March 8: The government has decided to provide financial assistance to the Nepal Oil Corporation (NOC) to purchase petroleum…
March 8: The government has decided to provide financial assistance to the Nepal Oil Corporation (NOC) to purchase petroleum…
March 7: Industrialists and businessmen have said that the government should take responsibility for the recent hike in prices of consumer…
March 7: Foreign reinsurance companies have been reluctant to reinsure hydropower projects due to the rise in incidents of natural disasters such as floods and landslides hitting hydropower…
March 7: Consumers have been complaining of artificial shortage of cooking oil in the…
March 7: Cooperatives will now be able to issue ATM cards under the 'Coop Brand'.…
March 7: Nepal Rastra Bank (NRB) has tightened the import of gold by limiting the daily import to 10 kg a day.…
March 7: The price of gold on Sunday increased by Rs 2,000 per tola (11.66 grams) to reach Rs 101,900 in the domestic market of…
March 6: The government has downsized the budget demanded by the Election Commission for the upcoming local level election scheduled to be held on May…
March 6: Nepal Gem and Jewelry Association has stated that the jewelry business in the country has been increasing by 10 percent…
March 6: The International Finance Corporation (IFC) has appointed Martin Holtmann as its new country manager for Nepal, Bangladesh, and…
March 6: Transport entrepreneurs have demanded a hike in fares of public transport, citing the rise in fuel…
March 6: A few days ago, Nepal Rastra Bank lowered the cap of domestic remittance and decided not to allow transfer of more than Rs 25,000 per person in one…
March 6: A study conducted by a parliamentary panel has found that excessive amount of betel nuts have been imported into the country.…
March 6: Airline operators of Nepal have increased the price of air tickets…
March 4: All sorts of prohibitory orders issued earlier in the Kathmandu Valley following the increase in COVID-19 cases have been lifted with the decline in infection…
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The government took such decision after the accumulated savings of the state-owned oil monopoly dropped to sub-zero level. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">A meeting of the Price Stabilization Fund on Monday decided to provide Rs 4.25 billion to the corporation to pay the first installment it owes to the Indian Oil Corporation (IOC). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Even after the price adjustment of petroleum products last Thursday, the NOC insists it is expecting a loss of around Rs 2.5 billion in the next 15 days. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The purchase price of the NOC has been increasing due to the recent hike in the price of crude oil in the international market. The corporation had sought financial help from the government after the first installment to the IOC due in March was insufficient. The corporation has been paying installments to the IOC on the 8th and 23rd of every month. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif""> Prior to this, the stabilization fund had provided Rs 1.80 billion to the NOC in January. NOC Spokesperson Binit Mani Upadhyaya said that the decision of the government to provide financial assistance to the NOC at such difficult times would help in maintaining smooth supply of petroleum products. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-03-08', 'modified' => '2022-03-08', 'keywords' => '', 'description' => '', 'sortorder' => '14630', 'image' => '20220308081134_Untitled.jpg', 'article_date' => '2022-03-08 08:11:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '14887', 'article_category_id' => '1', 'title' => 'Government Responsible for Inflation: Industrialists', 'sub_title' => '', 'summary' => 'March 7: Industrialists and businessmen have said that the government should take responsibility for the recent hike in prices of consumer goods', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 7: Industrialists and businessmen have said that the government should take responsibility for the recent hike in prices of consumer goods in the domestic market due to the outbreak of war between Ukraine and Russia. They expressed such view after the government alleged that the price hike was due to the black marketing by the industrialists</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">They denounced the government’s allegation and said that such claim made by the government was aimed at tarnishing the image of the industrialists.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Prices of consumer goods and petroleum products are constantly on the rise in the international market. Pawan Sharda, the former president of the Morang Merchants’ Association and member of the Constituent Assembly said that the government should provide relief to the consumers by reducing customs and VAT. He warned that if this situation continues, consumers won’t be able to make purchases of goods. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He said that the industries have less than 25 percent stock of goods due to the monetary policy and there may be shortage of food items in the near future. Sharada said “The stocks of industrialists and businessmen have dropped to less than 25 per cent as the banks refused to give out loans.” Sharda also said that the rise in prices of unrefined mustard oil, soybean oil and sunflower oil coming from Ukraine will finally hit the Nepali market after two months.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif""> “First of all, the government must take proper care that the public is not hit by inflation. The people will not be able to survive if the main objective of the government is to earn revenue. The prices will be stable only if a 50 percent discount is given in VAT and customs.”</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Morang Merchants’ Association has urged the government to take responsiblity for inflation and take decisions in the interest of consumers. Naveen Rijal, president of the Morang Merchants’ Association said, “It is the responsibility of the government to control inflation. We have no role in it.” He added that the raw materials of imported goods and finished goods come at an increased rate from third countries itself. The government needs to pay attention in order to control the price of such goods.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the industrialists, the Indian government has reduced tariffs four times after the rise in price of oil in the international market. However, the government of Nepal does not care about reducing customs duty or VAT. Rijal said that the government is looking for an escape from its duties and responsibilities by accusing the traders of increasing the prices.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Mahesh Jaju, advisor to the Confederation of Nepalese Industries and former president of the Morang Merchants’ Association said that they did not engage in black marketing, hoarding or did not raise market prices and clarified that the increase in prices was solely due to the outbreak of war between Russia and Ukraine.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Jaju put forth his opinion that the criteria for loans and interest rates should be different for the industries producing luxury goods and daily necessities. He said that the return from industries is not more than 10 percent but interest from bank deposits is 11 percent. In such a situation, he said he doesn’t understand whether the government wants to promote industries or wants people to deposit their money in banks.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Prakash Mundada, former president of the Morang Merchants’ Association and senior vice president of the Confederation of Nepalese Industries, accused the Nepal Rastra Bank of pursuing a policy of investing only in areas that increase GDP and has disturbed the market by giving 11 percent interest rate to the institutional depositors and restricting the industrialists from bringing goods on loan. Mundada said that the government has tied the hands of industrialists by restricting the import of goods.</span></span></span></p> <p><br /> <br /> <br /> <br /> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14629', 'image' => '20220307070714_Inflation.jpg', 'article_date' => '2022-03-07 19:06:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '14886', 'article_category_id' => '1', 'title' => 'Foreign Companies Reluctant to Reinsure Hydropower Projects ', 'sub_title' => '', 'summary' => 'March 7: Foreign reinsurance companies have been reluctant to reinsure hydropower projects due to the rise in incidents of natural disasters such as floods and landslides hitting hydropower projects. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">March 7: Foreign reinsurance companies have been reluctant to reinsure hydropower projects due to the rise in incidents of natural disasters such as floods and landslides hitting hydropower projects. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Hydropower projects and road infrastructures have been affected recently due to increasing number of natural calamities. As a result, insurance claims are also increasing.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Hence, foreign companies have been reluctant to reinsure hydropower sector. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Chunki Chhetri, president of the Nepal Insurance Association and CEO of Sagarmatha Insurance, said that they are facing mounting challenge to reinsure hydropower projects by foreign companies. He added that large projects are particularly facing more problems.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">"It has become easier to reinsure small hydropower projects after the Insurance Board fixed the minimum rate of non-life insurance. However, it is difficult to reinsure large projects," he said, adding, "Recently, claims from the hydropower and road projects have increased. As a result, reinsurance of road and hydropower projects has become a challenge." </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He says that foreign companies have not been able to meet the criteria for reinsurance set by the government. "They are profit-oriented companies, so it is natural for them to try to do safe business," he said. "This problem arises as the hydropower sector has become risky. We are forced to reinsure at a high rate." </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Sometime ago, Nepali insurance companies used to insure hydropower projects at economical rates. At that time, foreign companies had stopped reinsuring. The Insurance Board then set the minimum rate for such insurance. After that, it was easier to reinsure hydropower projects. However, companies say there are still problems with large projects. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Executive Director of the Insurance Board Raju Raman Poudel said that foreign companies have started reinsuring after fixing the minimum rate. However, he said that there could be problems in the case of big projects. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">While foreign companies are refusing to reinsure the hydropower projects, power producers of Nepal have been protesting against the minimum insurance rate. Poudel said that the power producers should understand the technical problems of the insurance sector and accept the minimum rate. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Stakeholders say that if foreign companies refuse to reinsure, the premium may have to be further increased. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14628', 'image' => '20220307051705_hydro.jpg', 'article_date' => '2022-03-07 17:16:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '14885', 'article_category_id' => '1', 'title' => 'Artificial Shortage of Cooking Oil in the Market', 'sub_title' => '', 'summary' => 'March 7: Consumers have been complaining of artificial shortage of cooking oil in the market.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 7: Consumers have been complaining of artificial shortage of cooking oil in the market. Due to the rise in stockpiling and black marketing of consumable goods, consumers have been hit hard by the artificial shortage of food, especially edible oil.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The ongoing war between Russia and Ukraine has affected the price of food items in Nepal. Consumers complained that there is an artificial shortage of edible oil due to the collusion of traders and industrialists. Rita Basnet, who came to Kalimati in Kathmandu on Sunday to buy food items, said that she had to visit six shops to buy cooking oil. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"Every shop we go to has no oil," she said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Pabitra Bajracharya, the immediate past president of the Retailers Trade Association, said that wholesalers and industrialists were responsible for the shortage of edible oil in the market. According to the association, some traders may have been hiding cooking oil by spreading rumors that the Russia-Ukrainian war has led to shortages of food (especially cooking oil). The association estimates that there is enough oil in the market for three months.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">On the one hand, consumers are facing problems due to artificial shortages in the market, while on the other hand, the problem is further aggravated by the wholesalers not providing the right invoices to the retailers.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the association, wholesalers sell sunflower oil to the retailers at Rs 268 per liter but the maximum retail price is marked just Rs 240 in the packets.. Bajracharya said that the retailers are facing problems in selling oil because the wholesalers do to provide them the accurate bill.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"We have to sell oil at Rs 298 for a profit of 10 percent of Rs 268," he said. "But we have been selling cooking oil for just Rs 275 per litre because the maximum retail price is marked Rs 240." He said that some retailers have stopped selling oil due to fear of action by the Department of Commerce as the maximum retail price is still less than the selling price of oil. He said that this may have led to a shortage in the market. According to the association, the price of each brand of oil has gone up by Rs 400 per carton. Wholesalers, however, defended themselves, saying that there was a shortage of oil in the market and prices had risen.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">They claimed that the issue of wrong billing is only an allegation. Devendra Bhakta Shrestha, president of the Food Traders Association, an association of wholesalers, said that the issue of wrong invoices was just a rumor, and they were ready to be punished if it was proved that they had given wrong invoices.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Department of Commerce, Supplies, and Consumer Protection, a government body working for the benefit of consumers, has said that no complaints have been received despite the scarcity in the market due to rumors. Spokesperson of the Department Hari Pangeni said that it would be easier to monitor and take action if a complaint is lodged with the department about consumer fraud. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14627', 'image' => '20220307043529_oil1501009175_7.jpg', 'article_date' => '2022-03-07 16:34:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '14884', 'article_category_id' => '1', 'title' => 'Cooperatives Can Now Issue ATM Cards', 'sub_title' => '', 'summary' => 'March 7: Cooperatives will now be able to issue ATM cards under the 'Coop Brand'. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">March 7: Cooperatives will now be able to issue ATM cards under the 'Coop Brand'. The National Cooperative Bank Limited has collaborated with Smart Choice Technology (SCT), a payment service provider, and Global IME Bank to start debit card service. The National Cooperative Bank signed a tripartite agreement with SCT and Global IME Bank to this effect on Sunday, March 6.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">CEO of the National Cooperative Bank Badri Kumar Guragain informed that the cooperatives will be able to issue ATM cards for their customers within three months.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The central bank has included a provision in the monetary policy of the current fiscal year to allow payment system operators and service providers to provide electronic transaction service to the cooperatives. As per the provision, some big cooperatives have reached an understanding with SCT to issue debit cards to their customers.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Federal Department of Cooperatives had also issued an integrated directive on February 13 allowing cooperatives to collaborate with payment service providers to introduce services such as ATM, QR Code, mobile banking among others.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The cooperatives must mention this in their company statute and inform the governing body within a month after introducing such services.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">CEO Guragain informed that cooperatives with small investment cannot provide ATM service so they too have been allowed to provide debit card service through the National Cooperative Bank.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">"Now, the cooperatives can collaborate with banks to issue ATM cards," he said.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Such cards can be used free of cost at more than 300 ATM counters of Global IME Bank. They can also be used for payment at PoS terminals and departmental stores.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Until now, some cooperatives had been issuing ATM cards in collaboration with SCT but they had to make the settlement through Himalayan Bank by depositing a certain amount. However, the cooperatives will have to bear less financial burden if they avail this service through the National Cooperative Bank.</span></span></p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14626', 'image' => '20220307091434_1646612591.Clipboard04.jpg', 'article_date' => '2022-03-07 09:12:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '14883', 'article_category_id' => '1', 'title' => 'Central Bank Limits Import of Gold to 10 kg a Day ', 'sub_title' => '', 'summary' => 'March 7: Nepal Rastra Bank (NRB) has tightened the import of gold by limiting the daily import to 10 kg a day. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 7: Nepal Rastra Bank (NRB) has tightened the import of gold by limiting the daily import to 10 kg a day. Issuing a circular on Sunday (March 6), NRB stated that it has lowered the quota on import of gold by half. Prior to this arrangement, as much as 20 kg of gold could be imported into the country per day.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank amended the work procedure on gold import, sales and distribution, 2068 to restrict the import of gold due to concerns over the declining foreign exchange reserves. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It may be noted that only the commercial banks are allowed to import gold in Nepal upon the recommendation of the Federation of Nepal Gold and Silver Dealers Association. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The price of gold has increased in Nepal in the wake of Russia's invasion of Ukraine. The NRB had earlier tightened the provision related to import of silver and 47 other items considering the declining foreign exchange reserves. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Besides gold, other items that have been restricted entry include clove, sugary item, drinks and tobaccos, perfume, cosmetic goods, shoes and sandal, shampoo, wigs, artificial bouquets, chips marble, ceramic goods, furniture, milk powder, eggs, dry vegetables, betel nuts, cashew nuts, black peppers, sausage, cocoa powder chocolate, dog foods, tomato ketchup among others, according to the state-owned national news agency RSS. </span></span></p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14625', 'image' => '20220307083510_20220216015330_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-03-07 08:34:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '14882', 'article_category_id' => '1', 'title' => 'Price of Gold Crosses Rs 100,000 Mark', 'sub_title' => '', 'summary' => 'March 7: The price of gold on Sunday increased by Rs 2,000 per tola (11.66 grams) to reach Rs 101,900 in the domestic market of Nepal.', 'content' => '<p><span style="font-size:18px">March 7: The price of gold has increased by Rs 1,100 per tola (11.66 grams) to reach Rs 103,000 in the domestic market on Monday. The price of the precious yellow metal was Rs 101,900 on Sunday while it was Rs 99,900 in the previous trading day.</span></p> <p><span style="font-size:18px">The price of gold had increased by Rs 2000 per tola on Sunday to cross the mark of Rs 100,000 while it further rose to Rs 103,000 on Monday.</span></p> <p><span style="font-size:18px">According to the Federation of Nepal Gold and Silver Dealers' Association, the price of silver also increased by Rs 10 per tola to reach Rs 1,425.</span></p> <p><span style="font-size:18px">The price of gold and silver increased in Nepal following a surge in their prices in the international market, the state-owned national news agency RSS quoted the Federation's President Manik Ratna Shakya as saying. Price of gold in the international market was approximately 1,970 dollar per ounce on Sunday, March 6.</span></p> <p><span style="font-size:18px">Analysts believe that the recent surge in the price of gold is mainly due to the Russia-Ukraine war. With stocks stumbling across the globe and prices of food grains increasing, investors are reportedly purchasing gold as a safe bet during the time of such crisis.</span></p> <p><span style="font-size:18px">It may be noted that the price of gold had crossed the mark of Rs 100,000 per 11.66 grams in Nepal during the outbreak of Covid-19.</span></p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14624', 'image' => '20220307082414_gold1_1631507545558.jpg', 'article_date' => '2022-03-07 08:22:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '14881', 'article_category_id' => '1', 'title' => 'MoF Downsizes Election Budget', 'sub_title' => '', 'summary' => 'March 6: The government has downsized the budget demanded by the Election Commission for the upcoming local level election scheduled to be held on May 13. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">March 6: The government has downsized the budget demanded by the Election Commission for the upcoming local level election scheduled to be held on May 13. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Ministry of Finance has assured a budget that is less than the demand put forth by the commission after it was unable to secure financial support from the donor agencies.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">After the Election Commission warned that it would be difficult to hold the election on time if the budget is not released, the Ministry of Finance assured a budget of Rs 8.11 billion against Rs 12 billion demanded by the commission.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The commission sent a revised budget demanding Rs 8.95 billion by reducing expenditures on various headings after the ministry said it could not release the budget demanded by the commission. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Spokesperson for the commission Shaligram Sharma Poudel informed that the budget secure by the ministry will be spent on conducting the election and its management. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He is of the view that it will be difficult for them to manage the budget but they have intensified preparations to hold the election on time. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The EC has made preparations to print 20 million ballot papers for the upcoming election. They have already signed agreements with suppliers to buy the papers required for making the ballot papers. EC officials say that they are buying papers for Rs 110 million. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Ministry of Home Affairs has also demanded election expenses from the Ministry of Finance. However, the Ministry of Finance has not yet secured the financial sources. The Home Ministry has demanded Rs 16 billion from the MoF in the initial phase for the election. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Nepal Police had sent details to the Home Ministry saying that Rs 12 billion is needed for security of the election. Nepal Police had demanded the amount saying that it needs to recruit 118,000 temporary police for the security of 11,000 polling stations as in the previous election. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Likewise, the Armed Police Force also demanded Rs 500 million. According to the Home Ministry, the proposal has been sent to the MoF to ensure the budget, but no response has been received yet. According to Home Ministry spokesperson Phanindra Mani Pokhrel, no decision has been taken on hiring temporary police yet as the budget has not been secured. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-06', 'modified' => '2022-03-06', 'keywords' => '', 'description' => '', 'sortorder' => '14623', 'image' => '20220306063453_EC.jpg', 'article_date' => '2022-03-06 18:34:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '14880', 'article_category_id' => '1', 'title' => 'Jewelry Business up by 10 Percent Annually', 'sub_title' => '', 'summary' => 'March 6: Nepal Gem and Jewelry Association has stated that the jewelry business in the country has been increasing by 10 percent annually.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 6: Nepal Gem and Jewelry Association has stated that the jewelry business in the country has been increasing by 10 percent annually. The association made such statement on the occasion of the 17th Annual General Meeting of the association held in Kathmandu on Saturday, adding that the internal trade as well as exports are increasing. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Those involved in this businessmen also said that they are facing problems due to the lack of raw materials and low investment in technology.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Industry Secretary Arjun Prasad Pokhrel assured that the government will move ahead by cooperating with the businessmen. He said that the government would play a supportive role in promoting the gem and jewelry trade as per the guidelines prepared by the association. On the occasion, the president of the association Jyotsna Shrestha said that the issue of lack of raw material in the jewelry business has been raised time and again but the concerned authorities have turned a deaf ear to it.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Stating that they are facing problems in paying bank's interest, house rent, employees’ salary allowance and also meeting the demands of the consumers due to insufficient raw material, she urged the government to find a solution to the problem through an in-depth study. “The raw material for us is gold and silver. But if quotas are reduced while the country's economy is in trouble, the jewelry business will become unproductive.”</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">She also emphasized on the need to bring a policy of re-exporting jewelry from Nepal by importing raw gold as per the demand from abroad. She said that it was necessary to train the manpower for exports. She says the lack of liquidity in the banking system has also affected the jewelry business. Moreover, she said that the businessmen have been further affected after the Nepal Rastra Bank set a 100 percent margin on the import of diamonds, precious stones and silver.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The association has said that the provision of keeping 100 percent cash for the import of such items should be revised. The association also said that the suggestions given by a task force formed two years ago has not been implemented yet. Stating that the demand for Nepali jewelry is also increasing among the Nepalese living abroad, the association said that it could not export the products due to lack of raw materials.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Similarly, the association has demanded the government to operate valuable mines in Nepal. Stating that there is a problem even in the excavation of raw materials, the association said that a large amount of money is sent abroad for processing the materials even after excavation. The association has also demanded investment in technology.</span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-06', 'modified' => '2022-03-06', 'keywords' => '', 'description' => '', 'sortorder' => '14622', 'image' => '20220306053454_jewellry.jpg', 'article_date' => '2022-03-06 17:34:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '14879', 'article_category_id' => '1', 'title' => 'IFC Appoints Martin Holtmann as Country Manager for Nepal, Bangladesh, and Bhutan', 'sub_title' => '', 'summary' => 'March 6: The International Finance Corporation (IFC) has appointed Martin Holtmann as its new country manager for Nepal, Bangladesh, and Bhutan.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 6: The International Finance Corporation (IFC) has appointed Martin Holtmann as its new country manager for Nepal, Bangladesh, and Bhutan. Based in Dhaka, Holtmann will focus on developing new opportunities for the private sector and increasing IFC’s impact on the development of the three countries as the region continues to recover from the COVID-19 pandemic, the IFC said in a statement on Sunday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Holtmann, a German national, joined IFC in 2007. Prior to his appointment, Holtmann was Global Sector</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Manager for Financial Inclusion, helping IFC to reach millions of micro, small and medium-sized enterprises (MSMEs) with traditional and digital financial services and strengthen more than 200 partner institutions through investment and advisory support, the statement added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Martin’s background experience will be invaluable as IFC deepens its work in Nepal, Bangladesh, and Bhutan,” the statement quoted Hector Gomez Ang, IFC’s Regional Director for South Asia, as saying. “This is a time of new challenges and opportunities and I am confident Martin will be successful in leading IFC’s efforts to strengthen and diversify its work in the three countries in support of a green and resilient recovery.” </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the statement, Holtmann will notably work to promote IFC’s impact on climate, gender, and green growth, while expanding and diversifying the investment and advisory portfolios. Some key sectors for future growth opportunities in the region include transport and logistics, clean energy, financial services, tourism, agribusiness, healthcare, housing, and the digital economy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Holtmann is a graduate of the Lester B Pearson United World College of the Pacific, Canada and holds two master’s degrees in Economics from Trier University, Germany and in Public Administration from Harvard University, United States. He succeeds Wendy Werner, who has taken on a new role as IFC’s Country Head in India, after successfully serving as the country manager for Bangladesh, Bhutan and Nepal for six years.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Before joining IFC, Holtmann worked as Lead Financial Specialist at the Consultative Group to Assist the Poor (CGAP) in the World Bank, and as managing director of a consulting firm in the private sector. He is also one of the core authors of the 2022 World Development Report, “Financing for an Equitable Recovery”. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">IFC said it has invested nearly $8 billion to help private sector growth in Nepal Bangladesh, and Bhutan since 2000. IFC has also provided a total of $270 million in working capital solutions to banks and liquidity support to companies since the beginning of the COVID-19 pandemic in 2020, the statement said adding, “These investments are helping keep businesses afloat, resume exports, and preserve jobs, and which are critical to sustaining national economies.”</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-06', 'modified' => '2022-03-06', 'keywords' => '', 'description' => '', 'sortorder' => '14621', 'image' => '20220306051942_Martin Holtmann_IFC_photo_W - Copy.jpg', 'article_date' => '2022-03-06 15:47:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '14878', 'article_category_id' => '1', 'title' => 'Transport Entrepreneurs Demand Increase in Fare of Public Vehicles', 'sub_title' => '', 'summary' => 'March 6: Transport entrepreneurs have demanded a hike in fares of public transport, citing the rise in fuel prices.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 6: Transport entrepreneurs have demanded a hike in fares of public transport, citing the rise in fuel prices.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The government had increased the fare of passenger vehicles by 28 percent, freight charge on hill roads by 20 percent and freight charge on Terai roads by 26 percent last year.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Ever since announcing the hike in transportation fare, the government has repeatedly increased the prices of fuel with the price of diesel going up by Rs 28 per liter and petrol by Rs 38 per liter during this period. With the rise in fuel prices, transport entrepreneurs have been demanding an increase in fares for public transport.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Transport entrepreneurs have been demanding an increase in fares by knocking on the doors of various authorities saying that the fares of vehicles have not increased even though the price of fuel has gone up several times since the increase in fares in June. Representatives of the Central Federation of Public Transport Nepal met with Director General of the Department of Transport Management Namaraj Ghimire on Friday demanding an increase in fares. The federation is scheduled to submit a memorandum to Minister for Physical Infrastructure and Transport Renu Kumari Yadav on Sunday (March 6). </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">President of the Federation, Bharat Nepal said that they have demanded an increase in the fare of vehicles in proportion to the increase in fuel prices. According to him, the fare adjusted earlier in June has not yet been implemented in other provinces except Bagmati and Gandaki provinces.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Times New Roman","serif"">If the fare is increased, general public will suffer more</span></strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">If the current fare is increased, the ordinary citizens who have to travel daily by vehicles will be hit the hardest. Concerned authorities say that the trend of increasing the price of fuel by the government and the demand of transport entrepreneurs to increase the fares should be halted. Stakeholders suggest that if the government reduces the tax on petroleum products, fuel can be made available at reasonable rates.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">“The price of fuel has gone up time and time again and the fare has gone up as well. But it is not appropriate to increase the fare furthermore as the income of the general public has not gone up,” said Madhav Timilsina, chairman of the Consumer Rights Forum. He said that the commuters are facing problems as the government is not showing any responsibility towards the rights of the people. He expressed his opinion that both the government and the business community should take decisions while being considerate about the purchasing ability of the people.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-06', 'modified' => '2022-03-06', 'keywords' => '', 'description' => '', 'sortorder' => '14620', 'image' => '20220306031226_public transport.jpg', 'article_date' => '2022-03-06 15:11:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '14877', 'article_category_id' => '1', 'title' => 'Where is Remittance Flowing?', 'sub_title' => '', 'summary' => 'March 6: A few days ago, Nepal Rastra Bank lowered the cap of domestic remittance and decided not to allow transfer of more than Rs 25,000 per person in one day.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">March 6: A few days ago, Nepal Rastra Bank lowered the cap of domestic remittance and decided not to allow transfer of more than Rs 25,000 per person in one day. Earlier, remittances up to Rs 100,000 were allowed within the country.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">NRB officials said they took such measures due to an increase in remittances through the illegal ‘hundi; channel. He said that such decision was taken after the Nepali migrant workers started sending money to their relatives through hundi.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Questions have been raised about where the money sent by Nepali workers from abroad goes after the inflow of remittance started declining steadily after the peak of the Covid-19 crisis.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">However, no study has been conducted on whether the income of Nepali nationals living abroad has declined or whether the inflow of remittance to Nepal has declined.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Some experts suspect that Nepalis are more inclined towards cryptocurrency in recent times.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Former executive director of NRB Nara Bahadur Thapa, on the other hand, argued that the problem has surfaced due to the tiresome process of sending remittance as per the government’s criteria.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"Besides, sending remittances to Nepal is expensive," he said, adding that the government casts an evil eye if anyone sends a good amount of money back home. “The government has even suspended accounts of those who send money back home in dollars,” added Thapa.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Labor, immigration expert, and advocate Som Luintel, who is studying the field of foreign employment meticulously, said that the declining remittances at this time is the effect of Covid-19 pandemic which halted the foreign employment business some time ago.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"Remittances were sent by Nepalis who had gone abroad earlier during the Corona epidemic. But the number of Nepali migrant workers declined during the peak of Covid-19 and the result is seen now," he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">NRB spokesperson Gunakar Bhatt also estimated that remittances have declined due to the decline in the number of people going for foreign employment when the pandemic was at its peak. He said that the inflow of remittances will increase after the number of people going for foreign employment starts rising again.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">However, some NRB officials say that the activity of hundi trading may have increased after the restrictions were lifted.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The youths who have gone for foreign employment have sent remittances of Rs 468.45 billion as of December 2021 in the current fiscal year, which is 5.5 percent less than the remittance sent during the corresponding period of last fiscal year. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-06', 'modified' => '2022-03-06', 'keywords' => '', 'description' => '', 'sortorder' => '14619', 'image' => '20220306015310_Remittance.jpg', 'article_date' => '2022-03-06 13:52:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14876', 'article_category_id' => '1', 'title' => 'Import of Betel Nuts Five Times more than Actual Demand: Report ', 'sub_title' => '', 'summary' => 'March 6: A study conducted by a parliamentary panel has found that excessive amount of betel nuts have been imported into the country. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">March 6: A study conducted by a parliamentary panel has found that excessive amount of betel nuts have been imported into the country. The report prepared by a subcommittee formed to study policy provisions on the import of betel nuts from third countries has been submitted to the Sustainable Development and Good Governance Committee (SDGGC) of the National Assembly on Friday. The next meeting of the parliamentary committee will discuss about the report and issue directive to the government and other stakeholders, informed Ramesh Jung Rayamajhi, coordinator of the committee. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">During the investigation, it was found that betel nuts were imported much more than the actual demand. According to the state-owned national news agency RSS, Rayamajhi said that 25,000 metric tonnes of betel nuts were imported in the country when the demand for betel nuts from factories in Nepal was just 5,000 metric tonnes. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">Although the upper house committee had summoned the director general of the Department of Customs, some secretaries and the importers to discuss the matter in the meeting, they were absent, RSS said quoting Rayamajhi. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The government allegedly allowed the import of more betel nuts than the demand under the influence of importers, said the report. The imported betel nuts would be exported to neighbouring India, he said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">A report published by New Business Age on March 23 last year states that the government had allowed import of 25,000 metric tons of betel nuts, 5,000 metric tons of dates and 15,000 metric tons of black pepper in fiscal year 2020/21 under the quota system.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The government had earlier imposed a ban on import of most goods in April 2020 in a bid to prevent foreign currency from flowing out of the country during the crisis created by coronavirus pandemic. The government had put a complete ban on the import of black pepper, peas, dates, and betel nuts initially but later imposed quota system for the imports. Similarly, the government had also restricted the import of alcohol and other luxurious goods during the period.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The restriction on import of beetle nuts and other edible items were lifted in March 2021 after the situation turned normal. Interestingly, the ban on alcohol was lifted in September 2020 much before the ban on other items were removed.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">It was not the first time that the government had imposed a ban on betel nuts though. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">It may be noted that former Chief Commissioner of the Commission for the Investigation of Abuse of Authority Lokman Singh Karki lost his temper during a press meet in 2014 when reporters asked him repeatedly to clarify reasons behind the unchecked smuggling of betel nuts and his involvement in it. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The reporters were curious to know why the ban on betel nuts was lifted after Karki was appointed CIAA chief. That incident in Biratnagar ultimately led to the downfall of Karki.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-06', 'modified' => '2022-03-06', 'keywords' => '', 'description' => '', 'sortorder' => '14618', 'image' => '20220306121659_supari.jpg', 'article_date' => '2022-03-06 12:14:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14875', 'article_category_id' => '1', 'title' => 'Airline Operators Hike Price of Air Tickets', 'sub_title' => 'The airfare has been increased by Rs 90 to Rs 540', 'summary' => 'March 6: Airline operators of Nepal have increased the price of air tickets again.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:18.0pt"><span style="font-family:"Times New Roman","serif"">March 6: Airline operators of Nepal have increased the price of air tickets again.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:18.0pt"><span style="font-family:"Times New Roman","serif"">The Airlines Operators Association of Nepal (AOAN) decided to increase the airfare on Saturday, two days after the Nepal Oil Corporation increased the price of petroleum products. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:18.0pt"><span style="font-family:"Times New Roman","serif"">The state-owned oil monopoly had announced to revise the price of aviation turbine fuel from Rs 126 per litre to Rs 136 per litre. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:18.0pt"><span style="font-family:"Times New Roman","serif"">As per the decision of the airline operators, the prices of air tickets for domestic flights have been increased from Rs 90 to Rs 540. The tickets for mountain flights from Kathmandu have been increased by Rs 340 per person.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:18.0pt"><span style="font-family:"Times New Roman","serif"">The airfare of Kathmandu-Siamra flights have been increased the least by Rs 90 while the tickets for Biratnagar- Nepalgunj flights have been increased the most by Rs 540. The new airfare will be applicable from Sunday, March 6.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:18.0pt"><span style="font-family:"Times New Roman","serif"">Prior to this, the AOAN had increased airfare on February 11 in coordination with the Civil Aviation Association of Nepal. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-06', 'modified' => '2022-03-06', 'keywords' => '', 'description' => '', 'sortorder' => '14617', 'image' => '20220306113039_20201109112912_1604878353.14.jpg', 'article_date' => '2022-03-06 08:27:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14874', 'article_category_id' => '1', 'title' => 'All Prohibitory Orders Relating to COVID-19 Removed in Kathmandu Valley ', 'sub_title' => '', 'summary' => 'March 4: All sorts of prohibitory orders issued earlier in the Kathmandu Valley following the increase in COVID-19 cases have been lifted with the decline in infection rate.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 4: All sorts of prohibitory orders issued earlier in the Kathmandu Valley following the increase in COVID-19 cases have been lifted with the decline in infection rate.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The prohibitory orders will be removed from March 5. All three districts in the valley (Kathmandu, Lalitpur and Bhaktapur) confirmed this on Friday. With this, activities relating to politics, economy, society, education and other professions will resume in full-fledge by following health protocols. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The decision to lift the prohibitory orders was taken in line with the Local Administration Act, 2028, the Infectious Disease Act, 2020, the smart lockdown procedure, 2078, risk control regulation and prohibition of COVID-19, recommendations of the COVID-19 Crisis Management Coordination Centre, and the decisions taken by the Council of Ministers, the state-owned national news agency RSS reported. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The district administration offices of all three districts of the valley thanked the people for helping the government in the prevention and control of the virus by abiding by the prohibitory orders. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-04', 'modified' => '2022-03-04', 'keywords' => '', 'description' => '', 'sortorder' => '14616', 'image' => '20220304080511_Kathmandu Valley.jpg', 'article_date' => '2022-03-04 20:04:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '14888', 'article_category_id' => '1', 'title' => 'Government to Provide NOC with Rs 4.25 Billion to Purchase Fuel', 'sub_title' => '', 'summary' => 'March 8: The government has decided to provide financial assistance to the Nepal Oil Corporation (NOC) to purchase petroleum products.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 8: The government has decided to provide financial assistance to the Nepal Oil Corporation (NOC) to purchase petroleum products. The government took such decision after the accumulated savings of the state-owned oil monopoly dropped to sub-zero level. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">A meeting of the Price Stabilization Fund on Monday decided to provide Rs 4.25 billion to the corporation to pay the first installment it owes to the Indian Oil Corporation (IOC). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Even after the price adjustment of petroleum products last Thursday, the NOC insists it is expecting a loss of around Rs 2.5 billion in the next 15 days. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The purchase price of the NOC has been increasing due to the recent hike in the price of crude oil in the international market. The corporation had sought financial help from the government after the first installment to the IOC due in March was insufficient. The corporation has been paying installments to the IOC on the 8th and 23rd of every month. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif""> Prior to this, the stabilization fund had provided Rs 1.80 billion to the NOC in January. NOC Spokesperson Binit Mani Upadhyaya said that the decision of the government to provide financial assistance to the NOC at such difficult times would help in maintaining smooth supply of petroleum products. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-03-08', 'modified' => '2022-03-08', 'keywords' => '', 'description' => '', 'sortorder' => '14630', 'image' => '20220308081134_Untitled.jpg', 'article_date' => '2022-03-08 08:11:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '14887', 'article_category_id' => '1', 'title' => 'Government Responsible for Inflation: Industrialists', 'sub_title' => '', 'summary' => 'March 7: Industrialists and businessmen have said that the government should take responsibility for the recent hike in prices of consumer goods', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 7: Industrialists and businessmen have said that the government should take responsibility for the recent hike in prices of consumer goods in the domestic market due to the outbreak of war between Ukraine and Russia. They expressed such view after the government alleged that the price hike was due to the black marketing by the industrialists</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">They denounced the government’s allegation and said that such claim made by the government was aimed at tarnishing the image of the industrialists.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Prices of consumer goods and petroleum products are constantly on the rise in the international market. Pawan Sharda, the former president of the Morang Merchants’ Association and member of the Constituent Assembly said that the government should provide relief to the consumers by reducing customs and VAT. He warned that if this situation continues, consumers won’t be able to make purchases of goods. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He said that the industries have less than 25 percent stock of goods due to the monetary policy and there may be shortage of food items in the near future. Sharada said “The stocks of industrialists and businessmen have dropped to less than 25 per cent as the banks refused to give out loans.” Sharda also said that the rise in prices of unrefined mustard oil, soybean oil and sunflower oil coming from Ukraine will finally hit the Nepali market after two months.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif""> “First of all, the government must take proper care that the public is not hit by inflation. The people will not be able to survive if the main objective of the government is to earn revenue. The prices will be stable only if a 50 percent discount is given in VAT and customs.”</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Morang Merchants’ Association has urged the government to take responsiblity for inflation and take decisions in the interest of consumers. Naveen Rijal, president of the Morang Merchants’ Association said, “It is the responsibility of the government to control inflation. We have no role in it.” He added that the raw materials of imported goods and finished goods come at an increased rate from third countries itself. The government needs to pay attention in order to control the price of such goods.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the industrialists, the Indian government has reduced tariffs four times after the rise in price of oil in the international market. However, the government of Nepal does not care about reducing customs duty or VAT. Rijal said that the government is looking for an escape from its duties and responsibilities by accusing the traders of increasing the prices.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Mahesh Jaju, advisor to the Confederation of Nepalese Industries and former president of the Morang Merchants’ Association said that they did not engage in black marketing, hoarding or did not raise market prices and clarified that the increase in prices was solely due to the outbreak of war between Russia and Ukraine.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Jaju put forth his opinion that the criteria for loans and interest rates should be different for the industries producing luxury goods and daily necessities. He said that the return from industries is not more than 10 percent but interest from bank deposits is 11 percent. In such a situation, he said he doesn’t understand whether the government wants to promote industries or wants people to deposit their money in banks.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Prakash Mundada, former president of the Morang Merchants’ Association and senior vice president of the Confederation of Nepalese Industries, accused the Nepal Rastra Bank of pursuing a policy of investing only in areas that increase GDP and has disturbed the market by giving 11 percent interest rate to the institutional depositors and restricting the industrialists from bringing goods on loan. Mundada said that the government has tied the hands of industrialists by restricting the import of goods.</span></span></span></p> <p><br /> <br /> <br /> <br /> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14629', 'image' => '20220307070714_Inflation.jpg', 'article_date' => '2022-03-07 19:06:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '14886', 'article_category_id' => '1', 'title' => 'Foreign Companies Reluctant to Reinsure Hydropower Projects ', 'sub_title' => '', 'summary' => 'March 7: Foreign reinsurance companies have been reluctant to reinsure hydropower projects due to the rise in incidents of natural disasters such as floods and landslides hitting hydropower projects. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">March 7: Foreign reinsurance companies have been reluctant to reinsure hydropower projects due to the rise in incidents of natural disasters such as floods and landslides hitting hydropower projects. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Hydropower projects and road infrastructures have been affected recently due to increasing number of natural calamities. As a result, insurance claims are also increasing.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Hence, foreign companies have been reluctant to reinsure hydropower sector. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Chunki Chhetri, president of the Nepal Insurance Association and CEO of Sagarmatha Insurance, said that they are facing mounting challenge to reinsure hydropower projects by foreign companies. He added that large projects are particularly facing more problems.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">"It has become easier to reinsure small hydropower projects after the Insurance Board fixed the minimum rate of non-life insurance. However, it is difficult to reinsure large projects," he said, adding, "Recently, claims from the hydropower and road projects have increased. As a result, reinsurance of road and hydropower projects has become a challenge." </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He says that foreign companies have not been able to meet the criteria for reinsurance set by the government. "They are profit-oriented companies, so it is natural for them to try to do safe business," he said. "This problem arises as the hydropower sector has become risky. We are forced to reinsure at a high rate." </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Sometime ago, Nepali insurance companies used to insure hydropower projects at economical rates. At that time, foreign companies had stopped reinsuring. The Insurance Board then set the minimum rate for such insurance. After that, it was easier to reinsure hydropower projects. However, companies say there are still problems with large projects. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Executive Director of the Insurance Board Raju Raman Poudel said that foreign companies have started reinsuring after fixing the minimum rate. However, he said that there could be problems in the case of big projects. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">While foreign companies are refusing to reinsure the hydropower projects, power producers of Nepal have been protesting against the minimum insurance rate. Poudel said that the power producers should understand the technical problems of the insurance sector and accept the minimum rate. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Stakeholders say that if foreign companies refuse to reinsure, the premium may have to be further increased. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14628', 'image' => '20220307051705_hydro.jpg', 'article_date' => '2022-03-07 17:16:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '14885', 'article_category_id' => '1', 'title' => 'Artificial Shortage of Cooking Oil in the Market', 'sub_title' => '', 'summary' => 'March 7: Consumers have been complaining of artificial shortage of cooking oil in the market.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 7: Consumers have been complaining of artificial shortage of cooking oil in the market. Due to the rise in stockpiling and black marketing of consumable goods, consumers have been hit hard by the artificial shortage of food, especially edible oil.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The ongoing war between Russia and Ukraine has affected the price of food items in Nepal. Consumers complained that there is an artificial shortage of edible oil due to the collusion of traders and industrialists. Rita Basnet, who came to Kalimati in Kathmandu on Sunday to buy food items, said that she had to visit six shops to buy cooking oil. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"Every shop we go to has no oil," she said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Pabitra Bajracharya, the immediate past president of the Retailers Trade Association, said that wholesalers and industrialists were responsible for the shortage of edible oil in the market. According to the association, some traders may have been hiding cooking oil by spreading rumors that the Russia-Ukrainian war has led to shortages of food (especially cooking oil). The association estimates that there is enough oil in the market for three months.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">On the one hand, consumers are facing problems due to artificial shortages in the market, while on the other hand, the problem is further aggravated by the wholesalers not providing the right invoices to the retailers.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the association, wholesalers sell sunflower oil to the retailers at Rs 268 per liter but the maximum retail price is marked just Rs 240 in the packets.. Bajracharya said that the retailers are facing problems in selling oil because the wholesalers do to provide them the accurate bill.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"We have to sell oil at Rs 298 for a profit of 10 percent of Rs 268," he said. "But we have been selling cooking oil for just Rs 275 per litre because the maximum retail price is marked Rs 240." He said that some retailers have stopped selling oil due to fear of action by the Department of Commerce as the maximum retail price is still less than the selling price of oil. He said that this may have led to a shortage in the market. According to the association, the price of each brand of oil has gone up by Rs 400 per carton. Wholesalers, however, defended themselves, saying that there was a shortage of oil in the market and prices had risen.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">They claimed that the issue of wrong billing is only an allegation. Devendra Bhakta Shrestha, president of the Food Traders Association, an association of wholesalers, said that the issue of wrong invoices was just a rumor, and they were ready to be punished if it was proved that they had given wrong invoices.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Department of Commerce, Supplies, and Consumer Protection, a government body working for the benefit of consumers, has said that no complaints have been received despite the scarcity in the market due to rumors. Spokesperson of the Department Hari Pangeni said that it would be easier to monitor and take action if a complaint is lodged with the department about consumer fraud. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14627', 'image' => '20220307043529_oil1501009175_7.jpg', 'article_date' => '2022-03-07 16:34:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '14884', 'article_category_id' => '1', 'title' => 'Cooperatives Can Now Issue ATM Cards', 'sub_title' => '', 'summary' => 'March 7: Cooperatives will now be able to issue ATM cards under the 'Coop Brand'. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">March 7: Cooperatives will now be able to issue ATM cards under the 'Coop Brand'. The National Cooperative Bank Limited has collaborated with Smart Choice Technology (SCT), a payment service provider, and Global IME Bank to start debit card service. The National Cooperative Bank signed a tripartite agreement with SCT and Global IME Bank to this effect on Sunday, March 6.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">CEO of the National Cooperative Bank Badri Kumar Guragain informed that the cooperatives will be able to issue ATM cards for their customers within three months.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The central bank has included a provision in the monetary policy of the current fiscal year to allow payment system operators and service providers to provide electronic transaction service to the cooperatives. As per the provision, some big cooperatives have reached an understanding with SCT to issue debit cards to their customers.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Federal Department of Cooperatives had also issued an integrated directive on February 13 allowing cooperatives to collaborate with payment service providers to introduce services such as ATM, QR Code, mobile banking among others.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The cooperatives must mention this in their company statute and inform the governing body within a month after introducing such services.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">CEO Guragain informed that cooperatives with small investment cannot provide ATM service so they too have been allowed to provide debit card service through the National Cooperative Bank.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">"Now, the cooperatives can collaborate with banks to issue ATM cards," he said.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Such cards can be used free of cost at more than 300 ATM counters of Global IME Bank. They can also be used for payment at PoS terminals and departmental stores.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Until now, some cooperatives had been issuing ATM cards in collaboration with SCT but they had to make the settlement through Himalayan Bank by depositing a certain amount. However, the cooperatives will have to bear less financial burden if they avail this service through the National Cooperative Bank.</span></span></p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14626', 'image' => '20220307091434_1646612591.Clipboard04.jpg', 'article_date' => '2022-03-07 09:12:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '14883', 'article_category_id' => '1', 'title' => 'Central Bank Limits Import of Gold to 10 kg a Day ', 'sub_title' => '', 'summary' => 'March 7: Nepal Rastra Bank (NRB) has tightened the import of gold by limiting the daily import to 10 kg a day. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 7: Nepal Rastra Bank (NRB) has tightened the import of gold by limiting the daily import to 10 kg a day. Issuing a circular on Sunday (March 6), NRB stated that it has lowered the quota on import of gold by half. Prior to this arrangement, as much as 20 kg of gold could be imported into the country per day.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank amended the work procedure on gold import, sales and distribution, 2068 to restrict the import of gold due to concerns over the declining foreign exchange reserves. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It may be noted that only the commercial banks are allowed to import gold in Nepal upon the recommendation of the Federation of Nepal Gold and Silver Dealers Association. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The price of gold has increased in Nepal in the wake of Russia's invasion of Ukraine. The NRB had earlier tightened the provision related to import of silver and 47 other items considering the declining foreign exchange reserves. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Besides gold, other items that have been restricted entry include clove, sugary item, drinks and tobaccos, perfume, cosmetic goods, shoes and sandal, shampoo, wigs, artificial bouquets, chips marble, ceramic goods, furniture, milk powder, eggs, dry vegetables, betel nuts, cashew nuts, black peppers, sausage, cocoa powder chocolate, dog foods, tomato ketchup among others, according to the state-owned national news agency RSS. </span></span></p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14625', 'image' => '20220307083510_20220216015330_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-03-07 08:34:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '14882', 'article_category_id' => '1', 'title' => 'Price of Gold Crosses Rs 100,000 Mark', 'sub_title' => '', 'summary' => 'March 7: The price of gold on Sunday increased by Rs 2,000 per tola (11.66 grams) to reach Rs 101,900 in the domestic market of Nepal.', 'content' => '<p><span style="font-size:18px">March 7: The price of gold has increased by Rs 1,100 per tola (11.66 grams) to reach Rs 103,000 in the domestic market on Monday. The price of the precious yellow metal was Rs 101,900 on Sunday while it was Rs 99,900 in the previous trading day.</span></p> <p><span style="font-size:18px">The price of gold had increased by Rs 2000 per tola on Sunday to cross the mark of Rs 100,000 while it further rose to Rs 103,000 on Monday.</span></p> <p><span style="font-size:18px">According to the Federation of Nepal Gold and Silver Dealers' Association, the price of silver also increased by Rs 10 per tola to reach Rs 1,425.</span></p> <p><span style="font-size:18px">The price of gold and silver increased in Nepal following a surge in their prices in the international market, the state-owned national news agency RSS quoted the Federation's President Manik Ratna Shakya as saying. Price of gold in the international market was approximately 1,970 dollar per ounce on Sunday, March 6.</span></p> <p><span style="font-size:18px">Analysts believe that the recent surge in the price of gold is mainly due to the Russia-Ukraine war. With stocks stumbling across the globe and prices of food grains increasing, investors are reportedly purchasing gold as a safe bet during the time of such crisis.</span></p> <p><span style="font-size:18px">It may be noted that the price of gold had crossed the mark of Rs 100,000 per 11.66 grams in Nepal during the outbreak of Covid-19.</span></p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14624', 'image' => '20220307082414_gold1_1631507545558.jpg', 'article_date' => '2022-03-07 08:22:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '14881', 'article_category_id' => '1', 'title' => 'MoF Downsizes Election Budget', 'sub_title' => '', 'summary' => 'March 6: The government has downsized the budget demanded by the Election Commission for the upcoming local level election scheduled to be held on May 13. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">March 6: The government has downsized the budget demanded by the Election Commission for the upcoming local level election scheduled to be held on May 13. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Ministry of Finance has assured a budget that is less than the demand put forth by the commission after it was unable to secure financial support from the donor agencies.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">After the Election Commission warned that it would be difficult to hold the election on time if the budget is not released, the Ministry of Finance assured a budget of Rs 8.11 billion against Rs 12 billion demanded by the commission.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The commission sent a revised budget demanding Rs 8.95 billion by reducing expenditures on various headings after the ministry said it could not release the budget demanded by the commission. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Spokesperson for the commission Shaligram Sharma Poudel informed that the budget secure by the ministry will be spent on conducting the election and its management. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He is of the view that it will be difficult for them to manage the budget but they have intensified preparations to hold the election on time. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The EC has made preparations to print 20 million ballot papers for the upcoming election. They have already signed agreements with suppliers to buy the papers required for making the ballot papers. EC officials say that they are buying papers for Rs 110 million. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Ministry of Home Affairs has also demanded election expenses from the Ministry of Finance. However, the Ministry of Finance has not yet secured the financial sources. The Home Ministry has demanded Rs 16 billion from the MoF in the initial phase for the election. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Nepal Police had sent details to the Home Ministry saying that Rs 12 billion is needed for security of the election. Nepal Police had demanded the amount saying that it needs to recruit 118,000 temporary police for the security of 11,000 polling stations as in the previous election. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Likewise, the Armed Police Force also demanded Rs 500 million. According to the Home Ministry, the proposal has been sent to the MoF to ensure the budget, but no response has been received yet. According to Home Ministry spokesperson Phanindra Mani Pokhrel, no decision has been taken on hiring temporary police yet as the budget has not been secured. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-06', 'modified' => '2022-03-06', 'keywords' => '', 'description' => '', 'sortorder' => '14623', 'image' => '20220306063453_EC.jpg', 'article_date' => '2022-03-06 18:34:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '14880', 'article_category_id' => '1', 'title' => 'Jewelry Business up by 10 Percent Annually', 'sub_title' => '', 'summary' => 'March 6: Nepal Gem and Jewelry Association has stated that the jewelry business in the country has been increasing by 10 percent annually.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 6: Nepal Gem and Jewelry Association has stated that the jewelry business in the country has been increasing by 10 percent annually. The association made such statement on the occasion of the 17th Annual General Meeting of the association held in Kathmandu on Saturday, adding that the internal trade as well as exports are increasing. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Those involved in this businessmen also said that they are facing problems due to the lack of raw materials and low investment in technology.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Industry Secretary Arjun Prasad Pokhrel assured that the government will move ahead by cooperating with the businessmen. He said that the government would play a supportive role in promoting the gem and jewelry trade as per the guidelines prepared by the association. On the occasion, the president of the association Jyotsna Shrestha said that the issue of lack of raw material in the jewelry business has been raised time and again but the concerned authorities have turned a deaf ear to it.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Stating that they are facing problems in paying bank's interest, house rent, employees’ salary allowance and also meeting the demands of the consumers due to insufficient raw material, she urged the government to find a solution to the problem through an in-depth study. “The raw material for us is gold and silver. But if quotas are reduced while the country's economy is in trouble, the jewelry business will become unproductive.”</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">She also emphasized on the need to bring a policy of re-exporting jewelry from Nepal by importing raw gold as per the demand from abroad. She said that it was necessary to train the manpower for exports. She says the lack of liquidity in the banking system has also affected the jewelry business. Moreover, she said that the businessmen have been further affected after the Nepal Rastra Bank set a 100 percent margin on the import of diamonds, precious stones and silver.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The association has said that the provision of keeping 100 percent cash for the import of such items should be revised. The association also said that the suggestions given by a task force formed two years ago has not been implemented yet. Stating that the demand for Nepali jewelry is also increasing among the Nepalese living abroad, the association said that it could not export the products due to lack of raw materials.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Similarly, the association has demanded the government to operate valuable mines in Nepal. Stating that there is a problem even in the excavation of raw materials, the association said that a large amount of money is sent abroad for processing the materials even after excavation. The association has also demanded investment in technology.</span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-06', 'modified' => '2022-03-06', 'keywords' => '', 'description' => '', 'sortorder' => '14622', 'image' => '20220306053454_jewellry.jpg', 'article_date' => '2022-03-06 17:34:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '14879', 'article_category_id' => '1', 'title' => 'IFC Appoints Martin Holtmann as Country Manager for Nepal, Bangladesh, and Bhutan', 'sub_title' => '', 'summary' => 'March 6: The International Finance Corporation (IFC) has appointed Martin Holtmann as its new country manager for Nepal, Bangladesh, and Bhutan.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 6: The International Finance Corporation (IFC) has appointed Martin Holtmann as its new country manager for Nepal, Bangladesh, and Bhutan. Based in Dhaka, Holtmann will focus on developing new opportunities for the private sector and increasing IFC’s impact on the development of the three countries as the region continues to recover from the COVID-19 pandemic, the IFC said in a statement on Sunday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Holtmann, a German national, joined IFC in 2007. Prior to his appointment, Holtmann was Global Sector</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Manager for Financial Inclusion, helping IFC to reach millions of micro, small and medium-sized enterprises (MSMEs) with traditional and digital financial services and strengthen more than 200 partner institutions through investment and advisory support, the statement added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Martin’s background experience will be invaluable as IFC deepens its work in Nepal, Bangladesh, and Bhutan,” the statement quoted Hector Gomez Ang, IFC’s Regional Director for South Asia, as saying. “This is a time of new challenges and opportunities and I am confident Martin will be successful in leading IFC’s efforts to strengthen and diversify its work in the three countries in support of a green and resilient recovery.” </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the statement, Holtmann will notably work to promote IFC’s impact on climate, gender, and green growth, while expanding and diversifying the investment and advisory portfolios. Some key sectors for future growth opportunities in the region include transport and logistics, clean energy, financial services, tourism, agribusiness, healthcare, housing, and the digital economy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Holtmann is a graduate of the Lester B Pearson United World College of the Pacific, Canada and holds two master’s degrees in Economics from Trier University, Germany and in Public Administration from Harvard University, United States. He succeeds Wendy Werner, who has taken on a new role as IFC’s Country Head in India, after successfully serving as the country manager for Bangladesh, Bhutan and Nepal for six years.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Before joining IFC, Holtmann worked as Lead Financial Specialist at the Consultative Group to Assist the Poor (CGAP) in the World Bank, and as managing director of a consulting firm in the private sector. He is also one of the core authors of the 2022 World Development Report, “Financing for an Equitable Recovery”. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">IFC said it has invested nearly $8 billion to help private sector growth in Nepal Bangladesh, and Bhutan since 2000. IFC has also provided a total of $270 million in working capital solutions to banks and liquidity support to companies since the beginning of the COVID-19 pandemic in 2020, the statement said adding, “These investments are helping keep businesses afloat, resume exports, and preserve jobs, and which are critical to sustaining national economies.”</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-06', 'modified' => '2022-03-06', 'keywords' => '', 'description' => '', 'sortorder' => '14621', 'image' => '20220306051942_Martin Holtmann_IFC_photo_W - Copy.jpg', 'article_date' => '2022-03-06 15:47:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '14878', 'article_category_id' => '1', 'title' => 'Transport Entrepreneurs Demand Increase in Fare of Public Vehicles', 'sub_title' => '', 'summary' => 'March 6: Transport entrepreneurs have demanded a hike in fares of public transport, citing the rise in fuel prices.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 6: Transport entrepreneurs have demanded a hike in fares of public transport, citing the rise in fuel prices.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The government had increased the fare of passenger vehicles by 28 percent, freight charge on hill roads by 20 percent and freight charge on Terai roads by 26 percent last year.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Ever since announcing the hike in transportation fare, the government has repeatedly increased the prices of fuel with the price of diesel going up by Rs 28 per liter and petrol by Rs 38 per liter during this period. With the rise in fuel prices, transport entrepreneurs have been demanding an increase in fares for public transport.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Transport entrepreneurs have been demanding an increase in fares by knocking on the doors of various authorities saying that the fares of vehicles have not increased even though the price of fuel has gone up several times since the increase in fares in June. Representatives of the Central Federation of Public Transport Nepal met with Director General of the Department of Transport Management Namaraj Ghimire on Friday demanding an increase in fares. The federation is scheduled to submit a memorandum to Minister for Physical Infrastructure and Transport Renu Kumari Yadav on Sunday (March 6). </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">President of the Federation, Bharat Nepal said that they have demanded an increase in the fare of vehicles in proportion to the increase in fuel prices. According to him, the fare adjusted earlier in June has not yet been implemented in other provinces except Bagmati and Gandaki provinces.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Times New Roman","serif"">If the fare is increased, general public will suffer more</span></strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">If the current fare is increased, the ordinary citizens who have to travel daily by vehicles will be hit the hardest. Concerned authorities say that the trend of increasing the price of fuel by the government and the demand of transport entrepreneurs to increase the fares should be halted. Stakeholders suggest that if the government reduces the tax on petroleum products, fuel can be made available at reasonable rates.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">“The price of fuel has gone up time and time again and the fare has gone up as well. But it is not appropriate to increase the fare furthermore as the income of the general public has not gone up,” said Madhav Timilsina, chairman of the Consumer Rights Forum. He said that the commuters are facing problems as the government is not showing any responsibility towards the rights of the people. He expressed his opinion that both the government and the business community should take decisions while being considerate about the purchasing ability of the people.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-06', 'modified' => '2022-03-06', 'keywords' => '', 'description' => '', 'sortorder' => '14620', 'image' => '20220306031226_public transport.jpg', 'article_date' => '2022-03-06 15:11:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '14877', 'article_category_id' => '1', 'title' => 'Where is Remittance Flowing?', 'sub_title' => '', 'summary' => 'March 6: A few days ago, Nepal Rastra Bank lowered the cap of domestic remittance and decided not to allow transfer of more than Rs 25,000 per person in one day.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">March 6: A few days ago, Nepal Rastra Bank lowered the cap of domestic remittance and decided not to allow transfer of more than Rs 25,000 per person in one day. Earlier, remittances up to Rs 100,000 were allowed within the country.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">NRB officials said they took such measures due to an increase in remittances through the illegal ‘hundi; channel. He said that such decision was taken after the Nepali migrant workers started sending money to their relatives through hundi.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Questions have been raised about where the money sent by Nepali workers from abroad goes after the inflow of remittance started declining steadily after the peak of the Covid-19 crisis.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">However, no study has been conducted on whether the income of Nepali nationals living abroad has declined or whether the inflow of remittance to Nepal has declined.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Some experts suspect that Nepalis are more inclined towards cryptocurrency in recent times.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Former executive director of NRB Nara Bahadur Thapa, on the other hand, argued that the problem has surfaced due to the tiresome process of sending remittance as per the government’s criteria.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"Besides, sending remittances to Nepal is expensive," he said, adding that the government casts an evil eye if anyone sends a good amount of money back home. “The government has even suspended accounts of those who send money back home in dollars,” added Thapa.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Labor, immigration expert, and advocate Som Luintel, who is studying the field of foreign employment meticulously, said that the declining remittances at this time is the effect of Covid-19 pandemic which halted the foreign employment business some time ago.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"Remittances were sent by Nepalis who had gone abroad earlier during the Corona epidemic. But the number of Nepali migrant workers declined during the peak of Covid-19 and the result is seen now," he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">NRB spokesperson Gunakar Bhatt also estimated that remittances have declined due to the decline in the number of people going for foreign employment when the pandemic was at its peak. He said that the inflow of remittances will increase after the number of people going for foreign employment starts rising again.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">However, some NRB officials say that the activity of hundi trading may have increased after the restrictions were lifted.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The youths who have gone for foreign employment have sent remittances of Rs 468.45 billion as of December 2021 in the current fiscal year, which is 5.5 percent less than the remittance sent during the corresponding period of last fiscal year. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-06', 'modified' => '2022-03-06', 'keywords' => '', 'description' => '', 'sortorder' => '14619', 'image' => '20220306015310_Remittance.jpg', 'article_date' => '2022-03-06 13:52:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14876', 'article_category_id' => '1', 'title' => 'Import of Betel Nuts Five Times more than Actual Demand: Report ', 'sub_title' => '', 'summary' => 'March 6: A study conducted by a parliamentary panel has found that excessive amount of betel nuts have been imported into the country. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">March 6: A study conducted by a parliamentary panel has found that excessive amount of betel nuts have been imported into the country. The report prepared by a subcommittee formed to study policy provisions on the import of betel nuts from third countries has been submitted to the Sustainable Development and Good Governance Committee (SDGGC) of the National Assembly on Friday. The next meeting of the parliamentary committee will discuss about the report and issue directive to the government and other stakeholders, informed Ramesh Jung Rayamajhi, coordinator of the committee. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">During the investigation, it was found that betel nuts were imported much more than the actual demand. According to the state-owned national news agency RSS, Rayamajhi said that 25,000 metric tonnes of betel nuts were imported in the country when the demand for betel nuts from factories in Nepal was just 5,000 metric tonnes. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">Although the upper house committee had summoned the director general of the Department of Customs, some secretaries and the importers to discuss the matter in the meeting, they were absent, RSS said quoting Rayamajhi. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The government allegedly allowed the import of more betel nuts than the demand under the influence of importers, said the report. The imported betel nuts would be exported to neighbouring India, he said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">A report published by New Business Age on March 23 last year states that the government had allowed import of 25,000 metric tons of betel nuts, 5,000 metric tons of dates and 15,000 metric tons of black pepper in fiscal year 2020/21 under the quota system.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The government had earlier imposed a ban on import of most goods in April 2020 in a bid to prevent foreign currency from flowing out of the country during the crisis created by coronavirus pandemic. The government had put a complete ban on the import of black pepper, peas, dates, and betel nuts initially but later imposed quota system for the imports. Similarly, the government had also restricted the import of alcohol and other luxurious goods during the period.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The restriction on import of beetle nuts and other edible items were lifted in March 2021 after the situation turned normal. Interestingly, the ban on alcohol was lifted in September 2020 much before the ban on other items were removed.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">It was not the first time that the government had imposed a ban on betel nuts though. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">It may be noted that former Chief Commissioner of the Commission for the Investigation of Abuse of Authority Lokman Singh Karki lost his temper during a press meet in 2014 when reporters asked him repeatedly to clarify reasons behind the unchecked smuggling of betel nuts and his involvement in it. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The reporters were curious to know why the ban on betel nuts was lifted after Karki was appointed CIAA chief. That incident in Biratnagar ultimately led to the downfall of Karki.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-06', 'modified' => '2022-03-06', 'keywords' => '', 'description' => '', 'sortorder' => '14618', 'image' => '20220306121659_supari.jpg', 'article_date' => '2022-03-06 12:14:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14875', 'article_category_id' => '1', 'title' => 'Airline Operators Hike Price of Air Tickets', 'sub_title' => 'The airfare has been increased by Rs 90 to Rs 540', 'summary' => 'March 6: Airline operators of Nepal have increased the price of air tickets again.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:18.0pt"><span style="font-family:"Times New Roman","serif"">March 6: Airline operators of Nepal have increased the price of air tickets again.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:18.0pt"><span style="font-family:"Times New Roman","serif"">The Airlines Operators Association of Nepal (AOAN) decided to increase the airfare on Saturday, two days after the Nepal Oil Corporation increased the price of petroleum products. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:18.0pt"><span style="font-family:"Times New Roman","serif"">The state-owned oil monopoly had announced to revise the price of aviation turbine fuel from Rs 126 per litre to Rs 136 per litre. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:18.0pt"><span style="font-family:"Times New Roman","serif"">As per the decision of the airline operators, the prices of air tickets for domestic flights have been increased from Rs 90 to Rs 540. The tickets for mountain flights from Kathmandu have been increased by Rs 340 per person.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:18.0pt"><span style="font-family:"Times New Roman","serif"">The airfare of Kathmandu-Siamra flights have been increased the least by Rs 90 while the tickets for Biratnagar- Nepalgunj flights have been increased the most by Rs 540. The new airfare will be applicable from Sunday, March 6.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:18.0pt"><span style="font-family:"Times New Roman","serif"">Prior to this, the AOAN had increased airfare on February 11 in coordination with the Civil Aviation Association of Nepal. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-06', 'modified' => '2022-03-06', 'keywords' => '', 'description' => '', 'sortorder' => '14617', 'image' => '20220306113039_20201109112912_1604878353.14.jpg', 'article_date' => '2022-03-06 08:27:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14874', 'article_category_id' => '1', 'title' => 'All Prohibitory Orders Relating to COVID-19 Removed in Kathmandu Valley ', 'sub_title' => '', 'summary' => 'March 4: All sorts of prohibitory orders issued earlier in the Kathmandu Valley following the increase in COVID-19 cases have been lifted with the decline in infection rate.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 4: All sorts of prohibitory orders issued earlier in the Kathmandu Valley following the increase in COVID-19 cases have been lifted with the decline in infection rate.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The prohibitory orders will be removed from March 5. All three districts in the valley (Kathmandu, Lalitpur and Bhaktapur) confirmed this on Friday. With this, activities relating to politics, economy, society, education and other professions will resume in full-fledge by following health protocols. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The decision to lift the prohibitory orders was taken in line with the Local Administration Act, 2028, the Infectious Disease Act, 2020, the smart lockdown procedure, 2078, risk control regulation and prohibition of COVID-19, recommendations of the COVID-19 Crisis Management Coordination Centre, and the decisions taken by the Council of Ministers, the state-owned national news agency RSS reported. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The district administration offices of all three districts of the valley thanked the people for helping the government in the prevention and control of the virus by abiding by the prohibitory orders. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-04', 'modified' => '2022-03-04', 'keywords' => '', 'description' => '', 'sortorder' => '14616', 'image' => '20220304080511_Kathmandu Valley.jpg', 'article_date' => '2022-03-04 20:04:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '14888', 'article_category_id' => '1', 'title' => 'Government to Provide NOC with Rs 4.25 Billion to Purchase Fuel', 'sub_title' => '', 'summary' => 'March 8: The government has decided to provide financial assistance to the Nepal Oil Corporation (NOC) to purchase petroleum products.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 8: The government has decided to provide financial assistance to the Nepal Oil Corporation (NOC) to purchase petroleum products. The government took such decision after the accumulated savings of the state-owned oil monopoly dropped to sub-zero level. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">A meeting of the Price Stabilization Fund on Monday decided to provide Rs 4.25 billion to the corporation to pay the first installment it owes to the Indian Oil Corporation (IOC). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Even after the price adjustment of petroleum products last Thursday, the NOC insists it is expecting a loss of around Rs 2.5 billion in the next 15 days. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The purchase price of the NOC has been increasing due to the recent hike in the price of crude oil in the international market. The corporation had sought financial help from the government after the first installment to the IOC due in March was insufficient. The corporation has been paying installments to the IOC on the 8th and 23rd of every month. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif""> Prior to this, the stabilization fund had provided Rs 1.80 billion to the NOC in January. NOC Spokesperson Binit Mani Upadhyaya said that the decision of the government to provide financial assistance to the NOC at such difficult times would help in maintaining smooth supply of petroleum products. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-03-08', 'modified' => '2022-03-08', 'keywords' => '', 'description' => '', 'sortorder' => '14630', 'image' => '20220308081134_Untitled.jpg', 'article_date' => '2022-03-08 08:11:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '14887', 'article_category_id' => '1', 'title' => 'Government Responsible for Inflation: Industrialists', 'sub_title' => '', 'summary' => 'March 7: Industrialists and businessmen have said that the government should take responsibility for the recent hike in prices of consumer goods', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 7: Industrialists and businessmen have said that the government should take responsibility for the recent hike in prices of consumer goods in the domestic market due to the outbreak of war between Ukraine and Russia. They expressed such view after the government alleged that the price hike was due to the black marketing by the industrialists</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">They denounced the government’s allegation and said that such claim made by the government was aimed at tarnishing the image of the industrialists.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Prices of consumer goods and petroleum products are constantly on the rise in the international market. Pawan Sharda, the former president of the Morang Merchants’ Association and member of the Constituent Assembly said that the government should provide relief to the consumers by reducing customs and VAT. He warned that if this situation continues, consumers won’t be able to make purchases of goods. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He said that the industries have less than 25 percent stock of goods due to the monetary policy and there may be shortage of food items in the near future. Sharada said “The stocks of industrialists and businessmen have dropped to less than 25 per cent as the banks refused to give out loans.” Sharda also said that the rise in prices of unrefined mustard oil, soybean oil and sunflower oil coming from Ukraine will finally hit the Nepali market after two months.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif""> “First of all, the government must take proper care that the public is not hit by inflation. The people will not be able to survive if the main objective of the government is to earn revenue. The prices will be stable only if a 50 percent discount is given in VAT and customs.”</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Morang Merchants’ Association has urged the government to take responsiblity for inflation and take decisions in the interest of consumers. Naveen Rijal, president of the Morang Merchants’ Association said, “It is the responsibility of the government to control inflation. We have no role in it.” He added that the raw materials of imported goods and finished goods come at an increased rate from third countries itself. The government needs to pay attention in order to control the price of such goods.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the industrialists, the Indian government has reduced tariffs four times after the rise in price of oil in the international market. However, the government of Nepal does not care about reducing customs duty or VAT. Rijal said that the government is looking for an escape from its duties and responsibilities by accusing the traders of increasing the prices.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Mahesh Jaju, advisor to the Confederation of Nepalese Industries and former president of the Morang Merchants’ Association said that they did not engage in black marketing, hoarding or did not raise market prices and clarified that the increase in prices was solely due to the outbreak of war between Russia and Ukraine.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Jaju put forth his opinion that the criteria for loans and interest rates should be different for the industries producing luxury goods and daily necessities. He said that the return from industries is not more than 10 percent but interest from bank deposits is 11 percent. In such a situation, he said he doesn’t understand whether the government wants to promote industries or wants people to deposit their money in banks.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Prakash Mundada, former president of the Morang Merchants’ Association and senior vice president of the Confederation of Nepalese Industries, accused the Nepal Rastra Bank of pursuing a policy of investing only in areas that increase GDP and has disturbed the market by giving 11 percent interest rate to the institutional depositors and restricting the industrialists from bringing goods on loan. Mundada said that the government has tied the hands of industrialists by restricting the import of goods.</span></span></span></p> <p><br /> <br /> <br /> <br /> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14629', 'image' => '20220307070714_Inflation.jpg', 'article_date' => '2022-03-07 19:06:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '14886', 'article_category_id' => '1', 'title' => 'Foreign Companies Reluctant to Reinsure Hydropower Projects ', 'sub_title' => '', 'summary' => 'March 7: Foreign reinsurance companies have been reluctant to reinsure hydropower projects due to the rise in incidents of natural disasters such as floods and landslides hitting hydropower projects. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">March 7: Foreign reinsurance companies have been reluctant to reinsure hydropower projects due to the rise in incidents of natural disasters such as floods and landslides hitting hydropower projects. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Hydropower projects and road infrastructures have been affected recently due to increasing number of natural calamities. As a result, insurance claims are also increasing.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Hence, foreign companies have been reluctant to reinsure hydropower sector. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Chunki Chhetri, president of the Nepal Insurance Association and CEO of Sagarmatha Insurance, said that they are facing mounting challenge to reinsure hydropower projects by foreign companies. He added that large projects are particularly facing more problems.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">"It has become easier to reinsure small hydropower projects after the Insurance Board fixed the minimum rate of non-life insurance. However, it is difficult to reinsure large projects," he said, adding, "Recently, claims from the hydropower and road projects have increased. As a result, reinsurance of road and hydropower projects has become a challenge." </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He says that foreign companies have not been able to meet the criteria for reinsurance set by the government. "They are profit-oriented companies, so it is natural for them to try to do safe business," he said. "This problem arises as the hydropower sector has become risky. We are forced to reinsure at a high rate." </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Sometime ago, Nepali insurance companies used to insure hydropower projects at economical rates. At that time, foreign companies had stopped reinsuring. The Insurance Board then set the minimum rate for such insurance. After that, it was easier to reinsure hydropower projects. However, companies say there are still problems with large projects. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Executive Director of the Insurance Board Raju Raman Poudel said that foreign companies have started reinsuring after fixing the minimum rate. However, he said that there could be problems in the case of big projects. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">While foreign companies are refusing to reinsure the hydropower projects, power producers of Nepal have been protesting against the minimum insurance rate. Poudel said that the power producers should understand the technical problems of the insurance sector and accept the minimum rate. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Stakeholders say that if foreign companies refuse to reinsure, the premium may have to be further increased. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14628', 'image' => '20220307051705_hydro.jpg', 'article_date' => '2022-03-07 17:16:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '14885', 'article_category_id' => '1', 'title' => 'Artificial Shortage of Cooking Oil in the Market', 'sub_title' => '', 'summary' => 'March 7: Consumers have been complaining of artificial shortage of cooking oil in the market.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 7: Consumers have been complaining of artificial shortage of cooking oil in the market. Due to the rise in stockpiling and black marketing of consumable goods, consumers have been hit hard by the artificial shortage of food, especially edible oil.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The ongoing war between Russia and Ukraine has affected the price of food items in Nepal. Consumers complained that there is an artificial shortage of edible oil due to the collusion of traders and industrialists. Rita Basnet, who came to Kalimati in Kathmandu on Sunday to buy food items, said that she had to visit six shops to buy cooking oil. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"Every shop we go to has no oil," she said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Pabitra Bajracharya, the immediate past president of the Retailers Trade Association, said that wholesalers and industrialists were responsible for the shortage of edible oil in the market. According to the association, some traders may have been hiding cooking oil by spreading rumors that the Russia-Ukrainian war has led to shortages of food (especially cooking oil). The association estimates that there is enough oil in the market for three months.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">On the one hand, consumers are facing problems due to artificial shortages in the market, while on the other hand, the problem is further aggravated by the wholesalers not providing the right invoices to the retailers.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the association, wholesalers sell sunflower oil to the retailers at Rs 268 per liter but the maximum retail price is marked just Rs 240 in the packets.. Bajracharya said that the retailers are facing problems in selling oil because the wholesalers do to provide them the accurate bill.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"We have to sell oil at Rs 298 for a profit of 10 percent of Rs 268," he said. "But we have been selling cooking oil for just Rs 275 per litre because the maximum retail price is marked Rs 240." He said that some retailers have stopped selling oil due to fear of action by the Department of Commerce as the maximum retail price is still less than the selling price of oil. He said that this may have led to a shortage in the market. According to the association, the price of each brand of oil has gone up by Rs 400 per carton. Wholesalers, however, defended themselves, saying that there was a shortage of oil in the market and prices had risen.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">They claimed that the issue of wrong billing is only an allegation. Devendra Bhakta Shrestha, president of the Food Traders Association, an association of wholesalers, said that the issue of wrong invoices was just a rumor, and they were ready to be punished if it was proved that they had given wrong invoices.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Department of Commerce, Supplies, and Consumer Protection, a government body working for the benefit of consumers, has said that no complaints have been received despite the scarcity in the market due to rumors. Spokesperson of the Department Hari Pangeni said that it would be easier to monitor and take action if a complaint is lodged with the department about consumer fraud. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14627', 'image' => '20220307043529_oil1501009175_7.jpg', 'article_date' => '2022-03-07 16:34:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '14884', 'article_category_id' => '1', 'title' => 'Cooperatives Can Now Issue ATM Cards', 'sub_title' => '', 'summary' => 'March 7: Cooperatives will now be able to issue ATM cards under the 'Coop Brand'. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">March 7: Cooperatives will now be able to issue ATM cards under the 'Coop Brand'. The National Cooperative Bank Limited has collaborated with Smart Choice Technology (SCT), a payment service provider, and Global IME Bank to start debit card service. The National Cooperative Bank signed a tripartite agreement with SCT and Global IME Bank to this effect on Sunday, March 6.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">CEO of the National Cooperative Bank Badri Kumar Guragain informed that the cooperatives will be able to issue ATM cards for their customers within three months.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The central bank has included a provision in the monetary policy of the current fiscal year to allow payment system operators and service providers to provide electronic transaction service to the cooperatives. As per the provision, some big cooperatives have reached an understanding with SCT to issue debit cards to their customers.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Federal Department of Cooperatives had also issued an integrated directive on February 13 allowing cooperatives to collaborate with payment service providers to introduce services such as ATM, QR Code, mobile banking among others.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The cooperatives must mention this in their company statute and inform the governing body within a month after introducing such services.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">CEO Guragain informed that cooperatives with small investment cannot provide ATM service so they too have been allowed to provide debit card service through the National Cooperative Bank.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">"Now, the cooperatives can collaborate with banks to issue ATM cards," he said.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Such cards can be used free of cost at more than 300 ATM counters of Global IME Bank. They can also be used for payment at PoS terminals and departmental stores.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Until now, some cooperatives had been issuing ATM cards in collaboration with SCT but they had to make the settlement through Himalayan Bank by depositing a certain amount. However, the cooperatives will have to bear less financial burden if they avail this service through the National Cooperative Bank.</span></span></p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14626', 'image' => '20220307091434_1646612591.Clipboard04.jpg', 'article_date' => '2022-03-07 09:12:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '14883', 'article_category_id' => '1', 'title' => 'Central Bank Limits Import of Gold to 10 kg a Day ', 'sub_title' => '', 'summary' => 'March 7: Nepal Rastra Bank (NRB) has tightened the import of gold by limiting the daily import to 10 kg a day. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 7: Nepal Rastra Bank (NRB) has tightened the import of gold by limiting the daily import to 10 kg a day. Issuing a circular on Sunday (March 6), NRB stated that it has lowered the quota on import of gold by half. Prior to this arrangement, as much as 20 kg of gold could be imported into the country per day.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank amended the work procedure on gold import, sales and distribution, 2068 to restrict the import of gold due to concerns over the declining foreign exchange reserves. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It may be noted that only the commercial banks are allowed to import gold in Nepal upon the recommendation of the Federation of Nepal Gold and Silver Dealers Association. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The price of gold has increased in Nepal in the wake of Russia's invasion of Ukraine. The NRB had earlier tightened the provision related to import of silver and 47 other items considering the declining foreign exchange reserves. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Besides gold, other items that have been restricted entry include clove, sugary item, drinks and tobaccos, perfume, cosmetic goods, shoes and sandal, shampoo, wigs, artificial bouquets, chips marble, ceramic goods, furniture, milk powder, eggs, dry vegetables, betel nuts, cashew nuts, black peppers, sausage, cocoa powder chocolate, dog foods, tomato ketchup among others, according to the state-owned national news agency RSS. </span></span></p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14625', 'image' => '20220307083510_20220216015330_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-03-07 08:34:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '14882', 'article_category_id' => '1', 'title' => 'Price of Gold Crosses Rs 100,000 Mark', 'sub_title' => '', 'summary' => 'March 7: The price of gold on Sunday increased by Rs 2,000 per tola (11.66 grams) to reach Rs 101,900 in the domestic market of Nepal.', 'content' => '<p><span style="font-size:18px">March 7: The price of gold has increased by Rs 1,100 per tola (11.66 grams) to reach Rs 103,000 in the domestic market on Monday. The price of the precious yellow metal was Rs 101,900 on Sunday while it was Rs 99,900 in the previous trading day.</span></p> <p><span style="font-size:18px">The price of gold had increased by Rs 2000 per tola on Sunday to cross the mark of Rs 100,000 while it further rose to Rs 103,000 on Monday.</span></p> <p><span style="font-size:18px">According to the Federation of Nepal Gold and Silver Dealers' Association, the price of silver also increased by Rs 10 per tola to reach Rs 1,425.</span></p> <p><span style="font-size:18px">The price of gold and silver increased in Nepal following a surge in their prices in the international market, the state-owned national news agency RSS quoted the Federation's President Manik Ratna Shakya as saying. Price of gold in the international market was approximately 1,970 dollar per ounce on Sunday, March 6.</span></p> <p><span style="font-size:18px">Analysts believe that the recent surge in the price of gold is mainly due to the Russia-Ukraine war. With stocks stumbling across the globe and prices of food grains increasing, investors are reportedly purchasing gold as a safe bet during the time of such crisis.</span></p> <p><span style="font-size:18px">It may be noted that the price of gold had crossed the mark of Rs 100,000 per 11.66 grams in Nepal during the outbreak of Covid-19.</span></p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14624', 'image' => '20220307082414_gold1_1631507545558.jpg', 'article_date' => '2022-03-07 08:22:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '14881', 'article_category_id' => '1', 'title' => 'MoF Downsizes Election Budget', 'sub_title' => '', 'summary' => 'March 6: The government has downsized the budget demanded by the Election Commission for the upcoming local level election scheduled to be held on May 13. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">March 6: The government has downsized the budget demanded by the Election Commission for the upcoming local level election scheduled to be held on May 13. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Ministry of Finance has assured a budget that is less than the demand put forth by the commission after it was unable to secure financial support from the donor agencies.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">After the Election Commission warned that it would be difficult to hold the election on time if the budget is not released, the Ministry of Finance assured a budget of Rs 8.11 billion against Rs 12 billion demanded by the commission.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The commission sent a revised budget demanding Rs 8.95 billion by reducing expenditures on various headings after the ministry said it could not release the budget demanded by the commission. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Spokesperson for the commission Shaligram Sharma Poudel informed that the budget secure by the ministry will be spent on conducting the election and its management. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He is of the view that it will be difficult for them to manage the budget but they have intensified preparations to hold the election on time. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The EC has made preparations to print 20 million ballot papers for the upcoming election. They have already signed agreements with suppliers to buy the papers required for making the ballot papers. EC officials say that they are buying papers for Rs 110 million. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Ministry of Home Affairs has also demanded election expenses from the Ministry of Finance. However, the Ministry of Finance has not yet secured the financial sources. The Home Ministry has demanded Rs 16 billion from the MoF in the initial phase for the election. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Nepal Police had sent details to the Home Ministry saying that Rs 12 billion is needed for security of the election. Nepal Police had demanded the amount saying that it needs to recruit 118,000 temporary police for the security of 11,000 polling stations as in the previous election. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Likewise, the Armed Police Force also demanded Rs 500 million. According to the Home Ministry, the proposal has been sent to the MoF to ensure the budget, but no response has been received yet. According to Home Ministry spokesperson Phanindra Mani Pokhrel, no decision has been taken on hiring temporary police yet as the budget has not been secured. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-06', 'modified' => '2022-03-06', 'keywords' => '', 'description' => '', 'sortorder' => '14623', 'image' => '20220306063453_EC.jpg', 'article_date' => '2022-03-06 18:34:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '14880', 'article_category_id' => '1', 'title' => 'Jewelry Business up by 10 Percent Annually', 'sub_title' => '', 'summary' => 'March 6: Nepal Gem and Jewelry Association has stated that the jewelry business in the country has been increasing by 10 percent annually.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 6: Nepal Gem and Jewelry Association has stated that the jewelry business in the country has been increasing by 10 percent annually. The association made such statement on the occasion of the 17th Annual General Meeting of the association held in Kathmandu on Saturday, adding that the internal trade as well as exports are increasing. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Those involved in this businessmen also said that they are facing problems due to the lack of raw materials and low investment in technology.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Industry Secretary Arjun Prasad Pokhrel assured that the government will move ahead by cooperating with the businessmen. He said that the government would play a supportive role in promoting the gem and jewelry trade as per the guidelines prepared by the association. On the occasion, the president of the association Jyotsna Shrestha said that the issue of lack of raw material in the jewelry business has been raised time and again but the concerned authorities have turned a deaf ear to it.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Stating that they are facing problems in paying bank's interest, house rent, employees’ salary allowance and also meeting the demands of the consumers due to insufficient raw material, she urged the government to find a solution to the problem through an in-depth study. “The raw material for us is gold and silver. But if quotas are reduced while the country's economy is in trouble, the jewelry business will become unproductive.”</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">She also emphasized on the need to bring a policy of re-exporting jewelry from Nepal by importing raw gold as per the demand from abroad. She said that it was necessary to train the manpower for exports. She says the lack of liquidity in the banking system has also affected the jewelry business. Moreover, she said that the businessmen have been further affected after the Nepal Rastra Bank set a 100 percent margin on the import of diamonds, precious stones and silver.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The association has said that the provision of keeping 100 percent cash for the import of such items should be revised. The association also said that the suggestions given by a task force formed two years ago has not been implemented yet. Stating that the demand for Nepali jewelry is also increasing among the Nepalese living abroad, the association said that it could not export the products due to lack of raw materials.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Similarly, the association has demanded the government to operate valuable mines in Nepal. Stating that there is a problem even in the excavation of raw materials, the association said that a large amount of money is sent abroad for processing the materials even after excavation. The association has also demanded investment in technology.</span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-06', 'modified' => '2022-03-06', 'keywords' => '', 'description' => '', 'sortorder' => '14622', 'image' => '20220306053454_jewellry.jpg', 'article_date' => '2022-03-06 17:34:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '14879', 'article_category_id' => '1', 'title' => 'IFC Appoints Martin Holtmann as Country Manager for Nepal, Bangladesh, and Bhutan', 'sub_title' => '', 'summary' => 'March 6: The International Finance Corporation (IFC) has appointed Martin Holtmann as its new country manager for Nepal, Bangladesh, and Bhutan.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 6: The International Finance Corporation (IFC) has appointed Martin Holtmann as its new country manager for Nepal, Bangladesh, and Bhutan. Based in Dhaka, Holtmann will focus on developing new opportunities for the private sector and increasing IFC’s impact on the development of the three countries as the region continues to recover from the COVID-19 pandemic, the IFC said in a statement on Sunday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Holtmann, a German national, joined IFC in 2007. Prior to his appointment, Holtmann was Global Sector</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Manager for Financial Inclusion, helping IFC to reach millions of micro, small and medium-sized enterprises (MSMEs) with traditional and digital financial services and strengthen more than 200 partner institutions through investment and advisory support, the statement added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Martin’s background experience will be invaluable as IFC deepens its work in Nepal, Bangladesh, and Bhutan,” the statement quoted Hector Gomez Ang, IFC’s Regional Director for South Asia, as saying. “This is a time of new challenges and opportunities and I am confident Martin will be successful in leading IFC’s efforts to strengthen and diversify its work in the three countries in support of a green and resilient recovery.” </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the statement, Holtmann will notably work to promote IFC’s impact on climate, gender, and green growth, while expanding and diversifying the investment and advisory portfolios. Some key sectors for future growth opportunities in the region include transport and logistics, clean energy, financial services, tourism, agribusiness, healthcare, housing, and the digital economy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Holtmann is a graduate of the Lester B Pearson United World College of the Pacific, Canada and holds two master’s degrees in Economics from Trier University, Germany and in Public Administration from Harvard University, United States. He succeeds Wendy Werner, who has taken on a new role as IFC’s Country Head in India, after successfully serving as the country manager for Bangladesh, Bhutan and Nepal for six years.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Before joining IFC, Holtmann worked as Lead Financial Specialist at the Consultative Group to Assist the Poor (CGAP) in the World Bank, and as managing director of a consulting firm in the private sector. He is also one of the core authors of the 2022 World Development Report, “Financing for an Equitable Recovery”. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">IFC said it has invested nearly $8 billion to help private sector growth in Nepal Bangladesh, and Bhutan since 2000. IFC has also provided a total of $270 million in working capital solutions to banks and liquidity support to companies since the beginning of the COVID-19 pandemic in 2020, the statement said adding, “These investments are helping keep businesses afloat, resume exports, and preserve jobs, and which are critical to sustaining national economies.”</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-06', 'modified' => '2022-03-06', 'keywords' => '', 'description' => '', 'sortorder' => '14621', 'image' => '20220306051942_Martin Holtmann_IFC_photo_W - Copy.jpg', 'article_date' => '2022-03-06 15:47:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '14878', 'article_category_id' => '1', 'title' => 'Transport Entrepreneurs Demand Increase in Fare of Public Vehicles', 'sub_title' => '', 'summary' => 'March 6: Transport entrepreneurs have demanded a hike in fares of public transport, citing the rise in fuel prices.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 6: Transport entrepreneurs have demanded a hike in fares of public transport, citing the rise in fuel prices.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The government had increased the fare of passenger vehicles by 28 percent, freight charge on hill roads by 20 percent and freight charge on Terai roads by 26 percent last year.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Ever since announcing the hike in transportation fare, the government has repeatedly increased the prices of fuel with the price of diesel going up by Rs 28 per liter and petrol by Rs 38 per liter during this period. With the rise in fuel prices, transport entrepreneurs have been demanding an increase in fares for public transport.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Transport entrepreneurs have been demanding an increase in fares by knocking on the doors of various authorities saying that the fares of vehicles have not increased even though the price of fuel has gone up several times since the increase in fares in June. Representatives of the Central Federation of Public Transport Nepal met with Director General of the Department of Transport Management Namaraj Ghimire on Friday demanding an increase in fares. The federation is scheduled to submit a memorandum to Minister for Physical Infrastructure and Transport Renu Kumari Yadav on Sunday (March 6). </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">President of the Federation, Bharat Nepal said that they have demanded an increase in the fare of vehicles in proportion to the increase in fuel prices. According to him, the fare adjusted earlier in June has not yet been implemented in other provinces except Bagmati and Gandaki provinces.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Times New Roman","serif"">If the fare is increased, general public will suffer more</span></strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">If the current fare is increased, the ordinary citizens who have to travel daily by vehicles will be hit the hardest. Concerned authorities say that the trend of increasing the price of fuel by the government and the demand of transport entrepreneurs to increase the fares should be halted. Stakeholders suggest that if the government reduces the tax on petroleum products, fuel can be made available at reasonable rates.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">“The price of fuel has gone up time and time again and the fare has gone up as well. But it is not appropriate to increase the fare furthermore as the income of the general public has not gone up,” said Madhav Timilsina, chairman of the Consumer Rights Forum. He said that the commuters are facing problems as the government is not showing any responsibility towards the rights of the people. He expressed his opinion that both the government and the business community should take decisions while being considerate about the purchasing ability of the people.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-06', 'modified' => '2022-03-06', 'keywords' => '', 'description' => '', 'sortorder' => '14620', 'image' => '20220306031226_public transport.jpg', 'article_date' => '2022-03-06 15:11:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '14877', 'article_category_id' => '1', 'title' => 'Where is Remittance Flowing?', 'sub_title' => '', 'summary' => 'March 6: A few days ago, Nepal Rastra Bank lowered the cap of domestic remittance and decided not to allow transfer of more than Rs 25,000 per person in one day.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">March 6: A few days ago, Nepal Rastra Bank lowered the cap of domestic remittance and decided not to allow transfer of more than Rs 25,000 per person in one day. Earlier, remittances up to Rs 100,000 were allowed within the country.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">NRB officials said they took such measures due to an increase in remittances through the illegal ‘hundi; channel. He said that such decision was taken after the Nepali migrant workers started sending money to their relatives through hundi.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Questions have been raised about where the money sent by Nepali workers from abroad goes after the inflow of remittance started declining steadily after the peak of the Covid-19 crisis.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">However, no study has been conducted on whether the income of Nepali nationals living abroad has declined or whether the inflow of remittance to Nepal has declined.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Some experts suspect that Nepalis are more inclined towards cryptocurrency in recent times.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Former executive director of NRB Nara Bahadur Thapa, on the other hand, argued that the problem has surfaced due to the tiresome process of sending remittance as per the government’s criteria.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"Besides, sending remittances to Nepal is expensive," he said, adding that the government casts an evil eye if anyone sends a good amount of money back home. “The government has even suspended accounts of those who send money back home in dollars,” added Thapa.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Labor, immigration expert, and advocate Som Luintel, who is studying the field of foreign employment meticulously, said that the declining remittances at this time is the effect of Covid-19 pandemic which halted the foreign employment business some time ago.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"Remittances were sent by Nepalis who had gone abroad earlier during the Corona epidemic. But the number of Nepali migrant workers declined during the peak of Covid-19 and the result is seen now," he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">NRB spokesperson Gunakar Bhatt also estimated that remittances have declined due to the decline in the number of people going for foreign employment when the pandemic was at its peak. He said that the inflow of remittances will increase after the number of people going for foreign employment starts rising again.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">However, some NRB officials say that the activity of hundi trading may have increased after the restrictions were lifted.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The youths who have gone for foreign employment have sent remittances of Rs 468.45 billion as of December 2021 in the current fiscal year, which is 5.5 percent less than the remittance sent during the corresponding period of last fiscal year. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-06', 'modified' => '2022-03-06', 'keywords' => '', 'description' => '', 'sortorder' => '14619', 'image' => '20220306015310_Remittance.jpg', 'article_date' => '2022-03-06 13:52:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14876', 'article_category_id' => '1', 'title' => 'Import of Betel Nuts Five Times more than Actual Demand: Report ', 'sub_title' => '', 'summary' => 'March 6: A study conducted by a parliamentary panel has found that excessive amount of betel nuts have been imported into the country. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">March 6: A study conducted by a parliamentary panel has found that excessive amount of betel nuts have been imported into the country. The report prepared by a subcommittee formed to study policy provisions on the import of betel nuts from third countries has been submitted to the Sustainable Development and Good Governance Committee (SDGGC) of the National Assembly on Friday. The next meeting of the parliamentary committee will discuss about the report and issue directive to the government and other stakeholders, informed Ramesh Jung Rayamajhi, coordinator of the committee. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">During the investigation, it was found that betel nuts were imported much more than the actual demand. According to the state-owned national news agency RSS, Rayamajhi said that 25,000 metric tonnes of betel nuts were imported in the country when the demand for betel nuts from factories in Nepal was just 5,000 metric tonnes. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">Although the upper house committee had summoned the director general of the Department of Customs, some secretaries and the importers to discuss the matter in the meeting, they were absent, RSS said quoting Rayamajhi. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The government allegedly allowed the import of more betel nuts than the demand under the influence of importers, said the report. The imported betel nuts would be exported to neighbouring India, he said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">A report published by New Business Age on March 23 last year states that the government had allowed import of 25,000 metric tons of betel nuts, 5,000 metric tons of dates and 15,000 metric tons of black pepper in fiscal year 2020/21 under the quota system.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The government had earlier imposed a ban on import of most goods in April 2020 in a bid to prevent foreign currency from flowing out of the country during the crisis created by coronavirus pandemic. The government had put a complete ban on the import of black pepper, peas, dates, and betel nuts initially but later imposed quota system for the imports. Similarly, the government had also restricted the import of alcohol and other luxurious goods during the period.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The restriction on import of beetle nuts and other edible items were lifted in March 2021 after the situation turned normal. Interestingly, the ban on alcohol was lifted in September 2020 much before the ban on other items were removed.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">It was not the first time that the government had imposed a ban on betel nuts though. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">It may be noted that former Chief Commissioner of the Commission for the Investigation of Abuse of Authority Lokman Singh Karki lost his temper during a press meet in 2014 when reporters asked him repeatedly to clarify reasons behind the unchecked smuggling of betel nuts and his involvement in it. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The reporters were curious to know why the ban on betel nuts was lifted after Karki was appointed CIAA chief. That incident in Biratnagar ultimately led to the downfall of Karki.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-06', 'modified' => '2022-03-06', 'keywords' => '', 'description' => '', 'sortorder' => '14618', 'image' => '20220306121659_supari.jpg', 'article_date' => '2022-03-06 12:14:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14875', 'article_category_id' => '1', 'title' => 'Airline Operators Hike Price of Air Tickets', 'sub_title' => 'The airfare has been increased by Rs 90 to Rs 540', 'summary' => 'March 6: Airline operators of Nepal have increased the price of air tickets again.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:18.0pt"><span style="font-family:"Times New Roman","serif"">March 6: Airline operators of Nepal have increased the price of air tickets again.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:18.0pt"><span style="font-family:"Times New Roman","serif"">The Airlines Operators Association of Nepal (AOAN) decided to increase the airfare on Saturday, two days after the Nepal Oil Corporation increased the price of petroleum products. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:18.0pt"><span style="font-family:"Times New Roman","serif"">The state-owned oil monopoly had announced to revise the price of aviation turbine fuel from Rs 126 per litre to Rs 136 per litre. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:18.0pt"><span style="font-family:"Times New Roman","serif"">As per the decision of the airline operators, the prices of air tickets for domestic flights have been increased from Rs 90 to Rs 540. The tickets for mountain flights from Kathmandu have been increased by Rs 340 per person.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:18.0pt"><span style="font-family:"Times New Roman","serif"">The airfare of Kathmandu-Siamra flights have been increased the least by Rs 90 while the tickets for Biratnagar- Nepalgunj flights have been increased the most by Rs 540. The new airfare will be applicable from Sunday, March 6.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:18.0pt"><span style="font-family:"Times New Roman","serif"">Prior to this, the AOAN had increased airfare on February 11 in coordination with the Civil Aviation Association of Nepal. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-06', 'modified' => '2022-03-06', 'keywords' => '', 'description' => '', 'sortorder' => '14617', 'image' => '20220306113039_20201109112912_1604878353.14.jpg', 'article_date' => '2022-03-06 08:27:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14874', 'article_category_id' => '1', 'title' => 'All Prohibitory Orders Relating to COVID-19 Removed in Kathmandu Valley ', 'sub_title' => '', 'summary' => 'March 4: All sorts of prohibitory orders issued earlier in the Kathmandu Valley following the increase in COVID-19 cases have been lifted with the decline in infection rate.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 4: All sorts of prohibitory orders issued earlier in the Kathmandu Valley following the increase in COVID-19 cases have been lifted with the decline in infection rate.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The prohibitory orders will be removed from March 5. All three districts in the valley (Kathmandu, Lalitpur and Bhaktapur) confirmed this on Friday. With this, activities relating to politics, economy, society, education and other professions will resume in full-fledge by following health protocols. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The decision to lift the prohibitory orders was taken in line with the Local Administration Act, 2028, the Infectious Disease Act, 2020, the smart lockdown procedure, 2078, risk control regulation and prohibition of COVID-19, recommendations of the COVID-19 Crisis Management Coordination Centre, and the decisions taken by the Council of Ministers, the state-owned national news agency RSS reported. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The district administration offices of all three districts of the valley thanked the people for helping the government in the prevention and control of the virus by abiding by the prohibitory orders. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-04', 'modified' => '2022-03-04', 'keywords' => '', 'description' => '', 'sortorder' => '14616', 'image' => '20220304080511_Kathmandu Valley.jpg', 'article_date' => '2022-03-04 20:04:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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The government took such decision after the accumulated savings of the state-owned oil monopoly dropped to sub-zero level. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">A meeting of the Price Stabilization Fund on Monday decided to provide Rs 4.25 billion to the corporation to pay the first installment it owes to the Indian Oil Corporation (IOC). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Even after the price adjustment of petroleum products last Thursday, the NOC insists it is expecting a loss of around Rs 2.5 billion in the next 15 days. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The purchase price of the NOC has been increasing due to the recent hike in the price of crude oil in the international market. The corporation had sought financial help from the government after the first installment to the IOC due in March was insufficient. The corporation has been paying installments to the IOC on the 8th and 23rd of every month. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif""> Prior to this, the stabilization fund had provided Rs 1.80 billion to the NOC in January. NOC Spokesperson Binit Mani Upadhyaya said that the decision of the government to provide financial assistance to the NOC at such difficult times would help in maintaining smooth supply of petroleum products. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-03-08', 'modified' => '2022-03-08', 'keywords' => '', 'description' => '', 'sortorder' => '14630', 'image' => '20220308081134_Untitled.jpg', 'article_date' => '2022-03-08 08:11:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '14887', 'article_category_id' => '1', 'title' => 'Government Responsible for Inflation: Industrialists', 'sub_title' => '', 'summary' => 'March 7: Industrialists and businessmen have said that the government should take responsibility for the recent hike in prices of consumer goods', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 7: Industrialists and businessmen have said that the government should take responsibility for the recent hike in prices of consumer goods in the domestic market due to the outbreak of war between Ukraine and Russia. They expressed such view after the government alleged that the price hike was due to the black marketing by the industrialists</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">They denounced the government’s allegation and said that such claim made by the government was aimed at tarnishing the image of the industrialists.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Prices of consumer goods and petroleum products are constantly on the rise in the international market. Pawan Sharda, the former president of the Morang Merchants’ Association and member of the Constituent Assembly said that the government should provide relief to the consumers by reducing customs and VAT. He warned that if this situation continues, consumers won’t be able to make purchases of goods. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He said that the industries have less than 25 percent stock of goods due to the monetary policy and there may be shortage of food items in the near future. Sharada said “The stocks of industrialists and businessmen have dropped to less than 25 per cent as the banks refused to give out loans.” Sharda also said that the rise in prices of unrefined mustard oil, soybean oil and sunflower oil coming from Ukraine will finally hit the Nepali market after two months.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif""> “First of all, the government must take proper care that the public is not hit by inflation. The people will not be able to survive if the main objective of the government is to earn revenue. The prices will be stable only if a 50 percent discount is given in VAT and customs.”</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Morang Merchants’ Association has urged the government to take responsiblity for inflation and take decisions in the interest of consumers. Naveen Rijal, president of the Morang Merchants’ Association said, “It is the responsibility of the government to control inflation. We have no role in it.” He added that the raw materials of imported goods and finished goods come at an increased rate from third countries itself. The government needs to pay attention in order to control the price of such goods.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the industrialists, the Indian government has reduced tariffs four times after the rise in price of oil in the international market. However, the government of Nepal does not care about reducing customs duty or VAT. Rijal said that the government is looking for an escape from its duties and responsibilities by accusing the traders of increasing the prices.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Mahesh Jaju, advisor to the Confederation of Nepalese Industries and former president of the Morang Merchants’ Association said that they did not engage in black marketing, hoarding or did not raise market prices and clarified that the increase in prices was solely due to the outbreak of war between Russia and Ukraine.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Jaju put forth his opinion that the criteria for loans and interest rates should be different for the industries producing luxury goods and daily necessities. He said that the return from industries is not more than 10 percent but interest from bank deposits is 11 percent. In such a situation, he said he doesn’t understand whether the government wants to promote industries or wants people to deposit their money in banks.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Prakash Mundada, former president of the Morang Merchants’ Association and senior vice president of the Confederation of Nepalese Industries, accused the Nepal Rastra Bank of pursuing a policy of investing only in areas that increase GDP and has disturbed the market by giving 11 percent interest rate to the institutional depositors and restricting the industrialists from bringing goods on loan. Mundada said that the government has tied the hands of industrialists by restricting the import of goods.</span></span></span></p> <p><br /> <br /> <br /> <br /> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14629', 'image' => '20220307070714_Inflation.jpg', 'article_date' => '2022-03-07 19:06:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '14886', 'article_category_id' => '1', 'title' => 'Foreign Companies Reluctant to Reinsure Hydropower Projects ', 'sub_title' => '', 'summary' => 'March 7: Foreign reinsurance companies have been reluctant to reinsure hydropower projects due to the rise in incidents of natural disasters such as floods and landslides hitting hydropower projects. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">March 7: Foreign reinsurance companies have been reluctant to reinsure hydropower projects due to the rise in incidents of natural disasters such as floods and landslides hitting hydropower projects. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Hydropower projects and road infrastructures have been affected recently due to increasing number of natural calamities. As a result, insurance claims are also increasing.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Hence, foreign companies have been reluctant to reinsure hydropower sector. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Chunki Chhetri, president of the Nepal Insurance Association and CEO of Sagarmatha Insurance, said that they are facing mounting challenge to reinsure hydropower projects by foreign companies. He added that large projects are particularly facing more problems.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">"It has become easier to reinsure small hydropower projects after the Insurance Board fixed the minimum rate of non-life insurance. However, it is difficult to reinsure large projects," he said, adding, "Recently, claims from the hydropower and road projects have increased. As a result, reinsurance of road and hydropower projects has become a challenge." </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He says that foreign companies have not been able to meet the criteria for reinsurance set by the government. "They are profit-oriented companies, so it is natural for them to try to do safe business," he said. "This problem arises as the hydropower sector has become risky. We are forced to reinsure at a high rate." </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Sometime ago, Nepali insurance companies used to insure hydropower projects at economical rates. At that time, foreign companies had stopped reinsuring. The Insurance Board then set the minimum rate for such insurance. After that, it was easier to reinsure hydropower projects. However, companies say there are still problems with large projects. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Executive Director of the Insurance Board Raju Raman Poudel said that foreign companies have started reinsuring after fixing the minimum rate. However, he said that there could be problems in the case of big projects. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">While foreign companies are refusing to reinsure the hydropower projects, power producers of Nepal have been protesting against the minimum insurance rate. Poudel said that the power producers should understand the technical problems of the insurance sector and accept the minimum rate. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Stakeholders say that if foreign companies refuse to reinsure, the premium may have to be further increased. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14628', 'image' => '20220307051705_hydro.jpg', 'article_date' => '2022-03-07 17:16:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '14885', 'article_category_id' => '1', 'title' => 'Artificial Shortage of Cooking Oil in the Market', 'sub_title' => '', 'summary' => 'March 7: Consumers have been complaining of artificial shortage of cooking oil in the market.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 7: Consumers have been complaining of artificial shortage of cooking oil in the market. Due to the rise in stockpiling and black marketing of consumable goods, consumers have been hit hard by the artificial shortage of food, especially edible oil.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The ongoing war between Russia and Ukraine has affected the price of food items in Nepal. Consumers complained that there is an artificial shortage of edible oil due to the collusion of traders and industrialists. Rita Basnet, who came to Kalimati in Kathmandu on Sunday to buy food items, said that she had to visit six shops to buy cooking oil. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"Every shop we go to has no oil," she said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Pabitra Bajracharya, the immediate past president of the Retailers Trade Association, said that wholesalers and industrialists were responsible for the shortage of edible oil in the market. According to the association, some traders may have been hiding cooking oil by spreading rumors that the Russia-Ukrainian war has led to shortages of food (especially cooking oil). The association estimates that there is enough oil in the market for three months.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">On the one hand, consumers are facing problems due to artificial shortages in the market, while on the other hand, the problem is further aggravated by the wholesalers not providing the right invoices to the retailers.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the association, wholesalers sell sunflower oil to the retailers at Rs 268 per liter but the maximum retail price is marked just Rs 240 in the packets.. Bajracharya said that the retailers are facing problems in selling oil because the wholesalers do to provide them the accurate bill.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"We have to sell oil at Rs 298 for a profit of 10 percent of Rs 268," he said. "But we have been selling cooking oil for just Rs 275 per litre because the maximum retail price is marked Rs 240." He said that some retailers have stopped selling oil due to fear of action by the Department of Commerce as the maximum retail price is still less than the selling price of oil. He said that this may have led to a shortage in the market. According to the association, the price of each brand of oil has gone up by Rs 400 per carton. Wholesalers, however, defended themselves, saying that there was a shortage of oil in the market and prices had risen.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">They claimed that the issue of wrong billing is only an allegation. Devendra Bhakta Shrestha, president of the Food Traders Association, an association of wholesalers, said that the issue of wrong invoices was just a rumor, and they were ready to be punished if it was proved that they had given wrong invoices.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Department of Commerce, Supplies, and Consumer Protection, a government body working for the benefit of consumers, has said that no complaints have been received despite the scarcity in the market due to rumors. Spokesperson of the Department Hari Pangeni said that it would be easier to monitor and take action if a complaint is lodged with the department about consumer fraud. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14627', 'image' => '20220307043529_oil1501009175_7.jpg', 'article_date' => '2022-03-07 16:34:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '14884', 'article_category_id' => '1', 'title' => 'Cooperatives Can Now Issue ATM Cards', 'sub_title' => '', 'summary' => 'March 7: Cooperatives will now be able to issue ATM cards under the 'Coop Brand'. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">March 7: Cooperatives will now be able to issue ATM cards under the 'Coop Brand'. The National Cooperative Bank Limited has collaborated with Smart Choice Technology (SCT), a payment service provider, and Global IME Bank to start debit card service. The National Cooperative Bank signed a tripartite agreement with SCT and Global IME Bank to this effect on Sunday, March 6.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">CEO of the National Cooperative Bank Badri Kumar Guragain informed that the cooperatives will be able to issue ATM cards for their customers within three months.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The central bank has included a provision in the monetary policy of the current fiscal year to allow payment system operators and service providers to provide electronic transaction service to the cooperatives. As per the provision, some big cooperatives have reached an understanding with SCT to issue debit cards to their customers.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Federal Department of Cooperatives had also issued an integrated directive on February 13 allowing cooperatives to collaborate with payment service providers to introduce services such as ATM, QR Code, mobile banking among others.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The cooperatives must mention this in their company statute and inform the governing body within a month after introducing such services.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">CEO Guragain informed that cooperatives with small investment cannot provide ATM service so they too have been allowed to provide debit card service through the National Cooperative Bank.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">"Now, the cooperatives can collaborate with banks to issue ATM cards," he said.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Such cards can be used free of cost at more than 300 ATM counters of Global IME Bank. They can also be used for payment at PoS terminals and departmental stores.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Until now, some cooperatives had been issuing ATM cards in collaboration with SCT but they had to make the settlement through Himalayan Bank by depositing a certain amount. However, the cooperatives will have to bear less financial burden if they avail this service through the National Cooperative Bank.</span></span></p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14626', 'image' => '20220307091434_1646612591.Clipboard04.jpg', 'article_date' => '2022-03-07 09:12:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '14883', 'article_category_id' => '1', 'title' => 'Central Bank Limits Import of Gold to 10 kg a Day ', 'sub_title' => '', 'summary' => 'March 7: Nepal Rastra Bank (NRB) has tightened the import of gold by limiting the daily import to 10 kg a day. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 7: Nepal Rastra Bank (NRB) has tightened the import of gold by limiting the daily import to 10 kg a day. Issuing a circular on Sunday (March 6), NRB stated that it has lowered the quota on import of gold by half. Prior to this arrangement, as much as 20 kg of gold could be imported into the country per day.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank amended the work procedure on gold import, sales and distribution, 2068 to restrict the import of gold due to concerns over the declining foreign exchange reserves. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It may be noted that only the commercial banks are allowed to import gold in Nepal upon the recommendation of the Federation of Nepal Gold and Silver Dealers Association. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The price of gold has increased in Nepal in the wake of Russia's invasion of Ukraine. The NRB had earlier tightened the provision related to import of silver and 47 other items considering the declining foreign exchange reserves. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Besides gold, other items that have been restricted entry include clove, sugary item, drinks and tobaccos, perfume, cosmetic goods, shoes and sandal, shampoo, wigs, artificial bouquets, chips marble, ceramic goods, furniture, milk powder, eggs, dry vegetables, betel nuts, cashew nuts, black peppers, sausage, cocoa powder chocolate, dog foods, tomato ketchup among others, according to the state-owned national news agency RSS. </span></span></p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14625', 'image' => '20220307083510_20220216015330_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-03-07 08:34:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '14882', 'article_category_id' => '1', 'title' => 'Price of Gold Crosses Rs 100,000 Mark', 'sub_title' => '', 'summary' => 'March 7: The price of gold on Sunday increased by Rs 2,000 per tola (11.66 grams) to reach Rs 101,900 in the domestic market of Nepal.', 'content' => '<p><span style="font-size:18px">March 7: The price of gold has increased by Rs 1,100 per tola (11.66 grams) to reach Rs 103,000 in the domestic market on Monday. The price of the precious yellow metal was Rs 101,900 on Sunday while it was Rs 99,900 in the previous trading day.</span></p> <p><span style="font-size:18px">The price of gold had increased by Rs 2000 per tola on Sunday to cross the mark of Rs 100,000 while it further rose to Rs 103,000 on Monday.</span></p> <p><span style="font-size:18px">According to the Federation of Nepal Gold and Silver Dealers' Association, the price of silver also increased by Rs 10 per tola to reach Rs 1,425.</span></p> <p><span style="font-size:18px">The price of gold and silver increased in Nepal following a surge in their prices in the international market, the state-owned national news agency RSS quoted the Federation's President Manik Ratna Shakya as saying. Price of gold in the international market was approximately 1,970 dollar per ounce on Sunday, March 6.</span></p> <p><span style="font-size:18px">Analysts believe that the recent surge in the price of gold is mainly due to the Russia-Ukraine war. With stocks stumbling across the globe and prices of food grains increasing, investors are reportedly purchasing gold as a safe bet during the time of such crisis.</span></p> <p><span style="font-size:18px">It may be noted that the price of gold had crossed the mark of Rs 100,000 per 11.66 grams in Nepal during the outbreak of Covid-19.</span></p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14624', 'image' => '20220307082414_gold1_1631507545558.jpg', 'article_date' => '2022-03-07 08:22:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '14881', 'article_category_id' => '1', 'title' => 'MoF Downsizes Election Budget', 'sub_title' => '', 'summary' => 'March 6: The government has downsized the budget demanded by the Election Commission for the upcoming local level election scheduled to be held on May 13. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">March 6: The government has downsized the budget demanded by the Election Commission for the upcoming local level election scheduled to be held on May 13. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Ministry of Finance has assured a budget that is less than the demand put forth by the commission after it was unable to secure financial support from the donor agencies.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">After the Election Commission warned that it would be difficult to hold the election on time if the budget is not released, the Ministry of Finance assured a budget of Rs 8.11 billion against Rs 12 billion demanded by the commission.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The commission sent a revised budget demanding Rs 8.95 billion by reducing expenditures on various headings after the ministry said it could not release the budget demanded by the commission. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Spokesperson for the commission Shaligram Sharma Poudel informed that the budget secure by the ministry will be spent on conducting the election and its management. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He is of the view that it will be difficult for them to manage the budget but they have intensified preparations to hold the election on time. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The EC has made preparations to print 20 million ballot papers for the upcoming election. They have already signed agreements with suppliers to buy the papers required for making the ballot papers. EC officials say that they are buying papers for Rs 110 million. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Ministry of Home Affairs has also demanded election expenses from the Ministry of Finance. However, the Ministry of Finance has not yet secured the financial sources. The Home Ministry has demanded Rs 16 billion from the MoF in the initial phase for the election. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Nepal Police had sent details to the Home Ministry saying that Rs 12 billion is needed for security of the election. Nepal Police had demanded the amount saying that it needs to recruit 118,000 temporary police for the security of 11,000 polling stations as in the previous election. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Likewise, the Armed Police Force also demanded Rs 500 million. According to the Home Ministry, the proposal has been sent to the MoF to ensure the budget, but no response has been received yet. According to Home Ministry spokesperson Phanindra Mani Pokhrel, no decision has been taken on hiring temporary police yet as the budget has not been secured. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-06', 'modified' => '2022-03-06', 'keywords' => '', 'description' => '', 'sortorder' => '14623', 'image' => '20220306063453_EC.jpg', 'article_date' => '2022-03-06 18:34:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '14880', 'article_category_id' => '1', 'title' => 'Jewelry Business up by 10 Percent Annually', 'sub_title' => '', 'summary' => 'March 6: Nepal Gem and Jewelry Association has stated that the jewelry business in the country has been increasing by 10 percent annually.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 6: Nepal Gem and Jewelry Association has stated that the jewelry business in the country has been increasing by 10 percent annually. The association made such statement on the occasion of the 17th Annual General Meeting of the association held in Kathmandu on Saturday, adding that the internal trade as well as exports are increasing. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Those involved in this businessmen also said that they are facing problems due to the lack of raw materials and low investment in technology.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Industry Secretary Arjun Prasad Pokhrel assured that the government will move ahead by cooperating with the businessmen. He said that the government would play a supportive role in promoting the gem and jewelry trade as per the guidelines prepared by the association. On the occasion, the president of the association Jyotsna Shrestha said that the issue of lack of raw material in the jewelry business has been raised time and again but the concerned authorities have turned a deaf ear to it.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Stating that they are facing problems in paying bank's interest, house rent, employees’ salary allowance and also meeting the demands of the consumers due to insufficient raw material, she urged the government to find a solution to the problem through an in-depth study. “The raw material for us is gold and silver. But if quotas are reduced while the country's economy is in trouble, the jewelry business will become unproductive.”</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">She also emphasized on the need to bring a policy of re-exporting jewelry from Nepal by importing raw gold as per the demand from abroad. She said that it was necessary to train the manpower for exports. She says the lack of liquidity in the banking system has also affected the jewelry business. Moreover, she said that the businessmen have been further affected after the Nepal Rastra Bank set a 100 percent margin on the import of diamonds, precious stones and silver.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The association has said that the provision of keeping 100 percent cash for the import of such items should be revised. The association also said that the suggestions given by a task force formed two years ago has not been implemented yet. Stating that the demand for Nepali jewelry is also increasing among the Nepalese living abroad, the association said that it could not export the products due to lack of raw materials.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Similarly, the association has demanded the government to operate valuable mines in Nepal. Stating that there is a problem even in the excavation of raw materials, the association said that a large amount of money is sent abroad for processing the materials even after excavation. The association has also demanded investment in technology.</span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-06', 'modified' => '2022-03-06', 'keywords' => '', 'description' => '', 'sortorder' => '14622', 'image' => '20220306053454_jewellry.jpg', 'article_date' => '2022-03-06 17:34:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '14879', 'article_category_id' => '1', 'title' => 'IFC Appoints Martin Holtmann as Country Manager for Nepal, Bangladesh, and Bhutan', 'sub_title' => '', 'summary' => 'March 6: The International Finance Corporation (IFC) has appointed Martin Holtmann as its new country manager for Nepal, Bangladesh, and Bhutan.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 6: The International Finance Corporation (IFC) has appointed Martin Holtmann as its new country manager for Nepal, Bangladesh, and Bhutan. Based in Dhaka, Holtmann will focus on developing new opportunities for the private sector and increasing IFC’s impact on the development of the three countries as the region continues to recover from the COVID-19 pandemic, the IFC said in a statement on Sunday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Holtmann, a German national, joined IFC in 2007. Prior to his appointment, Holtmann was Global Sector</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Manager for Financial Inclusion, helping IFC to reach millions of micro, small and medium-sized enterprises (MSMEs) with traditional and digital financial services and strengthen more than 200 partner institutions through investment and advisory support, the statement added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Martin’s background experience will be invaluable as IFC deepens its work in Nepal, Bangladesh, and Bhutan,” the statement quoted Hector Gomez Ang, IFC’s Regional Director for South Asia, as saying. “This is a time of new challenges and opportunities and I am confident Martin will be successful in leading IFC’s efforts to strengthen and diversify its work in the three countries in support of a green and resilient recovery.” </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the statement, Holtmann will notably work to promote IFC’s impact on climate, gender, and green growth, while expanding and diversifying the investment and advisory portfolios. Some key sectors for future growth opportunities in the region include transport and logistics, clean energy, financial services, tourism, agribusiness, healthcare, housing, and the digital economy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Holtmann is a graduate of the Lester B Pearson United World College of the Pacific, Canada and holds two master’s degrees in Economics from Trier University, Germany and in Public Administration from Harvard University, United States. He succeeds Wendy Werner, who has taken on a new role as IFC’s Country Head in India, after successfully serving as the country manager for Bangladesh, Bhutan and Nepal for six years.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Before joining IFC, Holtmann worked as Lead Financial Specialist at the Consultative Group to Assist the Poor (CGAP) in the World Bank, and as managing director of a consulting firm in the private sector. He is also one of the core authors of the 2022 World Development Report, “Financing for an Equitable Recovery”. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">IFC said it has invested nearly $8 billion to help private sector growth in Nepal Bangladesh, and Bhutan since 2000. IFC has also provided a total of $270 million in working capital solutions to banks and liquidity support to companies since the beginning of the COVID-19 pandemic in 2020, the statement said adding, “These investments are helping keep businesses afloat, resume exports, and preserve jobs, and which are critical to sustaining national economies.”</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-06', 'modified' => '2022-03-06', 'keywords' => '', 'description' => '', 'sortorder' => '14621', 'image' => '20220306051942_Martin Holtmann_IFC_photo_W - Copy.jpg', 'article_date' => '2022-03-06 15:47:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '14878', 'article_category_id' => '1', 'title' => 'Transport Entrepreneurs Demand Increase in Fare of Public Vehicles', 'sub_title' => '', 'summary' => 'March 6: Transport entrepreneurs have demanded a hike in fares of public transport, citing the rise in fuel prices.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 6: Transport entrepreneurs have demanded a hike in fares of public transport, citing the rise in fuel prices.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The government had increased the fare of passenger vehicles by 28 percent, freight charge on hill roads by 20 percent and freight charge on Terai roads by 26 percent last year.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Ever since announcing the hike in transportation fare, the government has repeatedly increased the prices of fuel with the price of diesel going up by Rs 28 per liter and petrol by Rs 38 per liter during this period. With the rise in fuel prices, transport entrepreneurs have been demanding an increase in fares for public transport.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Transport entrepreneurs have been demanding an increase in fares by knocking on the doors of various authorities saying that the fares of vehicles have not increased even though the price of fuel has gone up several times since the increase in fares in June. Representatives of the Central Federation of Public Transport Nepal met with Director General of the Department of Transport Management Namaraj Ghimire on Friday demanding an increase in fares. The federation is scheduled to submit a memorandum to Minister for Physical Infrastructure and Transport Renu Kumari Yadav on Sunday (March 6). </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">President of the Federation, Bharat Nepal said that they have demanded an increase in the fare of vehicles in proportion to the increase in fuel prices. According to him, the fare adjusted earlier in June has not yet been implemented in other provinces except Bagmati and Gandaki provinces.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Times New Roman","serif"">If the fare is increased, general public will suffer more</span></strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">If the current fare is increased, the ordinary citizens who have to travel daily by vehicles will be hit the hardest. Concerned authorities say that the trend of increasing the price of fuel by the government and the demand of transport entrepreneurs to increase the fares should be halted. Stakeholders suggest that if the government reduces the tax on petroleum products, fuel can be made available at reasonable rates.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">“The price of fuel has gone up time and time again and the fare has gone up as well. But it is not appropriate to increase the fare furthermore as the income of the general public has not gone up,” said Madhav Timilsina, chairman of the Consumer Rights Forum. He said that the commuters are facing problems as the government is not showing any responsibility towards the rights of the people. He expressed his opinion that both the government and the business community should take decisions while being considerate about the purchasing ability of the people.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-06', 'modified' => '2022-03-06', 'keywords' => '', 'description' => '', 'sortorder' => '14620', 'image' => '20220306031226_public transport.jpg', 'article_date' => '2022-03-06 15:11:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '14877', 'article_category_id' => '1', 'title' => 'Where is Remittance Flowing?', 'sub_title' => '', 'summary' => 'March 6: A few days ago, Nepal Rastra Bank lowered the cap of domestic remittance and decided not to allow transfer of more than Rs 25,000 per person in one day.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">March 6: A few days ago, Nepal Rastra Bank lowered the cap of domestic remittance and decided not to allow transfer of more than Rs 25,000 per person in one day. Earlier, remittances up to Rs 100,000 were allowed within the country.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">NRB officials said they took such measures due to an increase in remittances through the illegal ‘hundi; channel. He said that such decision was taken after the Nepali migrant workers started sending money to their relatives through hundi.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Questions have been raised about where the money sent by Nepali workers from abroad goes after the inflow of remittance started declining steadily after the peak of the Covid-19 crisis.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">However, no study has been conducted on whether the income of Nepali nationals living abroad has declined or whether the inflow of remittance to Nepal has declined.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Some experts suspect that Nepalis are more inclined towards cryptocurrency in recent times.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Former executive director of NRB Nara Bahadur Thapa, on the other hand, argued that the problem has surfaced due to the tiresome process of sending remittance as per the government’s criteria.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"Besides, sending remittances to Nepal is expensive," he said, adding that the government casts an evil eye if anyone sends a good amount of money back home. “The government has even suspended accounts of those who send money back home in dollars,” added Thapa.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Labor, immigration expert, and advocate Som Luintel, who is studying the field of foreign employment meticulously, said that the declining remittances at this time is the effect of Covid-19 pandemic which halted the foreign employment business some time ago.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"Remittances were sent by Nepalis who had gone abroad earlier during the Corona epidemic. But the number of Nepali migrant workers declined during the peak of Covid-19 and the result is seen now," he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">NRB spokesperson Gunakar Bhatt also estimated that remittances have declined due to the decline in the number of people going for foreign employment when the pandemic was at its peak. He said that the inflow of remittances will increase after the number of people going for foreign employment starts rising again.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">However, some NRB officials say that the activity of hundi trading may have increased after the restrictions were lifted.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The youths who have gone for foreign employment have sent remittances of Rs 468.45 billion as of December 2021 in the current fiscal year, which is 5.5 percent less than the remittance sent during the corresponding period of last fiscal year. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-06', 'modified' => '2022-03-06', 'keywords' => '', 'description' => '', 'sortorder' => '14619', 'image' => '20220306015310_Remittance.jpg', 'article_date' => '2022-03-06 13:52:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14876', 'article_category_id' => '1', 'title' => 'Import of Betel Nuts Five Times more than Actual Demand: Report ', 'sub_title' => '', 'summary' => 'March 6: A study conducted by a parliamentary panel has found that excessive amount of betel nuts have been imported into the country. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">March 6: A study conducted by a parliamentary panel has found that excessive amount of betel nuts have been imported into the country. The report prepared by a subcommittee formed to study policy provisions on the import of betel nuts from third countries has been submitted to the Sustainable Development and Good Governance Committee (SDGGC) of the National Assembly on Friday. The next meeting of the parliamentary committee will discuss about the report and issue directive to the government and other stakeholders, informed Ramesh Jung Rayamajhi, coordinator of the committee. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">During the investigation, it was found that betel nuts were imported much more than the actual demand. According to the state-owned national news agency RSS, Rayamajhi said that 25,000 metric tonnes of betel nuts were imported in the country when the demand for betel nuts from factories in Nepal was just 5,000 metric tonnes. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">Although the upper house committee had summoned the director general of the Department of Customs, some secretaries and the importers to discuss the matter in the meeting, they were absent, RSS said quoting Rayamajhi. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The government allegedly allowed the import of more betel nuts than the demand under the influence of importers, said the report. The imported betel nuts would be exported to neighbouring India, he said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">A report published by New Business Age on March 23 last year states that the government had allowed import of 25,000 metric tons of betel nuts, 5,000 metric tons of dates and 15,000 metric tons of black pepper in fiscal year 2020/21 under the quota system.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The government had earlier imposed a ban on import of most goods in April 2020 in a bid to prevent foreign currency from flowing out of the country during the crisis created by coronavirus pandemic. The government had put a complete ban on the import of black pepper, peas, dates, and betel nuts initially but later imposed quota system for the imports. Similarly, the government had also restricted the import of alcohol and other luxurious goods during the period.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The restriction on import of beetle nuts and other edible items were lifted in March 2021 after the situation turned normal. Interestingly, the ban on alcohol was lifted in September 2020 much before the ban on other items were removed.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">It was not the first time that the government had imposed a ban on betel nuts though. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">It may be noted that former Chief Commissioner of the Commission for the Investigation of Abuse of Authority Lokman Singh Karki lost his temper during a press meet in 2014 when reporters asked him repeatedly to clarify reasons behind the unchecked smuggling of betel nuts and his involvement in it. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The reporters were curious to know why the ban on betel nuts was lifted after Karki was appointed CIAA chief. That incident in Biratnagar ultimately led to the downfall of Karki.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-06', 'modified' => '2022-03-06', 'keywords' => '', 'description' => '', 'sortorder' => '14618', 'image' => '20220306121659_supari.jpg', 'article_date' => '2022-03-06 12:14:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14875', 'article_category_id' => '1', 'title' => 'Airline Operators Hike Price of Air Tickets', 'sub_title' => 'The airfare has been increased by Rs 90 to Rs 540', 'summary' => 'March 6: Airline operators of Nepal have increased the price of air tickets again.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:18.0pt"><span style="font-family:"Times New Roman","serif"">March 6: Airline operators of Nepal have increased the price of air tickets again.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:18.0pt"><span style="font-family:"Times New Roman","serif"">The Airlines Operators Association of Nepal (AOAN) decided to increase the airfare on Saturday, two days after the Nepal Oil Corporation increased the price of petroleum products. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:18.0pt"><span style="font-family:"Times New Roman","serif"">The state-owned oil monopoly had announced to revise the price of aviation turbine fuel from Rs 126 per litre to Rs 136 per litre. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:18.0pt"><span style="font-family:"Times New Roman","serif"">As per the decision of the airline operators, the prices of air tickets for domestic flights have been increased from Rs 90 to Rs 540. The tickets for mountain flights from Kathmandu have been increased by Rs 340 per person.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:18.0pt"><span style="font-family:"Times New Roman","serif"">The airfare of Kathmandu-Siamra flights have been increased the least by Rs 90 while the tickets for Biratnagar- Nepalgunj flights have been increased the most by Rs 540. The new airfare will be applicable from Sunday, March 6.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:18.0pt"><span style="font-family:"Times New Roman","serif"">Prior to this, the AOAN had increased airfare on February 11 in coordination with the Civil Aviation Association of Nepal. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-06', 'modified' => '2022-03-06', 'keywords' => '', 'description' => '', 'sortorder' => '14617', 'image' => '20220306113039_20201109112912_1604878353.14.jpg', 'article_date' => '2022-03-06 08:27:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14874', 'article_category_id' => '1', 'title' => 'All Prohibitory Orders Relating to COVID-19 Removed in Kathmandu Valley ', 'sub_title' => '', 'summary' => 'March 4: All sorts of prohibitory orders issued earlier in the Kathmandu Valley following the increase in COVID-19 cases have been lifted with the decline in infection rate.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 4: All sorts of prohibitory orders issued earlier in the Kathmandu Valley following the increase in COVID-19 cases have been lifted with the decline in infection rate.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The prohibitory orders will be removed from March 5. All three districts in the valley (Kathmandu, Lalitpur and Bhaktapur) confirmed this on Friday. With this, activities relating to politics, economy, society, education and other professions will resume in full-fledge by following health protocols. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The decision to lift the prohibitory orders was taken in line with the Local Administration Act, 2028, the Infectious Disease Act, 2020, the smart lockdown procedure, 2078, risk control regulation and prohibition of COVID-19, recommendations of the COVID-19 Crisis Management Coordination Centre, and the decisions taken by the Council of Ministers, the state-owned national news agency RSS reported. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The district administration offices of all three districts of the valley thanked the people for helping the government in the prevention and control of the virus by abiding by the prohibitory orders. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-04', 'modified' => '2022-03-04', 'keywords' => '', 'description' => '', 'sortorder' => '14616', 'image' => '20220304080511_Kathmandu Valley.jpg', 'article_date' => '2022-03-04 20:04:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
