator of the Transport and Transit Committee of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Madhesh Province, there is a need for a separate transport city as Birgunj is the main transit point. In the past, the Municipal Council of Birgunj Metropolitan City had passed a proposal to remove transport business from Adarshnagar area. This effort could not be completed due to lack of other alternatives.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">Local traders had launched a campaign to manage the transportation and related work conducted from the market area. Coordinator Temani remarked that such transportation will be organized only if there is the alternative of a transport city.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:13.0pt"><span style="font-family:"Times New Roman","serif"">The issue of transport city was given top priority even in the concept of Greater Birgunj brought by the Birgunj Chamber of Commerce and Industry a decade ago. Traders suggest finding land in the area where the dry port and integrated check post of Birgunj are located to convert it into a transport city.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-17', 'modified' => '2022-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '15030', 'image' => '20220517041731_birgunj icp.jpg', 'article_date' => '2022-05-17 16:16:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15287', 'article_category_id' => '228', 'title' => 'PM Deuba Requests India to Provide Additional Air Routes ', 'sub_title' => '', 'summary' => 'May 17: Prime Minister Sher Bahadur Deuba has urged India to provide additional air entry routes from Mahendranagar, Nepalgunj and Janakpur. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 17: Prime Minister Sher Bahadur Deuba has urged India to provide additional air entry routes from Mahendranagar, Nepalgunj and Janakpur. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He made such request during a delegation-level talks held with his Indian counterpart, Narendra Modi in Lumbini on Monday. Prime Minister Deuba requested for additional air routes in order to facilitate connectivity and travel between the two countries during Modi’s official visit to Lumbini. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Civil Aviation Authority of Nepal (CAAN), the airway distance to Nepal from India and beyond will be shorter from these new routes.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal has been pressing India since a long time to open new air entry routes with the view of facilitating flights to and from the Gautam Buddha International Airport, which came into operation on May 16, as well as the under-construction Pokhara Regional International Airport and the proposed Nijgadh International Airport.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On June 15, 2018, India had agreed to allow new air entry routes to Nepal for international flights. The Civil Aviation Authority of Nepal (CAAN) and Airports Authority of India (AAI) had signed a bilateral agreement on international air route to Nepal back then to allow international flights to enter Nepal through Janakpur and Biratnagar entry points.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prior to this, international flights from India could enter Nepal's air space only from Simara.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although India had in principle agreed to allow Nepal to use the air entry routes of Janakpur, Biratnagar, Bhairahawa Nepalgunj and Mahendranagar, India has allowed Nepal to use only Bhairahawa and Janakpur entry routes.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Officials at the Civil Aviation Authority of Nepal (CAAN) say that India denied permission to use the other air routes citing security concerns.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">All aircraft entering Nepal through India have to use the route near Simara. However, the aircraft leaving Nepal can use Mahendranagar, Nepalgunj, Bhairahawa and Janakpur routes.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to officials, using the Mahendranagar and Nepalgunj routes to enter Nepal would lessen the distance by 14 nautical miles.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal and India have held several rounds of discussions to open air entry routes from Mahendranagar and Nepalgunj. However, the two countries are yet to reach an understanding in this regard.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two countries had decided to conduct a feasibility study to allow air entry routes to Nepal from Mahendranagar and Nepalgunj. However, due to India’s reluctance, the work has not yet been able to progress. An official of CAAN had informed New Business Age during an interview in 2019 that India is reluctant to grant permission along these two routes citing security concerns.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Former Prime Minister KP Oli had also discussed the issue with his Indian counterpart Narendra Modi during his visit to India but there has been no further development.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although the political actors of India have not rejected the proposal of Nepal to use the two air routes, which is shorter than the other route in use, India’s bureaucracy has been reportedly delaying the process, according to officials at the tourism ministry.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-17', 'modified' => '2022-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '15029', 'image' => '20220517023218_Nepal-Airlines.jpg', 'article_date' => '2022-05-17 14:31:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15286', 'article_category_id' => '1', 'title' => 'Nepal, India discuss Multiple Issues during PM Modi’s Lumbini Visit', 'sub_title' => 'The two countries exchange MoUs related to education and hydropower sectors', 'summary' => 'May 17: Nepal and India discussed multiple issues of bilateral relations and cooperation and also exchanged memorandum of understandings (MoU) during the visit of Indian Prime Minister Narendra Modi to Lumbini, Nepal on Monday (May 16). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 17: Nepal and India discussed multiple issues of bilateral relations and cooperation and also exchanged memorandum of understandings (MoU) during the visit of Indian Prime Minister Narendra Modi to Lumbini, Nepal on Monday (May 16). </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The Indian premier paid an official visit to Lumbini on the auspicious occasion of Buddha Jayanti festival at the invitation of Prime Minister Sher Bahadur Deuba. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Prime Minister Deuba and his spouse Arzu Rana Deuba warmly welcomed Indian Prime Minister Modi on his arrival at Lumbini helipad on Monday morning. Federal ministers, chief minister of the Lumbini Province, Nepal’s Ambassador to India and other senior officials of the government were also present on the occasion. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif""> According to a press statement issued by Ministry of Foreign Affairs on Monday, the Indian Prime Minister was accompanied by a high-level delegation consisting of the national security Advisor of India, foreign secretary and other senior officials of the government of India. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to the ministry, the two prime ministers held bilateral talks in Lumbini and recalled the fruitful discussions they had in New Delhi during the official visit of Prime Minister Deuba to India on April 1-3, 2022. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">During the bilateral talks, the two prime ministers had a broad overview of Nepal-India cooperation and matters of mutual interests with a view to further enhancing the close and cordial ties between the two countries. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Prime Minister Deuba thanked Modi for India’s assistance in fighting the COVID-19 pandemic and also expressed gratitude for India’s support in the post-earthquake reconstruction. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif""> “The two sides discussed promoting cooperation in connectivity; early supply of fertilizers; expeditious conclusion of the revised Transit Treaty, its Protocols and Memorandum; review of the treaty of trade; additional air entry routes; hydropower generation; culture and tourism including Buddhist circuit and Ramayana circuit; education and academic collaboration; increasing the threshold of carrying Indian currency by individuals; and cooperation at regional and multilateral forums in matters of mutual interest,” reads the statement. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Other issues featured during the discussion were infrastructure development including the dry port and integrated check posts in Chandani Dodhara as well as bridges linking Purnagiri Mai of Uttarakhand, India and Parshuram Dham in Dadeldhura, Nepal; and Jhulaghat over Mahakali river. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Prime Minister Deuba requested the Indian PM Modi to consider constructing Motigada-Fattepur-Rampur Road in Udaypur district of Nepal under Indian grant assistance. In the context of official inauguration and commencement of commercial operation of the Gautam Buddha International Airport, Prime Minister Deuba highlighted that the airport would further facilitate connectivity, cultural linkages, and people-to-people movements and promote cultural tourism. He also requested the additional air entry routes from Mahendranagar, Nepalgunj and Janakpur. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">In response, Indian PM Modi assured that authorities concerned of India would take up the matters raised by the Prime Minister Deuba. Deuba also requested for seamless power trade on a long-term basis under mutually beneficial terms. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The two sides expressed satisfaction that Arun III project was progressing well and welcomed the signing and exchange of MoU between Nepal Electricity Authority and SJVN Ltd. India for the development of Arun-IV hydropower project. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The two prime ministers stressed the importance of hydropower for clean energy and noted that immense potential exists for Public Private Partnership (PPP) in hydropower sector, the statement added. Prime Minister Deuba invited interested companies from India such as NHPC for the development of West Seti Hydroelectricity project. The two Prime Ministers agreed to take up the Pancheswor Project with priority. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Before holding the discussions, the prime ministers of Nepal and India visited the sacred Mayadevi Temple and offered worship at the birthplace of the Lord Gautam Buddha, who is regarded as the Light of Asia for preaching non-violence throughout the continent. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, the two prime ministers laid the foundation stone for the construction of the India International Center for Buddhist Culture and Heritage at the Lumbini Monastic Zone. In their address during a special ceremony organized by the Lumbini Development Trust, the two prime ministers highlighted the importance of Buddha’s teachings of peace, harmony, and mutual respect. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">PM Deuba and his Indian counterpart also witnessed the exchange of the Memoranda of Understanding (MoU) related to cooperation and collaboration in academic field and power sector. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Indian PM Modi returned home in the afternoon upon successfully completing the visit to Lumbini on the pious day of Buddha Jayanti. Prime Minister Deuba, his spouse Arzu Rana Deuba, ministers and senior officials of the government bade farewell to the Indian PM. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The ministry said that the official visit of Prime Minister Modi to Lumbini, Nepal has contributed in deepening the socio-cultural bonds and cooperation between Nepal and India. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Earlier, the MoFA had issued a statement saying it was the fifth visit of Modi to Nepal after becoming the prime minister of India. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-05-17', 'modified' => '2022-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '15028', 'image' => '20220517120325_RS_KTM_20220516_133633.jpg', 'article_date' => '2022-05-17 12:02:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15285', 'article_category_id' => '1', 'title' => 'Budget Session of Parliament Begins Today', 'sub_title' => '', 'summary' => 'May 17: The new session of the federal Parliament will commence from today (May 17).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">May 17: The new session of the federal Parliament will commence from today (May 17).</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">President Bidya Devi Bhandari has summoned the new session of parliament from today upon the recommendation of the Council of Ministers. A cabinet meeting on May 8 had decided to recommend the president to call the house session in order to pass the budget for the upcoming fiscal year.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">There is a constitutional provision of announcing the budget on 15 Jestha (May 29 this year) almost one and a half months ahead of the new fiscal year. The new fiscal year begins on July 17 this year. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Meanwhile, the meeting of the federal parliament has been called at the parliament building, New Baneshwor, at 4:00 pm today. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Speaker Agni Prasad Sapkota reportedly reached the parliament building on Monday and took stock of the preparation of the House of Representatives meeting. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Similarly, Speaker Sapkota has called a meeting of Business Advisory Committee of parliament for 2:30 pm today. The meeting of the Business Advisory Committee would decide on various issues including the agenda of the parliament meeting. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government's policies and programmes as well as the budget would be presented in this session. As per the schedule, the government will be presenting its policies and programmes on May 21. Once the policies and programmes are endorsed by the parliament, discussions will be held during the pre-budget session. However, the pre-budget session this time has become uncertain due to lack of time as the budget has to be presented at any cost on May 29. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-17', 'modified' => '2022-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '15027', 'image' => '20220517080933_the-House-of-Representatives (1).jpg', 'article_date' => '2022-05-17 08:08:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15284', 'article_category_id' => '268', 'title' => 'India bans Export of Wheat', 'sub_title' => '', 'summary' => 'May 16: India banned the exports of wheat just a day after New Delhi declared a goal of setting a new record for shipment of exports.', '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"">May 16: India banned the exports of wheat just a day after New Delhi declared a goal of setting a new record for shipment of exports.</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"">Extreme heat in India resulted in the decline in wheat production this year and the prices have skyrpcketed. The Indian government has made it clear that the ban on export will not be applicable for LC opened before May 13. According to Reuters, exports to countries that demand food supplies to meet food security needs will not be stopped.</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"">Importers from around the world turned to India, the world's second-largest wheat producer, after exports via the Black Sea came to a halt due to Russia's invasion of Ukraine on February 24. Prior to the ban, India had set a target of exporting 10 million tons of wheat this year.</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"">India is one of the world's largest wheat exporters. The decision of imposing a ban on exports can push the already tight wheat prices in the international market to new heights and put the poor consumers of Asia and Africa in a difficult position.</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"">An official of a Mumbai-based multinational trading company said, “The ban is shocking. We already expected control on exports a few months back. However, the rates of inflation must have played a vital role in changing the decision of the government.” The rising inflation in food and energy prices pushed India's annual inflation close to 8 percent in April.</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"">Wheat prices in India have reached record highs. In some markets, it has reached IRs 25,000 (Rs 40,000) per ton. The government of India has fixed the minimum support price of wheat at IRs 20,150 per metric ton in the country. Rising prices of fuel, labor, transportation and packaging have raised the price of wheat flour in India.</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""> “It is not just wheat. The price of everything has raised concerns about inflation. This is the reason why the government decided to ban wheat exports. This step is a big caution for us,” said a senior government official on condition of anonymity.</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"">Just this week, India said that it would set a record in wheat exports in the current fiscal year which started on April 1. The Indian government had planned to send delegations to Morocco, Tunisia, Indonesia and the Philippines to find ways to increase wheat exports. Last February, the government projected wheat production to exceed 110 million metric tons this year. Later in May, the projection was reduced to 105 million metric tons. According to a New Delhi-based multinational trading company, the heat wave in India in mid-March is expected to limit wheat production to just 100 million metric tons.</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"">“The government’s procurement has dropped by more than 50 per cent. The supply in the spot market is much less as compared to last year. All of this is indicative of low yields,” said the dealer. India exported 7 million metric tons of wheat in March while taking advantage of rising global prices following the Russia-Ukraine war. This record setting export is 250 percent more than the previous year.</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"">“The rise in wheat prices was moderate and Indian prices are still lower than the world market. In some parts of the country, the price of wheat rose to its current level last year itself, so a ban on exports is a necessary response,” Reuters quoted New Delhi-based businessman Rajesh Pahadia Jain as saying,</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"">Jain said India can export at least 10 million tons of wheat this year, despite a drop in production and procurement by the state-owned Food Corporation of India (FCI). So far, FCI purchased just over 19 million tons of wheat from farmers, which was 43.3 million ton last year. FCI buys food from local farmers to run food welfare programmes for the poor. Unlike in previous years, farmers preferred to sell wheat to private traders this time. Farmers are attracted to them because they pay more than the price fixed by the government. India exported 1.4 million tons of wheat in April and 1.5 million tons in May. Another Indian wheat trader says, “India's ban will push up the price of wheat worldwide. There is no big supplier in the market right now.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-16', 'modified' => '2022-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '15026', 'image' => '20220516083105_wheat.jpg', 'article_date' => '2022-05-16 20:30:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15283', 'article_category_id' => '1', 'title' => 'Opening of GBIA has Prepared the Basis for Tourism and Economic Development: PM Deuba ', 'sub_title' => '', 'summary' => 'May 16: Prime Minister Sher Bahadur Deuba formally inaugurated the Gautam Buddha International Airport (GBIA) in Bhairahawa on Monday (May 16) on the occasion of Buddha Jayanti festival. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 16: Prime Minister Sher Bahadur Deuba formally inaugurated the Gautam Buddha International Airport (GBIA) amid a function in Bhairahawa on Monday (May 16) on the occasion of Buddha Jayanti festival. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">While inaugurating the strategically important airport, the PM said that with the opening of GBIA has created the foundation for the nation's tourism and sustainable economic development. PM Deuba expressed his belief that the arrival of tourists will increase with opening of the second international airport of Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Experts believed that this airport will help reduce air traffic congestion at the Tribhuvan International Airport and also play a vital role in promotion of religious tourism due to its close proximity with Lumbini, the birthplace of Gautam Buddha. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Director General of the Civil Aviation Authority of Nepal (CAAN) Pradeep Adhikari said GBIA will serve as an alternative to TIA for the operation of international flights. He further added that the operation of GBIA has put to an end the compulsion of having to divert airplanes to the neighbouring countries in emergency situations when aircraft could not land or take off from TIA due to technical problems. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On the occasion, Minister for Culture, Tourism and Civil Aviation Prem Bahadur Ale said GBIA is one among the five national pride projects to be completed, adding that the country's tourism and economic development would take a stride after the completion of all these five projects under the Ministry of Tourism. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Nepal's message of peace and prosperity would be spread across the world from the land of the Buddha,” said Minister Ale.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The tourism minister also announced that the TIA and GBIA would be operated for 24 hours a day from today. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The construction of the GBIA had started in early 2015 with the target of completing it within December 2017. However, the construction was stalled in the middle due to the negligence of the construction company. Following extended deadlines, the airport has been finally brought into operation for commercial flights about five years later due to the COVID-19 pandemic. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the CAAN, approximately Rs 11 billion has been invested in the first phase of this project constructed with soft loan provided by the Asian Development Bank. The process of construction of the terminal building under the second phase would be forwarded soon. The airport is being constructed by a Chinese construction company. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Domestic airlines have been operating flights since the past few weeks after the successful completion of calibration and test flights. Private airlines companies such as Buddha Air, Yeti Airlines, Shree Airlines, Saurya Airlines, among others are operating flights from here. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, international flights has been opened only on May 16 coinciding with the day of the official inauguration of the airport. According to the airport office, the first flight of Nepal Airlines Corporation landed at 6:55 am on Monday morning, and the Jazeera Airway flight landed at 7:08 am. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-16', 'modified' => '2022-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '15025', 'image' => '20220516062116_jajira.JPG', 'article_date' => '2022-05-16 18:18:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15282', 'article_category_id' => '279', 'title' => 'Nepal, India sign MoU to Construct Arun-4 Hydropower Project ', 'sub_title' => '', 'summary' => 'May 16: The governments of Nepal and India have signed a Memorandum of Understanding (MoU) for the construction of the proposed 490.2 megawatts Arun-4 hydropower project. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 16: The governments of Nepal and India have signed a Memorandum of Understanding (MoU) for the construction of the proposed 490.2 megawatts Arun-4 hydropower project. Such a deal was signed during the official visit of Indian Prime Minister Narendra Modi to Lumbini on the occasion of the Buddha Jayanti Festival.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Indian PM arrived in Lumbini on Monday morning at the invitation of Prime Minister Sher Bahadur Deuba. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Executive Director of Nepal Electricity Authority (NEA), Kulman Ghising and Nanda Lal Sharma, chairperson and operation manager of Satluj Jal Vidyut Nigam, an Indian hydropower company, signed the MoU for the construction of the joint venture semi-reservoir based hydropower project on Monday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The signing ceremony took place in the presence of Prime Minister Deuba and his visiting Indian counterpart Narendra Modi. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two countries had reached an agreement to construct the Arun-4 hydropower project during PM Deuba’s state visit to India in the first week of April.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the state-owned national news agency RSS, NEA has a share of 49 percent investment and the Satluj Jal Vidyut Nigam 51 percent in the Sankhwasabha-based Arun-III hydropower project estimated to cost around Rs 79.1 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal will get 21.9 percent electricity from the project free of cost every month. Nepal reserves the right to purchase electricity generated from the project if it can afford to consume it. Only then, the surplus power generated from the project will be sold elsewhere to India or Bangladesh, RSS reported. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The project has the capacity of generating 2.1 billion units of electricity annually. (With inputs from RSS) </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-16', 'modified' => '2022-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '15024', 'image' => '20220516060214_RS_KTM-20220516_144449.jpg', 'article_date' => '2022-05-16 18:01:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15281', 'article_category_id' => '1', 'title' => 'Government Collects Rs 470 Million Revenue from Climbing Permits ', 'sub_title' => '', 'summary' => 'May 16: Mountain expedition, which had slowed down for two years due to the Covid-19 pandemic, has regained momentum this year. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.0pt">May 16: Mountain expedition, which had slowed down for two years due to the Covid-19 pandemic, has regained momentum this year. With the beginning of the spring season, which is considered suitable for mountaineering, 953 people have so far taken permission to climb 25 mountain peaks, including Mount Everest. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.0pt">According to the statistics of the Department of Tourism, a total of Rs 474.6 million revenue was collected till last Sunday from the 953 climbers from different countries. The government charges higher fees during the spring season. As per the department, a tourist has to pay USD 11,000 per person to climb Mount Everest. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.0pt">The department has collected revenue of Rs 396.8 million by issuing permits for climbing Mt Everest, which also accounts for a large share of the total revenue collection. At a time when foreign exchange is under pressure, the arrival of tourists since the beginning of this year has made a positive impact. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.0pt">Altogether 414 mountains and peaks of Nepal are open for expedition. According to the department, 317 people from 73 expeditions have taken permission to climb Mt Everest alone. Tourists from 55 countries including India, China, the UK, the USA, Russia, Canada have taken permission to climb Mt Everest during this year's spring season. There are 73 women seeking permission. This year, the highest number of tourists seeking permission to climb Mt Everest is from the US and the UK. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.0pt">Dambar Parajuli, president of the Expedition Operators Association of Nepal, said that this year has been an exciting year for mountaineering as compared to 2020 and 2021. "Looking at the post-Covid situation, there has been a significant improvement in tourist arrivals this year," he said, adding, "With the increase in tourist arrival, tourism will soon bounce back."</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.0pt">He is of the view that although coronavirus is seen in some countries like China and Korea at present, tourist arrival will increase as it is not found in countries like the USA and the UK. As people were confined within their houses for around 2 years, they now want to travel and venture. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.0pt">With the decline in coronavirus infection, the number of tourists visiting Nepal for mountaineering and other purpose has increased this year. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-16', 'modified' => '2022-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '15023', 'image' => '20220516042550_expedition-in-nepal.jpg', 'article_date' => '2022-05-16 16:25:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15280', 'article_category_id' => '1', 'title' => 'Profit of Life Insurance Companies Declining', 'sub_title' => '', 'summary' => 'May 16: The profit generated by the insurance companies, which was continuously rising until the last fiscal year, took a nosedive in the current fiscal year.', '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"">May 16: The profit generated by the insurance companies, which was continuously rising until the last fiscal year, took a nosedive in the current fiscal year. In the third quarter of the current fiscal year, the average profit of 19 life insurance companies dropped by 30 percent as compared to that of last fiscal year.</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"">As of mid-April this fiscal year, the total profit of 19 life insurance companies stood at Rs 2.21 billion. This is a decrease of Rs 944.6 million compared to the same period of the previous year. Life insurance companies had made a profit of Rs 3.16 billion in the corresponding period of last year.</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"">As per the financial reports of the third quarter revealed by the insurance companies, their profit will increase after the final valuation. During the process, some amount can be transferred to the profit-loss account from the life insurance fund, resulting in an increase in the size of the profit.</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"">In the first nine months of the current fiscal year, the profits of eight companies declined at a higher rate compared to the same period of the previous year. Profits of Life Insurance Corporation (Nepal) Limited (LIC Nepal), National Life Insurance Company, Prabhu Life Insurance Company, Prime Life Insurance Company, Sury Life Insurance Company, Union Life Insurance Company and MetLife Life Insurance Company have declineded during the review period.</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"">Nepal Life Insurance Company incurred a loss of Rs 194.5 million in the same period. Compared to the previous nine months, Nepal Life's profit was negative by 138 percent. Until last year, Nepal Life was the number one profit generating company. Nepal Life is also the largest life insurance company in terms of paid-up capital, life insurance fund, size of business.</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"">The profits of 11 companies on the other hand increased as compared to the previous fiscal year. During the period, Jyoti Life Insurance Company, Reliance Life Insurance Company, Sanima Life Insurance Company, Sun Nepal Life Insurance Company and Gurans Life Insurance Company increased their profits by double digits. Whereas, the profit growth rate of Mahalakshmi Life Insurance Company, Reliable Nepal Life Insurance Company, Rastriya Beema Sansthan, IME Life Insurance Company, Asian Life Insurance Company and Citizen Life Insurance Company increased by a single digit. </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"">The reason for the decline in profits is speculated to be the decline in the stock market. Insurance companies invested heavily even in the stock market. Manoj Kumar Bhattarai, chief executive officer (CEO) of Prime Life Nepal said that the Stock Exchange (NEPSE) index is on constant slump recently, which declined the value of shares bought by insurance companies. As a result, their profits plummeted.</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 said, “Lately, the share price bought by insurance companies declined due to the decline in the stock market. The provisioning of that amount affected the profits of the companies.”</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, the expenses of insurance companies also increased recently. The liquidity problem seen in the banking sector and the crisis faced by the overall economy also affected the insurance business. However, insurance companies increased their investment to grow their business. According to Bhattarai, the companies' profits also declined due to this reason.</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 said, “Lately, life insurance business is not encouraging. Companies increased their investments to grow the business. However, it has not paid off. We have not been able to contribute well to the insurance fund. Due to these reasons, the profit of insurance companies got affected.”</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"">National Life Insurance Company is number one in terms of profit making during this period. The company earned a profit of Rs 255.6 million till mid-April this fiscal year. </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"">Reliable Nepal Life, which is ranked second in terms of profit, earned Rs 210 million and Jyoti Life earned Rs 206.5 million, according to their financial statements.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-16', 'modified' => '2022-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '15022', 'image' => '20220516020259_Insurance.jpg', 'article_date' => '2022-05-16 14:02:10', '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
