The Nepal Stock Exchange (NEPSE) saw a significant gain of 108.35 points, or 4.08%, closing at 2759.67 on Wednesday, the third trading day of the week. This rise came as a rebound from yesterday's sharp decline of 145.05…
The Nepal Stock Exchange (NEPSE) saw a significant gain of 108.35 points, or 4.08%, closing at 2759.67 on Wednesday, the third trading day of the week. This rise came as a rebound from yesterday's sharp decline of 145.05…
KATHMANDU, August 7: The eSewa app, a leading digital wallet based in Nepal, disappeared from the Google Play Store on Tuesday, causing confusion and concern among its…
KATHMANDU, August 7: whereabouts of Gitendra Babu (GB) Rai, accused of misappropriating Rs 16 billion from common people by opening more than half a dozen cooperatives across the country, remains unknown despite efforts to trace…
KATHMANDU, August 7: The price of gold, which had hit an all-time high in the domestic market on Monday, has decreased for the second consecutive…
The business of life insurance companies increased by about 10 percent in the last fiscal year (FY), 2023/24.…
KATHMANDU, August 7: The Department of Hydrology and Meteorology has released a study report on the extreme rainfall recorded in Kanchanpur on July 7, identifying the event as a 'Terai…
Commercial banks of Nepal saw their non-performing loans (NPLs) surge in the last fiscal year as slowdown in economic activities affected loan…
Lack of progress in the investigation against Birgunj-based Integrated Check Post’s officials, who had allegedly given customs clearance to processed palm oil in the guise of semi-processed oil, has raised suspicion of efforts to influence the…
KATHMANDU, August 7: Department of Hydrology and Meteorology has predicted rainfall to continue in most of the places across the country today (Wednesday).…
KATHMANDU, August 7: Nepal defeated Iran in a competitive match to reach the final of the CAVA Women's Nations Volleyball League on…
Kailali district has achieved self-sufficiency in milk production, thanks to the commercial rearing of advanced breeds of cows and…
KATHMANDU, August 6: Heavy rainfall across Nepal since Monday night has led to disruption of flights at Tribhuvan International Airport (TIA). Poor visibility caused by the relentless downpour has affected both domestic and international…
The Nepal Stock Exchange (NEPSE) Index experienced a massive downfall, dropping by 145.05 points or 5.18%, to close at 2651.32. This marked a massive drop on the second trading day of the week,…
KATHMANDU, August 6: Veteran industrialist Shrawan Kumar Agrawal, who was also a Constituent Assembly member, passed away at his residence in Sanepa, Lalitpur, on Monday night.…
KATHMANDU, August 6: Due to the ongoing violent protests in Bangladesh, Prime Minister Sheikh Hasina has resigned and left the country, causing uncertainty regarding Nepal's electricity exports to…
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This rise came as a rebound from yesterday's sharp decline of 145.05 points.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 7: The Nepal Stock Exchange (NEPSE) saw a significant gain of 108.35 points, or 4.08%, closing at 2759.67 on Wednesday, the third trading day of the week. This rise came as a rebound from yesterday's sharp decline of 145.05 points.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today's trading session, 330 scrips were exchanged through 212,681 transactions on NEPSE. A total of 38,041,267 units of shares were traded, resulting in a total turnover of Rs 17.95 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Himalayan Reinsurance Company (HRL) led in turnover, with transactions totaling Rs 1.53 billion. Additionally, nine companies, including Bottlers Nepal Limited (BNL) and Nepal Reinsurance Company (NRIC), each gained 10%, reaching the upper circuit limit.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Conversely, Sanima Bank Limited Debenture (SAND2085) experienced the highest loss, falling 10% and closing at Rs 1131 per share. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Sensitive Index increased by 4.06%, while the Float Index and Sensitive Index rose by 3.89% and 3.92%, respectively.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Sector-wise, all sectors closed in the green. The Others Index and Finance Index saw substantial gains of 7.89% and 7.63%, respectively, while the Mutual Fund sector achieved the smallest gain of 1.01%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21498', 'image' => '20240807041928_collage (93).jpg', 'article_date' => '2024-08-07 16:17:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 1 => array( 'Article' => array( 'id' => '21771', 'article_category_id' => '1', 'title' => 'Why Did eSewa App Disappear from Google Play Store?', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: The eSewa app, a leading digital wallet based in Nepal, disappeared from the Google Play Store on Tuesday, causing confusion and concern among its users.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 7: </span><span style="font-family:"Arial","sans-serif"">The eSewa app, a leading digital wallet based in Nepal, disappeared from the Google Play Store on Tuesday, causing confusion and concern among its users.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Despite the app continuing to function normally for those who had it installed, its sudden removal from the Play Store left many users puzzled. The disappearance prompted a rush of activity as many users scrambled to clear their balances from the app.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Users took to social media to express their concerns. One user, @Suraj_Babu731, posted on X, "Thank God I don't use eSewa," showing the unease many felt. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Journalist Gajendra Budhathoki on Wednesday also shared his concerns on X, stating, "Everyone started clearing eSewa; mine is about 700. Planned to clear it by tomorrow."</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In response to the confusion, eSewa Pvt. Ltd. on Tuesday took to social media platform Facebook to address the situation. The company clarified that the app's removal was due to an internal change. eSewa Pvt. Ltd. has transitioned to a new entity, eSewa Limited. This transition requires updates to the company's details on various platforms, including the Google Play Store and the Data Universal Numbering System (DUNS). </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The company's official notice stated: "As eSewa Pvt. Ltd. has been transitioned to eSewa Limited, we are in the process of updating our details on the Google Play Store and DUNS. Consequently, the app is temporarily unavailable for download on the Play Store. However, the app remains accessible for iOS users through the App Store." eSewa Limited also extended its apologies for any inconvenience this issue may have caused to its users.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21497', 'image' => '20240807025445_esewa.jpg', 'article_date' => '2024-08-07 14:53:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21769', 'article_category_id' => '272', 'title' => 'Where is GB Rai?', 'sub_title' => 'Ravi Lamichhane says Rai is in Malaysia but parliamentary committee says he has returned from Malaysia', 'summary' => 'KATHMANDU, August 7: whereabouts of Gitendra Babu (GB) Rai, accused of misappropriating Rs 16 billion from common people by opening more than half a dozen cooperatives across the country, remains unknown despite efforts to trace him.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">KATHMANDU, August 7: whereabouts of Gitendra Babu (GB) Rai, accused of misappropriating Rs 16 billion from common people by opening more than half a dozen cooperatives across the country, remains unknown despite efforts to trace him.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Rai, accused of defrauding the depositors of cooperatives, is on the most wanted list of the police. Even though the police issued a diffusion notice in the first week of January, they have not been able to locate his whereabouts so far. The parliamentary special committee formed to investigate the misappropriation of cooperative savings has also instructed the government to present Rai before the committee.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">In Tuesday's meeting, the chairman of the committee, Surya Bahadur Thapa Chhetri, informed that they found details of Rai's return to Nepal from Malaysia, but couldn’t not find the details of his exit from Nepal.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">"Our investigation has found that Rai has not left Nepal," Thapa told New Business Age, "He may have absconded without using Nepal's airport."</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">In the first week of June, the then Deputy Prime Minister and Home Minister Ravi Lamichhane claimed that Rai was in Malaysia and efforts were being made to bring him to Nepal.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">However, Lamichhane had to quit the government before he could arrest GB Rai. Lamichhane's name is also associated with Rai in the misappropriation of cooperatives’ savings. It has been found that the funds of various cooperatives opened by Rai were invested in the Gorkha Media Network of which he himself is the chairman and loans were taken from some cooperatives in the name of Lamichhane. Lamichhane was the managing director of the media at that time.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">After the name of Lamichhane, who is also the chairman of the Rastriya Swatantra Party, was linked to the misappropriation of the cooperative's funds, a parliamentary committee was formed on May 28 to investigate the matter. The committee has been mandated to investigate nine other institutions apart from the 20 declared problematic. Among them, Swarnalakshmi Savings and Credit Cooperative in Kathmandu, Sahara Cooperative in Chitwan, Sano Paila Cooperative in Birgunj, Suryadarshan Cooperative in Pokhara, Supreme Savings and Credit Cooperative in Butwal, Equality Savings and Credit Cooperative in Nepalgunj, along with six other cooperatives were found to be connected with Rai and Gorkha Media Network.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The committee has demanded the documents of nine cooperatives that were included in the scope of investigation one month ago and the details of the loans given to the Gorkha Media Network. Chairman Thapa informed that they have made preparations for questioning the people accused of misappropriating the savings of cooperatives.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">"We have held 33 meetings and discussed with the stakeholders," he said after the discussion with reporters on Tuesday, "Now we will proceed with the questioning of the persons accused of misappropriation and then prepare the draft of the report."</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Similarly, Thapa informed that the work of financial report analysis of some organizations has also progressed.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The committee is preparing to interrogate the directors of 29 cooperatives and 26 accused persons. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21496', 'image' => '20240807024257_Raabi.jpg', 'article_date' => '2024-08-07 14:40:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21770', 'article_category_id' => '1', 'title' => 'Price of Gold Drops for Second Consecutive Day', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: The price of gold, which had hit an all-time high in the domestic market on Monday, has decreased for the second consecutive day.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, August 7: The price of gold, which had hit an all-time high in the domestic market on Monday, has decreased for the second consecutive day.<br /> According to the Federation of Gold and Silver Dealers' Association, the price of fine gold dropped by Rs 1,400 per tola on Wednesday. Gold is being traded at Rs 146,300 per tola, down from Rs 147,700 per tola on Tuesday.<br /> The price of silver also saw a decline, with silver being traded at Rs 1,710 per tola on Wednesday, a decrease of Rs 15 per tola from Tuesday's price of Rs 1,725 per tola. </span></span></p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21495', 'image' => '20240807024708_20240801032633_cd5483b7.jpeg', 'article_date' => '2024-08-07 14:46:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21768', 'article_category_id' => '1', 'title' => 'Business of Life Insurance Companies up by Ten Percent in Last FY', 'sub_title' => '', 'summary' => 'The business of life insurance companies increased by about 10 percent in the last fiscal year (FY), 2023/24. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">NEWBIZ REPORT</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Kathmandu, August 7</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">The business of life insurance companies increased by about 10 percent in the last fiscal year (FY), 2023/24. According to the Nepal Insurance Authority (NIA), life insurance companies collected Rs 156.33 billion from the sale/renewal of 13.744 million insurance policies. Compared to the previous year, the insurance fee collected during last year is 9.82 percent higher. In the year 2022/23, they collected Rs 142.35 billion from the sale/renewal of 14.137 million insurance policies.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Insurance policy renewal plays a significant role in the business expansion of companies. In 2023/24, the insurance companies collected Rs 121 billion in insurance fee only from renewal of insurance policy. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Nepal Life Insurance Company topped the list of companies in insurance fee collection. It collected Rs 37.17 billion in insurance fees in 2022/23 and Rs 40.85 billion in 2023/24. Similarly, Sun Nepal Life Insurance collected the lowest insurance fee of Rs 3.88 billion last year, which was Rs 3.78 billion in 2022/23.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Including the micro life insurance companies as well, the total insurance fee collection last year increased by 9.94 percent compared to the previous year. Adding the micro life insurance company as well, the insurance companies collected Rs 142.35 billion in insurance premiums in the previous year, which increased to Rs 156.50 billion last year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Among the micro insurance companies, Crest Micro Life collected the highest premium. Crest collected Rs 9.76 billion from the sale of 58,866 insurance policies last year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">President of Life Insurers’ Association, Nepal and Chief Executive Officer of Citizens Life Insurance, Poshak Raj Paudel says that the impact of the recession in the economy also affected the business of insurance companies, so the business growth was not impressive last year. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">He said, “When the economic activities increase, the income of common people increases and the business of insurance companies also expands.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '21494', 'image' => '20240807021012_INSURANCE-COVERAGE.jpg', 'article_date' => '2024-08-07 14:09:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21767', 'article_category_id' => '1', 'title' => 'Record-Breaking Rainfall in Kanchanpur on July 7 Due to 'Terai Cloudburst': Report', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: The Department of Hydrology and Meteorology has released a study report on the extreme rainfall recorded in Kanchanpur on July 7, identifying the event as a 'Terai Cloudburst.'', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 7: The Department of Hydrology and Meteorology has released a study report on the extreme rainfall recorded in Kanchanpur on July 7, identifying the event as a 'Terai Cloudburst.'</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The department conducted field visits to Dodhara, Hanumannagar, and Sundarpur to inspect the automated rainfall measurement instruments installed there. The data from Sundarpur indicated discrepancies from the department's standards, necessitating further assessment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Hanumannagar experienced 102 mm of rainfall in just one hour from 10:05 pm to 11:05 pm on July 7. Over a 24-hour period from 8:45 am on July 7 to 8:45 am on July 8, Hanumannagar received 573.6 mm of rainfall, Sundarpur 556.4 mm, and Dodhara 624 mm.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the department’s spokesperson Sunil Pokhrel, the intense downpour was caused by a combination of monsoon activity in the upper, middle, and lower atmosphere, along with a low-pressure system in the Westerly wind.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The extreme rainfall inundated the plains of Kanchanpur, causing various rivulets to overflow and leading to significant damage. Analyzing a satellite photo taken at 6:15 am on July 9, around 98 square kilometers (about six percent of the total area) of Kanchanpur was submerged, including approximately 85 square kilometers of agricultural land and about 14,000 physical structures.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Reports from interactions and other sources during the onsite visit indicated relatively less damage than expected, given the highest rainfall ever recorded in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The report concluded that timely dissemination of special bulletins, impact-based meteorological forecasting, mass SMS services, and sufficient preparedness and response, including effective search and rescue operations, played a major role in minimizing damages.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The report recommended increased investment in weather forecasting and preparedness to reduce disaster risk, as monsoon-related incidents are likely to increase due to climate change. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21493', 'image' => '20240807011721_20240710125955_SS-Kanchanpur-24DSC00097(1)copy.jpg', 'article_date' => '2024-08-07 13:16:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21766', 'article_category_id' => '1', 'title' => 'Average NPL Ratio of Commercial Banks Surged to 3.58% in last FY', 'sub_title' => 'Kumari Bank and Nepal Investment Mega Bank each have the highest NPL ratio at 4.95%, while Everest has the lowest at 0.71%', 'summary' => 'Commercial banks of Nepal saw their non-performing loans (NPLs) surge in the last fiscal year as slowdown in economic activities affected loan recovery.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 7</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Commercial banks of Nepal saw their non-performing loans (NPLs) surge in the last fiscal year as slowdown in economic activities affected loan recovery.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The average NPL ratio of the commercial banks increased to 3.58% by the end of the FY 2023/24, up from 3.05% in the previous FY 2022/23, the unaudited financial statements of the banks for the last quarter of the last fiscal year show. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NPLs, also known as bad loans, refer to the credit extended by the banks and financial institution which cannot be recovered in a specified period. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While seven banks saw their NPL decline in the review year, remaining 13 witnessed an increase, with eight banks reporting more than 4% NPL.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While Kumari Bank has the highest NPL ratio at 4.95%, Everest Bank has the lowest at 0.71%.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Meanwhile, NIC Asia Bank’s NPL ratio increased from 0.88% to 3.41% in a year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Various external and internal factors caused slowdown in economic activities affecting banks’ credit expansion as well as recovery </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The long term effects of Covid pandemic, ongoing Russia-Ukraine conflict, and the protests in the country for non-payment of loans taken from the banks and financial institutions impacted the loan recovery. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The average NPL ratio of Nepal’s commercial banks was 1.10 in the fiscal year 2021/22. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Despite the surge, Nepal Rastra Bank’ newly appointed spokesperson Ramu Paudel, argued that it was not a major issue. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“NPL has surged because of the sluggish economic activities,” said Paudel. “It will start coming down as the economic activities accelerate.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The International Monetary Fund (IMF) has also raised questions on the NPL statistics of Nepali banks.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The global financial agency put a condition last year of carrying out the audit of 10 big commercial banks to examine their credit quality before approving an installment under the Extended Credit Facility (ECF), suspecting evergreening of loans. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal Rastra Bank has moved forward the process of selecting an auditor for the purpose.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Table below shows NPL ratios of Nepali commercial banks at the end of fiscal years 2022/23 and 2023/24.</span></span></strong></span></span></p> <p> </p> <table cellspacing="0" style="border-collapse:collapse"> <tbody> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Banks</span></span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NPL ratio (2023/24)</span></span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NPL ratio (2022/23)</span></span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal Investment Mega</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.95</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.54</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kumari</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.95</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.96</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Himalayan</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.91</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.93</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Prabhu</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.78</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.98</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Laxmi Sunrise</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.72</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.91</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Prime Commercial </span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.67</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.85</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Global IME</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.37</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.15</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Citizens</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.07</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.39</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nabil</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.85</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.39</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Rastriya Banijya</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.65</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.77</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Machhapuchchhre</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.63</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.26</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Agriculture Development</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.44</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.78</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NIC Asia</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.41</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">0.88</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal Bank</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.28</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.85</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NMB </span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.27</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.75</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Siddhartha</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.22</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.01</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Standard Chartered</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.14</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">1.18</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal SBI</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.43</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Sanima </span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">1.73</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">1.31</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Everest</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">0.71</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">0.79</span></span></span></span></p> </td> </tr> </tbody> </table> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21492', 'image' => '20240807120501_20240717011652_20240624011617_bankkkkkkk.jpg', 'article_date' => '2024-08-07 12:03:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21765', 'article_category_id' => '1', 'title' => 'Lack of Progress in Investigation against ICP Officials in Birgunj Raises Suspicion ', 'sub_title' => '', 'summary' => 'Lack of progress in the investigation against Birgunj-based Integrated Check Post’s officials, who had allegedly given customs clearance to processed palm oil in the guise of semi-processed oil, has raised suspicion of efforts to influence the investigation.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">OM PRAKASH KHANAL<br /> BIRGUNJ, August 7</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Lack of progress in the investigation against Birgunj-based Integrated Check Post’s officials, who had allegedly given customs clearance to processed palm oil in the guise of semi-processed oil, has raised suspicion of efforts to influence the investigation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Department of Customs had started the investigation against customs officer Sunita Paudel and examiner Ramesh Majhi last month after finding out that the consignment of processed palm oil imported by RMC Foods was cleared by the customs office as semi-processed palm oil, for which the imported had to pay less customs duty.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The officials had given the clearance without examining the oil, against the directive of the department. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Traders are found lying about their consignment as they are charged 10% import duty on semi-processed palm oil and 15% on the processed one, department officials say. The alleged officials were suspected of colluding with the traders. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The palm oil imported by RMC Foods was given the customs clearance by charging 10% customs duty and 13% VAT.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Customs Officer Paudel and examiner Majhi were summoned in writing on July 14 to the department for further inquiry.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Dhundi Prasad Niraula, director general at the Department of Customs, had earlier told New Business Age the department’s Investigation and Compliance Branch was tasked to move the investigation forward and submit a report in three days. But, the branch has not submitted the report till date.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">There has been no progress in the case even after three weeks, according to the department sources. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Niraula, however, argued that the two officials were visiting the department daily and the investigation was ongoing.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">After discovering that traders were avoiding revenue by labelling processed oil as semi-processed, the Department of Customs directed its subordinate offices to approve inspections only through oil testing. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The ICP Customs has now started an investigation into a suspected collusion involving an employee, as the raw material got customs clearance without a laboratory test report.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Multiple attempts to reach Deputy Director General Ramesh Aryal, who has been assigned to carry out the investigation, for comments on the matter were unsuccessful.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A senior official of the Department of Customs said that the investigation is being delayed to exempt employees who are under investigation for causing a revenue loss. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Individuals aware of the matter said that attempts were being made to protect the two officials from any proceedings as they happen to be the members of the employee union close to the ruling political party.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">They argued that the investigation could be influenced by the transfer of DG Niraula, who started the investigation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">"Since the DG is going to be transferred, there has been a delay in the investigation," the senior official said on condition of anonymity.</span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21491', 'image' => '20240807113552_20210702051202_20191103092810_20190807121918_Clipboard01.jpg', 'article_date' => '2024-08-07 11:35:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21764', 'article_category_id' => '1', 'title' => 'Rainfall Likely to Continue Across the Country Today', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: Department of Hydrology and Meteorology has predicted rainfall to continue in most of the places across the country today (Wednesday). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 7: Department of Hydrology and Meteorology has predicted rainfall to continue in most of the places across the country today (Wednesday). According to the department, monsoon low-pressure trough is located further north than usual due to which the monsoon wind is currently impacting the entire nation. As a result, the country is experiencing generally cloudy weather across the country with high possibility of rainfall.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The department has forecast light to moderate rainfall in all seven provinces, including Koshi, Madhes, Bagmati, Karnali, Sudurpaschim, Gandaki, and Lumbini. Heavy rainfall is also likely at a few locations within these provinces. Torrential rain is expected at one or two places in Koshi, Sudurpaschim, Lumbini, and Karnali provinces, prompting the department to urge caution due to the risk of landslides and flooding.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Tonight, the weather is predicted to remain partly to generally cloudy with light to moderate rain accompanied by thunder and lightning in some areas. Heavy rainfall is again anticipated in a few locations within the Koshi, Bagmati, Gandaki, Lumbini, and Sudurpaschim provinces.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Over the next 24 hours, the Meteorological Forecasting Division has predicted light to moderate rain with thunder and lightning in most provinces, including Koshi, Madhes, Bagmati, Gandaki, Lumbini, Karnali, and Sudurpaschim, with heavy rainfall expected in a few areas.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Meanwhile, the Meteorological Forecasting Division recorded 73 mm of rainfall in Kathmandu over the past 24 hours. The highest rainfall was recorded in Dharan at 104 mm, followed by Okhaldhunga (85 mm), Biratnagar (80 mm), Janakpur (74 mm), Jiri (46 mm), Pokhara (30 mm), Bhairahawa (26 mm), and Simara (21 mm).</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => 'rainfall, monsoon, Nepal, thunder, lightening, ', 'description' => '', 'sortorder' => '21490', 'image' => '20240807111209_20230904111644_rain (1).jpeg', 'article_date' => '2024-08-07 11:11:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21763', 'article_category_id' => '1', 'title' => 'Nepal into Final of CAVA Women's National League Volleyball after Defeating Iran ', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: Nepal defeated Iran in a competitive match to reach the final of the CAVA Women's Nations Volleyball League on Tuesday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU, August </span></span>7<span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">: Nepal defeated Iran in a competitive match to reach the final of the CAVA Women's Nations Volleyball League on Tuesday. Nepal defeated Iran in straight sets of 25-21, 28-26 and 25-20 in the semifinals held at the </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">National Sports Council’s Covered Hall in Tripureshwar to avenge its earlier defeat in the round-robin league. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Following the victory, Nepal will now face India in the final of the League at 5 PM today (Wednesday). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Earlier, Nepal and Iran had entered the semi-finals of the League securing second and third positions in the league stage, respectively. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal's chief coach Jagdish Bhatta shared happiness saying that Nepal achieved success by learning lessons from past mistakes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prior to this, Iran had defeated Nepal by 3-2 sets in the second match of the league stage. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Earlier on Tuesday, India defeated Sri Lanka in the first semi-final in straight sets of 3-0. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21489', 'image' => '20240807110209_1722907003_nepal_cava-1200x560.jpg', 'article_date' => '2024-08-07 11:01:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21762', 'article_category_id' => '1', 'title' => 'Kailali Achieves Self-Sufficiency in Milk Production', 'sub_title' => '', 'summary' => 'Kailali district has achieved self-sufficiency in milk production, thanks to the commercial rearing of advanced breeds of cows and buffaloes.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 7: Kailali district has achieved self-sufficiency in milk production, thanks to the commercial rearing of advanced breeds of cows and buffaloes. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The district now exports milk to other areas, according to Kabiraj Kathayat, Information Officer at the Veterinary Hospital and Animal Services Expert Center.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Center's statistics reveal that, following the introduction of a subsidy program by the provincial government to promote dairy farming, Kailali produced 96 metric tons of milk in the fiscal year 2078/79. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The milk production increased to 106 metric tons in 2079/80 and further to 168 metric tons in 2080/81.</span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> Currently, the district exports 2,000 to 2,500 liters of milk daily, according to the Dairy Development Project Attaria.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The district officially has 52 cow and buffalo farms registered with the Livestock Services Office, employing 156 people. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">There are also 14 dairy cooperatives, 44 private dairies, and one major enterprise, Khaptad Industries Pvt. Ltd, collectively generating an estimated annual business of around Rs 188.4 million.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Pushpa Bharati of the Livestock Services Office highlighted the economic impact of these developments.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> Puskarraj Nath from the Livestock and Fisheries Development Directorate said that Sudurpaschim Province is on the path to self-sufficiency not only in milk but also in meat, eggs, and fish production. (RSS)</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21488', 'image' => '20240807060440_collage (92).jpg', 'article_date' => '2024-08-07 06:02:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 11 => array( 'Article' => array( 'id' => '21760', 'article_category_id' => '1', 'title' => 'Incessant Rainfall Disrupts Flights Nationwide', 'sub_title' => '', 'summary' => 'KATHMANDU, August 6: Heavy rainfall across Nepal since Monday night has led to disruption of flights at Tribhuvan International Airport (TIA). Poor visibility caused by the relentless downpour has affected both domestic and international flights.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 6: Heavy rainfall across Nepal since Monday night has led to disruption of flights at Tribhuvan International Airport (TIA). Poor visibility caused by the relentless downpour has affected both domestic and international flights.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Jagannath Niraula, General Manager at TIA, reported that a Turkish Airlines flight was rerouted to Lucknow, India, and an Air India flight was diverted to Benaras on Tuesday morning. Domestic flights have also faced delays due to the adverse weather conditions.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">TIA has indicated that flights will resume as visibility improves. However, the Meteorological Forecasting Division warns of continued heavy to extremely heavy rainfall on Tuesday as well as on Wednesday, with particular risk in Koshi Province, Madhes Province, Bagmati Province, Gandaki Province, and Sudurpaschim Province. -- RSS</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21487', 'image' => '20240806055717_TIA.jpg', 'article_date' => '2024-08-06 17:56:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21759', 'article_category_id' => '1', 'title' => 'NEPSE Sees Massive Downfall with Record Turnover of Rs 23.71 Billion', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced a massive downfall, dropping by 145.05 points or 5.18%, to close at 2651.32. This marked a massive drop on the second trading day of the week, Tuesday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 6: The Nepal Stock Exchange (NEPSE) Index experienced a significant decline, dropping by 145.05 points or 5.18%, to close at 2651.32. This marked a massive drop on the second trading day of the week, Tuesday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During the trading session, 322 different securities were traded in 271,587 transactions. A total of 53,844,237 shares were exchanged, resulting in a record turnover of Rs 23.71 billion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Himalayan Reinsurance Company Limited (HRL) led the market with a total transaction value of Rs 1.39 billion. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Three Star Hydropower Limited (TSHL) saw a 10% gain, hitting the upper circuit for the day. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In contrast, seven companies, including Nepal Finance Limited (NFS), Gurkhas Finance Limited (GUFL), and NRN Infrastructure and Development Limited (NRN), experienced a 10% loss, reaching the lower circuit.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Sensitive Index fell by 5.53%, while the Float Index and the Sensitive Float Index decreased by 5.50% and 6.09%, respectively. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">All sectors closed in the red, with the Finance Index and Hotels and Tourism Index experiencing the most significant drops of 8.27% and 8.03%. The Others Index saw the smallest decline at 1.32%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21486', 'image' => '20240806034524_collage (91).jpg', 'article_date' => '2024-08-06 15:43:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '21761', 'article_category_id' => '1', 'title' => 'Veteran Industrialist Shrawan Kumar Agrawal Passes Away', 'sub_title' => '', 'summary' => 'KATHMANDU, August 6: Veteran industrialist Shrawan Kumar Agrawal, who was also a Constituent Assembly member, passed away at his residence in Sanepa, Lalitpur, on Monday night. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 6</span></span>: <span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Veteran industrialist Shrawan Kumar Agrawal, who was also a Constituent Assembly member, passed away at his residence in Sanepa, Lalitpur, on Monday night. He was 77.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Agrawal, who was also the former chairman of Marwadi Sewa Samiti, was active in various industries and businesses for the last 58 years. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Agrawal is survived by his wife, two sons, and a daughter. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">His son, Rajesh Kumar Agrawal, is the president of the Confederation of Nepalese Industries (CNI).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">CNI, through a statement, extended condolences on Agrawal's passing. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">His last rites would be performed at Pashupati Aryaghat on Tuesday. </span></span>-- <span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">RSS</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21485', 'image' => '20240806060046_thumb4-1722923853.jpg', 'article_date' => '2024-08-06 18:00:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21756', 'article_category_id' => '1', 'title' => 'Electricity Export to Bangladesh Uncertain', 'sub_title' => '', 'summary' => 'KATHMANDU, August 6: Due to the ongoing violent protests in Bangladesh, Prime Minister Sheikh Hasina has resigned and left the country, causing uncertainty regarding Nepal's electricity exports to Bangladesh.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">KATHMANDU, August 6: Due to the ongoing violent protests in Bangladesh, Prime Minister Sheikh Hasina has resigned and left the country, causing uncertainty regarding Nepal's electricity exports to Bangladesh.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The agreement for Nepal's electricity export to Bangladesh, initially scheduled for July 28, was postponed due to the protests. Following Prime Minister Hasina's departure on Monday, Army Chief General Waqer-Uz-Zaman announced the formation of a new interim government.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">This political instability has raised more doubts about the timeline and feasibility of the agreement between the two countries. However, Bangladeshi government officials have indicated that despite potential delays, the newly formed government may still view purchasing electricity from Nepal favorably, given Bangladesh's need for power.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The agreement on electricity export from Nepal to Bangladesh, once signed, will mark the first time Nepal exports electricity to a third country. Since 2021, Nepal has been exporting electricity to India’s competitive energy market.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">A tripartite agreement between the Nepal Electricity Authority, India's NTPC Vidyut Vyapar Nigam (NVVN), and the Bangladesh Power Development Board was to be signed on July 28. The agreement outlined that Nepal would sell 40 megawatts of electricity to Bangladesh at 6.4 US cents per unit during the six-month rainy season (from June 15 to November 15 each year) for the next five years.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">However, the student protests in Bangladesh and the toppling of the government have significantly disrupted these plans. Deputy Executive Director of the NEA, Manoj Silwal, expressed concerns about the uncertainty surrounding electricity exports due to the recent developments.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The new interim government in Bangladesh, not formed through the electoral process, creates an abnormal situation. "There is a doubt that the new government will easily implement the decisions of the previous government," Silwal said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Previously, citing the protests, Sheikh Hasina's government informed the Nepali embassy that it would be unable to attend the agreement signing scheduled for July 28. The Ministry of Energy, Water Resources, and Irrigation had planned to export 28,800 megawatt hours of electricity to Bangladesh monthly, with a goal of exporting 144,000 megawatt hours and earning Rs 1.23 billion in the next five months if an agreement was reached immediately.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Navinraj Singh, spokesperson for the Ministry of Energy, Water Resources, and Irrigation, stated that due to the latest political developments in Bangladesh, it is challenging to predict the outcome of the electricity purchase and sale. "The first thing is that there is no government there now," he said. "The head of the government has left the country." This has added to the confusion surrounding the electricity purchase and sale agreement.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Despite Sheikh Hasina's government prioritizing the purchase of electricity from Nepal, Nepali officials acknowledge that the agreement will depend on the new government's stance. "However, due to the lack of electricity in Bangladesh, we believe that the newly formed government will prioritize purchasing electricity from Nepal. Now let's see how the events progress," Singh added.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">In addition to the tripartite agreement, the bilateral high-level mechanism meeting on energy between Nepal and Bangladesh, scheduled for July 29-30 in Pokhara, was also postponed. This meeting aimed to discuss or sign an agreement on establishing a joint venture to build the Sunkoshi 3 hydropower project with a capacity of 683 MW. However, recent developments have added uncertainty to this plan as well, Singh noted.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21484', 'image' => '20240806014732_20240718112709_c70a54ed.jpeg', 'article_date' => '2024-08-06 13:47:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '21773', 'article_category_id' => '1', 'title' => 'NEPSE Gains 108.35 Points, Closing at 2759.67', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) saw a significant gain of 108.35 points, or 4.08%, closing at 2759.67 on Wednesday, the third trading day of the week. This rise came as a rebound from yesterday's sharp decline of 145.05 points.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 7: The Nepal Stock Exchange (NEPSE) saw a significant gain of 108.35 points, or 4.08%, closing at 2759.67 on Wednesday, the third trading day of the week. This rise came as a rebound from yesterday's sharp decline of 145.05 points.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today's trading session, 330 scrips were exchanged through 212,681 transactions on NEPSE. A total of 38,041,267 units of shares were traded, resulting in a total turnover of Rs 17.95 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Himalayan Reinsurance Company (HRL) led in turnover, with transactions totaling Rs 1.53 billion. Additionally, nine companies, including Bottlers Nepal Limited (BNL) and Nepal Reinsurance Company (NRIC), each gained 10%, reaching the upper circuit limit.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Conversely, Sanima Bank Limited Debenture (SAND2085) experienced the highest loss, falling 10% and closing at Rs 1131 per share. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Sensitive Index increased by 4.06%, while the Float Index and Sensitive Index rose by 3.89% and 3.92%, respectively.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Sector-wise, all sectors closed in the green. The Others Index and Finance Index saw substantial gains of 7.89% and 7.63%, respectively, while the Mutual Fund sector achieved the smallest gain of 1.01%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21498', 'image' => '20240807041928_collage (93).jpg', 'article_date' => '2024-08-07 16:17:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 1 => array( 'Article' => array( 'id' => '21771', 'article_category_id' => '1', 'title' => 'Why Did eSewa App Disappear from Google Play Store?', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: The eSewa app, a leading digital wallet based in Nepal, disappeared from the Google Play Store on Tuesday, causing confusion and concern among its users.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 7: </span><span style="font-family:"Arial","sans-serif"">The eSewa app, a leading digital wallet based in Nepal, disappeared from the Google Play Store on Tuesday, causing confusion and concern among its users.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Despite the app continuing to function normally for those who had it installed, its sudden removal from the Play Store left many users puzzled. The disappearance prompted a rush of activity as many users scrambled to clear their balances from the app.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Users took to social media to express their concerns. One user, @Suraj_Babu731, posted on X, "Thank God I don't use eSewa," showing the unease many felt. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Journalist Gajendra Budhathoki on Wednesday also shared his concerns on X, stating, "Everyone started clearing eSewa; mine is about 700. Planned to clear it by tomorrow."</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In response to the confusion, eSewa Pvt. Ltd. on Tuesday took to social media platform Facebook to address the situation. The company clarified that the app's removal was due to an internal change. eSewa Pvt. Ltd. has transitioned to a new entity, eSewa Limited. This transition requires updates to the company's details on various platforms, including the Google Play Store and the Data Universal Numbering System (DUNS). </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The company's official notice stated: "As eSewa Pvt. Ltd. has been transitioned to eSewa Limited, we are in the process of updating our details on the Google Play Store and DUNS. Consequently, the app is temporarily unavailable for download on the Play Store. However, the app remains accessible for iOS users through the App Store." eSewa Limited also extended its apologies for any inconvenience this issue may have caused to its users.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21497', 'image' => '20240807025445_esewa.jpg', 'article_date' => '2024-08-07 14:53:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21769', 'article_category_id' => '272', 'title' => 'Where is GB Rai?', 'sub_title' => 'Ravi Lamichhane says Rai is in Malaysia but parliamentary committee says he has returned from Malaysia', 'summary' => 'KATHMANDU, August 7: whereabouts of Gitendra Babu (GB) Rai, accused of misappropriating Rs 16 billion from common people by opening more than half a dozen cooperatives across the country, remains unknown despite efforts to trace him.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">KATHMANDU, August 7: whereabouts of Gitendra Babu (GB) Rai, accused of misappropriating Rs 16 billion from common people by opening more than half a dozen cooperatives across the country, remains unknown despite efforts to trace him.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Rai, accused of defrauding the depositors of cooperatives, is on the most wanted list of the police. Even though the police issued a diffusion notice in the first week of January, they have not been able to locate his whereabouts so far. The parliamentary special committee formed to investigate the misappropriation of cooperative savings has also instructed the government to present Rai before the committee.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">In Tuesday's meeting, the chairman of the committee, Surya Bahadur Thapa Chhetri, informed that they found details of Rai's return to Nepal from Malaysia, but couldn’t not find the details of his exit from Nepal.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">"Our investigation has found that Rai has not left Nepal," Thapa told New Business Age, "He may have absconded without using Nepal's airport."</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">In the first week of June, the then Deputy Prime Minister and Home Minister Ravi Lamichhane claimed that Rai was in Malaysia and efforts were being made to bring him to Nepal.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">However, Lamichhane had to quit the government before he could arrest GB Rai. Lamichhane's name is also associated with Rai in the misappropriation of cooperatives’ savings. It has been found that the funds of various cooperatives opened by Rai were invested in the Gorkha Media Network of which he himself is the chairman and loans were taken from some cooperatives in the name of Lamichhane. Lamichhane was the managing director of the media at that time.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">After the name of Lamichhane, who is also the chairman of the Rastriya Swatantra Party, was linked to the misappropriation of the cooperative's funds, a parliamentary committee was formed on May 28 to investigate the matter. The committee has been mandated to investigate nine other institutions apart from the 20 declared problematic. Among them, Swarnalakshmi Savings and Credit Cooperative in Kathmandu, Sahara Cooperative in Chitwan, Sano Paila Cooperative in Birgunj, Suryadarshan Cooperative in Pokhara, Supreme Savings and Credit Cooperative in Butwal, Equality Savings and Credit Cooperative in Nepalgunj, along with six other cooperatives were found to be connected with Rai and Gorkha Media Network.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The committee has demanded the documents of nine cooperatives that were included in the scope of investigation one month ago and the details of the loans given to the Gorkha Media Network. Chairman Thapa informed that they have made preparations for questioning the people accused of misappropriating the savings of cooperatives.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">"We have held 33 meetings and discussed with the stakeholders," he said after the discussion with reporters on Tuesday, "Now we will proceed with the questioning of the persons accused of misappropriation and then prepare the draft of the report."</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Similarly, Thapa informed that the work of financial report analysis of some organizations has also progressed.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The committee is preparing to interrogate the directors of 29 cooperatives and 26 accused persons. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21496', 'image' => '20240807024257_Raabi.jpg', 'article_date' => '2024-08-07 14:40:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21770', 'article_category_id' => '1', 'title' => 'Price of Gold Drops for Second Consecutive Day', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: The price of gold, which had hit an all-time high in the domestic market on Monday, has decreased for the second consecutive day.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, August 7: The price of gold, which had hit an all-time high in the domestic market on Monday, has decreased for the second consecutive day.<br /> According to the Federation of Gold and Silver Dealers' Association, the price of fine gold dropped by Rs 1,400 per tola on Wednesday. Gold is being traded at Rs 146,300 per tola, down from Rs 147,700 per tola on Tuesday.<br /> The price of silver also saw a decline, with silver being traded at Rs 1,710 per tola on Wednesday, a decrease of Rs 15 per tola from Tuesday's price of Rs 1,725 per tola. </span></span></p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21495', 'image' => '20240807024708_20240801032633_cd5483b7.jpeg', 'article_date' => '2024-08-07 14:46:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21768', 'article_category_id' => '1', 'title' => 'Business of Life Insurance Companies up by Ten Percent in Last FY', 'sub_title' => '', 'summary' => 'The business of life insurance companies increased by about 10 percent in the last fiscal year (FY), 2023/24. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">NEWBIZ REPORT</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Kathmandu, August 7</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">The business of life insurance companies increased by about 10 percent in the last fiscal year (FY), 2023/24. According to the Nepal Insurance Authority (NIA), life insurance companies collected Rs 156.33 billion from the sale/renewal of 13.744 million insurance policies. Compared to the previous year, the insurance fee collected during last year is 9.82 percent higher. In the year 2022/23, they collected Rs 142.35 billion from the sale/renewal of 14.137 million insurance policies.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Insurance policy renewal plays a significant role in the business expansion of companies. In 2023/24, the insurance companies collected Rs 121 billion in insurance fee only from renewal of insurance policy. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Nepal Life Insurance Company topped the list of companies in insurance fee collection. It collected Rs 37.17 billion in insurance fees in 2022/23 and Rs 40.85 billion in 2023/24. Similarly, Sun Nepal Life Insurance collected the lowest insurance fee of Rs 3.88 billion last year, which was Rs 3.78 billion in 2022/23.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Including the micro life insurance companies as well, the total insurance fee collection last year increased by 9.94 percent compared to the previous year. Adding the micro life insurance company as well, the insurance companies collected Rs 142.35 billion in insurance premiums in the previous year, which increased to Rs 156.50 billion last year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Among the micro insurance companies, Crest Micro Life collected the highest premium. Crest collected Rs 9.76 billion from the sale of 58,866 insurance policies last year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">President of Life Insurers’ Association, Nepal and Chief Executive Officer of Citizens Life Insurance, Poshak Raj Paudel says that the impact of the recession in the economy also affected the business of insurance companies, so the business growth was not impressive last year. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">He said, “When the economic activities increase, the income of common people increases and the business of insurance companies also expands.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '21494', 'image' => '20240807021012_INSURANCE-COVERAGE.jpg', 'article_date' => '2024-08-07 14:09:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21767', 'article_category_id' => '1', 'title' => 'Record-Breaking Rainfall in Kanchanpur on July 7 Due to 'Terai Cloudburst': Report', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: The Department of Hydrology and Meteorology has released a study report on the extreme rainfall recorded in Kanchanpur on July 7, identifying the event as a 'Terai Cloudburst.'', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 7: The Department of Hydrology and Meteorology has released a study report on the extreme rainfall recorded in Kanchanpur on July 7, identifying the event as a 'Terai Cloudburst.'</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The department conducted field visits to Dodhara, Hanumannagar, and Sundarpur to inspect the automated rainfall measurement instruments installed there. The data from Sundarpur indicated discrepancies from the department's standards, necessitating further assessment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Hanumannagar experienced 102 mm of rainfall in just one hour from 10:05 pm to 11:05 pm on July 7. Over a 24-hour period from 8:45 am on July 7 to 8:45 am on July 8, Hanumannagar received 573.6 mm of rainfall, Sundarpur 556.4 mm, and Dodhara 624 mm.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the department’s spokesperson Sunil Pokhrel, the intense downpour was caused by a combination of monsoon activity in the upper, middle, and lower atmosphere, along with a low-pressure system in the Westerly wind.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The extreme rainfall inundated the plains of Kanchanpur, causing various rivulets to overflow and leading to significant damage. Analyzing a satellite photo taken at 6:15 am on July 9, around 98 square kilometers (about six percent of the total area) of Kanchanpur was submerged, including approximately 85 square kilometers of agricultural land and about 14,000 physical structures.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Reports from interactions and other sources during the onsite visit indicated relatively less damage than expected, given the highest rainfall ever recorded in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The report concluded that timely dissemination of special bulletins, impact-based meteorological forecasting, mass SMS services, and sufficient preparedness and response, including effective search and rescue operations, played a major role in minimizing damages.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The report recommended increased investment in weather forecasting and preparedness to reduce disaster risk, as monsoon-related incidents are likely to increase due to climate change. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21493', 'image' => '20240807011721_20240710125955_SS-Kanchanpur-24DSC00097(1)copy.jpg', 'article_date' => '2024-08-07 13:16:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21766', 'article_category_id' => '1', 'title' => 'Average NPL Ratio of Commercial Banks Surged to 3.58% in last FY', 'sub_title' => 'Kumari Bank and Nepal Investment Mega Bank each have the highest NPL ratio at 4.95%, while Everest has the lowest at 0.71%', 'summary' => 'Commercial banks of Nepal saw their non-performing loans (NPLs) surge in the last fiscal year as slowdown in economic activities affected loan recovery.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 7</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Commercial banks of Nepal saw their non-performing loans (NPLs) surge in the last fiscal year as slowdown in economic activities affected loan recovery.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The average NPL ratio of the commercial banks increased to 3.58% by the end of the FY 2023/24, up from 3.05% in the previous FY 2022/23, the unaudited financial statements of the banks for the last quarter of the last fiscal year show. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NPLs, also known as bad loans, refer to the credit extended by the banks and financial institution which cannot be recovered in a specified period. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While seven banks saw their NPL decline in the review year, remaining 13 witnessed an increase, with eight banks reporting more than 4% NPL.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While Kumari Bank has the highest NPL ratio at 4.95%, Everest Bank has the lowest at 0.71%.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Meanwhile, NIC Asia Bank’s NPL ratio increased from 0.88% to 3.41% in a year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Various external and internal factors caused slowdown in economic activities affecting banks’ credit expansion as well as recovery </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The long term effects of Covid pandemic, ongoing Russia-Ukraine conflict, and the protests in the country for non-payment of loans taken from the banks and financial institutions impacted the loan recovery. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The average NPL ratio of Nepal’s commercial banks was 1.10 in the fiscal year 2021/22. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Despite the surge, Nepal Rastra Bank’ newly appointed spokesperson Ramu Paudel, argued that it was not a major issue. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“NPL has surged because of the sluggish economic activities,” said Paudel. “It will start coming down as the economic activities accelerate.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The International Monetary Fund (IMF) has also raised questions on the NPL statistics of Nepali banks.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The global financial agency put a condition last year of carrying out the audit of 10 big commercial banks to examine their credit quality before approving an installment under the Extended Credit Facility (ECF), suspecting evergreening of loans. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal Rastra Bank has moved forward the process of selecting an auditor for the purpose.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Table below shows NPL ratios of Nepali commercial banks at the end of fiscal years 2022/23 and 2023/24.</span></span></strong></span></span></p> <p> </p> <table cellspacing="0" style="border-collapse:collapse"> <tbody> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Banks</span></span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NPL ratio (2023/24)</span></span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NPL ratio (2022/23)</span></span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal Investment Mega</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.95</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.54</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kumari</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.95</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.96</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Himalayan</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.91</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.93</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Prabhu</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.78</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.98</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Laxmi Sunrise</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.72</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.91</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Prime Commercial </span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.67</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.85</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Global IME</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.37</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.15</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Citizens</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.07</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.39</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nabil</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.85</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.39</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Rastriya Banijya</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.65</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.77</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Machhapuchchhre</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.63</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.26</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Agriculture Development</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.44</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.78</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NIC Asia</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.41</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">0.88</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal Bank</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.28</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.85</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NMB </span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.27</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.75</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Siddhartha</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.22</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.01</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Standard Chartered</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.14</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">1.18</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal SBI</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.43</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Sanima </span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">1.73</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">1.31</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Everest</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">0.71</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">0.79</span></span></span></span></p> </td> </tr> </tbody> </table> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21492', 'image' => '20240807120501_20240717011652_20240624011617_bankkkkkkk.jpg', 'article_date' => '2024-08-07 12:03:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21765', 'article_category_id' => '1', 'title' => 'Lack of Progress in Investigation against ICP Officials in Birgunj Raises Suspicion ', 'sub_title' => '', 'summary' => 'Lack of progress in the investigation against Birgunj-based Integrated Check Post’s officials, who had allegedly given customs clearance to processed palm oil in the guise of semi-processed oil, has raised suspicion of efforts to influence the investigation.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">OM PRAKASH KHANAL<br /> BIRGUNJ, August 7</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Lack of progress in the investigation against Birgunj-based Integrated Check Post’s officials, who had allegedly given customs clearance to processed palm oil in the guise of semi-processed oil, has raised suspicion of efforts to influence the investigation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Department of Customs had started the investigation against customs officer Sunita Paudel and examiner Ramesh Majhi last month after finding out that the consignment of processed palm oil imported by RMC Foods was cleared by the customs office as semi-processed palm oil, for which the imported had to pay less customs duty.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The officials had given the clearance without examining the oil, against the directive of the department. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Traders are found lying about their consignment as they are charged 10% import duty on semi-processed palm oil and 15% on the processed one, department officials say. The alleged officials were suspected of colluding with the traders. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The palm oil imported by RMC Foods was given the customs clearance by charging 10% customs duty and 13% VAT.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Customs Officer Paudel and examiner Majhi were summoned in writing on July 14 to the department for further inquiry.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Dhundi Prasad Niraula, director general at the Department of Customs, had earlier told New Business Age the department’s Investigation and Compliance Branch was tasked to move the investigation forward and submit a report in three days. But, the branch has not submitted the report till date.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">There has been no progress in the case even after three weeks, according to the department sources. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Niraula, however, argued that the two officials were visiting the department daily and the investigation was ongoing.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">After discovering that traders were avoiding revenue by labelling processed oil as semi-processed, the Department of Customs directed its subordinate offices to approve inspections only through oil testing. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The ICP Customs has now started an investigation into a suspected collusion involving an employee, as the raw material got customs clearance without a laboratory test report.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Multiple attempts to reach Deputy Director General Ramesh Aryal, who has been assigned to carry out the investigation, for comments on the matter were unsuccessful.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A senior official of the Department of Customs said that the investigation is being delayed to exempt employees who are under investigation for causing a revenue loss. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Individuals aware of the matter said that attempts were being made to protect the two officials from any proceedings as they happen to be the members of the employee union close to the ruling political party.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">They argued that the investigation could be influenced by the transfer of DG Niraula, who started the investigation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">"Since the DG is going to be transferred, there has been a delay in the investigation," the senior official said on condition of anonymity.</span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21491', 'image' => '20240807113552_20210702051202_20191103092810_20190807121918_Clipboard01.jpg', 'article_date' => '2024-08-07 11:35:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21764', 'article_category_id' => '1', 'title' => 'Rainfall Likely to Continue Across the Country Today', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: Department of Hydrology and Meteorology has predicted rainfall to continue in most of the places across the country today (Wednesday). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 7: Department of Hydrology and Meteorology has predicted rainfall to continue in most of the places across the country today (Wednesday). According to the department, monsoon low-pressure trough is located further north than usual due to which the monsoon wind is currently impacting the entire nation. As a result, the country is experiencing generally cloudy weather across the country with high possibility of rainfall.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The department has forecast light to moderate rainfall in all seven provinces, including Koshi, Madhes, Bagmati, Karnali, Sudurpaschim, Gandaki, and Lumbini. Heavy rainfall is also likely at a few locations within these provinces. Torrential rain is expected at one or two places in Koshi, Sudurpaschim, Lumbini, and Karnali provinces, prompting the department to urge caution due to the risk of landslides and flooding.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Tonight, the weather is predicted to remain partly to generally cloudy with light to moderate rain accompanied by thunder and lightning in some areas. Heavy rainfall is again anticipated in a few locations within the Koshi, Bagmati, Gandaki, Lumbini, and Sudurpaschim provinces.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Over the next 24 hours, the Meteorological Forecasting Division has predicted light to moderate rain with thunder and lightning in most provinces, including Koshi, Madhes, Bagmati, Gandaki, Lumbini, Karnali, and Sudurpaschim, with heavy rainfall expected in a few areas.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Meanwhile, the Meteorological Forecasting Division recorded 73 mm of rainfall in Kathmandu over the past 24 hours. The highest rainfall was recorded in Dharan at 104 mm, followed by Okhaldhunga (85 mm), Biratnagar (80 mm), Janakpur (74 mm), Jiri (46 mm), Pokhara (30 mm), Bhairahawa (26 mm), and Simara (21 mm).</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => 'rainfall, monsoon, Nepal, thunder, lightening, ', 'description' => '', 'sortorder' => '21490', 'image' => '20240807111209_20230904111644_rain (1).jpeg', 'article_date' => '2024-08-07 11:11:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21763', 'article_category_id' => '1', 'title' => 'Nepal into Final of CAVA Women's National League Volleyball after Defeating Iran ', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: Nepal defeated Iran in a competitive match to reach the final of the CAVA Women's Nations Volleyball League on Tuesday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU, August </span></span>7<span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">: Nepal defeated Iran in a competitive match to reach the final of the CAVA Women's Nations Volleyball League on Tuesday. Nepal defeated Iran in straight sets of 25-21, 28-26 and 25-20 in the semifinals held at the </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">National Sports Council’s Covered Hall in Tripureshwar to avenge its earlier defeat in the round-robin league. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Following the victory, Nepal will now face India in the final of the League at 5 PM today (Wednesday). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Earlier, Nepal and Iran had entered the semi-finals of the League securing second and third positions in the league stage, respectively. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal's chief coach Jagdish Bhatta shared happiness saying that Nepal achieved success by learning lessons from past mistakes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prior to this, Iran had defeated Nepal by 3-2 sets in the second match of the league stage. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Earlier on Tuesday, India defeated Sri Lanka in the first semi-final in straight sets of 3-0. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21489', 'image' => '20240807110209_1722907003_nepal_cava-1200x560.jpg', 'article_date' => '2024-08-07 11:01:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21762', 'article_category_id' => '1', 'title' => 'Kailali Achieves Self-Sufficiency in Milk Production', 'sub_title' => '', 'summary' => 'Kailali district has achieved self-sufficiency in milk production, thanks to the commercial rearing of advanced breeds of cows and buffaloes.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 7: Kailali district has achieved self-sufficiency in milk production, thanks to the commercial rearing of advanced breeds of cows and buffaloes. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The district now exports milk to other areas, according to Kabiraj Kathayat, Information Officer at the Veterinary Hospital and Animal Services Expert Center.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Center's statistics reveal that, following the introduction of a subsidy program by the provincial government to promote dairy farming, Kailali produced 96 metric tons of milk in the fiscal year 2078/79. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The milk production increased to 106 metric tons in 2079/80 and further to 168 metric tons in 2080/81.</span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> Currently, the district exports 2,000 to 2,500 liters of milk daily, according to the Dairy Development Project Attaria.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The district officially has 52 cow and buffalo farms registered with the Livestock Services Office, employing 156 people. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">There are also 14 dairy cooperatives, 44 private dairies, and one major enterprise, Khaptad Industries Pvt. Ltd, collectively generating an estimated annual business of around Rs 188.4 million.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Pushpa Bharati of the Livestock Services Office highlighted the economic impact of these developments.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> Puskarraj Nath from the Livestock and Fisheries Development Directorate said that Sudurpaschim Province is on the path to self-sufficiency not only in milk but also in meat, eggs, and fish production. (RSS)</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21488', 'image' => '20240807060440_collage (92).jpg', 'article_date' => '2024-08-07 06:02:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 11 => array( 'Article' => array( 'id' => '21760', 'article_category_id' => '1', 'title' => 'Incessant Rainfall Disrupts Flights Nationwide', 'sub_title' => '', 'summary' => 'KATHMANDU, August 6: Heavy rainfall across Nepal since Monday night has led to disruption of flights at Tribhuvan International Airport (TIA). Poor visibility caused by the relentless downpour has affected both domestic and international flights.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 6: Heavy rainfall across Nepal since Monday night has led to disruption of flights at Tribhuvan International Airport (TIA). Poor visibility caused by the relentless downpour has affected both domestic and international flights.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Jagannath Niraula, General Manager at TIA, reported that a Turkish Airlines flight was rerouted to Lucknow, India, and an Air India flight was diverted to Benaras on Tuesday morning. Domestic flights have also faced delays due to the adverse weather conditions.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">TIA has indicated that flights will resume as visibility improves. However, the Meteorological Forecasting Division warns of continued heavy to extremely heavy rainfall on Tuesday as well as on Wednesday, with particular risk in Koshi Province, Madhes Province, Bagmati Province, Gandaki Province, and Sudurpaschim Province. -- RSS</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21487', 'image' => '20240806055717_TIA.jpg', 'article_date' => '2024-08-06 17:56:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21759', 'article_category_id' => '1', 'title' => 'NEPSE Sees Massive Downfall with Record Turnover of Rs 23.71 Billion', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced a massive downfall, dropping by 145.05 points or 5.18%, to close at 2651.32. This marked a massive drop on the second trading day of the week, Tuesday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 6: The Nepal Stock Exchange (NEPSE) Index experienced a significant decline, dropping by 145.05 points or 5.18%, to close at 2651.32. This marked a massive drop on the second trading day of the week, Tuesday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During the trading session, 322 different securities were traded in 271,587 transactions. A total of 53,844,237 shares were exchanged, resulting in a record turnover of Rs 23.71 billion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Himalayan Reinsurance Company Limited (HRL) led the market with a total transaction value of Rs 1.39 billion. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Three Star Hydropower Limited (TSHL) saw a 10% gain, hitting the upper circuit for the day. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In contrast, seven companies, including Nepal Finance Limited (NFS), Gurkhas Finance Limited (GUFL), and NRN Infrastructure and Development Limited (NRN), experienced a 10% loss, reaching the lower circuit.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Sensitive Index fell by 5.53%, while the Float Index and the Sensitive Float Index decreased by 5.50% and 6.09%, respectively. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">All sectors closed in the red, with the Finance Index and Hotels and Tourism Index experiencing the most significant drops of 8.27% and 8.03%. The Others Index saw the smallest decline at 1.32%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21486', 'image' => '20240806034524_collage (91).jpg', 'article_date' => '2024-08-06 15:43:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '21761', 'article_category_id' => '1', 'title' => 'Veteran Industrialist Shrawan Kumar Agrawal Passes Away', 'sub_title' => '', 'summary' => 'KATHMANDU, August 6: Veteran industrialist Shrawan Kumar Agrawal, who was also a Constituent Assembly member, passed away at his residence in Sanepa, Lalitpur, on Monday night. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 6</span></span>: <span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Veteran industrialist Shrawan Kumar Agrawal, who was also a Constituent Assembly member, passed away at his residence in Sanepa, Lalitpur, on Monday night. He was 77.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Agrawal, who was also the former chairman of Marwadi Sewa Samiti, was active in various industries and businesses for the last 58 years. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Agrawal is survived by his wife, two sons, and a daughter. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">His son, Rajesh Kumar Agrawal, is the president of the Confederation of Nepalese Industries (CNI).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">CNI, through a statement, extended condolences on Agrawal's passing. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">His last rites would be performed at Pashupati Aryaghat on Tuesday. </span></span>-- <span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">RSS</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21485', 'image' => '20240806060046_thumb4-1722923853.jpg', 'article_date' => '2024-08-06 18:00:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21756', 'article_category_id' => '1', 'title' => 'Electricity Export to Bangladesh Uncertain', 'sub_title' => '', 'summary' => 'KATHMANDU, August 6: Due to the ongoing violent protests in Bangladesh, Prime Minister Sheikh Hasina has resigned and left the country, causing uncertainty regarding Nepal's electricity exports to Bangladesh.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">KATHMANDU, August 6: Due to the ongoing violent protests in Bangladesh, Prime Minister Sheikh Hasina has resigned and left the country, causing uncertainty regarding Nepal's electricity exports to Bangladesh.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The agreement for Nepal's electricity export to Bangladesh, initially scheduled for July 28, was postponed due to the protests. Following Prime Minister Hasina's departure on Monday, Army Chief General Waqer-Uz-Zaman announced the formation of a new interim government.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">This political instability has raised more doubts about the timeline and feasibility of the agreement between the two countries. However, Bangladeshi government officials have indicated that despite potential delays, the newly formed government may still view purchasing electricity from Nepal favorably, given Bangladesh's need for power.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The agreement on electricity export from Nepal to Bangladesh, once signed, will mark the first time Nepal exports electricity to a third country. Since 2021, Nepal has been exporting electricity to India’s competitive energy market.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">A tripartite agreement between the Nepal Electricity Authority, India's NTPC Vidyut Vyapar Nigam (NVVN), and the Bangladesh Power Development Board was to be signed on July 28. The agreement outlined that Nepal would sell 40 megawatts of electricity to Bangladesh at 6.4 US cents per unit during the six-month rainy season (from June 15 to November 15 each year) for the next five years.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">However, the student protests in Bangladesh and the toppling of the government have significantly disrupted these plans. Deputy Executive Director of the NEA, Manoj Silwal, expressed concerns about the uncertainty surrounding electricity exports due to the recent developments.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The new interim government in Bangladesh, not formed through the electoral process, creates an abnormal situation. "There is a doubt that the new government will easily implement the decisions of the previous government," Silwal said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Previously, citing the protests, Sheikh Hasina's government informed the Nepali embassy that it would be unable to attend the agreement signing scheduled for July 28. The Ministry of Energy, Water Resources, and Irrigation had planned to export 28,800 megawatt hours of electricity to Bangladesh monthly, with a goal of exporting 144,000 megawatt hours and earning Rs 1.23 billion in the next five months if an agreement was reached immediately.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Navinraj Singh, spokesperson for the Ministry of Energy, Water Resources, and Irrigation, stated that due to the latest political developments in Bangladesh, it is challenging to predict the outcome of the electricity purchase and sale. "The first thing is that there is no government there now," he said. "The head of the government has left the country." This has added to the confusion surrounding the electricity purchase and sale agreement.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Despite Sheikh Hasina's government prioritizing the purchase of electricity from Nepal, Nepali officials acknowledge that the agreement will depend on the new government's stance. "However, due to the lack of electricity in Bangladesh, we believe that the newly formed government will prioritize purchasing electricity from Nepal. Now let's see how the events progress," Singh added.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">In addition to the tripartite agreement, the bilateral high-level mechanism meeting on energy between Nepal and Bangladesh, scheduled for July 29-30 in Pokhara, was also postponed. This meeting aimed to discuss or sign an agreement on establishing a joint venture to build the Sunkoshi 3 hydropower project with a capacity of 683 MW. However, recent developments have added uncertainty to this plan as well, Singh noted.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21484', 'image' => '20240806014732_20240718112709_c70a54ed.jpeg', 'article_date' => '2024-08-06 13:47:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, '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
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This rise came as a rebound from yesterday's sharp decline of 145.05 points.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 7: The Nepal Stock Exchange (NEPSE) saw a significant gain of 108.35 points, or 4.08%, closing at 2759.67 on Wednesday, the third trading day of the week. This rise came as a rebound from yesterday's sharp decline of 145.05 points.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today's trading session, 330 scrips were exchanged through 212,681 transactions on NEPSE. A total of 38,041,267 units of shares were traded, resulting in a total turnover of Rs 17.95 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Himalayan Reinsurance Company (HRL) led in turnover, with transactions totaling Rs 1.53 billion. Additionally, nine companies, including Bottlers Nepal Limited (BNL) and Nepal Reinsurance Company (NRIC), each gained 10%, reaching the upper circuit limit.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Conversely, Sanima Bank Limited Debenture (SAND2085) experienced the highest loss, falling 10% and closing at Rs 1131 per share. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Sensitive Index increased by 4.06%, while the Float Index and Sensitive Index rose by 3.89% and 3.92%, respectively.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Sector-wise, all sectors closed in the green. The Others Index and Finance Index saw substantial gains of 7.89% and 7.63%, respectively, while the Mutual Fund sector achieved the smallest gain of 1.01%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21498', 'image' => '20240807041928_collage (93).jpg', 'article_date' => '2024-08-07 16:17:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 1 => array( 'Article' => array( 'id' => '21771', 'article_category_id' => '1', 'title' => 'Why Did eSewa App Disappear from Google Play Store?', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: The eSewa app, a leading digital wallet based in Nepal, disappeared from the Google Play Store on Tuesday, causing confusion and concern among its users.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 7: </span><span style="font-family:"Arial","sans-serif"">The eSewa app, a leading digital wallet based in Nepal, disappeared from the Google Play Store on Tuesday, causing confusion and concern among its users.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Despite the app continuing to function normally for those who had it installed, its sudden removal from the Play Store left many users puzzled. The disappearance prompted a rush of activity as many users scrambled to clear their balances from the app.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Users took to social media to express their concerns. One user, @Suraj_Babu731, posted on X, "Thank God I don't use eSewa," showing the unease many felt. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Journalist Gajendra Budhathoki on Wednesday also shared his concerns on X, stating, "Everyone started clearing eSewa; mine is about 700. Planned to clear it by tomorrow."</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In response to the confusion, eSewa Pvt. Ltd. on Tuesday took to social media platform Facebook to address the situation. The company clarified that the app's removal was due to an internal change. eSewa Pvt. Ltd. has transitioned to a new entity, eSewa Limited. This transition requires updates to the company's details on various platforms, including the Google Play Store and the Data Universal Numbering System (DUNS). </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The company's official notice stated: "As eSewa Pvt. Ltd. has been transitioned to eSewa Limited, we are in the process of updating our details on the Google Play Store and DUNS. Consequently, the app is temporarily unavailable for download on the Play Store. However, the app remains accessible for iOS users through the App Store." eSewa Limited also extended its apologies for any inconvenience this issue may have caused to its users.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21497', 'image' => '20240807025445_esewa.jpg', 'article_date' => '2024-08-07 14:53:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21769', 'article_category_id' => '272', 'title' => 'Where is GB Rai?', 'sub_title' => 'Ravi Lamichhane says Rai is in Malaysia but parliamentary committee says he has returned from Malaysia', 'summary' => 'KATHMANDU, August 7: whereabouts of Gitendra Babu (GB) Rai, accused of misappropriating Rs 16 billion from common people by opening more than half a dozen cooperatives across the country, remains unknown despite efforts to trace him.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">KATHMANDU, August 7: whereabouts of Gitendra Babu (GB) Rai, accused of misappropriating Rs 16 billion from common people by opening more than half a dozen cooperatives across the country, remains unknown despite efforts to trace him.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Rai, accused of defrauding the depositors of cooperatives, is on the most wanted list of the police. Even though the police issued a diffusion notice in the first week of January, they have not been able to locate his whereabouts so far. The parliamentary special committee formed to investigate the misappropriation of cooperative savings has also instructed the government to present Rai before the committee.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">In Tuesday's meeting, the chairman of the committee, Surya Bahadur Thapa Chhetri, informed that they found details of Rai's return to Nepal from Malaysia, but couldn’t not find the details of his exit from Nepal.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">"Our investigation has found that Rai has not left Nepal," Thapa told New Business Age, "He may have absconded without using Nepal's airport."</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">In the first week of June, the then Deputy Prime Minister and Home Minister Ravi Lamichhane claimed that Rai was in Malaysia and efforts were being made to bring him to Nepal.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">However, Lamichhane had to quit the government before he could arrest GB Rai. Lamichhane's name is also associated with Rai in the misappropriation of cooperatives’ savings. It has been found that the funds of various cooperatives opened by Rai were invested in the Gorkha Media Network of which he himself is the chairman and loans were taken from some cooperatives in the name of Lamichhane. Lamichhane was the managing director of the media at that time.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">After the name of Lamichhane, who is also the chairman of the Rastriya Swatantra Party, was linked to the misappropriation of the cooperative's funds, a parliamentary committee was formed on May 28 to investigate the matter. The committee has been mandated to investigate nine other institutions apart from the 20 declared problematic. Among them, Swarnalakshmi Savings and Credit Cooperative in Kathmandu, Sahara Cooperative in Chitwan, Sano Paila Cooperative in Birgunj, Suryadarshan Cooperative in Pokhara, Supreme Savings and Credit Cooperative in Butwal, Equality Savings and Credit Cooperative in Nepalgunj, along with six other cooperatives were found to be connected with Rai and Gorkha Media Network.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The committee has demanded the documents of nine cooperatives that were included in the scope of investigation one month ago and the details of the loans given to the Gorkha Media Network. Chairman Thapa informed that they have made preparations for questioning the people accused of misappropriating the savings of cooperatives.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">"We have held 33 meetings and discussed with the stakeholders," he said after the discussion with reporters on Tuesday, "Now we will proceed with the questioning of the persons accused of misappropriation and then prepare the draft of the report."</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Similarly, Thapa informed that the work of financial report analysis of some organizations has also progressed.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The committee is preparing to interrogate the directors of 29 cooperatives and 26 accused persons. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21496', 'image' => '20240807024257_Raabi.jpg', 'article_date' => '2024-08-07 14:40:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21770', 'article_category_id' => '1', 'title' => 'Price of Gold Drops for Second Consecutive Day', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: The price of gold, which had hit an all-time high in the domestic market on Monday, has decreased for the second consecutive day.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, August 7: The price of gold, which had hit an all-time high in the domestic market on Monday, has decreased for the second consecutive day.<br /> According to the Federation of Gold and Silver Dealers' Association, the price of fine gold dropped by Rs 1,400 per tola on Wednesday. Gold is being traded at Rs 146,300 per tola, down from Rs 147,700 per tola on Tuesday.<br /> The price of silver also saw a decline, with silver being traded at Rs 1,710 per tola on Wednesday, a decrease of Rs 15 per tola from Tuesday's price of Rs 1,725 per tola. </span></span></p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21495', 'image' => '20240807024708_20240801032633_cd5483b7.jpeg', 'article_date' => '2024-08-07 14:46:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21768', 'article_category_id' => '1', 'title' => 'Business of Life Insurance Companies up by Ten Percent in Last FY', 'sub_title' => '', 'summary' => 'The business of life insurance companies increased by about 10 percent in the last fiscal year (FY), 2023/24. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">NEWBIZ REPORT</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Kathmandu, August 7</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">The business of life insurance companies increased by about 10 percent in the last fiscal year (FY), 2023/24. According to the Nepal Insurance Authority (NIA), life insurance companies collected Rs 156.33 billion from the sale/renewal of 13.744 million insurance policies. Compared to the previous year, the insurance fee collected during last year is 9.82 percent higher. In the year 2022/23, they collected Rs 142.35 billion from the sale/renewal of 14.137 million insurance policies.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Insurance policy renewal plays a significant role in the business expansion of companies. In 2023/24, the insurance companies collected Rs 121 billion in insurance fee only from renewal of insurance policy. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Nepal Life Insurance Company topped the list of companies in insurance fee collection. It collected Rs 37.17 billion in insurance fees in 2022/23 and Rs 40.85 billion in 2023/24. Similarly, Sun Nepal Life Insurance collected the lowest insurance fee of Rs 3.88 billion last year, which was Rs 3.78 billion in 2022/23.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Including the micro life insurance companies as well, the total insurance fee collection last year increased by 9.94 percent compared to the previous year. Adding the micro life insurance company as well, the insurance companies collected Rs 142.35 billion in insurance premiums in the previous year, which increased to Rs 156.50 billion last year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Among the micro insurance companies, Crest Micro Life collected the highest premium. Crest collected Rs 9.76 billion from the sale of 58,866 insurance policies last year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">President of Life Insurers’ Association, Nepal and Chief Executive Officer of Citizens Life Insurance, Poshak Raj Paudel says that the impact of the recession in the economy also affected the business of insurance companies, so the business growth was not impressive last year. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">He said, “When the economic activities increase, the income of common people increases and the business of insurance companies also expands.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '21494', 'image' => '20240807021012_INSURANCE-COVERAGE.jpg', 'article_date' => '2024-08-07 14:09:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21767', 'article_category_id' => '1', 'title' => 'Record-Breaking Rainfall in Kanchanpur on July 7 Due to 'Terai Cloudburst': Report', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: The Department of Hydrology and Meteorology has released a study report on the extreme rainfall recorded in Kanchanpur on July 7, identifying the event as a 'Terai Cloudburst.'', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 7: The Department of Hydrology and Meteorology has released a study report on the extreme rainfall recorded in Kanchanpur on July 7, identifying the event as a 'Terai Cloudburst.'</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The department conducted field visits to Dodhara, Hanumannagar, and Sundarpur to inspect the automated rainfall measurement instruments installed there. The data from Sundarpur indicated discrepancies from the department's standards, necessitating further assessment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Hanumannagar experienced 102 mm of rainfall in just one hour from 10:05 pm to 11:05 pm on July 7. Over a 24-hour period from 8:45 am on July 7 to 8:45 am on July 8, Hanumannagar received 573.6 mm of rainfall, Sundarpur 556.4 mm, and Dodhara 624 mm.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the department’s spokesperson Sunil Pokhrel, the intense downpour was caused by a combination of monsoon activity in the upper, middle, and lower atmosphere, along with a low-pressure system in the Westerly wind.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The extreme rainfall inundated the plains of Kanchanpur, causing various rivulets to overflow and leading to significant damage. Analyzing a satellite photo taken at 6:15 am on July 9, around 98 square kilometers (about six percent of the total area) of Kanchanpur was submerged, including approximately 85 square kilometers of agricultural land and about 14,000 physical structures.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Reports from interactions and other sources during the onsite visit indicated relatively less damage than expected, given the highest rainfall ever recorded in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The report concluded that timely dissemination of special bulletins, impact-based meteorological forecasting, mass SMS services, and sufficient preparedness and response, including effective search and rescue operations, played a major role in minimizing damages.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The report recommended increased investment in weather forecasting and preparedness to reduce disaster risk, as monsoon-related incidents are likely to increase due to climate change. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21493', 'image' => '20240807011721_20240710125955_SS-Kanchanpur-24DSC00097(1)copy.jpg', 'article_date' => '2024-08-07 13:16:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21766', 'article_category_id' => '1', 'title' => 'Average NPL Ratio of Commercial Banks Surged to 3.58% in last FY', 'sub_title' => 'Kumari Bank and Nepal Investment Mega Bank each have the highest NPL ratio at 4.95%, while Everest has the lowest at 0.71%', 'summary' => 'Commercial banks of Nepal saw their non-performing loans (NPLs) surge in the last fiscal year as slowdown in economic activities affected loan recovery.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 7</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Commercial banks of Nepal saw their non-performing loans (NPLs) surge in the last fiscal year as slowdown in economic activities affected loan recovery.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The average NPL ratio of the commercial banks increased to 3.58% by the end of the FY 2023/24, up from 3.05% in the previous FY 2022/23, the unaudited financial statements of the banks for the last quarter of the last fiscal year show. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NPLs, also known as bad loans, refer to the credit extended by the banks and financial institution which cannot be recovered in a specified period. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While seven banks saw their NPL decline in the review year, remaining 13 witnessed an increase, with eight banks reporting more than 4% NPL.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While Kumari Bank has the highest NPL ratio at 4.95%, Everest Bank has the lowest at 0.71%.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Meanwhile, NIC Asia Bank’s NPL ratio increased from 0.88% to 3.41% in a year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Various external and internal factors caused slowdown in economic activities affecting banks’ credit expansion as well as recovery </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The long term effects of Covid pandemic, ongoing Russia-Ukraine conflict, and the protests in the country for non-payment of loans taken from the banks and financial institutions impacted the loan recovery. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The average NPL ratio of Nepal’s commercial banks was 1.10 in the fiscal year 2021/22. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Despite the surge, Nepal Rastra Bank’ newly appointed spokesperson Ramu Paudel, argued that it was not a major issue. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“NPL has surged because of the sluggish economic activities,” said Paudel. “It will start coming down as the economic activities accelerate.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The International Monetary Fund (IMF) has also raised questions on the NPL statistics of Nepali banks.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The global financial agency put a condition last year of carrying out the audit of 10 big commercial banks to examine their credit quality before approving an installment under the Extended Credit Facility (ECF), suspecting evergreening of loans. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal Rastra Bank has moved forward the process of selecting an auditor for the purpose.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Table below shows NPL ratios of Nepali commercial banks at the end of fiscal years 2022/23 and 2023/24.</span></span></strong></span></span></p> <p> </p> <table cellspacing="0" style="border-collapse:collapse"> <tbody> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Banks</span></span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NPL ratio (2023/24)</span></span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NPL ratio (2022/23)</span></span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal Investment Mega</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.95</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.54</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kumari</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.95</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.96</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Himalayan</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.91</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.93</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Prabhu</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.78</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.98</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Laxmi Sunrise</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.72</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.91</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Prime Commercial </span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.67</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.85</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Global IME</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.37</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.15</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Citizens</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.07</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.39</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nabil</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.85</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.39</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Rastriya Banijya</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.65</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.77</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Machhapuchchhre</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.63</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.26</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Agriculture Development</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.44</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.78</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NIC Asia</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.41</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">0.88</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal Bank</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.28</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.85</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NMB </span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.27</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.75</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Siddhartha</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.22</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.01</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Standard Chartered</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.14</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">1.18</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal SBI</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.43</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Sanima </span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">1.73</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">1.31</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Everest</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">0.71</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">0.79</span></span></span></span></p> </td> </tr> </tbody> </table> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21492', 'image' => '20240807120501_20240717011652_20240624011617_bankkkkkkk.jpg', 'article_date' => '2024-08-07 12:03:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21765', 'article_category_id' => '1', 'title' => 'Lack of Progress in Investigation against ICP Officials in Birgunj Raises Suspicion ', 'sub_title' => '', 'summary' => 'Lack of progress in the investigation against Birgunj-based Integrated Check Post’s officials, who had allegedly given customs clearance to processed palm oil in the guise of semi-processed oil, has raised suspicion of efforts to influence the investigation.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">OM PRAKASH KHANAL<br /> BIRGUNJ, August 7</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Lack of progress in the investigation against Birgunj-based Integrated Check Post’s officials, who had allegedly given customs clearance to processed palm oil in the guise of semi-processed oil, has raised suspicion of efforts to influence the investigation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Department of Customs had started the investigation against customs officer Sunita Paudel and examiner Ramesh Majhi last month after finding out that the consignment of processed palm oil imported by RMC Foods was cleared by the customs office as semi-processed palm oil, for which the imported had to pay less customs duty.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The officials had given the clearance without examining the oil, against the directive of the department. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Traders are found lying about their consignment as they are charged 10% import duty on semi-processed palm oil and 15% on the processed one, department officials say. The alleged officials were suspected of colluding with the traders. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The palm oil imported by RMC Foods was given the customs clearance by charging 10% customs duty and 13% VAT.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Customs Officer Paudel and examiner Majhi were summoned in writing on July 14 to the department for further inquiry.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Dhundi Prasad Niraula, director general at the Department of Customs, had earlier told New Business Age the department’s Investigation and Compliance Branch was tasked to move the investigation forward and submit a report in three days. But, the branch has not submitted the report till date.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">There has been no progress in the case even after three weeks, according to the department sources. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Niraula, however, argued that the two officials were visiting the department daily and the investigation was ongoing.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">After discovering that traders were avoiding revenue by labelling processed oil as semi-processed, the Department of Customs directed its subordinate offices to approve inspections only through oil testing. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The ICP Customs has now started an investigation into a suspected collusion involving an employee, as the raw material got customs clearance without a laboratory test report.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Multiple attempts to reach Deputy Director General Ramesh Aryal, who has been assigned to carry out the investigation, for comments on the matter were unsuccessful.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A senior official of the Department of Customs said that the investigation is being delayed to exempt employees who are under investigation for causing a revenue loss. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Individuals aware of the matter said that attempts were being made to protect the two officials from any proceedings as they happen to be the members of the employee union close to the ruling political party.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">They argued that the investigation could be influenced by the transfer of DG Niraula, who started the investigation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">"Since the DG is going to be transferred, there has been a delay in the investigation," the senior official said on condition of anonymity.</span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21491', 'image' => '20240807113552_20210702051202_20191103092810_20190807121918_Clipboard01.jpg', 'article_date' => '2024-08-07 11:35:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21764', 'article_category_id' => '1', 'title' => 'Rainfall Likely to Continue Across the Country Today', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: Department of Hydrology and Meteorology has predicted rainfall to continue in most of the places across the country today (Wednesday). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 7: Department of Hydrology and Meteorology has predicted rainfall to continue in most of the places across the country today (Wednesday). According to the department, monsoon low-pressure trough is located further north than usual due to which the monsoon wind is currently impacting the entire nation. As a result, the country is experiencing generally cloudy weather across the country with high possibility of rainfall.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The department has forecast light to moderate rainfall in all seven provinces, including Koshi, Madhes, Bagmati, Karnali, Sudurpaschim, Gandaki, and Lumbini. Heavy rainfall is also likely at a few locations within these provinces. Torrential rain is expected at one or two places in Koshi, Sudurpaschim, Lumbini, and Karnali provinces, prompting the department to urge caution due to the risk of landslides and flooding.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Tonight, the weather is predicted to remain partly to generally cloudy with light to moderate rain accompanied by thunder and lightning in some areas. Heavy rainfall is again anticipated in a few locations within the Koshi, Bagmati, Gandaki, Lumbini, and Sudurpaschim provinces.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Over the next 24 hours, the Meteorological Forecasting Division has predicted light to moderate rain with thunder and lightning in most provinces, including Koshi, Madhes, Bagmati, Gandaki, Lumbini, Karnali, and Sudurpaschim, with heavy rainfall expected in a few areas.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Meanwhile, the Meteorological Forecasting Division recorded 73 mm of rainfall in Kathmandu over the past 24 hours. The highest rainfall was recorded in Dharan at 104 mm, followed by Okhaldhunga (85 mm), Biratnagar (80 mm), Janakpur (74 mm), Jiri (46 mm), Pokhara (30 mm), Bhairahawa (26 mm), and Simara (21 mm).</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => 'rainfall, monsoon, Nepal, thunder, lightening, ', 'description' => '', 'sortorder' => '21490', 'image' => '20240807111209_20230904111644_rain (1).jpeg', 'article_date' => '2024-08-07 11:11:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21763', 'article_category_id' => '1', 'title' => 'Nepal into Final of CAVA Women's National League Volleyball after Defeating Iran ', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: Nepal defeated Iran in a competitive match to reach the final of the CAVA Women's Nations Volleyball League on Tuesday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU, August </span></span>7<span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">: Nepal defeated Iran in a competitive match to reach the final of the CAVA Women's Nations Volleyball League on Tuesday. Nepal defeated Iran in straight sets of 25-21, 28-26 and 25-20 in the semifinals held at the </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">National Sports Council’s Covered Hall in Tripureshwar to avenge its earlier defeat in the round-robin league. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Following the victory, Nepal will now face India in the final of the League at 5 PM today (Wednesday). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Earlier, Nepal and Iran had entered the semi-finals of the League securing second and third positions in the league stage, respectively. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal's chief coach Jagdish Bhatta shared happiness saying that Nepal achieved success by learning lessons from past mistakes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prior to this, Iran had defeated Nepal by 3-2 sets in the second match of the league stage. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Earlier on Tuesday, India defeated Sri Lanka in the first semi-final in straight sets of 3-0. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21489', 'image' => '20240807110209_1722907003_nepal_cava-1200x560.jpg', 'article_date' => '2024-08-07 11:01:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21762', 'article_category_id' => '1', 'title' => 'Kailali Achieves Self-Sufficiency in Milk Production', 'sub_title' => '', 'summary' => 'Kailali district has achieved self-sufficiency in milk production, thanks to the commercial rearing of advanced breeds of cows and buffaloes.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 7: Kailali district has achieved self-sufficiency in milk production, thanks to the commercial rearing of advanced breeds of cows and buffaloes. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The district now exports milk to other areas, according to Kabiraj Kathayat, Information Officer at the Veterinary Hospital and Animal Services Expert Center.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Center's statistics reveal that, following the introduction of a subsidy program by the provincial government to promote dairy farming, Kailali produced 96 metric tons of milk in the fiscal year 2078/79. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The milk production increased to 106 metric tons in 2079/80 and further to 168 metric tons in 2080/81.</span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> Currently, the district exports 2,000 to 2,500 liters of milk daily, according to the Dairy Development Project Attaria.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The district officially has 52 cow and buffalo farms registered with the Livestock Services Office, employing 156 people. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">There are also 14 dairy cooperatives, 44 private dairies, and one major enterprise, Khaptad Industries Pvt. Ltd, collectively generating an estimated annual business of around Rs 188.4 million.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Pushpa Bharati of the Livestock Services Office highlighted the economic impact of these developments.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> Puskarraj Nath from the Livestock and Fisheries Development Directorate said that Sudurpaschim Province is on the path to self-sufficiency not only in milk but also in meat, eggs, and fish production. (RSS)</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21488', 'image' => '20240807060440_collage (92).jpg', 'article_date' => '2024-08-07 06:02:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 11 => array( 'Article' => array( 'id' => '21760', 'article_category_id' => '1', 'title' => 'Incessant Rainfall Disrupts Flights Nationwide', 'sub_title' => '', 'summary' => 'KATHMANDU, August 6: Heavy rainfall across Nepal since Monday night has led to disruption of flights at Tribhuvan International Airport (TIA). Poor visibility caused by the relentless downpour has affected both domestic and international flights.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 6: Heavy rainfall across Nepal since Monday night has led to disruption of flights at Tribhuvan International Airport (TIA). Poor visibility caused by the relentless downpour has affected both domestic and international flights.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Jagannath Niraula, General Manager at TIA, reported that a Turkish Airlines flight was rerouted to Lucknow, India, and an Air India flight was diverted to Benaras on Tuesday morning. Domestic flights have also faced delays due to the adverse weather conditions.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">TIA has indicated that flights will resume as visibility improves. However, the Meteorological Forecasting Division warns of continued heavy to extremely heavy rainfall on Tuesday as well as on Wednesday, with particular risk in Koshi Province, Madhes Province, Bagmati Province, Gandaki Province, and Sudurpaschim Province. -- RSS</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21487', 'image' => '20240806055717_TIA.jpg', 'article_date' => '2024-08-06 17:56:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21759', 'article_category_id' => '1', 'title' => 'NEPSE Sees Massive Downfall with Record Turnover of Rs 23.71 Billion', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced a massive downfall, dropping by 145.05 points or 5.18%, to close at 2651.32. This marked a massive drop on the second trading day of the week, Tuesday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 6: The Nepal Stock Exchange (NEPSE) Index experienced a significant decline, dropping by 145.05 points or 5.18%, to close at 2651.32. This marked a massive drop on the second trading day of the week, Tuesday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During the trading session, 322 different securities were traded in 271,587 transactions. A total of 53,844,237 shares were exchanged, resulting in a record turnover of Rs 23.71 billion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Himalayan Reinsurance Company Limited (HRL) led the market with a total transaction value of Rs 1.39 billion. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Three Star Hydropower Limited (TSHL) saw a 10% gain, hitting the upper circuit for the day. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In contrast, seven companies, including Nepal Finance Limited (NFS), Gurkhas Finance Limited (GUFL), and NRN Infrastructure and Development Limited (NRN), experienced a 10% loss, reaching the lower circuit.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Sensitive Index fell by 5.53%, while the Float Index and the Sensitive Float Index decreased by 5.50% and 6.09%, respectively. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">All sectors closed in the red, with the Finance Index and Hotels and Tourism Index experiencing the most significant drops of 8.27% and 8.03%. The Others Index saw the smallest decline at 1.32%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21486', 'image' => '20240806034524_collage (91).jpg', 'article_date' => '2024-08-06 15:43:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '21761', 'article_category_id' => '1', 'title' => 'Veteran Industrialist Shrawan Kumar Agrawal Passes Away', 'sub_title' => '', 'summary' => 'KATHMANDU, August 6: Veteran industrialist Shrawan Kumar Agrawal, who was also a Constituent Assembly member, passed away at his residence in Sanepa, Lalitpur, on Monday night. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 6</span></span>: <span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Veteran industrialist Shrawan Kumar Agrawal, who was also a Constituent Assembly member, passed away at his residence in Sanepa, Lalitpur, on Monday night. He was 77.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Agrawal, who was also the former chairman of Marwadi Sewa Samiti, was active in various industries and businesses for the last 58 years. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Agrawal is survived by his wife, two sons, and a daughter. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">His son, Rajesh Kumar Agrawal, is the president of the Confederation of Nepalese Industries (CNI).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">CNI, through a statement, extended condolences on Agrawal's passing. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">His last rites would be performed at Pashupati Aryaghat on Tuesday. </span></span>-- <span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">RSS</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21485', 'image' => '20240806060046_thumb4-1722923853.jpg', 'article_date' => '2024-08-06 18:00:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21756', 'article_category_id' => '1', 'title' => 'Electricity Export to Bangladesh Uncertain', 'sub_title' => '', 'summary' => 'KATHMANDU, August 6: Due to the ongoing violent protests in Bangladesh, Prime Minister Sheikh Hasina has resigned and left the country, causing uncertainty regarding Nepal's electricity exports to Bangladesh.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">KATHMANDU, August 6: Due to the ongoing violent protests in Bangladesh, Prime Minister Sheikh Hasina has resigned and left the country, causing uncertainty regarding Nepal's electricity exports to Bangladesh.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The agreement for Nepal's electricity export to Bangladesh, initially scheduled for July 28, was postponed due to the protests. Following Prime Minister Hasina's departure on Monday, Army Chief General Waqer-Uz-Zaman announced the formation of a new interim government.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">This political instability has raised more doubts about the timeline and feasibility of the agreement between the two countries. However, Bangladeshi government officials have indicated that despite potential delays, the newly formed government may still view purchasing electricity from Nepal favorably, given Bangladesh's need for power.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The agreement on electricity export from Nepal to Bangladesh, once signed, will mark the first time Nepal exports electricity to a third country. Since 2021, Nepal has been exporting electricity to India’s competitive energy market.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">A tripartite agreement between the Nepal Electricity Authority, India's NTPC Vidyut Vyapar Nigam (NVVN), and the Bangladesh Power Development Board was to be signed on July 28. The agreement outlined that Nepal would sell 40 megawatts of electricity to Bangladesh at 6.4 US cents per unit during the six-month rainy season (from June 15 to November 15 each year) for the next five years.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">However, the student protests in Bangladesh and the toppling of the government have significantly disrupted these plans. Deputy Executive Director of the NEA, Manoj Silwal, expressed concerns about the uncertainty surrounding electricity exports due to the recent developments.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The new interim government in Bangladesh, not formed through the electoral process, creates an abnormal situation. "There is a doubt that the new government will easily implement the decisions of the previous government," Silwal said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Previously, citing the protests, Sheikh Hasina's government informed the Nepali embassy that it would be unable to attend the agreement signing scheduled for July 28. The Ministry of Energy, Water Resources, and Irrigation had planned to export 28,800 megawatt hours of electricity to Bangladesh monthly, with a goal of exporting 144,000 megawatt hours and earning Rs 1.23 billion in the next five months if an agreement was reached immediately.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Navinraj Singh, spokesperson for the Ministry of Energy, Water Resources, and Irrigation, stated that due to the latest political developments in Bangladesh, it is challenging to predict the outcome of the electricity purchase and sale. "The first thing is that there is no government there now," he said. "The head of the government has left the country." This has added to the confusion surrounding the electricity purchase and sale agreement.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Despite Sheikh Hasina's government prioritizing the purchase of electricity from Nepal, Nepali officials acknowledge that the agreement will depend on the new government's stance. "However, due to the lack of electricity in Bangladesh, we believe that the newly formed government will prioritize purchasing electricity from Nepal. Now let's see how the events progress," Singh added.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">In addition to the tripartite agreement, the bilateral high-level mechanism meeting on energy between Nepal and Bangladesh, scheduled for July 29-30 in Pokhara, was also postponed. This meeting aimed to discuss or sign an agreement on establishing a joint venture to build the Sunkoshi 3 hydropower project with a capacity of 683 MW. However, recent developments have added uncertainty to this plan as well, Singh noted.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21484', 'image' => '20240806014732_20240718112709_c70a54ed.jpeg', 'article_date' => '2024-08-06 13:47:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, '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
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 133]file not found!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' => '21773', 'article_category_id' => '1', 'title' => 'NEPSE Gains 108.35 Points, Closing at 2759.67', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) saw a significant gain of 108.35 points, or 4.08%, closing at 2759.67 on Wednesday, the third trading day of the week. This rise came as a rebound from yesterday's sharp decline of 145.05 points.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 7: The Nepal Stock Exchange (NEPSE) saw a significant gain of 108.35 points, or 4.08%, closing at 2759.67 on Wednesday, the third trading day of the week. This rise came as a rebound from yesterday's sharp decline of 145.05 points.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today's trading session, 330 scrips were exchanged through 212,681 transactions on NEPSE. A total of 38,041,267 units of shares were traded, resulting in a total turnover of Rs 17.95 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Himalayan Reinsurance Company (HRL) led in turnover, with transactions totaling Rs 1.53 billion. Additionally, nine companies, including Bottlers Nepal Limited (BNL) and Nepal Reinsurance Company (NRIC), each gained 10%, reaching the upper circuit limit.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Conversely, Sanima Bank Limited Debenture (SAND2085) experienced the highest loss, falling 10% and closing at Rs 1131 per share. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Sensitive Index increased by 4.06%, while the Float Index and Sensitive Index rose by 3.89% and 3.92%, respectively.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Sector-wise, all sectors closed in the green. The Others Index and Finance Index saw substantial gains of 7.89% and 7.63%, respectively, while the Mutual Fund sector achieved the smallest gain of 1.01%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21498', 'image' => '20240807041928_collage (93).jpg', 'article_date' => '2024-08-07 16:17:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 1 => array( 'Article' => array( 'id' => '21771', 'article_category_id' => '1', 'title' => 'Why Did eSewa App Disappear from Google Play Store?', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: The eSewa app, a leading digital wallet based in Nepal, disappeared from the Google Play Store on Tuesday, causing confusion and concern among its users.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 7: </span><span style="font-family:"Arial","sans-serif"">The eSewa app, a leading digital wallet based in Nepal, disappeared from the Google Play Store on Tuesday, causing confusion and concern among its users.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Despite the app continuing to function normally for those who had it installed, its sudden removal from the Play Store left many users puzzled. The disappearance prompted a rush of activity as many users scrambled to clear their balances from the app.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Users took to social media to express their concerns. One user, @Suraj_Babu731, posted on X, "Thank God I don't use eSewa," showing the unease many felt. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Journalist Gajendra Budhathoki on Wednesday also shared his concerns on X, stating, "Everyone started clearing eSewa; mine is about 700. Planned to clear it by tomorrow."</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In response to the confusion, eSewa Pvt. Ltd. on Tuesday took to social media platform Facebook to address the situation. The company clarified that the app's removal was due to an internal change. eSewa Pvt. Ltd. has transitioned to a new entity, eSewa Limited. This transition requires updates to the company's details on various platforms, including the Google Play Store and the Data Universal Numbering System (DUNS). </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The company's official notice stated: "As eSewa Pvt. Ltd. has been transitioned to eSewa Limited, we are in the process of updating our details on the Google Play Store and DUNS. Consequently, the app is temporarily unavailable for download on the Play Store. However, the app remains accessible for iOS users through the App Store." eSewa Limited also extended its apologies for any inconvenience this issue may have caused to its users.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21497', 'image' => '20240807025445_esewa.jpg', 'article_date' => '2024-08-07 14:53:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21769', 'article_category_id' => '272', 'title' => 'Where is GB Rai?', 'sub_title' => 'Ravi Lamichhane says Rai is in Malaysia but parliamentary committee says he has returned from Malaysia', 'summary' => 'KATHMANDU, August 7: whereabouts of Gitendra Babu (GB) Rai, accused of misappropriating Rs 16 billion from common people by opening more than half a dozen cooperatives across the country, remains unknown despite efforts to trace him.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">KATHMANDU, August 7: whereabouts of Gitendra Babu (GB) Rai, accused of misappropriating Rs 16 billion from common people by opening more than half a dozen cooperatives across the country, remains unknown despite efforts to trace him.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Rai, accused of defrauding the depositors of cooperatives, is on the most wanted list of the police. Even though the police issued a diffusion notice in the first week of January, they have not been able to locate his whereabouts so far. The parliamentary special committee formed to investigate the misappropriation of cooperative savings has also instructed the government to present Rai before the committee.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">In Tuesday's meeting, the chairman of the committee, Surya Bahadur Thapa Chhetri, informed that they found details of Rai's return to Nepal from Malaysia, but couldn’t not find the details of his exit from Nepal.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">"Our investigation has found that Rai has not left Nepal," Thapa told New Business Age, "He may have absconded without using Nepal's airport."</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">In the first week of June, the then Deputy Prime Minister and Home Minister Ravi Lamichhane claimed that Rai was in Malaysia and efforts were being made to bring him to Nepal.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">However, Lamichhane had to quit the government before he could arrest GB Rai. Lamichhane's name is also associated with Rai in the misappropriation of cooperatives’ savings. It has been found that the funds of various cooperatives opened by Rai were invested in the Gorkha Media Network of which he himself is the chairman and loans were taken from some cooperatives in the name of Lamichhane. Lamichhane was the managing director of the media at that time.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">After the name of Lamichhane, who is also the chairman of the Rastriya Swatantra Party, was linked to the misappropriation of the cooperative's funds, a parliamentary committee was formed on May 28 to investigate the matter. The committee has been mandated to investigate nine other institutions apart from the 20 declared problematic. Among them, Swarnalakshmi Savings and Credit Cooperative in Kathmandu, Sahara Cooperative in Chitwan, Sano Paila Cooperative in Birgunj, Suryadarshan Cooperative in Pokhara, Supreme Savings and Credit Cooperative in Butwal, Equality Savings and Credit Cooperative in Nepalgunj, along with six other cooperatives were found to be connected with Rai and Gorkha Media Network.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The committee has demanded the documents of nine cooperatives that were included in the scope of investigation one month ago and the details of the loans given to the Gorkha Media Network. Chairman Thapa informed that they have made preparations for questioning the people accused of misappropriating the savings of cooperatives.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">"We have held 33 meetings and discussed with the stakeholders," he said after the discussion with reporters on Tuesday, "Now we will proceed with the questioning of the persons accused of misappropriation and then prepare the draft of the report."</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Similarly, Thapa informed that the work of financial report analysis of some organizations has also progressed.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The committee is preparing to interrogate the directors of 29 cooperatives and 26 accused persons. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21496', 'image' => '20240807024257_Raabi.jpg', 'article_date' => '2024-08-07 14:40:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21770', 'article_category_id' => '1', 'title' => 'Price of Gold Drops for Second Consecutive Day', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: The price of gold, which had hit an all-time high in the domestic market on Monday, has decreased for the second consecutive day.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, August 7: The price of gold, which had hit an all-time high in the domestic market on Monday, has decreased for the second consecutive day.<br /> According to the Federation of Gold and Silver Dealers' Association, the price of fine gold dropped by Rs 1,400 per tola on Wednesday. Gold is being traded at Rs 146,300 per tola, down from Rs 147,700 per tola on Tuesday.<br /> The price of silver also saw a decline, with silver being traded at Rs 1,710 per tola on Wednesday, a decrease of Rs 15 per tola from Tuesday's price of Rs 1,725 per tola. </span></span></p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21495', 'image' => '20240807024708_20240801032633_cd5483b7.jpeg', 'article_date' => '2024-08-07 14:46:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21768', 'article_category_id' => '1', 'title' => 'Business of Life Insurance Companies up by Ten Percent in Last FY', 'sub_title' => '', 'summary' => 'The business of life insurance companies increased by about 10 percent in the last fiscal year (FY), 2023/24. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">NEWBIZ REPORT</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Kathmandu, August 7</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">The business of life insurance companies increased by about 10 percent in the last fiscal year (FY), 2023/24. According to the Nepal Insurance Authority (NIA), life insurance companies collected Rs 156.33 billion from the sale/renewal of 13.744 million insurance policies. Compared to the previous year, the insurance fee collected during last year is 9.82 percent higher. In the year 2022/23, they collected Rs 142.35 billion from the sale/renewal of 14.137 million insurance policies.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Insurance policy renewal plays a significant role in the business expansion of companies. In 2023/24, the insurance companies collected Rs 121 billion in insurance fee only from renewal of insurance policy. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Nepal Life Insurance Company topped the list of companies in insurance fee collection. It collected Rs 37.17 billion in insurance fees in 2022/23 and Rs 40.85 billion in 2023/24. Similarly, Sun Nepal Life Insurance collected the lowest insurance fee of Rs 3.88 billion last year, which was Rs 3.78 billion in 2022/23.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Including the micro life insurance companies as well, the total insurance fee collection last year increased by 9.94 percent compared to the previous year. Adding the micro life insurance company as well, the insurance companies collected Rs 142.35 billion in insurance premiums in the previous year, which increased to Rs 156.50 billion last year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Among the micro insurance companies, Crest Micro Life collected the highest premium. Crest collected Rs 9.76 billion from the sale of 58,866 insurance policies last year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">President of Life Insurers’ Association, Nepal and Chief Executive Officer of Citizens Life Insurance, Poshak Raj Paudel says that the impact of the recession in the economy also affected the business of insurance companies, so the business growth was not impressive last year. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">He said, “When the economic activities increase, the income of common people increases and the business of insurance companies also expands.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '21494', 'image' => '20240807021012_INSURANCE-COVERAGE.jpg', 'article_date' => '2024-08-07 14:09:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21767', 'article_category_id' => '1', 'title' => 'Record-Breaking Rainfall in Kanchanpur on July 7 Due to 'Terai Cloudburst': Report', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: The Department of Hydrology and Meteorology has released a study report on the extreme rainfall recorded in Kanchanpur on July 7, identifying the event as a 'Terai Cloudburst.'', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 7: The Department of Hydrology and Meteorology has released a study report on the extreme rainfall recorded in Kanchanpur on July 7, identifying the event as a 'Terai Cloudburst.'</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The department conducted field visits to Dodhara, Hanumannagar, and Sundarpur to inspect the automated rainfall measurement instruments installed there. The data from Sundarpur indicated discrepancies from the department's standards, necessitating further assessment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Hanumannagar experienced 102 mm of rainfall in just one hour from 10:05 pm to 11:05 pm on July 7. Over a 24-hour period from 8:45 am on July 7 to 8:45 am on July 8, Hanumannagar received 573.6 mm of rainfall, Sundarpur 556.4 mm, and Dodhara 624 mm.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the department’s spokesperson Sunil Pokhrel, the intense downpour was caused by a combination of monsoon activity in the upper, middle, and lower atmosphere, along with a low-pressure system in the Westerly wind.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The extreme rainfall inundated the plains of Kanchanpur, causing various rivulets to overflow and leading to significant damage. Analyzing a satellite photo taken at 6:15 am on July 9, around 98 square kilometers (about six percent of the total area) of Kanchanpur was submerged, including approximately 85 square kilometers of agricultural land and about 14,000 physical structures.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Reports from interactions and other sources during the onsite visit indicated relatively less damage than expected, given the highest rainfall ever recorded in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The report concluded that timely dissemination of special bulletins, impact-based meteorological forecasting, mass SMS services, and sufficient preparedness and response, including effective search and rescue operations, played a major role in minimizing damages.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The report recommended increased investment in weather forecasting and preparedness to reduce disaster risk, as monsoon-related incidents are likely to increase due to climate change. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21493', 'image' => '20240807011721_20240710125955_SS-Kanchanpur-24DSC00097(1)copy.jpg', 'article_date' => '2024-08-07 13:16:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21766', 'article_category_id' => '1', 'title' => 'Average NPL Ratio of Commercial Banks Surged to 3.58% in last FY', 'sub_title' => 'Kumari Bank and Nepal Investment Mega Bank each have the highest NPL ratio at 4.95%, while Everest has the lowest at 0.71%', 'summary' => 'Commercial banks of Nepal saw their non-performing loans (NPLs) surge in the last fiscal year as slowdown in economic activities affected loan recovery.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 7</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Commercial banks of Nepal saw their non-performing loans (NPLs) surge in the last fiscal year as slowdown in economic activities affected loan recovery.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The average NPL ratio of the commercial banks increased to 3.58% by the end of the FY 2023/24, up from 3.05% in the previous FY 2022/23, the unaudited financial statements of the banks for the last quarter of the last fiscal year show. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NPLs, also known as bad loans, refer to the credit extended by the banks and financial institution which cannot be recovered in a specified period. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While seven banks saw their NPL decline in the review year, remaining 13 witnessed an increase, with eight banks reporting more than 4% NPL.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While Kumari Bank has the highest NPL ratio at 4.95%, Everest Bank has the lowest at 0.71%.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Meanwhile, NIC Asia Bank’s NPL ratio increased from 0.88% to 3.41% in a year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Various external and internal factors caused slowdown in economic activities affecting banks’ credit expansion as well as recovery </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The long term effects of Covid pandemic, ongoing Russia-Ukraine conflict, and the protests in the country for non-payment of loans taken from the banks and financial institutions impacted the loan recovery. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The average NPL ratio of Nepal’s commercial banks was 1.10 in the fiscal year 2021/22. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Despite the surge, Nepal Rastra Bank’ newly appointed spokesperson Ramu Paudel, argued that it was not a major issue. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“NPL has surged because of the sluggish economic activities,” said Paudel. “It will start coming down as the economic activities accelerate.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The International Monetary Fund (IMF) has also raised questions on the NPL statistics of Nepali banks.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The global financial agency put a condition last year of carrying out the audit of 10 big commercial banks to examine their credit quality before approving an installment under the Extended Credit Facility (ECF), suspecting evergreening of loans. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal Rastra Bank has moved forward the process of selecting an auditor for the purpose.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Table below shows NPL ratios of Nepali commercial banks at the end of fiscal years 2022/23 and 2023/24.</span></span></strong></span></span></p> <p> </p> <table cellspacing="0" style="border-collapse:collapse"> <tbody> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Banks</span></span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NPL ratio (2023/24)</span></span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NPL ratio (2022/23)</span></span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal Investment Mega</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.95</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.54</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kumari</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.95</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.96</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Himalayan</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.91</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.93</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Prabhu</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.78</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.98</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Laxmi Sunrise</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.72</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.91</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Prime Commercial </span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.67</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.85</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Global IME</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.37</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.15</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Citizens</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.07</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.39</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nabil</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.85</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.39</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Rastriya Banijya</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.65</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.77</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Machhapuchchhre</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.63</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.26</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Agriculture Development</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.44</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.78</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NIC Asia</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.41</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">0.88</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal Bank</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.28</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.85</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NMB </span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.27</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.75</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Siddhartha</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.22</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.01</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Standard Chartered</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.14</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">1.18</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal SBI</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.43</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Sanima </span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">1.73</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">1.31</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Everest</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">0.71</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">0.79</span></span></span></span></p> </td> </tr> </tbody> </table> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21492', 'image' => '20240807120501_20240717011652_20240624011617_bankkkkkkk.jpg', 'article_date' => '2024-08-07 12:03:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21765', 'article_category_id' => '1', 'title' => 'Lack of Progress in Investigation against ICP Officials in Birgunj Raises Suspicion ', 'sub_title' => '', 'summary' => 'Lack of progress in the investigation against Birgunj-based Integrated Check Post’s officials, who had allegedly given customs clearance to processed palm oil in the guise of semi-processed oil, has raised suspicion of efforts to influence the investigation.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">OM PRAKASH KHANAL<br /> BIRGUNJ, August 7</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Lack of progress in the investigation against Birgunj-based Integrated Check Post’s officials, who had allegedly given customs clearance to processed palm oil in the guise of semi-processed oil, has raised suspicion of efforts to influence the investigation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Department of Customs had started the investigation against customs officer Sunita Paudel and examiner Ramesh Majhi last month after finding out that the consignment of processed palm oil imported by RMC Foods was cleared by the customs office as semi-processed palm oil, for which the imported had to pay less customs duty.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The officials had given the clearance without examining the oil, against the directive of the department. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Traders are found lying about their consignment as they are charged 10% import duty on semi-processed palm oil and 15% on the processed one, department officials say. The alleged officials were suspected of colluding with the traders. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The palm oil imported by RMC Foods was given the customs clearance by charging 10% customs duty and 13% VAT.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Customs Officer Paudel and examiner Majhi were summoned in writing on July 14 to the department for further inquiry.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Dhundi Prasad Niraula, director general at the Department of Customs, had earlier told New Business Age the department’s Investigation and Compliance Branch was tasked to move the investigation forward and submit a report in three days. But, the branch has not submitted the report till date.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">There has been no progress in the case even after three weeks, according to the department sources. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Niraula, however, argued that the two officials were visiting the department daily and the investigation was ongoing.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">After discovering that traders were avoiding revenue by labelling processed oil as semi-processed, the Department of Customs directed its subordinate offices to approve inspections only through oil testing. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The ICP Customs has now started an investigation into a suspected collusion involving an employee, as the raw material got customs clearance without a laboratory test report.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Multiple attempts to reach Deputy Director General Ramesh Aryal, who has been assigned to carry out the investigation, for comments on the matter were unsuccessful.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A senior official of the Department of Customs said that the investigation is being delayed to exempt employees who are under investigation for causing a revenue loss. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Individuals aware of the matter said that attempts were being made to protect the two officials from any proceedings as they happen to be the members of the employee union close to the ruling political party.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">They argued that the investigation could be influenced by the transfer of DG Niraula, who started the investigation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">"Since the DG is going to be transferred, there has been a delay in the investigation," the senior official said on condition of anonymity.</span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21491', 'image' => '20240807113552_20210702051202_20191103092810_20190807121918_Clipboard01.jpg', 'article_date' => '2024-08-07 11:35:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21764', 'article_category_id' => '1', 'title' => 'Rainfall Likely to Continue Across the Country Today', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: Department of Hydrology and Meteorology has predicted rainfall to continue in most of the places across the country today (Wednesday). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 7: Department of Hydrology and Meteorology has predicted rainfall to continue in most of the places across the country today (Wednesday). According to the department, monsoon low-pressure trough is located further north than usual due to which the monsoon wind is currently impacting the entire nation. As a result, the country is experiencing generally cloudy weather across the country with high possibility of rainfall.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The department has forecast light to moderate rainfall in all seven provinces, including Koshi, Madhes, Bagmati, Karnali, Sudurpaschim, Gandaki, and Lumbini. Heavy rainfall is also likely at a few locations within these provinces. Torrential rain is expected at one or two places in Koshi, Sudurpaschim, Lumbini, and Karnali provinces, prompting the department to urge caution due to the risk of landslides and flooding.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Tonight, the weather is predicted to remain partly to generally cloudy with light to moderate rain accompanied by thunder and lightning in some areas. Heavy rainfall is again anticipated in a few locations within the Koshi, Bagmati, Gandaki, Lumbini, and Sudurpaschim provinces.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Over the next 24 hours, the Meteorological Forecasting Division has predicted light to moderate rain with thunder and lightning in most provinces, including Koshi, Madhes, Bagmati, Gandaki, Lumbini, Karnali, and Sudurpaschim, with heavy rainfall expected in a few areas.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Meanwhile, the Meteorological Forecasting Division recorded 73 mm of rainfall in Kathmandu over the past 24 hours. The highest rainfall was recorded in Dharan at 104 mm, followed by Okhaldhunga (85 mm), Biratnagar (80 mm), Janakpur (74 mm), Jiri (46 mm), Pokhara (30 mm), Bhairahawa (26 mm), and Simara (21 mm).</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => 'rainfall, monsoon, Nepal, thunder, lightening, ', 'description' => '', 'sortorder' => '21490', 'image' => '20240807111209_20230904111644_rain (1).jpeg', 'article_date' => '2024-08-07 11:11:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21763', 'article_category_id' => '1', 'title' => 'Nepal into Final of CAVA Women's National League Volleyball after Defeating Iran ', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: Nepal defeated Iran in a competitive match to reach the final of the CAVA Women's Nations Volleyball League on Tuesday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU, August </span></span>7<span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">: Nepal defeated Iran in a competitive match to reach the final of the CAVA Women's Nations Volleyball League on Tuesday. Nepal defeated Iran in straight sets of 25-21, 28-26 and 25-20 in the semifinals held at the </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">National Sports Council’s Covered Hall in Tripureshwar to avenge its earlier defeat in the round-robin league. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Following the victory, Nepal will now face India in the final of the League at 5 PM today (Wednesday). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Earlier, Nepal and Iran had entered the semi-finals of the League securing second and third positions in the league stage, respectively. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal's chief coach Jagdish Bhatta shared happiness saying that Nepal achieved success by learning lessons from past mistakes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prior to this, Iran had defeated Nepal by 3-2 sets in the second match of the league stage. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Earlier on Tuesday, India defeated Sri Lanka in the first semi-final in straight sets of 3-0. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21489', 'image' => '20240807110209_1722907003_nepal_cava-1200x560.jpg', 'article_date' => '2024-08-07 11:01:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21762', 'article_category_id' => '1', 'title' => 'Kailali Achieves Self-Sufficiency in Milk Production', 'sub_title' => '', 'summary' => 'Kailali district has achieved self-sufficiency in milk production, thanks to the commercial rearing of advanced breeds of cows and buffaloes.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 7: Kailali district has achieved self-sufficiency in milk production, thanks to the commercial rearing of advanced breeds of cows and buffaloes. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The district now exports milk to other areas, according to Kabiraj Kathayat, Information Officer at the Veterinary Hospital and Animal Services Expert Center.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Center's statistics reveal that, following the introduction of a subsidy program by the provincial government to promote dairy farming, Kailali produced 96 metric tons of milk in the fiscal year 2078/79. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The milk production increased to 106 metric tons in 2079/80 and further to 168 metric tons in 2080/81.</span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> Currently, the district exports 2,000 to 2,500 liters of milk daily, according to the Dairy Development Project Attaria.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The district officially has 52 cow and buffalo farms registered with the Livestock Services Office, employing 156 people. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">There are also 14 dairy cooperatives, 44 private dairies, and one major enterprise, Khaptad Industries Pvt. Ltd, collectively generating an estimated annual business of around Rs 188.4 million.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Pushpa Bharati of the Livestock Services Office highlighted the economic impact of these developments.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> Puskarraj Nath from the Livestock and Fisheries Development Directorate said that Sudurpaschim Province is on the path to self-sufficiency not only in milk but also in meat, eggs, and fish production. (RSS)</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21488', 'image' => '20240807060440_collage (92).jpg', 'article_date' => '2024-08-07 06:02:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 11 => array( 'Article' => array( 'id' => '21760', 'article_category_id' => '1', 'title' => 'Incessant Rainfall Disrupts Flights Nationwide', 'sub_title' => '', 'summary' => 'KATHMANDU, August 6: Heavy rainfall across Nepal since Monday night has led to disruption of flights at Tribhuvan International Airport (TIA). Poor visibility caused by the relentless downpour has affected both domestic and international flights.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 6: Heavy rainfall across Nepal since Monday night has led to disruption of flights at Tribhuvan International Airport (TIA). Poor visibility caused by the relentless downpour has affected both domestic and international flights.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Jagannath Niraula, General Manager at TIA, reported that a Turkish Airlines flight was rerouted to Lucknow, India, and an Air India flight was diverted to Benaras on Tuesday morning. Domestic flights have also faced delays due to the adverse weather conditions.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">TIA has indicated that flights will resume as visibility improves. However, the Meteorological Forecasting Division warns of continued heavy to extremely heavy rainfall on Tuesday as well as on Wednesday, with particular risk in Koshi Province, Madhes Province, Bagmati Province, Gandaki Province, and Sudurpaschim Province. -- RSS</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21487', 'image' => '20240806055717_TIA.jpg', 'article_date' => '2024-08-06 17:56:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21759', 'article_category_id' => '1', 'title' => 'NEPSE Sees Massive Downfall with Record Turnover of Rs 23.71 Billion', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced a massive downfall, dropping by 145.05 points or 5.18%, to close at 2651.32. This marked a massive drop on the second trading day of the week, Tuesday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 6: The Nepal Stock Exchange (NEPSE) Index experienced a significant decline, dropping by 145.05 points or 5.18%, to close at 2651.32. This marked a massive drop on the second trading day of the week, Tuesday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During the trading session, 322 different securities were traded in 271,587 transactions. A total of 53,844,237 shares were exchanged, resulting in a record turnover of Rs 23.71 billion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Himalayan Reinsurance Company Limited (HRL) led the market with a total transaction value of Rs 1.39 billion. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Three Star Hydropower Limited (TSHL) saw a 10% gain, hitting the upper circuit for the day. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In contrast, seven companies, including Nepal Finance Limited (NFS), Gurkhas Finance Limited (GUFL), and NRN Infrastructure and Development Limited (NRN), experienced a 10% loss, reaching the lower circuit.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Sensitive Index fell by 5.53%, while the Float Index and the Sensitive Float Index decreased by 5.50% and 6.09%, respectively. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">All sectors closed in the red, with the Finance Index and Hotels and Tourism Index experiencing the most significant drops of 8.27% and 8.03%. The Others Index saw the smallest decline at 1.32%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21486', 'image' => '20240806034524_collage (91).jpg', 'article_date' => '2024-08-06 15:43:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '21761', 'article_category_id' => '1', 'title' => 'Veteran Industrialist Shrawan Kumar Agrawal Passes Away', 'sub_title' => '', 'summary' => 'KATHMANDU, August 6: Veteran industrialist Shrawan Kumar Agrawal, who was also a Constituent Assembly member, passed away at his residence in Sanepa, Lalitpur, on Monday night. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 6</span></span>: <span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Veteran industrialist Shrawan Kumar Agrawal, who was also a Constituent Assembly member, passed away at his residence in Sanepa, Lalitpur, on Monday night. He was 77.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Agrawal, who was also the former chairman of Marwadi Sewa Samiti, was active in various industries and businesses for the last 58 years. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Agrawal is survived by his wife, two sons, and a daughter. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">His son, Rajesh Kumar Agrawal, is the president of the Confederation of Nepalese Industries (CNI).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">CNI, through a statement, extended condolences on Agrawal's passing. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">His last rites would be performed at Pashupati Aryaghat on Tuesday. </span></span>-- <span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">RSS</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21485', 'image' => '20240806060046_thumb4-1722923853.jpg', 'article_date' => '2024-08-06 18:00:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21756', 'article_category_id' => '1', 'title' => 'Electricity Export to Bangladesh Uncertain', 'sub_title' => '', 'summary' => 'KATHMANDU, August 6: Due to the ongoing violent protests in Bangladesh, Prime Minister Sheikh Hasina has resigned and left the country, causing uncertainty regarding Nepal's electricity exports to Bangladesh.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">KATHMANDU, August 6: Due to the ongoing violent protests in Bangladesh, Prime Minister Sheikh Hasina has resigned and left the country, causing uncertainty regarding Nepal's electricity exports to Bangladesh.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The agreement for Nepal's electricity export to Bangladesh, initially scheduled for July 28, was postponed due to the protests. Following Prime Minister Hasina's departure on Monday, Army Chief General Waqer-Uz-Zaman announced the formation of a new interim government.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">This political instability has raised more doubts about the timeline and feasibility of the agreement between the two countries. However, Bangladeshi government officials have indicated that despite potential delays, the newly formed government may still view purchasing electricity from Nepal favorably, given Bangladesh's need for power.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The agreement on electricity export from Nepal to Bangladesh, once signed, will mark the first time Nepal exports electricity to a third country. Since 2021, Nepal has been exporting electricity to India’s competitive energy market.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">A tripartite agreement between the Nepal Electricity Authority, India's NTPC Vidyut Vyapar Nigam (NVVN), and the Bangladesh Power Development Board was to be signed on July 28. The agreement outlined that Nepal would sell 40 megawatts of electricity to Bangladesh at 6.4 US cents per unit during the six-month rainy season (from June 15 to November 15 each year) for the next five years.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">However, the student protests in Bangladesh and the toppling of the government have significantly disrupted these plans. Deputy Executive Director of the NEA, Manoj Silwal, expressed concerns about the uncertainty surrounding electricity exports due to the recent developments.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The new interim government in Bangladesh, not formed through the electoral process, creates an abnormal situation. "There is a doubt that the new government will easily implement the decisions of the previous government," Silwal said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Previously, citing the protests, Sheikh Hasina's government informed the Nepali embassy that it would be unable to attend the agreement signing scheduled for July 28. The Ministry of Energy, Water Resources, and Irrigation had planned to export 28,800 megawatt hours of electricity to Bangladesh monthly, with a goal of exporting 144,000 megawatt hours and earning Rs 1.23 billion in the next five months if an agreement was reached immediately.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Navinraj Singh, spokesperson for the Ministry of Energy, Water Resources, and Irrigation, stated that due to the latest political developments in Bangladesh, it is challenging to predict the outcome of the electricity purchase and sale. "The first thing is that there is no government there now," he said. "The head of the government has left the country." This has added to the confusion surrounding the electricity purchase and sale agreement.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Despite Sheikh Hasina's government prioritizing the purchase of electricity from Nepal, Nepali officials acknowledge that the agreement will depend on the new government's stance. "However, due to the lack of electricity in Bangladesh, we believe that the newly formed government will prioritize purchasing electricity from Nepal. Now let's see how the events progress," Singh added.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">In addition to the tripartite agreement, the bilateral high-level mechanism meeting on energy between Nepal and Bangladesh, scheduled for July 29-30 in Pokhara, was also postponed. This meeting aimed to discuss or sign an agreement on establishing a joint venture to build the Sunkoshi 3 hydropower project with a capacity of 683 MW. However, recent developments have added uncertainty to this plan as well, Singh noted.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21484', 'image' => '20240806014732_20240718112709_c70a54ed.jpeg', 'article_date' => '2024-08-06 13:47:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, '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
