Petroleum Exploration: Drilling Reaches 218 Metres Underground in Dailekh

Jun 02, 2024 0 2 minutes 13 seconds to read

DAILEKH: Workers involved in exploration of petroleum products in Bhairavi Rural Municipality of Dailekh district have so far drilled 218 meters deep in search of fossil fuel in Bhirkhet…

Casino License to be Revoked if not Renewed on Time

Jun 01, 2024 0 1 minutes 11 seconds to read

KATHMANDU: The license of casino operators will be automatically revoked if they do not submit their renewal application by…

NOC Slashes Prices of Petroleum Products

Jun 01, 2024 0 1 minutes 20 seconds to read

KATHMANDU: Nepal Oil Corporation (NOC) has reduced the prices of petrol, diesel, and…

Non-Life Insurance Companies Earn Rs 33 Billion in Premium

May 31, 2024 0 1 minutes 13 seconds to read

Non-life insurance companies have sold off insurance products worth around Rs 33 in the first ten months of the current fiscal year. According to data published by the Nepal Insurance Authority(NIA), 14 non-life insurance companies sold 2,393,182 insurance policies by the end of Baisakh, earning a total insurance premium of Rs 32.87…

Extreme Heat Prompts School Closure in Birendranagar from Sunday

May 31, 2024 0 1 minutes 44 seconds to read

In light of rising temperatures, schools in Birendranagar will be closed starting Sunday. The Private and Boarding Schools Organisation of Nepal (PABSON), the umbrella organization of private and boarding schools in the country, has decided to close schools for a week beginning June 2, citing the scorching…

Agriculture Insurance Scheme Resumes after More than Two Months

May 31, 2024 0 2 minutes 34 seconds to read

KATHMANDU: The government has decided to pay a part of its obligations under the agriculture and livestock insurance, paving the way for resuming the insurance program that has been suspended for two and a half months.…

Budget Contradicts the Spirit of Federalism due to Increase in Conditional Grants

May 31, 2024 0 3 minutes 12 seconds to read

KATHMANDU: Despite the implementation of federalism to extend significant rights to the local levels, the federal government has been allocating the annual budget in a manner that contradicts this purpose.…

Luxury Tax on Hotels and VAT on Airfare Remain Unchanged

May 31, 2024 0 2 minutes 25 seconds to read

KATHMANDU: The government has given continuity to the luxury tax on hotels and the value-added tax (VAT) on airfare in the budget for the upcoming fiscal year.…

Price of Gold Sets New Record of Rs 142,200 Per Tola

May 31, 2024 0 1 minutes 34 seconds to read

KATHMANDU: The price of gold has set an all-time high record and is being traded at Rs 142,200 per tola (11.66 grams) in the domestic market on…

Nepal Improves Budget Transparency, Securing a Score of 50 in the Open Budget Survey

May 31, 2024 0 6 minutes 35 seconds to read

KATHMANDU: The Open Budget Survey (OBS) 2023, conducted by Freedom Forum on behalf of the International Budget Partnership (IBP), has revealed that Nepal improved its budget transparency score to 50, surpassing the global average of 45 out of…

Record High Temperature: Nepalgunj Swelters at 44.2 Degrees Celsius

May 31, 2024 0 3 minutes 9 seconds to read

KATHMANDU: The Weather Forecasting Division reported record high temperatures across the country on Thursday. Nepalgunj witnessed the highest temperature of 44.2 degree…

Nat'l Pride, Strategically Important Projects to Get Continuity in Upcoming FY

May 31, 2024 0 1 minutes 2 seconds to read

KAILALI: Minister for Industry, Commerce and Supplies, Damodar Bhandari, has said the projects of the current fiscal year including those of national pride and strategic importance will be continued in the upcoming fiscal year as…

No Tax Rates Manipulation to Appease Anyone: Finance Minister

May 31, 2024 0 1 minutes 59 seconds to read

Finance Minister Barshaman Pun emphasized that the government will not manipulate tax rates to appease any group, stating that the country's economic development requires a thriving private…

NEPSE Tumbles by 19.89 Points to Close at 2069.53

May 30, 2024 0 1 minutes 5 seconds to read

The Nepal Stock Exchange (NEPSE) Index continued to decline, losing 19.89 points, or 0.95%, to close at 2069.53 on Thursday, the last trading day of the…

Government Hikes Taxes on Electric Vehicles to Raise Resources

May 30, 2024 0 4 minutes 43 seconds to read

KATHMANDU: Contrary to its policy of promoting electric vehicles, the government has increased the tax on their import, citing the lack of resources.…

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NEPSE

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		'Article' => array(
			'id' => '21148',
			'article_category_id' => '1',
			'title' => 'Petroleum Exploration: Drilling Reaches 218 Metres Underground in Dailekh  ',
			'sub_title' => '',
			'summary' => 'DAILEKH: Workers involved in exploration of petroleum products in Bhairavi Rural Municipality of Dailekh district have so far drilled 218 meters deep in search of fossil fuel in Bhirkhet area.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:13.5pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">DAILEKH: Workers involved in exploration of petroleum products in Bhairavi Rural Municipality of Dailekh district have so far drilled 218 meters deep in search of fossil fuel in Bhirkhet area.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:13.5pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">The drilling will be carried out up to 4,500 metres, Prakash Luintel, Information Officer of the Petroleum Exploration Project under the Department of Mines and Geology told the state-owned RSS.&nbsp;&nbsp;&nbsp;&nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:13.5pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">Scores of workers and engineers are involved in the drilling works. They are working in shifts and round the clock with the objective of completing the drilling within the next four months.&nbsp;&nbsp;&nbsp;&nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:13.5pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">The Government of Nepal has started exploration of petroleum products with the grant assistance of Rs 2.50 billion as per an agreement signed with the Chinese government six years ago.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:13.5pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">The government has acquired 45 ropanis of land (one ropani is equivalent to 5476 sq. ft.) at Bhirkhet of Bhairabhi rural municipality-1 for the final survey and the land owners have already been provided with compensation. Twenty seven families received the compensation for the acquired land at the rate of Rs 175,000 per ropani. This survey is said to be significant in determining the volume of raw petroleum products and gas available in the area.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:13.5pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">The drilling is expected to determine the quantity of petroleum products and gas storage. It will also determine the next course of action, Project Chief Dinesh Kumar Napit had told RSS in an earlier interview in April.</span></span> </span></span></p>

<p>&nbsp;</p>
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			'sortorder' => '20875',
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			'id' => '21146',
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			'title' => 'Casino License to be Revoked if not Renewed on Time   ',
			'sub_title' => '',
			'summary' => ' KATHMANDU: The license of casino operators will be automatically revoked if they do not submit their renewal application by mid-June.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">KATHMANDU: The license of casino operators will be automatically revoked if they do not submit their renewal application by mid-June.&nbsp; &nbsp; &nbsp;</span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Spokesperson and Director of the Department of Tourism, Kali Bahadur Bhujel, said the application for the renewal should be submitted one month before their expiry date. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&ldquo;If the application for renewal of license is not submitted by mid-June, it will be automatically cancelled,&rdquo; said Bhujel.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Only a few applications have been received so far for the renewal of the license of casinos. According to him, the government has issued licenses for 28 casinos to operate across the country.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The casinos have to submit the renewal fees along with the documents mentioned as per rule 13 (1) of the Casino Regulations, 2070 in addition to any dues for the renewal of license. -- RSS</span></span></span></p>
',
			'published' => true,
			'created' => '2024-06-01',
			'modified' => '2024-06-01',
			'keywords' => '',
			'description' => '',
			'sortorder' => '20873',
			'image' => '20240601091326_20220221071847_istockphoto-1188013341-612x612.jpg',
			'article_date' => '2024-06-01 21:12:47',
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		'Article' => array(
			'id' => '21145',
			'article_category_id' => '1',
			'title' => 'NOC Slashes Prices of Petroleum Products',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Nepal Oil Corporation (NOC) has reduced the prices of petrol, diesel, and kerosene.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:12.5pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">KATHMANDU: Nepal Oil Corporation (NOC) has reduced the prices of petrol, diesel, and kerosene.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:12.5pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">A meeting of the Board of Directors of NOC on Friday decided to slash the price of petrol by Rs 3 per liter, and the prices of diesel and kerosene by Rs 1 per liter, effective from Saturday.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:12.5pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">This price adjustment comes in response to the list of prices received by the NOC from Indian Oil Corporation, its sole supplier. The reduction also incorporates green tax of Re 1 per litre, which the government introduced in the budget for the upcoming fiscal year.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:12.5pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">As per the revised list received from IOC, the purchase price of petrol has decreased by Rs 4.42 per liter, while the price of diesel and kerosene has decreased by Rs 2.45 per liter.</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'description' => '',
			'sortorder' => '20872',
			'image' => '20240601090816_20240316105907_petroo - Copy.jpg',
			'article_date' => '2024-06-01 21:07:53',
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			'id' => '21144',
			'article_category_id' => '1',
			'title' => 'Non-Life Insurance Companies Earn Rs 33 Billion in Premium',
			'sub_title' => '',
			'summary' => 'Non-life insurance companies have sold off insurance products worth around Rs 33 in the first ten months of the current fiscal year.  According to data published by the Nepal Insurance Authority(NIA), 14 non-life insurance companies sold 2,393,182 insurance policies by the end of Baisakh, earning a total insurance premium of Rs 32.87 billion.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">May 31: Non-life insurance companies have sold off insurance products worth around Rs 33 in the first ten months of the current fiscal year.&nbsp;</span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">&nbsp;According to data published by the Nepal Insurance Authority(NIA), 14 non-life insurance companies sold 2,393,182 insurance policies by the end of Baisakh, earning a total insurance premium of Rs 32.87 billion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Shikhar Insurance Company Limited(SICL) tops the list of companies earning the highest insurance premiums. By the end of Baisakh, the company earned a total insurance premium of Rs 4.54 billion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In second place comes Sagarmatha Lumbini Insurance Company Limited(SALICO), which earned a total insurance premium of Rs 3.88 billion. Siddhartha Premier Insurance Company Limited (SPIL) is in third place, having earned a total insurance premium of Rs 3.18 billion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">National Insurance earned the least insurance premium over the last ten months, with a total of Rs 943.9 million by the end of Baisakh.</span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">&nbsp;Following National, Nepal Insurance Company Limited (NICL)earned the second least, with a total insurance premium of Rs 1.25 billion.</span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2024-05-31',
			'modified' => '2024-05-31',
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			'description' => '',
			'sortorder' => '20871',
			'image' => '20240531064109_collage (2).jpg',
			'article_date' => '2024-05-31 18:40:10',
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			'id' => '21143',
			'article_category_id' => '1',
			'title' => 'Extreme Heat Prompts School Closure in Birendranagar from Sunday',
			'sub_title' => '',
			'summary' => 'In light of rising temperatures, schools in Birendranagar will be closed starting Sunday. The Private and Boarding Schools Organisation of Nepal (PABSON), the umbrella organization of private and boarding schools in the country, has decided to close schools for a week beginning June 2, citing the scorching heat.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">May 31: In light of rising temperatures, schools in Birendranagar will be closed starting Sunday.&nbsp;</span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Private and Boarding Schools Organisation of Nepal (PABSON), the umbrella organization of private and boarding schools in the country, has decided to close schools for a week beginning June 2, citing the scorching heat.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The maximum temperature in Birendranagar was recorded at 40 degrees Celsius on Friday. PABSON Surkhet President Ved Prakash Dhakal stated that they made a collective decision to shut the institutional schools for a week, as the extreme heat could affect the children&#39;s health.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Birendranagar Municipality is also considering closing community schools within the municipality due to the scorching heat, said Dheerendra Sharma Lamsal, Chief of the Municipality&#39;s Education Section.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Lamsal, however, said that an official decision has not been made yet. &quot;We will close the community schools within the municipality from Sunday if the temperature continues to rise as it has been. However, the schools will not be closed if there is a respite from the heat due to rain,&quot; he added.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Meanwhile, the immunization campaign against polio, underway since May 26, is likely to be affected by the school closure.&nbsp;</span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The campaign is scheduled to run until June 8. The immunization program is being conducted at the local level in Surkhet under two phases in coordination with the schools.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The program will run in Birendranagar, Gurbhakot, and Panchapuri municipalities, and in Simta, Barahatal, and Chaukune rural municipalities from June 4 to 8. (RSS)</span></span></p>

<p>&nbsp;</p>
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			'sortorder' => '20870',
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			'article_date' => '2024-05-31 16:40:32',
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		'Article' => array(
			'id' => '21142',
			'article_category_id' => '1',
			'title' => 'Agriculture Insurance Scheme Resumes after More than Two Months',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The government has decided to pay a part of its obligations under the agriculture and livestock insurance, paving the way for resuming the insurance program that has been suspended for two and a half months. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: The government has decided to pay a part of its obligations under the agriculture and livestock insurance, paving the way for resuming the insurance program that has been suspended for two and a half months. The government has been providing relief to the farmers by covering a portion of the premium for insuring their crops and livestock.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">However, the government&#39;s arrears have been increasing due to subsidies being announced without adequate resources. As a result, insurance companies stopped issuing new agricultural and livestock insurance policies from March 14, and farmers have stopped receiving payments for insurance claims.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A meeting chaired by Agriculture and Livestock Development Minister Jwala Kumari Sah on Thursday decided to pay Rs 970 million dues to the insurance companies as per the subsidy announced by the government. This payment will allow the postponed agriculture and livestock insurance program to resume. Minister Sah stated that the ministry will pay Rs 970 million out of Rs 2.17 billion the government is liable to pay the insurance companies, with the remaining amount to be paid by the end of the current fiscal year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Insurance companies had suspended the sale of new policies due to the government&#39;s delay in releasing the subsidy amount. Minister Sah mentioned that the Ministry of Finance has approved Rs 970 million to fulfill the government obligations, which will be disbursed within a week.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Following the decision, insurance companies announced that they would resume selling policies from Friday. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;We have informed all our members to start the insurance scheme from May 31,&quot; said Birendra Bahadur Kshatri, CEO of Siddharth Premier Insurance Limited.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Agriculture and Livestock Insurance Program of the government has faced challenges due to increased subsidies without sufficient resources. According to the ministry&#39;s data, the government&#39;s liability for premium subsidies exceeds the allocated budget. The government allocated only Rs 600 million for agriculture and livestock insurance for the current fiscal year, but the amount owed to insurance companies by mid-March has reached Rs 2.17 billion. Consequently, farmers have been unable to receive payments for their insurance claims on time.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Currently, agricultural insurance covers grains, crops, pulses, legumes, oilseeds, vegetables, mushrooms, fruits, dry fruits, tubers, sugarcanes, spices, and flowers, among others. Livestock insurance covers cattle, sheep, goats, horses, pigs, domesticated animals, birds, fish, and other livestock. Additionally, there is a provision to insure trees and shrubs under herbs.</span></span></p>

<p>&nbsp;</p>
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			'id' => '21141',
			'article_category_id' => '1',
			'title' => 'Budget Contradicts the Spirit of Federalism due to Increase in Conditional Grants ',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Despite the implementation of federalism to extend significant rights to the local levels, the federal government has been allocating the annual budget in a manner that contradicts this purpose. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: Despite the implementation of federalism to extend significant rights to the local levels, the federal government has been allocating the annual budget in a manner that contradicts this purpose. Instead of following the Natural Resources and Finance Commission&#39;s recommendation to grant autonomy to provinces and local levels for selecting and implementing development plans, the federal government increasingly dictates programs and allocates budgets, resulting in a growing share of conditional grants in provincial and local budgets.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">On Tuesday, Finance Minister Barshaman Pun allocated grants of Rs 417 billion for the provinces and local levels. This includes equalization grants, conditional grants, special grants, and supplementary grants. Of this amount, Rs 148 billion has been allocated to the provinces and Rs 88 billion to the local levels as equalization grants for the upcoming fiscal year. Additionally, Rs 234.73 billion have been allocated to the provinces and Rs 2.88 billion to local levels as conditional grants.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the current fiscal year, a total of Rs 146 billion was allocated to the provinces, including Rs 58.67 billion as equalization grants and Rs 87.35 billion to the local levels. Under the conditional grants, Rs 35.72 billion has been allocated to the provinces and Rs 191 billion to the local levels, totaling Rs 227 billion. For the upcoming fiscal year, the share of equalization grants is 35.48 percent and conditional grants is 58.25 percent against 6.55 percent for equalization grants and 56.82 percent for conditional grants in the current year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Finance Commission recommended reducing the portion of conditional grants and increasing equalization grants. Chairman Balananda Paudel noted that the government has ignored these recommendations. &quot;We have been suggesting not to increase the conditional grant,&quot; he said, &quot;But the government doesn&rsquo;t seem to have implemented it in the budget.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The government provides equalization grants based on the expenditure needs and revenue capacity of the state and local levels. Supplementary grants are for specific projects or development works, conditional grants are to be spent in areas designated by the center, and special grants are for conducting special programs. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Rajendra Pyakurel, the executive director of the National Association of Rural Municipalities in Nepal, criticized the government for allocating the budget against the spirit of federalism and the recommendations of the Finance Commission.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;It is against the spirit of federalism to reduce the equalization grants and increase conditional grants,&quot; he said, adding, &quot;It does not strengthen federalism.&quot; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A recent World Bank report on financial federalism in Nepal highlights the need to reduce dependence of provincial and local levels on conditional grants to increase grassroots participation in planning and decision-making processes. The report suggests that increasing equalization subsidies while reducing conditional grants will ensure stronger grassroots participation in planning and decision-making.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the Nepal Fiscal Federalism Update 2024 published by the World Bank, a reduction of available financial resources in fiscal year 2023 for provincial and local governments, mainly due to a decrease in federal revenue, led to the first fiscal deficit at the subnational level since the outset of fiscal federalism in 2017.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'article_date' => '2024-05-31 13:26:12',
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	(int) 7 => array(
		'Article' => array(
			'id' => '21139',
			'article_category_id' => '1',
			'title' => 'Luxury Tax on Hotels and VAT on Airfare Remain Unchanged',
			'sub_title' => '‘Tourism in Nepal Becoming More Expensive Due to Government Policy'',
			'summary' => 'KATHMANDU: The government has given continuity to the luxury tax on hotels and the value-added tax (VAT) on airfare in the budget for the upcoming fiscal year. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: The government has given continuity to the luxury tax on hotels and the value-added tax (VAT) on airfare in the budget for the upcoming fiscal year. Currently, the government imposes a 2 percent luxury tax on hotels and a 13 percent VAT on air tickets. On Tuesday, the government announced the budget for the next fiscal year, drawing criticism from business leaders who raised concerns about the continuation of these taxes.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Hotel Association Nepal (HAN) expressed its views on the budget for the upcoming fiscal year, highlighting concerns over the ongoing luxury tax and VAT. According to a statement issued by HAN, the tax and VAT will make Nepal a more expensive destination, potentially reducing arrival of tourists. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;We requested a revision of this policy for the current year, and the government assured us that the tax would be removed in the budget for 2081/82. However, the continuation of these taxes has drawn HAN&#39;s attention,&rdquo; reads the statement.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">HAN Secretary General Sajan Shakya remarked that Nepal is becoming an expensive destination for tourists due to the government&#39;s tax policy. He believes that the increase in VAT and taxes will discourage tourists from visiting Nepal. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Nepal Association of Tour and Travel Agents (NATTA) also opposed the VAT on air tickets.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">HAN also noted the absence of any mention of the tourism decade (2023-2032) in the budget. The budget does not address the tourism year to be celebrated in 2025 or the operation of two international airports. Despite this, HAN acknowledged that the tourism sector has been identified as one of the five main transformative areas of development in next year&#39;s budget, recognizing its potential for rapid economic benefits.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">HAN welcomed several provisions in the budget, including the preparation to promote major tourist destinations in all seven provinces, the provision of direct bus services from the border to main pilgrimage sites in Nepal, the development of the Buddha, Shiva, and Ramayana circuits for cross-border tourism with India and China, and the provision of a one-stop service for tourists at border areas.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'created' => '2024-05-31',
			'modified' => '2024-05-31',
			'keywords' => '',
			'description' => '',
			'sortorder' => '20867',
			'image' => '20240531011254_Tourist.jpg',
			'article_date' => '2024-05-31 13:11:56',
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	(int) 8 => array(
		'Article' => array(
			'id' => '21140',
			'article_category_id' => '1',
			'title' => 'Price of Gold Sets New Record of Rs 142,200 Per Tola   ',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The price of gold has set an all-time high record and is being traded at Rs 142,200 per tola (11.66 grams) in the domestic market on Friday.    ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: The price of gold has set an all-time high record and is being traded at Rs 142,200 per tola (11.66 grams) in the domestic market on Friday.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the Federation of Nepal Gold and Silver Dealers Association, the price of hallmark gold has increased by Rs 1,700 per tola compared to the previous trading day. The federation has fixed the price of hallmark gold at Rs 142,200 on Friday against Rs 140,500 per tola on Thursday.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Similarly, worked gold is being traded at Rs 141,500 per tola on Friday against Rs 139,800 on Thursday. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Likewise, the price of silver has decreased by Rs 25 per tola. The federation has fixed the price of silver at Rs 1,875 per tola Friday. It was Rs 1,900 per tola on Thursday.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The price of gold has been rising steadily in the past few weeks. The federation fixes the price of gold and silver based on the price in the international market.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The recent geopolitical tension due to the Israel&rsquo;s offensive in Gaza and the Russia-Ukraine war have led to investors to invest in gold considering it as a safe haven in times of turmoil.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&nbsp;</span></span></p>

<p>&nbsp;</p>
',
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	(int) 9 => array(
		'Article' => array(
			'id' => '21138',
			'article_category_id' => '1',
			'title' => 'Nepal Improves Budget Transparency, Securing a Score of 50 in the Open Budget Survey',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The Open Budget Survey (OBS) 2023, conducted by Freedom Forum on behalf of the International Budget Partnership (IBP), has revealed that Nepal improved its budget transparency score to 50, surpassing the global average of 45 out of 100.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: The Open Budget Survey (OBS) 2023, conducted by Freedom Forum on behalf of the International Budget Partnership (IBP), has revealed that Nepal improved its budget transparency score to 50, surpassing the global average of 45 out of 100.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Nepal also scored 31 in public participation in the budgetary process, higher than the global average of 15 out of 100. The survey, first launched in 2006 by the IBP, a non-governmental organization (NGO) dedicated to promoting transparent, inclusive, and accountable government budget processes, measures essential aspects of governance and accountability such as participation, oversight, and transparency. Founded in 1997, IBP aims to enhance governance and reduce global poverty by ensuring that government budgets are managed effectively and equitably.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">However, the survey showed that Nepal scored 36 in legislative oversight, below the global average, while its Supreme Audit Institution (SAI) oversight score was 67, exceeding the global average.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Despite the improvements, Nepal&#39;s budget transparency score falls short of the minimum threshold score of 61, which is considered necessary to foster informed public debate on fiscal policies and practices. According to the IBP&rsquo;s latest survey, Nepal ranked 59th out of 125 countries surveyed in 2023, up from 77th in 2021.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The overall results indicate an improvement in public access to budget information in Nepal. Key budget documents, such as the year-end report, were published on time, unlike in the previous survey cycle in 2021, according to a press statement issued by Freedom Forum, an organization that has been conducting OBS in Nepal since 2009.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">However, despite advocacy efforts from civil society organizations (CSOs) and the media, Nepal has not produced or made publicly available the pre-budget statement (PBS) and Citizen Budget, noted Taranath Dahal, Freedom Forum&#39;s Executive Chief and budget researcher.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The OBS 2023 survey provides an overview of Nepal&rsquo;s current practices related to budget disclosure, opportunities for public engagement in the budget cycle, and effective checks and balances. Public participation is assessed based on formal opportunities for civic organizations and individuals to engage and provide input throughout the budget process. The strength of oversight institutions is measured based on the roles played by legislatures and supreme audit institutions (SAIs).</span></span></p>

<p><strong><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Recommendations for Budget Openness Reforms</span></span></strong></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The OBS has recommended several reforms to improve budget openness in Nepal.&nbsp;</span></span><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">It has suggested including data on the government&#39;s financial position, macroeconomic forecasts, and estimates of expenditure arrears. Publish a glossary of budget terms to improve budget literacy and to improve the comprehensiveness of the enacted budget and other budget documents by publishing disaggregated and machine-readable data.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">It also suggests to include the actual expenditures for administrative and functional classifications, and individual programs as well as to provide information on budget execution at the sub-national level (provinces and municipalities).</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The survey recommends comparing planned revenues and actual outcomes, nonfinancial outcomes, and original macroeconomic forecasts with actual outcomes.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the survey, Nepal needs to work on improving public participation in various budget processes by continuing and sustaining pre-budget consultations with stakeholders, including at the provincial level, and submitting reports to the Parliament.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">It also says that the Ministry of Finance and the Revenue Advisory Committee should inform citizens about which recommendations and inputs were used to improve budget policies.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">It also suggests actively engaging with vulnerable and underrepresented communities, directly or through civil society organizations representing them.</span></span></p>

<p><strong><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Strengthening Legislative Oversight</span></span></strong></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Even though the Supreme Audit Institution of Nepal provides sufficient oversight, Nepal&rsquo;s Federal Parliament offers weak oversight during the budget planning and implementation stages, the survey noted. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">To improve oversight mechanism, the survey suggests submitting the executive&rsquo;s budget proposal to legislators at least two months before the budget year starts.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">It added that legislative committees should examine the executive&rsquo;s budget proposal and publish reports with their analysis online.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A legislative committee should examine in-year budget implementation and publish findings online, added the survey report.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Other recommendations include ensuring the legislature is consulted before the executive shifts funds specified in the enacted budget or reducing spending due to revenue shortfalls during the budget year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A legislative committee should examine the Audit Report and publish findings online, added the report.</span></span></p>

<p><strong><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Global Budget Transparency</span></span></strong></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Global budget transparency has increased by 24% since 2008 but remains below the sufficient level (a score of 61 out of 100) to allow meaningful public engagement. Legislative oversight is also below sufficient levels, and public participation is rare, the survey report added. Average audit oversight scores are sufficient, but challenges remain to ensure governments follow up on audit reports. The COVID-19 pandemic provided an excuse for many governments to sidestep legislative oversight, which has not fully recovered since.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;In these turbulent times, governments can restore public trust by opening up the budget process to meaningful engagement. Engaging the public is a winning proposition,&rdquo; said Ana Patricia Mu&ntilde;oz, Executive Director of IBP. She added that an open budget process is critical to supporting democratic governments in delivering tangible gains to their people.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to Freedom Forum, the Open Budget Survey 2023 assessed 125 countries, representing 95% of the world&rsquo;s population and including budgets totaling more than $33.5 trillion in Fiscal Year 2022. This locally-led process involved in-country researchers, peer reviewers, and government reviewers who completed 30,000 indicators across all surveyed countries, assessing 672 publicly available budget documents and 299 participation mechanisms.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">This latest round comes at a turbulent time of unprecedented challenges. Rising debt, inflation, conflicts, closing civic space, and climate change have led to serious setbacks for many. &nbsp;(With inputs from RSS)</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '21137',
			'article_category_id' => '1',
			'title' => 'Record High Temperature: Nepalgunj Swelters at 44.2 Degrees Celsius   ',
			'sub_title' => 'Light Rain Likely to Occur in Kathmandu this Afternoon',
			'summary' => 'KATHMANDU: The Weather Forecasting Division reported record high temperatures across the country on Thursday. Nepalgunj witnessed the highest temperature of 44.2 degree Celsius.    ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: The Weather Forecasting Division reported record high temperatures across the country on Thursday. Nepalgunj witnessed the highest temperature of 44.2 degree Celsius.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Meteorologist at the Department of Hydrology and Meteorology, Govinda Jha, informed that the temperature measured on Thursday was the highest ever recorded in Nepalgunj.&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Adjacent city Dhangadhi had recorded 44.1 degree Celsius the same day.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Earlier, Bhairahawa had witnessed 43.6 degree Celsius last month.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">On Thursday, Biratnagar sweltered at 41 degree Celsius and Ghorai at 40.2 degree Celsius.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Even the hill cities including the federal capital Kathmandu and tourist capital Pokhara had scorching weathers.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The temperature of Pokhara was 34 degree Celsius and that of Kathmandu was 34.4 degree Celsius on Thursday.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Department of Hydrology and Meteorology said that the country is currently experiencing the partial influence of local and westerly winds, along with low-pressure systems around Bihar, India.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Meanwhile, the weather today will be generally cloudy in Koshi, Madhes, and Bagmati provinces, while it will remain mostly clear in the rest of the country, according to the department.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the daily weather bulletin of the department, light rain accompanied by thunder and lightning is expected in a few places in the Koshi province today. The hill regions of Koshi, Madhes, Bagmati, and Gandaki provinces will be partly to generally cloudy, with fair weather in other parts of the country this afternoon.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Light snowfall is expected in isolated areas of the high hills and mountainous regions of Koshi, Bagmati, and Gandaki provinces.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Tonight, the weather will remain partly to generally cloudy in Koshi, Madhes, Bagmati, and Gandaki provinces. Light to moderate rain with thunder and lightning is likely in a few places in these provinces and at one or two locations in Lumbini province.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the next 24 hours, light to moderate rain with thunder and lightning is expected in several places across the Koshi, Madhes, Bagmati, and Gandaki provinces, and in isolated locations in the Lumbini province. There is also a possibility of light snowfall in the high hills and mountainous regions of Koshi, Bagmati, and Gandaki provinces.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the Meteorological Forecasting Division under the department, light rain with thunder and lightning is expected in the Kathmandu Valley this afternoon. The maximum temperature in Kathmandu will range between 31 and 33 degrees Celsius today. -- RSS</span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&nbsp; </span></span></p>

<p>&nbsp;</p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '21136',
			'article_category_id' => '1',
			'title' => 'Nat'l Pride, Strategically Important Projects to Get Continuity in Upcoming FY   ',
			'sub_title' => '',
			'summary' => 'KAILALI: Minister for Industry, Commerce and Supplies, Damodar Bhandari, has said the projects of the current fiscal year including those of national pride and strategic importance will be continued in the upcoming fiscal year as well.    ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">KAILALI: Minister for Industry, Commerce and Supplies, Damodar Bhandari, has said the projects of the current fiscal year including those of national pride and strategic importance will be continued in the upcoming fiscal year as well.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Speaking at a press meet organised by the Press Chautari Nepal, Kailali on Thursday, the minister said that the government has prioritised giving continuity to the projects of national pride and those related to infrastructure development carrying strategic importance.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Minister Bhandari was hopeful that internal and foreign investment will increase if the government removes policy-level hurdles.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">He said that the government has adopted a policy of promoting youth&#39;s entrepreneurship in sectors such as industries, IT, commerce, and supply to discourage the rising trend of human capital flight. -- RSS</span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '21135',
			'article_category_id' => '1',
			'title' => 'No Tax Rates Manipulation to Appease Anyone: Finance Minister',
			'sub_title' => '',
			'summary' => 'Finance Minister Barshaman Pun emphasized that the government will not manipulate tax rates to appease any group, stating that the country's economic development requires a thriving private sector.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">May 31: Finance Minister Barshaman Pun emphasized that the government will not manipulate tax rates to appease any group, stating that the country&#39;s economic development requires a thriving private sector.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">During a discussion with the Iron Rod Producers Association, Minister Pun addressed their concerns about perceived unfair tax changes in the upcoming fiscal budget. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The association, led by Chairperson Sahil Agrawal, complained about changes in the tax rates on sponge iron, a key material for manufacturing iron rods.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Minister Pun explained that the tax rate adjustments were based on comprehensive data, including reports from the parliamentary committee, the Department of Inland Revenue, historical demands from entrepreneurs, and political recommendations. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Pun insisted that these decisions were fact-based and not influenced by any attempts to appease particular groups or individuals.&nbsp;</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">He reassured the private sector that the government does not aim to suppress industries but to help them become more competitive. While he is open to hearing valid concerns and demands from entrepreneurs, he advised against making tax rate changes a controversial issue.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Minister Pun highlighted that many suggestions from major business organizations, such as the Federation of Nepalese Chambers of Commerce and Industry, Confederation of Nepalese Industries, and Nepal Chamber of Commerce, were incorporated into the budget after pre-budget discussions. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The government also signaled that tax rates should not increase significantly due to the recent economic slowdown. Pun</span></span><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&nbsp;noted that the government has set lower targets for tax rates this year compared to last year&#39;s 41 percent, aiming to give the private sector more breathing space and reduce operational pressures.</span></span></p>

<p>&nbsp;</p>
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			'id' => '21134',
			'article_category_id' => '1',
			'title' => 'NEPSE Tumbles by 19.89 Points to Close at 2069.53',
			'sub_title' => '',
			'summary' => 'The Nepal Stock Exchange (NEPSE) Index continued to decline, losing 19.89 points, or 0.95%, to close at 2069.53 on Thursday, the last trading day of the week.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">May 30: The Nepal Stock Exchange (NEPSE) Index continued to decline, losing 19.89 points, or 0.95%, to close at 2069.53 on Thursday, the last trading day of the week.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">During today&rsquo;s trading session, 311 scrips were traded on the NEPSE through 61,072 transactions. A total of 9,864,482 shares changed hands, resulting in a total turnover of Rs 4.21 billion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Nepal Finance Limited (NFS) led the turnover amount with transactions totaling Rs 19 crores. Nepal Finance Limited (NFS), Upper Lohore Khola Hydropower Company Limited (ULHCL), and Bhagawati Hydropower Company Limited (BGWT) each gained 10% and hit the positive circuit for the day.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In terms of sector indices, all sectors closed in the red territory except the Finance Index, Hydropower Index, and Manufacturing and Processing Index.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Hotels and Tourism Index faced the highest loss at 2.53%, while the Manufacturing and Processing Index posted the maximum gain of 1.23%.</span></span></p>

<p>&nbsp;</p>
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			'title' => 'Government Hikes Taxes on Electric Vehicles to Raise Resources',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Contrary to its policy of promoting electric vehicles, the government has increased the tax on their import, citing the lack of resources. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">KATHMANDU: Contrary to its policy of promoting electric vehicles, the government has increased the tax on their import, citing the lack of resources. The new budget for the next fiscal year (FY 2081/82) has raised the tax on all types of electric four-wheelers.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The government has increased customs and excise duties on electric vehicles (EVs) through the budget announcement. According to the new rates, EVs up to 50 KW will now be subject to a 15 percent customs duty and a 5 percent excise duty. Previously, these vehicles had no excise duty and a 10 percent customs duty. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Similarly, the customs and excise duties for vehicles from 51 to 100 kilowatts have been increased by an additional 5 percentage points each, up from 15 percent customs and 10 percent excise duty. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">For vehicles from 101 to 200 kW, the customs duty has been raised to 30 percent, while the excise duty remains at 20 percent. For vehicles from 201 to 300 kW, the customs duty has been increased by 20 percent, with a 10 percent reduction in excise duty. For vehicles over 300 kW, the customs duty has also increased by 20 percent, with a 10 percent reduction in excise duty. Overall, the tax has increased by 10 percent.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The government has justified this increase by noting a significant decline in revenue from vehicle imports as the imports of electric vehicle have increased, while the imports of petroleum-powered vehicles have fallen. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Officials of the Ministry of Finance claim this move corrects past mistakes. Revenue Secretary Ram Prasad Ghimire stated in a press conference on Wednesday, &quot;Initially, we reduced the tax to promote electric vehicles. It had to be corrected eventually, and this increased tax is a measure of policy reform.&quot;</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">In Nepal, vehicle tax rates are determined by engine capacity and kilowatts, whereas in India, tax rates are based on price. Due to lower taxes, the import of electric vehicles has increased. As a result, the government&rsquo;s revenue collection from vehicle imports has been reduced.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">According to the Department of Customs, the government collected up to Rs 90 billion from the taxes on imports of vehicles and spare parts in FY 2078/79, but it dropped to Rs 33.33 billion in FY 2079/80.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">In the first nine months of the current fiscal year 2080/81, the government has collected only Rs 39.89 billion from vehicle imports. Additionally, 8,497 electric four-wheelers were imported in the first 10 months of the current year, compared to 4,050 in the previous year.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Despite the government&#39;s goal to increase the usage of electric vehicles, as outlined in the Paris Agreement on climate change, which targets 25 percent electrification of total vehicle sales and 20 percent of four-wheeler public vehicle sales by 2025, and 90 percent and 60 percent respectively by 2030, importers of electric vehicles criticized the government&#39;s unstable policy. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Over recent years, the government has frequently changed the tax rates on imports of electric vehicles. An official from SPG Automobile, which sells Omoda-5 electric vehicles, told New Business Age that the tax increase would negatively impact promotion of electric vehicles in Nepal.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The NADA Automobiles Association of Nepal has requested a definite and long-term policy for electric vehicles but received no response. NADA General Secretary Surendra Kumar Upreti pointed out the inconsistency between the government&#39;s stated priorities and actions. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">&quot;Frequent changes in government policy will have a serious impact on the electric vehicle business,&quot; he said, adding that such instability discourages potential entrepreneurs from producing electric vehicles in Nepal.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Revenue Secretary Ghimire argued that despite the tax increase, it would not adversely affect the imports of electric vehicle. He explained that while the government initially set low tax rates to promote EVs, it now needed to adjust them to meet revenue targets, especially given the increased import of 50 to 100 kilowatt EVs.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Overall, the fluctuating tax policies have raised concerns among electric vehicle importers and industry stakeholders, who are calling for more stable and supportive government policies to foster long-term growth and sustainability in the sector.</span></span></span></p>
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			'id' => '21148',
			'article_category_id' => '1',
			'title' => 'Petroleum Exploration: Drilling Reaches 218 Metres Underground in Dailekh  ',
			'sub_title' => '',
			'summary' => 'DAILEKH: Workers involved in exploration of petroleum products in Bhairavi Rural Municipality of Dailekh district have so far drilled 218 meters deep in search of fossil fuel in Bhirkhet area.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:13.5pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">DAILEKH: Workers involved in exploration of petroleum products in Bhairavi Rural Municipality of Dailekh district have so far drilled 218 meters deep in search of fossil fuel in Bhirkhet area.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:13.5pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">The drilling will be carried out up to 4,500 metres, Prakash Luintel, Information Officer of the Petroleum Exploration Project under the Department of Mines and Geology told the state-owned RSS.&nbsp;&nbsp;&nbsp;&nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:13.5pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">Scores of workers and engineers are involved in the drilling works. They are working in shifts and round the clock with the objective of completing the drilling within the next four months.&nbsp;&nbsp;&nbsp;&nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:13.5pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">The Government of Nepal has started exploration of petroleum products with the grant assistance of Rs 2.50 billion as per an agreement signed with the Chinese government six years ago.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:13.5pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">The government has acquired 45 ropanis of land (one ropani is equivalent to 5476 sq. ft.) at Bhirkhet of Bhairabhi rural municipality-1 for the final survey and the land owners have already been provided with compensation. Twenty seven families received the compensation for the acquired land at the rate of Rs 175,000 per ropani. This survey is said to be significant in determining the volume of raw petroleum products and gas available in the area.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:13.5pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">The drilling is expected to determine the quantity of petroleum products and gas storage. It will also determine the next course of action, Project Chief Dinesh Kumar Napit had told RSS in an earlier interview in April.</span></span> </span></span></p>

<p>&nbsp;</p>
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			'title' => 'Casino License to be Revoked if not Renewed on Time   ',
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			'summary' => ' KATHMANDU: The license of casino operators will be automatically revoked if they do not submit their renewal application by mid-June.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">KATHMANDU: The license of casino operators will be automatically revoked if they do not submit their renewal application by mid-June.&nbsp; &nbsp; &nbsp;</span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Spokesperson and Director of the Department of Tourism, Kali Bahadur Bhujel, said the application for the renewal should be submitted one month before their expiry date. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&ldquo;If the application for renewal of license is not submitted by mid-June, it will be automatically cancelled,&rdquo; said Bhujel.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Only a few applications have been received so far for the renewal of the license of casinos. According to him, the government has issued licenses for 28 casinos to operate across the country.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The casinos have to submit the renewal fees along with the documents mentioned as per rule 13 (1) of the Casino Regulations, 2070 in addition to any dues for the renewal of license. -- RSS</span></span></span></p>
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			'title' => 'NOC Slashes Prices of Petroleum Products',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Nepal Oil Corporation (NOC) has reduced the prices of petrol, diesel, and kerosene.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:12.5pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">KATHMANDU: Nepal Oil Corporation (NOC) has reduced the prices of petrol, diesel, and kerosene.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:12.5pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">A meeting of the Board of Directors of NOC on Friday decided to slash the price of petrol by Rs 3 per liter, and the prices of diesel and kerosene by Rs 1 per liter, effective from Saturday.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:12.5pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">This price adjustment comes in response to the list of prices received by the NOC from Indian Oil Corporation, its sole supplier. The reduction also incorporates green tax of Re 1 per litre, which the government introduced in the budget for the upcoming fiscal year.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:12.5pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">As per the revised list received from IOC, the purchase price of petrol has decreased by Rs 4.42 per liter, while the price of diesel and kerosene has decreased by Rs 2.45 per liter.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 3 => array(
		'Article' => array(
			'id' => '21144',
			'article_category_id' => '1',
			'title' => 'Non-Life Insurance Companies Earn Rs 33 Billion in Premium',
			'sub_title' => '',
			'summary' => 'Non-life insurance companies have sold off insurance products worth around Rs 33 in the first ten months of the current fiscal year.  According to data published by the Nepal Insurance Authority(NIA), 14 non-life insurance companies sold 2,393,182 insurance policies by the end of Baisakh, earning a total insurance premium of Rs 32.87 billion.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">May 31: Non-life insurance companies have sold off insurance products worth around Rs 33 in the first ten months of the current fiscal year.&nbsp;</span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">&nbsp;According to data published by the Nepal Insurance Authority(NIA), 14 non-life insurance companies sold 2,393,182 insurance policies by the end of Baisakh, earning a total insurance premium of Rs 32.87 billion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Shikhar Insurance Company Limited(SICL) tops the list of companies earning the highest insurance premiums. By the end of Baisakh, the company earned a total insurance premium of Rs 4.54 billion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In second place comes Sagarmatha Lumbini Insurance Company Limited(SALICO), which earned a total insurance premium of Rs 3.88 billion. Siddhartha Premier Insurance Company Limited (SPIL) is in third place, having earned a total insurance premium of Rs 3.18 billion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">National Insurance earned the least insurance premium over the last ten months, with a total of Rs 943.9 million by the end of Baisakh.</span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">&nbsp;Following National, Nepal Insurance Company Limited (NICL)earned the second least, with a total insurance premium of Rs 1.25 billion.</span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2024-05-31',
			'modified' => '2024-05-31',
			'keywords' => '',
			'description' => '',
			'sortorder' => '20871',
			'image' => '20240531064109_collage (2).jpg',
			'article_date' => '2024-05-31 18:40:10',
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	(int) 4 => array(
		'Article' => array(
			'id' => '21143',
			'article_category_id' => '1',
			'title' => 'Extreme Heat Prompts School Closure in Birendranagar from Sunday',
			'sub_title' => '',
			'summary' => 'In light of rising temperatures, schools in Birendranagar will be closed starting Sunday. The Private and Boarding Schools Organisation of Nepal (PABSON), the umbrella organization of private and boarding schools in the country, has decided to close schools for a week beginning June 2, citing the scorching heat.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">May 31: In light of rising temperatures, schools in Birendranagar will be closed starting Sunday.&nbsp;</span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Private and Boarding Schools Organisation of Nepal (PABSON), the umbrella organization of private and boarding schools in the country, has decided to close schools for a week beginning June 2, citing the scorching heat.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The maximum temperature in Birendranagar was recorded at 40 degrees Celsius on Friday. PABSON Surkhet President Ved Prakash Dhakal stated that they made a collective decision to shut the institutional schools for a week, as the extreme heat could affect the children&#39;s health.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Birendranagar Municipality is also considering closing community schools within the municipality due to the scorching heat, said Dheerendra Sharma Lamsal, Chief of the Municipality&#39;s Education Section.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Lamsal, however, said that an official decision has not been made yet. &quot;We will close the community schools within the municipality from Sunday if the temperature continues to rise as it has been. However, the schools will not be closed if there is a respite from the heat due to rain,&quot; he added.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Meanwhile, the immunization campaign against polio, underway since May 26, is likely to be affected by the school closure.&nbsp;</span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The campaign is scheduled to run until June 8. The immunization program is being conducted at the local level in Surkhet under two phases in coordination with the schools.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The program will run in Birendranagar, Gurbhakot, and Panchapuri municipalities, and in Simta, Barahatal, and Chaukune rural municipalities from June 4 to 8. (RSS)</span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2024-05-31',
			'modified' => '2024-05-31',
			'keywords' => '',
			'description' => '',
			'sortorder' => '20870',
			'image' => '20240531044152_collage (1).jpg',
			'article_date' => '2024-05-31 16:40:32',
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	(int) 5 => array(
		'Article' => array(
			'id' => '21142',
			'article_category_id' => '1',
			'title' => 'Agriculture Insurance Scheme Resumes after More than Two Months',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The government has decided to pay a part of its obligations under the agriculture and livestock insurance, paving the way for resuming the insurance program that has been suspended for two and a half months. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: The government has decided to pay a part of its obligations under the agriculture and livestock insurance, paving the way for resuming the insurance program that has been suspended for two and a half months. The government has been providing relief to the farmers by covering a portion of the premium for insuring their crops and livestock.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">However, the government&#39;s arrears have been increasing due to subsidies being announced without adequate resources. As a result, insurance companies stopped issuing new agricultural and livestock insurance policies from March 14, and farmers have stopped receiving payments for insurance claims.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A meeting chaired by Agriculture and Livestock Development Minister Jwala Kumari Sah on Thursday decided to pay Rs 970 million dues to the insurance companies as per the subsidy announced by the government. This payment will allow the postponed agriculture and livestock insurance program to resume. Minister Sah stated that the ministry will pay Rs 970 million out of Rs 2.17 billion the government is liable to pay the insurance companies, with the remaining amount to be paid by the end of the current fiscal year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Insurance companies had suspended the sale of new policies due to the government&#39;s delay in releasing the subsidy amount. Minister Sah mentioned that the Ministry of Finance has approved Rs 970 million to fulfill the government obligations, which will be disbursed within a week.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Following the decision, insurance companies announced that they would resume selling policies from Friday. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;We have informed all our members to start the insurance scheme from May 31,&quot; said Birendra Bahadur Kshatri, CEO of Siddharth Premier Insurance Limited.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Agriculture and Livestock Insurance Program of the government has faced challenges due to increased subsidies without sufficient resources. According to the ministry&#39;s data, the government&#39;s liability for premium subsidies exceeds the allocated budget. The government allocated only Rs 600 million for agriculture and livestock insurance for the current fiscal year, but the amount owed to insurance companies by mid-March has reached Rs 2.17 billion. Consequently, farmers have been unable to receive payments for their insurance claims on time.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Currently, agricultural insurance covers grains, crops, pulses, legumes, oilseeds, vegetables, mushrooms, fruits, dry fruits, tubers, sugarcanes, spices, and flowers, among others. Livestock insurance covers cattle, sheep, goats, horses, pigs, domesticated animals, birds, fish, and other livestock. Additionally, there is a provision to insure trees and shrubs under herbs.</span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2024-05-31',
			'modified' => '2024-05-31',
			'keywords' => '',
			'description' => '',
			'sortorder' => '20869',
			'image' => '20240531012757_Wheat_photo-cred-Adobe-stock_E-2.jpg',
			'article_date' => '2024-05-31 13:27:17',
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	(int) 6 => array(
		'Article' => array(
			'id' => '21141',
			'article_category_id' => '1',
			'title' => 'Budget Contradicts the Spirit of Federalism due to Increase in Conditional Grants ',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Despite the implementation of federalism to extend significant rights to the local levels, the federal government has been allocating the annual budget in a manner that contradicts this purpose. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: Despite the implementation of federalism to extend significant rights to the local levels, the federal government has been allocating the annual budget in a manner that contradicts this purpose. Instead of following the Natural Resources and Finance Commission&#39;s recommendation to grant autonomy to provinces and local levels for selecting and implementing development plans, the federal government increasingly dictates programs and allocates budgets, resulting in a growing share of conditional grants in provincial and local budgets.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">On Tuesday, Finance Minister Barshaman Pun allocated grants of Rs 417 billion for the provinces and local levels. This includes equalization grants, conditional grants, special grants, and supplementary grants. Of this amount, Rs 148 billion has been allocated to the provinces and Rs 88 billion to the local levels as equalization grants for the upcoming fiscal year. Additionally, Rs 234.73 billion have been allocated to the provinces and Rs 2.88 billion to local levels as conditional grants.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the current fiscal year, a total of Rs 146 billion was allocated to the provinces, including Rs 58.67 billion as equalization grants and Rs 87.35 billion to the local levels. Under the conditional grants, Rs 35.72 billion has been allocated to the provinces and Rs 191 billion to the local levels, totaling Rs 227 billion. For the upcoming fiscal year, the share of equalization grants is 35.48 percent and conditional grants is 58.25 percent against 6.55 percent for equalization grants and 56.82 percent for conditional grants in the current year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Finance Commission recommended reducing the portion of conditional grants and increasing equalization grants. Chairman Balananda Paudel noted that the government has ignored these recommendations. &quot;We have been suggesting not to increase the conditional grant,&quot; he said, &quot;But the government doesn&rsquo;t seem to have implemented it in the budget.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The government provides equalization grants based on the expenditure needs and revenue capacity of the state and local levels. Supplementary grants are for specific projects or development works, conditional grants are to be spent in areas designated by the center, and special grants are for conducting special programs. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Rajendra Pyakurel, the executive director of the National Association of Rural Municipalities in Nepal, criticized the government for allocating the budget against the spirit of federalism and the recommendations of the Finance Commission.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;It is against the spirit of federalism to reduce the equalization grants and increase conditional grants,&quot; he said, adding, &quot;It does not strengthen federalism.&quot; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A recent World Bank report on financial federalism in Nepal highlights the need to reduce dependence of provincial and local levels on conditional grants to increase grassroots participation in planning and decision-making processes. The report suggests that increasing equalization subsidies while reducing conditional grants will ensure stronger grassroots participation in planning and decision-making.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the Nepal Fiscal Federalism Update 2024 published by the World Bank, a reduction of available financial resources in fiscal year 2023 for provincial and local governments, mainly due to a decrease in federal revenue, led to the first fiscal deficit at the subnational level since the outset of fiscal federalism in 2017.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'sortorder' => '20868',
			'image' => '20240531012657_20230227084256_Grants-April-2019.jpg',
			'article_date' => '2024-05-31 13:26:12',
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	(int) 7 => array(
		'Article' => array(
			'id' => '21139',
			'article_category_id' => '1',
			'title' => 'Luxury Tax on Hotels and VAT on Airfare Remain Unchanged',
			'sub_title' => '‘Tourism in Nepal Becoming More Expensive Due to Government Policy'',
			'summary' => 'KATHMANDU: The government has given continuity to the luxury tax on hotels and the value-added tax (VAT) on airfare in the budget for the upcoming fiscal year. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: The government has given continuity to the luxury tax on hotels and the value-added tax (VAT) on airfare in the budget for the upcoming fiscal year. Currently, the government imposes a 2 percent luxury tax on hotels and a 13 percent VAT on air tickets. On Tuesday, the government announced the budget for the next fiscal year, drawing criticism from business leaders who raised concerns about the continuation of these taxes.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Hotel Association Nepal (HAN) expressed its views on the budget for the upcoming fiscal year, highlighting concerns over the ongoing luxury tax and VAT. According to a statement issued by HAN, the tax and VAT will make Nepal a more expensive destination, potentially reducing arrival of tourists. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;We requested a revision of this policy for the current year, and the government assured us that the tax would be removed in the budget for 2081/82. However, the continuation of these taxes has drawn HAN&#39;s attention,&rdquo; reads the statement.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">HAN Secretary General Sajan Shakya remarked that Nepal is becoming an expensive destination for tourists due to the government&#39;s tax policy. He believes that the increase in VAT and taxes will discourage tourists from visiting Nepal. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Nepal Association of Tour and Travel Agents (NATTA) also opposed the VAT on air tickets.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">HAN also noted the absence of any mention of the tourism decade (2023-2032) in the budget. The budget does not address the tourism year to be celebrated in 2025 or the operation of two international airports. Despite this, HAN acknowledged that the tourism sector has been identified as one of the five main transformative areas of development in next year&#39;s budget, recognizing its potential for rapid economic benefits.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">HAN welcomed several provisions in the budget, including the preparation to promote major tourist destinations in all seven provinces, the provision of direct bus services from the border to main pilgrimage sites in Nepal, the development of the Buddha, Shiva, and Ramayana circuits for cross-border tourism with India and China, and the provision of a one-stop service for tourists at border areas.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2024-05-31',
			'modified' => '2024-05-31',
			'keywords' => '',
			'description' => '',
			'sortorder' => '20867',
			'image' => '20240531011254_Tourist.jpg',
			'article_date' => '2024-05-31 13:11:56',
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	(int) 8 => array(
		'Article' => array(
			'id' => '21140',
			'article_category_id' => '1',
			'title' => 'Price of Gold Sets New Record of Rs 142,200 Per Tola   ',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The price of gold has set an all-time high record and is being traded at Rs 142,200 per tola (11.66 grams) in the domestic market on Friday.    ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: The price of gold has set an all-time high record and is being traded at Rs 142,200 per tola (11.66 grams) in the domestic market on Friday.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the Federation of Nepal Gold and Silver Dealers Association, the price of hallmark gold has increased by Rs 1,700 per tola compared to the previous trading day. The federation has fixed the price of hallmark gold at Rs 142,200 on Friday against Rs 140,500 per tola on Thursday.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Similarly, worked gold is being traded at Rs 141,500 per tola on Friday against Rs 139,800 on Thursday. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Likewise, the price of silver has decreased by Rs 25 per tola. The federation has fixed the price of silver at Rs 1,875 per tola Friday. It was Rs 1,900 per tola on Thursday.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The price of gold has been rising steadily in the past few weeks. The federation fixes the price of gold and silver based on the price in the international market.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The recent geopolitical tension due to the Israel&rsquo;s offensive in Gaza and the Russia-Ukraine war have led to investors to invest in gold considering it as a safe haven in times of turmoil.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&nbsp;</span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2024-05-31',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '20866',
			'image' => '20240531012532_gold newwww.jpg',
			'article_date' => '2024-05-31 13:24:30',
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	(int) 9 => array(
		'Article' => array(
			'id' => '21138',
			'article_category_id' => '1',
			'title' => 'Nepal Improves Budget Transparency, Securing a Score of 50 in the Open Budget Survey',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The Open Budget Survey (OBS) 2023, conducted by Freedom Forum on behalf of the International Budget Partnership (IBP), has revealed that Nepal improved its budget transparency score to 50, surpassing the global average of 45 out of 100.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: The Open Budget Survey (OBS) 2023, conducted by Freedom Forum on behalf of the International Budget Partnership (IBP), has revealed that Nepal improved its budget transparency score to 50, surpassing the global average of 45 out of 100.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Nepal also scored 31 in public participation in the budgetary process, higher than the global average of 15 out of 100. The survey, first launched in 2006 by the IBP, a non-governmental organization (NGO) dedicated to promoting transparent, inclusive, and accountable government budget processes, measures essential aspects of governance and accountability such as participation, oversight, and transparency. Founded in 1997, IBP aims to enhance governance and reduce global poverty by ensuring that government budgets are managed effectively and equitably.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">However, the survey showed that Nepal scored 36 in legislative oversight, below the global average, while its Supreme Audit Institution (SAI) oversight score was 67, exceeding the global average.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Despite the improvements, Nepal&#39;s budget transparency score falls short of the minimum threshold score of 61, which is considered necessary to foster informed public debate on fiscal policies and practices. According to the IBP&rsquo;s latest survey, Nepal ranked 59th out of 125 countries surveyed in 2023, up from 77th in 2021.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The overall results indicate an improvement in public access to budget information in Nepal. Key budget documents, such as the year-end report, were published on time, unlike in the previous survey cycle in 2021, according to a press statement issued by Freedom Forum, an organization that has been conducting OBS in Nepal since 2009.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">However, despite advocacy efforts from civil society organizations (CSOs) and the media, Nepal has not produced or made publicly available the pre-budget statement (PBS) and Citizen Budget, noted Taranath Dahal, Freedom Forum&#39;s Executive Chief and budget researcher.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The OBS 2023 survey provides an overview of Nepal&rsquo;s current practices related to budget disclosure, opportunities for public engagement in the budget cycle, and effective checks and balances. Public participation is assessed based on formal opportunities for civic organizations and individuals to engage and provide input throughout the budget process. The strength of oversight institutions is measured based on the roles played by legislatures and supreme audit institutions (SAIs).</span></span></p>

<p><strong><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Recommendations for Budget Openness Reforms</span></span></strong></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The OBS has recommended several reforms to improve budget openness in Nepal.&nbsp;</span></span><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">It has suggested including data on the government&#39;s financial position, macroeconomic forecasts, and estimates of expenditure arrears. Publish a glossary of budget terms to improve budget literacy and to improve the comprehensiveness of the enacted budget and other budget documents by publishing disaggregated and machine-readable data.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">It also suggests to include the actual expenditures for administrative and functional classifications, and individual programs as well as to provide information on budget execution at the sub-national level (provinces and municipalities).</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The survey recommends comparing planned revenues and actual outcomes, nonfinancial outcomes, and original macroeconomic forecasts with actual outcomes.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the survey, Nepal needs to work on improving public participation in various budget processes by continuing and sustaining pre-budget consultations with stakeholders, including at the provincial level, and submitting reports to the Parliament.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">It also says that the Ministry of Finance and the Revenue Advisory Committee should inform citizens about which recommendations and inputs were used to improve budget policies.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">It also suggests actively engaging with vulnerable and underrepresented communities, directly or through civil society organizations representing them.</span></span></p>

<p><strong><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Strengthening Legislative Oversight</span></span></strong></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Even though the Supreme Audit Institution of Nepal provides sufficient oversight, Nepal&rsquo;s Federal Parliament offers weak oversight during the budget planning and implementation stages, the survey noted. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">To improve oversight mechanism, the survey suggests submitting the executive&rsquo;s budget proposal to legislators at least two months before the budget year starts.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">It added that legislative committees should examine the executive&rsquo;s budget proposal and publish reports with their analysis online.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A legislative committee should examine in-year budget implementation and publish findings online, added the survey report.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Other recommendations include ensuring the legislature is consulted before the executive shifts funds specified in the enacted budget or reducing spending due to revenue shortfalls during the budget year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A legislative committee should examine the Audit Report and publish findings online, added the report.</span></span></p>

<p><strong><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Global Budget Transparency</span></span></strong></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Global budget transparency has increased by 24% since 2008 but remains below the sufficient level (a score of 61 out of 100) to allow meaningful public engagement. Legislative oversight is also below sufficient levels, and public participation is rare, the survey report added. Average audit oversight scores are sufficient, but challenges remain to ensure governments follow up on audit reports. The COVID-19 pandemic provided an excuse for many governments to sidestep legislative oversight, which has not fully recovered since.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;In these turbulent times, governments can restore public trust by opening up the budget process to meaningful engagement. Engaging the public is a winning proposition,&rdquo; said Ana Patricia Mu&ntilde;oz, Executive Director of IBP. She added that an open budget process is critical to supporting democratic governments in delivering tangible gains to their people.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to Freedom Forum, the Open Budget Survey 2023 assessed 125 countries, representing 95% of the world&rsquo;s population and including budgets totaling more than $33.5 trillion in Fiscal Year 2022. This locally-led process involved in-country researchers, peer reviewers, and government reviewers who completed 30,000 indicators across all surveyed countries, assessing 672 publicly available budget documents and 299 participation mechanisms.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">This latest round comes at a turbulent time of unprecedented challenges. Rising debt, inflation, conflicts, closing civic space, and climate change have led to serious setbacks for many. &nbsp;(With inputs from RSS)</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '21137',
			'article_category_id' => '1',
			'title' => 'Record High Temperature: Nepalgunj Swelters at 44.2 Degrees Celsius   ',
			'sub_title' => 'Light Rain Likely to Occur in Kathmandu this Afternoon',
			'summary' => 'KATHMANDU: The Weather Forecasting Division reported record high temperatures across the country on Thursday. Nepalgunj witnessed the highest temperature of 44.2 degree Celsius.    ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: The Weather Forecasting Division reported record high temperatures across the country on Thursday. Nepalgunj witnessed the highest temperature of 44.2 degree Celsius.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Meteorologist at the Department of Hydrology and Meteorology, Govinda Jha, informed that the temperature measured on Thursday was the highest ever recorded in Nepalgunj.&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Adjacent city Dhangadhi had recorded 44.1 degree Celsius the same day.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Earlier, Bhairahawa had witnessed 43.6 degree Celsius last month.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">On Thursday, Biratnagar sweltered at 41 degree Celsius and Ghorai at 40.2 degree Celsius.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Even the hill cities including the federal capital Kathmandu and tourist capital Pokhara had scorching weathers.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The temperature of Pokhara was 34 degree Celsius and that of Kathmandu was 34.4 degree Celsius on Thursday.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Department of Hydrology and Meteorology said that the country is currently experiencing the partial influence of local and westerly winds, along with low-pressure systems around Bihar, India.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Meanwhile, the weather today will be generally cloudy in Koshi, Madhes, and Bagmati provinces, while it will remain mostly clear in the rest of the country, according to the department.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the daily weather bulletin of the department, light rain accompanied by thunder and lightning is expected in a few places in the Koshi province today. The hill regions of Koshi, Madhes, Bagmati, and Gandaki provinces will be partly to generally cloudy, with fair weather in other parts of the country this afternoon.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Light snowfall is expected in isolated areas of the high hills and mountainous regions of Koshi, Bagmati, and Gandaki provinces.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Tonight, the weather will remain partly to generally cloudy in Koshi, Madhes, Bagmati, and Gandaki provinces. Light to moderate rain with thunder and lightning is likely in a few places in these provinces and at one or two locations in Lumbini province.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the next 24 hours, light to moderate rain with thunder and lightning is expected in several places across the Koshi, Madhes, Bagmati, and Gandaki provinces, and in isolated locations in the Lumbini province. There is also a possibility of light snowfall in the high hills and mountainous regions of Koshi, Bagmati, and Gandaki provinces.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the Meteorological Forecasting Division under the department, light rain with thunder and lightning is expected in the Kathmandu Valley this afternoon. The maximum temperature in Kathmandu will range between 31 and 33 degrees Celsius today. -- RSS</span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&nbsp; </span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '21136',
			'article_category_id' => '1',
			'title' => 'Nat'l Pride, Strategically Important Projects to Get Continuity in Upcoming FY   ',
			'sub_title' => '',
			'summary' => 'KAILALI: Minister for Industry, Commerce and Supplies, Damodar Bhandari, has said the projects of the current fiscal year including those of national pride and strategic importance will be continued in the upcoming fiscal year as well.    ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">KAILALI: Minister for Industry, Commerce and Supplies, Damodar Bhandari, has said the projects of the current fiscal year including those of national pride and strategic importance will be continued in the upcoming fiscal year as well.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Speaking at a press meet organised by the Press Chautari Nepal, Kailali on Thursday, the minister said that the government has prioritised giving continuity to the projects of national pride and those related to infrastructure development carrying strategic importance.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Minister Bhandari was hopeful that internal and foreign investment will increase if the government removes policy-level hurdles.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">He said that the government has adopted a policy of promoting youth&#39;s entrepreneurship in sectors such as industries, IT, commerce, and supply to discourage the rising trend of human capital flight. -- RSS</span></span></span></p>

<p>&nbsp;</p>
',
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		'Article' => array(
			'id' => '21135',
			'article_category_id' => '1',
			'title' => 'No Tax Rates Manipulation to Appease Anyone: Finance Minister',
			'sub_title' => '',
			'summary' => 'Finance Minister Barshaman Pun emphasized that the government will not manipulate tax rates to appease any group, stating that the country's economic development requires a thriving private sector.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">May 31: Finance Minister Barshaman Pun emphasized that the government will not manipulate tax rates to appease any group, stating that the country&#39;s economic development requires a thriving private sector.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">During a discussion with the Iron Rod Producers Association, Minister Pun addressed their concerns about perceived unfair tax changes in the upcoming fiscal budget. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The association, led by Chairperson Sahil Agrawal, complained about changes in the tax rates on sponge iron, a key material for manufacturing iron rods.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Minister Pun explained that the tax rate adjustments were based on comprehensive data, including reports from the parliamentary committee, the Department of Inland Revenue, historical demands from entrepreneurs, and political recommendations. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Pun insisted that these decisions were fact-based and not influenced by any attempts to appease particular groups or individuals.&nbsp;</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">He reassured the private sector that the government does not aim to suppress industries but to help them become more competitive. While he is open to hearing valid concerns and demands from entrepreneurs, he advised against making tax rate changes a controversial issue.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Minister Pun highlighted that many suggestions from major business organizations, such as the Federation of Nepalese Chambers of Commerce and Industry, Confederation of Nepalese Industries, and Nepal Chamber of Commerce, were incorporated into the budget after pre-budget discussions. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The government also signaled that tax rates should not increase significantly due to the recent economic slowdown. Pun</span></span><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&nbsp;noted that the government has set lower targets for tax rates this year compared to last year&#39;s 41 percent, aiming to give the private sector more breathing space and reduce operational pressures.</span></span></p>

<p>&nbsp;</p>
',
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		'Article' => array(
			'id' => '21134',
			'article_category_id' => '1',
			'title' => 'NEPSE Tumbles by 19.89 Points to Close at 2069.53',
			'sub_title' => '',
			'summary' => 'The Nepal Stock Exchange (NEPSE) Index continued to decline, losing 19.89 points, or 0.95%, to close at 2069.53 on Thursday, the last trading day of the week.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">May 30: The Nepal Stock Exchange (NEPSE) Index continued to decline, losing 19.89 points, or 0.95%, to close at 2069.53 on Thursday, the last trading day of the week.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">During today&rsquo;s trading session, 311 scrips were traded on the NEPSE through 61,072 transactions. A total of 9,864,482 shares changed hands, resulting in a total turnover of Rs 4.21 billion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Nepal Finance Limited (NFS) led the turnover amount with transactions totaling Rs 19 crores. Nepal Finance Limited (NFS), Upper Lohore Khola Hydropower Company Limited (ULHCL), and Bhagawati Hydropower Company Limited (BGWT) each gained 10% and hit the positive circuit for the day.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In terms of sector indices, all sectors closed in the red territory except the Finance Index, Hydropower Index, and Manufacturing and Processing Index.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Hotels and Tourism Index faced the highest loss at 2.53%, while the Manufacturing and Processing Index posted the maximum gain of 1.23%.</span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '21133',
			'article_category_id' => '1',
			'title' => 'Government Hikes Taxes on Electric Vehicles to Raise Resources',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Contrary to its policy of promoting electric vehicles, the government has increased the tax on their import, citing the lack of resources. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">KATHMANDU: Contrary to its policy of promoting electric vehicles, the government has increased the tax on their import, citing the lack of resources. The new budget for the next fiscal year (FY 2081/82) has raised the tax on all types of electric four-wheelers.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The government has increased customs and excise duties on electric vehicles (EVs) through the budget announcement. According to the new rates, EVs up to 50 KW will now be subject to a 15 percent customs duty and a 5 percent excise duty. Previously, these vehicles had no excise duty and a 10 percent customs duty. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Similarly, the customs and excise duties for vehicles from 51 to 100 kilowatts have been increased by an additional 5 percentage points each, up from 15 percent customs and 10 percent excise duty. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">For vehicles from 101 to 200 kW, the customs duty has been raised to 30 percent, while the excise duty remains at 20 percent. For vehicles from 201 to 300 kW, the customs duty has been increased by 20 percent, with a 10 percent reduction in excise duty. For vehicles over 300 kW, the customs duty has also increased by 20 percent, with a 10 percent reduction in excise duty. Overall, the tax has increased by 10 percent.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The government has justified this increase by noting a significant decline in revenue from vehicle imports as the imports of electric vehicle have increased, while the imports of petroleum-powered vehicles have fallen. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Officials of the Ministry of Finance claim this move corrects past mistakes. Revenue Secretary Ram Prasad Ghimire stated in a press conference on Wednesday, &quot;Initially, we reduced the tax to promote electric vehicles. It had to be corrected eventually, and this increased tax is a measure of policy reform.&quot;</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">In Nepal, vehicle tax rates are determined by engine capacity and kilowatts, whereas in India, tax rates are based on price. Due to lower taxes, the import of electric vehicles has increased. As a result, the government&rsquo;s revenue collection from vehicle imports has been reduced.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">According to the Department of Customs, the government collected up to Rs 90 billion from the taxes on imports of vehicles and spare parts in FY 2078/79, but it dropped to Rs 33.33 billion in FY 2079/80.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">In the first nine months of the current fiscal year 2080/81, the government has collected only Rs 39.89 billion from vehicle imports. Additionally, 8,497 electric four-wheelers were imported in the first 10 months of the current year, compared to 4,050 in the previous year.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Despite the government&#39;s goal to increase the usage of electric vehicles, as outlined in the Paris Agreement on climate change, which targets 25 percent electrification of total vehicle sales and 20 percent of four-wheeler public vehicle sales by 2025, and 90 percent and 60 percent respectively by 2030, importers of electric vehicles criticized the government&#39;s unstable policy. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Over recent years, the government has frequently changed the tax rates on imports of electric vehicles. An official from SPG Automobile, which sells Omoda-5 electric vehicles, told New Business Age that the tax increase would negatively impact promotion of electric vehicles in Nepal.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The NADA Automobiles Association of Nepal has requested a definite and long-term policy for electric vehicles but received no response. NADA General Secretary Surendra Kumar Upreti pointed out the inconsistency between the government&#39;s stated priorities and actions. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">&quot;Frequent changes in government policy will have a serious impact on the electric vehicle business,&quot; he said, adding that such instability discourages potential entrepreneurs from producing electric vehicles in Nepal.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Revenue Secretary Ghimire argued that despite the tax increase, it would not adversely affect the imports of electric vehicle. He explained that while the government initially set low tax rates to promote EVs, it now needed to adjust them to meet revenue targets, especially given the increased import of 50 to 100 kilowatt EVs.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Overall, the fluctuating tax policies have raised concerns among electric vehicle importers and industry stakeholders, who are calling for more stable and supportive government policies to foster long-term growth and sustainability in the sector.</span></span></span></p>
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$articles = array(
	(int) 0 => array(
		'Article' => array(
			'id' => '21148',
			'article_category_id' => '1',
			'title' => 'Petroleum Exploration: Drilling Reaches 218 Metres Underground in Dailekh  ',
			'sub_title' => '',
			'summary' => 'DAILEKH: Workers involved in exploration of petroleum products in Bhairavi Rural Municipality of Dailekh district have so far drilled 218 meters deep in search of fossil fuel in Bhirkhet area.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:13.5pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">DAILEKH: Workers involved in exploration of petroleum products in Bhairavi Rural Municipality of Dailekh district have so far drilled 218 meters deep in search of fossil fuel in Bhirkhet area.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:13.5pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">The drilling will be carried out up to 4,500 metres, Prakash Luintel, Information Officer of the Petroleum Exploration Project under the Department of Mines and Geology told the state-owned RSS.&nbsp;&nbsp;&nbsp;&nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:13.5pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">Scores of workers and engineers are involved in the drilling works. They are working in shifts and round the clock with the objective of completing the drilling within the next four months.&nbsp;&nbsp;&nbsp;&nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:13.5pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">The Government of Nepal has started exploration of petroleum products with the grant assistance of Rs 2.50 billion as per an agreement signed with the Chinese government six years ago.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:13.5pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">The government has acquired 45 ropanis of land (one ropani is equivalent to 5476 sq. ft.) at Bhirkhet of Bhairabhi rural municipality-1 for the final survey and the land owners have already been provided with compensation. Twenty seven families received the compensation for the acquired land at the rate of Rs 175,000 per ropani. This survey is said to be significant in determining the volume of raw petroleum products and gas available in the area.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:13.5pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">The drilling is expected to determine the quantity of petroleum products and gas storage. It will also determine the next course of action, Project Chief Dinesh Kumar Napit had told RSS in an earlier interview in April.</span></span> </span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2024-06-02',
			'modified' => '2024-06-02',
			'keywords' => 'petrol, drilling, Nepal, government, project, Dailekh, exploration, China, assistance',
			'description' => '',
			'sortorder' => '20875',
			'image' => '20240602090323_20240601093328_petrol exploration - Copy.jpg',
			'article_date' => '2024-06-02 09:02:37',
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		'Article' => array(
			'id' => '21146',
			'article_category_id' => '1',
			'title' => 'Casino License to be Revoked if not Renewed on Time   ',
			'sub_title' => '',
			'summary' => ' KATHMANDU: The license of casino operators will be automatically revoked if they do not submit their renewal application by mid-June.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">KATHMANDU: The license of casino operators will be automatically revoked if they do not submit their renewal application by mid-June.&nbsp; &nbsp; &nbsp;</span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Spokesperson and Director of the Department of Tourism, Kali Bahadur Bhujel, said the application for the renewal should be submitted one month before their expiry date. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&ldquo;If the application for renewal of license is not submitted by mid-June, it will be automatically cancelled,&rdquo; said Bhujel.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Only a few applications have been received so far for the renewal of the license of casinos. According to him, the government has issued licenses for 28 casinos to operate across the country.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The casinos have to submit the renewal fees along with the documents mentioned as per rule 13 (1) of the Casino Regulations, 2070 in addition to any dues for the renewal of license. -- RSS</span></span></span></p>
',
			'published' => true,
			'created' => '2024-06-01',
			'modified' => '2024-06-01',
			'keywords' => '',
			'description' => '',
			'sortorder' => '20873',
			'image' => '20240601091326_20220221071847_istockphoto-1188013341-612x612.jpg',
			'article_date' => '2024-06-01 21:12:47',
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	(int) 2 => array(
		'Article' => array(
			'id' => '21145',
			'article_category_id' => '1',
			'title' => 'NOC Slashes Prices of Petroleum Products',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Nepal Oil Corporation (NOC) has reduced the prices of petrol, diesel, and kerosene.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:12.5pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">KATHMANDU: Nepal Oil Corporation (NOC) has reduced the prices of petrol, diesel, and kerosene.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:12.5pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">A meeting of the Board of Directors of NOC on Friday decided to slash the price of petrol by Rs 3 per liter, and the prices of diesel and kerosene by Rs 1 per liter, effective from Saturday.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:12.5pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">This price adjustment comes in response to the list of prices received by the NOC from Indian Oil Corporation, its sole supplier. The reduction also incorporates green tax of Re 1 per litre, which the government introduced in the budget for the upcoming fiscal year.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:12.5pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">As per the revised list received from IOC, the purchase price of petrol has decreased by Rs 4.42 per liter, while the price of diesel and kerosene has decreased by Rs 2.45 per liter.</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2024-06-01',
			'modified' => '2024-06-01',
			'keywords' => '',
			'description' => '',
			'sortorder' => '20872',
			'image' => '20240601090816_20240316105907_petroo - Copy.jpg',
			'article_date' => '2024-06-01 21:07:53',
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		'Article' => array(
			'id' => '21144',
			'article_category_id' => '1',
			'title' => 'Non-Life Insurance Companies Earn Rs 33 Billion in Premium',
			'sub_title' => '',
			'summary' => 'Non-life insurance companies have sold off insurance products worth around Rs 33 in the first ten months of the current fiscal year.  According to data published by the Nepal Insurance Authority(NIA), 14 non-life insurance companies sold 2,393,182 insurance policies by the end of Baisakh, earning a total insurance premium of Rs 32.87 billion.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">May 31: Non-life insurance companies have sold off insurance products worth around Rs 33 in the first ten months of the current fiscal year.&nbsp;</span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">&nbsp;According to data published by the Nepal Insurance Authority(NIA), 14 non-life insurance companies sold 2,393,182 insurance policies by the end of Baisakh, earning a total insurance premium of Rs 32.87 billion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Shikhar Insurance Company Limited(SICL) tops the list of companies earning the highest insurance premiums. By the end of Baisakh, the company earned a total insurance premium of Rs 4.54 billion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In second place comes Sagarmatha Lumbini Insurance Company Limited(SALICO), which earned a total insurance premium of Rs 3.88 billion. Siddhartha Premier Insurance Company Limited (SPIL) is in third place, having earned a total insurance premium of Rs 3.18 billion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">National Insurance earned the least insurance premium over the last ten months, with a total of Rs 943.9 million by the end of Baisakh.</span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">&nbsp;Following National, Nepal Insurance Company Limited (NICL)earned the second least, with a total insurance premium of Rs 1.25 billion.</span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2024-05-31',
			'modified' => '2024-05-31',
			'keywords' => '',
			'description' => '',
			'sortorder' => '20871',
			'image' => '20240531064109_collage (2).jpg',
			'article_date' => '2024-05-31 18:40:10',
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		'Article' => array(
			'id' => '21143',
			'article_category_id' => '1',
			'title' => 'Extreme Heat Prompts School Closure in Birendranagar from Sunday',
			'sub_title' => '',
			'summary' => 'In light of rising temperatures, schools in Birendranagar will be closed starting Sunday. The Private and Boarding Schools Organisation of Nepal (PABSON), the umbrella organization of private and boarding schools in the country, has decided to close schools for a week beginning June 2, citing the scorching heat.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">May 31: In light of rising temperatures, schools in Birendranagar will be closed starting Sunday.&nbsp;</span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Private and Boarding Schools Organisation of Nepal (PABSON), the umbrella organization of private and boarding schools in the country, has decided to close schools for a week beginning June 2, citing the scorching heat.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The maximum temperature in Birendranagar was recorded at 40 degrees Celsius on Friday. PABSON Surkhet President Ved Prakash Dhakal stated that they made a collective decision to shut the institutional schools for a week, as the extreme heat could affect the children&#39;s health.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Birendranagar Municipality is also considering closing community schools within the municipality due to the scorching heat, said Dheerendra Sharma Lamsal, Chief of the Municipality&#39;s Education Section.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Lamsal, however, said that an official decision has not been made yet. &quot;We will close the community schools within the municipality from Sunday if the temperature continues to rise as it has been. However, the schools will not be closed if there is a respite from the heat due to rain,&quot; he added.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Meanwhile, the immunization campaign against polio, underway since May 26, is likely to be affected by the school closure.&nbsp;</span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The campaign is scheduled to run until June 8. The immunization program is being conducted at the local level in Surkhet under two phases in coordination with the schools.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The program will run in Birendranagar, Gurbhakot, and Panchapuri municipalities, and in Simta, Barahatal, and Chaukune rural municipalities from June 4 to 8. (RSS)</span></span></p>

<p>&nbsp;</p>
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			'created' => '2024-05-31',
			'modified' => '2024-05-31',
			'keywords' => '',
			'description' => '',
			'sortorder' => '20870',
			'image' => '20240531044152_collage (1).jpg',
			'article_date' => '2024-05-31 16:40:32',
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	(int) 5 => array(
		'Article' => array(
			'id' => '21142',
			'article_category_id' => '1',
			'title' => 'Agriculture Insurance Scheme Resumes after More than Two Months',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The government has decided to pay a part of its obligations under the agriculture and livestock insurance, paving the way for resuming the insurance program that has been suspended for two and a half months. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: The government has decided to pay a part of its obligations under the agriculture and livestock insurance, paving the way for resuming the insurance program that has been suspended for two and a half months. The government has been providing relief to the farmers by covering a portion of the premium for insuring their crops and livestock.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">However, the government&#39;s arrears have been increasing due to subsidies being announced without adequate resources. As a result, insurance companies stopped issuing new agricultural and livestock insurance policies from March 14, and farmers have stopped receiving payments for insurance claims.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A meeting chaired by Agriculture and Livestock Development Minister Jwala Kumari Sah on Thursday decided to pay Rs 970 million dues to the insurance companies as per the subsidy announced by the government. This payment will allow the postponed agriculture and livestock insurance program to resume. Minister Sah stated that the ministry will pay Rs 970 million out of Rs 2.17 billion the government is liable to pay the insurance companies, with the remaining amount to be paid by the end of the current fiscal year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Insurance companies had suspended the sale of new policies due to the government&#39;s delay in releasing the subsidy amount. Minister Sah mentioned that the Ministry of Finance has approved Rs 970 million to fulfill the government obligations, which will be disbursed within a week.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Following the decision, insurance companies announced that they would resume selling policies from Friday. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;We have informed all our members to start the insurance scheme from May 31,&quot; said Birendra Bahadur Kshatri, CEO of Siddharth Premier Insurance Limited.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Agriculture and Livestock Insurance Program of the government has faced challenges due to increased subsidies without sufficient resources. According to the ministry&#39;s data, the government&#39;s liability for premium subsidies exceeds the allocated budget. The government allocated only Rs 600 million for agriculture and livestock insurance for the current fiscal year, but the amount owed to insurance companies by mid-March has reached Rs 2.17 billion. Consequently, farmers have been unable to receive payments for their insurance claims on time.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Currently, agricultural insurance covers grains, crops, pulses, legumes, oilseeds, vegetables, mushrooms, fruits, dry fruits, tubers, sugarcanes, spices, and flowers, among others. Livestock insurance covers cattle, sheep, goats, horses, pigs, domesticated animals, birds, fish, and other livestock. Additionally, there is a provision to insure trees and shrubs under herbs.</span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2024-05-31',
			'modified' => '2024-05-31',
			'keywords' => '',
			'description' => '',
			'sortorder' => '20869',
			'image' => '20240531012757_Wheat_photo-cred-Adobe-stock_E-2.jpg',
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		'Article' => array(
			'id' => '21141',
			'article_category_id' => '1',
			'title' => 'Budget Contradicts the Spirit of Federalism due to Increase in Conditional Grants ',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Despite the implementation of federalism to extend significant rights to the local levels, the federal government has been allocating the annual budget in a manner that contradicts this purpose. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: Despite the implementation of federalism to extend significant rights to the local levels, the federal government has been allocating the annual budget in a manner that contradicts this purpose. Instead of following the Natural Resources and Finance Commission&#39;s recommendation to grant autonomy to provinces and local levels for selecting and implementing development plans, the federal government increasingly dictates programs and allocates budgets, resulting in a growing share of conditional grants in provincial and local budgets.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">On Tuesday, Finance Minister Barshaman Pun allocated grants of Rs 417 billion for the provinces and local levels. This includes equalization grants, conditional grants, special grants, and supplementary grants. Of this amount, Rs 148 billion has been allocated to the provinces and Rs 88 billion to the local levels as equalization grants for the upcoming fiscal year. Additionally, Rs 234.73 billion have been allocated to the provinces and Rs 2.88 billion to local levels as conditional grants.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the current fiscal year, a total of Rs 146 billion was allocated to the provinces, including Rs 58.67 billion as equalization grants and Rs 87.35 billion to the local levels. Under the conditional grants, Rs 35.72 billion has been allocated to the provinces and Rs 191 billion to the local levels, totaling Rs 227 billion. For the upcoming fiscal year, the share of equalization grants is 35.48 percent and conditional grants is 58.25 percent against 6.55 percent for equalization grants and 56.82 percent for conditional grants in the current year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Finance Commission recommended reducing the portion of conditional grants and increasing equalization grants. Chairman Balananda Paudel noted that the government has ignored these recommendations. &quot;We have been suggesting not to increase the conditional grant,&quot; he said, &quot;But the government doesn&rsquo;t seem to have implemented it in the budget.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The government provides equalization grants based on the expenditure needs and revenue capacity of the state and local levels. Supplementary grants are for specific projects or development works, conditional grants are to be spent in areas designated by the center, and special grants are for conducting special programs. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Rajendra Pyakurel, the executive director of the National Association of Rural Municipalities in Nepal, criticized the government for allocating the budget against the spirit of federalism and the recommendations of the Finance Commission.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;It is against the spirit of federalism to reduce the equalization grants and increase conditional grants,&quot; he said, adding, &quot;It does not strengthen federalism.&quot; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A recent World Bank report on financial federalism in Nepal highlights the need to reduce dependence of provincial and local levels on conditional grants to increase grassroots participation in planning and decision-making processes. The report suggests that increasing equalization subsidies while reducing conditional grants will ensure stronger grassroots participation in planning and decision-making.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the Nepal Fiscal Federalism Update 2024 published by the World Bank, a reduction of available financial resources in fiscal year 2023 for provincial and local governments, mainly due to a decrease in federal revenue, led to the first fiscal deficit at the subnational level since the outset of fiscal federalism in 2017.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2024-05-31',
			'modified' => '2024-05-31',
			'keywords' => '',
			'description' => '',
			'sortorder' => '20868',
			'image' => '20240531012657_20230227084256_Grants-April-2019.jpg',
			'article_date' => '2024-05-31 13:26:12',
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	(int) 7 => array(
		'Article' => array(
			'id' => '21139',
			'article_category_id' => '1',
			'title' => 'Luxury Tax on Hotels and VAT on Airfare Remain Unchanged',
			'sub_title' => '‘Tourism in Nepal Becoming More Expensive Due to Government Policy'',
			'summary' => 'KATHMANDU: The government has given continuity to the luxury tax on hotels and the value-added tax (VAT) on airfare in the budget for the upcoming fiscal year. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: The government has given continuity to the luxury tax on hotels and the value-added tax (VAT) on airfare in the budget for the upcoming fiscal year. Currently, the government imposes a 2 percent luxury tax on hotels and a 13 percent VAT on air tickets. On Tuesday, the government announced the budget for the next fiscal year, drawing criticism from business leaders who raised concerns about the continuation of these taxes.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Hotel Association Nepal (HAN) expressed its views on the budget for the upcoming fiscal year, highlighting concerns over the ongoing luxury tax and VAT. According to a statement issued by HAN, the tax and VAT will make Nepal a more expensive destination, potentially reducing arrival of tourists. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;We requested a revision of this policy for the current year, and the government assured us that the tax would be removed in the budget for 2081/82. However, the continuation of these taxes has drawn HAN&#39;s attention,&rdquo; reads the statement.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">HAN Secretary General Sajan Shakya remarked that Nepal is becoming an expensive destination for tourists due to the government&#39;s tax policy. He believes that the increase in VAT and taxes will discourage tourists from visiting Nepal. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Nepal Association of Tour and Travel Agents (NATTA) also opposed the VAT on air tickets.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">HAN also noted the absence of any mention of the tourism decade (2023-2032) in the budget. The budget does not address the tourism year to be celebrated in 2025 or the operation of two international airports. Despite this, HAN acknowledged that the tourism sector has been identified as one of the five main transformative areas of development in next year&#39;s budget, recognizing its potential for rapid economic benefits.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">HAN welcomed several provisions in the budget, including the preparation to promote major tourist destinations in all seven provinces, the provision of direct bus services from the border to main pilgrimage sites in Nepal, the development of the Buddha, Shiva, and Ramayana circuits for cross-border tourism with India and China, and the provision of a one-stop service for tourists at border areas.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'created' => '2024-05-31',
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			'description' => '',
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			'image' => '20240531011254_Tourist.jpg',
			'article_date' => '2024-05-31 13:11:56',
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	(int) 8 => array(
		'Article' => array(
			'id' => '21140',
			'article_category_id' => '1',
			'title' => 'Price of Gold Sets New Record of Rs 142,200 Per Tola   ',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The price of gold has set an all-time high record and is being traded at Rs 142,200 per tola (11.66 grams) in the domestic market on Friday.    ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: The price of gold has set an all-time high record and is being traded at Rs 142,200 per tola (11.66 grams) in the domestic market on Friday.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the Federation of Nepal Gold and Silver Dealers Association, the price of hallmark gold has increased by Rs 1,700 per tola compared to the previous trading day. The federation has fixed the price of hallmark gold at Rs 142,200 on Friday against Rs 140,500 per tola on Thursday.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Similarly, worked gold is being traded at Rs 141,500 per tola on Friday against Rs 139,800 on Thursday. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Likewise, the price of silver has decreased by Rs 25 per tola. The federation has fixed the price of silver at Rs 1,875 per tola Friday. It was Rs 1,900 per tola on Thursday.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The price of gold has been rising steadily in the past few weeks. The federation fixes the price of gold and silver based on the price in the international market.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The recent geopolitical tension due to the Israel&rsquo;s offensive in Gaza and the Russia-Ukraine war have led to investors to invest in gold considering it as a safe haven in times of turmoil.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&nbsp;</span></span></p>

<p>&nbsp;</p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '21138',
			'article_category_id' => '1',
			'title' => 'Nepal Improves Budget Transparency, Securing a Score of 50 in the Open Budget Survey',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The Open Budget Survey (OBS) 2023, conducted by Freedom Forum on behalf of the International Budget Partnership (IBP), has revealed that Nepal improved its budget transparency score to 50, surpassing the global average of 45 out of 100.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: The Open Budget Survey (OBS) 2023, conducted by Freedom Forum on behalf of the International Budget Partnership (IBP), has revealed that Nepal improved its budget transparency score to 50, surpassing the global average of 45 out of 100.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Nepal also scored 31 in public participation in the budgetary process, higher than the global average of 15 out of 100. The survey, first launched in 2006 by the IBP, a non-governmental organization (NGO) dedicated to promoting transparent, inclusive, and accountable government budget processes, measures essential aspects of governance and accountability such as participation, oversight, and transparency. Founded in 1997, IBP aims to enhance governance and reduce global poverty by ensuring that government budgets are managed effectively and equitably.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">However, the survey showed that Nepal scored 36 in legislative oversight, below the global average, while its Supreme Audit Institution (SAI) oversight score was 67, exceeding the global average.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Despite the improvements, Nepal&#39;s budget transparency score falls short of the minimum threshold score of 61, which is considered necessary to foster informed public debate on fiscal policies and practices. According to the IBP&rsquo;s latest survey, Nepal ranked 59th out of 125 countries surveyed in 2023, up from 77th in 2021.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The overall results indicate an improvement in public access to budget information in Nepal. Key budget documents, such as the year-end report, were published on time, unlike in the previous survey cycle in 2021, according to a press statement issued by Freedom Forum, an organization that has been conducting OBS in Nepal since 2009.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">However, despite advocacy efforts from civil society organizations (CSOs) and the media, Nepal has not produced or made publicly available the pre-budget statement (PBS) and Citizen Budget, noted Taranath Dahal, Freedom Forum&#39;s Executive Chief and budget researcher.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The OBS 2023 survey provides an overview of Nepal&rsquo;s current practices related to budget disclosure, opportunities for public engagement in the budget cycle, and effective checks and balances. Public participation is assessed based on formal opportunities for civic organizations and individuals to engage and provide input throughout the budget process. The strength of oversight institutions is measured based on the roles played by legislatures and supreme audit institutions (SAIs).</span></span></p>

<p><strong><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Recommendations for Budget Openness Reforms</span></span></strong></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The OBS has recommended several reforms to improve budget openness in Nepal.&nbsp;</span></span><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">It has suggested including data on the government&#39;s financial position, macroeconomic forecasts, and estimates of expenditure arrears. Publish a glossary of budget terms to improve budget literacy and to improve the comprehensiveness of the enacted budget and other budget documents by publishing disaggregated and machine-readable data.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">It also suggests to include the actual expenditures for administrative and functional classifications, and individual programs as well as to provide information on budget execution at the sub-national level (provinces and municipalities).</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The survey recommends comparing planned revenues and actual outcomes, nonfinancial outcomes, and original macroeconomic forecasts with actual outcomes.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the survey, Nepal needs to work on improving public participation in various budget processes by continuing and sustaining pre-budget consultations with stakeholders, including at the provincial level, and submitting reports to the Parliament.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">It also says that the Ministry of Finance and the Revenue Advisory Committee should inform citizens about which recommendations and inputs were used to improve budget policies.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">It also suggests actively engaging with vulnerable and underrepresented communities, directly or through civil society organizations representing them.</span></span></p>

<p><strong><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Strengthening Legislative Oversight</span></span></strong></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Even though the Supreme Audit Institution of Nepal provides sufficient oversight, Nepal&rsquo;s Federal Parliament offers weak oversight during the budget planning and implementation stages, the survey noted. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">To improve oversight mechanism, the survey suggests submitting the executive&rsquo;s budget proposal to legislators at least two months before the budget year starts.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">It added that legislative committees should examine the executive&rsquo;s budget proposal and publish reports with their analysis online.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A legislative committee should examine in-year budget implementation and publish findings online, added the survey report.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Other recommendations include ensuring the legislature is consulted before the executive shifts funds specified in the enacted budget or reducing spending due to revenue shortfalls during the budget year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A legislative committee should examine the Audit Report and publish findings online, added the report.</span></span></p>

<p><strong><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Global Budget Transparency</span></span></strong></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Global budget transparency has increased by 24% since 2008 but remains below the sufficient level (a score of 61 out of 100) to allow meaningful public engagement. Legislative oversight is also below sufficient levels, and public participation is rare, the survey report added. Average audit oversight scores are sufficient, but challenges remain to ensure governments follow up on audit reports. The COVID-19 pandemic provided an excuse for many governments to sidestep legislative oversight, which has not fully recovered since.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;In these turbulent times, governments can restore public trust by opening up the budget process to meaningful engagement. Engaging the public is a winning proposition,&rdquo; said Ana Patricia Mu&ntilde;oz, Executive Director of IBP. She added that an open budget process is critical to supporting democratic governments in delivering tangible gains to their people.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to Freedom Forum, the Open Budget Survey 2023 assessed 125 countries, representing 95% of the world&rsquo;s population and including budgets totaling more than $33.5 trillion in Fiscal Year 2022. This locally-led process involved in-country researchers, peer reviewers, and government reviewers who completed 30,000 indicators across all surveyed countries, assessing 672 publicly available budget documents and 299 participation mechanisms.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">This latest round comes at a turbulent time of unprecedented challenges. Rising debt, inflation, conflicts, closing civic space, and climate change have led to serious setbacks for many. &nbsp;(With inputs from RSS)</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '21137',
			'article_category_id' => '1',
			'title' => 'Record High Temperature: Nepalgunj Swelters at 44.2 Degrees Celsius   ',
			'sub_title' => 'Light Rain Likely to Occur in Kathmandu this Afternoon',
			'summary' => 'KATHMANDU: The Weather Forecasting Division reported record high temperatures across the country on Thursday. Nepalgunj witnessed the highest temperature of 44.2 degree Celsius.    ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: The Weather Forecasting Division reported record high temperatures across the country on Thursday. Nepalgunj witnessed the highest temperature of 44.2 degree Celsius.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Meteorologist at the Department of Hydrology and Meteorology, Govinda Jha, informed that the temperature measured on Thursday was the highest ever recorded in Nepalgunj.&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Adjacent city Dhangadhi had recorded 44.1 degree Celsius the same day.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Earlier, Bhairahawa had witnessed 43.6 degree Celsius last month.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">On Thursday, Biratnagar sweltered at 41 degree Celsius and Ghorai at 40.2 degree Celsius.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Even the hill cities including the federal capital Kathmandu and tourist capital Pokhara had scorching weathers.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The temperature of Pokhara was 34 degree Celsius and that of Kathmandu was 34.4 degree Celsius on Thursday.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Department of Hydrology and Meteorology said that the country is currently experiencing the partial influence of local and westerly winds, along with low-pressure systems around Bihar, India.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Meanwhile, the weather today will be generally cloudy in Koshi, Madhes, and Bagmati provinces, while it will remain mostly clear in the rest of the country, according to the department.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the daily weather bulletin of the department, light rain accompanied by thunder and lightning is expected in a few places in the Koshi province today. The hill regions of Koshi, Madhes, Bagmati, and Gandaki provinces will be partly to generally cloudy, with fair weather in other parts of the country this afternoon.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Light snowfall is expected in isolated areas of the high hills and mountainous regions of Koshi, Bagmati, and Gandaki provinces.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Tonight, the weather will remain partly to generally cloudy in Koshi, Madhes, Bagmati, and Gandaki provinces. Light to moderate rain with thunder and lightning is likely in a few places in these provinces and at one or two locations in Lumbini province.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the next 24 hours, light to moderate rain with thunder and lightning is expected in several places across the Koshi, Madhes, Bagmati, and Gandaki provinces, and in isolated locations in the Lumbini province. There is also a possibility of light snowfall in the high hills and mountainous regions of Koshi, Bagmati, and Gandaki provinces.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the Meteorological Forecasting Division under the department, light rain with thunder and lightning is expected in the Kathmandu Valley this afternoon. The maximum temperature in Kathmandu will range between 31 and 33 degrees Celsius today. -- RSS</span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&nbsp; </span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '21136',
			'article_category_id' => '1',
			'title' => 'Nat'l Pride, Strategically Important Projects to Get Continuity in Upcoming FY   ',
			'sub_title' => '',
			'summary' => 'KAILALI: Minister for Industry, Commerce and Supplies, Damodar Bhandari, has said the projects of the current fiscal year including those of national pride and strategic importance will be continued in the upcoming fiscal year as well.    ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">KAILALI: Minister for Industry, Commerce and Supplies, Damodar Bhandari, has said the projects of the current fiscal year including those of national pride and strategic importance will be continued in the upcoming fiscal year as well.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Speaking at a press meet organised by the Press Chautari Nepal, Kailali on Thursday, the minister said that the government has prioritised giving continuity to the projects of national pride and those related to infrastructure development carrying strategic importance.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Minister Bhandari was hopeful that internal and foreign investment will increase if the government removes policy-level hurdles.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">He said that the government has adopted a policy of promoting youth&#39;s entrepreneurship in sectors such as industries, IT, commerce, and supply to discourage the rising trend of human capital flight. -- RSS</span></span></span></p>

<p>&nbsp;</p>
',
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		'Article' => array(
			'id' => '21135',
			'article_category_id' => '1',
			'title' => 'No Tax Rates Manipulation to Appease Anyone: Finance Minister',
			'sub_title' => '',
			'summary' => 'Finance Minister Barshaman Pun emphasized that the government will not manipulate tax rates to appease any group, stating that the country's economic development requires a thriving private sector.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">May 31: Finance Minister Barshaman Pun emphasized that the government will not manipulate tax rates to appease any group, stating that the country&#39;s economic development requires a thriving private sector.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">During a discussion with the Iron Rod Producers Association, Minister Pun addressed their concerns about perceived unfair tax changes in the upcoming fiscal budget. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The association, led by Chairperson Sahil Agrawal, complained about changes in the tax rates on sponge iron, a key material for manufacturing iron rods.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Minister Pun explained that the tax rate adjustments were based on comprehensive data, including reports from the parliamentary committee, the Department of Inland Revenue, historical demands from entrepreneurs, and political recommendations. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Pun insisted that these decisions were fact-based and not influenced by any attempts to appease particular groups or individuals.&nbsp;</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">He reassured the private sector that the government does not aim to suppress industries but to help them become more competitive. While he is open to hearing valid concerns and demands from entrepreneurs, he advised against making tax rate changes a controversial issue.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Minister Pun highlighted that many suggestions from major business organizations, such as the Federation of Nepalese Chambers of Commerce and Industry, Confederation of Nepalese Industries, and Nepal Chamber of Commerce, were incorporated into the budget after pre-budget discussions. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The government also signaled that tax rates should not increase significantly due to the recent economic slowdown. Pun</span></span><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&nbsp;noted that the government has set lower targets for tax rates this year compared to last year&#39;s 41 percent, aiming to give the private sector more breathing space and reduce operational pressures.</span></span></p>

<p>&nbsp;</p>
',
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	(int) 13 => array(
		'Article' => array(
			'id' => '21134',
			'article_category_id' => '1',
			'title' => 'NEPSE Tumbles by 19.89 Points to Close at 2069.53',
			'sub_title' => '',
			'summary' => 'The Nepal Stock Exchange (NEPSE) Index continued to decline, losing 19.89 points, or 0.95%, to close at 2069.53 on Thursday, the last trading day of the week.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">May 30: The Nepal Stock Exchange (NEPSE) Index continued to decline, losing 19.89 points, or 0.95%, to close at 2069.53 on Thursday, the last trading day of the week.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">During today&rsquo;s trading session, 311 scrips were traded on the NEPSE through 61,072 transactions. A total of 9,864,482 shares changed hands, resulting in a total turnover of Rs 4.21 billion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Nepal Finance Limited (NFS) led the turnover amount with transactions totaling Rs 19 crores. Nepal Finance Limited (NFS), Upper Lohore Khola Hydropower Company Limited (ULHCL), and Bhagawati Hydropower Company Limited (BGWT) each gained 10% and hit the positive circuit for the day.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In terms of sector indices, all sectors closed in the red territory except the Finance Index, Hydropower Index, and Manufacturing and Processing Index.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Hotels and Tourism Index faced the highest loss at 2.53%, while the Manufacturing and Processing Index posted the maximum gain of 1.23%.</span></span></p>

<p>&nbsp;</p>
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			'title' => 'Government Hikes Taxes on Electric Vehicles to Raise Resources',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Contrary to its policy of promoting electric vehicles, the government has increased the tax on their import, citing the lack of resources. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">KATHMANDU: Contrary to its policy of promoting electric vehicles, the government has increased the tax on their import, citing the lack of resources. The new budget for the next fiscal year (FY 2081/82) has raised the tax on all types of electric four-wheelers.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The government has increased customs and excise duties on electric vehicles (EVs) through the budget announcement. According to the new rates, EVs up to 50 KW will now be subject to a 15 percent customs duty and a 5 percent excise duty. Previously, these vehicles had no excise duty and a 10 percent customs duty. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Similarly, the customs and excise duties for vehicles from 51 to 100 kilowatts have been increased by an additional 5 percentage points each, up from 15 percent customs and 10 percent excise duty. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">For vehicles from 101 to 200 kW, the customs duty has been raised to 30 percent, while the excise duty remains at 20 percent. For vehicles from 201 to 300 kW, the customs duty has been increased by 20 percent, with a 10 percent reduction in excise duty. For vehicles over 300 kW, the customs duty has also increased by 20 percent, with a 10 percent reduction in excise duty. Overall, the tax has increased by 10 percent.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The government has justified this increase by noting a significant decline in revenue from vehicle imports as the imports of electric vehicle have increased, while the imports of petroleum-powered vehicles have fallen. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Officials of the Ministry of Finance claim this move corrects past mistakes. Revenue Secretary Ram Prasad Ghimire stated in a press conference on Wednesday, &quot;Initially, we reduced the tax to promote electric vehicles. It had to be corrected eventually, and this increased tax is a measure of policy reform.&quot;</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">In Nepal, vehicle tax rates are determined by engine capacity and kilowatts, whereas in India, tax rates are based on price. Due to lower taxes, the import of electric vehicles has increased. As a result, the government&rsquo;s revenue collection from vehicle imports has been reduced.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">According to the Department of Customs, the government collected up to Rs 90 billion from the taxes on imports of vehicles and spare parts in FY 2078/79, but it dropped to Rs 33.33 billion in FY 2079/80.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">In the first nine months of the current fiscal year 2080/81, the government has collected only Rs 39.89 billion from vehicle imports. Additionally, 8,497 electric four-wheelers were imported in the first 10 months of the current year, compared to 4,050 in the previous year.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Despite the government&#39;s goal to increase the usage of electric vehicles, as outlined in the Paris Agreement on climate change, which targets 25 percent electrification of total vehicle sales and 20 percent of four-wheeler public vehicle sales by 2025, and 90 percent and 60 percent respectively by 2030, importers of electric vehicles criticized the government&#39;s unstable policy. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Over recent years, the government has frequently changed the tax rates on imports of electric vehicles. An official from SPG Automobile, which sells Omoda-5 electric vehicles, told New Business Age that the tax increase would negatively impact promotion of electric vehicles in Nepal.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The NADA Automobiles Association of Nepal has requested a definite and long-term policy for electric vehicles but received no response. NADA General Secretary Surendra Kumar Upreti pointed out the inconsistency between the government&#39;s stated priorities and actions. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">&quot;Frequent changes in government policy will have a serious impact on the electric vehicle business,&quot; he said, adding that such instability discourages potential entrepreneurs from producing electric vehicles in Nepal.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Revenue Secretary Ghimire argued that despite the tax increase, it would not adversely affect the imports of electric vehicle. He explained that while the government initially set low tax rates to promote EVs, it now needed to adjust them to meet revenue targets, especially given the increased import of 50 to 100 kilowatt EVs.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Overall, the fluctuating tax policies have raised concerns among electric vehicle importers and industry stakeholders, who are calling for more stable and supportive government policies to foster long-term growth and sustainability in the sector.</span></span></span></p>
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		'Article' => array(
			'id' => '21148',
			'article_category_id' => '1',
			'title' => 'Petroleum Exploration: Drilling Reaches 218 Metres Underground in Dailekh  ',
			'sub_title' => '',
			'summary' => 'DAILEKH: Workers involved in exploration of petroleum products in Bhairavi Rural Municipality of Dailekh district have so far drilled 218 meters deep in search of fossil fuel in Bhirkhet area.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:13.5pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">DAILEKH: Workers involved in exploration of petroleum products in Bhairavi Rural Municipality of Dailekh district have so far drilled 218 meters deep in search of fossil fuel in Bhirkhet area.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:13.5pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">The drilling will be carried out up to 4,500 metres, Prakash Luintel, Information Officer of the Petroleum Exploration Project under the Department of Mines and Geology told the state-owned RSS.&nbsp;&nbsp;&nbsp;&nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:13.5pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">Scores of workers and engineers are involved in the drilling works. They are working in shifts and round the clock with the objective of completing the drilling within the next four months.&nbsp;&nbsp;&nbsp;&nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:13.5pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">The Government of Nepal has started exploration of petroleum products with the grant assistance of Rs 2.50 billion as per an agreement signed with the Chinese government six years ago.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:13.5pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">The government has acquired 45 ropanis of land (one ropani is equivalent to 5476 sq. ft.) at Bhirkhet of Bhairabhi rural municipality-1 for the final survey and the land owners have already been provided with compensation. Twenty seven families received the compensation for the acquired land at the rate of Rs 175,000 per ropani. This survey is said to be significant in determining the volume of raw petroleum products and gas available in the area.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:13.5pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">The drilling is expected to determine the quantity of petroleum products and gas storage. It will also determine the next course of action, Project Chief Dinesh Kumar Napit had told RSS in an earlier interview in April.</span></span> </span></span></p>

<p>&nbsp;</p>
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			'sortorder' => '20875',
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			'id' => '21146',
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			'title' => 'Casino License to be Revoked if not Renewed on Time   ',
			'sub_title' => '',
			'summary' => ' KATHMANDU: The license of casino operators will be automatically revoked if they do not submit their renewal application by mid-June.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">KATHMANDU: The license of casino operators will be automatically revoked if they do not submit their renewal application by mid-June.&nbsp; &nbsp; &nbsp;</span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Spokesperson and Director of the Department of Tourism, Kali Bahadur Bhujel, said the application for the renewal should be submitted one month before their expiry date. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&ldquo;If the application for renewal of license is not submitted by mid-June, it will be automatically cancelled,&rdquo; said Bhujel.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Only a few applications have been received so far for the renewal of the license of casinos. According to him, the government has issued licenses for 28 casinos to operate across the country.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The casinos have to submit the renewal fees along with the documents mentioned as per rule 13 (1) of the Casino Regulations, 2070 in addition to any dues for the renewal of license. -- RSS</span></span></span></p>
',
			'published' => true,
			'created' => '2024-06-01',
			'modified' => '2024-06-01',
			'keywords' => '',
			'description' => '',
			'sortorder' => '20873',
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			'id' => '21145',
			'article_category_id' => '1',
			'title' => 'NOC Slashes Prices of Petroleum Products',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Nepal Oil Corporation (NOC) has reduced the prices of petrol, diesel, and kerosene.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:12.5pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">KATHMANDU: Nepal Oil Corporation (NOC) has reduced the prices of petrol, diesel, and kerosene.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:12.5pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">A meeting of the Board of Directors of NOC on Friday decided to slash the price of petrol by Rs 3 per liter, and the prices of diesel and kerosene by Rs 1 per liter, effective from Saturday.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:12.5pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">This price adjustment comes in response to the list of prices received by the NOC from Indian Oil Corporation, its sole supplier. The reduction also incorporates green tax of Re 1 per litre, which the government introduced in the budget for the upcoming fiscal year.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:12.5pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">As per the revised list received from IOC, the purchase price of petrol has decreased by Rs 4.42 per liter, while the price of diesel and kerosene has decreased by Rs 2.45 per liter.</span></span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'Non-Life Insurance Companies Earn Rs 33 Billion in Premium',
			'sub_title' => '',
			'summary' => 'Non-life insurance companies have sold off insurance products worth around Rs 33 in the first ten months of the current fiscal year.  According to data published by the Nepal Insurance Authority(NIA), 14 non-life insurance companies sold 2,393,182 insurance policies by the end of Baisakh, earning a total insurance premium of Rs 32.87 billion.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">May 31: Non-life insurance companies have sold off insurance products worth around Rs 33 in the first ten months of the current fiscal year.&nbsp;</span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">&nbsp;According to data published by the Nepal Insurance Authority(NIA), 14 non-life insurance companies sold 2,393,182 insurance policies by the end of Baisakh, earning a total insurance premium of Rs 32.87 billion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Shikhar Insurance Company Limited(SICL) tops the list of companies earning the highest insurance premiums. By the end of Baisakh, the company earned a total insurance premium of Rs 4.54 billion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In second place comes Sagarmatha Lumbini Insurance Company Limited(SALICO), which earned a total insurance premium of Rs 3.88 billion. Siddhartha Premier Insurance Company Limited (SPIL) is in third place, having earned a total insurance premium of Rs 3.18 billion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">National Insurance earned the least insurance premium over the last ten months, with a total of Rs 943.9 million by the end of Baisakh.</span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">&nbsp;Following National, Nepal Insurance Company Limited (NICL)earned the second least, with a total insurance premium of Rs 1.25 billion.</span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2024-05-31',
			'modified' => '2024-05-31',
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			'sortorder' => '20871',
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			'title' => 'Extreme Heat Prompts School Closure in Birendranagar from Sunday',
			'sub_title' => '',
			'summary' => 'In light of rising temperatures, schools in Birendranagar will be closed starting Sunday. The Private and Boarding Schools Organisation of Nepal (PABSON), the umbrella organization of private and boarding schools in the country, has decided to close schools for a week beginning June 2, citing the scorching heat.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">May 31: In light of rising temperatures, schools in Birendranagar will be closed starting Sunday.&nbsp;</span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Private and Boarding Schools Organisation of Nepal (PABSON), the umbrella organization of private and boarding schools in the country, has decided to close schools for a week beginning June 2, citing the scorching heat.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The maximum temperature in Birendranagar was recorded at 40 degrees Celsius on Friday. PABSON Surkhet President Ved Prakash Dhakal stated that they made a collective decision to shut the institutional schools for a week, as the extreme heat could affect the children&#39;s health.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Birendranagar Municipality is also considering closing community schools within the municipality due to the scorching heat, said Dheerendra Sharma Lamsal, Chief of the Municipality&#39;s Education Section.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Lamsal, however, said that an official decision has not been made yet. &quot;We will close the community schools within the municipality from Sunday if the temperature continues to rise as it has been. However, the schools will not be closed if there is a respite from the heat due to rain,&quot; he added.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Meanwhile, the immunization campaign against polio, underway since May 26, is likely to be affected by the school closure.&nbsp;</span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The campaign is scheduled to run until June 8. The immunization program is being conducted at the local level in Surkhet under two phases in coordination with the schools.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The program will run in Birendranagar, Gurbhakot, and Panchapuri municipalities, and in Simta, Barahatal, and Chaukune rural municipalities from June 4 to 8. (RSS)</span></span></p>

<p>&nbsp;</p>
',
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			'description' => '',
			'sortorder' => '20870',
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			'article_date' => '2024-05-31 16:40:32',
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	(int) 5 => array(
		'Article' => array(
			'id' => '21142',
			'article_category_id' => '1',
			'title' => 'Agriculture Insurance Scheme Resumes after More than Two Months',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The government has decided to pay a part of its obligations under the agriculture and livestock insurance, paving the way for resuming the insurance program that has been suspended for two and a half months. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: The government has decided to pay a part of its obligations under the agriculture and livestock insurance, paving the way for resuming the insurance program that has been suspended for two and a half months. The government has been providing relief to the farmers by covering a portion of the premium for insuring their crops and livestock.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">However, the government&#39;s arrears have been increasing due to subsidies being announced without adequate resources. As a result, insurance companies stopped issuing new agricultural and livestock insurance policies from March 14, and farmers have stopped receiving payments for insurance claims.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A meeting chaired by Agriculture and Livestock Development Minister Jwala Kumari Sah on Thursday decided to pay Rs 970 million dues to the insurance companies as per the subsidy announced by the government. This payment will allow the postponed agriculture and livestock insurance program to resume. Minister Sah stated that the ministry will pay Rs 970 million out of Rs 2.17 billion the government is liable to pay the insurance companies, with the remaining amount to be paid by the end of the current fiscal year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Insurance companies had suspended the sale of new policies due to the government&#39;s delay in releasing the subsidy amount. Minister Sah mentioned that the Ministry of Finance has approved Rs 970 million to fulfill the government obligations, which will be disbursed within a week.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Following the decision, insurance companies announced that they would resume selling policies from Friday. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;We have informed all our members to start the insurance scheme from May 31,&quot; said Birendra Bahadur Kshatri, CEO of Siddharth Premier Insurance Limited.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Agriculture and Livestock Insurance Program of the government has faced challenges due to increased subsidies without sufficient resources. According to the ministry&#39;s data, the government&#39;s liability for premium subsidies exceeds the allocated budget. The government allocated only Rs 600 million for agriculture and livestock insurance for the current fiscal year, but the amount owed to insurance companies by mid-March has reached Rs 2.17 billion. Consequently, farmers have been unable to receive payments for their insurance claims on time.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Currently, agricultural insurance covers grains, crops, pulses, legumes, oilseeds, vegetables, mushrooms, fruits, dry fruits, tubers, sugarcanes, spices, and flowers, among others. Livestock insurance covers cattle, sheep, goats, horses, pigs, domesticated animals, birds, fish, and other livestock. Additionally, there is a provision to insure trees and shrubs under herbs.</span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2024-05-31',
			'modified' => '2024-05-31',
			'keywords' => '',
			'description' => '',
			'sortorder' => '20869',
			'image' => '20240531012757_Wheat_photo-cred-Adobe-stock_E-2.jpg',
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	(int) 6 => array(
		'Article' => array(
			'id' => '21141',
			'article_category_id' => '1',
			'title' => 'Budget Contradicts the Spirit of Federalism due to Increase in Conditional Grants ',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Despite the implementation of federalism to extend significant rights to the local levels, the federal government has been allocating the annual budget in a manner that contradicts this purpose. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: Despite the implementation of federalism to extend significant rights to the local levels, the federal government has been allocating the annual budget in a manner that contradicts this purpose. Instead of following the Natural Resources and Finance Commission&#39;s recommendation to grant autonomy to provinces and local levels for selecting and implementing development plans, the federal government increasingly dictates programs and allocates budgets, resulting in a growing share of conditional grants in provincial and local budgets.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">On Tuesday, Finance Minister Barshaman Pun allocated grants of Rs 417 billion for the provinces and local levels. This includes equalization grants, conditional grants, special grants, and supplementary grants. Of this amount, Rs 148 billion has been allocated to the provinces and Rs 88 billion to the local levels as equalization grants for the upcoming fiscal year. Additionally, Rs 234.73 billion have been allocated to the provinces and Rs 2.88 billion to local levels as conditional grants.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the current fiscal year, a total of Rs 146 billion was allocated to the provinces, including Rs 58.67 billion as equalization grants and Rs 87.35 billion to the local levels. Under the conditional grants, Rs 35.72 billion has been allocated to the provinces and Rs 191 billion to the local levels, totaling Rs 227 billion. For the upcoming fiscal year, the share of equalization grants is 35.48 percent and conditional grants is 58.25 percent against 6.55 percent for equalization grants and 56.82 percent for conditional grants in the current year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Finance Commission recommended reducing the portion of conditional grants and increasing equalization grants. Chairman Balananda Paudel noted that the government has ignored these recommendations. &quot;We have been suggesting not to increase the conditional grant,&quot; he said, &quot;But the government doesn&rsquo;t seem to have implemented it in the budget.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The government provides equalization grants based on the expenditure needs and revenue capacity of the state and local levels. Supplementary grants are for specific projects or development works, conditional grants are to be spent in areas designated by the center, and special grants are for conducting special programs. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Rajendra Pyakurel, the executive director of the National Association of Rural Municipalities in Nepal, criticized the government for allocating the budget against the spirit of federalism and the recommendations of the Finance Commission.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;It is against the spirit of federalism to reduce the equalization grants and increase conditional grants,&quot; he said, adding, &quot;It does not strengthen federalism.&quot; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A recent World Bank report on financial federalism in Nepal highlights the need to reduce dependence of provincial and local levels on conditional grants to increase grassroots participation in planning and decision-making processes. The report suggests that increasing equalization subsidies while reducing conditional grants will ensure stronger grassroots participation in planning and decision-making.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the Nepal Fiscal Federalism Update 2024 published by the World Bank, a reduction of available financial resources in fiscal year 2023 for provincial and local governments, mainly due to a decrease in federal revenue, led to the first fiscal deficit at the subnational level since the outset of fiscal federalism in 2017.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'image' => '20240531012657_20230227084256_Grants-April-2019.jpg',
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	(int) 7 => array(
		'Article' => array(
			'id' => '21139',
			'article_category_id' => '1',
			'title' => 'Luxury Tax on Hotels and VAT on Airfare Remain Unchanged',
			'sub_title' => '‘Tourism in Nepal Becoming More Expensive Due to Government Policy'',
			'summary' => 'KATHMANDU: The government has given continuity to the luxury tax on hotels and the value-added tax (VAT) on airfare in the budget for the upcoming fiscal year. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: The government has given continuity to the luxury tax on hotels and the value-added tax (VAT) on airfare in the budget for the upcoming fiscal year. Currently, the government imposes a 2 percent luxury tax on hotels and a 13 percent VAT on air tickets. On Tuesday, the government announced the budget for the next fiscal year, drawing criticism from business leaders who raised concerns about the continuation of these taxes.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Hotel Association Nepal (HAN) expressed its views on the budget for the upcoming fiscal year, highlighting concerns over the ongoing luxury tax and VAT. According to a statement issued by HAN, the tax and VAT will make Nepal a more expensive destination, potentially reducing arrival of tourists. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;We requested a revision of this policy for the current year, and the government assured us that the tax would be removed in the budget for 2081/82. However, the continuation of these taxes has drawn HAN&#39;s attention,&rdquo; reads the statement.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">HAN Secretary General Sajan Shakya remarked that Nepal is becoming an expensive destination for tourists due to the government&#39;s tax policy. He believes that the increase in VAT and taxes will discourage tourists from visiting Nepal. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Nepal Association of Tour and Travel Agents (NATTA) also opposed the VAT on air tickets.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">HAN also noted the absence of any mention of the tourism decade (2023-2032) in the budget. The budget does not address the tourism year to be celebrated in 2025 or the operation of two international airports. Despite this, HAN acknowledged that the tourism sector has been identified as one of the five main transformative areas of development in next year&#39;s budget, recognizing its potential for rapid economic benefits.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">HAN welcomed several provisions in the budget, including the preparation to promote major tourist destinations in all seven provinces, the provision of direct bus services from the border to main pilgrimage sites in Nepal, the development of the Buddha, Shiva, and Ramayana circuits for cross-border tourism with India and China, and the provision of a one-stop service for tourists at border areas.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'created' => '2024-05-31',
			'modified' => '2024-05-31',
			'keywords' => '',
			'description' => '',
			'sortorder' => '20867',
			'image' => '20240531011254_Tourist.jpg',
			'article_date' => '2024-05-31 13:11:56',
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	(int) 8 => array(
		'Article' => array(
			'id' => '21140',
			'article_category_id' => '1',
			'title' => 'Price of Gold Sets New Record of Rs 142,200 Per Tola   ',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The price of gold has set an all-time high record and is being traded at Rs 142,200 per tola (11.66 grams) in the domestic market on Friday.    ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: The price of gold has set an all-time high record and is being traded at Rs 142,200 per tola (11.66 grams) in the domestic market on Friday.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the Federation of Nepal Gold and Silver Dealers Association, the price of hallmark gold has increased by Rs 1,700 per tola compared to the previous trading day. The federation has fixed the price of hallmark gold at Rs 142,200 on Friday against Rs 140,500 per tola on Thursday.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Similarly, worked gold is being traded at Rs 141,500 per tola on Friday against Rs 139,800 on Thursday. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Likewise, the price of silver has decreased by Rs 25 per tola. The federation has fixed the price of silver at Rs 1,875 per tola Friday. It was Rs 1,900 per tola on Thursday.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The price of gold has been rising steadily in the past few weeks. The federation fixes the price of gold and silver based on the price in the international market.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The recent geopolitical tension due to the Israel&rsquo;s offensive in Gaza and the Russia-Ukraine war have led to investors to invest in gold considering it as a safe haven in times of turmoil.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&nbsp;</span></span></p>

<p>&nbsp;</p>
',
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			'image' => '20240531012532_gold newwww.jpg',
			'article_date' => '2024-05-31 13:24:30',
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	(int) 9 => array(
		'Article' => array(
			'id' => '21138',
			'article_category_id' => '1',
			'title' => 'Nepal Improves Budget Transparency, Securing a Score of 50 in the Open Budget Survey',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The Open Budget Survey (OBS) 2023, conducted by Freedom Forum on behalf of the International Budget Partnership (IBP), has revealed that Nepal improved its budget transparency score to 50, surpassing the global average of 45 out of 100.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: The Open Budget Survey (OBS) 2023, conducted by Freedom Forum on behalf of the International Budget Partnership (IBP), has revealed that Nepal improved its budget transparency score to 50, surpassing the global average of 45 out of 100.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Nepal also scored 31 in public participation in the budgetary process, higher than the global average of 15 out of 100. The survey, first launched in 2006 by the IBP, a non-governmental organization (NGO) dedicated to promoting transparent, inclusive, and accountable government budget processes, measures essential aspects of governance and accountability such as participation, oversight, and transparency. Founded in 1997, IBP aims to enhance governance and reduce global poverty by ensuring that government budgets are managed effectively and equitably.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">However, the survey showed that Nepal scored 36 in legislative oversight, below the global average, while its Supreme Audit Institution (SAI) oversight score was 67, exceeding the global average.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Despite the improvements, Nepal&#39;s budget transparency score falls short of the minimum threshold score of 61, which is considered necessary to foster informed public debate on fiscal policies and practices. According to the IBP&rsquo;s latest survey, Nepal ranked 59th out of 125 countries surveyed in 2023, up from 77th in 2021.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The overall results indicate an improvement in public access to budget information in Nepal. Key budget documents, such as the year-end report, were published on time, unlike in the previous survey cycle in 2021, according to a press statement issued by Freedom Forum, an organization that has been conducting OBS in Nepal since 2009.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">However, despite advocacy efforts from civil society organizations (CSOs) and the media, Nepal has not produced or made publicly available the pre-budget statement (PBS) and Citizen Budget, noted Taranath Dahal, Freedom Forum&#39;s Executive Chief and budget researcher.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The OBS 2023 survey provides an overview of Nepal&rsquo;s current practices related to budget disclosure, opportunities for public engagement in the budget cycle, and effective checks and balances. Public participation is assessed based on formal opportunities for civic organizations and individuals to engage and provide input throughout the budget process. The strength of oversight institutions is measured based on the roles played by legislatures and supreme audit institutions (SAIs).</span></span></p>

<p><strong><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Recommendations for Budget Openness Reforms</span></span></strong></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The OBS has recommended several reforms to improve budget openness in Nepal.&nbsp;</span></span><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">It has suggested including data on the government&#39;s financial position, macroeconomic forecasts, and estimates of expenditure arrears. Publish a glossary of budget terms to improve budget literacy and to improve the comprehensiveness of the enacted budget and other budget documents by publishing disaggregated and machine-readable data.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">It also suggests to include the actual expenditures for administrative and functional classifications, and individual programs as well as to provide information on budget execution at the sub-national level (provinces and municipalities).</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The survey recommends comparing planned revenues and actual outcomes, nonfinancial outcomes, and original macroeconomic forecasts with actual outcomes.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the survey, Nepal needs to work on improving public participation in various budget processes by continuing and sustaining pre-budget consultations with stakeholders, including at the provincial level, and submitting reports to the Parliament.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">It also says that the Ministry of Finance and the Revenue Advisory Committee should inform citizens about which recommendations and inputs were used to improve budget policies.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">It also suggests actively engaging with vulnerable and underrepresented communities, directly or through civil society organizations representing them.</span></span></p>

<p><strong><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Strengthening Legislative Oversight</span></span></strong></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Even though the Supreme Audit Institution of Nepal provides sufficient oversight, Nepal&rsquo;s Federal Parliament offers weak oversight during the budget planning and implementation stages, the survey noted. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">To improve oversight mechanism, the survey suggests submitting the executive&rsquo;s budget proposal to legislators at least two months before the budget year starts.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">It added that legislative committees should examine the executive&rsquo;s budget proposal and publish reports with their analysis online.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A legislative committee should examine in-year budget implementation and publish findings online, added the survey report.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Other recommendations include ensuring the legislature is consulted before the executive shifts funds specified in the enacted budget or reducing spending due to revenue shortfalls during the budget year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A legislative committee should examine the Audit Report and publish findings online, added the report.</span></span></p>

<p><strong><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Global Budget Transparency</span></span></strong></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Global budget transparency has increased by 24% since 2008 but remains below the sufficient level (a score of 61 out of 100) to allow meaningful public engagement. Legislative oversight is also below sufficient levels, and public participation is rare, the survey report added. Average audit oversight scores are sufficient, but challenges remain to ensure governments follow up on audit reports. The COVID-19 pandemic provided an excuse for many governments to sidestep legislative oversight, which has not fully recovered since.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;In these turbulent times, governments can restore public trust by opening up the budget process to meaningful engagement. Engaging the public is a winning proposition,&rdquo; said Ana Patricia Mu&ntilde;oz, Executive Director of IBP. She added that an open budget process is critical to supporting democratic governments in delivering tangible gains to their people.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to Freedom Forum, the Open Budget Survey 2023 assessed 125 countries, representing 95% of the world&rsquo;s population and including budgets totaling more than $33.5 trillion in Fiscal Year 2022. This locally-led process involved in-country researchers, peer reviewers, and government reviewers who completed 30,000 indicators across all surveyed countries, assessing 672 publicly available budget documents and 299 participation mechanisms.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">This latest round comes at a turbulent time of unprecedented challenges. Rising debt, inflation, conflicts, closing civic space, and climate change have led to serious setbacks for many. &nbsp;(With inputs from RSS)</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '21137',
			'article_category_id' => '1',
			'title' => 'Record High Temperature: Nepalgunj Swelters at 44.2 Degrees Celsius   ',
			'sub_title' => 'Light Rain Likely to Occur in Kathmandu this Afternoon',
			'summary' => 'KATHMANDU: The Weather Forecasting Division reported record high temperatures across the country on Thursday. Nepalgunj witnessed the highest temperature of 44.2 degree Celsius.    ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: The Weather Forecasting Division reported record high temperatures across the country on Thursday. Nepalgunj witnessed the highest temperature of 44.2 degree Celsius.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Meteorologist at the Department of Hydrology and Meteorology, Govinda Jha, informed that the temperature measured on Thursday was the highest ever recorded in Nepalgunj.&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Adjacent city Dhangadhi had recorded 44.1 degree Celsius the same day.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Earlier, Bhairahawa had witnessed 43.6 degree Celsius last month.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">On Thursday, Biratnagar sweltered at 41 degree Celsius and Ghorai at 40.2 degree Celsius.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Even the hill cities including the federal capital Kathmandu and tourist capital Pokhara had scorching weathers.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The temperature of Pokhara was 34 degree Celsius and that of Kathmandu was 34.4 degree Celsius on Thursday.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Department of Hydrology and Meteorology said that the country is currently experiencing the partial influence of local and westerly winds, along with low-pressure systems around Bihar, India.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Meanwhile, the weather today will be generally cloudy in Koshi, Madhes, and Bagmati provinces, while it will remain mostly clear in the rest of the country, according to the department.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the daily weather bulletin of the department, light rain accompanied by thunder and lightning is expected in a few places in the Koshi province today. The hill regions of Koshi, Madhes, Bagmati, and Gandaki provinces will be partly to generally cloudy, with fair weather in other parts of the country this afternoon.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Light snowfall is expected in isolated areas of the high hills and mountainous regions of Koshi, Bagmati, and Gandaki provinces.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Tonight, the weather will remain partly to generally cloudy in Koshi, Madhes, Bagmati, and Gandaki provinces. Light to moderate rain with thunder and lightning is likely in a few places in these provinces and at one or two locations in Lumbini province.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the next 24 hours, light to moderate rain with thunder and lightning is expected in several places across the Koshi, Madhes, Bagmati, and Gandaki provinces, and in isolated locations in the Lumbini province. There is also a possibility of light snowfall in the high hills and mountainous regions of Koshi, Bagmati, and Gandaki provinces.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the Meteorological Forecasting Division under the department, light rain with thunder and lightning is expected in the Kathmandu Valley this afternoon. The maximum temperature in Kathmandu will range between 31 and 33 degrees Celsius today. -- RSS</span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&nbsp; </span></span></p>

<p>&nbsp;</p>
',
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	(int) 11 => array(
		'Article' => array(
			'id' => '21136',
			'article_category_id' => '1',
			'title' => 'Nat'l Pride, Strategically Important Projects to Get Continuity in Upcoming FY   ',
			'sub_title' => '',
			'summary' => 'KAILALI: Minister for Industry, Commerce and Supplies, Damodar Bhandari, has said the projects of the current fiscal year including those of national pride and strategic importance will be continued in the upcoming fiscal year as well.    ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">KAILALI: Minister for Industry, Commerce and Supplies, Damodar Bhandari, has said the projects of the current fiscal year including those of national pride and strategic importance will be continued in the upcoming fiscal year as well.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Speaking at a press meet organised by the Press Chautari Nepal, Kailali on Thursday, the minister said that the government has prioritised giving continuity to the projects of national pride and those related to infrastructure development carrying strategic importance.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Minister Bhandari was hopeful that internal and foreign investment will increase if the government removes policy-level hurdles.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">He said that the government has adopted a policy of promoting youth&#39;s entrepreneurship in sectors such as industries, IT, commerce, and supply to discourage the rising trend of human capital flight. -- RSS</span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 12 => array(
		'Article' => array(
			'id' => '21135',
			'article_category_id' => '1',
			'title' => 'No Tax Rates Manipulation to Appease Anyone: Finance Minister',
			'sub_title' => '',
			'summary' => 'Finance Minister Barshaman Pun emphasized that the government will not manipulate tax rates to appease any group, stating that the country's economic development requires a thriving private sector.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">May 31: Finance Minister Barshaman Pun emphasized that the government will not manipulate tax rates to appease any group, stating that the country&#39;s economic development requires a thriving private sector.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">During a discussion with the Iron Rod Producers Association, Minister Pun addressed their concerns about perceived unfair tax changes in the upcoming fiscal budget. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The association, led by Chairperson Sahil Agrawal, complained about changes in the tax rates on sponge iron, a key material for manufacturing iron rods.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Minister Pun explained that the tax rate adjustments were based on comprehensive data, including reports from the parliamentary committee, the Department of Inland Revenue, historical demands from entrepreneurs, and political recommendations. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Pun insisted that these decisions were fact-based and not influenced by any attempts to appease particular groups or individuals.&nbsp;</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">He reassured the private sector that the government does not aim to suppress industries but to help them become more competitive. While he is open to hearing valid concerns and demands from entrepreneurs, he advised against making tax rate changes a controversial issue.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Minister Pun highlighted that many suggestions from major business organizations, such as the Federation of Nepalese Chambers of Commerce and Industry, Confederation of Nepalese Industries, and Nepal Chamber of Commerce, were incorporated into the budget after pre-budget discussions. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The government also signaled that tax rates should not increase significantly due to the recent economic slowdown. Pun</span></span><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&nbsp;noted that the government has set lower targets for tax rates this year compared to last year&#39;s 41 percent, aiming to give the private sector more breathing space and reduce operational pressures.</span></span></p>

<p>&nbsp;</p>
',
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	(int) 13 => array(
		'Article' => array(
			'id' => '21134',
			'article_category_id' => '1',
			'title' => 'NEPSE Tumbles by 19.89 Points to Close at 2069.53',
			'sub_title' => '',
			'summary' => 'The Nepal Stock Exchange (NEPSE) Index continued to decline, losing 19.89 points, or 0.95%, to close at 2069.53 on Thursday, the last trading day of the week.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">May 30: The Nepal Stock Exchange (NEPSE) Index continued to decline, losing 19.89 points, or 0.95%, to close at 2069.53 on Thursday, the last trading day of the week.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">During today&rsquo;s trading session, 311 scrips were traded on the NEPSE through 61,072 transactions. A total of 9,864,482 shares changed hands, resulting in a total turnover of Rs 4.21 billion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Nepal Finance Limited (NFS) led the turnover amount with transactions totaling Rs 19 crores. Nepal Finance Limited (NFS), Upper Lohore Khola Hydropower Company Limited (ULHCL), and Bhagawati Hydropower Company Limited (BGWT) each gained 10% and hit the positive circuit for the day.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In terms of sector indices, all sectors closed in the red territory except the Finance Index, Hydropower Index, and Manufacturing and Processing Index.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Hotels and Tourism Index faced the highest loss at 2.53%, while the Manufacturing and Processing Index posted the maximum gain of 1.23%.</span></span></p>

<p>&nbsp;</p>
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	(int) 14 => array(
		'Article' => array(
			'id' => '21133',
			'article_category_id' => '1',
			'title' => 'Government Hikes Taxes on Electric Vehicles to Raise Resources',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Contrary to its policy of promoting electric vehicles, the government has increased the tax on their import, citing the lack of resources. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">KATHMANDU: Contrary to its policy of promoting electric vehicles, the government has increased the tax on their import, citing the lack of resources. The new budget for the next fiscal year (FY 2081/82) has raised the tax on all types of electric four-wheelers.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The government has increased customs and excise duties on electric vehicles (EVs) through the budget announcement. According to the new rates, EVs up to 50 KW will now be subject to a 15 percent customs duty and a 5 percent excise duty. Previously, these vehicles had no excise duty and a 10 percent customs duty. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Similarly, the customs and excise duties for vehicles from 51 to 100 kilowatts have been increased by an additional 5 percentage points each, up from 15 percent customs and 10 percent excise duty. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">For vehicles from 101 to 200 kW, the customs duty has been raised to 30 percent, while the excise duty remains at 20 percent. For vehicles from 201 to 300 kW, the customs duty has been increased by 20 percent, with a 10 percent reduction in excise duty. For vehicles over 300 kW, the customs duty has also increased by 20 percent, with a 10 percent reduction in excise duty. Overall, the tax has increased by 10 percent.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The government has justified this increase by noting a significant decline in revenue from vehicle imports as the imports of electric vehicle have increased, while the imports of petroleum-powered vehicles have fallen. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Officials of the Ministry of Finance claim this move corrects past mistakes. Revenue Secretary Ram Prasad Ghimire stated in a press conference on Wednesday, &quot;Initially, we reduced the tax to promote electric vehicles. It had to be corrected eventually, and this increased tax is a measure of policy reform.&quot;</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">In Nepal, vehicle tax rates are determined by engine capacity and kilowatts, whereas in India, tax rates are based on price. Due to lower taxes, the import of electric vehicles has increased. As a result, the government&rsquo;s revenue collection from vehicle imports has been reduced.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">According to the Department of Customs, the government collected up to Rs 90 billion from the taxes on imports of vehicles and spare parts in FY 2078/79, but it dropped to Rs 33.33 billion in FY 2079/80.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">In the first nine months of the current fiscal year 2080/81, the government has collected only Rs 39.89 billion from vehicle imports. Additionally, 8,497 electric four-wheelers were imported in the first 10 months of the current year, compared to 4,050 in the previous year.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Despite the government&#39;s goal to increase the usage of electric vehicles, as outlined in the Paris Agreement on climate change, which targets 25 percent electrification of total vehicle sales and 20 percent of four-wheeler public vehicle sales by 2025, and 90 percent and 60 percent respectively by 2030, importers of electric vehicles criticized the government&#39;s unstable policy. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Over recent years, the government has frequently changed the tax rates on imports of electric vehicles. An official from SPG Automobile, which sells Omoda-5 electric vehicles, told New Business Age that the tax increase would negatively impact promotion of electric vehicles in Nepal.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The NADA Automobiles Association of Nepal has requested a definite and long-term policy for electric vehicles but received no response. NADA General Secretary Surendra Kumar Upreti pointed out the inconsistency between the government&#39;s stated priorities and actions. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">&quot;Frequent changes in government policy will have a serious impact on the electric vehicle business,&quot; he said, adding that such instability discourages potential entrepreneurs from producing electric vehicles in Nepal.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Revenue Secretary Ghimire argued that despite the tax increase, it would not adversely affect the imports of electric vehicle. He explained that while the government initially set low tax rates to promote EVs, it now needed to adjust them to meet revenue targets, especially given the increased import of 50 to 100 kilowatt EVs.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Overall, the fluctuating tax policies have raised concerns among electric vehicle importers and industry stakeholders, who are calling for more stable and supportive government policies to foster long-term growth and sustainability in the sector.</span></span></span></p>
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FOREX

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)

Bullion

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

Petroleum

Petrol	1 Liter	106.00
Diesel	1 Liter	95.00
Kerosene	1 Liter	95.00
LP Gas	1 Cylinder	1375.00