January 30: Finance Minister Janardan Sharma has admitted that the country lacks development-friendly policies and structures to make the national economy dynamic.…
January 30: Finance Minister Janardan Sharma has admitted that the country lacks development-friendly policies and structures to make the national economy dynamic.…
January 30: The Ministry of Water Supply and Irrigation is preparing to resume to Kathmandu valley from Melamchi project by upcoming…
January 30: Shree Airlines, a leading airline belonging to the private sector, has added a new aircraft to its…
January 30: Although the government had promised to deposit an amount equivalent to two months of contribution of workers in the Social Security Fund (SSF) as compensation for last year (mid-May to mid-July), the amount has not been released…
January 30: Bhairahawa-based Gautam Buddha International Airport is almost ready for flight…
January 30: The district administration offices of the Kathmandu Valley have removed the odd-even number system for public vehicles effective from…
January 28: While businesses have been struggling due to the impact of Covid-19, most commercial banks have reduced their bad…
January 28: Banks and financial institutions (BFIs) are preparing to increase the interest rates on loans by adding a certain percentage of premium to the base rate.…
January 28: The import of silver has dropped sharply after the Nepal Rastra Bank (NRB) made it mandatory to keep 100 percent cash margin when opening a letter of credit (LC).…
January 28: The Ministry of Culture, Tourism and Civil Aviation has urged the passengers rescued from various countries amid COVID-19 pandemic to report to the ministry if they were charged more than the set airfare during their evacuation through international chartered…
January 27: Petroleum products and vehicles have entered Nepal in the highest quantity through Birgunj checkpost – the country’s main border point in terms of import and export volume.…
January 27: Life insurance companies will have to determine the insurance premium by taking into consideration climate risk factor from now onwards.…
January 27: The net profit of twenty seven commercial banks has increased by an average of 10.10 percent until the second quarter of the current fiscal year (FY 2021/22).…
January 27: The Supreme Court has ordered the government to lower the tax imposed on the retirement fund and incentives of government…
January 27: The weather, which has been affected due to impact of westerly low pressure system for the past few days, is likely to improve gradually from Friday, January…
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', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 30: Finance Minister Janardan Sharma has admitted that the country lacks development-friendly policies and structures to make the national economy dynamic. He made such remark during a meeting with the economic experts on Sunday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Inadequacy of appropriate policy and necessary structures has hindered development," Minister Sharma said, adding that there was no clear economic policy in line with the constitution. “It has direct bearing on the national economy.” </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Minister further said politics is the centre of several problems, so consensus among political parties is imperative. It is necessary to frame appropriate economic policy, he further stressed. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On the occasion, the experts said although the national economy was not pushed to the brink, certain measures should be adopted to avert the worsening situation. The restriction on import should be continued till the balance of payments (BoP) is normalized for foreign currency reserve. They suggested to the minister that the capital expenditure must be increased, agricultural products need a boost and debt in unproductive sectors discouraged to make the economy dynamic. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The discussion was attended by former vice-chairperson of the National Planning Commission Dr Shankar Sharma and Dr Min Bahadur Shrestha, Prof Dr Bishwambher Pyakurel, former ambassador to India, Dr Durgeshman Singh, political and economic analyst Hari Roka and Dr Ram Kumar Phunyal. -- RSS </span></span></p> ', 'published' => true, 'created' => '2022-01-30', 'modified' => '2022-01-30', 'keywords' => '', 'description' => '', 'sortorder' => '14433', 'image' => '20220130083311_fin min sharma.jpg', 'article_date' => '2022-01-30 20:32:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '14689', 'article_category_id' => '1', 'title' => '‘Water Supply from Melamchi to Resume by April’', 'sub_title' => '', 'summary' => 'January 30: The Ministry of Water Supply and Irrigation is preparing to resume to Kathmandu valley from Melamchi project by upcoming April.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">January 30: The Ministry of Water Supply and Irrigation is preparing to resume to Kathmandu valley from Melamchi project by upcoming April. Minister for Water Supply Umakanta Chaudhary has directed the contractor company and the concerned officials to complete the required process within April to distribute water from Melamchi to the valley.</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 minister who was on an inspection visit to the site of Melamchi Water Supply Project, directed the Sinohydro Corporation Ltd, the Chinese company which has been awarded the contract to complete the headworks and other construction activities of the project to complete the works within the deadline. The government had signed an agreement with the Sinohydro Corporation to reconstruct the headworks and other damaged structures following the destruction caused by Melamchi flooding during last monsoon. </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"">During the address to the nation, Prime Minister Sher Bahadur Deuba had announced to supply Melamchi’s water within this year. During the recent visit, Minister Chaudhary also expressed commitment to ensure the people's right to clean water and distribute the Melamchi water within this 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"">He further said that until the project is completed and water distribution resumed, he would make weekly visit to the project site and evaluate the development. Due to the floods, the road from Melamchi Bazar to Ambathan, where the headworks are located, has been damaged. Following the directive from the Minister, the contractor company has already started to build the access road. </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"">Along with the Minister, Pramila Devi Bajracharya, secretary at the ministry, Director General of Drinking Water and Sewage Management, Executive Director of Melamchi Water Supply Development Board, Nima Gyaljen , Chairperson of Helambu Village Council and the technical team had visited the project site. </span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2022-01-30', 'modified' => '2022-01-30', 'keywords' => '', 'description' => '', 'sortorder' => '14432', 'image' => '20220130065425_20210906103006_20210420041320_20210212111048_20200317114243_Melamchi 1.jpg', 'article_date' => '2022-01-30 18:53:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '14688', 'article_category_id' => '1', 'title' => 'Shree Airlines Adds New Aircraft to its Fleet', 'sub_title' => '', 'summary' => 'January 30: Shree Airlines, a leading airline belonging to the private sector, has added a new aircraft to its fleet.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 30: Shree Airlines, a leading airline belonging to the private sector, has added a new aircraft to its fleet.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The company has added an 80-seat capacity Q400-8 aircraft. After the addition of the aircraft, the company now has eight aircraft. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Shree Airlines had purchased an aircraft only a month ago. The company has added two aircraft within a month. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The company’s Manager Anil Manandhar informed that the new aircraft landed at Kathmandu’s Tribhuvan International Airport on Friday night. The aircraft manufactured by a Canadian company has two engines. The company said that the aircraft arrived in Kathmandu from Austria via India.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The company has been operating two DAS Q400 aircraft, two CJ200 (50 seats) and two CRJ 700 (70 seats) aircraft.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The company plans to expand its flight destinations with the addition of the new aircraft. Manandhar informed that the company will operate flights to Surkhet and Tumlingtar after obtaining permission from the Civil Aviation Authority of Nepal, the regulatory body of airlines sector in the country.</span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-01-30', 'modified' => '2022-01-30', 'keywords' => '', 'description' => '', 'sortorder' => '14431', 'image' => '20220130054211_Shree Airlines Dash 8-400.jpg', 'article_date' => '2022-01-30 17:41:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '14687', 'article_category_id' => '1', 'title' => 'Government yet to Release Rs 1.5 Billion to SSF ', 'sub_title' => '', 'summary' => 'January 30: Although the government had promised to deposit an amount equivalent to two months of contribution of workers in the Social Security Fund (SSF) as compensation for last year (mid-May to mid-July), the amount has not been released yet. ', '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"">January 30: Although the government had promised to deposit an amount equivalent to two months of contribution of workers in the Social Security Fund (SSF) as compensation for last year (mid-May to mid-July), the amount has not been released yet. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Presenting the budget for the Fiscal Year 2078/79, the then Finance Minister Bishnu Poudel had announced that the government would deposit the contribution amount as per the policy of providing relief to the workers and employers who were facing difficulties due to the impact of coronavirus. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">After the government made such an arrangement, the SSF issued a notice to the companies listed with the SSF that the contributors do not need to deposit the amount for the period between mid-May to mid-July. However, the Deputy Executive Director of the Fund, Bibek Panthi, said that the Ministry of Finance has not yet released the due amount. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the SSF, the MoF should deposit around Rs 1.5 billion compensation equivalent to the contribution of 175,000 workers as per the government’s announcement. The fund had submitted a claim to the Ministry of Finance through the Ministry of Labor, Employment and Social Security last June. However, no hearing has been done so far. Even after six months of the current fiscal year, the government has not yet deposited the amount. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"We had informed the contributors not to deposit the contribution amount of mid-May to mid-June July as per the provisions in the budget but the government has not released any amount yet," Panthi said. If the companies do not deposit the amount within 15 days of the completion of the month, they are deprived of any facility. However, the government’s dilly-dallying raises questions about the government's intentions. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the officials of the MoF, they will release the amount soon as it is still in the process. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"The government will keep up its promise," said Ritesh Shakya, joint secretary at the ministry of finance. According to him, the delay is due to the fact that the budget is released on priority basis. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">So far, 307,620 workers are listed in the fund. Similarly, 16,413 employers have been included in the list. According to the SSF, the number of people joining the fund is increasing after the pandemic. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-01-30', 'modified' => '2022-01-30', 'keywords' => '', 'description' => '', 'sortorder' => '14430', 'image' => '20220130041227_SSF (1).jpg', 'article_date' => '2022-01-30 16:11:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '14686', 'article_category_id' => '1', 'title' => 'Calibration Flight at Gautam Buddha Int’l Airport on February 21 ', 'sub_title' => '', 'summary' => 'January 30: Bhairahawa-based Gautam Buddha International Airport is almost ready for flight operations.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">January 30: Bhairahawa-based Gautam Buddha International Airport is almost ready for flight operations. The government is planning to initiate a calibration flight on February 21 and start regular flights from the upcoming Buddha Jayanti festival.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to the RSS, Minister for Culture, Tourism and Civil Aviation Prem Bahadur Ale has stated that preparations are underway to launch the 'calibration flight' on February 21.</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"">After inspecting the Gautam Buddha International Airport in Bhairahawa on Saturday afternoon, he said, "If the weather allows, there will be a calibration flight on February 21 and an international flight from Buddha Jayanti."</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"">Technicians, however, are doubtful that the calibration flight will take place during the schedule due to poor visibility and foggy weather at that time. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Minister Ale has instructed the Civil Aviation Authority of Nepal (CAAN), project officials, and team members to work to this end and not to delay the calibration flight. "Under no circumstances should the work be stopped," he said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">President of the Public Accounts Committee Bharat Kumar Shah, lawmaker Pramod Yadav and other technicians were present during the inspection visit. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Secretary at the Ministry Maheshwor Neupane said a technical team from</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"">Thailand’s Aero Thai would return only after performing a calibration flight at the airport. The 330 Airbus of Nepal Airlines Corporation will carry out the test flight, Neupane added. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Bijendra Shrestha, the representative of AeroThai for Nepal, said, "If you look at the weather here in three years, you can fly in VOFR." </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"">Calibration flight requires clear weather, and that includes at least 5 km visibility, said Shrestha. The aircraft is scheduled to land in Bhairahawa on February 21. Under no circumstances should it be later than February 21, he added. </span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">----- </span></span></span></p> ', 'published' => true, 'created' => '2022-01-30', 'modified' => '2022-01-30', 'keywords' => '', 'description' => '', 'sortorder' => '14429', 'image' => '20220130011935_2021110617_n.jpg', 'article_date' => '2022-01-30 13:17:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '14685', 'article_category_id' => '1', 'title' => 'Odd-Even Rule Lifted for Public Vehicles ', 'sub_title' => '', 'summary' => 'January 30: The district administration offices of the Kathmandu Valley have removed the odd-even number system for public vehicles effective from Friday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 30: The district administration offices of the Kathmandu Valley have removed the odd-even number system for public vehicles effective from Friday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The meeting of the chief district officers of Kathmandu, Lalitpur and Bhaktapur on Friday decided to lift the odd-even scheme. Following the decision, public buses, microbuses and three-wheelers will be allowed to operate in the valley by following health protocols.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, the odd-even rule remains effective in case of private vehicles including two wheelers and taxis. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The district administration offices had imposed the odd-even rule in the valley recently in the wake of the third wave of coronavirus. The odd-even rule does not apply for vehicles used for essential services. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-01-30', 'modified' => '2022-01-30', 'keywords' => '', 'description' => '', 'sortorder' => '14428', 'image' => '20220130114053_20210715011716_20200721030826_1595264681.yatayat.jpg', 'article_date' => '2022-01-30 11:39:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '14684', 'article_category_id' => '1', 'title' => 'Bad Loans of 21 Banks Decline', 'sub_title' => '', 'summary' => 'January 28: While businesses have been struggling due to the impact of Covid-19, most commercial banks have reduced their bad loans.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">January 28: While businesses have been struggling due to the impact of Covid-19, most commercial banks have reduced their bad loans. By the second quarter of the current Fiscal Year (FY) 2078/79, most of the 27 commercial banks have succeeded in reducing their bad loans.</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"">Out of the 27 commercial banks, 21 banks have succeeded in reducing bad loans. Siddhartha Bank Limited has become the most successful bank in reducing bad loans. Compared to the second quarter of the last fiscal year 2077/78, the bank has reduced bad loans by 1.54 points in the second quarter of the current fiscal year. By the second quarter of the current fiscal year, the non performing loan (NPL) ratio of this bank has come down to 0.37 percent. The bank's non-performing loans stood at 1.91 percent in the second quarter of 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"">Himalayan Bank Limited is in the second place in reducing bad loans. Compared to the second quarter of last year, the bad debt of this bank has decreased by 1.41 points and has remained at 0. 72 percent till the second quarter of the current fiscal year. Rastriya Banijya Bank, which is in the third position to reduce bad loans, has managed to reduce by 1.17 points in the second quarter of the current fiscal year compared to the second quarter of the last fiscal year. The NPL ratio of the bank stood at 3.6 percent in the second quarter of the current fiscal 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"">As of the second quarter of the current fiscal year, three government-owned commercial banks are in the top spot in terms of bad loans. Rastriya Banijya Bank is in the first place, Agriculture Development Bank is in the second place, and Nepal Bank Limited is in fourth place.</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"">Private sector-run Nepal Investment Bank is in third place with the worst bad loans.</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"">Rastriya Banijya Bank's non-performing loans stood at 3.6 percent in the second quarter of the current fiscal year. Similarly, the bad loan of Agriculture Development Bank is 2.8 percent, Nepal Investment Bank (2.06 percent), and Nepal Bank (1.91 percent). Bad loans of 15 commercial banks are above 1 percent. Three of them have bad debts of more than 2 percent.</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"">Nepal SBI Bank has the lowest bad loans at 0.14 percent as of the second quarter of the current fiscal year. Similarly, Everest Bank is in second place, and Sanima Bank stands third.</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"">As of the second quarter of the current fiscal year, the non-performing loans (NPLs) of Everest Bank stood at 0.26 percent and Sanima Bank at 0.31 percent.</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"">While most of the commercial banks were able to reduce bad loans during the review period, Nabil, Sunrise, Laxmi, NIC Asia, and Everest Bank were unable to do so.</span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> <p> </p> ', 'published' => true, 'created' => '2022-01-28', 'modified' => '2022-01-28', 'keywords' => '', 'description' => '', 'sortorder' => '14427', 'image' => '20220128034042_Bad Loan.jpg', 'article_date' => '2022-01-28 15:39:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '14683', 'article_category_id' => '1', 'title' => 'BFIs Preparing to Increase Interest Rates on Loans', 'sub_title' => '', 'summary' => 'January 28: Banks and financial institutions (BFIs) are preparing to increase the interest rates on loans by adding a certain percentage of premium to the base rate. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">January 28: Banks and financial institutions (BFIs) are preparing to increase the interest rates on loans by adding a certain percentage of premium to the base rate. Since the base rate has increased in the second quarter of the current fiscal year, the interest rate on loans is also set to increase.</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 average base rate of banks has increased by 1.21 percent until mid-January of the current fiscal year from 7.19 percent (mid-Jan 2021) to 8.40 percent.</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"">After the increase in the base rate, the interest rate of the loan will automatically increase for the old borrowers and the new customers will also have to pay the new rate to receive the loan. The interest rate of the loan changes automatically every quarter based on the base rate of the bank and financial institution.</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 financial statements of the banks, Rastriya Banijya Bank has the lowest base rate of 6.60 percent and Civil Bank has the highest base rate of 9.74 percent.</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"">Banks have been raising interest rates on savings since the beginning of the current fiscal year due to lack of liquidity in BFIs. Due to this, the cost of capital has increased and so has the base rate. The base rate has been limited to single digits after the Nepal Rastra Bank (NRB) intervened in the competition among BFIs to increase interest rates on deposits.</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 NRB had directed BFIs to limit the interest rate to a single digit in November. Following NRB's directive, the maximum interest rate on deposits has remained below 11 percent.</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"">NRB had implemented the base rate through the monetary policy of 2013/14 to make loan interest rate transparent and competitive. It had come into effect in commercial banks from 2013 and from 2014 in development banks and finance companies. BFIs can fix the base rate by adding 0.75 percent of their return on their cost. Banks are required to calculate the base rate on a monthly basis and submit it to the central bank within seven days of the end of the month and publish it on their website.</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"">While publishing the base rate of interest loans, they can add a certain percent of premium on it. According to this provision, the interest rate of the loan decreases and increases every quarter. The general public has also started bargaining on the interest rate of loans based on the base rate of the banks.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-01-28', 'modified' => '2022-01-28', 'keywords' => '', 'description' => '', 'sortorder' => '14426', 'image' => '20220128021204_Banks - Copy.jpg', 'article_date' => '2022-01-28 14:11:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '14682', 'article_category_id' => '1', 'title' => 'Import of Silver takes a Nosedive ', 'sub_title' => '', 'summary' => 'January 28: The import of silver has dropped sharply after the Nepal Rastra Bank (NRB) made it mandatory to keep 100 percent cash margin when opening a letter of credit (LC). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">January 28: The import of silver has dropped sharply after the Nepal Rastra Bank (NRB) made it mandatory to keep 100 percent cash margin when opening a letter of credit (LC). NRB had made an arrangement to keep a cash margin when opening LC to import silver in mid-December. As a result, its imports have plummeted. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Before the provision of 100 percent cash margin to open the LC, silver worth more than Rs 2 billion used to be imported on a monthly basis. However, the data from the Department of Customs show that after the NRB's new arrangement, silver imports dropped to Rs 620 million between to mid-December to mid-January. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the data, the import of silver has been declining from mid-November. Silver amounting Rs 290 million was imported from mid-November to mid-December. Prior to this, silver worth Rs 2.5 billion was imported between mid-October to mid-November, Rs 3.51 billion between mid-September to mid-October, Rs 4 billion between mid-August to mid-September and Rs 2.62 billion betweenmid-July to mid-August. Silver worth Rs 12.57 billion was imported in the first six months of the current fiscal year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Due to the recent increase in imports, the outflow of Nepal's currency has been massive while the inflow is low. As a result, foreign exchange reserves have been steadily declining. Accordingly, the central bank had made an arrangement to keep such margin when opening an LC for importing silver and other luxury items. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Lately, the import of silver in Nepal had been increasing. Silver worth more than Rs 10 billion was imported in the first three months of the current fiscal year. NRB then tightened its screws my amending the monetary policy after the first quarterly review. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">President of the Federation of Nepal Gold and Silver Dealers Association Manik Ratna Shakya said that sufficient amount of silver could not be imported due to the provision of keeping margin while opening LC. He welcomed the tightening of silver imports at that time but said that it should not be done for a long time. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">"Currently, Nepal's foreign exchange reserves are declining. Accordingly, the tightening of silver imports is practical," he said, "But it should be removed once the situation is comfortable." </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Shakya said that there was a shortage of silver in the market after the decline in silver imports. "Despite the decline in silver imports, we were meeting the market demand with the silver reserves of the traders. However, the traders have now run out of stock," he said, adding "There has been a shortage of silver in the market for the last four to five days. Now it seems to be a challenge to meet the market demand." </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Chairman Shakya said that the traders are not hiding the silver despite the shortage. "Despite the scarcity, we have been supplying the silver that we have. However, acknowledging this situation, the government should facilitate the import of silver," he said. Moreover, he said that silver must be imported to meet the market demand. </span></span></p> ', 'published' => true, 'created' => '2022-01-28', 'modified' => '2022-01-28', 'keywords' => '', 'description' => '', 'sortorder' => '14425', 'image' => '20220128125000_silver.jpg', 'article_date' => '2022-01-28 12:49:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '14681', 'article_category_id' => '1', 'title' => 'Government urges Rescued Citizens to Report if they were Overcharged for Air Tickets', 'sub_title' => '', 'summary' => 'January 28: The Ministry of Culture, Tourism and Civil Aviation has urged the passengers rescued from various countries amid COVID-19 pandemic to report to the ministry if they were charged more than the set airfare during their evacuation through international chartered flights.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 28: The Ministry of Culture, Tourism and Civil Aviation has urged the passengers rescued from various countries amid COVID-19 pandemic to report to the ministry if they were charged more than the set airfare during their evacuation through international chartered flights. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement on Thursday, the ministry asked the victims to report the matter to the investigation committee along with official documents and evidences within a week. The victims can also email the documents to the official email address of the ministry – info@tourism.go.np. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Government of Nepal had facilitated international chartered flights for rescuing Nepali citizens stranded in various countries due to the COVID-19 pandemic. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The ministry sought details following complaints from the rescued citizens that they were charged more than the airfare fixed for rescuing them and bringing them back to their homeland.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The ministry had earlier formed a committee to probe the matter. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-01-28', 'modified' => '2022-01-28', 'keywords' => '', 'description' => '', 'sortorder' => '14424', 'image' => '20220128114424_20201109112912_1604878353.14.jpg', 'article_date' => '2022-01-28 11:43:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '14680', 'article_category_id' => '1', 'title' => 'Petroleum Products and Vehicles Dominate Imports through Birgunj Checkpoint', 'sub_title' => '', 'summary' => 'January 27: Petroleum products and vehicles have entered Nepal in the highest quantity through Birgunj checkpost – the country’s main border point in terms of import and export volume. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">January 27: Petroleum products and vehicles have entered Nepal in the highest quantity through Birgunj checkpost – the country’s main border point in terms of import and export volume. These items have dominated the main list of goods imported through Birgunj customs in the last six 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"">According to the Birgunj Customs Office, petroleum products and vehicles have been at the forefront of the 20 main items imported in the current fiscal year (FY 2078/79) from July to December.</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"">Chief Customs Officer Harihar Poudel said that the contribution of such items is more in the revenue collected by Birgunj 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"">Petroleum products and vehicles alone account for about 62 percent of the total revenue. The contribution from petroleum products is 37.4 percent, and 24.4 percent from automobiles. The Birgunj customs office had collected revenue of Rs 105 billion in six 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"">The five main items entering the country through this checkpoint are diesel, four-wheelers (jeep/car/van), petrol, motorcycle, and LP gas, respectively. In the first half of the current fiscal year, 614,000 kiloliters of diesel worth Rs 44.41 billion has been imported through this checkpoint. This amount is 22 percent more than the corresponding period of the previous fiscal year 2077/78.</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"">Import of jeeps/cars and vans, which is second in the import list, has also increased by 43 percent. According to customs data, 4,029 automobiles worth Rs 4.90 billion have been imported in the first six months of the current fiscal 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"">Similarly, 250,000 kiloliters of petrol was imported during the review period which is 25 percent higher than the previous 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"">The government has been saying it will reduce the import of LP gas by increasing electricity consumption but the figures suggest otherwise. The import of LPG has increased by 15 percent. It is seen that 137,000 metric tons of LP gas have been imported in the last six months. Birgunj is the main entry point for petroleum products.</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 customs officials, about half of the nation's total imports enter from this port.</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"">Meanwhile, imports of motorcycles have declined. Imports of motorcycles fell by 32 percent in the first six months of this 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"">Customs officials claim that the import from Birgunj has decreased as some importers who used to import motorcycles from Birgunj have now gone to Bhairahawa customs. The office estimates that such imports have decreased as motorcycles are being assembled in the country.</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 customs data, imports of unassembled motorcycles have increased by 819 percent in the last six months. As of December last year, 868 such motorcycles had been imported. Now, this number has reached 7 thousand 979.</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"">Coal, mobile, aviation fuel, tar, furnace oil, base oil, and other petroleum products enter the country through Birgunj. Likewise, significant quantities of trucks, buses, and dumpers have also been imported. According to the customs office, readymade garments and semi-refined oil, iron, and other industrial raw materials are the main items entering the country through this checkpoint.</span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2022-01-27', 'modified' => '2022-01-27', 'keywords' => '', 'description' => '', 'sortorder' => '14423', 'image' => '20220127064909_Birgunj.jpg', 'article_date' => '2022-01-27 18:48:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '14679', 'article_category_id' => '1', 'title' => 'Insurance Companies Instructed to take Climate Risk into Consideration while determining Premium', 'sub_title' => '', 'summary' => 'January 27: Life insurance companies will have to determine the insurance premium by taking into consideration climate risk factor from now onwards. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">January 27: Life insurance companies will have to determine the insurance premium by taking into consideration climate risk factor from now onwards. The Insurance Board made such arrangement by issuing the 'Climate Risk Directive, 2078' on Monday. </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 regulatory body made such an arrangement after holding discussions with the World Bank. As the insurance sector of Nepal has also been affected by climate change, the board made such an arrangement. In addition, the directive intends to support the purpose of risk-based capital formation. </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"">However, this provision will be implemented 3 years after the issuance of the directive. According to the board, the insurance companies will have to include climate risk while formulating new insurance plans and determining its premium three years after the issuance of the directive. At the same time, the companies have to clarify on what criteria have the climate risk been included in the insurance premium. </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"">Executive Director of the Insurance Board Rajuraman Poudel said that climate risk should be included in determining the premium after three years. He said that such an arrangement has been made as the climate risk is increasing in the country.</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"">"Climate risk has been increasing in Nepal. Therefore, we made such an arrangement after various rounds of discussions with the World Bank," he said, "The companies will have to determine the insurance premium accordingly after three years. However, the impact of climate risk on the business needs to be studied for the time being. And, its report has to be submitted to the board annually." </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"">Recently, natural disasters such as floods and landslides are increasing in Nepal due to climate change. As a result, physical infrastructures, such as hydropower projects have been damaged. Similarly, the agriculture sector has also been directly affected due to the impact of climate change and the change in seasonal temperature. And, their impact is seen on the insurance sector as well. </span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-01-27', 'modified' => '2022-01-27', 'keywords' => '', 'description' => '', 'sortorder' => '14422', 'image' => '20220127042123_Insurance climate risk.jpg', 'article_date' => '2022-01-27 16:20:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14678', 'article_category_id' => '1', 'title' => 'Profit of 27 Commercial Banks Increase by 10 Percent', 'sub_title' => '', 'summary' => 'January 27: The net profit of twenty seven commercial banks has increased by an average of 10.10 percent until the second quarter of the current fiscal year (FY 2021/22). ', '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"">January 27: The net profit of twenty seven commercial banks has increased by an average of 10.10 percent until the second quarter of the current fiscal year (FY 2021/22). Compared to the second quarter of the last fiscal year 2020/21, the profit of commercial banks increased by 10.10 percent to Rs 34.21 billion. Until the second quarter of the last year, the total profit of these commercial banks was Rs 31.07 billion.</span></span></span></span></p> <p><span style="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 profit of sixteen commercial banks is over one billion rupees while the profit of other three banks has reached over two billion rupees. Global IME Bank has earned the highest profit of Rs 2.66 billion - an increase from Rs 2.31 billion in the corresponding period of last year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Similarly, NIC Asia is in second position and Nabil Bank is third in the list. NIC Asia has raised Rs 2.40 billion and Nabil Bank has earned a profit of Rs 2.18 billion. Experts consider the rise in profit of commercial banks as unreasonable at a time when the business of industries and factories is collapsing due to the Covid-19 pandemic.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the banks, their earnings on the basis of return on equity is very low. Nara Bahadur Thapa, former deputy director of Nepal Rastra Bank, said that banks have not emphasized on production which is having a negative impact on the economy. Thapa said due to the lack of appropriate government policies, microfinance and finance companies investing in the productive sector are on the verge of extinction. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Of all the commercial banks, Civil Bank Limited has made the lowest profit of Rs 504 million. However it has made improvement compared to the same period of last year. It has witnessed a rise in the profit by 148.42 percent.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Similarly, Siddhartha Bank and Century Commercial Bank follow Civil Bank in the list in terms of making an increase in the profit. Siddhartha Bank has seen a rise in profit by 71.68 percent compared to the same period of the last fiscal year while Century Commercial Bank's profit has increased by 54.77 percent.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Six commercial banks namely Prime, Prabhu, Kumari, Everest, Nepal Bangladesh and Sunrise Bank have seen a decline in the profit until the second quarter of the current fiscal year. Kumari Bank leads the list as it witnessed a decline in profit by 21.77 percent. It had made a profit of Rs 1.21 billion in the corresponding period of the last fiscal year which declined to Rs 951 million this year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Similarly, Prime Commercial Bank, Prabhu Bank, Everest Bank, Nepal Bangladesh Bank and Sunrise Bank saw a decline in the profit by 7.43 percent, 16.90 percent, 12.79 percent, 13.82 percent, 21.47 percent respectively until the second quarter of the current fiscal year.</span></span></span></span></p> <p> </p> <p><br /> </p> ', 'published' => true, 'created' => '2022-01-27', 'modified' => '2022-01-27', 'keywords' => '', 'description' => '', 'sortorder' => '14421', 'image' => '20220127015439_Banks - Copy.jpg', 'article_date' => '2022-01-27 13:53:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14677', 'article_category_id' => '1', 'title' => 'Apex Court Orders Government to Lower the Tax on Retirement Fund to 5%', 'sub_title' => '', 'summary' => 'January 27: The Supreme Court has ordered the government to lower the tax imposed on the retirement fund and incentives of government employees.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 27: The Supreme Court has ordered the government to lower the tax imposed on the retirement fund and incentives of government employees.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the apex court order, the government can impose only five percent tax on the money and incentives that the government employees are entitled to get after retirement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A division bench of justices Ishwar Prasad Khatiwada and Nahakul Subedi had issued the verdict two months ago and the full text of the verdict was released on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Earlier, the government in accordance to the Income Tax Act, 2058 had been imposing 15 percent tax on the money and incentives government employees were entitled to receive upon their retirement. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the state-owned national news agency RSS, the employees of the Rastriya Banijya Bank had filed a case against the provision of 15 percent tax imposed by the government. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> With the apex court verdict, Section 65 of the Income Tax Act, 2058 has been cancelled and Section 88 (Provision 1) of the same Act has come into effect for the implementation of 5 percent tax, RSS further reported. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-01-27', 'modified' => '2022-01-27', 'keywords' => '', 'description' => '', 'sortorder' => '14420', 'image' => '20220127124004_Supreme Court.jpg', 'article_date' => '2022-01-27 12:39:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14676', 'article_category_id' => '1', 'title' => 'Weather Expected to Improve Gradually from Friday ', 'sub_title' => '', 'summary' => 'January 27: The weather, which has been affected due to impact of westerly low pressure system for the past few days, is likely to improve gradually from Friday, January 28. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 27: The weather, which has been affected due to impact of westerly low pressure system for the past few days, is likely to improve gradually from Friday, January 28. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Senior meteorologist at the Department of Hydrology and Meteorology, Barun Poudel, said that there is possibility of gradual improvement of weather as the weather system is expected to weaken from Friday. “The sky across the country will remain partially to generally cloudy till Thursday,” Poudel said. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> Issuing a notice on Wednesday, the department cautioned people to adopt necessary safety and precaution to stay safe from cold as there is possibility of light snowfall at some places of high hills and Himalayan region of the country. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Sudurpaschim and Gandaki provinces have been witnessing generally cloudy weather while the sky in the remaining provinces has been partly cloudy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Rainfall occurred at one or two places of Sudurpaschim province on Wednesday. The weather of hill areas of Province 1, Bagmati and Gandaki provinces would remain generally cloudy and the sky of the remaining provinces would be partly cloudy on Thursday, the division said. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Light rainfall has been forecast at some places of hill areas and light snowfall at some places of high hills and Himalayan region of the country, according to the Meteorological Forecasting Division. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the division, the minimum temperature of Kathmandu Valley was 5.6 degrees Celsius and maximum temperature 16.5 degree Celsius on Wednesday. -- RSS</span></span></p> ', 'published' => true, 'created' => '2022-01-27', 'modified' => '2022-01-27', 'keywords' => '', 'description' => '', 'sortorder' => '14419', 'image' => '20220127122306_DaneBohora_Simkot_RSS_10(2).jpg', 'article_date' => '2022-01-27 12:22:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 30: Finance Minister Janardan Sharma has admitted that the country lacks development-friendly policies and structures to make the national economy dynamic. He made such remark during a meeting with the economic experts on Sunday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Inadequacy of appropriate policy and necessary structures has hindered development," Minister Sharma said, adding that there was no clear economic policy in line with the constitution. “It has direct bearing on the national economy.” </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Minister further said politics is the centre of several problems, so consensus among political parties is imperative. It is necessary to frame appropriate economic policy, he further stressed. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On the occasion, the experts said although the national economy was not pushed to the brink, certain measures should be adopted to avert the worsening situation. The restriction on import should be continued till the balance of payments (BoP) is normalized for foreign currency reserve. They suggested to the minister that the capital expenditure must be increased, agricultural products need a boost and debt in unproductive sectors discouraged to make the economy dynamic. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The discussion was attended by former vice-chairperson of the National Planning Commission Dr Shankar Sharma and Dr Min Bahadur Shrestha, Prof Dr Bishwambher Pyakurel, former ambassador to India, Dr Durgeshman Singh, political and economic analyst Hari Roka and Dr Ram Kumar Phunyal. -- RSS </span></span></p> ', 'published' => true, 'created' => '2022-01-30', 'modified' => '2022-01-30', 'keywords' => '', 'description' => '', 'sortorder' => '14433', 'image' => '20220130083311_fin min sharma.jpg', 'article_date' => '2022-01-30 20:32:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '14689', 'article_category_id' => '1', 'title' => '‘Water Supply from Melamchi to Resume by April’', 'sub_title' => '', 'summary' => 'January 30: The Ministry of Water Supply and Irrigation is preparing to resume to Kathmandu valley from Melamchi project by upcoming April.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">January 30: The Ministry of Water Supply and Irrigation is preparing to resume to Kathmandu valley from Melamchi project by upcoming April. Minister for Water Supply Umakanta Chaudhary has directed the contractor company and the concerned officials to complete the required process within April to distribute water from Melamchi to the valley.</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 minister who was on an inspection visit to the site of Melamchi Water Supply Project, directed the Sinohydro Corporation Ltd, the Chinese company which has been awarded the contract to complete the headworks and other construction activities of the project to complete the works within the deadline. The government had signed an agreement with the Sinohydro Corporation to reconstruct the headworks and other damaged structures following the destruction caused by Melamchi flooding during last monsoon. </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"">During the address to the nation, Prime Minister Sher Bahadur Deuba had announced to supply Melamchi’s water within this year. During the recent visit, Minister Chaudhary also expressed commitment to ensure the people's right to clean water and distribute the Melamchi water within this 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"">He further said that until the project is completed and water distribution resumed, he would make weekly visit to the project site and evaluate the development. Due to the floods, the road from Melamchi Bazar to Ambathan, where the headworks are located, has been damaged. Following the directive from the Minister, the contractor company has already started to build the access road. </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"">Along with the Minister, Pramila Devi Bajracharya, secretary at the ministry, Director General of Drinking Water and Sewage Management, Executive Director of Melamchi Water Supply Development Board, Nima Gyaljen , Chairperson of Helambu Village Council and the technical team had visited the project site. </span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2022-01-30', 'modified' => '2022-01-30', 'keywords' => '', 'description' => '', 'sortorder' => '14432', 'image' => '20220130065425_20210906103006_20210420041320_20210212111048_20200317114243_Melamchi 1.jpg', 'article_date' => '2022-01-30 18:53:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '14688', 'article_category_id' => '1', 'title' => 'Shree Airlines Adds New Aircraft to its Fleet', 'sub_title' => '', 'summary' => 'January 30: Shree Airlines, a leading airline belonging to the private sector, has added a new aircraft to its fleet.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 30: Shree Airlines, a leading airline belonging to the private sector, has added a new aircraft to its fleet.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The company has added an 80-seat capacity Q400-8 aircraft. After the addition of the aircraft, the company now has eight aircraft. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Shree Airlines had purchased an aircraft only a month ago. The company has added two aircraft within a month. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The company’s Manager Anil Manandhar informed that the new aircraft landed at Kathmandu’s Tribhuvan International Airport on Friday night. The aircraft manufactured by a Canadian company has two engines. The company said that the aircraft arrived in Kathmandu from Austria via India.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The company has been operating two DAS Q400 aircraft, two CJ200 (50 seats) and two CRJ 700 (70 seats) aircraft.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The company plans to expand its flight destinations with the addition of the new aircraft. Manandhar informed that the company will operate flights to Surkhet and Tumlingtar after obtaining permission from the Civil Aviation Authority of Nepal, the regulatory body of airlines sector in the country.</span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-01-30', 'modified' => '2022-01-30', 'keywords' => '', 'description' => '', 'sortorder' => '14431', 'image' => '20220130054211_Shree Airlines Dash 8-400.jpg', 'article_date' => '2022-01-30 17:41:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '14687', 'article_category_id' => '1', 'title' => 'Government yet to Release Rs 1.5 Billion to SSF ', 'sub_title' => '', 'summary' => 'January 30: Although the government had promised to deposit an amount equivalent to two months of contribution of workers in the Social Security Fund (SSF) as compensation for last year (mid-May to mid-July), the amount has not been released yet. ', '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"">January 30: Although the government had promised to deposit an amount equivalent to two months of contribution of workers in the Social Security Fund (SSF) as compensation for last year (mid-May to mid-July), the amount has not been released yet. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Presenting the budget for the Fiscal Year 2078/79, the then Finance Minister Bishnu Poudel had announced that the government would deposit the contribution amount as per the policy of providing relief to the workers and employers who were facing difficulties due to the impact of coronavirus. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">After the government made such an arrangement, the SSF issued a notice to the companies listed with the SSF that the contributors do not need to deposit the amount for the period between mid-May to mid-July. However, the Deputy Executive Director of the Fund, Bibek Panthi, said that the Ministry of Finance has not yet released the due amount. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the SSF, the MoF should deposit around Rs 1.5 billion compensation equivalent to the contribution of 175,000 workers as per the government’s announcement. The fund had submitted a claim to the Ministry of Finance through the Ministry of Labor, Employment and Social Security last June. However, no hearing has been done so far. Even after six months of the current fiscal year, the government has not yet deposited the amount. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"We had informed the contributors not to deposit the contribution amount of mid-May to mid-June July as per the provisions in the budget but the government has not released any amount yet," Panthi said. If the companies do not deposit the amount within 15 days of the completion of the month, they are deprived of any facility. However, the government’s dilly-dallying raises questions about the government's intentions. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the officials of the MoF, they will release the amount soon as it is still in the process. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"The government will keep up its promise," said Ritesh Shakya, joint secretary at the ministry of finance. According to him, the delay is due to the fact that the budget is released on priority basis. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">So far, 307,620 workers are listed in the fund. Similarly, 16,413 employers have been included in the list. According to the SSF, the number of people joining the fund is increasing after the pandemic. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-01-30', 'modified' => '2022-01-30', 'keywords' => '', 'description' => '', 'sortorder' => '14430', 'image' => '20220130041227_SSF (1).jpg', 'article_date' => '2022-01-30 16:11:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '14686', 'article_category_id' => '1', 'title' => 'Calibration Flight at Gautam Buddha Int’l Airport on February 21 ', 'sub_title' => '', 'summary' => 'January 30: Bhairahawa-based Gautam Buddha International Airport is almost ready for flight operations.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">January 30: Bhairahawa-based Gautam Buddha International Airport is almost ready for flight operations. The government is planning to initiate a calibration flight on February 21 and start regular flights from the upcoming Buddha Jayanti festival.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to the RSS, Minister for Culture, Tourism and Civil Aviation Prem Bahadur Ale has stated that preparations are underway to launch the 'calibration flight' on February 21.</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"">After inspecting the Gautam Buddha International Airport in Bhairahawa on Saturday afternoon, he said, "If the weather allows, there will be a calibration flight on February 21 and an international flight from Buddha Jayanti."</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"">Technicians, however, are doubtful that the calibration flight will take place during the schedule due to poor visibility and foggy weather at that time. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Minister Ale has instructed the Civil Aviation Authority of Nepal (CAAN), project officials, and team members to work to this end and not to delay the calibration flight. "Under no circumstances should the work be stopped," he said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">President of the Public Accounts Committee Bharat Kumar Shah, lawmaker Pramod Yadav and other technicians were present during the inspection visit. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Secretary at the Ministry Maheshwor Neupane said a technical team from</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"">Thailand’s Aero Thai would return only after performing a calibration flight at the airport. The 330 Airbus of Nepal Airlines Corporation will carry out the test flight, Neupane added. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Bijendra Shrestha, the representative of AeroThai for Nepal, said, "If you look at the weather here in three years, you can fly in VOFR." </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"">Calibration flight requires clear weather, and that includes at least 5 km visibility, said Shrestha. The aircraft is scheduled to land in Bhairahawa on February 21. Under no circumstances should it be later than February 21, he added. </span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">----- </span></span></span></p> ', 'published' => true, 'created' => '2022-01-30', 'modified' => '2022-01-30', 'keywords' => '', 'description' => '', 'sortorder' => '14429', 'image' => '20220130011935_2021110617_n.jpg', 'article_date' => '2022-01-30 13:17:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '14685', 'article_category_id' => '1', 'title' => 'Odd-Even Rule Lifted for Public Vehicles ', 'sub_title' => '', 'summary' => 'January 30: The district administration offices of the Kathmandu Valley have removed the odd-even number system for public vehicles effective from Friday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 30: The district administration offices of the Kathmandu Valley have removed the odd-even number system for public vehicles effective from Friday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The meeting of the chief district officers of Kathmandu, Lalitpur and Bhaktapur on Friday decided to lift the odd-even scheme. Following the decision, public buses, microbuses and three-wheelers will be allowed to operate in the valley by following health protocols.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, the odd-even rule remains effective in case of private vehicles including two wheelers and taxis. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The district administration offices had imposed the odd-even rule in the valley recently in the wake of the third wave of coronavirus. The odd-even rule does not apply for vehicles used for essential services. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-01-30', 'modified' => '2022-01-30', 'keywords' => '', 'description' => '', 'sortorder' => '14428', 'image' => '20220130114053_20210715011716_20200721030826_1595264681.yatayat.jpg', 'article_date' => '2022-01-30 11:39:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '14684', 'article_category_id' => '1', 'title' => 'Bad Loans of 21 Banks Decline', 'sub_title' => '', 'summary' => 'January 28: While businesses have been struggling due to the impact of Covid-19, most commercial banks have reduced their bad loans.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">January 28: While businesses have been struggling due to the impact of Covid-19, most commercial banks have reduced their bad loans. By the second quarter of the current Fiscal Year (FY) 2078/79, most of the 27 commercial banks have succeeded in reducing their bad loans.</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"">Out of the 27 commercial banks, 21 banks have succeeded in reducing bad loans. Siddhartha Bank Limited has become the most successful bank in reducing bad loans. Compared to the second quarter of the last fiscal year 2077/78, the bank has reduced bad loans by 1.54 points in the second quarter of the current fiscal year. By the second quarter of the current fiscal year, the non performing loan (NPL) ratio of this bank has come down to 0.37 percent. The bank's non-performing loans stood at 1.91 percent in the second quarter of 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"">Himalayan Bank Limited is in the second place in reducing bad loans. Compared to the second quarter of last year, the bad debt of this bank has decreased by 1.41 points and has remained at 0. 72 percent till the second quarter of the current fiscal year. Rastriya Banijya Bank, which is in the third position to reduce bad loans, has managed to reduce by 1.17 points in the second quarter of the current fiscal year compared to the second quarter of the last fiscal year. The NPL ratio of the bank stood at 3.6 percent in the second quarter of the current fiscal 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"">As of the second quarter of the current fiscal year, three government-owned commercial banks are in the top spot in terms of bad loans. Rastriya Banijya Bank is in the first place, Agriculture Development Bank is in the second place, and Nepal Bank Limited is in fourth place.</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"">Private sector-run Nepal Investment Bank is in third place with the worst bad loans.</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"">Rastriya Banijya Bank's non-performing loans stood at 3.6 percent in the second quarter of the current fiscal year. Similarly, the bad loan of Agriculture Development Bank is 2.8 percent, Nepal Investment Bank (2.06 percent), and Nepal Bank (1.91 percent). Bad loans of 15 commercial banks are above 1 percent. Three of them have bad debts of more than 2 percent.</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"">Nepal SBI Bank has the lowest bad loans at 0.14 percent as of the second quarter of the current fiscal year. Similarly, Everest Bank is in second place, and Sanima Bank stands third.</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"">As of the second quarter of the current fiscal year, the non-performing loans (NPLs) of Everest Bank stood at 0.26 percent and Sanima Bank at 0.31 percent.</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"">While most of the commercial banks were able to reduce bad loans during the review period, Nabil, Sunrise, Laxmi, NIC Asia, and Everest Bank were unable to do so.</span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> <p> </p> ', 'published' => true, 'created' => '2022-01-28', 'modified' => '2022-01-28', 'keywords' => '', 'description' => '', 'sortorder' => '14427', 'image' => '20220128034042_Bad Loan.jpg', 'article_date' => '2022-01-28 15:39:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '14683', 'article_category_id' => '1', 'title' => 'BFIs Preparing to Increase Interest Rates on Loans', 'sub_title' => '', 'summary' => 'January 28: Banks and financial institutions (BFIs) are preparing to increase the interest rates on loans by adding a certain percentage of premium to the base rate. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">January 28: Banks and financial institutions (BFIs) are preparing to increase the interest rates on loans by adding a certain percentage of premium to the base rate. Since the base rate has increased in the second quarter of the current fiscal year, the interest rate on loans is also set to increase.</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 average base rate of banks has increased by 1.21 percent until mid-January of the current fiscal year from 7.19 percent (mid-Jan 2021) to 8.40 percent.</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"">After the increase in the base rate, the interest rate of the loan will automatically increase for the old borrowers and the new customers will also have to pay the new rate to receive the loan. The interest rate of the loan changes automatically every quarter based on the base rate of the bank and financial institution.</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 financial statements of the banks, Rastriya Banijya Bank has the lowest base rate of 6.60 percent and Civil Bank has the highest base rate of 9.74 percent.</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"">Banks have been raising interest rates on savings since the beginning of the current fiscal year due to lack of liquidity in BFIs. Due to this, the cost of capital has increased and so has the base rate. The base rate has been limited to single digits after the Nepal Rastra Bank (NRB) intervened in the competition among BFIs to increase interest rates on deposits.</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 NRB had directed BFIs to limit the interest rate to a single digit in November. Following NRB's directive, the maximum interest rate on deposits has remained below 11 percent.</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"">NRB had implemented the base rate through the monetary policy of 2013/14 to make loan interest rate transparent and competitive. It had come into effect in commercial banks from 2013 and from 2014 in development banks and finance companies. BFIs can fix the base rate by adding 0.75 percent of their return on their cost. Banks are required to calculate the base rate on a monthly basis and submit it to the central bank within seven days of the end of the month and publish it on their website.</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"">While publishing the base rate of interest loans, they can add a certain percent of premium on it. According to this provision, the interest rate of the loan decreases and increases every quarter. The general public has also started bargaining on the interest rate of loans based on the base rate of the banks.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-01-28', 'modified' => '2022-01-28', 'keywords' => '', 'description' => '', 'sortorder' => '14426', 'image' => '20220128021204_Banks - Copy.jpg', 'article_date' => '2022-01-28 14:11:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '14682', 'article_category_id' => '1', 'title' => 'Import of Silver takes a Nosedive ', 'sub_title' => '', 'summary' => 'January 28: The import of silver has dropped sharply after the Nepal Rastra Bank (NRB) made it mandatory to keep 100 percent cash margin when opening a letter of credit (LC). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">January 28: The import of silver has dropped sharply after the Nepal Rastra Bank (NRB) made it mandatory to keep 100 percent cash margin when opening a letter of credit (LC). NRB had made an arrangement to keep a cash margin when opening LC to import silver in mid-December. As a result, its imports have plummeted. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Before the provision of 100 percent cash margin to open the LC, silver worth more than Rs 2 billion used to be imported on a monthly basis. However, the data from the Department of Customs show that after the NRB's new arrangement, silver imports dropped to Rs 620 million between to mid-December to mid-January. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the data, the import of silver has been declining from mid-November. Silver amounting Rs 290 million was imported from mid-November to mid-December. Prior to this, silver worth Rs 2.5 billion was imported between mid-October to mid-November, Rs 3.51 billion between mid-September to mid-October, Rs 4 billion between mid-August to mid-September and Rs 2.62 billion betweenmid-July to mid-August. Silver worth Rs 12.57 billion was imported in the first six months of the current fiscal year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Due to the recent increase in imports, the outflow of Nepal's currency has been massive while the inflow is low. As a result, foreign exchange reserves have been steadily declining. Accordingly, the central bank had made an arrangement to keep such margin when opening an LC for importing silver and other luxury items. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Lately, the import of silver in Nepal had been increasing. Silver worth more than Rs 10 billion was imported in the first three months of the current fiscal year. NRB then tightened its screws my amending the monetary policy after the first quarterly review. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">President of the Federation of Nepal Gold and Silver Dealers Association Manik Ratna Shakya said that sufficient amount of silver could not be imported due to the provision of keeping margin while opening LC. He welcomed the tightening of silver imports at that time but said that it should not be done for a long time. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">"Currently, Nepal's foreign exchange reserves are declining. Accordingly, the tightening of silver imports is practical," he said, "But it should be removed once the situation is comfortable." </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Shakya said that there was a shortage of silver in the market after the decline in silver imports. "Despite the decline in silver imports, we were meeting the market demand with the silver reserves of the traders. However, the traders have now run out of stock," he said, adding "There has been a shortage of silver in the market for the last four to five days. Now it seems to be a challenge to meet the market demand." </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Chairman Shakya said that the traders are not hiding the silver despite the shortage. "Despite the scarcity, we have been supplying the silver that we have. However, acknowledging this situation, the government should facilitate the import of silver," he said. Moreover, he said that silver must be imported to meet the market demand. </span></span></p> ', 'published' => true, 'created' => '2022-01-28', 'modified' => '2022-01-28', 'keywords' => '', 'description' => '', 'sortorder' => '14425', 'image' => '20220128125000_silver.jpg', 'article_date' => '2022-01-28 12:49:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '14681', 'article_category_id' => '1', 'title' => 'Government urges Rescued Citizens to Report if they were Overcharged for Air Tickets', 'sub_title' => '', 'summary' => 'January 28: The Ministry of Culture, Tourism and Civil Aviation has urged the passengers rescued from various countries amid COVID-19 pandemic to report to the ministry if they were charged more than the set airfare during their evacuation through international chartered flights.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 28: The Ministry of Culture, Tourism and Civil Aviation has urged the passengers rescued from various countries amid COVID-19 pandemic to report to the ministry if they were charged more than the set airfare during their evacuation through international chartered flights. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement on Thursday, the ministry asked the victims to report the matter to the investigation committee along with official documents and evidences within a week. The victims can also email the documents to the official email address of the ministry – info@tourism.go.np. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Government of Nepal had facilitated international chartered flights for rescuing Nepali citizens stranded in various countries due to the COVID-19 pandemic. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The ministry sought details following complaints from the rescued citizens that they were charged more than the airfare fixed for rescuing them and bringing them back to their homeland.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The ministry had earlier formed a committee to probe the matter. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-01-28', 'modified' => '2022-01-28', 'keywords' => '', 'description' => '', 'sortorder' => '14424', 'image' => '20220128114424_20201109112912_1604878353.14.jpg', 'article_date' => '2022-01-28 11:43:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '14680', 'article_category_id' => '1', 'title' => 'Petroleum Products and Vehicles Dominate Imports through Birgunj Checkpoint', 'sub_title' => '', 'summary' => 'January 27: Petroleum products and vehicles have entered Nepal in the highest quantity through Birgunj checkpost – the country’s main border point in terms of import and export volume. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">January 27: Petroleum products and vehicles have entered Nepal in the highest quantity through Birgunj checkpost – the country’s main border point in terms of import and export volume. These items have dominated the main list of goods imported through Birgunj customs in the last six 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"">According to the Birgunj Customs Office, petroleum products and vehicles have been at the forefront of the 20 main items imported in the current fiscal year (FY 2078/79) from July to December.</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"">Chief Customs Officer Harihar Poudel said that the contribution of such items is more in the revenue collected by Birgunj 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"">Petroleum products and vehicles alone account for about 62 percent of the total revenue. The contribution from petroleum products is 37.4 percent, and 24.4 percent from automobiles. The Birgunj customs office had collected revenue of Rs 105 billion in six 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"">The five main items entering the country through this checkpoint are diesel, four-wheelers (jeep/car/van), petrol, motorcycle, and LP gas, respectively. In the first half of the current fiscal year, 614,000 kiloliters of diesel worth Rs 44.41 billion has been imported through this checkpoint. This amount is 22 percent more than the corresponding period of the previous fiscal year 2077/78.</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"">Import of jeeps/cars and vans, which is second in the import list, has also increased by 43 percent. According to customs data, 4,029 automobiles worth Rs 4.90 billion have been imported in the first six months of the current fiscal 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"">Similarly, 250,000 kiloliters of petrol was imported during the review period which is 25 percent higher than the previous 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"">The government has been saying it will reduce the import of LP gas by increasing electricity consumption but the figures suggest otherwise. The import of LPG has increased by 15 percent. It is seen that 137,000 metric tons of LP gas have been imported in the last six months. Birgunj is the main entry point for petroleum products.</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 customs officials, about half of the nation's total imports enter from this port.</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"">Meanwhile, imports of motorcycles have declined. Imports of motorcycles fell by 32 percent in the first six months of this 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"">Customs officials claim that the import from Birgunj has decreased as some importers who used to import motorcycles from Birgunj have now gone to Bhairahawa customs. The office estimates that such imports have decreased as motorcycles are being assembled in the country.</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 customs data, imports of unassembled motorcycles have increased by 819 percent in the last six months. As of December last year, 868 such motorcycles had been imported. Now, this number has reached 7 thousand 979.</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"">Coal, mobile, aviation fuel, tar, furnace oil, base oil, and other petroleum products enter the country through Birgunj. Likewise, significant quantities of trucks, buses, and dumpers have also been imported. According to the customs office, readymade garments and semi-refined oil, iron, and other industrial raw materials are the main items entering the country through this checkpoint.</span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2022-01-27', 'modified' => '2022-01-27', 'keywords' => '', 'description' => '', 'sortorder' => '14423', 'image' => '20220127064909_Birgunj.jpg', 'article_date' => '2022-01-27 18:48:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '14679', 'article_category_id' => '1', 'title' => 'Insurance Companies Instructed to take Climate Risk into Consideration while determining Premium', 'sub_title' => '', 'summary' => 'January 27: Life insurance companies will have to determine the insurance premium by taking into consideration climate risk factor from now onwards. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">January 27: Life insurance companies will have to determine the insurance premium by taking into consideration climate risk factor from now onwards. The Insurance Board made such arrangement by issuing the 'Climate Risk Directive, 2078' on Monday. </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 regulatory body made such an arrangement after holding discussions with the World Bank. As the insurance sector of Nepal has also been affected by climate change, the board made such an arrangement. In addition, the directive intends to support the purpose of risk-based capital formation. </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"">However, this provision will be implemented 3 years after the issuance of the directive. According to the board, the insurance companies will have to include climate risk while formulating new insurance plans and determining its premium three years after the issuance of the directive. At the same time, the companies have to clarify on what criteria have the climate risk been included in the insurance premium. </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"">Executive Director of the Insurance Board Rajuraman Poudel said that climate risk should be included in determining the premium after three years. He said that such an arrangement has been made as the climate risk is increasing in the country.</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"">"Climate risk has been increasing in Nepal. Therefore, we made such an arrangement after various rounds of discussions with the World Bank," he said, "The companies will have to determine the insurance premium accordingly after three years. However, the impact of climate risk on the business needs to be studied for the time being. And, its report has to be submitted to the board annually." </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"">Recently, natural disasters such as floods and landslides are increasing in Nepal due to climate change. As a result, physical infrastructures, such as hydropower projects have been damaged. Similarly, the agriculture sector has also been directly affected due to the impact of climate change and the change in seasonal temperature. And, their impact is seen on the insurance sector as well. </span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-01-27', 'modified' => '2022-01-27', 'keywords' => '', 'description' => '', 'sortorder' => '14422', 'image' => '20220127042123_Insurance climate risk.jpg', 'article_date' => '2022-01-27 16:20:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14678', 'article_category_id' => '1', 'title' => 'Profit of 27 Commercial Banks Increase by 10 Percent', 'sub_title' => '', 'summary' => 'January 27: The net profit of twenty seven commercial banks has increased by an average of 10.10 percent until the second quarter of the current fiscal year (FY 2021/22). ', '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"">January 27: The net profit of twenty seven commercial banks has increased by an average of 10.10 percent until the second quarter of the current fiscal year (FY 2021/22). Compared to the second quarter of the last fiscal year 2020/21, the profit of commercial banks increased by 10.10 percent to Rs 34.21 billion. Until the second quarter of the last year, the total profit of these commercial banks was Rs 31.07 billion.</span></span></span></span></p> <p><span style="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 profit of sixteen commercial banks is over one billion rupees while the profit of other three banks has reached over two billion rupees. Global IME Bank has earned the highest profit of Rs 2.66 billion - an increase from Rs 2.31 billion in the corresponding period of last year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Similarly, NIC Asia is in second position and Nabil Bank is third in the list. NIC Asia has raised Rs 2.40 billion and Nabil Bank has earned a profit of Rs 2.18 billion. Experts consider the rise in profit of commercial banks as unreasonable at a time when the business of industries and factories is collapsing due to the Covid-19 pandemic.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the banks, their earnings on the basis of return on equity is very low. Nara Bahadur Thapa, former deputy director of Nepal Rastra Bank, said that banks have not emphasized on production which is having a negative impact on the economy. Thapa said due to the lack of appropriate government policies, microfinance and finance companies investing in the productive sector are on the verge of extinction. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Of all the commercial banks, Civil Bank Limited has made the lowest profit of Rs 504 million. However it has made improvement compared to the same period of last year. It has witnessed a rise in the profit by 148.42 percent.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Similarly, Siddhartha Bank and Century Commercial Bank follow Civil Bank in the list in terms of making an increase in the profit. Siddhartha Bank has seen a rise in profit by 71.68 percent compared to the same period of the last fiscal year while Century Commercial Bank's profit has increased by 54.77 percent.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Six commercial banks namely Prime, Prabhu, Kumari, Everest, Nepal Bangladesh and Sunrise Bank have seen a decline in the profit until the second quarter of the current fiscal year. Kumari Bank leads the list as it witnessed a decline in profit by 21.77 percent. It had made a profit of Rs 1.21 billion in the corresponding period of the last fiscal year which declined to Rs 951 million this year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Similarly, Prime Commercial Bank, Prabhu Bank, Everest Bank, Nepal Bangladesh Bank and Sunrise Bank saw a decline in the profit by 7.43 percent, 16.90 percent, 12.79 percent, 13.82 percent, 21.47 percent respectively until the second quarter of the current fiscal year.</span></span></span></span></p> <p> </p> <p><br /> </p> ', 'published' => true, 'created' => '2022-01-27', 'modified' => '2022-01-27', 'keywords' => '', 'description' => '', 'sortorder' => '14421', 'image' => '20220127015439_Banks - Copy.jpg', 'article_date' => '2022-01-27 13:53:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14677', 'article_category_id' => '1', 'title' => 'Apex Court Orders Government to Lower the Tax on Retirement Fund to 5%', 'sub_title' => '', 'summary' => 'January 27: The Supreme Court has ordered the government to lower the tax imposed on the retirement fund and incentives of government employees.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 27: The Supreme Court has ordered the government to lower the tax imposed on the retirement fund and incentives of government employees.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the apex court order, the government can impose only five percent tax on the money and incentives that the government employees are entitled to get after retirement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A division bench of justices Ishwar Prasad Khatiwada and Nahakul Subedi had issued the verdict two months ago and the full text of the verdict was released on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Earlier, the government in accordance to the Income Tax Act, 2058 had been imposing 15 percent tax on the money and incentives government employees were entitled to receive upon their retirement. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the state-owned national news agency RSS, the employees of the Rastriya Banijya Bank had filed a case against the provision of 15 percent tax imposed by the government. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> With the apex court verdict, Section 65 of the Income Tax Act, 2058 has been cancelled and Section 88 (Provision 1) of the same Act has come into effect for the implementation of 5 percent tax, RSS further reported. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-01-27', 'modified' => '2022-01-27', 'keywords' => '', 'description' => '', 'sortorder' => '14420', 'image' => '20220127124004_Supreme Court.jpg', 'article_date' => '2022-01-27 12:39:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14676', 'article_category_id' => '1', 'title' => 'Weather Expected to Improve Gradually from Friday ', 'sub_title' => '', 'summary' => 'January 27: The weather, which has been affected due to impact of westerly low pressure system for the past few days, is likely to improve gradually from Friday, January 28. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 27: The weather, which has been affected due to impact of westerly low pressure system for the past few days, is likely to improve gradually from Friday, January 28. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Senior meteorologist at the Department of Hydrology and Meteorology, Barun Poudel, said that there is possibility of gradual improvement of weather as the weather system is expected to weaken from Friday. “The sky across the country will remain partially to generally cloudy till Thursday,” Poudel said. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> Issuing a notice on Wednesday, the department cautioned people to adopt necessary safety and precaution to stay safe from cold as there is possibility of light snowfall at some places of high hills and Himalayan region of the country. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Sudurpaschim and Gandaki provinces have been witnessing generally cloudy weather while the sky in the remaining provinces has been partly cloudy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Rainfall occurred at one or two places of Sudurpaschim province on Wednesday. The weather of hill areas of Province 1, Bagmati and Gandaki provinces would remain generally cloudy and the sky of the remaining provinces would be partly cloudy on Thursday, the division said. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Light rainfall has been forecast at some places of hill areas and light snowfall at some places of high hills and Himalayan region of the country, according to the Meteorological Forecasting Division. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the division, the minimum temperature of Kathmandu Valley was 5.6 degrees Celsius and maximum temperature 16.5 degree Celsius on Wednesday. -- RSS</span></span></p> ', 'published' => true, 'created' => '2022-01-27', 'modified' => '2022-01-27', 'keywords' => '', 'description' => '', 'sortorder' => '14419', 'image' => '20220127122306_DaneBohora_Simkot_RSS_10(2).jpg', 'article_date' => '2022-01-27 12:22:20', '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' => '14690', 'article_category_id' => '1', 'title' => 'Finance Minister Admits Lack of Development-Friendly Policies, Structures ', 'sub_title' => '', 'summary' => 'January 30: Finance Minister Janardan Sharma has admitted that the country lacks development-friendly policies and structures to make the national economy dynamic. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 30: Finance Minister Janardan Sharma has admitted that the country lacks development-friendly policies and structures to make the national economy dynamic. He made such remark during a meeting with the economic experts on Sunday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Inadequacy of appropriate policy and necessary structures has hindered development," Minister Sharma said, adding that there was no clear economic policy in line with the constitution. “It has direct bearing on the national economy.” </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Minister further said politics is the centre of several problems, so consensus among political parties is imperative. It is necessary to frame appropriate economic policy, he further stressed. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On the occasion, the experts said although the national economy was not pushed to the brink, certain measures should be adopted to avert the worsening situation. The restriction on import should be continued till the balance of payments (BoP) is normalized for foreign currency reserve. They suggested to the minister that the capital expenditure must be increased, agricultural products need a boost and debt in unproductive sectors discouraged to make the economy dynamic. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The discussion was attended by former vice-chairperson of the National Planning Commission Dr Shankar Sharma and Dr Min Bahadur Shrestha, Prof Dr Bishwambher Pyakurel, former ambassador to India, Dr Durgeshman Singh, political and economic analyst Hari Roka and Dr Ram Kumar Phunyal. -- RSS </span></span></p> ', 'published' => true, 'created' => '2022-01-30', 'modified' => '2022-01-30', 'keywords' => '', 'description' => '', 'sortorder' => '14433', 'image' => '20220130083311_fin min sharma.jpg', 'article_date' => '2022-01-30 20:32:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '14689', 'article_category_id' => '1', 'title' => '‘Water Supply from Melamchi to Resume by April’', 'sub_title' => '', 'summary' => 'January 30: The Ministry of Water Supply and Irrigation is preparing to resume to Kathmandu valley from Melamchi project by upcoming April.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">January 30: The Ministry of Water Supply and Irrigation is preparing to resume to Kathmandu valley from Melamchi project by upcoming April. Minister for Water Supply Umakanta Chaudhary has directed the contractor company and the concerned officials to complete the required process within April to distribute water from Melamchi to the valley.</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 minister who was on an inspection visit to the site of Melamchi Water Supply Project, directed the Sinohydro Corporation Ltd, the Chinese company which has been awarded the contract to complete the headworks and other construction activities of the project to complete the works within the deadline. The government had signed an agreement with the Sinohydro Corporation to reconstruct the headworks and other damaged structures following the destruction caused by Melamchi flooding during last monsoon. </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"">During the address to the nation, Prime Minister Sher Bahadur Deuba had announced to supply Melamchi’s water within this year. During the recent visit, Minister Chaudhary also expressed commitment to ensure the people's right to clean water and distribute the Melamchi water within this 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"">He further said that until the project is completed and water distribution resumed, he would make weekly visit to the project site and evaluate the development. Due to the floods, the road from Melamchi Bazar to Ambathan, where the headworks are located, has been damaged. Following the directive from the Minister, the contractor company has already started to build the access road. </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"">Along with the Minister, Pramila Devi Bajracharya, secretary at the ministry, Director General of Drinking Water and Sewage Management, Executive Director of Melamchi Water Supply Development Board, Nima Gyaljen , Chairperson of Helambu Village Council and the technical team had visited the project site. </span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2022-01-30', 'modified' => '2022-01-30', 'keywords' => '', 'description' => '', 'sortorder' => '14432', 'image' => '20220130065425_20210906103006_20210420041320_20210212111048_20200317114243_Melamchi 1.jpg', 'article_date' => '2022-01-30 18:53:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '14688', 'article_category_id' => '1', 'title' => 'Shree Airlines Adds New Aircraft to its Fleet', 'sub_title' => '', 'summary' => 'January 30: Shree Airlines, a leading airline belonging to the private sector, has added a new aircraft to its fleet.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 30: Shree Airlines, a leading airline belonging to the private sector, has added a new aircraft to its fleet.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The company has added an 80-seat capacity Q400-8 aircraft. After the addition of the aircraft, the company now has eight aircraft. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Shree Airlines had purchased an aircraft only a month ago. The company has added two aircraft within a month. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The company’s Manager Anil Manandhar informed that the new aircraft landed at Kathmandu’s Tribhuvan International Airport on Friday night. The aircraft manufactured by a Canadian company has two engines. The company said that the aircraft arrived in Kathmandu from Austria via India.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The company has been operating two DAS Q400 aircraft, two CJ200 (50 seats) and two CRJ 700 (70 seats) aircraft.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The company plans to expand its flight destinations with the addition of the new aircraft. Manandhar informed that the company will operate flights to Surkhet and Tumlingtar after obtaining permission from the Civil Aviation Authority of Nepal, the regulatory body of airlines sector in the country.</span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-01-30', 'modified' => '2022-01-30', 'keywords' => '', 'description' => '', 'sortorder' => '14431', 'image' => '20220130054211_Shree Airlines Dash 8-400.jpg', 'article_date' => '2022-01-30 17:41:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '14687', 'article_category_id' => '1', 'title' => 'Government yet to Release Rs 1.5 Billion to SSF ', 'sub_title' => '', 'summary' => 'January 30: Although the government had promised to deposit an amount equivalent to two months of contribution of workers in the Social Security Fund (SSF) as compensation for last year (mid-May to mid-July), the amount has not been released yet. ', '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"">January 30: Although the government had promised to deposit an amount equivalent to two months of contribution of workers in the Social Security Fund (SSF) as compensation for last year (mid-May to mid-July), the amount has not been released yet. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Presenting the budget for the Fiscal Year 2078/79, the then Finance Minister Bishnu Poudel had announced that the government would deposit the contribution amount as per the policy of providing relief to the workers and employers who were facing difficulties due to the impact of coronavirus. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">After the government made such an arrangement, the SSF issued a notice to the companies listed with the SSF that the contributors do not need to deposit the amount for the period between mid-May to mid-July. However, the Deputy Executive Director of the Fund, Bibek Panthi, said that the Ministry of Finance has not yet released the due amount. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the SSF, the MoF should deposit around Rs 1.5 billion compensation equivalent to the contribution of 175,000 workers as per the government’s announcement. The fund had submitted a claim to the Ministry of Finance through the Ministry of Labor, Employment and Social Security last June. However, no hearing has been done so far. Even after six months of the current fiscal year, the government has not yet deposited the amount. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"We had informed the contributors not to deposit the contribution amount of mid-May to mid-June July as per the provisions in the budget but the government has not released any amount yet," Panthi said. If the companies do not deposit the amount within 15 days of the completion of the month, they are deprived of any facility. However, the government’s dilly-dallying raises questions about the government's intentions. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the officials of the MoF, they will release the amount soon as it is still in the process. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"The government will keep up its promise," said Ritesh Shakya, joint secretary at the ministry of finance. According to him, the delay is due to the fact that the budget is released on priority basis. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">So far, 307,620 workers are listed in the fund. Similarly, 16,413 employers have been included in the list. According to the SSF, the number of people joining the fund is increasing after the pandemic. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-01-30', 'modified' => '2022-01-30', 'keywords' => '', 'description' => '', 'sortorder' => '14430', 'image' => '20220130041227_SSF (1).jpg', 'article_date' => '2022-01-30 16:11:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '14686', 'article_category_id' => '1', 'title' => 'Calibration Flight at Gautam Buddha Int’l Airport on February 21 ', 'sub_title' => '', 'summary' => 'January 30: Bhairahawa-based Gautam Buddha International Airport is almost ready for flight operations.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">January 30: Bhairahawa-based Gautam Buddha International Airport is almost ready for flight operations. The government is planning to initiate a calibration flight on February 21 and start regular flights from the upcoming Buddha Jayanti festival.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to the RSS, Minister for Culture, Tourism and Civil Aviation Prem Bahadur Ale has stated that preparations are underway to launch the 'calibration flight' on February 21.</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"">After inspecting the Gautam Buddha International Airport in Bhairahawa on Saturday afternoon, he said, "If the weather allows, there will be a calibration flight on February 21 and an international flight from Buddha Jayanti."</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"">Technicians, however, are doubtful that the calibration flight will take place during the schedule due to poor visibility and foggy weather at that time. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Minister Ale has instructed the Civil Aviation Authority of Nepal (CAAN), project officials, and team members to work to this end and not to delay the calibration flight. "Under no circumstances should the work be stopped," he said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">President of the Public Accounts Committee Bharat Kumar Shah, lawmaker Pramod Yadav and other technicians were present during the inspection visit. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Secretary at the Ministry Maheshwor Neupane said a technical team from</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"">Thailand’s Aero Thai would return only after performing a calibration flight at the airport. The 330 Airbus of Nepal Airlines Corporation will carry out the test flight, Neupane added. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Bijendra Shrestha, the representative of AeroThai for Nepal, said, "If you look at the weather here in three years, you can fly in VOFR." </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"">Calibration flight requires clear weather, and that includes at least 5 km visibility, said Shrestha. The aircraft is scheduled to land in Bhairahawa on February 21. Under no circumstances should it be later than February 21, he added. </span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">----- </span></span></span></p> ', 'published' => true, 'created' => '2022-01-30', 'modified' => '2022-01-30', 'keywords' => '', 'description' => '', 'sortorder' => '14429', 'image' => '20220130011935_2021110617_n.jpg', 'article_date' => '2022-01-30 13:17:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '14685', 'article_category_id' => '1', 'title' => 'Odd-Even Rule Lifted for Public Vehicles ', 'sub_title' => '', 'summary' => 'January 30: The district administration offices of the Kathmandu Valley have removed the odd-even number system for public vehicles effective from Friday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 30: The district administration offices of the Kathmandu Valley have removed the odd-even number system for public vehicles effective from Friday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The meeting of the chief district officers of Kathmandu, Lalitpur and Bhaktapur on Friday decided to lift the odd-even scheme. Following the decision, public buses, microbuses and three-wheelers will be allowed to operate in the valley by following health protocols.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, the odd-even rule remains effective in case of private vehicles including two wheelers and taxis. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The district administration offices had imposed the odd-even rule in the valley recently in the wake of the third wave of coronavirus. The odd-even rule does not apply for vehicles used for essential services. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-01-30', 'modified' => '2022-01-30', 'keywords' => '', 'description' => '', 'sortorder' => '14428', 'image' => '20220130114053_20210715011716_20200721030826_1595264681.yatayat.jpg', 'article_date' => '2022-01-30 11:39:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '14684', 'article_category_id' => '1', 'title' => 'Bad Loans of 21 Banks Decline', 'sub_title' => '', 'summary' => 'January 28: While businesses have been struggling due to the impact of Covid-19, most commercial banks have reduced their bad loans.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">January 28: While businesses have been struggling due to the impact of Covid-19, most commercial banks have reduced their bad loans. By the second quarter of the current Fiscal Year (FY) 2078/79, most of the 27 commercial banks have succeeded in reducing their bad loans.</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"">Out of the 27 commercial banks, 21 banks have succeeded in reducing bad loans. Siddhartha Bank Limited has become the most successful bank in reducing bad loans. Compared to the second quarter of the last fiscal year 2077/78, the bank has reduced bad loans by 1.54 points in the second quarter of the current fiscal year. By the second quarter of the current fiscal year, the non performing loan (NPL) ratio of this bank has come down to 0.37 percent. The bank's non-performing loans stood at 1.91 percent in the second quarter of 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"">Himalayan Bank Limited is in the second place in reducing bad loans. Compared to the second quarter of last year, the bad debt of this bank has decreased by 1.41 points and has remained at 0. 72 percent till the second quarter of the current fiscal year. Rastriya Banijya Bank, which is in the third position to reduce bad loans, has managed to reduce by 1.17 points in the second quarter of the current fiscal year compared to the second quarter of the last fiscal year. The NPL ratio of the bank stood at 3.6 percent in the second quarter of the current fiscal 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"">As of the second quarter of the current fiscal year, three government-owned commercial banks are in the top spot in terms of bad loans. Rastriya Banijya Bank is in the first place, Agriculture Development Bank is in the second place, and Nepal Bank Limited is in fourth place.</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"">Private sector-run Nepal Investment Bank is in third place with the worst bad loans.</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"">Rastriya Banijya Bank's non-performing loans stood at 3.6 percent in the second quarter of the current fiscal year. Similarly, the bad loan of Agriculture Development Bank is 2.8 percent, Nepal Investment Bank (2.06 percent), and Nepal Bank (1.91 percent). Bad loans of 15 commercial banks are above 1 percent. Three of them have bad debts of more than 2 percent.</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"">Nepal SBI Bank has the lowest bad loans at 0.14 percent as of the second quarter of the current fiscal year. Similarly, Everest Bank is in second place, and Sanima Bank stands third.</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"">As of the second quarter of the current fiscal year, the non-performing loans (NPLs) of Everest Bank stood at 0.26 percent and Sanima Bank at 0.31 percent.</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"">While most of the commercial banks were able to reduce bad loans during the review period, Nabil, Sunrise, Laxmi, NIC Asia, and Everest Bank were unable to do so.</span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> <p> </p> ', 'published' => true, 'created' => '2022-01-28', 'modified' => '2022-01-28', 'keywords' => '', 'description' => '', 'sortorder' => '14427', 'image' => '20220128034042_Bad Loan.jpg', 'article_date' => '2022-01-28 15:39:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '14683', 'article_category_id' => '1', 'title' => 'BFIs Preparing to Increase Interest Rates on Loans', 'sub_title' => '', 'summary' => 'January 28: Banks and financial institutions (BFIs) are preparing to increase the interest rates on loans by adding a certain percentage of premium to the base rate. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">January 28: Banks and financial institutions (BFIs) are preparing to increase the interest rates on loans by adding a certain percentage of premium to the base rate. Since the base rate has increased in the second quarter of the current fiscal year, the interest rate on loans is also set to increase.</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 average base rate of banks has increased by 1.21 percent until mid-January of the current fiscal year from 7.19 percent (mid-Jan 2021) to 8.40 percent.</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"">After the increase in the base rate, the interest rate of the loan will automatically increase for the old borrowers and the new customers will also have to pay the new rate to receive the loan. The interest rate of the loan changes automatically every quarter based on the base rate of the bank and financial institution.</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 financial statements of the banks, Rastriya Banijya Bank has the lowest base rate of 6.60 percent and Civil Bank has the highest base rate of 9.74 percent.</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"">Banks have been raising interest rates on savings since the beginning of the current fiscal year due to lack of liquidity in BFIs. Due to this, the cost of capital has increased and so has the base rate. The base rate has been limited to single digits after the Nepal Rastra Bank (NRB) intervened in the competition among BFIs to increase interest rates on deposits.</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 NRB had directed BFIs to limit the interest rate to a single digit in November. Following NRB's directive, the maximum interest rate on deposits has remained below 11 percent.</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"">NRB had implemented the base rate through the monetary policy of 2013/14 to make loan interest rate transparent and competitive. It had come into effect in commercial banks from 2013 and from 2014 in development banks and finance companies. BFIs can fix the base rate by adding 0.75 percent of their return on their cost. Banks are required to calculate the base rate on a monthly basis and submit it to the central bank within seven days of the end of the month and publish it on their website.</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"">While publishing the base rate of interest loans, they can add a certain percent of premium on it. According to this provision, the interest rate of the loan decreases and increases every quarter. The general public has also started bargaining on the interest rate of loans based on the base rate of the banks.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-01-28', 'modified' => '2022-01-28', 'keywords' => '', 'description' => '', 'sortorder' => '14426', 'image' => '20220128021204_Banks - Copy.jpg', 'article_date' => '2022-01-28 14:11:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '14682', 'article_category_id' => '1', 'title' => 'Import of Silver takes a Nosedive ', 'sub_title' => '', 'summary' => 'January 28: The import of silver has dropped sharply after the Nepal Rastra Bank (NRB) made it mandatory to keep 100 percent cash margin when opening a letter of credit (LC). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">January 28: The import of silver has dropped sharply after the Nepal Rastra Bank (NRB) made it mandatory to keep 100 percent cash margin when opening a letter of credit (LC). NRB had made an arrangement to keep a cash margin when opening LC to import silver in mid-December. As a result, its imports have plummeted. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Before the provision of 100 percent cash margin to open the LC, silver worth more than Rs 2 billion used to be imported on a monthly basis. However, the data from the Department of Customs show that after the NRB's new arrangement, silver imports dropped to Rs 620 million between to mid-December to mid-January. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the data, the import of silver has been declining from mid-November. Silver amounting Rs 290 million was imported from mid-November to mid-December. Prior to this, silver worth Rs 2.5 billion was imported between mid-October to mid-November, Rs 3.51 billion between mid-September to mid-October, Rs 4 billion between mid-August to mid-September and Rs 2.62 billion betweenmid-July to mid-August. Silver worth Rs 12.57 billion was imported in the first six months of the current fiscal year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Due to the recent increase in imports, the outflow of Nepal's currency has been massive while the inflow is low. As a result, foreign exchange reserves have been steadily declining. Accordingly, the central bank had made an arrangement to keep such margin when opening an LC for importing silver and other luxury items. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Lately, the import of silver in Nepal had been increasing. Silver worth more than Rs 10 billion was imported in the first three months of the current fiscal year. NRB then tightened its screws my amending the monetary policy after the first quarterly review. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">President of the Federation of Nepal Gold and Silver Dealers Association Manik Ratna Shakya said that sufficient amount of silver could not be imported due to the provision of keeping margin while opening LC. He welcomed the tightening of silver imports at that time but said that it should not be done for a long time. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">"Currently, Nepal's foreign exchange reserves are declining. Accordingly, the tightening of silver imports is practical," he said, "But it should be removed once the situation is comfortable." </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Shakya said that there was a shortage of silver in the market after the decline in silver imports. "Despite the decline in silver imports, we were meeting the market demand with the silver reserves of the traders. However, the traders have now run out of stock," he said, adding "There has been a shortage of silver in the market for the last four to five days. Now it seems to be a challenge to meet the market demand." </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Chairman Shakya said that the traders are not hiding the silver despite the shortage. "Despite the scarcity, we have been supplying the silver that we have. However, acknowledging this situation, the government should facilitate the import of silver," he said. Moreover, he said that silver must be imported to meet the market demand. </span></span></p> ', 'published' => true, 'created' => '2022-01-28', 'modified' => '2022-01-28', 'keywords' => '', 'description' => '', 'sortorder' => '14425', 'image' => '20220128125000_silver.jpg', 'article_date' => '2022-01-28 12:49:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '14681', 'article_category_id' => '1', 'title' => 'Government urges Rescued Citizens to Report if they were Overcharged for Air Tickets', 'sub_title' => '', 'summary' => 'January 28: The Ministry of Culture, Tourism and Civil Aviation has urged the passengers rescued from various countries amid COVID-19 pandemic to report to the ministry if they were charged more than the set airfare during their evacuation through international chartered flights.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 28: The Ministry of Culture, Tourism and Civil Aviation has urged the passengers rescued from various countries amid COVID-19 pandemic to report to the ministry if they were charged more than the set airfare during their evacuation through international chartered flights. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement on Thursday, the ministry asked the victims to report the matter to the investigation committee along with official documents and evidences within a week. The victims can also email the documents to the official email address of the ministry – info@tourism.go.np. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Government of Nepal had facilitated international chartered flights for rescuing Nepali citizens stranded in various countries due to the COVID-19 pandemic. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The ministry sought details following complaints from the rescued citizens that they were charged more than the airfare fixed for rescuing them and bringing them back to their homeland.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The ministry had earlier formed a committee to probe the matter. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-01-28', 'modified' => '2022-01-28', 'keywords' => '', 'description' => '', 'sortorder' => '14424', 'image' => '20220128114424_20201109112912_1604878353.14.jpg', 'article_date' => '2022-01-28 11:43:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '14680', 'article_category_id' => '1', 'title' => 'Petroleum Products and Vehicles Dominate Imports through Birgunj Checkpoint', 'sub_title' => '', 'summary' => 'January 27: Petroleum products and vehicles have entered Nepal in the highest quantity through Birgunj checkpost – the country’s main border point in terms of import and export volume. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">January 27: Petroleum products and vehicles have entered Nepal in the highest quantity through Birgunj checkpost – the country’s main border point in terms of import and export volume. These items have dominated the main list of goods imported through Birgunj customs in the last six 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"">According to the Birgunj Customs Office, petroleum products and vehicles have been at the forefront of the 20 main items imported in the current fiscal year (FY 2078/79) from July to December.</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"">Chief Customs Officer Harihar Poudel said that the contribution of such items is more in the revenue collected by Birgunj 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"">Petroleum products and vehicles alone account for about 62 percent of the total revenue. The contribution from petroleum products is 37.4 percent, and 24.4 percent from automobiles. The Birgunj customs office had collected revenue of Rs 105 billion in six 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"">The five main items entering the country through this checkpoint are diesel, four-wheelers (jeep/car/van), petrol, motorcycle, and LP gas, respectively. In the first half of the current fiscal year, 614,000 kiloliters of diesel worth Rs 44.41 billion has been imported through this checkpoint. This amount is 22 percent more than the corresponding period of the previous fiscal year 2077/78.</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"">Import of jeeps/cars and vans, which is second in the import list, has also increased by 43 percent. According to customs data, 4,029 automobiles worth Rs 4.90 billion have been imported in the first six months of the current fiscal 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"">Similarly, 250,000 kiloliters of petrol was imported during the review period which is 25 percent higher than the previous 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"">The government has been saying it will reduce the import of LP gas by increasing electricity consumption but the figures suggest otherwise. The import of LPG has increased by 15 percent. It is seen that 137,000 metric tons of LP gas have been imported in the last six months. Birgunj is the main entry point for petroleum products.</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 customs officials, about half of the nation's total imports enter from this port.</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"">Meanwhile, imports of motorcycles have declined. Imports of motorcycles fell by 32 percent in the first six months of this 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"">Customs officials claim that the import from Birgunj has decreased as some importers who used to import motorcycles from Birgunj have now gone to Bhairahawa customs. The office estimates that such imports have decreased as motorcycles are being assembled in the country.</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 customs data, imports of unassembled motorcycles have increased by 819 percent in the last six months. As of December last year, 868 such motorcycles had been imported. Now, this number has reached 7 thousand 979.</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"">Coal, mobile, aviation fuel, tar, furnace oil, base oil, and other petroleum products enter the country through Birgunj. Likewise, significant quantities of trucks, buses, and dumpers have also been imported. According to the customs office, readymade garments and semi-refined oil, iron, and other industrial raw materials are the main items entering the country through this checkpoint.</span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2022-01-27', 'modified' => '2022-01-27', 'keywords' => '', 'description' => '', 'sortorder' => '14423', 'image' => '20220127064909_Birgunj.jpg', 'article_date' => '2022-01-27 18:48:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '14679', 'article_category_id' => '1', 'title' => 'Insurance Companies Instructed to take Climate Risk into Consideration while determining Premium', 'sub_title' => '', 'summary' => 'January 27: Life insurance companies will have to determine the insurance premium by taking into consideration climate risk factor from now onwards. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">January 27: Life insurance companies will have to determine the insurance premium by taking into consideration climate risk factor from now onwards. The Insurance Board made such arrangement by issuing the 'Climate Risk Directive, 2078' on Monday. </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 regulatory body made such an arrangement after holding discussions with the World Bank. As the insurance sector of Nepal has also been affected by climate change, the board made such an arrangement. In addition, the directive intends to support the purpose of risk-based capital formation. </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"">However, this provision will be implemented 3 years after the issuance of the directive. According to the board, the insurance companies will have to include climate risk while formulating new insurance plans and determining its premium three years after the issuance of the directive. At the same time, the companies have to clarify on what criteria have the climate risk been included in the insurance premium. </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"">Executive Director of the Insurance Board Rajuraman Poudel said that climate risk should be included in determining the premium after three years. He said that such an arrangement has been made as the climate risk is increasing in the country.</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"">"Climate risk has been increasing in Nepal. Therefore, we made such an arrangement after various rounds of discussions with the World Bank," he said, "The companies will have to determine the insurance premium accordingly after three years. However, the impact of climate risk on the business needs to be studied for the time being. And, its report has to be submitted to the board annually." </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"">Recently, natural disasters such as floods and landslides are increasing in Nepal due to climate change. As a result, physical infrastructures, such as hydropower projects have been damaged. Similarly, the agriculture sector has also been directly affected due to the impact of climate change and the change in seasonal temperature. And, their impact is seen on the insurance sector as well. </span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-01-27', 'modified' => '2022-01-27', 'keywords' => '', 'description' => '', 'sortorder' => '14422', 'image' => '20220127042123_Insurance climate risk.jpg', 'article_date' => '2022-01-27 16:20:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14678', 'article_category_id' => '1', 'title' => 'Profit of 27 Commercial Banks Increase by 10 Percent', 'sub_title' => '', 'summary' => 'January 27: The net profit of twenty seven commercial banks has increased by an average of 10.10 percent until the second quarter of the current fiscal year (FY 2021/22). ', '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"">January 27: The net profit of twenty seven commercial banks has increased by an average of 10.10 percent until the second quarter of the current fiscal year (FY 2021/22). Compared to the second quarter of the last fiscal year 2020/21, the profit of commercial banks increased by 10.10 percent to Rs 34.21 billion. Until the second quarter of the last year, the total profit of these commercial banks was Rs 31.07 billion.</span></span></span></span></p> <p><span style="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 profit of sixteen commercial banks is over one billion rupees while the profit of other three banks has reached over two billion rupees. Global IME Bank has earned the highest profit of Rs 2.66 billion - an increase from Rs 2.31 billion in the corresponding period of last year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Similarly, NIC Asia is in second position and Nabil Bank is third in the list. NIC Asia has raised Rs 2.40 billion and Nabil Bank has earned a profit of Rs 2.18 billion. Experts consider the rise in profit of commercial banks as unreasonable at a time when the business of industries and factories is collapsing due to the Covid-19 pandemic.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the banks, their earnings on the basis of return on equity is very low. Nara Bahadur Thapa, former deputy director of Nepal Rastra Bank, said that banks have not emphasized on production which is having a negative impact on the economy. Thapa said due to the lack of appropriate government policies, microfinance and finance companies investing in the productive sector are on the verge of extinction. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Of all the commercial banks, Civil Bank Limited has made the lowest profit of Rs 504 million. However it has made improvement compared to the same period of last year. It has witnessed a rise in the profit by 148.42 percent.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Similarly, Siddhartha Bank and Century Commercial Bank follow Civil Bank in the list in terms of making an increase in the profit. Siddhartha Bank has seen a rise in profit by 71.68 percent compared to the same period of the last fiscal year while Century Commercial Bank's profit has increased by 54.77 percent.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Six commercial banks namely Prime, Prabhu, Kumari, Everest, Nepal Bangladesh and Sunrise Bank have seen a decline in the profit until the second quarter of the current fiscal year. Kumari Bank leads the list as it witnessed a decline in profit by 21.77 percent. It had made a profit of Rs 1.21 billion in the corresponding period of the last fiscal year which declined to Rs 951 million this year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Similarly, Prime Commercial Bank, Prabhu Bank, Everest Bank, Nepal Bangladesh Bank and Sunrise Bank saw a decline in the profit by 7.43 percent, 16.90 percent, 12.79 percent, 13.82 percent, 21.47 percent respectively until the second quarter of the current fiscal year.</span></span></span></span></p> <p> </p> <p><br /> </p> ', 'published' => true, 'created' => '2022-01-27', 'modified' => '2022-01-27', 'keywords' => '', 'description' => '', 'sortorder' => '14421', 'image' => '20220127015439_Banks - Copy.jpg', 'article_date' => '2022-01-27 13:53:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14677', 'article_category_id' => '1', 'title' => 'Apex Court Orders Government to Lower the Tax on Retirement Fund to 5%', 'sub_title' => '', 'summary' => 'January 27: The Supreme Court has ordered the government to lower the tax imposed on the retirement fund and incentives of government employees.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 27: The Supreme Court has ordered the government to lower the tax imposed on the retirement fund and incentives of government employees.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the apex court order, the government can impose only five percent tax on the money and incentives that the government employees are entitled to get after retirement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A division bench of justices Ishwar Prasad Khatiwada and Nahakul Subedi had issued the verdict two months ago and the full text of the verdict was released on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Earlier, the government in accordance to the Income Tax Act, 2058 had been imposing 15 percent tax on the money and incentives government employees were entitled to receive upon their retirement. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the state-owned national news agency RSS, the employees of the Rastriya Banijya Bank had filed a case against the provision of 15 percent tax imposed by the government. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> With the apex court verdict, Section 65 of the Income Tax Act, 2058 has been cancelled and Section 88 (Provision 1) of the same Act has come into effect for the implementation of 5 percent tax, RSS further reported. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-01-27', 'modified' => '2022-01-27', 'keywords' => '', 'description' => '', 'sortorder' => '14420', 'image' => '20220127124004_Supreme Court.jpg', 'article_date' => '2022-01-27 12:39:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14676', 'article_category_id' => '1', 'title' => 'Weather Expected to Improve Gradually from Friday ', 'sub_title' => '', 'summary' => 'January 27: The weather, which has been affected due to impact of westerly low pressure system for the past few days, is likely to improve gradually from Friday, January 28. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 27: The weather, which has been affected due to impact of westerly low pressure system for the past few days, is likely to improve gradually from Friday, January 28. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Senior meteorologist at the Department of Hydrology and Meteorology, Barun Poudel, said that there is possibility of gradual improvement of weather as the weather system is expected to weaken from Friday. “The sky across the country will remain partially to generally cloudy till Thursday,” Poudel said. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> Issuing a notice on Wednesday, the department cautioned people to adopt necessary safety and precaution to stay safe from cold as there is possibility of light snowfall at some places of high hills and Himalayan region of the country. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Sudurpaschim and Gandaki provinces have been witnessing generally cloudy weather while the sky in the remaining provinces has been partly cloudy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Rainfall occurred at one or two places of Sudurpaschim province on Wednesday. The weather of hill areas of Province 1, Bagmati and Gandaki provinces would remain generally cloudy and the sky of the remaining provinces would be partly cloudy on Thursday, the division said. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Light rainfall has been forecast at some places of hill areas and light snowfall at some places of high hills and Himalayan region of the country, according to the Meteorological Forecasting Division. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the division, the minimum temperature of Kathmandu Valley was 5.6 degrees Celsius and maximum temperature 16.5 degree Celsius on Wednesday. -- RSS</span></span></p> ', 'published' => true, 'created' => '2022-01-27', 'modified' => '2022-01-27', 'keywords' => '', 'description' => '', 'sortorder' => '14419', 'image' => '20220127122306_DaneBohora_Simkot_RSS_10(2).jpg', 'article_date' => '2022-01-27 12:22:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 30: Finance Minister Janardan Sharma has admitted that the country lacks development-friendly policies and structures to make the national economy dynamic. He made such remark during a meeting with the economic experts on Sunday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Inadequacy of appropriate policy and necessary structures has hindered development," Minister Sharma said, adding that there was no clear economic policy in line with the constitution. “It has direct bearing on the national economy.” </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Minister further said politics is the centre of several problems, so consensus among political parties is imperative. It is necessary to frame appropriate economic policy, he further stressed. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On the occasion, the experts said although the national economy was not pushed to the brink, certain measures should be adopted to avert the worsening situation. The restriction on import should be continued till the balance of payments (BoP) is normalized for foreign currency reserve. They suggested to the minister that the capital expenditure must be increased, agricultural products need a boost and debt in unproductive sectors discouraged to make the economy dynamic. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The discussion was attended by former vice-chairperson of the National Planning Commission Dr Shankar Sharma and Dr Min Bahadur Shrestha, Prof Dr Bishwambher Pyakurel, former ambassador to India, Dr Durgeshman Singh, political and economic analyst Hari Roka and Dr Ram Kumar Phunyal. -- RSS </span></span></p> ', 'published' => true, 'created' => '2022-01-30', 'modified' => '2022-01-30', 'keywords' => '', 'description' => '', 'sortorder' => '14433', 'image' => '20220130083311_fin min sharma.jpg', 'article_date' => '2022-01-30 20:32:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '14689', 'article_category_id' => '1', 'title' => '‘Water Supply from Melamchi to Resume by April’', 'sub_title' => '', 'summary' => 'January 30: The Ministry of Water Supply and Irrigation is preparing to resume to Kathmandu valley from Melamchi project by upcoming April.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">January 30: The Ministry of Water Supply and Irrigation is preparing to resume to Kathmandu valley from Melamchi project by upcoming April. Minister for Water Supply Umakanta Chaudhary has directed the contractor company and the concerned officials to complete the required process within April to distribute water from Melamchi to the valley.</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 minister who was on an inspection visit to the site of Melamchi Water Supply Project, directed the Sinohydro Corporation Ltd, the Chinese company which has been awarded the contract to complete the headworks and other construction activities of the project to complete the works within the deadline. The government had signed an agreement with the Sinohydro Corporation to reconstruct the headworks and other damaged structures following the destruction caused by Melamchi flooding during last monsoon. </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"">During the address to the nation, Prime Minister Sher Bahadur Deuba had announced to supply Melamchi’s water within this year. During the recent visit, Minister Chaudhary also expressed commitment to ensure the people's right to clean water and distribute the Melamchi water within this 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"">He further said that until the project is completed and water distribution resumed, he would make weekly visit to the project site and evaluate the development. Due to the floods, the road from Melamchi Bazar to Ambathan, where the headworks are located, has been damaged. Following the directive from the Minister, the contractor company has already started to build the access road. </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"">Along with the Minister, Pramila Devi Bajracharya, secretary at the ministry, Director General of Drinking Water and Sewage Management, Executive Director of Melamchi Water Supply Development Board, Nima Gyaljen , Chairperson of Helambu Village Council and the technical team had visited the project site. </span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2022-01-30', 'modified' => '2022-01-30', 'keywords' => '', 'description' => '', 'sortorder' => '14432', 'image' => '20220130065425_20210906103006_20210420041320_20210212111048_20200317114243_Melamchi 1.jpg', 'article_date' => '2022-01-30 18:53:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '14688', 'article_category_id' => '1', 'title' => 'Shree Airlines Adds New Aircraft to its Fleet', 'sub_title' => '', 'summary' => 'January 30: Shree Airlines, a leading airline belonging to the private sector, has added a new aircraft to its fleet.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 30: Shree Airlines, a leading airline belonging to the private sector, has added a new aircraft to its fleet.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The company has added an 80-seat capacity Q400-8 aircraft. After the addition of the aircraft, the company now has eight aircraft. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Shree Airlines had purchased an aircraft only a month ago. The company has added two aircraft within a month. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The company’s Manager Anil Manandhar informed that the new aircraft landed at Kathmandu’s Tribhuvan International Airport on Friday night. The aircraft manufactured by a Canadian company has two engines. The company said that the aircraft arrived in Kathmandu from Austria via India.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The company has been operating two DAS Q400 aircraft, two CJ200 (50 seats) and two CRJ 700 (70 seats) aircraft.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The company plans to expand its flight destinations with the addition of the new aircraft. Manandhar informed that the company will operate flights to Surkhet and Tumlingtar after obtaining permission from the Civil Aviation Authority of Nepal, the regulatory body of airlines sector in the country.</span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-01-30', 'modified' => '2022-01-30', 'keywords' => '', 'description' => '', 'sortorder' => '14431', 'image' => '20220130054211_Shree Airlines Dash 8-400.jpg', 'article_date' => '2022-01-30 17:41:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '14687', 'article_category_id' => '1', 'title' => 'Government yet to Release Rs 1.5 Billion to SSF ', 'sub_title' => '', 'summary' => 'January 30: Although the government had promised to deposit an amount equivalent to two months of contribution of workers in the Social Security Fund (SSF) as compensation for last year (mid-May to mid-July), the amount has not been released yet. ', '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"">January 30: Although the government had promised to deposit an amount equivalent to two months of contribution of workers in the Social Security Fund (SSF) as compensation for last year (mid-May to mid-July), the amount has not been released yet. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Presenting the budget for the Fiscal Year 2078/79, the then Finance Minister Bishnu Poudel had announced that the government would deposit the contribution amount as per the policy of providing relief to the workers and employers who were facing difficulties due to the impact of coronavirus. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">After the government made such an arrangement, the SSF issued a notice to the companies listed with the SSF that the contributors do not need to deposit the amount for the period between mid-May to mid-July. However, the Deputy Executive Director of the Fund, Bibek Panthi, said that the Ministry of Finance has not yet released the due amount. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the SSF, the MoF should deposit around Rs 1.5 billion compensation equivalent to the contribution of 175,000 workers as per the government’s announcement. The fund had submitted a claim to the Ministry of Finance through the Ministry of Labor, Employment and Social Security last June. However, no hearing has been done so far. Even after six months of the current fiscal year, the government has not yet deposited the amount. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"We had informed the contributors not to deposit the contribution amount of mid-May to mid-June July as per the provisions in the budget but the government has not released any amount yet," Panthi said. If the companies do not deposit the amount within 15 days of the completion of the month, they are deprived of any facility. However, the government’s dilly-dallying raises questions about the government's intentions. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the officials of the MoF, they will release the amount soon as it is still in the process. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"The government will keep up its promise," said Ritesh Shakya, joint secretary at the ministry of finance. According to him, the delay is due to the fact that the budget is released on priority basis. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">So far, 307,620 workers are listed in the fund. Similarly, 16,413 employers have been included in the list. According to the SSF, the number of people joining the fund is increasing after the pandemic. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-01-30', 'modified' => '2022-01-30', 'keywords' => '', 'description' => '', 'sortorder' => '14430', 'image' => '20220130041227_SSF (1).jpg', 'article_date' => '2022-01-30 16:11:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '14686', 'article_category_id' => '1', 'title' => 'Calibration Flight at Gautam Buddha Int’l Airport on February 21 ', 'sub_title' => '', 'summary' => 'January 30: Bhairahawa-based Gautam Buddha International Airport is almost ready for flight operations.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">January 30: Bhairahawa-based Gautam Buddha International Airport is almost ready for flight operations. The government is planning to initiate a calibration flight on February 21 and start regular flights from the upcoming Buddha Jayanti festival.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to the RSS, Minister for Culture, Tourism and Civil Aviation Prem Bahadur Ale has stated that preparations are underway to launch the 'calibration flight' on February 21.</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"">After inspecting the Gautam Buddha International Airport in Bhairahawa on Saturday afternoon, he said, "If the weather allows, there will be a calibration flight on February 21 and an international flight from Buddha Jayanti."</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"">Technicians, however, are doubtful that the calibration flight will take place during the schedule due to poor visibility and foggy weather at that time. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Minister Ale has instructed the Civil Aviation Authority of Nepal (CAAN), project officials, and team members to work to this end and not to delay the calibration flight. "Under no circumstances should the work be stopped," he said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">President of the Public Accounts Committee Bharat Kumar Shah, lawmaker Pramod Yadav and other technicians were present during the inspection visit. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Secretary at the Ministry Maheshwor Neupane said a technical team from</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"">Thailand’s Aero Thai would return only after performing a calibration flight at the airport. The 330 Airbus of Nepal Airlines Corporation will carry out the test flight, Neupane added. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Bijendra Shrestha, the representative of AeroThai for Nepal, said, "If you look at the weather here in three years, you can fly in VOFR." </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"">Calibration flight requires clear weather, and that includes at least 5 km visibility, said Shrestha. The aircraft is scheduled to land in Bhairahawa on February 21. Under no circumstances should it be later than February 21, he added. </span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">----- </span></span></span></p> ', 'published' => true, 'created' => '2022-01-30', 'modified' => '2022-01-30', 'keywords' => '', 'description' => '', 'sortorder' => '14429', 'image' => '20220130011935_2021110617_n.jpg', 'article_date' => '2022-01-30 13:17:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '14685', 'article_category_id' => '1', 'title' => 'Odd-Even Rule Lifted for Public Vehicles ', 'sub_title' => '', 'summary' => 'January 30: The district administration offices of the Kathmandu Valley have removed the odd-even number system for public vehicles effective from Friday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 30: The district administration offices of the Kathmandu Valley have removed the odd-even number system for public vehicles effective from Friday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The meeting of the chief district officers of Kathmandu, Lalitpur and Bhaktapur on Friday decided to lift the odd-even scheme. Following the decision, public buses, microbuses and three-wheelers will be allowed to operate in the valley by following health protocols.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, the odd-even rule remains effective in case of private vehicles including two wheelers and taxis. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The district administration offices had imposed the odd-even rule in the valley recently in the wake of the third wave of coronavirus. The odd-even rule does not apply for vehicles used for essential services. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-01-30', 'modified' => '2022-01-30', 'keywords' => '', 'description' => '', 'sortorder' => '14428', 'image' => '20220130114053_20210715011716_20200721030826_1595264681.yatayat.jpg', 'article_date' => '2022-01-30 11:39:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '14684', 'article_category_id' => '1', 'title' => 'Bad Loans of 21 Banks Decline', 'sub_title' => '', 'summary' => 'January 28: While businesses have been struggling due to the impact of Covid-19, most commercial banks have reduced their bad loans.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">January 28: While businesses have been struggling due to the impact of Covid-19, most commercial banks have reduced their bad loans. By the second quarter of the current Fiscal Year (FY) 2078/79, most of the 27 commercial banks have succeeded in reducing their bad loans.</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"">Out of the 27 commercial banks, 21 banks have succeeded in reducing bad loans. Siddhartha Bank Limited has become the most successful bank in reducing bad loans. Compared to the second quarter of the last fiscal year 2077/78, the bank has reduced bad loans by 1.54 points in the second quarter of the current fiscal year. By the second quarter of the current fiscal year, the non performing loan (NPL) ratio of this bank has come down to 0.37 percent. The bank's non-performing loans stood at 1.91 percent in the second quarter of 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"">Himalayan Bank Limited is in the second place in reducing bad loans. Compared to the second quarter of last year, the bad debt of this bank has decreased by 1.41 points and has remained at 0. 72 percent till the second quarter of the current fiscal year. Rastriya Banijya Bank, which is in the third position to reduce bad loans, has managed to reduce by 1.17 points in the second quarter of the current fiscal year compared to the second quarter of the last fiscal year. The NPL ratio of the bank stood at 3.6 percent in the second quarter of the current fiscal 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"">As of the second quarter of the current fiscal year, three government-owned commercial banks are in the top spot in terms of bad loans. Rastriya Banijya Bank is in the first place, Agriculture Development Bank is in the second place, and Nepal Bank Limited is in fourth place.</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"">Private sector-run Nepal Investment Bank is in third place with the worst bad loans.</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"">Rastriya Banijya Bank's non-performing loans stood at 3.6 percent in the second quarter of the current fiscal year. Similarly, the bad loan of Agriculture Development Bank is 2.8 percent, Nepal Investment Bank (2.06 percent), and Nepal Bank (1.91 percent). Bad loans of 15 commercial banks are above 1 percent. Three of them have bad debts of more than 2 percent.</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"">Nepal SBI Bank has the lowest bad loans at 0.14 percent as of the second quarter of the current fiscal year. Similarly, Everest Bank is in second place, and Sanima Bank stands third.</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"">As of the second quarter of the current fiscal year, the non-performing loans (NPLs) of Everest Bank stood at 0.26 percent and Sanima Bank at 0.31 percent.</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"">While most of the commercial banks were able to reduce bad loans during the review period, Nabil, Sunrise, Laxmi, NIC Asia, and Everest Bank were unable to do so.</span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> <p> </p> ', 'published' => true, 'created' => '2022-01-28', 'modified' => '2022-01-28', 'keywords' => '', 'description' => '', 'sortorder' => '14427', 'image' => '20220128034042_Bad Loan.jpg', 'article_date' => '2022-01-28 15:39:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '14683', 'article_category_id' => '1', 'title' => 'BFIs Preparing to Increase Interest Rates on Loans', 'sub_title' => '', 'summary' => 'January 28: Banks and financial institutions (BFIs) are preparing to increase the interest rates on loans by adding a certain percentage of premium to the base rate. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">January 28: Banks and financial institutions (BFIs) are preparing to increase the interest rates on loans by adding a certain percentage of premium to the base rate. Since the base rate has increased in the second quarter of the current fiscal year, the interest rate on loans is also set to increase.</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 average base rate of banks has increased by 1.21 percent until mid-January of the current fiscal year from 7.19 percent (mid-Jan 2021) to 8.40 percent.</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"">After the increase in the base rate, the interest rate of the loan will automatically increase for the old borrowers and the new customers will also have to pay the new rate to receive the loan. The interest rate of the loan changes automatically every quarter based on the base rate of the bank and financial institution.</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 financial statements of the banks, Rastriya Banijya Bank has the lowest base rate of 6.60 percent and Civil Bank has the highest base rate of 9.74 percent.</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"">Banks have been raising interest rates on savings since the beginning of the current fiscal year due to lack of liquidity in BFIs. Due to this, the cost of capital has increased and so has the base rate. The base rate has been limited to single digits after the Nepal Rastra Bank (NRB) intervened in the competition among BFIs to increase interest rates on deposits.</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 NRB had directed BFIs to limit the interest rate to a single digit in November. Following NRB's directive, the maximum interest rate on deposits has remained below 11 percent.</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"">NRB had implemented the base rate through the monetary policy of 2013/14 to make loan interest rate transparent and competitive. It had come into effect in commercial banks from 2013 and from 2014 in development banks and finance companies. BFIs can fix the base rate by adding 0.75 percent of their return on their cost. Banks are required to calculate the base rate on a monthly basis and submit it to the central bank within seven days of the end of the month and publish it on their website.</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"">While publishing the base rate of interest loans, they can add a certain percent of premium on it. According to this provision, the interest rate of the loan decreases and increases every quarter. The general public has also started bargaining on the interest rate of loans based on the base rate of the banks.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-01-28', 'modified' => '2022-01-28', 'keywords' => '', 'description' => '', 'sortorder' => '14426', 'image' => '20220128021204_Banks - Copy.jpg', 'article_date' => '2022-01-28 14:11:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '14682', 'article_category_id' => '1', 'title' => 'Import of Silver takes a Nosedive ', 'sub_title' => '', 'summary' => 'January 28: The import of silver has dropped sharply after the Nepal Rastra Bank (NRB) made it mandatory to keep 100 percent cash margin when opening a letter of credit (LC). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">January 28: The import of silver has dropped sharply after the Nepal Rastra Bank (NRB) made it mandatory to keep 100 percent cash margin when opening a letter of credit (LC). NRB had made an arrangement to keep a cash margin when opening LC to import silver in mid-December. As a result, its imports have plummeted. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Before the provision of 100 percent cash margin to open the LC, silver worth more than Rs 2 billion used to be imported on a monthly basis. However, the data from the Department of Customs show that after the NRB's new arrangement, silver imports dropped to Rs 620 million between to mid-December to mid-January. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the data, the import of silver has been declining from mid-November. Silver amounting Rs 290 million was imported from mid-November to mid-December. Prior to this, silver worth Rs 2.5 billion was imported between mid-October to mid-November, Rs 3.51 billion between mid-September to mid-October, Rs 4 billion between mid-August to mid-September and Rs 2.62 billion betweenmid-July to mid-August. Silver worth Rs 12.57 billion was imported in the first six months of the current fiscal year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Due to the recent increase in imports, the outflow of Nepal's currency has been massive while the inflow is low. As a result, foreign exchange reserves have been steadily declining. Accordingly, the central bank had made an arrangement to keep such margin when opening an LC for importing silver and other luxury items. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Lately, the import of silver in Nepal had been increasing. Silver worth more than Rs 10 billion was imported in the first three months of the current fiscal year. NRB then tightened its screws my amending the monetary policy after the first quarterly review. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">President of the Federation of Nepal Gold and Silver Dealers Association Manik Ratna Shakya said that sufficient amount of silver could not be imported due to the provision of keeping margin while opening LC. He welcomed the tightening of silver imports at that time but said that it should not be done for a long time. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">"Currently, Nepal's foreign exchange reserves are declining. Accordingly, the tightening of silver imports is practical," he said, "But it should be removed once the situation is comfortable." </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Shakya said that there was a shortage of silver in the market after the decline in silver imports. "Despite the decline in silver imports, we were meeting the market demand with the silver reserves of the traders. However, the traders have now run out of stock," he said, adding "There has been a shortage of silver in the market for the last four to five days. Now it seems to be a challenge to meet the market demand." </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Chairman Shakya said that the traders are not hiding the silver despite the shortage. "Despite the scarcity, we have been supplying the silver that we have. However, acknowledging this situation, the government should facilitate the import of silver," he said. Moreover, he said that silver must be imported to meet the market demand. </span></span></p> ', 'published' => true, 'created' => '2022-01-28', 'modified' => '2022-01-28', 'keywords' => '', 'description' => '', 'sortorder' => '14425', 'image' => '20220128125000_silver.jpg', 'article_date' => '2022-01-28 12:49:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '14681', 'article_category_id' => '1', 'title' => 'Government urges Rescued Citizens to Report if they were Overcharged for Air Tickets', 'sub_title' => '', 'summary' => 'January 28: The Ministry of Culture, Tourism and Civil Aviation has urged the passengers rescued from various countries amid COVID-19 pandemic to report to the ministry if they were charged more than the set airfare during their evacuation through international chartered flights.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 28: The Ministry of Culture, Tourism and Civil Aviation has urged the passengers rescued from various countries amid COVID-19 pandemic to report to the ministry if they were charged more than the set airfare during their evacuation through international chartered flights. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement on Thursday, the ministry asked the victims to report the matter to the investigation committee along with official documents and evidences within a week. The victims can also email the documents to the official email address of the ministry – info@tourism.go.np. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Government of Nepal had facilitated international chartered flights for rescuing Nepali citizens stranded in various countries due to the COVID-19 pandemic. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The ministry sought details following complaints from the rescued citizens that they were charged more than the airfare fixed for rescuing them and bringing them back to their homeland.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The ministry had earlier formed a committee to probe the matter. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-01-28', 'modified' => '2022-01-28', 'keywords' => '', 'description' => '', 'sortorder' => '14424', 'image' => '20220128114424_20201109112912_1604878353.14.jpg', 'article_date' => '2022-01-28 11:43:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '14680', 'article_category_id' => '1', 'title' => 'Petroleum Products and Vehicles Dominate Imports through Birgunj Checkpoint', 'sub_title' => '', 'summary' => 'January 27: Petroleum products and vehicles have entered Nepal in the highest quantity through Birgunj checkpost – the country’s main border point in terms of import and export volume. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">January 27: Petroleum products and vehicles have entered Nepal in the highest quantity through Birgunj checkpost – the country’s main border point in terms of import and export volume. These items have dominated the main list of goods imported through Birgunj customs in the last six 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"">According to the Birgunj Customs Office, petroleum products and vehicles have been at the forefront of the 20 main items imported in the current fiscal year (FY 2078/79) from July to December.</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"">Chief Customs Officer Harihar Poudel said that the contribution of such items is more in the revenue collected by Birgunj 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"">Petroleum products and vehicles alone account for about 62 percent of the total revenue. The contribution from petroleum products is 37.4 percent, and 24.4 percent from automobiles. The Birgunj customs office had collected revenue of Rs 105 billion in six 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"">The five main items entering the country through this checkpoint are diesel, four-wheelers (jeep/car/van), petrol, motorcycle, and LP gas, respectively. In the first half of the current fiscal year, 614,000 kiloliters of diesel worth Rs 44.41 billion has been imported through this checkpoint. This amount is 22 percent more than the corresponding period of the previous fiscal year 2077/78.</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"">Import of jeeps/cars and vans, which is second in the import list, has also increased by 43 percent. According to customs data, 4,029 automobiles worth Rs 4.90 billion have been imported in the first six months of the current fiscal 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"">Similarly, 250,000 kiloliters of petrol was imported during the review period which is 25 percent higher than the previous 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"">The government has been saying it will reduce the import of LP gas by increasing electricity consumption but the figures suggest otherwise. The import of LPG has increased by 15 percent. It is seen that 137,000 metric tons of LP gas have been imported in the last six months. Birgunj is the main entry point for petroleum products.</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 customs officials, about half of the nation's total imports enter from this port.</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"">Meanwhile, imports of motorcycles have declined. Imports of motorcycles fell by 32 percent in the first six months of this 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"">Customs officials claim that the import from Birgunj has decreased as some importers who used to import motorcycles from Birgunj have now gone to Bhairahawa customs. The office estimates that such imports have decreased as motorcycles are being assembled in the country.</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 customs data, imports of unassembled motorcycles have increased by 819 percent in the last six months. As of December last year, 868 such motorcycles had been imported. Now, this number has reached 7 thousand 979.</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"">Coal, mobile, aviation fuel, tar, furnace oil, base oil, and other petroleum products enter the country through Birgunj. Likewise, significant quantities of trucks, buses, and dumpers have also been imported. According to the customs office, readymade garments and semi-refined oil, iron, and other industrial raw materials are the main items entering the country through this checkpoint.</span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2022-01-27', 'modified' => '2022-01-27', 'keywords' => '', 'description' => '', 'sortorder' => '14423', 'image' => '20220127064909_Birgunj.jpg', 'article_date' => '2022-01-27 18:48:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '14679', 'article_category_id' => '1', 'title' => 'Insurance Companies Instructed to take Climate Risk into Consideration while determining Premium', 'sub_title' => '', 'summary' => 'January 27: Life insurance companies will have to determine the insurance premium by taking into consideration climate risk factor from now onwards. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">January 27: Life insurance companies will have to determine the insurance premium by taking into consideration climate risk factor from now onwards. The Insurance Board made such arrangement by issuing the 'Climate Risk Directive, 2078' on Monday. </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 regulatory body made such an arrangement after holding discussions with the World Bank. As the insurance sector of Nepal has also been affected by climate change, the board made such an arrangement. In addition, the directive intends to support the purpose of risk-based capital formation. </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"">However, this provision will be implemented 3 years after the issuance of the directive. According to the board, the insurance companies will have to include climate risk while formulating new insurance plans and determining its premium three years after the issuance of the directive. At the same time, the companies have to clarify on what criteria have the climate risk been included in the insurance premium. </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"">Executive Director of the Insurance Board Rajuraman Poudel said that climate risk should be included in determining the premium after three years. He said that such an arrangement has been made as the climate risk is increasing in the country.</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"">"Climate risk has been increasing in Nepal. Therefore, we made such an arrangement after various rounds of discussions with the World Bank," he said, "The companies will have to determine the insurance premium accordingly after three years. However, the impact of climate risk on the business needs to be studied for the time being. And, its report has to be submitted to the board annually." </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"">Recently, natural disasters such as floods and landslides are increasing in Nepal due to climate change. As a result, physical infrastructures, such as hydropower projects have been damaged. Similarly, the agriculture sector has also been directly affected due to the impact of climate change and the change in seasonal temperature. And, their impact is seen on the insurance sector as well. </span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-01-27', 'modified' => '2022-01-27', 'keywords' => '', 'description' => '', 'sortorder' => '14422', 'image' => '20220127042123_Insurance climate risk.jpg', 'article_date' => '2022-01-27 16:20:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14678', 'article_category_id' => '1', 'title' => 'Profit of 27 Commercial Banks Increase by 10 Percent', 'sub_title' => '', 'summary' => 'January 27: The net profit of twenty seven commercial banks has increased by an average of 10.10 percent until the second quarter of the current fiscal year (FY 2021/22). ', '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"">January 27: The net profit of twenty seven commercial banks has increased by an average of 10.10 percent until the second quarter of the current fiscal year (FY 2021/22). Compared to the second quarter of the last fiscal year 2020/21, the profit of commercial banks increased by 10.10 percent to Rs 34.21 billion. Until the second quarter of the last year, the total profit of these commercial banks was Rs 31.07 billion.</span></span></span></span></p> <p><span style="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 profit of sixteen commercial banks is over one billion rupees while the profit of other three banks has reached over two billion rupees. Global IME Bank has earned the highest profit of Rs 2.66 billion - an increase from Rs 2.31 billion in the corresponding period of last year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Similarly, NIC Asia is in second position and Nabil Bank is third in the list. NIC Asia has raised Rs 2.40 billion and Nabil Bank has earned a profit of Rs 2.18 billion. Experts consider the rise in profit of commercial banks as unreasonable at a time when the business of industries and factories is collapsing due to the Covid-19 pandemic.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the banks, their earnings on the basis of return on equity is very low. Nara Bahadur Thapa, former deputy director of Nepal Rastra Bank, said that banks have not emphasized on production which is having a negative impact on the economy. Thapa said due to the lack of appropriate government policies, microfinance and finance companies investing in the productive sector are on the verge of extinction. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Of all the commercial banks, Civil Bank Limited has made the lowest profit of Rs 504 million. However it has made improvement compared to the same period of last year. It has witnessed a rise in the profit by 148.42 percent.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Similarly, Siddhartha Bank and Century Commercial Bank follow Civil Bank in the list in terms of making an increase in the profit. Siddhartha Bank has seen a rise in profit by 71.68 percent compared to the same period of the last fiscal year while Century Commercial Bank's profit has increased by 54.77 percent.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Six commercial banks namely Prime, Prabhu, Kumari, Everest, Nepal Bangladesh and Sunrise Bank have seen a decline in the profit until the second quarter of the current fiscal year. Kumari Bank leads the list as it witnessed a decline in profit by 21.77 percent. It had made a profit of Rs 1.21 billion in the corresponding period of the last fiscal year which declined to Rs 951 million this year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Similarly, Prime Commercial Bank, Prabhu Bank, Everest Bank, Nepal Bangladesh Bank and Sunrise Bank saw a decline in the profit by 7.43 percent, 16.90 percent, 12.79 percent, 13.82 percent, 21.47 percent respectively until the second quarter of the current fiscal year.</span></span></span></span></p> <p> </p> <p><br /> </p> ', 'published' => true, 'created' => '2022-01-27', 'modified' => '2022-01-27', 'keywords' => '', 'description' => '', 'sortorder' => '14421', 'image' => '20220127015439_Banks - Copy.jpg', 'article_date' => '2022-01-27 13:53:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14677', 'article_category_id' => '1', 'title' => 'Apex Court Orders Government to Lower the Tax on Retirement Fund to 5%', 'sub_title' => '', 'summary' => 'January 27: The Supreme Court has ordered the government to lower the tax imposed on the retirement fund and incentives of government employees.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 27: The Supreme Court has ordered the government to lower the tax imposed on the retirement fund and incentives of government employees.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the apex court order, the government can impose only five percent tax on the money and incentives that the government employees are entitled to get after retirement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A division bench of justices Ishwar Prasad Khatiwada and Nahakul Subedi had issued the verdict two months ago and the full text of the verdict was released on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Earlier, the government in accordance to the Income Tax Act, 2058 had been imposing 15 percent tax on the money and incentives government employees were entitled to receive upon their retirement. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the state-owned national news agency RSS, the employees of the Rastriya Banijya Bank had filed a case against the provision of 15 percent tax imposed by the government. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> With the apex court verdict, Section 65 of the Income Tax Act, 2058 has been cancelled and Section 88 (Provision 1) of the same Act has come into effect for the implementation of 5 percent tax, RSS further reported. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-01-27', 'modified' => '2022-01-27', 'keywords' => '', 'description' => '', 'sortorder' => '14420', 'image' => '20220127124004_Supreme Court.jpg', 'article_date' => '2022-01-27 12:39:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14676', 'article_category_id' => '1', 'title' => 'Weather Expected to Improve Gradually from Friday ', 'sub_title' => '', 'summary' => 'January 27: The weather, which has been affected due to impact of westerly low pressure system for the past few days, is likely to improve gradually from Friday, January 28. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 27: The weather, which has been affected due to impact of westerly low pressure system for the past few days, is likely to improve gradually from Friday, January 28. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Senior meteorologist at the Department of Hydrology and Meteorology, Barun Poudel, said that there is possibility of gradual improvement of weather as the weather system is expected to weaken from Friday. “The sky across the country will remain partially to generally cloudy till Thursday,” Poudel said. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> Issuing a notice on Wednesday, the department cautioned people to adopt necessary safety and precaution to stay safe from cold as there is possibility of light snowfall at some places of high hills and Himalayan region of the country. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Sudurpaschim and Gandaki provinces have been witnessing generally cloudy weather while the sky in the remaining provinces has been partly cloudy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Rainfall occurred at one or two places of Sudurpaschim province on Wednesday. The weather of hill areas of Province 1, Bagmati and Gandaki provinces would remain generally cloudy and the sky of the remaining provinces would be partly cloudy on Thursday, the division said. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Light rainfall has been forecast at some places of hill areas and light snowfall at some places of high hills and Himalayan region of the country, according to the Meteorological Forecasting Division. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the division, the minimum temperature of Kathmandu Valley was 5.6 degrees Celsius and maximum temperature 16.5 degree Celsius on Wednesday. -- RSS</span></span></p> ', 'published' => true, 'created' => '2022-01-27', 'modified' => '2022-01-27', 'keywords' => '', 'description' => '', 'sortorder' => '14419', 'image' => '20220127122306_DaneBohora_Simkot_RSS_10(2).jpg', 'article_date' => '2022-01-27 12:22:20', '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
