March 31: Nepal Rastra Bank has extended the time period for the operation of Real Time Gross Settlement (RTGS) system due to the increase in transactions through the…
March 31: Nepal Rastra Bank has extended the time period for the operation of Real Time Gross Settlement (RTGS) system due to the increase in transactions through the…
March 31: Pashupati Biscuits, the first industry of the Chaudhary Group, has been shut down for 15…
March 31: Prime Minister Sher Bahadur Deuba will discuss issues related to energy during his official visit to India.…
March 31: The Ministry of Finance on Wednesday held discussions with secretaries and joint secretaries of all the ministries regarding the preparation for the upcoming fiscal year’s…
March 31: The inflow of domestic and external tourists has increased in Mustang, considered to be one of the two districts beyond the mountains, with the fear of coronanvirus infection receding of…
March 30: The government is unlikely to achieve the 7 percent economic growth target set for the current fiscal year (FY…
March 30: The production of industries in the Sunsari-Morang Industrial Corridor has been reduced to 40 percent of their capacity following an unannounced load-shedding of 14-hour a…
March 30: The Federation of Contractors’ Associations of Nepal (FCAN) has stated that the construction industry of the country is on the verge of collapse due to excessive price hike of construction…
March 30: The two sets of trains brought from India 19 months back will finally operate with passengers from coming…
March 30: The government has decided to approve grant assistance and the technical assistance related to the feasibility study of trans-border railway under the Economic and Technical Cooperation Agreement proposed by the People's Republic of…
March 29: Bottlers Nepal, the distributor of Coke, Fanta and Sprite, has started selling its new product Fanta Apple in the domestic market of Nepal.…
March 29: Although the Insurance Board of Nepal had issued a circular last Thursday directing insurance companies to increase their paid-up capital, the companies say that they are not in a position to do so under current…
March 29: Industrialist Vinay Shah had planned to open a new industry in the Bara-Parsa Industrial Corridor and had allocated money to buy land for establishing the…
March 29: Finance Minister Janardan Sharma on Monday sought the opinion of bankers regarding an individual or a group operating both business enterprise as well as bank at a…
March 29: The government has introduced the Foreign Employment Welfare Information Management System for the welfare of the Nepali migrant…
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', '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"">March 31: Nepal Rastra Bank has extended the time period for the operation of Real Time Gross Settlement (RTGS) system due to the increase in transactions through the system. </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"">Issuing a notice on Wednesday, Nepal Rastra Bank (NRB) informed that the new trading hours will be implemented from May 15. According to the notice, transactions can be done from 9 am to 5 pm from Sunday to Thursday from January 30 to November 1. The system will be operational from 9 am to 4 pm from November 2 to January 29. On Fridays, transactions can be done from 9 am to 1:30 pm. </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"">Currently, RTGS system can be used to transact more than Rs 200,000 electronically. Currently, banks and financial institutions are using RTGS for most of the electronic payments.</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"">According to the central bank, Rs 3.13 trillion was transacted through RTGS in January 2022 alone. A total of Rs 57.64 billion was transacted through this system in 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"">Recently, the government and NRB have discouraged cash transactions and given priority to electronic payments. The general public is also attracted to the use of electronic payments such as mobile wallets, cards, mobile banking and connect IPS. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-31', 'modified' => '2022-03-31', 'keywords' => '', 'description' => '', 'sortorder' => '14765', 'image' => '20220331013405_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-03-31 13:33:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15023', 'article_category_id' => '1', 'title' => 'Pashupati Biscuits Shut Down Temporarily due to Illegal Imports of Biscuits from India', 'sub_title' => '', 'summary' => 'March 31: Pashupati Biscuits, the first industry of the Chaudhary Group, has been shut down for 15 days.', '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"">March 31: Pashupati Biscuits, the first industry of the Chaudhary Group, has been shut down for 15 days. The industry halted manufacturing after issuing a notice stating that stocks are high and market demand is low. Due to the increase in illegal import of biscuits from India via the open border, there has been a decline in the demand of domestic biscuits in the country.</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"">Bharat Silwal, head of administration of the industry, said that even if production is stopped temporarily, biscuits in stock will continue to be sold in the market and the industry’s branches will operate as usual. Silwal said that the production of Nepali biscuits had to be stopped for a few days due to the problem in power supply, rising prices of raw materials including ghee and the decline in demand in the market due to illegal imports of Indian biscuits. He informed that the production has been stopped for a few days as there is a stock of 60,000 cartoons of biscuits.</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"">This is the first time the industry has been shut down by publishing a public notice. The industry was established 48 years ago in 1973 by Lunkarandas Chaudhary, the founder of Chaudhary Group. Pashupati Biscuits, which opened during the golden age of the establishment of industry in the Sunsari-Morang Industrial Corridor, dominated the Nepali market by about 80 percent. Pashupati Biscuits currently belongs to Basant Chaudhary. Even if the industry is said to be closed temporarily, it may have long-term implications as the market is shrinking and raw materials are becoming more expensive, according to an informed source. The source also said, “Not only Pashupati Biscuits, about 50 percent of the industries will likely be shut down if the current situation persists.”</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"">Silwal informed that the production of the industry will be stopped for 15 days as per Article 15 of the Labor Act 2074 BS. The notice read, “If the industry is to be fully or partially operated during that period, advance notice will be given. The work related to administration, security, accounting and sales department will be carried out as per the need.”</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"">Silwal said that the production has been postponed as per the rules with the approval of the Labor and Employment Office. He reminded that the industry was operating for 24 hours during the lockdown period and before that as well. He added that the operation of the industry had to be reduced to eight hours as it was difficult to compete with the illegally imported biscuits from India after the prohibitory orders were lifted.</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"">According to Silwal, even though the industry was in operation for 8 hours, they haven’t received any new orders. He said, “All the warehouses of the industry are full of manufactured goods. Millions of biscuits have to be stored in the warehouse. We are also facing problems in collecting money from the market. If someone has to pay Rs 1 million, we are able to collect just Rs 25,000. How can the industry be run in such a situation?”</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"">Silwal said that the industry is planning to explore all possible ways to sell the goods stored in the warehouses within 15 days and to collect all the remaining dues.</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 possible to operate an industry without reducing the stock of goods,” said Silwal.</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""> Hira Yadav, president of industry unit of Nepal Trade Union Congress (NTUC), confirmed that industry has been shut down. Yadav said, “The industry closed down as per the rules after paying everyone. None of us are left to receive any due payment. We are hopeful that the production will resume soon.”</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-31', 'modified' => '2022-04-01', 'keywords' => '', 'description' => '', 'sortorder' => '14764', 'image' => '20220401091111_1648702680.पशुपति_बिस्कुट_उद्योग.jpg', 'article_date' => '2022-03-31 14:33:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15022', 'article_category_id' => '1', 'title' => 'PM’s India Visit to Focus on Electricity Trade and JV Projects', 'sub_title' => '', 'summary' => 'March 31: Prime Minister Sher Bahadur Deuba will discuss issues related to energy during his official visit to India. ', '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"">March 31: Prime Minister Sher Bahadur Deuba will discuss issues related to energy during his official visit to India. It is said that the PM has given special attention on the agenda of electricity trade and building hydropower projects in Nepal with joint investment from 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"">Deuba is scheduled to leave for India on Friday (April 1) for a three-day official visit. According to the officials of the Ministry of Energy, Water Resources, and Irrigation, the energy-related agenda are in high priority list of the incumbent government.</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"">According to a government source, the preliminary agenda of the visit has been decided to discuss the energy issue with 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"">The Nepal-India energy meeting held in Kathmandu a month ago also discussed the electricity trade and the construction of hydropower projects with joint ventures. This issue will also be given priority during the Prime Minister's visit to 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"">During the visit, Prime Minister Deuba and Indian Prime Minister Narendra Modi will jointly inaugurate the Solu Corridor 132 KV double circuit transmission line from New Delhi, the capital of India, the ministry said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">On Saturday, the Prime Ministers of both the countries will jointly inaugurate the project through a virtual medium by pressing switch remotely. The construction of the project was completed last December. Now the project is ready be inaugurated and brought into operation. The length of the transmission line from Siraha to Solukhombu via Udayapur and Okhaldhunga is 90 kilometers with 302 towers.</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 project has been built with the investment of the Government of Nepal and a loan from the Export-Import (Exim) Bank of India. India's Mohan Energy Company was awarded the contract to build the project. There were various obstacles during the construction of the project, which was completed last December.</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"">After the project comes into operation, the electricity of the project including Solu Khola with a capacity of 23.5 MW will be connected to the national grid. Most of the projects in the area have not been able to generate electricity due to a lack of transmission lines. It is said that the problem will be solved after the project comes into operation.</span></span></span></span></p> <p><br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2022-03-31', 'modified' => '2022-03-31', 'keywords' => '', 'description' => '', 'sortorder' => '14763', 'image' => '20220331015201_ROS_KTM-4701.JPG', 'article_date' => '2022-03-31 13:51:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15020', 'article_category_id' => '1', 'title' => 'All Ministries urged to Submit their Plans for New Budget within 7 Days', 'sub_title' => '', 'summary' => 'March 31: The Ministry of Finance on Wednesday held discussions with secretaries and joint secretaries of all the ministries regarding the preparation for 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"">March 31: The Ministry of Finance on Wednesday held discussions with secretaries and joint secretaries of all the ministries regarding the preparation for the upcoming fiscal year’s 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"">During the discussion programme, Finance Minister Janardan Sharma directed the federal, state and local levels to submit their action plans and policies for the upcoming fiscal year within the seven days.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">He also instructed not to submit fragmented plans for the upcoming fiscal year. He said that there is a tendency of federal levels to include fragmented plans in the federal budget and skip the work during implementation phase and directed the ministers not to do so.</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"">Finance Minister Sharma has asked all ministries and agencies to submit a plan to reduce current expenditure for the upcoming budget. He said that the progress of the national pride and game changer projects was disappointing, and added that the pace of construction of the national pride projects was very slow. He also emphasized on a budget focused on economic prosperity through increasing production and employment.</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"">During the discussion, Finance Secretary Madhu Kumar Marasini suggested the ministries to present their budget programmes within the limits of financial discipline considering the limited resources of the government.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-31', 'modified' => '2022-03-31', 'keywords' => '', 'description' => '', 'sortorder' => '14762', 'image' => '20220331010945_1648651431.jpg', 'article_date' => '2022-03-31 13:09:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15019', 'article_category_id' => '239', 'title' => 'Inflow of Tourists up in Mustang ', 'sub_title' => '', 'summary' => 'March 31: The inflow of domestic and external tourists has increased in Mustang, considered to be one of the two districts beyond the mountains, with the fear of coronanvirus infection receding of late. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Dhruba Sagar Sharma/RSS </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">March 31: The inflow of domestic and external tourists has increased in Mustang, considered to be one of the two districts beyond the mountains, with the fear of coronanvirus infection receding of late. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Tourism entrepreneurs are delighted at the moment to welcome around 3,000 tourists entering Mustang and Lo-Manthang through land and air routes on a daily basis. </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"">Sources at Jomsom Airport said around 15 flights are taking place a day now in Mustang – the centre of attraction for domestic and external tourists. Likewise, there seems a long queue of vehicles transport means along the Beni-Jomsom road leading to Muktinath and Lo-Manthang. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Tourism entrepreneurs said arrival of tourists has increased significantly in Mustang which saw almost zero arrival of tourists for almost two years during the peak of COVID-19 pandemic. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This is the prime season for tourists and their number has been increasing thanks to the decline in Covid-19 infection and the rise in vaccination drive.</span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">With the festival of Chaite Dashain just around the corner, a huge number of people is expected to offer homage to their ancestors at Kaagbeni of Mustang district.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Devlal Poudel, a local of Gaindakot Municipality-12, Harkapur said, "I found Mustang much more captivating than expected. It was difficult to get hotel room due to huge number of tourists." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Nepalis residing in different countries are also returning home with the advent of cultural fair at Lo-Manthang in upper Mustang. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chief of Jomsom Airport Puskal Raj Sharma informed that 15 flights are taking place daily after Mustang-Pokhara air service resumed since March 6. Each flight has a capacity of 18 passengers. With this, daily 250 plus people are entering Mustang via air route, he informed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Lately over 2,000 tourists are daily entering Mustang on tourist buses, jeeps and motorbike via the land route, the district police office sources said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Hotel entrepreneurs said that the tourism industry which was almost nil is now revitalizing with the rise in the arrival of tourists. </span></span></span></p> ', 'published' => true, 'created' => '2022-03-31', 'modified' => '2022-04-06', 'keywords' => '', 'description' => '', 'sortorder' => '14761', 'image' => '20220331114824_459932_589579011065826_229923417_o.jpg', 'article_date' => '2022-03-31 11:47:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15018', 'article_category_id' => '1', 'title' => 'Government Unlikely to Achieve 7 Percent Growth Target ', 'sub_title' => '', 'summary' => 'March 30: The government is unlikely to achieve the 7 percent economic growth target set for the current fiscal year (FY 2078/79).', '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"">March 30: The government is unlikely to achieve the 7 percent economic growth target set for the current fiscal year (FY 2078/79). Finance Minister Janardan Sharma, who did not change the economic growth target even in the mid-term review of the current fiscal year's budget, admitted that the target would not be achieved. </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 economic growth of above 7 percent was not announced just for the sake of speech, it was meant to be achieved. However, due to the damage caused by the floods and landslides in the agricultural sector in June/July, and the unexpected fluctuations in the international geo-politics, the economic growth rate cannot be achieved," he said at a program in the capital on Tuesday. </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"">Finance Minister Sharma said that the country is poor despite being rich in resources and they are making efforts to move towards prosperity through institutional strengthening. "There is a structural problem, and there can be no qualitative improvement without improving the systemic problem. So we are focused towards achieving that end," he said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to him, the country does not have any policy regarding research and investigation. Further, he said that they are making an effort to bring a budget that emphasises on import replacement and increasing production to eliminate the problem of trade deficit and unemployment. According to him, they are preparing to redefine the projects of national pride. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><em><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Dozens of suggestions for the budget</span></span></em></strong> </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"">Economists, industrialists, bankers and others have given dozens of suggestions, ranging from the recent government-controlled cryptocurrencies to the opening of a policy research center for the budget for the coming 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"">Stating that the new type of digital business has added a challenge to the economy, they have suggested that it should be regulated rather than banned. </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"">Speaking at a discussion program organized in Kathmandu on Tuesday in collaboration between Nepal Economic Association, Confederation of Banks and Financial Institutions Nepal and the Ministry of Finance, economist Dr. Bishwambher Pyakurel said the latest index shows the country's economic situation is not good. </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 that although there may be investment in cryptocurrency due to lack of liquidity, there is no study or research on it. </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 looks like the Nepal Rastra Bank and the CIB have signed the contract. There is no proper study from the government level. Other countries have started keeping statistics of investment in crypto. It is necessary to rethink about cryptocurrency," he said. Stating that public debt is increasing in Nepal, he said that with the increase in debt at the rate of 4-5 percent of GDP every year, it seems that Nepal is heading towards the crisis faced by Sri Lanka. </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 emphasized that the upcoming budget should be aimed at reducing poverty and budget deficit. Economist Keshav Acharya said that imbalance of payments and inflation were the major problems in the economy. Stating that freight rates have increased due to the Russia-Ukraine war, he suggested that Nepal should now review the foreign exchange rate as well. "It has been 31 years that the foreign exchange rate hasn't been changed. Now we have to think about changing it." </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 suggested the government to limit the number of national pride projects and added that the donors should waive the installment during the difficult period that the country is going through.</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 further said that the budget should be prepared in such a way as to provide subsidies to the farmers on the basis of productivity. </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"">Professor Dr Govinda Nepal said that the upcoming budget should be able to create road access to every municipality. "It is necessary to open basic health posts in every municipality and residential school in every district that can accommodate children of at least 2,000 poor people," he said. According to him, the government should now open a policy research center, in which it is necessary to invest Rs 50 million every 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"">Similarly, economist Posharaj Pandey said that the upcoming budget in the post-Covid-19 period should be able to create employment along with economic recovery. He alleged that the Ministry of Finance has become a body to collect revenue and buy votes. </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"">Finance Secretary Madhu Marasini said that the upcoming budget will focus on creating production and employment in the country. He said that the current problems in the economy are unpredictable and they will move ahead by handling the situation.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-30', 'modified' => '2022-03-30', 'keywords' => '', 'description' => '', 'sortorder' => '14760', 'image' => '20220330055409_Inflation.jpg', 'article_date' => '2022-03-30 17:53:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15017', 'article_category_id' => '1', 'title' => 'Sunsari-Morang Industrial Corridor Facing Unannounced Power Cuts', 'sub_title' => '', 'summary' => 'March 30: The production of industries in the Sunsari-Morang Industrial Corridor has been reduced to 40 percent of their capacity following an unannounced load-shedding of 14-hour a day.', '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"">March 30: The production of industries in the Sunsari-Morang Industrial Corridor has been reduced to 40 percent of their capacity following an unannounced load-shedding of 14-hour a day. Industrialists have cried foul to the power cuts to the industry, which is already reeling under liquidity crisis, rising interest rates, and the crisis in Ukraine.</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"">According to the industrialists of the corridor, the Nepal Electricity Authority (NEA) has cut off electricity supply to industries consuming more than one megawatt of electricity on the pretext that it has not been able to import electricity from India due to high cost.</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 Morang Trade Association, Chamber of Industries Morang, and Province 1 chapter of the Confederation of Nepalese Industries held a joint press conference on Tuesday and expressed outrage over the NEA's unusual behavior. They accused the government of conspiring to bring the private sector back to the state of 10 years ago under various pretexts. </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"">Meanwhile, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) said in a press release that the 14-hour power outage in the industrial sector had unexpectedly reduced production, left workers unemployed, and also resulted in failure to pay the bank interest on time. The federation has urged to resolve the issue immediately as it will also affect the government’s revenue collection.</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"">Speaking at the joint press conference, Navin Rijal, president of the Morang Trade Association, said that the industrialists were affected twice when the NEA increased the price of electricity and the Nepal Oil Corporation increased the price of diesel. He said that the industrialists should be able to buy diesel at reasonable charges when the price of electricity goes up, and the price of electricity should go down when the price of diesel goes up.</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"">Rijal argues that the state should ease the current situation by reducing unnecessary expenditure.</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 that there is no need to worry when the banks’ profit declines. According to Rijal, the interest rate should be maintained at 6 percent and Rs 40 billion savings should be brought to the market.</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"">Chairman of the Chamber of Industries Morang, Suyash Raj Pyakurel, said that the NEA has acted strangely by urging them to increase electricity consumption but has cut the supply after 12 noon.</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 that the government should not force the industrialists to buy electricity at expensive rate. He said that the state should not back off saying that there is a problem. “It should seek appropriate solution immediately."</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"">Bhim Ghimire, president of Province 1 chapter of the Confederation of Nepalese Industries, complained that industries were shutting down due to a lack of electricity, high interest rate of banks, and liquidity crisis.</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 that the government should find a timely solution to this problem as the workers would be left unemployed when the industry is shut down, they would not be able to pay the bank installments on time and the government would not be able to levy taxes.</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"">Constituent Assembly member and former president of the Morang Trade Association Pawan Kumar Sharda said that the government had deceived the industrialists and businessmen. He said that the double standard of the banks and the government has worked to bring the industrial sector back to the level it was 10 years ago. </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 banks give loans to the industry but they increase the interest rate unbearably. The government pledges electricity but cuts the supply when the plant is set up. This has put the industrialists in debt trap," he said. </span></span></span></span></p> <p><br /> </p> ', 'published' => true, 'created' => '2022-03-30', 'modified' => '2022-03-30', 'keywords' => '', 'description' => '', 'sortorder' => '14759', 'image' => '20220330051709_c1d0e043-electricity.jpg', 'article_date' => '2022-03-30 17:16:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15016', 'article_category_id' => '1', 'title' => 'Construction Entrepreneurs Affected by Excessive Price Hike', 'sub_title' => '', 'summary' => 'March 30: The Federation of Contractors’ Associations of Nepal (FCAN) has stated that the construction industry of the country is on the verge of collapse due to excessive price hike of construction materials.', '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"">March 30: The Federation of Contractors’ Associations of Nepal (FCAN) has stated that the construction industry of the country is on the verge of collapse due to excessive price hike of construction materials. </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"">FCAN members made such remark during a press conference organized on Tuesday to announce the decision of the national meeting held on March 28. During the press conference, president of the federation, Ravi Singh said that the construction works cannot be carried out in the current situation.</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"">Singh warned that if the decisions taken by the National Assembly on price control are not implemented within the next week, the federation would be forced to launch stern protests. He said that along with the sharp rise in prices of construction materials, their shortage as well as their black marketing has started as well.</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 federation has demanded the Public Procurement Monitoring Office to immediately issue Technical Guidelines No 2 similar to that of 2065 BS for the entrepreneurs to make inflation adjustment in all the projects in line with the Public Procurement Act, 2063 BS. President Singh said that the government of Nepal should declare a 'construction holiday' until the price rise is not controlled. The federation has requested to make the construction industry of the country systematic and dignified by correcting the errors of 11th amendment to the Public Procurement Rules, 2064 BS.</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, president Singh stated that all the projects should be given an extension of one year since it is not possible to complete the construction works by mid-April this year due to the price hike caused by Covid-19 pandemic. </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 addition, the federation has also demanded a one-time waiver of value-added tax and income tax for the contractors who have been affected by the pandemic. </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"">At the press conference, Senior Vice President of the federation, Aang Dorji Lama, General Secretary Roshan Dahal and Deputy Secretary General for Policy Shivahari Ghimire said that the media can play an important role in solving the problems of the construction industry.</span></span></span></span></p> <p><br /> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-30', 'modified' => '2022-03-30', 'keywords' => '', 'description' => '', 'sortorder' => '14758', 'image' => '20220330042113_construction.jpg', 'article_date' => '2022-03-30 16:20:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15015', 'article_category_id' => '1', 'title' => 'Janakpur-Jaynagar Railway to Operate with Passengers from April 2', 'sub_title' => '', 'summary' => 'March 30: The two sets of trains brought from India 19 months back will finally operate with passengers from coming Saturday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 30: The two sets of trains brought from India 19 months back will finally operate with passengers from coming Saturday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prime Minister Sher Bahadur Deuba and his Indian counterpart Narendra Modi will jointly inaugurate the 35-kilometres railway service that stretches from Jayanagar of India to Kurtha in Dhanusha district, informed the Ministry of Physical Infrastructure and Transport. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The inauguration will take place virtually from New Delhi, India during PM Deuba's official visit to India starting from April 1. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">General Manager of the Nepal Railway Company Niranjan Jha informed that the inauguration program has been scheduled for April 2 during the prime minister’s state visit to India.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> “The prime ministers of both the countries will virtually inaugurate the train in the physical presence of the minister for physical infrastructure and transport at the site.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two sets of trains brought in September 2020 were lying at the parking lot till January 2021. The date of operation of the train was repeatedly postponed due to lack of law, staff and budget. The government brought the Railway Ordinance for the third time to remove the legal obstacle to operate the trains. The last ordinance was published in the Nepal Gazette last Wednesday, paving the way to operate the trains.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The trains which stood in the parking lot for a long time were running without passengers since February 13. But now, the trains will be carrying passengers. About 2,600 passengers can travel on the train at once with passengers beyond seating capacity allowed to travel by standing. Jha also informed that the train fare has been fixed at Rs 90 per passenger for general seats and Rs 450 for AC enabled seats.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has announced plans to connect major destinations in the border areas of Nepal and India by rail link, out of which, the Janakpur-Jaynagar rail will be operational in the first phase. The government had bought the train from Indian railway company Konkan with an investment of Rs 1 billion last year. Twenty six employees have come from India to run the train while the state-owned company has hired 56 Nepali employees.</span></span></p> <p> </p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-30', 'modified' => '2022-03-30', 'keywords' => '', 'description' => '', 'sortorder' => '14757', 'image' => '20220330124244_Railwayy (2).jpg', 'article_date' => '2022-03-30 12:41:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15014', 'article_category_id' => '1', 'title' => 'Detailed Study of Kathmandu-Kerung Railway Soon', 'sub_title' => '', 'summary' => 'March 30: The government has decided to approve grant assistance and the technical assistance related to the feasibility study of trans-border railway under the Economic and Technical Cooperation Agreement proposed by the People's Republic of China. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 30: The government has decided to approve grant assistance and the technical assistance related to the feasibility study of trans-border railway under the Economic and Technical Cooperation Agreement proposed by the People's Republic of China. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Government spokesperson and Minister for Communication and Information Technology Gyanendra Bahadur Karki confirmed the decision on Tuesday during a news conference organized at the ministry to unveil the decisions made by a meeting of the Council of Ministers on March 28. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two countries had signed an agreement for further study of the Kerung-Kathmandu railway during the recent state visit of Chinese Foreign Minister Wang Yi.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Keshav Kumar Sharma, joint secretary at the Ministry of Physical Infrastructure and Transport informed said that although the detailed study of the railway will be carried out soon with the help of China, it is not certain when it will start again due to the reappearance of Covid-19 in China.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A preliminary study conducted with the help of the Chinese government had shown that Rs 257 billion would be required to build the Kathmandu-Kerung railway in nine years.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, Minister Karki said the Cabinet meeting decided to extend the term of the agreement with China concerning the survey of oil and natural gas resources in Nepal by two years. The cabinet meeting also decided to approve the letter of intent related to zero customs and quota-free facility between Nepal and China as well as the agreement regarding feasibility of grid connection between the two countries. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the government spokesperson, the meeting decided to declare Tilaurakot Kapilbastu area as a 'protected monument zone'. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Monday's Cabinet meeting has also made appointments to various government bodies. Accordingly, Lekhnath Sharma Pangeni and Dr Jeevan Angai have been appointed the members of Nepal Revenue Advisory Committee, and Sanjeev Jha the General Manager of Dairy Development Corporation. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, Bhairab Raj Regmi has been appointed the member of the National Land Commission while Karuna KC has been designated as the Deputy Director-General of the Survey Department. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has formed a recommendation committee under the convenorship of the Secretary at the Ministry of Communication and Information Technology for appointing a member to Nepal Telecommunication Authority. (With inputs from RSS)</span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-30', 'modified' => '2022-03-30', 'keywords' => '', 'description' => '', 'sortorder' => '14756', 'image' => '20220330122710_Flag-Pins-Nepal-China.jpg', 'article_date' => '2022-03-30 12:26:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15013', 'article_category_id' => '266', 'title' => 'Fanta Apple hits the stores in Nepal', 'sub_title' => '', 'summary' => 'March 29: Bottlers Nepal, the distributor of Coke, Fanta and Sprite, has started selling its new product Fanta Apple in the domestic market of Nepal. ', '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"">March 29: Bottlers Nepal, the distributor of Coke, Fanta and Sprite, has started selling its new product Fanta Apple in the domestic market of Nepal. The company informed that the new product will make consumers feel refreshed.</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"">Along with the new flavor, Fanta also released a new digital video as a part of extensive marketing campaign, which the company claims to add fun and excitement in the lives of the consumers. The video includes digital video and print advertising. Adarsh Avasthi, the country director of Coca-Cola Nepal said, “The new Fanta Apple helps bring freshness and enthusiasm in the daily life of people even in a small amount. We are hopeful that Nepali consumers will like it.”</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"">Managing Director of Bottlers Nepal, Pradip Pandey said that the new product has been introduced in an effort to provide more options for refreshment as per the changing tastes and preferences of the consumers.</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 company informed that two flavors of Fanta, Orange and Apple will be available in Nepal. Fanta Apple will be available in packs of 250 ml and 500 ml all over Nepal.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-29', 'modified' => '2022-03-29', 'keywords' => '', 'description' => '', 'sortorder' => '14755', 'image' => '20220329030655_Picture_20220328172631.jpg', 'article_date' => '2022-03-29 15:06:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15012', 'article_category_id' => '1', 'title' => '‘Immediate Capital Expansion of Insurance Companies Impossible’ ', 'sub_title' => '', 'summary' => 'March 29: Although the Insurance Board of Nepal had issued a circular last Thursday directing insurance companies to increase their paid-up capital, the companies say that they are not in a position to do so under current circumstances. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 29: Although the Insurance Board of Nepal had issued a circular last Thursday directing insurance companies to increase their paid-up capital, the companies say that they are not in a position to do so under current circumstances. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Directors and investors of insurance companies argue that capital expansion is challenging during the Covid-19 pandemic and liquidity crisis continues unabated. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">At present, the minimum paid-up capital of a life insurance company is Rs 2 billion and that of a non-life insurance company is Rs 1 billion. The latest circular of the Insurance Board states that life insurance companies should have a paid-up capital of Rs 5 billion and non-life insurance companies Rs 2.5 billion. The board has directed the insurance companies to increase the minimum paid-up capital by mid-April 2023. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">However, the operators of the insurance companies say that it is not possible to meet the demand of the board in such a short period. They say that the issue of raising capital immediately could be detrimental to the insurance sector. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Chairman of the Non-Life Insurance Practitioners Association Rajendra Malla said that it would be difficult to increase the capital as per the directive of the board. "It is necessary to revise the paid-up capital of the insurance companies with time. But, increasing it suddenly is challenging," he said, adding, "It would have been easier if the board had given at least 3-4 years. It is difficult to increase the paid-up capital by 150 percent in one year." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He said that the liquidity crisis and the economic instability caused by the pandemic have made it difficult to increase investment. "There is a liquidity crunch in the banking sector right now. As a result, there is a shortage of capital in all sectors," he said, "On top of that, inflation has also increased. It's difficult to invest more in this situation." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Furthermore, he said that the new limit on paid-up capital set by the board was more than required in the case of non-life insurance companies. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"At present, the average annual transaction of a non-life insurance company is around Rs 1.5 billion. In this case, I don't think it would be better to make the size of paid-up capital more than Rs 2.5 billion or more than the business transactions. It seems that such a policy has been taken to forcefully merge the companies rather than increase their capital." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Investors of life insurance companies also say that the immediate capital increase is challenging. Stating that it would be difficult to raise the capital immediately, an investor said, "Increasing their paid-up capital in such a short span of time is challenging to life insurance companies as well. The board needs to reconsider its decision." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Chief executive officers (CEOs) of insurance companies say this could lead to a merger. "The best way to raise capital is through rights shares. But shareholders say there is not enough capital," said a CEO of an insurance company. "In that case, the companies would be forced to merge." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Earlier, on January 27, 2018, the board had directed to increase the minimum paid-up capital to Rs 2 billion for life insurance companies and Rs 1 billion for non-life insurance companies. For that, the board gave a deadline till mid-July 2018. However, the companies reached the prescribed paid-up capital only towards mid-April 2020. This time too, there is a challenge for the insurance companies to increase their capital on time. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Investors point out that an increase in capital will reduce the dividend potential of companies. "Now the insurance company will have a lot of paid-up capital. However, the growth of the business will not be immediate," said one investor, "In this case, their dividend potential decreases. Because, we don't make money by investing like a bank. As we do risky business, investment should be done in a safe place. We do not get a huge return. Therefore, the dividend potential seems to be declining." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">This argument is also confirmed by the banking sector as well. With a paid-up capital of Rs 2 billion, commercial banks have an average dividend potential of 30-35 percent. The dividend capacity of commercial banks has been declining after raising their paid-up capital to Rs 8 billion. Last year, the average dividend capacity of commercial banks was only 12-13 percent. Investors say that this could happen in the insurance sector as well. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"Increasing the company's paid-up capital is a good thing in itself. But, the market and the business also need to happen accordingly. When the paid-up capital is more than the business, there will be a problem," said one investor. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Times New Roman","serif"">Investors engaging in discussions</span></strong> </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Directors of insurance companies are preparing for discussion after the board decided to increase the paid-up capital. According to Malla, a memorandum will be submitted to the Insurance Board on the basis of the decision taken during that discussion. "Investors are meeting to discuss the board's decision to increase the paid-up capital. We plan to submit a memorandum to the board with necessary suggestions after the discussion," he said. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-29', 'modified' => '2022-03-29', 'keywords' => '', 'description' => '', 'sortorder' => '14754', 'image' => '20220329024737_Insurance.jpg', 'article_date' => '2022-03-29 14:46:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15011', 'article_category_id' => '1', 'title' => 'Industrialists Struggling to Get Land in Industrial Corridor', 'sub_title' => '', 'summary' => 'March 29: Industrialist Vinay Shah had planned to open a new industry in the Bara-Parsa Industrial Corridor and had allocated money to buy land for establishing the factory.', '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"">March 29: Industrialist Vinay Shah had planned to open a new industry in the Bara-Parsa Industrial Corridor and had allocated money to buy land for establishing the factory. However, after months of struggle, he couldn't find the needed space to set up the factory.</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 simply came to our notice that despite having capital for investment, we couldn’t find land,” complained industrialist Shah.</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"">Shah is not the only industrialist who is facing problems to get land for setting up a new industry in the industrial corridor. Chairman of the Bara-Parsa chapter of the Confederation of Nepalese Industries, Birendra Kumar Shanghai said that it has become very difficult to find land for new industries in this corridor where about a thousand industries are operating.</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"">Investors are attracted to this corridor due to its prime location, physical infrastructure and easy access to sea routes and major ports. Bara-Parsa is expanding as an industrial corridor not because of government incentives but because of this convenience. With the opening of the industry, the price of land has also skyrocketed.</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"">So much so that more than 25 percent of the industry's total investment goes for the purchase of land. "It is now challenging to set up a new industry in the Bara-Parsa corridor," said Hari Gautam, coordinator of the industry committee under the Birgunj Chamber of Commerce and Industry.</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 Birgunj is a suitable area for industrial establishment due to the availability of physical infrastructure and geography, the industrialists said that the government should arrange land for industry in the Bara-Parsa area.</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"">Industrialists say that getting land for industry in Bara-Parsa is almost impossible at the moment, and opening an industry on highly-rated land would be risky. Entrepreneurs say that the price of land that used to be Rs 500,000 per Kattha has now reached as much as Rs 3 million per kattha.</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 Bara-Parsa Industrial Corridor is ahead of other areas in terms of industrial potential. However, a study report made public by Nepal Rastra Bank some time ago said that it is difficult to get land, and even if you get it, you have to pay a high price.</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 industrialists of Birgunj have urged the government to find at least 2,000 bighas of land in the Thori area of Parsa and create a new industrial zone.</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"">Shanghai said that the industrialists would be attracted to the area as the main checkpoint is close to Birgunj, and the postal highway is easily accessible.</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"">Industrialist Shah suggested that the government should sell the land in such areas by preparing the minimum infrastructure required for the industries. “The land should be sold to the industrialists on condition that the industry should be opened within a certain time and the land is utilized for the intended purpose,” he said.</span></span></span></span></p> <p> </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 had announced to create a new industrial zone in the same province five years ago. An industrial zone has been proposed in the Sagarnath forest area of Sarlahi for Madhes Province. However, compared to the Bara-Parsa region, it will not be suitable, says the entrepreneur.</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 Gajendra Narayan Singh Industrial Area which has already been set up in Saptari is not in use.</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 industrialists say they are more interested in this region than the special economic zone of Simara, Bara because of the requirement of export-oriented industries in the SEZ.</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"">Conflict has escalated in the Bara-Parsa corridor due to the simultaneous expansion of industry and human settlements. Entrepreneurs suggest setting standards for expansion of human settlement around the newly opened industrial zone.</span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-29', 'modified' => '2022-03-29', 'keywords' => '', 'description' => '', 'sortorder' => '14753', 'image' => '20220329021109_Industries.jpg', 'article_date' => '2022-03-29 14:10:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15010', 'article_category_id' => '1', 'title' => 'Is it Fair for an Individual or a Group to Run Business Enterprise and Bank Simultaneously? ', 'sub_title' => '', 'summary' => 'March 29: Finance Minister Janardan Sharma on Monday sought the opinion of bankers regarding an individual or a group operating both business enterprise as well as bank at a time.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">March 29: <span style="font-family:"Arial Unicode MS","sans-serif"">Finance Minister Janardan Sharma on Monday sought the opinion of bankers regarding an individual or a group operating both business enterprise as well as bank at a time.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The minister made such query during a discussion with the representatives of banks and financial institutions (BFIs) and the insurance companies at the Ministry of Finance on Monday (March 28). The ministry had organized the discussion to seek the feedback from private sector stakeholders regarding the government’s upcoming policies and programmes as well as the budget for the upcoming fiscal year.</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, Minister Sharma asked whether it was beneficial for the economy for the same individual to be a banker and also a businessperson. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"It seems that the same individual or group is involved in banking sector and business. Is this a good practice? If yes, then I have no objections. But please provide me some suggestions if some amendments are needed in this regard," the finance minister said.</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"">Minister Sharma said that the government had already held similar discussions with stakeholders from the agriculture and education sectors and were now holding discussions with representatives of BFIs and insurance companies.</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"">Minister Sharma also shared his idea of establishing a microfinance fund to provide concessional loan to the general people. </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"">“We are contemplating about setting up a microfinance fund but not to charge high interest. Instead, the fund will be utilized with the concept of providing concessional loans to the general public through microfinance companies,” added the minister.</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 discussion, former vice chair of the National Planning Commission Min Bahadur Shrestha pointed out to the need of attracting foreign direct investment. He opined that the government has invested heavily on insurance for the agriculture sector but the results were not satisfactory. He suggested the government to improve the economy by cracking down hyperfund, cryptocurrency and by controlling the interest skyrocketing interest rates.</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"">Former vice chair of the NPC Dipendra Bahadur Chhetri said that the loan allocated for the agricultural sector was been distributed for the import of industrial and agricultural products and the genuine farmers were deprived from such facility.</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"">He also said that he heard rumors of demonetization for curbing the liquidity crisis. He warned that the notes of Rs 500 denomination accounted for 21 percent of the total money circulating in the market and Rs 1000 denomination notes comprised of 70 percent and said it would be a great challenge for the government to demonetize the currency. </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"">Speaking on the occasion, former chairman of Nepal Bankers’ Association Anil Shah said that the government needs to make new arrangements for renewal of labour permit in order to increase the inflow of remittance by facilitating the Nepali migrant workers aspiring to work overseas.</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 government can find out the estimated earnings of the workers. Therefore, it can keep a record of the money sent back to Nepal and easily find out if it has been sent through official channels or through the illegal hundi system,” said Shah.</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"">Others attending the discussion suggested the government to resume bancassurance service, setting up of an insurance fund, easy access to banking services in all seven provinces among others.</span></span></span></p> ', 'published' => true, 'created' => '2022-03-29', 'modified' => '2022-03-29', 'keywords' => '', 'description' => '', 'sortorder' => '14752', 'image' => '20220329115010_fin min sharma.jpg', 'article_date' => '2022-03-29 11:49:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15009', 'article_category_id' => '1', 'title' => 'Government Introduces Foreign Employment Welfare Information Management System', 'sub_title' => '', 'summary' => 'March 29: The government has introduced the Foreign Employment Welfare Information Management System for the welfare of the Nepali migrant workers.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 29: The government has introduced the Foreign Employment Welfare Information Management System for the welfare of the Nepali migrant workers. According to government sources, the new system that offers various facilities to the workers has come into effect from March 28.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Minister for Labour, Employment and Social Security Krishna Shrestha officially launched the system on Monday to provide welfare services ensured by the state to the Nepali migrant workers. </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, Minister Shrestha said that now the system has been put in place, the outbound Nepali migrant workers with labour permit can claim compensation for death, injury, serious ailment among others within one year of the expiry of the contract period and within one year of the incident. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The migrant workers and their families avail the services online through the website of the Foreign Employment Board (www.feb.gov.np). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the fifth amendment to the Foreign Employment Regulations-2064 BS, the Nepali migrant workers going abroad with labour permit can avail services such as financial assistance in case of injury, educational scholarships for dependent children in case of death of migrant worker, brining home dead bodies of the Nepali migrant workers for free of cost and evacuation of stranded Nepali migrant workers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Furthermore, the beneficiaries of the deceased Nepali migrant workers can claim insurance through the newly introduced system, RSS reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On the occasion, Minister Shrestha shared that a curriculum has been designed to provide on-the-job practical skills training in six various subjects to enlist unemployed youths at the local levels. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, Minister Shrestha shared that the government had taken forward various measures aimed at securing welfare of the outbound and returning Nepali migrant workers such as formulation of new foreign employment policy, preparation for building labour hospital and creating enabling environment at policy level for the Nepali women working as domestic workers abroad to return home and go for foreign employment yet again. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-29', 'modified' => '2022-03-29', 'keywords' => '', 'description' => '', 'sortorder' => '14751', 'image' => '20220329081003_labour.jpg', 'article_date' => '2022-03-29 08:09:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '15021', 'article_category_id' => '1', 'title' => 'NRB Extends Operation Time of RTGS System', 'sub_title' => '', 'summary' => 'March 31: Nepal Rastra Bank has extended the time period for the operation of Real Time Gross Settlement (RTGS) system due to the increase in transactions through the system. ', '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"">March 31: Nepal Rastra Bank has extended the time period for the operation of Real Time Gross Settlement (RTGS) system due to the increase in transactions through the system. </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"">Issuing a notice on Wednesday, Nepal Rastra Bank (NRB) informed that the new trading hours will be implemented from May 15. According to the notice, transactions can be done from 9 am to 5 pm from Sunday to Thursday from January 30 to November 1. The system will be operational from 9 am to 4 pm from November 2 to January 29. On Fridays, transactions can be done from 9 am to 1:30 pm. </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"">Currently, RTGS system can be used to transact more than Rs 200,000 electronically. Currently, banks and financial institutions are using RTGS for most of the electronic payments.</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"">According to the central bank, Rs 3.13 trillion was transacted through RTGS in January 2022 alone. A total of Rs 57.64 billion was transacted through this system in 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"">Recently, the government and NRB have discouraged cash transactions and given priority to electronic payments. The general public is also attracted to the use of electronic payments such as mobile wallets, cards, mobile banking and connect IPS. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-31', 'modified' => '2022-03-31', 'keywords' => '', 'description' => '', 'sortorder' => '14765', 'image' => '20220331013405_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-03-31 13:33:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15023', 'article_category_id' => '1', 'title' => 'Pashupati Biscuits Shut Down Temporarily due to Illegal Imports of Biscuits from India', 'sub_title' => '', 'summary' => 'March 31: Pashupati Biscuits, the first industry of the Chaudhary Group, has been shut down for 15 days.', '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"">March 31: Pashupati Biscuits, the first industry of the Chaudhary Group, has been shut down for 15 days. The industry halted manufacturing after issuing a notice stating that stocks are high and market demand is low. Due to the increase in illegal import of biscuits from India via the open border, there has been a decline in the demand of domestic biscuits in the country.</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"">Bharat Silwal, head of administration of the industry, said that even if production is stopped temporarily, biscuits in stock will continue to be sold in the market and the industry’s branches will operate as usual. Silwal said that the production of Nepali biscuits had to be stopped for a few days due to the problem in power supply, rising prices of raw materials including ghee and the decline in demand in the market due to illegal imports of Indian biscuits. He informed that the production has been stopped for a few days as there is a stock of 60,000 cartoons of biscuits.</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"">This is the first time the industry has been shut down by publishing a public notice. The industry was established 48 years ago in 1973 by Lunkarandas Chaudhary, the founder of Chaudhary Group. Pashupati Biscuits, which opened during the golden age of the establishment of industry in the Sunsari-Morang Industrial Corridor, dominated the Nepali market by about 80 percent. Pashupati Biscuits currently belongs to Basant Chaudhary. Even if the industry is said to be closed temporarily, it may have long-term implications as the market is shrinking and raw materials are becoming more expensive, according to an informed source. The source also said, “Not only Pashupati Biscuits, about 50 percent of the industries will likely be shut down if the current situation persists.”</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"">Silwal informed that the production of the industry will be stopped for 15 days as per Article 15 of the Labor Act 2074 BS. The notice read, “If the industry is to be fully or partially operated during that period, advance notice will be given. The work related to administration, security, accounting and sales department will be carried out as per the need.”</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"">Silwal said that the production has been postponed as per the rules with the approval of the Labor and Employment Office. He reminded that the industry was operating for 24 hours during the lockdown period and before that as well. He added that the operation of the industry had to be reduced to eight hours as it was difficult to compete with the illegally imported biscuits from India after the prohibitory orders were lifted.</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"">According to Silwal, even though the industry was in operation for 8 hours, they haven’t received any new orders. He said, “All the warehouses of the industry are full of manufactured goods. Millions of biscuits have to be stored in the warehouse. We are also facing problems in collecting money from the market. If someone has to pay Rs 1 million, we are able to collect just Rs 25,000. How can the industry be run in such a situation?”</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"">Silwal said that the industry is planning to explore all possible ways to sell the goods stored in the warehouses within 15 days and to collect all the remaining dues.</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 possible to operate an industry without reducing the stock of goods,” said Silwal.</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""> Hira Yadav, president of industry unit of Nepal Trade Union Congress (NTUC), confirmed that industry has been shut down. Yadav said, “The industry closed down as per the rules after paying everyone. None of us are left to receive any due payment. We are hopeful that the production will resume soon.”</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-31', 'modified' => '2022-04-01', 'keywords' => '', 'description' => '', 'sortorder' => '14764', 'image' => '20220401091111_1648702680.पशुपति_बिस्कुट_उद्योग.jpg', 'article_date' => '2022-03-31 14:33:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15022', 'article_category_id' => '1', 'title' => 'PM’s India Visit to Focus on Electricity Trade and JV Projects', 'sub_title' => '', 'summary' => 'March 31: Prime Minister Sher Bahadur Deuba will discuss issues related to energy during his official visit to India. ', '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"">March 31: Prime Minister Sher Bahadur Deuba will discuss issues related to energy during his official visit to India. It is said that the PM has given special attention on the agenda of electricity trade and building hydropower projects in Nepal with joint investment from 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"">Deuba is scheduled to leave for India on Friday (April 1) for a three-day official visit. According to the officials of the Ministry of Energy, Water Resources, and Irrigation, the energy-related agenda are in high priority list of the incumbent government.</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"">According to a government source, the preliminary agenda of the visit has been decided to discuss the energy issue with 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"">The Nepal-India energy meeting held in Kathmandu a month ago also discussed the electricity trade and the construction of hydropower projects with joint ventures. This issue will also be given priority during the Prime Minister's visit to 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"">During the visit, Prime Minister Deuba and Indian Prime Minister Narendra Modi will jointly inaugurate the Solu Corridor 132 KV double circuit transmission line from New Delhi, the capital of India, the ministry said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">On Saturday, the Prime Ministers of both the countries will jointly inaugurate the project through a virtual medium by pressing switch remotely. The construction of the project was completed last December. Now the project is ready be inaugurated and brought into operation. The length of the transmission line from Siraha to Solukhombu via Udayapur and Okhaldhunga is 90 kilometers with 302 towers.</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 project has been built with the investment of the Government of Nepal and a loan from the Export-Import (Exim) Bank of India. India's Mohan Energy Company was awarded the contract to build the project. There were various obstacles during the construction of the project, which was completed last December.</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"">After the project comes into operation, the electricity of the project including Solu Khola with a capacity of 23.5 MW will be connected to the national grid. Most of the projects in the area have not been able to generate electricity due to a lack of transmission lines. It is said that the problem will be solved after the project comes into operation.</span></span></span></span></p> <p><br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2022-03-31', 'modified' => '2022-03-31', 'keywords' => '', 'description' => '', 'sortorder' => '14763', 'image' => '20220331015201_ROS_KTM-4701.JPG', 'article_date' => '2022-03-31 13:51:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15020', 'article_category_id' => '1', 'title' => 'All Ministries urged to Submit their Plans for New Budget within 7 Days', 'sub_title' => '', 'summary' => 'March 31: The Ministry of Finance on Wednesday held discussions with secretaries and joint secretaries of all the ministries regarding the preparation for 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"">March 31: The Ministry of Finance on Wednesday held discussions with secretaries and joint secretaries of all the ministries regarding the preparation for the upcoming fiscal year’s 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"">During the discussion programme, Finance Minister Janardan Sharma directed the federal, state and local levels to submit their action plans and policies for the upcoming fiscal year within the seven days.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">He also instructed not to submit fragmented plans for the upcoming fiscal year. He said that there is a tendency of federal levels to include fragmented plans in the federal budget and skip the work during implementation phase and directed the ministers not to do so.</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"">Finance Minister Sharma has asked all ministries and agencies to submit a plan to reduce current expenditure for the upcoming budget. He said that the progress of the national pride and game changer projects was disappointing, and added that the pace of construction of the national pride projects was very slow. He also emphasized on a budget focused on economic prosperity through increasing production and employment.</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"">During the discussion, Finance Secretary Madhu Kumar Marasini suggested the ministries to present their budget programmes within the limits of financial discipline considering the limited resources of the government.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-31', 'modified' => '2022-03-31', 'keywords' => '', 'description' => '', 'sortorder' => '14762', 'image' => '20220331010945_1648651431.jpg', 'article_date' => '2022-03-31 13:09:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15019', 'article_category_id' => '239', 'title' => 'Inflow of Tourists up in Mustang ', 'sub_title' => '', 'summary' => 'March 31: The inflow of domestic and external tourists has increased in Mustang, considered to be one of the two districts beyond the mountains, with the fear of coronanvirus infection receding of late. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Dhruba Sagar Sharma/RSS </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">March 31: The inflow of domestic and external tourists has increased in Mustang, considered to be one of the two districts beyond the mountains, with the fear of coronanvirus infection receding of late. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Tourism entrepreneurs are delighted at the moment to welcome around 3,000 tourists entering Mustang and Lo-Manthang through land and air routes on a daily basis. </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"">Sources at Jomsom Airport said around 15 flights are taking place a day now in Mustang – the centre of attraction for domestic and external tourists. Likewise, there seems a long queue of vehicles transport means along the Beni-Jomsom road leading to Muktinath and Lo-Manthang. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Tourism entrepreneurs said arrival of tourists has increased significantly in Mustang which saw almost zero arrival of tourists for almost two years during the peak of COVID-19 pandemic. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This is the prime season for tourists and their number has been increasing thanks to the decline in Covid-19 infection and the rise in vaccination drive.</span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">With the festival of Chaite Dashain just around the corner, a huge number of people is expected to offer homage to their ancestors at Kaagbeni of Mustang district.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Devlal Poudel, a local of Gaindakot Municipality-12, Harkapur said, "I found Mustang much more captivating than expected. It was difficult to get hotel room due to huge number of tourists." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Nepalis residing in different countries are also returning home with the advent of cultural fair at Lo-Manthang in upper Mustang. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chief of Jomsom Airport Puskal Raj Sharma informed that 15 flights are taking place daily after Mustang-Pokhara air service resumed since March 6. Each flight has a capacity of 18 passengers. With this, daily 250 plus people are entering Mustang via air route, he informed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Lately over 2,000 tourists are daily entering Mustang on tourist buses, jeeps and motorbike via the land route, the district police office sources said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Hotel entrepreneurs said that the tourism industry which was almost nil is now revitalizing with the rise in the arrival of tourists. </span></span></span></p> ', 'published' => true, 'created' => '2022-03-31', 'modified' => '2022-04-06', 'keywords' => '', 'description' => '', 'sortorder' => '14761', 'image' => '20220331114824_459932_589579011065826_229923417_o.jpg', 'article_date' => '2022-03-31 11:47:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15018', 'article_category_id' => '1', 'title' => 'Government Unlikely to Achieve 7 Percent Growth Target ', 'sub_title' => '', 'summary' => 'March 30: The government is unlikely to achieve the 7 percent economic growth target set for the current fiscal year (FY 2078/79).', '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"">March 30: The government is unlikely to achieve the 7 percent economic growth target set for the current fiscal year (FY 2078/79). Finance Minister Janardan Sharma, who did not change the economic growth target even in the mid-term review of the current fiscal year's budget, admitted that the target would not be achieved. </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 economic growth of above 7 percent was not announced just for the sake of speech, it was meant to be achieved. However, due to the damage caused by the floods and landslides in the agricultural sector in June/July, and the unexpected fluctuations in the international geo-politics, the economic growth rate cannot be achieved," he said at a program in the capital on Tuesday. </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"">Finance Minister Sharma said that the country is poor despite being rich in resources and they are making efforts to move towards prosperity through institutional strengthening. "There is a structural problem, and there can be no qualitative improvement without improving the systemic problem. So we are focused towards achieving that end," he said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to him, the country does not have any policy regarding research and investigation. Further, he said that they are making an effort to bring a budget that emphasises on import replacement and increasing production to eliminate the problem of trade deficit and unemployment. According to him, they are preparing to redefine the projects of national pride. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><em><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Dozens of suggestions for the budget</span></span></em></strong> </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"">Economists, industrialists, bankers and others have given dozens of suggestions, ranging from the recent government-controlled cryptocurrencies to the opening of a policy research center for the budget for the coming 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"">Stating that the new type of digital business has added a challenge to the economy, they have suggested that it should be regulated rather than banned. </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"">Speaking at a discussion program organized in Kathmandu on Tuesday in collaboration between Nepal Economic Association, Confederation of Banks and Financial Institutions Nepal and the Ministry of Finance, economist Dr. Bishwambher Pyakurel said the latest index shows the country's economic situation is not good. </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 that although there may be investment in cryptocurrency due to lack of liquidity, there is no study or research on it. </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 looks like the Nepal Rastra Bank and the CIB have signed the contract. There is no proper study from the government level. Other countries have started keeping statistics of investment in crypto. It is necessary to rethink about cryptocurrency," he said. Stating that public debt is increasing in Nepal, he said that with the increase in debt at the rate of 4-5 percent of GDP every year, it seems that Nepal is heading towards the crisis faced by Sri Lanka. </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 emphasized that the upcoming budget should be aimed at reducing poverty and budget deficit. Economist Keshav Acharya said that imbalance of payments and inflation were the major problems in the economy. Stating that freight rates have increased due to the Russia-Ukraine war, he suggested that Nepal should now review the foreign exchange rate as well. "It has been 31 years that the foreign exchange rate hasn't been changed. Now we have to think about changing it." </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 suggested the government to limit the number of national pride projects and added that the donors should waive the installment during the difficult period that the country is going through.</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 further said that the budget should be prepared in such a way as to provide subsidies to the farmers on the basis of productivity. </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"">Professor Dr Govinda Nepal said that the upcoming budget should be able to create road access to every municipality. "It is necessary to open basic health posts in every municipality and residential school in every district that can accommodate children of at least 2,000 poor people," he said. According to him, the government should now open a policy research center, in which it is necessary to invest Rs 50 million every 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"">Similarly, economist Posharaj Pandey said that the upcoming budget in the post-Covid-19 period should be able to create employment along with economic recovery. He alleged that the Ministry of Finance has become a body to collect revenue and buy votes. </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"">Finance Secretary Madhu Marasini said that the upcoming budget will focus on creating production and employment in the country. He said that the current problems in the economy are unpredictable and they will move ahead by handling the situation.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-30', 'modified' => '2022-03-30', 'keywords' => '', 'description' => '', 'sortorder' => '14760', 'image' => '20220330055409_Inflation.jpg', 'article_date' => '2022-03-30 17:53:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15017', 'article_category_id' => '1', 'title' => 'Sunsari-Morang Industrial Corridor Facing Unannounced Power Cuts', 'sub_title' => '', 'summary' => 'March 30: The production of industries in the Sunsari-Morang Industrial Corridor has been reduced to 40 percent of their capacity following an unannounced load-shedding of 14-hour a day.', '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"">March 30: The production of industries in the Sunsari-Morang Industrial Corridor has been reduced to 40 percent of their capacity following an unannounced load-shedding of 14-hour a day. Industrialists have cried foul to the power cuts to the industry, which is already reeling under liquidity crisis, rising interest rates, and the crisis in Ukraine.</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"">According to the industrialists of the corridor, the Nepal Electricity Authority (NEA) has cut off electricity supply to industries consuming more than one megawatt of electricity on the pretext that it has not been able to import electricity from India due to high cost.</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 Morang Trade Association, Chamber of Industries Morang, and Province 1 chapter of the Confederation of Nepalese Industries held a joint press conference on Tuesday and expressed outrage over the NEA's unusual behavior. They accused the government of conspiring to bring the private sector back to the state of 10 years ago under various pretexts. </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"">Meanwhile, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) said in a press release that the 14-hour power outage in the industrial sector had unexpectedly reduced production, left workers unemployed, and also resulted in failure to pay the bank interest on time. The federation has urged to resolve the issue immediately as it will also affect the government’s revenue collection.</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"">Speaking at the joint press conference, Navin Rijal, president of the Morang Trade Association, said that the industrialists were affected twice when the NEA increased the price of electricity and the Nepal Oil Corporation increased the price of diesel. He said that the industrialists should be able to buy diesel at reasonable charges when the price of electricity goes up, and the price of electricity should go down when the price of diesel goes up.</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"">Rijal argues that the state should ease the current situation by reducing unnecessary expenditure.</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 that there is no need to worry when the banks’ profit declines. According to Rijal, the interest rate should be maintained at 6 percent and Rs 40 billion savings should be brought to the market.</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"">Chairman of the Chamber of Industries Morang, Suyash Raj Pyakurel, said that the NEA has acted strangely by urging them to increase electricity consumption but has cut the supply after 12 noon.</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 that the government should not force the industrialists to buy electricity at expensive rate. He said that the state should not back off saying that there is a problem. “It should seek appropriate solution immediately."</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"">Bhim Ghimire, president of Province 1 chapter of the Confederation of Nepalese Industries, complained that industries were shutting down due to a lack of electricity, high interest rate of banks, and liquidity crisis.</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 that the government should find a timely solution to this problem as the workers would be left unemployed when the industry is shut down, they would not be able to pay the bank installments on time and the government would not be able to levy taxes.</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"">Constituent Assembly member and former president of the Morang Trade Association Pawan Kumar Sharda said that the government had deceived the industrialists and businessmen. He said that the double standard of the banks and the government has worked to bring the industrial sector back to the level it was 10 years ago. </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 banks give loans to the industry but they increase the interest rate unbearably. The government pledges electricity but cuts the supply when the plant is set up. This has put the industrialists in debt trap," he said. </span></span></span></span></p> <p><br /> </p> ', 'published' => true, 'created' => '2022-03-30', 'modified' => '2022-03-30', 'keywords' => '', 'description' => '', 'sortorder' => '14759', 'image' => '20220330051709_c1d0e043-electricity.jpg', 'article_date' => '2022-03-30 17:16:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15016', 'article_category_id' => '1', 'title' => 'Construction Entrepreneurs Affected by Excessive Price Hike', 'sub_title' => '', 'summary' => 'March 30: The Federation of Contractors’ Associations of Nepal (FCAN) has stated that the construction industry of the country is on the verge of collapse due to excessive price hike of construction materials.', '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"">March 30: The Federation of Contractors’ Associations of Nepal (FCAN) has stated that the construction industry of the country is on the verge of collapse due to excessive price hike of construction materials. </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"">FCAN members made such remark during a press conference organized on Tuesday to announce the decision of the national meeting held on March 28. During the press conference, president of the federation, Ravi Singh said that the construction works cannot be carried out in the current situation.</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"">Singh warned that if the decisions taken by the National Assembly on price control are not implemented within the next week, the federation would be forced to launch stern protests. He said that along with the sharp rise in prices of construction materials, their shortage as well as their black marketing has started as well.</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 federation has demanded the Public Procurement Monitoring Office to immediately issue Technical Guidelines No 2 similar to that of 2065 BS for the entrepreneurs to make inflation adjustment in all the projects in line with the Public Procurement Act, 2063 BS. President Singh said that the government of Nepal should declare a 'construction holiday' until the price rise is not controlled. The federation has requested to make the construction industry of the country systematic and dignified by correcting the errors of 11th amendment to the Public Procurement Rules, 2064 BS.</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, president Singh stated that all the projects should be given an extension of one year since it is not possible to complete the construction works by mid-April this year due to the price hike caused by Covid-19 pandemic. </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 addition, the federation has also demanded a one-time waiver of value-added tax and income tax for the contractors who have been affected by the pandemic. </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"">At the press conference, Senior Vice President of the federation, Aang Dorji Lama, General Secretary Roshan Dahal and Deputy Secretary General for Policy Shivahari Ghimire said that the media can play an important role in solving the problems of the construction industry.</span></span></span></span></p> <p><br /> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-30', 'modified' => '2022-03-30', 'keywords' => '', 'description' => '', 'sortorder' => '14758', 'image' => '20220330042113_construction.jpg', 'article_date' => '2022-03-30 16:20:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15015', 'article_category_id' => '1', 'title' => 'Janakpur-Jaynagar Railway to Operate with Passengers from April 2', 'sub_title' => '', 'summary' => 'March 30: The two sets of trains brought from India 19 months back will finally operate with passengers from coming Saturday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 30: The two sets of trains brought from India 19 months back will finally operate with passengers from coming Saturday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prime Minister Sher Bahadur Deuba and his Indian counterpart Narendra Modi will jointly inaugurate the 35-kilometres railway service that stretches from Jayanagar of India to Kurtha in Dhanusha district, informed the Ministry of Physical Infrastructure and Transport. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The inauguration will take place virtually from New Delhi, India during PM Deuba's official visit to India starting from April 1. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">General Manager of the Nepal Railway Company Niranjan Jha informed that the inauguration program has been scheduled for April 2 during the prime minister’s state visit to India.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> “The prime ministers of both the countries will virtually inaugurate the train in the physical presence of the minister for physical infrastructure and transport at the site.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two sets of trains brought in September 2020 were lying at the parking lot till January 2021. The date of operation of the train was repeatedly postponed due to lack of law, staff and budget. The government brought the Railway Ordinance for the third time to remove the legal obstacle to operate the trains. The last ordinance was published in the Nepal Gazette last Wednesday, paving the way to operate the trains.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The trains which stood in the parking lot for a long time were running without passengers since February 13. But now, the trains will be carrying passengers. About 2,600 passengers can travel on the train at once with passengers beyond seating capacity allowed to travel by standing. Jha also informed that the train fare has been fixed at Rs 90 per passenger for general seats and Rs 450 for AC enabled seats.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has announced plans to connect major destinations in the border areas of Nepal and India by rail link, out of which, the Janakpur-Jaynagar rail will be operational in the first phase. The government had bought the train from Indian railway company Konkan with an investment of Rs 1 billion last year. Twenty six employees have come from India to run the train while the state-owned company has hired 56 Nepali employees.</span></span></p> <p> </p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-30', 'modified' => '2022-03-30', 'keywords' => '', 'description' => '', 'sortorder' => '14757', 'image' => '20220330124244_Railwayy (2).jpg', 'article_date' => '2022-03-30 12:41:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15014', 'article_category_id' => '1', 'title' => 'Detailed Study of Kathmandu-Kerung Railway Soon', 'sub_title' => '', 'summary' => 'March 30: The government has decided to approve grant assistance and the technical assistance related to the feasibility study of trans-border railway under the Economic and Technical Cooperation Agreement proposed by the People's Republic of China. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 30: The government has decided to approve grant assistance and the technical assistance related to the feasibility study of trans-border railway under the Economic and Technical Cooperation Agreement proposed by the People's Republic of China. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Government spokesperson and Minister for Communication and Information Technology Gyanendra Bahadur Karki confirmed the decision on Tuesday during a news conference organized at the ministry to unveil the decisions made by a meeting of the Council of Ministers on March 28. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two countries had signed an agreement for further study of the Kerung-Kathmandu railway during the recent state visit of Chinese Foreign Minister Wang Yi.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Keshav Kumar Sharma, joint secretary at the Ministry of Physical Infrastructure and Transport informed said that although the detailed study of the railway will be carried out soon with the help of China, it is not certain when it will start again due to the reappearance of Covid-19 in China.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A preliminary study conducted with the help of the Chinese government had shown that Rs 257 billion would be required to build the Kathmandu-Kerung railway in nine years.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, Minister Karki said the Cabinet meeting decided to extend the term of the agreement with China concerning the survey of oil and natural gas resources in Nepal by two years. The cabinet meeting also decided to approve the letter of intent related to zero customs and quota-free facility between Nepal and China as well as the agreement regarding feasibility of grid connection between the two countries. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the government spokesperson, the meeting decided to declare Tilaurakot Kapilbastu area as a 'protected monument zone'. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Monday's Cabinet meeting has also made appointments to various government bodies. Accordingly, Lekhnath Sharma Pangeni and Dr Jeevan Angai have been appointed the members of Nepal Revenue Advisory Committee, and Sanjeev Jha the General Manager of Dairy Development Corporation. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, Bhairab Raj Regmi has been appointed the member of the National Land Commission while Karuna KC has been designated as the Deputy Director-General of the Survey Department. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has formed a recommendation committee under the convenorship of the Secretary at the Ministry of Communication and Information Technology for appointing a member to Nepal Telecommunication Authority. (With inputs from RSS)</span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-30', 'modified' => '2022-03-30', 'keywords' => '', 'description' => '', 'sortorder' => '14756', 'image' => '20220330122710_Flag-Pins-Nepal-China.jpg', 'article_date' => '2022-03-30 12:26:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15013', 'article_category_id' => '266', 'title' => 'Fanta Apple hits the stores in Nepal', 'sub_title' => '', 'summary' => 'March 29: Bottlers Nepal, the distributor of Coke, Fanta and Sprite, has started selling its new product Fanta Apple in the domestic market of Nepal. ', '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"">March 29: Bottlers Nepal, the distributor of Coke, Fanta and Sprite, has started selling its new product Fanta Apple in the domestic market of Nepal. The company informed that the new product will make consumers feel refreshed.</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"">Along with the new flavor, Fanta also released a new digital video as a part of extensive marketing campaign, which the company claims to add fun and excitement in the lives of the consumers. The video includes digital video and print advertising. Adarsh Avasthi, the country director of Coca-Cola Nepal said, “The new Fanta Apple helps bring freshness and enthusiasm in the daily life of people even in a small amount. We are hopeful that Nepali consumers will like it.”</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"">Managing Director of Bottlers Nepal, Pradip Pandey said that the new product has been introduced in an effort to provide more options for refreshment as per the changing tastes and preferences of the consumers.</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 company informed that two flavors of Fanta, Orange and Apple will be available in Nepal. Fanta Apple will be available in packs of 250 ml and 500 ml all over Nepal.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-29', 'modified' => '2022-03-29', 'keywords' => '', 'description' => '', 'sortorder' => '14755', 'image' => '20220329030655_Picture_20220328172631.jpg', 'article_date' => '2022-03-29 15:06:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15012', 'article_category_id' => '1', 'title' => '‘Immediate Capital Expansion of Insurance Companies Impossible’ ', 'sub_title' => '', 'summary' => 'March 29: Although the Insurance Board of Nepal had issued a circular last Thursday directing insurance companies to increase their paid-up capital, the companies say that they are not in a position to do so under current circumstances. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 29: Although the Insurance Board of Nepal had issued a circular last Thursday directing insurance companies to increase their paid-up capital, the companies say that they are not in a position to do so under current circumstances. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Directors and investors of insurance companies argue that capital expansion is challenging during the Covid-19 pandemic and liquidity crisis continues unabated. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">At present, the minimum paid-up capital of a life insurance company is Rs 2 billion and that of a non-life insurance company is Rs 1 billion. The latest circular of the Insurance Board states that life insurance companies should have a paid-up capital of Rs 5 billion and non-life insurance companies Rs 2.5 billion. The board has directed the insurance companies to increase the minimum paid-up capital by mid-April 2023. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">However, the operators of the insurance companies say that it is not possible to meet the demand of the board in such a short period. They say that the issue of raising capital immediately could be detrimental to the insurance sector. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Chairman of the Non-Life Insurance Practitioners Association Rajendra Malla said that it would be difficult to increase the capital as per the directive of the board. "It is necessary to revise the paid-up capital of the insurance companies with time. But, increasing it suddenly is challenging," he said, adding, "It would have been easier if the board had given at least 3-4 years. It is difficult to increase the paid-up capital by 150 percent in one year." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He said that the liquidity crisis and the economic instability caused by the pandemic have made it difficult to increase investment. "There is a liquidity crunch in the banking sector right now. As a result, there is a shortage of capital in all sectors," he said, "On top of that, inflation has also increased. It's difficult to invest more in this situation." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Furthermore, he said that the new limit on paid-up capital set by the board was more than required in the case of non-life insurance companies. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"At present, the average annual transaction of a non-life insurance company is around Rs 1.5 billion. In this case, I don't think it would be better to make the size of paid-up capital more than Rs 2.5 billion or more than the business transactions. It seems that such a policy has been taken to forcefully merge the companies rather than increase their capital." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Investors of life insurance companies also say that the immediate capital increase is challenging. Stating that it would be difficult to raise the capital immediately, an investor said, "Increasing their paid-up capital in such a short span of time is challenging to life insurance companies as well. The board needs to reconsider its decision." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Chief executive officers (CEOs) of insurance companies say this could lead to a merger. "The best way to raise capital is through rights shares. But shareholders say there is not enough capital," said a CEO of an insurance company. "In that case, the companies would be forced to merge." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Earlier, on January 27, 2018, the board had directed to increase the minimum paid-up capital to Rs 2 billion for life insurance companies and Rs 1 billion for non-life insurance companies. For that, the board gave a deadline till mid-July 2018. However, the companies reached the prescribed paid-up capital only towards mid-April 2020. This time too, there is a challenge for the insurance companies to increase their capital on time. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Investors point out that an increase in capital will reduce the dividend potential of companies. "Now the insurance company will have a lot of paid-up capital. However, the growth of the business will not be immediate," said one investor, "In this case, their dividend potential decreases. Because, we don't make money by investing like a bank. As we do risky business, investment should be done in a safe place. We do not get a huge return. Therefore, the dividend potential seems to be declining." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">This argument is also confirmed by the banking sector as well. With a paid-up capital of Rs 2 billion, commercial banks have an average dividend potential of 30-35 percent. The dividend capacity of commercial banks has been declining after raising their paid-up capital to Rs 8 billion. Last year, the average dividend capacity of commercial banks was only 12-13 percent. Investors say that this could happen in the insurance sector as well. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"Increasing the company's paid-up capital is a good thing in itself. But, the market and the business also need to happen accordingly. When the paid-up capital is more than the business, there will be a problem," said one investor. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Times New Roman","serif"">Investors engaging in discussions</span></strong> </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Directors of insurance companies are preparing for discussion after the board decided to increase the paid-up capital. According to Malla, a memorandum will be submitted to the Insurance Board on the basis of the decision taken during that discussion. "Investors are meeting to discuss the board's decision to increase the paid-up capital. We plan to submit a memorandum to the board with necessary suggestions after the discussion," he said. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-29', 'modified' => '2022-03-29', 'keywords' => '', 'description' => '', 'sortorder' => '14754', 'image' => '20220329024737_Insurance.jpg', 'article_date' => '2022-03-29 14:46:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15011', 'article_category_id' => '1', 'title' => 'Industrialists Struggling to Get Land in Industrial Corridor', 'sub_title' => '', 'summary' => 'March 29: Industrialist Vinay Shah had planned to open a new industry in the Bara-Parsa Industrial Corridor and had allocated money to buy land for establishing the factory.', '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"">March 29: Industrialist Vinay Shah had planned to open a new industry in the Bara-Parsa Industrial Corridor and had allocated money to buy land for establishing the factory. However, after months of struggle, he couldn't find the needed space to set up the factory.</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 simply came to our notice that despite having capital for investment, we couldn’t find land,” complained industrialist Shah.</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"">Shah is not the only industrialist who is facing problems to get land for setting up a new industry in the industrial corridor. Chairman of the Bara-Parsa chapter of the Confederation of Nepalese Industries, Birendra Kumar Shanghai said that it has become very difficult to find land for new industries in this corridor where about a thousand industries are operating.</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"">Investors are attracted to this corridor due to its prime location, physical infrastructure and easy access to sea routes and major ports. Bara-Parsa is expanding as an industrial corridor not because of government incentives but because of this convenience. With the opening of the industry, the price of land has also skyrocketed.</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"">So much so that more than 25 percent of the industry's total investment goes for the purchase of land. "It is now challenging to set up a new industry in the Bara-Parsa corridor," said Hari Gautam, coordinator of the industry committee under the Birgunj Chamber of Commerce and Industry.</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 Birgunj is a suitable area for industrial establishment due to the availability of physical infrastructure and geography, the industrialists said that the government should arrange land for industry in the Bara-Parsa area.</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"">Industrialists say that getting land for industry in Bara-Parsa is almost impossible at the moment, and opening an industry on highly-rated land would be risky. Entrepreneurs say that the price of land that used to be Rs 500,000 per Kattha has now reached as much as Rs 3 million per kattha.</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 Bara-Parsa Industrial Corridor is ahead of other areas in terms of industrial potential. However, a study report made public by Nepal Rastra Bank some time ago said that it is difficult to get land, and even if you get it, you have to pay a high price.</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 industrialists of Birgunj have urged the government to find at least 2,000 bighas of land in the Thori area of Parsa and create a new industrial zone.</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"">Shanghai said that the industrialists would be attracted to the area as the main checkpoint is close to Birgunj, and the postal highway is easily accessible.</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"">Industrialist Shah suggested that the government should sell the land in such areas by preparing the minimum infrastructure required for the industries. “The land should be sold to the industrialists on condition that the industry should be opened within a certain time and the land is utilized for the intended purpose,” he said.</span></span></span></span></p> <p> </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 had announced to create a new industrial zone in the same province five years ago. An industrial zone has been proposed in the Sagarnath forest area of Sarlahi for Madhes Province. However, compared to the Bara-Parsa region, it will not be suitable, says the entrepreneur.</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 Gajendra Narayan Singh Industrial Area which has already been set up in Saptari is not in use.</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 industrialists say they are more interested in this region than the special economic zone of Simara, Bara because of the requirement of export-oriented industries in the SEZ.</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"">Conflict has escalated in the Bara-Parsa corridor due to the simultaneous expansion of industry and human settlements. Entrepreneurs suggest setting standards for expansion of human settlement around the newly opened industrial zone.</span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-29', 'modified' => '2022-03-29', 'keywords' => '', 'description' => '', 'sortorder' => '14753', 'image' => '20220329021109_Industries.jpg', 'article_date' => '2022-03-29 14:10:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15010', 'article_category_id' => '1', 'title' => 'Is it Fair for an Individual or a Group to Run Business Enterprise and Bank Simultaneously? ', 'sub_title' => '', 'summary' => 'March 29: Finance Minister Janardan Sharma on Monday sought the opinion of bankers regarding an individual or a group operating both business enterprise as well as bank at a time.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">March 29: <span style="font-family:"Arial Unicode MS","sans-serif"">Finance Minister Janardan Sharma on Monday sought the opinion of bankers regarding an individual or a group operating both business enterprise as well as bank at a time.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The minister made such query during a discussion with the representatives of banks and financial institutions (BFIs) and the insurance companies at the Ministry of Finance on Monday (March 28). The ministry had organized the discussion to seek the feedback from private sector stakeholders regarding the government’s upcoming policies and programmes as well as the budget for the upcoming fiscal year.</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, Minister Sharma asked whether it was beneficial for the economy for the same individual to be a banker and also a businessperson. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"It seems that the same individual or group is involved in banking sector and business. Is this a good practice? If yes, then I have no objections. But please provide me some suggestions if some amendments are needed in this regard," the finance minister said.</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"">Minister Sharma said that the government had already held similar discussions with stakeholders from the agriculture and education sectors and were now holding discussions with representatives of BFIs and insurance companies.</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"">Minister Sharma also shared his idea of establishing a microfinance fund to provide concessional loan to the general people. </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"">“We are contemplating about setting up a microfinance fund but not to charge high interest. Instead, the fund will be utilized with the concept of providing concessional loans to the general public through microfinance companies,” added the minister.</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 discussion, former vice chair of the National Planning Commission Min Bahadur Shrestha pointed out to the need of attracting foreign direct investment. He opined that the government has invested heavily on insurance for the agriculture sector but the results were not satisfactory. He suggested the government to improve the economy by cracking down hyperfund, cryptocurrency and by controlling the interest skyrocketing interest rates.</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"">Former vice chair of the NPC Dipendra Bahadur Chhetri said that the loan allocated for the agricultural sector was been distributed for the import of industrial and agricultural products and the genuine farmers were deprived from such facility.</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"">He also said that he heard rumors of demonetization for curbing the liquidity crisis. He warned that the notes of Rs 500 denomination accounted for 21 percent of the total money circulating in the market and Rs 1000 denomination notes comprised of 70 percent and said it would be a great challenge for the government to demonetize the currency. </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"">Speaking on the occasion, former chairman of Nepal Bankers’ Association Anil Shah said that the government needs to make new arrangements for renewal of labour permit in order to increase the inflow of remittance by facilitating the Nepali migrant workers aspiring to work overseas.</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 government can find out the estimated earnings of the workers. Therefore, it can keep a record of the money sent back to Nepal and easily find out if it has been sent through official channels or through the illegal hundi system,” said Shah.</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"">Others attending the discussion suggested the government to resume bancassurance service, setting up of an insurance fund, easy access to banking services in all seven provinces among others.</span></span></span></p> ', 'published' => true, 'created' => '2022-03-29', 'modified' => '2022-03-29', 'keywords' => '', 'description' => '', 'sortorder' => '14752', 'image' => '20220329115010_fin min sharma.jpg', 'article_date' => '2022-03-29 11:49:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15009', 'article_category_id' => '1', 'title' => 'Government Introduces Foreign Employment Welfare Information Management System', 'sub_title' => '', 'summary' => 'March 29: The government has introduced the Foreign Employment Welfare Information Management System for the welfare of the Nepali migrant workers.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 29: The government has introduced the Foreign Employment Welfare Information Management System for the welfare of the Nepali migrant workers. According to government sources, the new system that offers various facilities to the workers has come into effect from March 28.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Minister for Labour, Employment and Social Security Krishna Shrestha officially launched the system on Monday to provide welfare services ensured by the state to the Nepali migrant workers. </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, Minister Shrestha said that now the system has been put in place, the outbound Nepali migrant workers with labour permit can claim compensation for death, injury, serious ailment among others within one year of the expiry of the contract period and within one year of the incident. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The migrant workers and their families avail the services online through the website of the Foreign Employment Board (www.feb.gov.np). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the fifth amendment to the Foreign Employment Regulations-2064 BS, the Nepali migrant workers going abroad with labour permit can avail services such as financial assistance in case of injury, educational scholarships for dependent children in case of death of migrant worker, brining home dead bodies of the Nepali migrant workers for free of cost and evacuation of stranded Nepali migrant workers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Furthermore, the beneficiaries of the deceased Nepali migrant workers can claim insurance through the newly introduced system, RSS reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On the occasion, Minister Shrestha shared that a curriculum has been designed to provide on-the-job practical skills training in six various subjects to enlist unemployed youths at the local levels. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, Minister Shrestha shared that the government had taken forward various measures aimed at securing welfare of the outbound and returning Nepali migrant workers such as formulation of new foreign employment policy, preparation for building labour hospital and creating enabling environment at policy level for the Nepali women working as domestic workers abroad to return home and go for foreign employment yet again. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-29', 'modified' => '2022-03-29', 'keywords' => '', 'description' => '', 'sortorder' => '14751', 'image' => '20220329081003_labour.jpg', 'article_date' => '2022-03-29 08:09:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '15021', 'article_category_id' => '1', 'title' => 'NRB Extends Operation Time of RTGS System', 'sub_title' => '', 'summary' => 'March 31: Nepal Rastra Bank has extended the time period for the operation of Real Time Gross Settlement (RTGS) system due to the increase in transactions through the system. ', '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"">March 31: Nepal Rastra Bank has extended the time period for the operation of Real Time Gross Settlement (RTGS) system due to the increase in transactions through the system. </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"">Issuing a notice on Wednesday, Nepal Rastra Bank (NRB) informed that the new trading hours will be implemented from May 15. According to the notice, transactions can be done from 9 am to 5 pm from Sunday to Thursday from January 30 to November 1. The system will be operational from 9 am to 4 pm from November 2 to January 29. On Fridays, transactions can be done from 9 am to 1:30 pm. </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"">Currently, RTGS system can be used to transact more than Rs 200,000 electronically. Currently, banks and financial institutions are using RTGS for most of the electronic payments.</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"">According to the central bank, Rs 3.13 trillion was transacted through RTGS in January 2022 alone. A total of Rs 57.64 billion was transacted through this system in 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"">Recently, the government and NRB have discouraged cash transactions and given priority to electronic payments. The general public is also attracted to the use of electronic payments such as mobile wallets, cards, mobile banking and connect IPS. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-31', 'modified' => '2022-03-31', 'keywords' => '', 'description' => '', 'sortorder' => '14765', 'image' => '20220331013405_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-03-31 13:33:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15023', 'article_category_id' => '1', 'title' => 'Pashupati Biscuits Shut Down Temporarily due to Illegal Imports of Biscuits from India', 'sub_title' => '', 'summary' => 'March 31: Pashupati Biscuits, the first industry of the Chaudhary Group, has been shut down for 15 days.', '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"">March 31: Pashupati Biscuits, the first industry of the Chaudhary Group, has been shut down for 15 days. The industry halted manufacturing after issuing a notice stating that stocks are high and market demand is low. Due to the increase in illegal import of biscuits from India via the open border, there has been a decline in the demand of domestic biscuits in the country.</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"">Bharat Silwal, head of administration of the industry, said that even if production is stopped temporarily, biscuits in stock will continue to be sold in the market and the industry’s branches will operate as usual. Silwal said that the production of Nepali biscuits had to be stopped for a few days due to the problem in power supply, rising prices of raw materials including ghee and the decline in demand in the market due to illegal imports of Indian biscuits. He informed that the production has been stopped for a few days as there is a stock of 60,000 cartoons of biscuits.</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"">This is the first time the industry has been shut down by publishing a public notice. The industry was established 48 years ago in 1973 by Lunkarandas Chaudhary, the founder of Chaudhary Group. Pashupati Biscuits, which opened during the golden age of the establishment of industry in the Sunsari-Morang Industrial Corridor, dominated the Nepali market by about 80 percent. Pashupati Biscuits currently belongs to Basant Chaudhary. Even if the industry is said to be closed temporarily, it may have long-term implications as the market is shrinking and raw materials are becoming more expensive, according to an informed source. The source also said, “Not only Pashupati Biscuits, about 50 percent of the industries will likely be shut down if the current situation persists.”</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"">Silwal informed that the production of the industry will be stopped for 15 days as per Article 15 of the Labor Act 2074 BS. The notice read, “If the industry is to be fully or partially operated during that period, advance notice will be given. The work related to administration, security, accounting and sales department will be carried out as per the need.”</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"">Silwal said that the production has been postponed as per the rules with the approval of the Labor and Employment Office. He reminded that the industry was operating for 24 hours during the lockdown period and before that as well. He added that the operation of the industry had to be reduced to eight hours as it was difficult to compete with the illegally imported biscuits from India after the prohibitory orders were lifted.</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"">According to Silwal, even though the industry was in operation for 8 hours, they haven’t received any new orders. He said, “All the warehouses of the industry are full of manufactured goods. Millions of biscuits have to be stored in the warehouse. We are also facing problems in collecting money from the market. If someone has to pay Rs 1 million, we are able to collect just Rs 25,000. How can the industry be run in such a situation?”</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"">Silwal said that the industry is planning to explore all possible ways to sell the goods stored in the warehouses within 15 days and to collect all the remaining dues.</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 possible to operate an industry without reducing the stock of goods,” said Silwal.</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""> Hira Yadav, president of industry unit of Nepal Trade Union Congress (NTUC), confirmed that industry has been shut down. Yadav said, “The industry closed down as per the rules after paying everyone. None of us are left to receive any due payment. We are hopeful that the production will resume soon.”</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-31', 'modified' => '2022-04-01', 'keywords' => '', 'description' => '', 'sortorder' => '14764', 'image' => '20220401091111_1648702680.पशुपति_बिस्कुट_उद्योग.jpg', 'article_date' => '2022-03-31 14:33:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15022', 'article_category_id' => '1', 'title' => 'PM’s India Visit to Focus on Electricity Trade and JV Projects', 'sub_title' => '', 'summary' => 'March 31: Prime Minister Sher Bahadur Deuba will discuss issues related to energy during his official visit to India. ', '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"">March 31: Prime Minister Sher Bahadur Deuba will discuss issues related to energy during his official visit to India. It is said that the PM has given special attention on the agenda of electricity trade and building hydropower projects in Nepal with joint investment from 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"">Deuba is scheduled to leave for India on Friday (April 1) for a three-day official visit. According to the officials of the Ministry of Energy, Water Resources, and Irrigation, the energy-related agenda are in high priority list of the incumbent government.</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"">According to a government source, the preliminary agenda of the visit has been decided to discuss the energy issue with 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"">The Nepal-India energy meeting held in Kathmandu a month ago also discussed the electricity trade and the construction of hydropower projects with joint ventures. This issue will also be given priority during the Prime Minister's visit to 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"">During the visit, Prime Minister Deuba and Indian Prime Minister Narendra Modi will jointly inaugurate the Solu Corridor 132 KV double circuit transmission line from New Delhi, the capital of India, the ministry said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">On Saturday, the Prime Ministers of both the countries will jointly inaugurate the project through a virtual medium by pressing switch remotely. The construction of the project was completed last December. Now the project is ready be inaugurated and brought into operation. The length of the transmission line from Siraha to Solukhombu via Udayapur and Okhaldhunga is 90 kilometers with 302 towers.</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 project has been built with the investment of the Government of Nepal and a loan from the Export-Import (Exim) Bank of India. India's Mohan Energy Company was awarded the contract to build the project. There were various obstacles during the construction of the project, which was completed last December.</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"">After the project comes into operation, the electricity of the project including Solu Khola with a capacity of 23.5 MW will be connected to the national grid. Most of the projects in the area have not been able to generate electricity due to a lack of transmission lines. It is said that the problem will be solved after the project comes into operation.</span></span></span></span></p> <p><br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2022-03-31', 'modified' => '2022-03-31', 'keywords' => '', 'description' => '', 'sortorder' => '14763', 'image' => '20220331015201_ROS_KTM-4701.JPG', 'article_date' => '2022-03-31 13:51:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15020', 'article_category_id' => '1', 'title' => 'All Ministries urged to Submit their Plans for New Budget within 7 Days', 'sub_title' => '', 'summary' => 'March 31: The Ministry of Finance on Wednesday held discussions with secretaries and joint secretaries of all the ministries regarding the preparation for 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"">March 31: The Ministry of Finance on Wednesday held discussions with secretaries and joint secretaries of all the ministries regarding the preparation for the upcoming fiscal year’s 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"">During the discussion programme, Finance Minister Janardan Sharma directed the federal, state and local levels to submit their action plans and policies for the upcoming fiscal year within the seven days.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">He also instructed not to submit fragmented plans for the upcoming fiscal year. He said that there is a tendency of federal levels to include fragmented plans in the federal budget and skip the work during implementation phase and directed the ministers not to do so.</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"">Finance Minister Sharma has asked all ministries and agencies to submit a plan to reduce current expenditure for the upcoming budget. He said that the progress of the national pride and game changer projects was disappointing, and added that the pace of construction of the national pride projects was very slow. He also emphasized on a budget focused on economic prosperity through increasing production and employment.</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"">During the discussion, Finance Secretary Madhu Kumar Marasini suggested the ministries to present their budget programmes within the limits of financial discipline considering the limited resources of the government.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-31', 'modified' => '2022-03-31', 'keywords' => '', 'description' => '', 'sortorder' => '14762', 'image' => '20220331010945_1648651431.jpg', 'article_date' => '2022-03-31 13:09:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15019', 'article_category_id' => '239', 'title' => 'Inflow of Tourists up in Mustang ', 'sub_title' => '', 'summary' => 'March 31: The inflow of domestic and external tourists has increased in Mustang, considered to be one of the two districts beyond the mountains, with the fear of coronanvirus infection receding of late. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Dhruba Sagar Sharma/RSS </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">March 31: The inflow of domestic and external tourists has increased in Mustang, considered to be one of the two districts beyond the mountains, with the fear of coronanvirus infection receding of late. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Tourism entrepreneurs are delighted at the moment to welcome around 3,000 tourists entering Mustang and Lo-Manthang through land and air routes on a daily basis. </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"">Sources at Jomsom Airport said around 15 flights are taking place a day now in Mustang – the centre of attraction for domestic and external tourists. Likewise, there seems a long queue of vehicles transport means along the Beni-Jomsom road leading to Muktinath and Lo-Manthang. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Tourism entrepreneurs said arrival of tourists has increased significantly in Mustang which saw almost zero arrival of tourists for almost two years during the peak of COVID-19 pandemic. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This is the prime season for tourists and their number has been increasing thanks to the decline in Covid-19 infection and the rise in vaccination drive.</span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">With the festival of Chaite Dashain just around the corner, a huge number of people is expected to offer homage to their ancestors at Kaagbeni of Mustang district.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Devlal Poudel, a local of Gaindakot Municipality-12, Harkapur said, "I found Mustang much more captivating than expected. It was difficult to get hotel room due to huge number of tourists." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Nepalis residing in different countries are also returning home with the advent of cultural fair at Lo-Manthang in upper Mustang. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chief of Jomsom Airport Puskal Raj Sharma informed that 15 flights are taking place daily after Mustang-Pokhara air service resumed since March 6. Each flight has a capacity of 18 passengers. With this, daily 250 plus people are entering Mustang via air route, he informed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Lately over 2,000 tourists are daily entering Mustang on tourist buses, jeeps and motorbike via the land route, the district police office sources said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Hotel entrepreneurs said that the tourism industry which was almost nil is now revitalizing with the rise in the arrival of tourists. </span></span></span></p> ', 'published' => true, 'created' => '2022-03-31', 'modified' => '2022-04-06', 'keywords' => '', 'description' => '', 'sortorder' => '14761', 'image' => '20220331114824_459932_589579011065826_229923417_o.jpg', 'article_date' => '2022-03-31 11:47:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15018', 'article_category_id' => '1', 'title' => 'Government Unlikely to Achieve 7 Percent Growth Target ', 'sub_title' => '', 'summary' => 'March 30: The government is unlikely to achieve the 7 percent economic growth target set for the current fiscal year (FY 2078/79).', '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"">March 30: The government is unlikely to achieve the 7 percent economic growth target set for the current fiscal year (FY 2078/79). Finance Minister Janardan Sharma, who did not change the economic growth target even in the mid-term review of the current fiscal year's budget, admitted that the target would not be achieved. </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 economic growth of above 7 percent was not announced just for the sake of speech, it was meant to be achieved. However, due to the damage caused by the floods and landslides in the agricultural sector in June/July, and the unexpected fluctuations in the international geo-politics, the economic growth rate cannot be achieved," he said at a program in the capital on Tuesday. </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"">Finance Minister Sharma said that the country is poor despite being rich in resources and they are making efforts to move towards prosperity through institutional strengthening. "There is a structural problem, and there can be no qualitative improvement without improving the systemic problem. So we are focused towards achieving that end," he said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to him, the country does not have any policy regarding research and investigation. Further, he said that they are making an effort to bring a budget that emphasises on import replacement and increasing production to eliminate the problem of trade deficit and unemployment. According to him, they are preparing to redefine the projects of national pride. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><em><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Dozens of suggestions for the budget</span></span></em></strong> </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"">Economists, industrialists, bankers and others have given dozens of suggestions, ranging from the recent government-controlled cryptocurrencies to the opening of a policy research center for the budget for the coming 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"">Stating that the new type of digital business has added a challenge to the economy, they have suggested that it should be regulated rather than banned. </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"">Speaking at a discussion program organized in Kathmandu on Tuesday in collaboration between Nepal Economic Association, Confederation of Banks and Financial Institutions Nepal and the Ministry of Finance, economist Dr. Bishwambher Pyakurel said the latest index shows the country's economic situation is not good. </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 that although there may be investment in cryptocurrency due to lack of liquidity, there is no study or research on it. </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 looks like the Nepal Rastra Bank and the CIB have signed the contract. There is no proper study from the government level. Other countries have started keeping statistics of investment in crypto. It is necessary to rethink about cryptocurrency," he said. Stating that public debt is increasing in Nepal, he said that with the increase in debt at the rate of 4-5 percent of GDP every year, it seems that Nepal is heading towards the crisis faced by Sri Lanka. </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 emphasized that the upcoming budget should be aimed at reducing poverty and budget deficit. Economist Keshav Acharya said that imbalance of payments and inflation were the major problems in the economy. Stating that freight rates have increased due to the Russia-Ukraine war, he suggested that Nepal should now review the foreign exchange rate as well. "It has been 31 years that the foreign exchange rate hasn't been changed. Now we have to think about changing it." </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 suggested the government to limit the number of national pride projects and added that the donors should waive the installment during the difficult period that the country is going through.</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 further said that the budget should be prepared in such a way as to provide subsidies to the farmers on the basis of productivity. </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"">Professor Dr Govinda Nepal said that the upcoming budget should be able to create road access to every municipality. "It is necessary to open basic health posts in every municipality and residential school in every district that can accommodate children of at least 2,000 poor people," he said. According to him, the government should now open a policy research center, in which it is necessary to invest Rs 50 million every 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"">Similarly, economist Posharaj Pandey said that the upcoming budget in the post-Covid-19 period should be able to create employment along with economic recovery. He alleged that the Ministry of Finance has become a body to collect revenue and buy votes. </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"">Finance Secretary Madhu Marasini said that the upcoming budget will focus on creating production and employment in the country. He said that the current problems in the economy are unpredictable and they will move ahead by handling the situation.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-30', 'modified' => '2022-03-30', 'keywords' => '', 'description' => '', 'sortorder' => '14760', 'image' => '20220330055409_Inflation.jpg', 'article_date' => '2022-03-30 17:53:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15017', 'article_category_id' => '1', 'title' => 'Sunsari-Morang Industrial Corridor Facing Unannounced Power Cuts', 'sub_title' => '', 'summary' => 'March 30: The production of industries in the Sunsari-Morang Industrial Corridor has been reduced to 40 percent of their capacity following an unannounced load-shedding of 14-hour a day.', '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"">March 30: The production of industries in the Sunsari-Morang Industrial Corridor has been reduced to 40 percent of their capacity following an unannounced load-shedding of 14-hour a day. Industrialists have cried foul to the power cuts to the industry, which is already reeling under liquidity crisis, rising interest rates, and the crisis in Ukraine.</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"">According to the industrialists of the corridor, the Nepal Electricity Authority (NEA) has cut off electricity supply to industries consuming more than one megawatt of electricity on the pretext that it has not been able to import electricity from India due to high cost.</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 Morang Trade Association, Chamber of Industries Morang, and Province 1 chapter of the Confederation of Nepalese Industries held a joint press conference on Tuesday and expressed outrage over the NEA's unusual behavior. They accused the government of conspiring to bring the private sector back to the state of 10 years ago under various pretexts. </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"">Meanwhile, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) said in a press release that the 14-hour power outage in the industrial sector had unexpectedly reduced production, left workers unemployed, and also resulted in failure to pay the bank interest on time. The federation has urged to resolve the issue immediately as it will also affect the government’s revenue collection.</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"">Speaking at the joint press conference, Navin Rijal, president of the Morang Trade Association, said that the industrialists were affected twice when the NEA increased the price of electricity and the Nepal Oil Corporation increased the price of diesel. He said that the industrialists should be able to buy diesel at reasonable charges when the price of electricity goes up, and the price of electricity should go down when the price of diesel goes up.</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"">Rijal argues that the state should ease the current situation by reducing unnecessary expenditure.</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 that there is no need to worry when the banks’ profit declines. According to Rijal, the interest rate should be maintained at 6 percent and Rs 40 billion savings should be brought to the market.</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"">Chairman of the Chamber of Industries Morang, Suyash Raj Pyakurel, said that the NEA has acted strangely by urging them to increase electricity consumption but has cut the supply after 12 noon.</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 that the government should not force the industrialists to buy electricity at expensive rate. He said that the state should not back off saying that there is a problem. “It should seek appropriate solution immediately."</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"">Bhim Ghimire, president of Province 1 chapter of the Confederation of Nepalese Industries, complained that industries were shutting down due to a lack of electricity, high interest rate of banks, and liquidity crisis.</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 that the government should find a timely solution to this problem as the workers would be left unemployed when the industry is shut down, they would not be able to pay the bank installments on time and the government would not be able to levy taxes.</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"">Constituent Assembly member and former president of the Morang Trade Association Pawan Kumar Sharda said that the government had deceived the industrialists and businessmen. He said that the double standard of the banks and the government has worked to bring the industrial sector back to the level it was 10 years ago. </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 banks give loans to the industry but they increase the interest rate unbearably. The government pledges electricity but cuts the supply when the plant is set up. This has put the industrialists in debt trap," he said. </span></span></span></span></p> <p><br /> </p> ', 'published' => true, 'created' => '2022-03-30', 'modified' => '2022-03-30', 'keywords' => '', 'description' => '', 'sortorder' => '14759', 'image' => '20220330051709_c1d0e043-electricity.jpg', 'article_date' => '2022-03-30 17:16:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15016', 'article_category_id' => '1', 'title' => 'Construction Entrepreneurs Affected by Excessive Price Hike', 'sub_title' => '', 'summary' => 'March 30: The Federation of Contractors’ Associations of Nepal (FCAN) has stated that the construction industry of the country is on the verge of collapse due to excessive price hike of construction materials.', '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"">March 30: The Federation of Contractors’ Associations of Nepal (FCAN) has stated that the construction industry of the country is on the verge of collapse due to excessive price hike of construction materials. </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"">FCAN members made such remark during a press conference organized on Tuesday to announce the decision of the national meeting held on March 28. During the press conference, president of the federation, Ravi Singh said that the construction works cannot be carried out in the current situation.</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"">Singh warned that if the decisions taken by the National Assembly on price control are not implemented within the next week, the federation would be forced to launch stern protests. He said that along with the sharp rise in prices of construction materials, their shortage as well as their black marketing has started as well.</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 federation has demanded the Public Procurement Monitoring Office to immediately issue Technical Guidelines No 2 similar to that of 2065 BS for the entrepreneurs to make inflation adjustment in all the projects in line with the Public Procurement Act, 2063 BS. President Singh said that the government of Nepal should declare a 'construction holiday' until the price rise is not controlled. The federation has requested to make the construction industry of the country systematic and dignified by correcting the errors of 11th amendment to the Public Procurement Rules, 2064 BS.</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, president Singh stated that all the projects should be given an extension of one year since it is not possible to complete the construction works by mid-April this year due to the price hike caused by Covid-19 pandemic. </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 addition, the federation has also demanded a one-time waiver of value-added tax and income tax for the contractors who have been affected by the pandemic. </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"">At the press conference, Senior Vice President of the federation, Aang Dorji Lama, General Secretary Roshan Dahal and Deputy Secretary General for Policy Shivahari Ghimire said that the media can play an important role in solving the problems of the construction industry.</span></span></span></span></p> <p><br /> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-30', 'modified' => '2022-03-30', 'keywords' => '', 'description' => '', 'sortorder' => '14758', 'image' => '20220330042113_construction.jpg', 'article_date' => '2022-03-30 16:20:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15015', 'article_category_id' => '1', 'title' => 'Janakpur-Jaynagar Railway to Operate with Passengers from April 2', 'sub_title' => '', 'summary' => 'March 30: The two sets of trains brought from India 19 months back will finally operate with passengers from coming Saturday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 30: The two sets of trains brought from India 19 months back will finally operate with passengers from coming Saturday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prime Minister Sher Bahadur Deuba and his Indian counterpart Narendra Modi will jointly inaugurate the 35-kilometres railway service that stretches from Jayanagar of India to Kurtha in Dhanusha district, informed the Ministry of Physical Infrastructure and Transport. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The inauguration will take place virtually from New Delhi, India during PM Deuba's official visit to India starting from April 1. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">General Manager of the Nepal Railway Company Niranjan Jha informed that the inauguration program has been scheduled for April 2 during the prime minister’s state visit to India.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> “The prime ministers of both the countries will virtually inaugurate the train in the physical presence of the minister for physical infrastructure and transport at the site.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two sets of trains brought in September 2020 were lying at the parking lot till January 2021. The date of operation of the train was repeatedly postponed due to lack of law, staff and budget. The government brought the Railway Ordinance for the third time to remove the legal obstacle to operate the trains. The last ordinance was published in the Nepal Gazette last Wednesday, paving the way to operate the trains.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The trains which stood in the parking lot for a long time were running without passengers since February 13. But now, the trains will be carrying passengers. About 2,600 passengers can travel on the train at once with passengers beyond seating capacity allowed to travel by standing. Jha also informed that the train fare has been fixed at Rs 90 per passenger for general seats and Rs 450 for AC enabled seats.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has announced plans to connect major destinations in the border areas of Nepal and India by rail link, out of which, the Janakpur-Jaynagar rail will be operational in the first phase. The government had bought the train from Indian railway company Konkan with an investment of Rs 1 billion last year. Twenty six employees have come from India to run the train while the state-owned company has hired 56 Nepali employees.</span></span></p> <p> </p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-30', 'modified' => '2022-03-30', 'keywords' => '', 'description' => '', 'sortorder' => '14757', 'image' => '20220330124244_Railwayy (2).jpg', 'article_date' => '2022-03-30 12:41:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15014', 'article_category_id' => '1', 'title' => 'Detailed Study of Kathmandu-Kerung Railway Soon', 'sub_title' => '', 'summary' => 'March 30: The government has decided to approve grant assistance and the technical assistance related to the feasibility study of trans-border railway under the Economic and Technical Cooperation Agreement proposed by the People's Republic of China. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 30: The government has decided to approve grant assistance and the technical assistance related to the feasibility study of trans-border railway under the Economic and Technical Cooperation Agreement proposed by the People's Republic of China. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Government spokesperson and Minister for Communication and Information Technology Gyanendra Bahadur Karki confirmed the decision on Tuesday during a news conference organized at the ministry to unveil the decisions made by a meeting of the Council of Ministers on March 28. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two countries had signed an agreement for further study of the Kerung-Kathmandu railway during the recent state visit of Chinese Foreign Minister Wang Yi.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Keshav Kumar Sharma, joint secretary at the Ministry of Physical Infrastructure and Transport informed said that although the detailed study of the railway will be carried out soon with the help of China, it is not certain when it will start again due to the reappearance of Covid-19 in China.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A preliminary study conducted with the help of the Chinese government had shown that Rs 257 billion would be required to build the Kathmandu-Kerung railway in nine years.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, Minister Karki said the Cabinet meeting decided to extend the term of the agreement with China concerning the survey of oil and natural gas resources in Nepal by two years. The cabinet meeting also decided to approve the letter of intent related to zero customs and quota-free facility between Nepal and China as well as the agreement regarding feasibility of grid connection between the two countries. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the government spokesperson, the meeting decided to declare Tilaurakot Kapilbastu area as a 'protected monument zone'. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Monday's Cabinet meeting has also made appointments to various government bodies. Accordingly, Lekhnath Sharma Pangeni and Dr Jeevan Angai have been appointed the members of Nepal Revenue Advisory Committee, and Sanjeev Jha the General Manager of Dairy Development Corporation. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, Bhairab Raj Regmi has been appointed the member of the National Land Commission while Karuna KC has been designated as the Deputy Director-General of the Survey Department. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has formed a recommendation committee under the convenorship of the Secretary at the Ministry of Communication and Information Technology for appointing a member to Nepal Telecommunication Authority. (With inputs from RSS)</span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-30', 'modified' => '2022-03-30', 'keywords' => '', 'description' => '', 'sortorder' => '14756', 'image' => '20220330122710_Flag-Pins-Nepal-China.jpg', 'article_date' => '2022-03-30 12:26:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15013', 'article_category_id' => '266', 'title' => 'Fanta Apple hits the stores in Nepal', 'sub_title' => '', 'summary' => 'March 29: Bottlers Nepal, the distributor of Coke, Fanta and Sprite, has started selling its new product Fanta Apple in the domestic market of Nepal. ', '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"">March 29: Bottlers Nepal, the distributor of Coke, Fanta and Sprite, has started selling its new product Fanta Apple in the domestic market of Nepal. The company informed that the new product will make consumers feel refreshed.</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"">Along with the new flavor, Fanta also released a new digital video as a part of extensive marketing campaign, which the company claims to add fun and excitement in the lives of the consumers. The video includes digital video and print advertising. Adarsh Avasthi, the country director of Coca-Cola Nepal said, “The new Fanta Apple helps bring freshness and enthusiasm in the daily life of people even in a small amount. We are hopeful that Nepali consumers will like it.”</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"">Managing Director of Bottlers Nepal, Pradip Pandey said that the new product has been introduced in an effort to provide more options for refreshment as per the changing tastes and preferences of the consumers.</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 company informed that two flavors of Fanta, Orange and Apple will be available in Nepal. Fanta Apple will be available in packs of 250 ml and 500 ml all over Nepal.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-29', 'modified' => '2022-03-29', 'keywords' => '', 'description' => '', 'sortorder' => '14755', 'image' => '20220329030655_Picture_20220328172631.jpg', 'article_date' => '2022-03-29 15:06:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15012', 'article_category_id' => '1', 'title' => '‘Immediate Capital Expansion of Insurance Companies Impossible’ ', 'sub_title' => '', 'summary' => 'March 29: Although the Insurance Board of Nepal had issued a circular last Thursday directing insurance companies to increase their paid-up capital, the companies say that they are not in a position to do so under current circumstances. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 29: Although the Insurance Board of Nepal had issued a circular last Thursday directing insurance companies to increase their paid-up capital, the companies say that they are not in a position to do so under current circumstances. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Directors and investors of insurance companies argue that capital expansion is challenging during the Covid-19 pandemic and liquidity crisis continues unabated. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">At present, the minimum paid-up capital of a life insurance company is Rs 2 billion and that of a non-life insurance company is Rs 1 billion. The latest circular of the Insurance Board states that life insurance companies should have a paid-up capital of Rs 5 billion and non-life insurance companies Rs 2.5 billion. The board has directed the insurance companies to increase the minimum paid-up capital by mid-April 2023. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">However, the operators of the insurance companies say that it is not possible to meet the demand of the board in such a short period. They say that the issue of raising capital immediately could be detrimental to the insurance sector. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Chairman of the Non-Life Insurance Practitioners Association Rajendra Malla said that it would be difficult to increase the capital as per the directive of the board. "It is necessary to revise the paid-up capital of the insurance companies with time. But, increasing it suddenly is challenging," he said, adding, "It would have been easier if the board had given at least 3-4 years. It is difficult to increase the paid-up capital by 150 percent in one year." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He said that the liquidity crisis and the economic instability caused by the pandemic have made it difficult to increase investment. "There is a liquidity crunch in the banking sector right now. As a result, there is a shortage of capital in all sectors," he said, "On top of that, inflation has also increased. It's difficult to invest more in this situation." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Furthermore, he said that the new limit on paid-up capital set by the board was more than required in the case of non-life insurance companies. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"At present, the average annual transaction of a non-life insurance company is around Rs 1.5 billion. In this case, I don't think it would be better to make the size of paid-up capital more than Rs 2.5 billion or more than the business transactions. It seems that such a policy has been taken to forcefully merge the companies rather than increase their capital." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Investors of life insurance companies also say that the immediate capital increase is challenging. Stating that it would be difficult to raise the capital immediately, an investor said, "Increasing their paid-up capital in such a short span of time is challenging to life insurance companies as well. The board needs to reconsider its decision." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Chief executive officers (CEOs) of insurance companies say this could lead to a merger. "The best way to raise capital is through rights shares. But shareholders say there is not enough capital," said a CEO of an insurance company. "In that case, the companies would be forced to merge." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Earlier, on January 27, 2018, the board had directed to increase the minimum paid-up capital to Rs 2 billion for life insurance companies and Rs 1 billion for non-life insurance companies. For that, the board gave a deadline till mid-July 2018. However, the companies reached the prescribed paid-up capital only towards mid-April 2020. This time too, there is a challenge for the insurance companies to increase their capital on time. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Investors point out that an increase in capital will reduce the dividend potential of companies. "Now the insurance company will have a lot of paid-up capital. However, the growth of the business will not be immediate," said one investor, "In this case, their dividend potential decreases. Because, we don't make money by investing like a bank. As we do risky business, investment should be done in a safe place. We do not get a huge return. Therefore, the dividend potential seems to be declining." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">This argument is also confirmed by the banking sector as well. With a paid-up capital of Rs 2 billion, commercial banks have an average dividend potential of 30-35 percent. The dividend capacity of commercial banks has been declining after raising their paid-up capital to Rs 8 billion. Last year, the average dividend capacity of commercial banks was only 12-13 percent. Investors say that this could happen in the insurance sector as well. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"Increasing the company's paid-up capital is a good thing in itself. But, the market and the business also need to happen accordingly. When the paid-up capital is more than the business, there will be a problem," said one investor. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Times New Roman","serif"">Investors engaging in discussions</span></strong> </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Directors of insurance companies are preparing for discussion after the board decided to increase the paid-up capital. According to Malla, a memorandum will be submitted to the Insurance Board on the basis of the decision taken during that discussion. "Investors are meeting to discuss the board's decision to increase the paid-up capital. We plan to submit a memorandum to the board with necessary suggestions after the discussion," he said. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-29', 'modified' => '2022-03-29', 'keywords' => '', 'description' => '', 'sortorder' => '14754', 'image' => '20220329024737_Insurance.jpg', 'article_date' => '2022-03-29 14:46:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15011', 'article_category_id' => '1', 'title' => 'Industrialists Struggling to Get Land in Industrial Corridor', 'sub_title' => '', 'summary' => 'March 29: Industrialist Vinay Shah had planned to open a new industry in the Bara-Parsa Industrial Corridor and had allocated money to buy land for establishing the factory.', '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"">March 29: Industrialist Vinay Shah had planned to open a new industry in the Bara-Parsa Industrial Corridor and had allocated money to buy land for establishing the factory. However, after months of struggle, he couldn't find the needed space to set up the factory.</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 simply came to our notice that despite having capital for investment, we couldn’t find land,” complained industrialist Shah.</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"">Shah is not the only industrialist who is facing problems to get land for setting up a new industry in the industrial corridor. Chairman of the Bara-Parsa chapter of the Confederation of Nepalese Industries, Birendra Kumar Shanghai said that it has become very difficult to find land for new industries in this corridor where about a thousand industries are operating.</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"">Investors are attracted to this corridor due to its prime location, physical infrastructure and easy access to sea routes and major ports. Bara-Parsa is expanding as an industrial corridor not because of government incentives but because of this convenience. With the opening of the industry, the price of land has also skyrocketed.</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"">So much so that more than 25 percent of the industry's total investment goes for the purchase of land. "It is now challenging to set up a new industry in the Bara-Parsa corridor," said Hari Gautam, coordinator of the industry committee under the Birgunj Chamber of Commerce and Industry.</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 Birgunj is a suitable area for industrial establishment due to the availability of physical infrastructure and geography, the industrialists said that the government should arrange land for industry in the Bara-Parsa area.</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"">Industrialists say that getting land for industry in Bara-Parsa is almost impossible at the moment, and opening an industry on highly-rated land would be risky. Entrepreneurs say that the price of land that used to be Rs 500,000 per Kattha has now reached as much as Rs 3 million per kattha.</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 Bara-Parsa Industrial Corridor is ahead of other areas in terms of industrial potential. However, a study report made public by Nepal Rastra Bank some time ago said that it is difficult to get land, and even if you get it, you have to pay a high price.</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 industrialists of Birgunj have urged the government to find at least 2,000 bighas of land in the Thori area of Parsa and create a new industrial zone.</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"">Shanghai said that the industrialists would be attracted to the area as the main checkpoint is close to Birgunj, and the postal highway is easily accessible.</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"">Industrialist Shah suggested that the government should sell the land in such areas by preparing the minimum infrastructure required for the industries. “The land should be sold to the industrialists on condition that the industry should be opened within a certain time and the land is utilized for the intended purpose,” he said.</span></span></span></span></p> <p> </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 had announced to create a new industrial zone in the same province five years ago. An industrial zone has been proposed in the Sagarnath forest area of Sarlahi for Madhes Province. However, compared to the Bara-Parsa region, it will not be suitable, says the entrepreneur.</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 Gajendra Narayan Singh Industrial Area which has already been set up in Saptari is not in use.</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 industrialists say they are more interested in this region than the special economic zone of Simara, Bara because of the requirement of export-oriented industries in the SEZ.</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"">Conflict has escalated in the Bara-Parsa corridor due to the simultaneous expansion of industry and human settlements. Entrepreneurs suggest setting standards for expansion of human settlement around the newly opened industrial zone.</span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-29', 'modified' => '2022-03-29', 'keywords' => '', 'description' => '', 'sortorder' => '14753', 'image' => '20220329021109_Industries.jpg', 'article_date' => '2022-03-29 14:10:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15010', 'article_category_id' => '1', 'title' => 'Is it Fair for an Individual or a Group to Run Business Enterprise and Bank Simultaneously? ', 'sub_title' => '', 'summary' => 'March 29: Finance Minister Janardan Sharma on Monday sought the opinion of bankers regarding an individual or a group operating both business enterprise as well as bank at a time.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">March 29: <span style="font-family:"Arial Unicode MS","sans-serif"">Finance Minister Janardan Sharma on Monday sought the opinion of bankers regarding an individual or a group operating both business enterprise as well as bank at a time.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The minister made such query during a discussion with the representatives of banks and financial institutions (BFIs) and the insurance companies at the Ministry of Finance on Monday (March 28). The ministry had organized the discussion to seek the feedback from private sector stakeholders regarding the government’s upcoming policies and programmes as well as the budget for the upcoming fiscal year.</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, Minister Sharma asked whether it was beneficial for the economy for the same individual to be a banker and also a businessperson. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"It seems that the same individual or group is involved in banking sector and business. Is this a good practice? If yes, then I have no objections. But please provide me some suggestions if some amendments are needed in this regard," the finance minister said.</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"">Minister Sharma said that the government had already held similar discussions with stakeholders from the agriculture and education sectors and were now holding discussions with representatives of BFIs and insurance companies.</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"">Minister Sharma also shared his idea of establishing a microfinance fund to provide concessional loan to the general people. </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"">“We are contemplating about setting up a microfinance fund but not to charge high interest. Instead, the fund will be utilized with the concept of providing concessional loans to the general public through microfinance companies,” added the minister.</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 discussion, former vice chair of the National Planning Commission Min Bahadur Shrestha pointed out to the need of attracting foreign direct investment. He opined that the government has invested heavily on insurance for the agriculture sector but the results were not satisfactory. He suggested the government to improve the economy by cracking down hyperfund, cryptocurrency and by controlling the interest skyrocketing interest rates.</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"">Former vice chair of the NPC Dipendra Bahadur Chhetri said that the loan allocated for the agricultural sector was been distributed for the import of industrial and agricultural products and the genuine farmers were deprived from such facility.</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"">He also said that he heard rumors of demonetization for curbing the liquidity crisis. He warned that the notes of Rs 500 denomination accounted for 21 percent of the total money circulating in the market and Rs 1000 denomination notes comprised of 70 percent and said it would be a great challenge for the government to demonetize the currency. </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"">Speaking on the occasion, former chairman of Nepal Bankers’ Association Anil Shah said that the government needs to make new arrangements for renewal of labour permit in order to increase the inflow of remittance by facilitating the Nepali migrant workers aspiring to work overseas.</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 government can find out the estimated earnings of the workers. Therefore, it can keep a record of the money sent back to Nepal and easily find out if it has been sent through official channels or through the illegal hundi system,” said Shah.</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"">Others attending the discussion suggested the government to resume bancassurance service, setting up of an insurance fund, easy access to banking services in all seven provinces among others.</span></span></span></p> ', 'published' => true, 'created' => '2022-03-29', 'modified' => '2022-03-29', 'keywords' => '', 'description' => '', 'sortorder' => '14752', 'image' => '20220329115010_fin min sharma.jpg', 'article_date' => '2022-03-29 11:49:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15009', 'article_category_id' => '1', 'title' => 'Government Introduces Foreign Employment Welfare Information Management System', 'sub_title' => '', 'summary' => 'March 29: The government has introduced the Foreign Employment Welfare Information Management System for the welfare of the Nepali migrant workers.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 29: The government has introduced the Foreign Employment Welfare Information Management System for the welfare of the Nepali migrant workers. According to government sources, the new system that offers various facilities to the workers has come into effect from March 28.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Minister for Labour, Employment and Social Security Krishna Shrestha officially launched the system on Monday to provide welfare services ensured by the state to the Nepali migrant workers. </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, Minister Shrestha said that now the system has been put in place, the outbound Nepali migrant workers with labour permit can claim compensation for death, injury, serious ailment among others within one year of the expiry of the contract period and within one year of the incident. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The migrant workers and their families avail the services online through the website of the Foreign Employment Board (www.feb.gov.np). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the fifth amendment to the Foreign Employment Regulations-2064 BS, the Nepali migrant workers going abroad with labour permit can avail services such as financial assistance in case of injury, educational scholarships for dependent children in case of death of migrant worker, brining home dead bodies of the Nepali migrant workers for free of cost and evacuation of stranded Nepali migrant workers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Furthermore, the beneficiaries of the deceased Nepali migrant workers can claim insurance through the newly introduced system, RSS reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On the occasion, Minister Shrestha shared that a curriculum has been designed to provide on-the-job practical skills training in six various subjects to enlist unemployed youths at the local levels. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, Minister Shrestha shared that the government had taken forward various measures aimed at securing welfare of the outbound and returning Nepali migrant workers such as formulation of new foreign employment policy, preparation for building labour hospital and creating enabling environment at policy level for the Nepali women working as domestic workers abroad to return home and go for foreign employment yet again. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-29', 'modified' => '2022-03-29', 'keywords' => '', 'description' => '', 'sortorder' => '14751', 'image' => '20220329081003_labour.jpg', 'article_date' => '2022-03-29 08:09:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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', '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"">March 31: Nepal Rastra Bank has extended the time period for the operation of Real Time Gross Settlement (RTGS) system due to the increase in transactions through the system. </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"">Issuing a notice on Wednesday, Nepal Rastra Bank (NRB) informed that the new trading hours will be implemented from May 15. According to the notice, transactions can be done from 9 am to 5 pm from Sunday to Thursday from January 30 to November 1. The system will be operational from 9 am to 4 pm from November 2 to January 29. On Fridays, transactions can be done from 9 am to 1:30 pm. </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"">Currently, RTGS system can be used to transact more than Rs 200,000 electronically. Currently, banks and financial institutions are using RTGS for most of the electronic payments.</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"">According to the central bank, Rs 3.13 trillion was transacted through RTGS in January 2022 alone. A total of Rs 57.64 billion was transacted through this system in 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"">Recently, the government and NRB have discouraged cash transactions and given priority to electronic payments. The general public is also attracted to the use of electronic payments such as mobile wallets, cards, mobile banking and connect IPS. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-31', 'modified' => '2022-03-31', 'keywords' => '', 'description' => '', 'sortorder' => '14765', 'image' => '20220331013405_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-03-31 13:33:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15023', 'article_category_id' => '1', 'title' => 'Pashupati Biscuits Shut Down Temporarily due to Illegal Imports of Biscuits from India', 'sub_title' => '', 'summary' => 'March 31: Pashupati Biscuits, the first industry of the Chaudhary Group, has been shut down for 15 days.', '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"">March 31: Pashupati Biscuits, the first industry of the Chaudhary Group, has been shut down for 15 days. The industry halted manufacturing after issuing a notice stating that stocks are high and market demand is low. Due to the increase in illegal import of biscuits from India via the open border, there has been a decline in the demand of domestic biscuits in the country.</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"">Bharat Silwal, head of administration of the industry, said that even if production is stopped temporarily, biscuits in stock will continue to be sold in the market and the industry’s branches will operate as usual. Silwal said that the production of Nepali biscuits had to be stopped for a few days due to the problem in power supply, rising prices of raw materials including ghee and the decline in demand in the market due to illegal imports of Indian biscuits. He informed that the production has been stopped for a few days as there is a stock of 60,000 cartoons of biscuits.</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"">This is the first time the industry has been shut down by publishing a public notice. The industry was established 48 years ago in 1973 by Lunkarandas Chaudhary, the founder of Chaudhary Group. Pashupati Biscuits, which opened during the golden age of the establishment of industry in the Sunsari-Morang Industrial Corridor, dominated the Nepali market by about 80 percent. Pashupati Biscuits currently belongs to Basant Chaudhary. Even if the industry is said to be closed temporarily, it may have long-term implications as the market is shrinking and raw materials are becoming more expensive, according to an informed source. The source also said, “Not only Pashupati Biscuits, about 50 percent of the industries will likely be shut down if the current situation persists.”</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"">Silwal informed that the production of the industry will be stopped for 15 days as per Article 15 of the Labor Act 2074 BS. The notice read, “If the industry is to be fully or partially operated during that period, advance notice will be given. The work related to administration, security, accounting and sales department will be carried out as per the need.”</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"">Silwal said that the production has been postponed as per the rules with the approval of the Labor and Employment Office. He reminded that the industry was operating for 24 hours during the lockdown period and before that as well. He added that the operation of the industry had to be reduced to eight hours as it was difficult to compete with the illegally imported biscuits from India after the prohibitory orders were lifted.</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"">According to Silwal, even though the industry was in operation for 8 hours, they haven’t received any new orders. He said, “All the warehouses of the industry are full of manufactured goods. Millions of biscuits have to be stored in the warehouse. We are also facing problems in collecting money from the market. If someone has to pay Rs 1 million, we are able to collect just Rs 25,000. How can the industry be run in such a situation?”</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"">Silwal said that the industry is planning to explore all possible ways to sell the goods stored in the warehouses within 15 days and to collect all the remaining dues.</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 possible to operate an industry without reducing the stock of goods,” said Silwal.</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""> Hira Yadav, president of industry unit of Nepal Trade Union Congress (NTUC), confirmed that industry has been shut down. Yadav said, “The industry closed down as per the rules after paying everyone. None of us are left to receive any due payment. We are hopeful that the production will resume soon.”</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-31', 'modified' => '2022-04-01', 'keywords' => '', 'description' => '', 'sortorder' => '14764', 'image' => '20220401091111_1648702680.पशुपति_बिस्कुट_उद्योग.jpg', 'article_date' => '2022-03-31 14:33:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15022', 'article_category_id' => '1', 'title' => 'PM’s India Visit to Focus on Electricity Trade and JV Projects', 'sub_title' => '', 'summary' => 'March 31: Prime Minister Sher Bahadur Deuba will discuss issues related to energy during his official visit to India. ', '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"">March 31: Prime Minister Sher Bahadur Deuba will discuss issues related to energy during his official visit to India. It is said that the PM has given special attention on the agenda of electricity trade and building hydropower projects in Nepal with joint investment from 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"">Deuba is scheduled to leave for India on Friday (April 1) for a three-day official visit. According to the officials of the Ministry of Energy, Water Resources, and Irrigation, the energy-related agenda are in high priority list of the incumbent government.</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"">According to a government source, the preliminary agenda of the visit has been decided to discuss the energy issue with 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"">The Nepal-India energy meeting held in Kathmandu a month ago also discussed the electricity trade and the construction of hydropower projects with joint ventures. This issue will also be given priority during the Prime Minister's visit to 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"">During the visit, Prime Minister Deuba and Indian Prime Minister Narendra Modi will jointly inaugurate the Solu Corridor 132 KV double circuit transmission line from New Delhi, the capital of India, the ministry said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">On Saturday, the Prime Ministers of both the countries will jointly inaugurate the project through a virtual medium by pressing switch remotely. The construction of the project was completed last December. Now the project is ready be inaugurated and brought into operation. The length of the transmission line from Siraha to Solukhombu via Udayapur and Okhaldhunga is 90 kilometers with 302 towers.</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 project has been built with the investment of the Government of Nepal and a loan from the Export-Import (Exim) Bank of India. India's Mohan Energy Company was awarded the contract to build the project. There were various obstacles during the construction of the project, which was completed last December.</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"">After the project comes into operation, the electricity of the project including Solu Khola with a capacity of 23.5 MW will be connected to the national grid. Most of the projects in the area have not been able to generate electricity due to a lack of transmission lines. It is said that the problem will be solved after the project comes into operation.</span></span></span></span></p> <p><br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2022-03-31', 'modified' => '2022-03-31', 'keywords' => '', 'description' => '', 'sortorder' => '14763', 'image' => '20220331015201_ROS_KTM-4701.JPG', 'article_date' => '2022-03-31 13:51:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15020', 'article_category_id' => '1', 'title' => 'All Ministries urged to Submit their Plans for New Budget within 7 Days', 'sub_title' => '', 'summary' => 'March 31: The Ministry of Finance on Wednesday held discussions with secretaries and joint secretaries of all the ministries regarding the preparation for 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"">March 31: The Ministry of Finance on Wednesday held discussions with secretaries and joint secretaries of all the ministries regarding the preparation for the upcoming fiscal year’s 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"">During the discussion programme, Finance Minister Janardan Sharma directed the federal, state and local levels to submit their action plans and policies for the upcoming fiscal year within the seven days.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">He also instructed not to submit fragmented plans for the upcoming fiscal year. He said that there is a tendency of federal levels to include fragmented plans in the federal budget and skip the work during implementation phase and directed the ministers not to do so.</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"">Finance Minister Sharma has asked all ministries and agencies to submit a plan to reduce current expenditure for the upcoming budget. He said that the progress of the national pride and game changer projects was disappointing, and added that the pace of construction of the national pride projects was very slow. He also emphasized on a budget focused on economic prosperity through increasing production and employment.</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"">During the discussion, Finance Secretary Madhu Kumar Marasini suggested the ministries to present their budget programmes within the limits of financial discipline considering the limited resources of the government.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-31', 'modified' => '2022-03-31', 'keywords' => '', 'description' => '', 'sortorder' => '14762', 'image' => '20220331010945_1648651431.jpg', 'article_date' => '2022-03-31 13:09:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15019', 'article_category_id' => '239', 'title' => 'Inflow of Tourists up in Mustang ', 'sub_title' => '', 'summary' => 'March 31: The inflow of domestic and external tourists has increased in Mustang, considered to be one of the two districts beyond the mountains, with the fear of coronanvirus infection receding of late. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Dhruba Sagar Sharma/RSS </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">March 31: The inflow of domestic and external tourists has increased in Mustang, considered to be one of the two districts beyond the mountains, with the fear of coronanvirus infection receding of late. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Tourism entrepreneurs are delighted at the moment to welcome around 3,000 tourists entering Mustang and Lo-Manthang through land and air routes on a daily basis. </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"">Sources at Jomsom Airport said around 15 flights are taking place a day now in Mustang – the centre of attraction for domestic and external tourists. Likewise, there seems a long queue of vehicles transport means along the Beni-Jomsom road leading to Muktinath and Lo-Manthang. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Tourism entrepreneurs said arrival of tourists has increased significantly in Mustang which saw almost zero arrival of tourists for almost two years during the peak of COVID-19 pandemic. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This is the prime season for tourists and their number has been increasing thanks to the decline in Covid-19 infection and the rise in vaccination drive.</span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">With the festival of Chaite Dashain just around the corner, a huge number of people is expected to offer homage to their ancestors at Kaagbeni of Mustang district.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Devlal Poudel, a local of Gaindakot Municipality-12, Harkapur said, "I found Mustang much more captivating than expected. It was difficult to get hotel room due to huge number of tourists." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Nepalis residing in different countries are also returning home with the advent of cultural fair at Lo-Manthang in upper Mustang. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chief of Jomsom Airport Puskal Raj Sharma informed that 15 flights are taking place daily after Mustang-Pokhara air service resumed since March 6. Each flight has a capacity of 18 passengers. With this, daily 250 plus people are entering Mustang via air route, he informed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Lately over 2,000 tourists are daily entering Mustang on tourist buses, jeeps and motorbike via the land route, the district police office sources said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Hotel entrepreneurs said that the tourism industry which was almost nil is now revitalizing with the rise in the arrival of tourists. </span></span></span></p> ', 'published' => true, 'created' => '2022-03-31', 'modified' => '2022-04-06', 'keywords' => '', 'description' => '', 'sortorder' => '14761', 'image' => '20220331114824_459932_589579011065826_229923417_o.jpg', 'article_date' => '2022-03-31 11:47:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15018', 'article_category_id' => '1', 'title' => 'Government Unlikely to Achieve 7 Percent Growth Target ', 'sub_title' => '', 'summary' => 'March 30: The government is unlikely to achieve the 7 percent economic growth target set for the current fiscal year (FY 2078/79).', '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"">March 30: The government is unlikely to achieve the 7 percent economic growth target set for the current fiscal year (FY 2078/79). Finance Minister Janardan Sharma, who did not change the economic growth target even in the mid-term review of the current fiscal year's budget, admitted that the target would not be achieved. </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 economic growth of above 7 percent was not announced just for the sake of speech, it was meant to be achieved. However, due to the damage caused by the floods and landslides in the agricultural sector in June/July, and the unexpected fluctuations in the international geo-politics, the economic growth rate cannot be achieved," he said at a program in the capital on Tuesday. </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"">Finance Minister Sharma said that the country is poor despite being rich in resources and they are making efforts to move towards prosperity through institutional strengthening. "There is a structural problem, and there can be no qualitative improvement without improving the systemic problem. So we are focused towards achieving that end," he said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to him, the country does not have any policy regarding research and investigation. Further, he said that they are making an effort to bring a budget that emphasises on import replacement and increasing production to eliminate the problem of trade deficit and unemployment. According to him, they are preparing to redefine the projects of national pride. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><em><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Dozens of suggestions for the budget</span></span></em></strong> </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"">Economists, industrialists, bankers and others have given dozens of suggestions, ranging from the recent government-controlled cryptocurrencies to the opening of a policy research center for the budget for the coming 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"">Stating that the new type of digital business has added a challenge to the economy, they have suggested that it should be regulated rather than banned. </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"">Speaking at a discussion program organized in Kathmandu on Tuesday in collaboration between Nepal Economic Association, Confederation of Banks and Financial Institutions Nepal and the Ministry of Finance, economist Dr. Bishwambher Pyakurel said the latest index shows the country's economic situation is not good. </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 that although there may be investment in cryptocurrency due to lack of liquidity, there is no study or research on it. </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 looks like the Nepal Rastra Bank and the CIB have signed the contract. There is no proper study from the government level. Other countries have started keeping statistics of investment in crypto. It is necessary to rethink about cryptocurrency," he said. Stating that public debt is increasing in Nepal, he said that with the increase in debt at the rate of 4-5 percent of GDP every year, it seems that Nepal is heading towards the crisis faced by Sri Lanka. </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 emphasized that the upcoming budget should be aimed at reducing poverty and budget deficit. Economist Keshav Acharya said that imbalance of payments and inflation were the major problems in the economy. Stating that freight rates have increased due to the Russia-Ukraine war, he suggested that Nepal should now review the foreign exchange rate as well. "It has been 31 years that the foreign exchange rate hasn't been changed. Now we have to think about changing it." </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 suggested the government to limit the number of national pride projects and added that the donors should waive the installment during the difficult period that the country is going through.</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 further said that the budget should be prepared in such a way as to provide subsidies to the farmers on the basis of productivity. </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"">Professor Dr Govinda Nepal said that the upcoming budget should be able to create road access to every municipality. "It is necessary to open basic health posts in every municipality and residential school in every district that can accommodate children of at least 2,000 poor people," he said. According to him, the government should now open a policy research center, in which it is necessary to invest Rs 50 million every 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"">Similarly, economist Posharaj Pandey said that the upcoming budget in the post-Covid-19 period should be able to create employment along with economic recovery. He alleged that the Ministry of Finance has become a body to collect revenue and buy votes. </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"">Finance Secretary Madhu Marasini said that the upcoming budget will focus on creating production and employment in the country. He said that the current problems in the economy are unpredictable and they will move ahead by handling the situation.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-30', 'modified' => '2022-03-30', 'keywords' => '', 'description' => '', 'sortorder' => '14760', 'image' => '20220330055409_Inflation.jpg', 'article_date' => '2022-03-30 17:53:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15017', 'article_category_id' => '1', 'title' => 'Sunsari-Morang Industrial Corridor Facing Unannounced Power Cuts', 'sub_title' => '', 'summary' => 'March 30: The production of industries in the Sunsari-Morang Industrial Corridor has been reduced to 40 percent of their capacity following an unannounced load-shedding of 14-hour a day.', '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"">March 30: The production of industries in the Sunsari-Morang Industrial Corridor has been reduced to 40 percent of their capacity following an unannounced load-shedding of 14-hour a day. Industrialists have cried foul to the power cuts to the industry, which is already reeling under liquidity crisis, rising interest rates, and the crisis in Ukraine.</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"">According to the industrialists of the corridor, the Nepal Electricity Authority (NEA) has cut off electricity supply to industries consuming more than one megawatt of electricity on the pretext that it has not been able to import electricity from India due to high cost.</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 Morang Trade Association, Chamber of Industries Morang, and Province 1 chapter of the Confederation of Nepalese Industries held a joint press conference on Tuesday and expressed outrage over the NEA's unusual behavior. They accused the government of conspiring to bring the private sector back to the state of 10 years ago under various pretexts. </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"">Meanwhile, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) said in a press release that the 14-hour power outage in the industrial sector had unexpectedly reduced production, left workers unemployed, and also resulted in failure to pay the bank interest on time. The federation has urged to resolve the issue immediately as it will also affect the government’s revenue collection.</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"">Speaking at the joint press conference, Navin Rijal, president of the Morang Trade Association, said that the industrialists were affected twice when the NEA increased the price of electricity and the Nepal Oil Corporation increased the price of diesel. He said that the industrialists should be able to buy diesel at reasonable charges when the price of electricity goes up, and the price of electricity should go down when the price of diesel goes up.</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"">Rijal argues that the state should ease the current situation by reducing unnecessary expenditure.</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 that there is no need to worry when the banks’ profit declines. According to Rijal, the interest rate should be maintained at 6 percent and Rs 40 billion savings should be brought to the market.</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"">Chairman of the Chamber of Industries Morang, Suyash Raj Pyakurel, said that the NEA has acted strangely by urging them to increase electricity consumption but has cut the supply after 12 noon.</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 that the government should not force the industrialists to buy electricity at expensive rate. He said that the state should not back off saying that there is a problem. “It should seek appropriate solution immediately."</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"">Bhim Ghimire, president of Province 1 chapter of the Confederation of Nepalese Industries, complained that industries were shutting down due to a lack of electricity, high interest rate of banks, and liquidity crisis.</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 that the government should find a timely solution to this problem as the workers would be left unemployed when the industry is shut down, they would not be able to pay the bank installments on time and the government would not be able to levy taxes.</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"">Constituent Assembly member and former president of the Morang Trade Association Pawan Kumar Sharda said that the government had deceived the industrialists and businessmen. He said that the double standard of the banks and the government has worked to bring the industrial sector back to the level it was 10 years ago. </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 banks give loans to the industry but they increase the interest rate unbearably. The government pledges electricity but cuts the supply when the plant is set up. This has put the industrialists in debt trap," he said. </span></span></span></span></p> <p><br /> </p> ', 'published' => true, 'created' => '2022-03-30', 'modified' => '2022-03-30', 'keywords' => '', 'description' => '', 'sortorder' => '14759', 'image' => '20220330051709_c1d0e043-electricity.jpg', 'article_date' => '2022-03-30 17:16:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15016', 'article_category_id' => '1', 'title' => 'Construction Entrepreneurs Affected by Excessive Price Hike', 'sub_title' => '', 'summary' => 'March 30: The Federation of Contractors’ Associations of Nepal (FCAN) has stated that the construction industry of the country is on the verge of collapse due to excessive price hike of construction materials.', '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"">March 30: The Federation of Contractors’ Associations of Nepal (FCAN) has stated that the construction industry of the country is on the verge of collapse due to excessive price hike of construction materials. </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"">FCAN members made such remark during a press conference organized on Tuesday to announce the decision of the national meeting held on March 28. During the press conference, president of the federation, Ravi Singh said that the construction works cannot be carried out in the current situation.</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"">Singh warned that if the decisions taken by the National Assembly on price control are not implemented within the next week, the federation would be forced to launch stern protests. He said that along with the sharp rise in prices of construction materials, their shortage as well as their black marketing has started as well.</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 federation has demanded the Public Procurement Monitoring Office to immediately issue Technical Guidelines No 2 similar to that of 2065 BS for the entrepreneurs to make inflation adjustment in all the projects in line with the Public Procurement Act, 2063 BS. President Singh said that the government of Nepal should declare a 'construction holiday' until the price rise is not controlled. The federation has requested to make the construction industry of the country systematic and dignified by correcting the errors of 11th amendment to the Public Procurement Rules, 2064 BS.</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, president Singh stated that all the projects should be given an extension of one year since it is not possible to complete the construction works by mid-April this year due to the price hike caused by Covid-19 pandemic. </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 addition, the federation has also demanded a one-time waiver of value-added tax and income tax for the contractors who have been affected by the pandemic. </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"">At the press conference, Senior Vice President of the federation, Aang Dorji Lama, General Secretary Roshan Dahal and Deputy Secretary General for Policy Shivahari Ghimire said that the media can play an important role in solving the problems of the construction industry.</span></span></span></span></p> <p><br /> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-30', 'modified' => '2022-03-30', 'keywords' => '', 'description' => '', 'sortorder' => '14758', 'image' => '20220330042113_construction.jpg', 'article_date' => '2022-03-30 16:20:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15015', 'article_category_id' => '1', 'title' => 'Janakpur-Jaynagar Railway to Operate with Passengers from April 2', 'sub_title' => '', 'summary' => 'March 30: The two sets of trains brought from India 19 months back will finally operate with passengers from coming Saturday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 30: The two sets of trains brought from India 19 months back will finally operate with passengers from coming Saturday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prime Minister Sher Bahadur Deuba and his Indian counterpart Narendra Modi will jointly inaugurate the 35-kilometres railway service that stretches from Jayanagar of India to Kurtha in Dhanusha district, informed the Ministry of Physical Infrastructure and Transport. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The inauguration will take place virtually from New Delhi, India during PM Deuba's official visit to India starting from April 1. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">General Manager of the Nepal Railway Company Niranjan Jha informed that the inauguration program has been scheduled for April 2 during the prime minister’s state visit to India.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> “The prime ministers of both the countries will virtually inaugurate the train in the physical presence of the minister for physical infrastructure and transport at the site.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two sets of trains brought in September 2020 were lying at the parking lot till January 2021. The date of operation of the train was repeatedly postponed due to lack of law, staff and budget. The government brought the Railway Ordinance for the third time to remove the legal obstacle to operate the trains. The last ordinance was published in the Nepal Gazette last Wednesday, paving the way to operate the trains.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The trains which stood in the parking lot for a long time were running without passengers since February 13. But now, the trains will be carrying passengers. About 2,600 passengers can travel on the train at once with passengers beyond seating capacity allowed to travel by standing. Jha also informed that the train fare has been fixed at Rs 90 per passenger for general seats and Rs 450 for AC enabled seats.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has announced plans to connect major destinations in the border areas of Nepal and India by rail link, out of which, the Janakpur-Jaynagar rail will be operational in the first phase. The government had bought the train from Indian railway company Konkan with an investment of Rs 1 billion last year. Twenty six employees have come from India to run the train while the state-owned company has hired 56 Nepali employees.</span></span></p> <p> </p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-30', 'modified' => '2022-03-30', 'keywords' => '', 'description' => '', 'sortorder' => '14757', 'image' => '20220330124244_Railwayy (2).jpg', 'article_date' => '2022-03-30 12:41:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15014', 'article_category_id' => '1', 'title' => 'Detailed Study of Kathmandu-Kerung Railway Soon', 'sub_title' => '', 'summary' => 'March 30: The government has decided to approve grant assistance and the technical assistance related to the feasibility study of trans-border railway under the Economic and Technical Cooperation Agreement proposed by the People's Republic of China. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 30: The government has decided to approve grant assistance and the technical assistance related to the feasibility study of trans-border railway under the Economic and Technical Cooperation Agreement proposed by the People's Republic of China. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Government spokesperson and Minister for Communication and Information Technology Gyanendra Bahadur Karki confirmed the decision on Tuesday during a news conference organized at the ministry to unveil the decisions made by a meeting of the Council of Ministers on March 28. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two countries had signed an agreement for further study of the Kerung-Kathmandu railway during the recent state visit of Chinese Foreign Minister Wang Yi.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Keshav Kumar Sharma, joint secretary at the Ministry of Physical Infrastructure and Transport informed said that although the detailed study of the railway will be carried out soon with the help of China, it is not certain when it will start again due to the reappearance of Covid-19 in China.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A preliminary study conducted with the help of the Chinese government had shown that Rs 257 billion would be required to build the Kathmandu-Kerung railway in nine years.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, Minister Karki said the Cabinet meeting decided to extend the term of the agreement with China concerning the survey of oil and natural gas resources in Nepal by two years. The cabinet meeting also decided to approve the letter of intent related to zero customs and quota-free facility between Nepal and China as well as the agreement regarding feasibility of grid connection between the two countries. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the government spokesperson, the meeting decided to declare Tilaurakot Kapilbastu area as a 'protected monument zone'. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Monday's Cabinet meeting has also made appointments to various government bodies. Accordingly, Lekhnath Sharma Pangeni and Dr Jeevan Angai have been appointed the members of Nepal Revenue Advisory Committee, and Sanjeev Jha the General Manager of Dairy Development Corporation. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, Bhairab Raj Regmi has been appointed the member of the National Land Commission while Karuna KC has been designated as the Deputy Director-General of the Survey Department. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has formed a recommendation committee under the convenorship of the Secretary at the Ministry of Communication and Information Technology for appointing a member to Nepal Telecommunication Authority. (With inputs from RSS)</span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-30', 'modified' => '2022-03-30', 'keywords' => '', 'description' => '', 'sortorder' => '14756', 'image' => '20220330122710_Flag-Pins-Nepal-China.jpg', 'article_date' => '2022-03-30 12:26:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15013', 'article_category_id' => '266', 'title' => 'Fanta Apple hits the stores in Nepal', 'sub_title' => '', 'summary' => 'March 29: Bottlers Nepal, the distributor of Coke, Fanta and Sprite, has started selling its new product Fanta Apple in the domestic market of Nepal. ', '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"">March 29: Bottlers Nepal, the distributor of Coke, Fanta and Sprite, has started selling its new product Fanta Apple in the domestic market of Nepal. The company informed that the new product will make consumers feel refreshed.</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"">Along with the new flavor, Fanta also released a new digital video as a part of extensive marketing campaign, which the company claims to add fun and excitement in the lives of the consumers. The video includes digital video and print advertising. Adarsh Avasthi, the country director of Coca-Cola Nepal said, “The new Fanta Apple helps bring freshness and enthusiasm in the daily life of people even in a small amount. We are hopeful that Nepali consumers will like it.”</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"">Managing Director of Bottlers Nepal, Pradip Pandey said that the new product has been introduced in an effort to provide more options for refreshment as per the changing tastes and preferences of the consumers.</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 company informed that two flavors of Fanta, Orange and Apple will be available in Nepal. Fanta Apple will be available in packs of 250 ml and 500 ml all over Nepal.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-29', 'modified' => '2022-03-29', 'keywords' => '', 'description' => '', 'sortorder' => '14755', 'image' => '20220329030655_Picture_20220328172631.jpg', 'article_date' => '2022-03-29 15:06:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15012', 'article_category_id' => '1', 'title' => '‘Immediate Capital Expansion of Insurance Companies Impossible’ ', 'sub_title' => '', 'summary' => 'March 29: Although the Insurance Board of Nepal had issued a circular last Thursday directing insurance companies to increase their paid-up capital, the companies say that they are not in a position to do so under current circumstances. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 29: Although the Insurance Board of Nepal had issued a circular last Thursday directing insurance companies to increase their paid-up capital, the companies say that they are not in a position to do so under current circumstances. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Directors and investors of insurance companies argue that capital expansion is challenging during the Covid-19 pandemic and liquidity crisis continues unabated. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">At present, the minimum paid-up capital of a life insurance company is Rs 2 billion and that of a non-life insurance company is Rs 1 billion. The latest circular of the Insurance Board states that life insurance companies should have a paid-up capital of Rs 5 billion and non-life insurance companies Rs 2.5 billion. The board has directed the insurance companies to increase the minimum paid-up capital by mid-April 2023. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">However, the operators of the insurance companies say that it is not possible to meet the demand of the board in such a short period. They say that the issue of raising capital immediately could be detrimental to the insurance sector. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Chairman of the Non-Life Insurance Practitioners Association Rajendra Malla said that it would be difficult to increase the capital as per the directive of the board. "It is necessary to revise the paid-up capital of the insurance companies with time. But, increasing it suddenly is challenging," he said, adding, "It would have been easier if the board had given at least 3-4 years. It is difficult to increase the paid-up capital by 150 percent in one year." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He said that the liquidity crisis and the economic instability caused by the pandemic have made it difficult to increase investment. "There is a liquidity crunch in the banking sector right now. As a result, there is a shortage of capital in all sectors," he said, "On top of that, inflation has also increased. It's difficult to invest more in this situation." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Furthermore, he said that the new limit on paid-up capital set by the board was more than required in the case of non-life insurance companies. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"At present, the average annual transaction of a non-life insurance company is around Rs 1.5 billion. In this case, I don't think it would be better to make the size of paid-up capital more than Rs 2.5 billion or more than the business transactions. It seems that such a policy has been taken to forcefully merge the companies rather than increase their capital." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Investors of life insurance companies also say that the immediate capital increase is challenging. Stating that it would be difficult to raise the capital immediately, an investor said, "Increasing their paid-up capital in such a short span of time is challenging to life insurance companies as well. The board needs to reconsider its decision." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Chief executive officers (CEOs) of insurance companies say this could lead to a merger. "The best way to raise capital is through rights shares. But shareholders say there is not enough capital," said a CEO of an insurance company. "In that case, the companies would be forced to merge." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Earlier, on January 27, 2018, the board had directed to increase the minimum paid-up capital to Rs 2 billion for life insurance companies and Rs 1 billion for non-life insurance companies. For that, the board gave a deadline till mid-July 2018. However, the companies reached the prescribed paid-up capital only towards mid-April 2020. This time too, there is a challenge for the insurance companies to increase their capital on time. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Investors point out that an increase in capital will reduce the dividend potential of companies. "Now the insurance company will have a lot of paid-up capital. However, the growth of the business will not be immediate," said one investor, "In this case, their dividend potential decreases. Because, we don't make money by investing like a bank. As we do risky business, investment should be done in a safe place. We do not get a huge return. Therefore, the dividend potential seems to be declining." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">This argument is also confirmed by the banking sector as well. With a paid-up capital of Rs 2 billion, commercial banks have an average dividend potential of 30-35 percent. The dividend capacity of commercial banks has been declining after raising their paid-up capital to Rs 8 billion. Last year, the average dividend capacity of commercial banks was only 12-13 percent. Investors say that this could happen in the insurance sector as well. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"Increasing the company's paid-up capital is a good thing in itself. But, the market and the business also need to happen accordingly. When the paid-up capital is more than the business, there will be a problem," said one investor. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Times New Roman","serif"">Investors engaging in discussions</span></strong> </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Directors of insurance companies are preparing for discussion after the board decided to increase the paid-up capital. According to Malla, a memorandum will be submitted to the Insurance Board on the basis of the decision taken during that discussion. "Investors are meeting to discuss the board's decision to increase the paid-up capital. We plan to submit a memorandum to the board with necessary suggestions after the discussion," he said. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-29', 'modified' => '2022-03-29', 'keywords' => '', 'description' => '', 'sortorder' => '14754', 'image' => '20220329024737_Insurance.jpg', 'article_date' => '2022-03-29 14:46:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15011', 'article_category_id' => '1', 'title' => 'Industrialists Struggling to Get Land in Industrial Corridor', 'sub_title' => '', 'summary' => 'March 29: Industrialist Vinay Shah had planned to open a new industry in the Bara-Parsa Industrial Corridor and had allocated money to buy land for establishing the factory.', '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"">March 29: Industrialist Vinay Shah had planned to open a new industry in the Bara-Parsa Industrial Corridor and had allocated money to buy land for establishing the factory. However, after months of struggle, he couldn't find the needed space to set up the factory.</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 simply came to our notice that despite having capital for investment, we couldn’t find land,” complained industrialist Shah.</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"">Shah is not the only industrialist who is facing problems to get land for setting up a new industry in the industrial corridor. Chairman of the Bara-Parsa chapter of the Confederation of Nepalese Industries, Birendra Kumar Shanghai said that it has become very difficult to find land for new industries in this corridor where about a thousand industries are operating.</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"">Investors are attracted to this corridor due to its prime location, physical infrastructure and easy access to sea routes and major ports. Bara-Parsa is expanding as an industrial corridor not because of government incentives but because of this convenience. With the opening of the industry, the price of land has also skyrocketed.</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"">So much so that more than 25 percent of the industry's total investment goes for the purchase of land. "It is now challenging to set up a new industry in the Bara-Parsa corridor," said Hari Gautam, coordinator of the industry committee under the Birgunj Chamber of Commerce and Industry.</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 Birgunj is a suitable area for industrial establishment due to the availability of physical infrastructure and geography, the industrialists said that the government should arrange land for industry in the Bara-Parsa area.</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"">Industrialists say that getting land for industry in Bara-Parsa is almost impossible at the moment, and opening an industry on highly-rated land would be risky. Entrepreneurs say that the price of land that used to be Rs 500,000 per Kattha has now reached as much as Rs 3 million per kattha.</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 Bara-Parsa Industrial Corridor is ahead of other areas in terms of industrial potential. However, a study report made public by Nepal Rastra Bank some time ago said that it is difficult to get land, and even if you get it, you have to pay a high price.</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 industrialists of Birgunj have urged the government to find at least 2,000 bighas of land in the Thori area of Parsa and create a new industrial zone.</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"">Shanghai said that the industrialists would be attracted to the area as the main checkpoint is close to Birgunj, and the postal highway is easily accessible.</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"">Industrialist Shah suggested that the government should sell the land in such areas by preparing the minimum infrastructure required for the industries. “The land should be sold to the industrialists on condition that the industry should be opened within a certain time and the land is utilized for the intended purpose,” he said.</span></span></span></span></p> <p> </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 had announced to create a new industrial zone in the same province five years ago. An industrial zone has been proposed in the Sagarnath forest area of Sarlahi for Madhes Province. However, compared to the Bara-Parsa region, it will not be suitable, says the entrepreneur.</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 Gajendra Narayan Singh Industrial Area which has already been set up in Saptari is not in use.</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 industrialists say they are more interested in this region than the special economic zone of Simara, Bara because of the requirement of export-oriented industries in the SEZ.</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"">Conflict has escalated in the Bara-Parsa corridor due to the simultaneous expansion of industry and human settlements. Entrepreneurs suggest setting standards for expansion of human settlement around the newly opened industrial zone.</span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-29', 'modified' => '2022-03-29', 'keywords' => '', 'description' => '', 'sortorder' => '14753', 'image' => '20220329021109_Industries.jpg', 'article_date' => '2022-03-29 14:10:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15010', 'article_category_id' => '1', 'title' => 'Is it Fair for an Individual or a Group to Run Business Enterprise and Bank Simultaneously? ', 'sub_title' => '', 'summary' => 'March 29: Finance Minister Janardan Sharma on Monday sought the opinion of bankers regarding an individual or a group operating both business enterprise as well as bank at a time.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">March 29: <span style="font-family:"Arial Unicode MS","sans-serif"">Finance Minister Janardan Sharma on Monday sought the opinion of bankers regarding an individual or a group operating both business enterprise as well as bank at a time.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The minister made such query during a discussion with the representatives of banks and financial institutions (BFIs) and the insurance companies at the Ministry of Finance on Monday (March 28). The ministry had organized the discussion to seek the feedback from private sector stakeholders regarding the government’s upcoming policies and programmes as well as the budget for the upcoming fiscal year.</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, Minister Sharma asked whether it was beneficial for the economy for the same individual to be a banker and also a businessperson. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"It seems that the same individual or group is involved in banking sector and business. Is this a good practice? If yes, then I have no objections. But please provide me some suggestions if some amendments are needed in this regard," the finance minister said.</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"">Minister Sharma said that the government had already held similar discussions with stakeholders from the agriculture and education sectors and were now holding discussions with representatives of BFIs and insurance companies.</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"">Minister Sharma also shared his idea of establishing a microfinance fund to provide concessional loan to the general people. </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"">“We are contemplating about setting up a microfinance fund but not to charge high interest. Instead, the fund will be utilized with the concept of providing concessional loans to the general public through microfinance companies,” added the minister.</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 discussion, former vice chair of the National Planning Commission Min Bahadur Shrestha pointed out to the need of attracting foreign direct investment. He opined that the government has invested heavily on insurance for the agriculture sector but the results were not satisfactory. He suggested the government to improve the economy by cracking down hyperfund, cryptocurrency and by controlling the interest skyrocketing interest rates.</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"">Former vice chair of the NPC Dipendra Bahadur Chhetri said that the loan allocated for the agricultural sector was been distributed for the import of industrial and agricultural products and the genuine farmers were deprived from such facility.</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"">He also said that he heard rumors of demonetization for curbing the liquidity crisis. He warned that the notes of Rs 500 denomination accounted for 21 percent of the total money circulating in the market and Rs 1000 denomination notes comprised of 70 percent and said it would be a great challenge for the government to demonetize the currency. </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"">Speaking on the occasion, former chairman of Nepal Bankers’ Association Anil Shah said that the government needs to make new arrangements for renewal of labour permit in order to increase the inflow of remittance by facilitating the Nepali migrant workers aspiring to work overseas.</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 government can find out the estimated earnings of the workers. Therefore, it can keep a record of the money sent back to Nepal and easily find out if it has been sent through official channels or through the illegal hundi system,” said Shah.</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"">Others attending the discussion suggested the government to resume bancassurance service, setting up of an insurance fund, easy access to banking services in all seven provinces among others.</span></span></span></p> ', 'published' => true, 'created' => '2022-03-29', 'modified' => '2022-03-29', 'keywords' => '', 'description' => '', 'sortorder' => '14752', 'image' => '20220329115010_fin min sharma.jpg', 'article_date' => '2022-03-29 11:49:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15009', 'article_category_id' => '1', 'title' => 'Government Introduces Foreign Employment Welfare Information Management System', 'sub_title' => '', 'summary' => 'March 29: The government has introduced the Foreign Employment Welfare Information Management System for the welfare of the Nepali migrant workers.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 29: The government has introduced the Foreign Employment Welfare Information Management System for the welfare of the Nepali migrant workers. According to government sources, the new system that offers various facilities to the workers has come into effect from March 28.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Minister for Labour, Employment and Social Security Krishna Shrestha officially launched the system on Monday to provide welfare services ensured by the state to the Nepali migrant workers. </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, Minister Shrestha said that now the system has been put in place, the outbound Nepali migrant workers with labour permit can claim compensation for death, injury, serious ailment among others within one year of the expiry of the contract period and within one year of the incident. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The migrant workers and their families avail the services online through the website of the Foreign Employment Board (www.feb.gov.np). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the fifth amendment to the Foreign Employment Regulations-2064 BS, the Nepali migrant workers going abroad with labour permit can avail services such as financial assistance in case of injury, educational scholarships for dependent children in case of death of migrant worker, brining home dead bodies of the Nepali migrant workers for free of cost and evacuation of stranded Nepali migrant workers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Furthermore, the beneficiaries of the deceased Nepali migrant workers can claim insurance through the newly introduced system, RSS reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On the occasion, Minister Shrestha shared that a curriculum has been designed to provide on-the-job practical skills training in six various subjects to enlist unemployed youths at the local levels. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, Minister Shrestha shared that the government had taken forward various measures aimed at securing welfare of the outbound and returning Nepali migrant workers such as formulation of new foreign employment policy, preparation for building labour hospital and creating enabling environment at policy level for the Nepali women working as domestic workers abroad to return home and go for foreign employment yet again. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-29', 'modified' => '2022-03-29', 'keywords' => '', 'description' => '', 'sortorder' => '14751', 'image' => '20220329081003_labour.jpg', 'article_date' => '2022-03-29 08:09:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
