May 7: The World Bank’s Board of Executive Directors on Monday approved an $80 million development policy credit for Nepal to strengthen the stability of the financial sector, diversify financial solutions, and increase access to financial…
May 7: The World Bank’s Board of Executive Directors on Monday approved an $80 million development policy credit for Nepal to strengthen the stability of the financial sector, diversify financial solutions, and increase access to financial…
May 7: The Nepal Electricity Authority (NEA) has been implementing unannounced power cuts in the industrial establishments for the past four months.…
The Nepal Stock Exchange(NEPSE) Index recorded a minimal gain of 2.06 points or 0.10%, closing at 1960.81 on the third trading day of the week on Tuesday.…
May 7: The internet service provided by the big internet service providers (ISPs) of Nepal suddenly slowed down on the evening of May 2 while the country was observing the National Information and Communication Technology…
May 7: Stakeholders on Monday laid the foundation stone for the reconstruction of the historic Thanthu Durbar in Bhaktapur Dubar Square…
May 7: Globally acclaimed mobility company inDrive has officially registered its services in Nepal.…
May 7: Much to the respite from the raging wildfires across the country, the Department of Hydrology and Meteorology has informed that some parts of Bagmati and Koshi provinces are witnessing light rainfall since Tuesday morning due to the low pressure system generated in the vicinity of Bihar, India along with the westerly and local…
May 7: Finance Minister Barsha Man Pun has pledged to determine the tax rate in a transparent…
The Securities Board of Nepal (SEBON) has announced its decision to reduce broker commissions by 10%. This decision was made during a meeting of the Board of Directors, according to Mukti Shrestha, the spokesperson for the Securities Board of Nepal. The revised broker commission rate will come into effect from May…
The Nepal Stock Exchange (NEPSE) Index continued its downward trend, slipping by 0.79% or 15.62 points, closing at 1958.75 on the second trading day of the week on…
May 6: Nepal has appealed to the international community to provide concessional…
…
May 6: PhonePe India recently showcased its services powered by the Unified Payments Interface (UPI) platform at a special event held in Kathmandu,…
May 6: A high-level government task force has suggested that the property of Tribhuvan International Airport (TIA) should be monetized for the construction of an international airport in…
May 6: Finance Minister Barshaman Pun has said the government has succeeded in giving the message of being friendly to the private…
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 60]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' => '20913', 'article_category_id' => '1', 'title' => 'World Bank Approves $80 Million to Strengthen Financial Sector of Nepal', 'sub_title' => '', 'summary' => 'May 7: The World Bank’s Board of Executive Directors on Monday approved an $80 million development policy credit for Nepal to strengthen the stability of the financial sector, diversify financial solutions, and increase access to financial services.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 7: The World Bank’s Board of Executive Directors on Monday approved an $80 million development policy credit for Nepal to strengthen the stability of the financial sector, diversify financial solutions, and increase access to financial services.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement on Monday, the World Bank said that the third Finance for Growth Development Policy Credit aims to improve the functioning of the financial sector to support private sector-led growth.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the World Bank, the operation will strengthen the supervision of the banking and insurance sectors in Nepal and foster financial product innovations in capital, insurance, and disaster risk markets. The operation will also increase financial inclusion through digitalization, enhanced credit infrastructure and improved financial literacy, with a focus on women entrepreneurs, the statement added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“This project supports Nepal’s green, resilient, and inclusive development and will help create an enabling environment for private investment to contribute to Nepal’s economic growth, particularly benefiting the poor and vulnerable,” said Faris Hadad-Zervos, World Bank’s Country Director for the Maldives, Nepal, and Sri Lanka.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The operation also supports Nepal's climate agenda by enhancing supervision of climate risks by requiring disclosures of climate-related risks and impacts of the banking sector portfolio; introducing risk-informed pricing for insurance products, including climate risks; establishing a framework for the issuance of green bonds; and integrating climate-related mitigation and adaptation commitments into credit guarantee products.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“This operation supports the government’s transformative financial sector reform agenda to promote private sector-led growth. The reforms in banking, insurance, and capital markets are instrumental for the sector’s resilience and the critical role it plays to enable private capital mobilization,” stated Tatsiana Kliatskova, World Bank’s task team leader for the project.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-07', 'modified' => '2024-05-07', 'keywords' => '', 'description' => '', 'sortorder' => '20640', 'image' => '20240507054611_20240215010906_World.jpg', 'article_date' => '2024-05-07 17:45:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '20911', 'article_category_id' => '1', 'title' => 'Industries in Nepal Facing Significant Challenges due to Ongoing Power Cuts', 'sub_title' => '', 'summary' => 'May 7: The Nepal Electricity Authority (NEA) has been implementing unannounced power cuts in the industrial establishments for the past four months. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">May 7: The Nepal Electricity Authority (NEA) has been implementing unannounced power cuts in the industrial establishments for the past four months. The situation has further worsened since the beginning of April after India decided to provide electricity only during the daytime hours. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Consequently, industrialists in the Bara-Parsa Industrial Corridor have been severely impacted by irregular power supply, even during designated electricity supply periods.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">With the onset of winter, the country's hydropower projects, reliant on river flows, can only produce electricity at approximately one-third of their total capacity. This limitation necessitates importing electricity from India. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">However, due to the inadequate carrying capacity of internal transmission lines, NEA has struggled to distribute the imported electricity from the Dhalkebar-Muzaffarpur international transmission line to the industrial sector adequately.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Despite claims of load shedding being entirely eradicated, industrial areas in the Terai region continue to experience power cuts during the dry season.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"> NEA initially initiated power cuts in industries last year, citing low availability of electricity. However, after these unannounced interruptions disrupted production, entrepreneurs urged NEA leadership to implement a schedule for power cuts.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The industries in Bara-Parsa corridor fed electricity through 66 and 11 KV transmission lines experience power cuts from 6 pm to 6 am. NEA states that since India only supplies electricity from 6 am to 6 pm, industries are provided power during this timeframe. However, industrialists report not only unannounced power cuts lasting up to 12 hours a day but also frequent 'tripping' disruptions during NEA's stipulated supply hours.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Industrialists in the Bara-Parsa corridor, particularly those involved in production of construction material, lament significant production losses due to the unannounced power cuts. The irregular electricity supply has exacerbated challenges in production scheduling and worker management, leading to financial losses and decreased productivity.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">With the current economic recession dampening market demand, industrialists express frustration at being unable to capitalize on rising demand for construction materials during peak seasons. Despite the government's capital expenditure surge in the third quarter of the fiscal year, industrialists remain disappointed by their inability to meet market demand due to electricity shortages.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Furthermore, industrialists who previously removed generators following NEA's announcement of an end to load shedding now regret their decision. Presently, NEA faces challenges in meeting the country's total electricity demand, necessitating imports from India to bridge the shortfall.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">NEA spokesperson Chandan Kumar Ghosh attributes power cuts in industries to decreased domestic production and limited imports from India. Ghosh explains that due to the import of electricity only during specified hours, industries are supplied electricity accordingly, leading to tripping issues when demand exceeds capacity.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Despite NEA's efforts to manage the demand of the industrial corridor by augmenting supply from other sources, challenges persist due to weather-related fluctuations and increasing demand. Ghosh remains optimistic that these issues will be mitigated with rising water levels in the rivers following rainfall, ultimately resolving the ongoing power supply issue.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-07', 'modified' => '2024-05-07', 'keywords' => '', 'description' => '', 'sortorder' => '20639', 'image' => '20240507024608_20220330051709_c1d0e043-electricity.jpg', 'article_date' => '2024-05-07 14:45:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '20912', 'article_category_id' => '1', 'title' => 'NEPSE Gains 2.06 to Close at 1960.81, Turnover Shrinks to Rs 2.14 Billion', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange(NEPSE) Index recorded a minimal gain of 2.06 points or 0.10%, closing at 1960.81 on the third trading day of the week on Tuesday. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">May 7: The Nepal Stock Exchange(NEPSE) Index recorded a minimal gain of 2.06 points or 0.10%, closing at 1960.81 on the third trading day of the week on Tuesday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today’s trading session, 314 scrips were traded on the NEPSE through 38,214 transactions. A total of 5,064,038 shares changed their hands, resulting into a total turnover of Rs 2.14 billion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Pokhara Finance Limited(PFL) took the lead in transaction amount with the total turnover of Rs 8 crores. Himalayan Laghubitta Bittiya Sanstha(HLBSL) saw the highest gain of 9.99%, closing at a market price of Rs 856 per share. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Conversely, Bottlers Nepal(Terai) Limited (BNT) incurred the maximum loss of 6.23%, closing at a market price of Rs 13,193.70 per share. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In terms of sector indices, all sectors closed in the negative territory except Microfinance Index, Mutual Index, Development Bank Index and Others Index. Microfinance Index experienced the highest gain of 2.43%, while Trading Index lost the maximum at 1.09%. </span></span></p> ', 'published' => true, 'created' => '2024-05-07', 'modified' => '2024-05-07', 'keywords' => '', 'description' => '', 'sortorder' => '20638', 'image' => '20240507033412_collage (6).jpg', 'article_date' => '2024-05-07 15:33:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 3 => array( 'Article' => array( 'id' => '20910', 'article_category_id' => '1', 'title' => 'What is the Key Dispute between the Government and Internet Service Providers?', 'sub_title' => '', 'summary' => 'May 7: The internet service provided by the big internet service providers (ISPs) of Nepal suddenly slowed down on the evening of May 2 while the country was observing the National Information and Communication Technology Day.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">May 7: The internet service provided by the big internet service providers (ISPs) of Nepal suddenly slowed down on the evening of May 2 while the country was observing the National Information and Communication Technology Day.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The main reason for the disturbance in the internet service was that India’s Airtel company, which was providing bandwidth to the internet service providers of Nepal, stopped providing the bandwidth. The Ministry of Communication and Information Technology said that the Indian company turned off the Internet link for about 6 hours after the ISPs of Nepal defaulted in payment for the bandwidth usage for the past one year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">In particular, the government has not provided foreign currency exchange facilities for the payment of bandwidth for the past one year because some ISPs have not fully paid the fee to be paid to the Rural Telecommunication Development Fund and the royalty to be paid to the government from the fees collected from the customers. As a result, they have not been able to pay the dues to the Indian company. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to Internet Service Providers Association of Nepal (ISPAN), an umbrella organization of internet service providers operating in the country, Airtel is the company that provides the largest bandwidth to Nepal.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Seventy percent of the total bandwidth is being provided by Airtel, according to ISPAN. Due to this, the speed of the internet decreased significantly on last Thursday. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">There has been a dispute between the government and the Internet Service Providers (ISPs) whether to consider the maintenance service provided by the ISPs as a telecommunication service or not and whether to pay a certain percentage of the fees collected by the ISPs to the Rural Telecommunication Development Fund and to the government as royalty.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The government has been considering maintenance as a telecommunication service and has been asking the ISPs to pay two-tier tax. In addition, the government has been refusing to provide foreign exchange facilities to those who do not pay such fees. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The ISPs have refused to pay taxes from maintenance fee claiming that the maintenance service does not belong to the telecommunication service according to the law and they do not have to pay the fee to the government. This dispute is currently pending before the Supreme Court. Even though the internet service was disrupted, both sides did not back down from their stance.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The Ministry of Communication and Information Technology issued a statement on May 2 and requested the ISPs not to act in such a way as to disrupt essential services like the Internet without paying the rural telecommunication development fees and royalties to the state on time.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Issuing a press statement the following day, the regulatory body Nepal Telecommunications Authority said that a certain number of internet service providers have not paid the due amount as per the rules despite repeated requests from the authority over the years under various pretexts, so it did not recommend foreign exchange facility to the defaulters.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">What is the service provider's statement?</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">ISPAN claims that the ISPs have been regularly paying royalties and rural telecommunication development fees to be paid from income from telecommunication services in accordance to the Telecommunication Act, Telecommunication Regulations and Rural Telecommunication Development Fund Regulations.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Apart from that, there is no legal provision to pay royalties and rural telecommunication development fund fee from income generated from non-telecommunication services such as maintenance services.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">“The state-owned service providers are easily getting recommendation for foreign currency exchange facility even though they have billions of rupees in arrears, which is a discriminatory policy of the government," said Subas Khadka, Chief Executive Officer of ISPAN, in a statement issued on Saturday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">ISPAN claims that the government cannot charge fees for the Rural Telecommunication Development Fund and royalties from the maintenance fees according to the instructions of the Public Accounts Committee of the Parliament, the decision taken by the Office of the Auditor General and the interim order issued by the Supreme Court.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">What is the legal provision?</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Section 2 (d) of Telecommunications Act 2053 defines 'telecommunication service' as service related to sound, sign, signal, writing, figure, any kind of secret signal or message whether or not such sound, sign, signal, writing has been rearranged, calculated or otherwise altered in any way for the purpose of emission, transmission or reception by electronic means using wire, radio, light (optical) or other electromagnetic system. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">In schedule 6 (a) of the regulation, 13 areas have been considered as telecommunication services. Types of telecommunications services licensed include Internet (including email), fax, mail, VSAT, local data network (for commercial use), local telephone service, intra-nation trunk call service, international trunk call service, intra-nation telegraph service, international telegraph service, Telex service, leased circuit service, telefax service, package switching data service.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">In the regulation, internet maintenance fee is not included under telecommunication service.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to Santosh Paudel, the director of the NTA, the government has not published a notice in the Nepal Gazette and has not included the maintenance under the telecommunication service as liable for the rural telecommunication development fund. However, he claims that maintenance is also a telecommunication service and there is no need to publish a notice in the Nepal Gazette define it as telecommunication service.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">"Since this matter has reached the court, we cannot say anything more," he said.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">How much is due?</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to the NTA’s claim, nine ISPs are yet to pay dues worth Rs 3.70 billion. WorldLink is yet to pay Rs 1.94 billion while Vianet is yet to pay Rs 420 million.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Section 5 of the Telecommunications Regulations and the Rural Telecommunications Development Fund Regulations 2068 stipulates that the licensee must deposit 2 percent of the annual income collected from the telecommunications services into the fund every year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Section 26 of Telecommunication Regulation 2054 explains that 'annual total income' means the income received by the licensee for providing telecommunication services, excluding the amount received from the customer, service tax, value added tax, etc.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to these two provisions, the authority has maintained the arrears of unpaid tax from the amount collected by the ISPs under maintenance charge.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">What did the parliamentary committee say?</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">After the Auditor General's 56th annual report pointed out that the ISPs had not paid royalty and rural telecommunication development fund fee from the fees collected from customers as maintenance services, this issue was discussed in the Public Accounts Committee of the House of.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The Public Accounts Committee explained that the support charge, annual maintenance fee, technical fee and monitoring fee collected by the ISPs are non-telecommunication services and decided to give instructions to remove the unnecessary charges and royalties for the Rural Telecommunication Development Fund.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">What is happening in court?</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">On June 21, 2020, WorldLink filed a petition at the Supreme Court seeking an interim order not to charge additional fees related to royalty and rural telecommunication development fund fees.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The Supreme Court issued an interim order on June 23 in favour of the petitioner.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">"Despite the fact that even the court has ordered the government not to take action until the case is settled, the government is torturing us again and again," Dilip Agarwal, president and managing director of WorldLink Communications, told New Business Age. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">What is the solution?</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to ISPAN, Airtel denied bandwidth because the government has not provided the foreign currency exchange facility to the ISPs since the last 13 months. Airtel provided the bandwidth after about six hours following the assurance given by the NTA and the initiative taken by the ministry. According to ISPs, it is not certain when Indian companies will stop providing the bandwidth.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">However, the government and internet service providers do not seem to budge from the respective stance.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Agarwal said that they are ready to proceed according to the court's order. The government wants to collect the outstanding amount. However, Paudel, the spokesperson for the NTA, also says that the court's decision will be important to solve this case. "Let's not say too much now, the court's decision will be the final decision," he said.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-05-07', 'modified' => '2024-05-07', 'keywords' => '', 'description' => '', 'sortorder' => '20637', 'image' => '20240507022836_20230907105804_internet.jpg', 'article_date' => '2024-05-07 14:27:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '20909', 'article_category_id' => '1', 'title' => 'Reconstruction of Malla-era Thanthu Durbar Begins ', 'sub_title' => '', 'summary' => 'May 7: Stakeholders on Monday laid the foundation stone for the reconstruction of the historic Thanthu Durbar in Bhaktapur Dubar Square area.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 7: Stakeholders on Monday laid the foundation stone for the reconstruction of the historic Thanthu Durbar in Bhaktapur Dubar Square area. The Thanthu Durbar was constructed 346 years ago. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at a programme organised by Bhaktapur municipality on the occasion, Secretary of the Nepal Workers and Peasants Party and lawmaker Prem Suwal said excavation of 99 thoroughfares in Bhaktapur Durbar area should be continued. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Pointing out the need of examination from technicians whether or not 100-year-old houses in Bhaktapur are safe to live in, he stressed the need of protecting originality in reconstruction of heritages. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Coordinator of Thanthu Durbar Reconstruction Direction Committee and Mayor of Bhaktapur municipality, Sunil Prajapati, shared Bhaktapur municipality had been operating its activities from Thanthu Durbar before 2072 BS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The municipality now has forwarded the work of reconstruction of Thanthu Durbar keeping it in priority. An estimated cost for the reconstruction of the Thanthu Durbar is Rs 128.5 million. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Bagmati Province Assembly member Srijana Sainju, Deputy-Mayor of Bhaktapur municipality Rajani Joshi, Chief District Officer of Bhaktapur Roshani Kumari Shrestha, among others were present on the occasion. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-05-07', 'modified' => '2024-05-07', 'keywords' => '', 'description' => '', 'sortorder' => '20636', 'image' => '20240507013610_thantu palace.jpg', 'article_date' => '2024-05-07 13:35:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '20908', 'article_category_id' => '1', 'title' => 'inDrive Officially Registered in Nepal', 'sub_title' => 'The ride-sharing app has partnered with IME Pay for digital payment', 'summary' => 'May 7: Globally acclaimed mobility company inDrive has officially registered its services in Nepal. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 7: Globally acclaimed mobility company inDrive has officially registered its services in Nepal. Renowned as the fastest-growing mobility service worldwide, inDrive has been operating informally since some time in key cities, including Kathmandu, Pokhara, and Bharatpur.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">With a diverse array of services encompassing bike and car rides, courier services, and inter-city rides, inDrive will now formally address the varied needs of Nepali commuters with PAN registration. Director Rita Pokhrel and Pavit Nanda Anand, inDrive's PR Manager for South Asia, jointly announced the official registration during an event at the Marriott Hotel in Kathmandu.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Pokhrel disclosed the company's dedication to providing seamless digital payment options, having partnered with IME Pay to facilitate convenient transactions post-formal entry. She also underscored inDrive's rider-friendly policy, affirming that the company will only levy a nominal 10% commission from riders, inclusive of taxes.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Furthermore, acknowledging the paramount importance of safety and security, inDrive is in the process of introducing insurance facilities for both riders and users. Pokhrel assured the media during a Q&A session that the necessary paperwork is underway, and the insurance services will be rolled out shortly.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The head office of inDrive for Nepal is located in Hattisar, serving as a strategic hub for its operations. Pokhrel noted that what began as a trial period has now evolved into a fully registered entity under the PAN with Foreign Direct Investment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The formal entry of inDrive into the Nepali market is anticipated not only to enrich transportation options but also to generate employment opportunities and foster economic growth. Alongside Indrive, Pathao, JumJum, and Tootle are offering ride-sharing services in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">With a widespread presence in over 45 countries and 700 cities worldwide, inDrive brings global expertise and innovation to Nepal's transportation landscape, ensuring a more efficient and convenient commuting experience for all, shared Anand, emphasizing the company's commitment to fairer fares and lower charges compared to other players in the market, thereby ensuring affordability and accessibility for all.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Furthermore, Anand added that inDrive will continue exploring and adding other services similar to what it has been offering in other markets.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-07', 'modified' => '2024-05-07', 'keywords' => '', 'description' => '', 'sortorder' => '20635', 'image' => '20240507123611_thumb.jpg', 'article_date' => '2024-05-07 12:35:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '20906', 'article_category_id' => '1', 'title' => 'Rainfall Predicted in Koshi, Bagmati, Gandaki and Lumbini Provinces Today ', 'sub_title' => '', 'summary' => 'May 7: Much to the respite from the raging wildfires across the country, the Department of Hydrology and Meteorology has informed that some parts of Bagmati and Koshi provinces are witnessing light rainfall since Tuesday morning due to the low pressure system generated in the vicinity of Bihar, India along with the westerly and local winds. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 7: Much to the respite from the raging wildfires across the country, the Department of Hydrology and Meteorology has informed that some parts of Bagmati and Koshi provinces are witnessing light rainfall since Tuesday morning due to the low pressure system generated in the vicinity of Bihar, India along with the westerly and local winds. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">It maybe noted that the country has been facing incidents of wildfire due to the prolonged drought in the current dry season. It has also resulted in poor visibility due to air pollution.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, department has forecast that some parts of Koshi, Bagmati, Gandaki and Lumbini provinces will see moderate rainfall along with lightning, thunder and storm later in the day, while some parts of Gandaki, Lumbini and Karnali provinces are predicted to have heavy rainfall. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Few places in the upper hills and mountainous region of the country will have light snowfall. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Partial change in weather is expected tonight. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The department has requested all for precaution in the wake of change in weather. Agriculture, health, tourism, mountaineering, and road and air transports have been urged to take safety measures. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-05-07', 'modified' => '2024-05-07', 'keywords' => '', 'description' => '', 'sortorder' => '20634', 'image' => '20240507114808_sno.jpg', 'article_date' => '2024-05-07 11:45:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '20907', 'article_category_id' => '1', 'title' => 'Change in Tax Rate will be Transparent: Minister Pun ', 'sub_title' => '', 'summary' => 'May 7: Finance Minister Barsha Man Pun has pledged to determine the tax rate in a transparent manner.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 7: Finance Minister Barsha Man Pun has pledged to determine the tax rate in a transparent manner.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at an interaction in the capital on Monday, Minister Pun pledged to change the scope of tax in a transparent manner based on the recommendations of the Revenue Advisory Committee and suggestions of the stakeholders. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He claimed that the number of Nepali citizens going abroad has decreased and efforts are being made to bring back those who have gone abroad. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The process of transferring knowledge, skills and capital from those who have gone abroad is underway, he said, adding that a good example has been seen in the field of information technology. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He pledged to bring programmes in the upcoming budget to instill hope among the people and encourage the youth. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-05-07', 'modified' => '2024-05-07', 'keywords' => '', 'description' => '', 'sortorder' => '20633', 'image' => '20240507120815_20200907074520_1599400665.tax.jpg', 'article_date' => '2024-05-07 12:07:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '20905', 'article_category_id' => '1', 'title' => 'SEBON Slashes Broker Commission by 10%, Effective from May 14', 'sub_title' => '', 'summary' => 'The Securities Board of Nepal (SEBON) has announced its decision to reduce broker commissions by 10%. This decision was made during a meeting of the Board of Directors, according to Mukti Shrestha, the spokesperson for the Securities Board of Nepal. The revised broker commission rate will come into effect from May 14.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">May 7: The Securities Board of Nepal (SEBON) has announced its decision to reduce broker commissions by 10%. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">This decision was made during a meeting of the Board of Directors, according to Mukti Shrestha, the spokesperson for the Securities Board of Nepal. The revised broker commission rate will come into effect from May 14.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">SEBON had proposed a 10% reduction in broker commissions, submitting the proposal to the Ministry of Finance for approval on October 18, 2023. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Finance Minister Barshaman Pun approved the proposal to decrease brokerage commissions, aligning with SEBON’s recommendation.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Following thorough research and analysis, the Board concluded to lower broker commissions. Former Board Chairman Ramesh Kumar Hamal had advocated for reducing brokerage commissions based on demands from share investors.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Board has decided to reduce the upper limit from 0.40% to 0.36% and the lower threshold from 0.27% to 0.24%, implementing these changes accordingly. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">According to current regulations, investments up to Rs 50,000 incur a commission rate of 0.40%, while investments ranging from Rs 50,000 to Rs 500,000 are charged at 0.37%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Investments from Rs 500,000 to Rs 2,000,000 carry a commission rate of 0.34%. Similarly, for investments ranging from Rs 2,000,000 to Rs 10,000,000, the commission rate is 0.30%, and for investments exceeding Rs 10,000,000, the commission rate is 0.27%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">With the new decision, commissions for investments up to Rs 50,000 will be 0.36%, for investments from Rs 50,000 to Rs 500,000 the commission rate will be 0.33%, and for investments from Rs 500,000 to Rs 2,000,000 the rate will be 0.30%. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">For investments from Rs 2,000,000 to Rs 10,000,000, a commission rate of 0.27% will apply, and for investments exceeding Rs 10,000,000, the commission rate will be 0.24%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-07', 'modified' => '2024-05-07', 'keywords' => '', 'description' => '', 'sortorder' => '20632', 'image' => '20240507121033_Sebon-update.jpg', 'article_date' => '2024-05-07 09:14:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 9 => array( 'Article' => array( 'id' => '20904', 'article_category_id' => '1', 'title' => 'NEPSE Plunges by 15.62 Points to Close at 1958.75', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index continued its downward trend, slipping by 0.79% or 15.62 points, closing at 1958.75 on the second trading day of the week on Monday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">May 6: The Nepal Stock Exchange (NEPSE) Index continued its downward trend, slipping by 0.79% or 15.62 points, closing at 1958.75 on the second trading day of the week on Monday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Throughout today's trading session, a total of 310 scrips were traded via 48,709 transactions. As many as 6,978,321 shares changed their hands, resulting in a total turnover of Rs 2.89 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Citizen Life Insurance Company Limited (CLI) took the lead in transaction volume, with a turnover of Rs 31 crores. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, Bottlers Nepal (Terai) Limited (BNT) saw the highest increase, climbing by 9.03% to close at Rs 14,069 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">On the flip side, Pokhara Finance Limited (PFL) and Dolti Power Company Limited (DOLTI) faced significant losses of 10% each.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Sector-wise, all sectors closed in the negative zone except for the Development Bank Index, which saw a modest gain of 0.23%. The Finance Index experienced the highest decline, dropping by 1.96%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-06', 'modified' => '2024-05-06', 'keywords' => '', 'description' => '', 'sortorder' => '20631', 'image' => '20240506033051_20240418032246_collage (59).jpg', 'article_date' => '2024-05-06 15:27:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '20901', 'article_category_id' => '1', 'title' => 'Nepal Appeals to World Community to Increase Concessional Aid ', 'sub_title' => '', 'summary' => 'May 6: Nepal has appealed to the international community to provide concessional assistance. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 6: Nepal has appealed to the international community to provide concessional assistance. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Addressing the 57th annual meeting of the Board of Governors of the Asian Development Bank (ADB) held in Tbilisi, the capital of Georgia, Finance Secretary Madhu Kumar Marasini asked for the provision of concessional assistance as large capital must be mobilized to address the economy and development aspirations that have weakened due to the Covid-19 pandemic. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He urged all development partners, including the Asian Development Bank, to increase financial and technical support, saying that Nepal has moved forward with the concept of green, resilient and inclusive development (GRID). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Secretary Marasini pointed out the need for collective efforts to make South Asia an area of emerging economic development and said that emphasis should be given for the same. Pointing out the need for efforts, he said that emphasis should be placed on interdependence, innovation and digitization for the enhancement of interregional trade. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal’s economy post Covid-19 pandemic has been affected by global economic challenges and the contraction in economic activities in recent days due to revenue deficit and increasing debt obligations.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Secretary Marasini shared that the third investment summit was organized in Kathmandu to create an investment-friendly environment in Nepal. He mentioned that ADB can play an important role in creating an environment for investment in areas of comparative advantage such as tourism, hydropower and information technology. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Recalling that the ADB has been continuously supporting Nepal, Secretary Marasini expressed his gratitude for being a reliable partner in the development journey. He said that in the last decade, Nepal has advanced social inclusion and economic development together. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-05-06', 'modified' => '2024-05-06', 'keywords' => '', 'description' => '', 'sortorder' => '20630', 'image' => '20240506025508_20230723022857_hqdefault.jpg', 'article_date' => '2024-05-06 14:54:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '20903', 'article_category_id' => '1', 'title' => 'Muktinath Development Bank Provides Financial Assistance to KU for Green Hydrogen Energy Research', 'sub_title' => '', 'summary' => '', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">May 6: Muktinath Development Bank has partnered with Kathmandu University for the research of green hydrogen energy with the objective of contributing to the sustainable development of this sector.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Issuing a statement, the bank said it has signed a memorandum of understanding with KU to provide financial assistance for research to the Green Hydrogen Lab of the university. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The signing ceremony was attended by CEO of Muktinath Development Bank Pradhyuman Pokharel, Vice Chancellor of KU Dr Bhola Thapa, chief of the Green Hydrogen Lab Dr Biraj Singh Thapa and other officials of the bank and the university.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The Green Hydrogen Lab will conduct research on green hydrogen for thermal heat with the funding from the bank.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The bank expressed its belief that this initiative would help sustainable development of Nepal in the long run.</span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-05-06', 'modified' => '2024-05-06', 'keywords' => '', 'description' => '', 'sortorder' => '20629', 'image' => '20240506032514_Muktinath & KU green hydrogen lab (1).jpg', 'article_date' => '2024-05-06 15:23:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '20902', 'article_category_id' => '1', 'title' => 'PhonePe Showcases its Services Powered by UPI at a Special Event in Nepal', 'sub_title' => '', 'summary' => 'May 6: PhonePe India recently showcased its services powered by the Unified Payments Interface (UPI) platform at a special event held in Kathmandu, Nepal.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">May 6: PhonePe India recently showcased its services powered by the Unified Payments Interface (UPI) platform at a special event held in Kathmandu, Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">Issuing a statement, the company said that the event held on May 2 brought together key stakeholders from the Nepalese financial landscape, including senior representatives from the banking sector, Payment System Providers, UPI accepting merchants and representatives from business associations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">The event was supported by Nepal’s payment system operator Fonepay payment Service Limited which is also NIPL’s counterpart for Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">The event saw a keynote address from Diwas Sapkota, CEO of FonePay Network, outlining the potential of UPI for Nepal's digital economy. This was followed by an engaging panel discussion on the Influence of cross-border payments on Nepal’s economy and the financial landscape, the statement added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">The panel included esteemed panelists like Anish Tamrakar, Chief Digital Banking Officer of Kumari Bank; Shradha Shrestha, manager of Nepal Tourism Board; Jagdish Khadka, CEO of eSewa, and Vivek Rana, ICT/MIS Consultant at the Asian Development Bank (ADB). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">The panel discussion addressed a range of issues related to cross-border payments and their impact on Nepal's economy and financial landscape as well as regulatory hurdles and compliance demands in facilitating international transactions. The panelists highlighted the positive influence of UPI on Nepal's tourism sector, particularly by enhancing the overall tourist experience through convenient cashless payments. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">According to the company, the discussion further explored how cross-border payments impact the revenue streams and business models of financial institutions. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">Additionally, panelists examined the influence of UPI on consumer experience in Nepal, focusing on factors like convenience, interoperability, security, and cost-effectiveness. The discussion als delved into the broader macroeconomic implications of cross-border payments through alternative payment methods impacting underserved small and medium scale entrepreneurs.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">The program culminated in a product showcase led by Ritesh Pai, CEO of PhonePe. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">According to the company, his presentation provided a comprehensive overview of PhonePe's journey, highlighting its evolution. The presentation also delved into how PhonePe, powered by UPI fosters a thriving ecosystem, driving the democratization of payments across India. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">This was followed by a demonstration of solutions that benefit both Indian tourists and Nepalese merchants. Drawing parallels with the Indian market success story, the presentation illustrated how PhonePe can replicate this success in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">Nepal is a very popular destination among Indian visitors who can now use UPI to pay at various tourist spots, retail stores, religious sites, and other popular locations. Users simply need to scan QR codes from their preferred UPI-enabled app at merchant locations who are enrolled in Fonepay QR scheme in Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">This is facilitated through Fonepay’s partnership with NPCI International Payments Limited (NIPL). Through this partnership, Fonepay has enabled QR-code-based payments across payment service providers, leading banks and wallets, allowing Indian travelers to use UPI for transactions.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">Additionally, going forward shortly, tourists and visitors from Nepal traveling to India will be enabled to utilize their financial instruments like wallet-based apps to scan the UPI QR code and make payments effortlessly.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">Speaking on the sidelines of the event, Ritesh Pai said, "We're thrilled to be showcasing services powered by UPI in Nepal. This gathering has brought together key players from Nepal’s financial landscape, including Fonepay, leading business figures, and representatives from hospitality and tourism. It's a testament to the collaborative spirit that will ensure UPI's success in Nepal. We are thankful for their presence and participation. Nepal is a popular tourist destination, particularly for travelers from India. With UPI, Indian tourists can now enjoy the same convenient cashless payment experience they're accustomed to back home, using UPI powered apps such as PhonePe. This will not only enhance their travel experience but also encourage digital transactions."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">Addressing the event, Diwas Kumar, CEO Fonepay Nepal, said, “This is a moment of immense pride and joy for Fonepay Payment Service Ltd. Our 4 years of journey to bring cross border payments in Nepal is finally successful and UPI payment is Live in Nepal. As we introduce UPI payments in partnership with NPCI International, and welcome PhonePe to Nepal, we see a future where smooth digital transactions boost economic growth and financial inclusion, benefiting merchants and businesses. We extend our heartfelt gratitude to the regulators, government agencies for their invaluable support, recognizing innovations and supporting private sector efforts in facilitating Nepal’s journey towards digital transformation. We urge authorities to foster an ecosystem that embraces and supports innovations, promote partnership with private sector players in technological advancements and bring state of art products and services to Nepalese consumers."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2024-05-06', 'modified' => '2024-05-06', 'keywords' => '', 'description' => '', 'sortorder' => '20628', 'image' => '20240506031307_JAN00188.jpg', 'article_date' => '2024-05-06 15:10:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '20900', 'article_category_id' => '1', 'title' => 'Task Force Recommends Monetisation of TIA to Raise Funds for Nijgadh Airport', 'sub_title' => '', 'summary' => 'May 6: A high-level government task force has suggested that the property of Tribhuvan International Airport (TIA) should be monetized for the construction of an international airport in Nijgadh.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">May 6: A high-level government task force has suggested that the property of Tribhuvan International Airport (TIA) should be monetized for the construction of an international airport in Nijgadh.</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 report of the study group, formed to provide suggestions regarding the operation and construction of Nepal's international airports in the Public-Private Partnership (PPP) model, has recommended monetization of the property of TIA as a second alternative.</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 first option suggested by the task force is to advance Tribhuvan International Airport and Nijgadh as a single project.</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"">Former secretary Shankar Prasad Adhikari, who is the coordinator of the task force, proposed the option of monetization under the concept that a potential company would be entrusted with the operation of Tribhuvan International Airport and the government would take a certain percentage of the revenue to use that amount to build Nijgarh 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"">The report of the task force suggests adopting the lease (rent), operation and transfer (LOT) model under the PPP and monetising the property of Tribhuvan 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"">According to the report, such a company should have experience in asset monetization, should have operated at least one international airport under the lease and transfer model, and the company's assets should be at least USD 1 billion.</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"">It is mentioned in the report that even if the operation and management of the airport are given to a private company, the government should take responsibility for the airport’s security and immigration.</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"">According to the report, India and other countries are also monetizing their airports. Officials of the task force say that it may be suitable for Nepal as well.</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"">Ghan Shyam Ojha, an investment expert who is also a member of the task force, said that international airports such as Shivaji Chhatrapati Maharaj Airport in India were created through monetization of assets. Although airports in Nepal are still unable to generate sufficient income, it is recommended and suggested to make Nijgadh through the PPP model.</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"">"Currently, Tribhuvan Airport is the airport that generates the most revenue," said Ojha, "The amount that comes from asset monetization can be used for Nijgadh." </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 report mentions that 25 airports in India under the Airports Authority of India (AAI) are preparing to go for asset monetization from 2022 to 2025 in accordance to India's National Monetization Pipeline (NMP). Bhubaneswar, Varanasi, Amritsar, Trichy, Indore, Calicut, Coimbatore, Nagpur, Patna, Madurai, Udaipur, Dehradun, Rajahmundry airports are in this pipeline. The Airports Authority of India has identified 13 airports to be operated, managed and developed through the PPP model.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-06', 'modified' => '2024-05-06', 'keywords' => '', 'description' => '', 'sortorder' => '20627', 'image' => '20240506021008_20211202020506_2009-03_Kathmandu_10.jpg', 'article_date' => '2024-05-06 14:09:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '20899', 'article_category_id' => '1', 'title' => 'Minister Pun says Govt Committed to Creating Business-Friendly Environment ', 'sub_title' => '', 'summary' => 'May 6: Finance Minister Barshaman Pun has said the government has succeeded in giving the message of being friendly to the private sector.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 6: Finance Minister Barshaman Pun has said the government has succeeded in giving the message of being friendly to the private sector. The active participation of the private sector in the recently held Nepal Investment Summit also demonstrated the government's friendly gestures to the private sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at a meeting with the representatives of the Revenue Advisory Committee and the umbrella organizations of the private sector at the Ministry of Finance on Sunday, Minister Pun said the government was committed to creating a business-friendly environment for the private sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Minister Pun shared that eight different laws were revised through the ordinance to create an investment-friendly environment. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The finance minister was of the view that a favorable situation can be created if the state and private sector collaborated to end the ongoing economic slowdown. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"A positive situation has been created from the amendments made in the laws targeting domestic and foreign investors. We have given the message to the entire world that the government is private sector- friendly," said the finance minister. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister Pun argued that the economy can become vibrant by enhancing productivity through the partnership with the private sector and added that the government has taken the policy to ensure competitiveness of the private sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Minister Pun said that the change in the rate of tax would be done on the basis of need and relevance. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-05-06', 'modified' => '2024-05-06', 'keywords' => '', 'description' => '', 'sortorder' => '20626', 'image' => '20240506010443_sustainability-3295757_1280.jpg', 'article_date' => '2024-05-06 13:03:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '20913', 'article_category_id' => '1', 'title' => 'World Bank Approves $80 Million to Strengthen Financial Sector of Nepal', 'sub_title' => '', 'summary' => 'May 7: The World Bank’s Board of Executive Directors on Monday approved an $80 million development policy credit for Nepal to strengthen the stability of the financial sector, diversify financial solutions, and increase access to financial services.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 7: The World Bank’s Board of Executive Directors on Monday approved an $80 million development policy credit for Nepal to strengthen the stability of the financial sector, diversify financial solutions, and increase access to financial services.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement on Monday, the World Bank said that the third Finance for Growth Development Policy Credit aims to improve the functioning of the financial sector to support private sector-led growth.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the World Bank, the operation will strengthen the supervision of the banking and insurance sectors in Nepal and foster financial product innovations in capital, insurance, and disaster risk markets. The operation will also increase financial inclusion through digitalization, enhanced credit infrastructure and improved financial literacy, with a focus on women entrepreneurs, the statement added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“This project supports Nepal’s green, resilient, and inclusive development and will help create an enabling environment for private investment to contribute to Nepal’s economic growth, particularly benefiting the poor and vulnerable,” said Faris Hadad-Zervos, World Bank’s Country Director for the Maldives, Nepal, and Sri Lanka.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The operation also supports Nepal's climate agenda by enhancing supervision of climate risks by requiring disclosures of climate-related risks and impacts of the banking sector portfolio; introducing risk-informed pricing for insurance products, including climate risks; establishing a framework for the issuance of green bonds; and integrating climate-related mitigation and adaptation commitments into credit guarantee products.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“This operation supports the government’s transformative financial sector reform agenda to promote private sector-led growth. The reforms in banking, insurance, and capital markets are instrumental for the sector’s resilience and the critical role it plays to enable private capital mobilization,” stated Tatsiana Kliatskova, World Bank’s task team leader for the project.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-07', 'modified' => '2024-05-07', 'keywords' => '', 'description' => '', 'sortorder' => '20640', 'image' => '20240507054611_20240215010906_World.jpg', 'article_date' => '2024-05-07 17:45:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '20911', 'article_category_id' => '1', 'title' => 'Industries in Nepal Facing Significant Challenges due to Ongoing Power Cuts', 'sub_title' => '', 'summary' => 'May 7: The Nepal Electricity Authority (NEA) has been implementing unannounced power cuts in the industrial establishments for the past four months. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">May 7: The Nepal Electricity Authority (NEA) has been implementing unannounced power cuts in the industrial establishments for the past four months. The situation has further worsened since the beginning of April after India decided to provide electricity only during the daytime hours. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Consequently, industrialists in the Bara-Parsa Industrial Corridor have been severely impacted by irregular power supply, even during designated electricity supply periods.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">With the onset of winter, the country's hydropower projects, reliant on river flows, can only produce electricity at approximately one-third of their total capacity. This limitation necessitates importing electricity from India. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">However, due to the inadequate carrying capacity of internal transmission lines, NEA has struggled to distribute the imported electricity from the Dhalkebar-Muzaffarpur international transmission line to the industrial sector adequately.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Despite claims of load shedding being entirely eradicated, industrial areas in the Terai region continue to experience power cuts during the dry season.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"> NEA initially initiated power cuts in industries last year, citing low availability of electricity. However, after these unannounced interruptions disrupted production, entrepreneurs urged NEA leadership to implement a schedule for power cuts.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The industries in Bara-Parsa corridor fed electricity through 66 and 11 KV transmission lines experience power cuts from 6 pm to 6 am. NEA states that since India only supplies electricity from 6 am to 6 pm, industries are provided power during this timeframe. However, industrialists report not only unannounced power cuts lasting up to 12 hours a day but also frequent 'tripping' disruptions during NEA's stipulated supply hours.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Industrialists in the Bara-Parsa corridor, particularly those involved in production of construction material, lament significant production losses due to the unannounced power cuts. The irregular electricity supply has exacerbated challenges in production scheduling and worker management, leading to financial losses and decreased productivity.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">With the current economic recession dampening market demand, industrialists express frustration at being unable to capitalize on rising demand for construction materials during peak seasons. Despite the government's capital expenditure surge in the third quarter of the fiscal year, industrialists remain disappointed by their inability to meet market demand due to electricity shortages.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Furthermore, industrialists who previously removed generators following NEA's announcement of an end to load shedding now regret their decision. Presently, NEA faces challenges in meeting the country's total electricity demand, necessitating imports from India to bridge the shortfall.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">NEA spokesperson Chandan Kumar Ghosh attributes power cuts in industries to decreased domestic production and limited imports from India. Ghosh explains that due to the import of electricity only during specified hours, industries are supplied electricity accordingly, leading to tripping issues when demand exceeds capacity.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Despite NEA's efforts to manage the demand of the industrial corridor by augmenting supply from other sources, challenges persist due to weather-related fluctuations and increasing demand. Ghosh remains optimistic that these issues will be mitigated with rising water levels in the rivers following rainfall, ultimately resolving the ongoing power supply issue.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-07', 'modified' => '2024-05-07', 'keywords' => '', 'description' => '', 'sortorder' => '20639', 'image' => '20240507024608_20220330051709_c1d0e043-electricity.jpg', 'article_date' => '2024-05-07 14:45:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '20912', 'article_category_id' => '1', 'title' => 'NEPSE Gains 2.06 to Close at 1960.81, Turnover Shrinks to Rs 2.14 Billion', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange(NEPSE) Index recorded a minimal gain of 2.06 points or 0.10%, closing at 1960.81 on the third trading day of the week on Tuesday. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">May 7: The Nepal Stock Exchange(NEPSE) Index recorded a minimal gain of 2.06 points or 0.10%, closing at 1960.81 on the third trading day of the week on Tuesday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today’s trading session, 314 scrips were traded on the NEPSE through 38,214 transactions. A total of 5,064,038 shares changed their hands, resulting into a total turnover of Rs 2.14 billion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Pokhara Finance Limited(PFL) took the lead in transaction amount with the total turnover of Rs 8 crores. Himalayan Laghubitta Bittiya Sanstha(HLBSL) saw the highest gain of 9.99%, closing at a market price of Rs 856 per share. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Conversely, Bottlers Nepal(Terai) Limited (BNT) incurred the maximum loss of 6.23%, closing at a market price of Rs 13,193.70 per share. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In terms of sector indices, all sectors closed in the negative territory except Microfinance Index, Mutual Index, Development Bank Index and Others Index. Microfinance Index experienced the highest gain of 2.43%, while Trading Index lost the maximum at 1.09%. </span></span></p> ', 'published' => true, 'created' => '2024-05-07', 'modified' => '2024-05-07', 'keywords' => '', 'description' => '', 'sortorder' => '20638', 'image' => '20240507033412_collage (6).jpg', 'article_date' => '2024-05-07 15:33:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 3 => array( 'Article' => array( 'id' => '20910', 'article_category_id' => '1', 'title' => 'What is the Key Dispute between the Government and Internet Service Providers?', 'sub_title' => '', 'summary' => 'May 7: The internet service provided by the big internet service providers (ISPs) of Nepal suddenly slowed down on the evening of May 2 while the country was observing the National Information and Communication Technology Day.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">May 7: The internet service provided by the big internet service providers (ISPs) of Nepal suddenly slowed down on the evening of May 2 while the country was observing the National Information and Communication Technology Day.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The main reason for the disturbance in the internet service was that India’s Airtel company, which was providing bandwidth to the internet service providers of Nepal, stopped providing the bandwidth. The Ministry of Communication and Information Technology said that the Indian company turned off the Internet link for about 6 hours after the ISPs of Nepal defaulted in payment for the bandwidth usage for the past one year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">In particular, the government has not provided foreign currency exchange facilities for the payment of bandwidth for the past one year because some ISPs have not fully paid the fee to be paid to the Rural Telecommunication Development Fund and the royalty to be paid to the government from the fees collected from the customers. As a result, they have not been able to pay the dues to the Indian company. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to Internet Service Providers Association of Nepal (ISPAN), an umbrella organization of internet service providers operating in the country, Airtel is the company that provides the largest bandwidth to Nepal.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Seventy percent of the total bandwidth is being provided by Airtel, according to ISPAN. Due to this, the speed of the internet decreased significantly on last Thursday. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">There has been a dispute between the government and the Internet Service Providers (ISPs) whether to consider the maintenance service provided by the ISPs as a telecommunication service or not and whether to pay a certain percentage of the fees collected by the ISPs to the Rural Telecommunication Development Fund and to the government as royalty.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The government has been considering maintenance as a telecommunication service and has been asking the ISPs to pay two-tier tax. In addition, the government has been refusing to provide foreign exchange facilities to those who do not pay such fees. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The ISPs have refused to pay taxes from maintenance fee claiming that the maintenance service does not belong to the telecommunication service according to the law and they do not have to pay the fee to the government. This dispute is currently pending before the Supreme Court. Even though the internet service was disrupted, both sides did not back down from their stance.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The Ministry of Communication and Information Technology issued a statement on May 2 and requested the ISPs not to act in such a way as to disrupt essential services like the Internet without paying the rural telecommunication development fees and royalties to the state on time.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Issuing a press statement the following day, the regulatory body Nepal Telecommunications Authority said that a certain number of internet service providers have not paid the due amount as per the rules despite repeated requests from the authority over the years under various pretexts, so it did not recommend foreign exchange facility to the defaulters.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">What is the service provider's statement?</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">ISPAN claims that the ISPs have been regularly paying royalties and rural telecommunication development fees to be paid from income from telecommunication services in accordance to the Telecommunication Act, Telecommunication Regulations and Rural Telecommunication Development Fund Regulations.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Apart from that, there is no legal provision to pay royalties and rural telecommunication development fund fee from income generated from non-telecommunication services such as maintenance services.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">“The state-owned service providers are easily getting recommendation for foreign currency exchange facility even though they have billions of rupees in arrears, which is a discriminatory policy of the government," said Subas Khadka, Chief Executive Officer of ISPAN, in a statement issued on Saturday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">ISPAN claims that the government cannot charge fees for the Rural Telecommunication Development Fund and royalties from the maintenance fees according to the instructions of the Public Accounts Committee of the Parliament, the decision taken by the Office of the Auditor General and the interim order issued by the Supreme Court.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">What is the legal provision?</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Section 2 (d) of Telecommunications Act 2053 defines 'telecommunication service' as service related to sound, sign, signal, writing, figure, any kind of secret signal or message whether or not such sound, sign, signal, writing has been rearranged, calculated or otherwise altered in any way for the purpose of emission, transmission or reception by electronic means using wire, radio, light (optical) or other electromagnetic system. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">In schedule 6 (a) of the regulation, 13 areas have been considered as telecommunication services. Types of telecommunications services licensed include Internet (including email), fax, mail, VSAT, local data network (for commercial use), local telephone service, intra-nation trunk call service, international trunk call service, intra-nation telegraph service, international telegraph service, Telex service, leased circuit service, telefax service, package switching data service.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">In the regulation, internet maintenance fee is not included under telecommunication service.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to Santosh Paudel, the director of the NTA, the government has not published a notice in the Nepal Gazette and has not included the maintenance under the telecommunication service as liable for the rural telecommunication development fund. However, he claims that maintenance is also a telecommunication service and there is no need to publish a notice in the Nepal Gazette define it as telecommunication service.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">"Since this matter has reached the court, we cannot say anything more," he said.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">How much is due?</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to the NTA’s claim, nine ISPs are yet to pay dues worth Rs 3.70 billion. WorldLink is yet to pay Rs 1.94 billion while Vianet is yet to pay Rs 420 million.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Section 5 of the Telecommunications Regulations and the Rural Telecommunications Development Fund Regulations 2068 stipulates that the licensee must deposit 2 percent of the annual income collected from the telecommunications services into the fund every year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Section 26 of Telecommunication Regulation 2054 explains that 'annual total income' means the income received by the licensee for providing telecommunication services, excluding the amount received from the customer, service tax, value added tax, etc.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to these two provisions, the authority has maintained the arrears of unpaid tax from the amount collected by the ISPs under maintenance charge.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">What did the parliamentary committee say?</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">After the Auditor General's 56th annual report pointed out that the ISPs had not paid royalty and rural telecommunication development fund fee from the fees collected from customers as maintenance services, this issue was discussed in the Public Accounts Committee of the House of.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The Public Accounts Committee explained that the support charge, annual maintenance fee, technical fee and monitoring fee collected by the ISPs are non-telecommunication services and decided to give instructions to remove the unnecessary charges and royalties for the Rural Telecommunication Development Fund.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">What is happening in court?</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">On June 21, 2020, WorldLink filed a petition at the Supreme Court seeking an interim order not to charge additional fees related to royalty and rural telecommunication development fund fees.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The Supreme Court issued an interim order on June 23 in favour of the petitioner.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">"Despite the fact that even the court has ordered the government not to take action until the case is settled, the government is torturing us again and again," Dilip Agarwal, president and managing director of WorldLink Communications, told New Business Age. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">What is the solution?</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to ISPAN, Airtel denied bandwidth because the government has not provided the foreign currency exchange facility to the ISPs since the last 13 months. Airtel provided the bandwidth after about six hours following the assurance given by the NTA and the initiative taken by the ministry. According to ISPs, it is not certain when Indian companies will stop providing the bandwidth.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">However, the government and internet service providers do not seem to budge from the respective stance.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Agarwal said that they are ready to proceed according to the court's order. The government wants to collect the outstanding amount. However, Paudel, the spokesperson for the NTA, also says that the court's decision will be important to solve this case. "Let's not say too much now, the court's decision will be the final decision," he said.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-05-07', 'modified' => '2024-05-07', 'keywords' => '', 'description' => '', 'sortorder' => '20637', 'image' => '20240507022836_20230907105804_internet.jpg', 'article_date' => '2024-05-07 14:27:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '20909', 'article_category_id' => '1', 'title' => 'Reconstruction of Malla-era Thanthu Durbar Begins ', 'sub_title' => '', 'summary' => 'May 7: Stakeholders on Monday laid the foundation stone for the reconstruction of the historic Thanthu Durbar in Bhaktapur Dubar Square area.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 7: Stakeholders on Monday laid the foundation stone for the reconstruction of the historic Thanthu Durbar in Bhaktapur Dubar Square area. The Thanthu Durbar was constructed 346 years ago. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at a programme organised by Bhaktapur municipality on the occasion, Secretary of the Nepal Workers and Peasants Party and lawmaker Prem Suwal said excavation of 99 thoroughfares in Bhaktapur Durbar area should be continued. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Pointing out the need of examination from technicians whether or not 100-year-old houses in Bhaktapur are safe to live in, he stressed the need of protecting originality in reconstruction of heritages. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Coordinator of Thanthu Durbar Reconstruction Direction Committee and Mayor of Bhaktapur municipality, Sunil Prajapati, shared Bhaktapur municipality had been operating its activities from Thanthu Durbar before 2072 BS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The municipality now has forwarded the work of reconstruction of Thanthu Durbar keeping it in priority. An estimated cost for the reconstruction of the Thanthu Durbar is Rs 128.5 million. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Bagmati Province Assembly member Srijana Sainju, Deputy-Mayor of Bhaktapur municipality Rajani Joshi, Chief District Officer of Bhaktapur Roshani Kumari Shrestha, among others were present on the occasion. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-05-07', 'modified' => '2024-05-07', 'keywords' => '', 'description' => '', 'sortorder' => '20636', 'image' => '20240507013610_thantu palace.jpg', 'article_date' => '2024-05-07 13:35:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '20908', 'article_category_id' => '1', 'title' => 'inDrive Officially Registered in Nepal', 'sub_title' => 'The ride-sharing app has partnered with IME Pay for digital payment', 'summary' => 'May 7: Globally acclaimed mobility company inDrive has officially registered its services in Nepal. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 7: Globally acclaimed mobility company inDrive has officially registered its services in Nepal. Renowned as the fastest-growing mobility service worldwide, inDrive has been operating informally since some time in key cities, including Kathmandu, Pokhara, and Bharatpur.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">With a diverse array of services encompassing bike and car rides, courier services, and inter-city rides, inDrive will now formally address the varied needs of Nepali commuters with PAN registration. Director Rita Pokhrel and Pavit Nanda Anand, inDrive's PR Manager for South Asia, jointly announced the official registration during an event at the Marriott Hotel in Kathmandu.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Pokhrel disclosed the company's dedication to providing seamless digital payment options, having partnered with IME Pay to facilitate convenient transactions post-formal entry. She also underscored inDrive's rider-friendly policy, affirming that the company will only levy a nominal 10% commission from riders, inclusive of taxes.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Furthermore, acknowledging the paramount importance of safety and security, inDrive is in the process of introducing insurance facilities for both riders and users. Pokhrel assured the media during a Q&A session that the necessary paperwork is underway, and the insurance services will be rolled out shortly.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The head office of inDrive for Nepal is located in Hattisar, serving as a strategic hub for its operations. Pokhrel noted that what began as a trial period has now evolved into a fully registered entity under the PAN with Foreign Direct Investment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The formal entry of inDrive into the Nepali market is anticipated not only to enrich transportation options but also to generate employment opportunities and foster economic growth. Alongside Indrive, Pathao, JumJum, and Tootle are offering ride-sharing services in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">With a widespread presence in over 45 countries and 700 cities worldwide, inDrive brings global expertise and innovation to Nepal's transportation landscape, ensuring a more efficient and convenient commuting experience for all, shared Anand, emphasizing the company's commitment to fairer fares and lower charges compared to other players in the market, thereby ensuring affordability and accessibility for all.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Furthermore, Anand added that inDrive will continue exploring and adding other services similar to what it has been offering in other markets.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-07', 'modified' => '2024-05-07', 'keywords' => '', 'description' => '', 'sortorder' => '20635', 'image' => '20240507123611_thumb.jpg', 'article_date' => '2024-05-07 12:35:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '20906', 'article_category_id' => '1', 'title' => 'Rainfall Predicted in Koshi, Bagmati, Gandaki and Lumbini Provinces Today ', 'sub_title' => '', 'summary' => 'May 7: Much to the respite from the raging wildfires across the country, the Department of Hydrology and Meteorology has informed that some parts of Bagmati and Koshi provinces are witnessing light rainfall since Tuesday morning due to the low pressure system generated in the vicinity of Bihar, India along with the westerly and local winds. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 7: Much to the respite from the raging wildfires across the country, the Department of Hydrology and Meteorology has informed that some parts of Bagmati and Koshi provinces are witnessing light rainfall since Tuesday morning due to the low pressure system generated in the vicinity of Bihar, India along with the westerly and local winds. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">It maybe noted that the country has been facing incidents of wildfire due to the prolonged drought in the current dry season. It has also resulted in poor visibility due to air pollution.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, department has forecast that some parts of Koshi, Bagmati, Gandaki and Lumbini provinces will see moderate rainfall along with lightning, thunder and storm later in the day, while some parts of Gandaki, Lumbini and Karnali provinces are predicted to have heavy rainfall. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Few places in the upper hills and mountainous region of the country will have light snowfall. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Partial change in weather is expected tonight. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The department has requested all for precaution in the wake of change in weather. Agriculture, health, tourism, mountaineering, and road and air transports have been urged to take safety measures. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-05-07', 'modified' => '2024-05-07', 'keywords' => '', 'description' => '', 'sortorder' => '20634', 'image' => '20240507114808_sno.jpg', 'article_date' => '2024-05-07 11:45:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '20907', 'article_category_id' => '1', 'title' => 'Change in Tax Rate will be Transparent: Minister Pun ', 'sub_title' => '', 'summary' => 'May 7: Finance Minister Barsha Man Pun has pledged to determine the tax rate in a transparent manner.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 7: Finance Minister Barsha Man Pun has pledged to determine the tax rate in a transparent manner.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at an interaction in the capital on Monday, Minister Pun pledged to change the scope of tax in a transparent manner based on the recommendations of the Revenue Advisory Committee and suggestions of the stakeholders. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He claimed that the number of Nepali citizens going abroad has decreased and efforts are being made to bring back those who have gone abroad. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The process of transferring knowledge, skills and capital from those who have gone abroad is underway, he said, adding that a good example has been seen in the field of information technology. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He pledged to bring programmes in the upcoming budget to instill hope among the people and encourage the youth. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-05-07', 'modified' => '2024-05-07', 'keywords' => '', 'description' => '', 'sortorder' => '20633', 'image' => '20240507120815_20200907074520_1599400665.tax.jpg', 'article_date' => '2024-05-07 12:07:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '20905', 'article_category_id' => '1', 'title' => 'SEBON Slashes Broker Commission by 10%, Effective from May 14', 'sub_title' => '', 'summary' => 'The Securities Board of Nepal (SEBON) has announced its decision to reduce broker commissions by 10%. This decision was made during a meeting of the Board of Directors, according to Mukti Shrestha, the spokesperson for the Securities Board of Nepal. The revised broker commission rate will come into effect from May 14.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">May 7: The Securities Board of Nepal (SEBON) has announced its decision to reduce broker commissions by 10%. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">This decision was made during a meeting of the Board of Directors, according to Mukti Shrestha, the spokesperson for the Securities Board of Nepal. The revised broker commission rate will come into effect from May 14.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">SEBON had proposed a 10% reduction in broker commissions, submitting the proposal to the Ministry of Finance for approval on October 18, 2023. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Finance Minister Barshaman Pun approved the proposal to decrease brokerage commissions, aligning with SEBON’s recommendation.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Following thorough research and analysis, the Board concluded to lower broker commissions. Former Board Chairman Ramesh Kumar Hamal had advocated for reducing brokerage commissions based on demands from share investors.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Board has decided to reduce the upper limit from 0.40% to 0.36% and the lower threshold from 0.27% to 0.24%, implementing these changes accordingly. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">According to current regulations, investments up to Rs 50,000 incur a commission rate of 0.40%, while investments ranging from Rs 50,000 to Rs 500,000 are charged at 0.37%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Investments from Rs 500,000 to Rs 2,000,000 carry a commission rate of 0.34%. Similarly, for investments ranging from Rs 2,000,000 to Rs 10,000,000, the commission rate is 0.30%, and for investments exceeding Rs 10,000,000, the commission rate is 0.27%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">With the new decision, commissions for investments up to Rs 50,000 will be 0.36%, for investments from Rs 50,000 to Rs 500,000 the commission rate will be 0.33%, and for investments from Rs 500,000 to Rs 2,000,000 the rate will be 0.30%. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">For investments from Rs 2,000,000 to Rs 10,000,000, a commission rate of 0.27% will apply, and for investments exceeding Rs 10,000,000, the commission rate will be 0.24%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-07', 'modified' => '2024-05-07', 'keywords' => '', 'description' => '', 'sortorder' => '20632', 'image' => '20240507121033_Sebon-update.jpg', 'article_date' => '2024-05-07 09:14:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 9 => array( 'Article' => array( 'id' => '20904', 'article_category_id' => '1', 'title' => 'NEPSE Plunges by 15.62 Points to Close at 1958.75', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index continued its downward trend, slipping by 0.79% or 15.62 points, closing at 1958.75 on the second trading day of the week on Monday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">May 6: The Nepal Stock Exchange (NEPSE) Index continued its downward trend, slipping by 0.79% or 15.62 points, closing at 1958.75 on the second trading day of the week on Monday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Throughout today's trading session, a total of 310 scrips were traded via 48,709 transactions. As many as 6,978,321 shares changed their hands, resulting in a total turnover of Rs 2.89 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Citizen Life Insurance Company Limited (CLI) took the lead in transaction volume, with a turnover of Rs 31 crores. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, Bottlers Nepal (Terai) Limited (BNT) saw the highest increase, climbing by 9.03% to close at Rs 14,069 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">On the flip side, Pokhara Finance Limited (PFL) and Dolti Power Company Limited (DOLTI) faced significant losses of 10% each.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Sector-wise, all sectors closed in the negative zone except for the Development Bank Index, which saw a modest gain of 0.23%. The Finance Index experienced the highest decline, dropping by 1.96%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-06', 'modified' => '2024-05-06', 'keywords' => '', 'description' => '', 'sortorder' => '20631', 'image' => '20240506033051_20240418032246_collage (59).jpg', 'article_date' => '2024-05-06 15:27:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '20901', 'article_category_id' => '1', 'title' => 'Nepal Appeals to World Community to Increase Concessional Aid ', 'sub_title' => '', 'summary' => 'May 6: Nepal has appealed to the international community to provide concessional assistance. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 6: Nepal has appealed to the international community to provide concessional assistance. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Addressing the 57th annual meeting of the Board of Governors of the Asian Development Bank (ADB) held in Tbilisi, the capital of Georgia, Finance Secretary Madhu Kumar Marasini asked for the provision of concessional assistance as large capital must be mobilized to address the economy and development aspirations that have weakened due to the Covid-19 pandemic. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He urged all development partners, including the Asian Development Bank, to increase financial and technical support, saying that Nepal has moved forward with the concept of green, resilient and inclusive development (GRID). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Secretary Marasini pointed out the need for collective efforts to make South Asia an area of emerging economic development and said that emphasis should be given for the same. Pointing out the need for efforts, he said that emphasis should be placed on interdependence, innovation and digitization for the enhancement of interregional trade. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal’s economy post Covid-19 pandemic has been affected by global economic challenges and the contraction in economic activities in recent days due to revenue deficit and increasing debt obligations.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Secretary Marasini shared that the third investment summit was organized in Kathmandu to create an investment-friendly environment in Nepal. He mentioned that ADB can play an important role in creating an environment for investment in areas of comparative advantage such as tourism, hydropower and information technology. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Recalling that the ADB has been continuously supporting Nepal, Secretary Marasini expressed his gratitude for being a reliable partner in the development journey. He said that in the last decade, Nepal has advanced social inclusion and economic development together. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-05-06', 'modified' => '2024-05-06', 'keywords' => '', 'description' => '', 'sortorder' => '20630', 'image' => '20240506025508_20230723022857_hqdefault.jpg', 'article_date' => '2024-05-06 14:54:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '20903', 'article_category_id' => '1', 'title' => 'Muktinath Development Bank Provides Financial Assistance to KU for Green Hydrogen Energy Research', 'sub_title' => '', 'summary' => '', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">May 6: Muktinath Development Bank has partnered with Kathmandu University for the research of green hydrogen energy with the objective of contributing to the sustainable development of this sector.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Issuing a statement, the bank said it has signed a memorandum of understanding with KU to provide financial assistance for research to the Green Hydrogen Lab of the university. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The signing ceremony was attended by CEO of Muktinath Development Bank Pradhyuman Pokharel, Vice Chancellor of KU Dr Bhola Thapa, chief of the Green Hydrogen Lab Dr Biraj Singh Thapa and other officials of the bank and the university.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The Green Hydrogen Lab will conduct research on green hydrogen for thermal heat with the funding from the bank.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The bank expressed its belief that this initiative would help sustainable development of Nepal in the long run.</span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-05-06', 'modified' => '2024-05-06', 'keywords' => '', 'description' => '', 'sortorder' => '20629', 'image' => '20240506032514_Muktinath & KU green hydrogen lab (1).jpg', 'article_date' => '2024-05-06 15:23:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '20902', 'article_category_id' => '1', 'title' => 'PhonePe Showcases its Services Powered by UPI at a Special Event in Nepal', 'sub_title' => '', 'summary' => 'May 6: PhonePe India recently showcased its services powered by the Unified Payments Interface (UPI) platform at a special event held in Kathmandu, Nepal.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">May 6: PhonePe India recently showcased its services powered by the Unified Payments Interface (UPI) platform at a special event held in Kathmandu, Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">Issuing a statement, the company said that the event held on May 2 brought together key stakeholders from the Nepalese financial landscape, including senior representatives from the banking sector, Payment System Providers, UPI accepting merchants and representatives from business associations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">The event was supported by Nepal’s payment system operator Fonepay payment Service Limited which is also NIPL’s counterpart for Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">The event saw a keynote address from Diwas Sapkota, CEO of FonePay Network, outlining the potential of UPI for Nepal's digital economy. This was followed by an engaging panel discussion on the Influence of cross-border payments on Nepal’s economy and the financial landscape, the statement added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">The panel included esteemed panelists like Anish Tamrakar, Chief Digital Banking Officer of Kumari Bank; Shradha Shrestha, manager of Nepal Tourism Board; Jagdish Khadka, CEO of eSewa, and Vivek Rana, ICT/MIS Consultant at the Asian Development Bank (ADB). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">The panel discussion addressed a range of issues related to cross-border payments and their impact on Nepal's economy and financial landscape as well as regulatory hurdles and compliance demands in facilitating international transactions. The panelists highlighted the positive influence of UPI on Nepal's tourism sector, particularly by enhancing the overall tourist experience through convenient cashless payments. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">According to the company, the discussion further explored how cross-border payments impact the revenue streams and business models of financial institutions. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">Additionally, panelists examined the influence of UPI on consumer experience in Nepal, focusing on factors like convenience, interoperability, security, and cost-effectiveness. The discussion als delved into the broader macroeconomic implications of cross-border payments through alternative payment methods impacting underserved small and medium scale entrepreneurs.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">The program culminated in a product showcase led by Ritesh Pai, CEO of PhonePe. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">According to the company, his presentation provided a comprehensive overview of PhonePe's journey, highlighting its evolution. The presentation also delved into how PhonePe, powered by UPI fosters a thriving ecosystem, driving the democratization of payments across India. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">This was followed by a demonstration of solutions that benefit both Indian tourists and Nepalese merchants. Drawing parallels with the Indian market success story, the presentation illustrated how PhonePe can replicate this success in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">Nepal is a very popular destination among Indian visitors who can now use UPI to pay at various tourist spots, retail stores, religious sites, and other popular locations. Users simply need to scan QR codes from their preferred UPI-enabled app at merchant locations who are enrolled in Fonepay QR scheme in Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">This is facilitated through Fonepay’s partnership with NPCI International Payments Limited (NIPL). Through this partnership, Fonepay has enabled QR-code-based payments across payment service providers, leading banks and wallets, allowing Indian travelers to use UPI for transactions.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">Additionally, going forward shortly, tourists and visitors from Nepal traveling to India will be enabled to utilize their financial instruments like wallet-based apps to scan the UPI QR code and make payments effortlessly.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">Speaking on the sidelines of the event, Ritesh Pai said, "We're thrilled to be showcasing services powered by UPI in Nepal. This gathering has brought together key players from Nepal’s financial landscape, including Fonepay, leading business figures, and representatives from hospitality and tourism. It's a testament to the collaborative spirit that will ensure UPI's success in Nepal. We are thankful for their presence and participation. Nepal is a popular tourist destination, particularly for travelers from India. With UPI, Indian tourists can now enjoy the same convenient cashless payment experience they're accustomed to back home, using UPI powered apps such as PhonePe. This will not only enhance their travel experience but also encourage digital transactions."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">Addressing the event, Diwas Kumar, CEO Fonepay Nepal, said, “This is a moment of immense pride and joy for Fonepay Payment Service Ltd. Our 4 years of journey to bring cross border payments in Nepal is finally successful and UPI payment is Live in Nepal. As we introduce UPI payments in partnership with NPCI International, and welcome PhonePe to Nepal, we see a future where smooth digital transactions boost economic growth and financial inclusion, benefiting merchants and businesses. We extend our heartfelt gratitude to the regulators, government agencies for their invaluable support, recognizing innovations and supporting private sector efforts in facilitating Nepal’s journey towards digital transformation. We urge authorities to foster an ecosystem that embraces and supports innovations, promote partnership with private sector players in technological advancements and bring state of art products and services to Nepalese consumers."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2024-05-06', 'modified' => '2024-05-06', 'keywords' => '', 'description' => '', 'sortorder' => '20628', 'image' => '20240506031307_JAN00188.jpg', 'article_date' => '2024-05-06 15:10:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '20900', 'article_category_id' => '1', 'title' => 'Task Force Recommends Monetisation of TIA to Raise Funds for Nijgadh Airport', 'sub_title' => '', 'summary' => 'May 6: A high-level government task force has suggested that the property of Tribhuvan International Airport (TIA) should be monetized for the construction of an international airport in Nijgadh.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">May 6: A high-level government task force has suggested that the property of Tribhuvan International Airport (TIA) should be monetized for the construction of an international airport in Nijgadh.</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 report of the study group, formed to provide suggestions regarding the operation and construction of Nepal's international airports in the Public-Private Partnership (PPP) model, has recommended monetization of the property of TIA as a second alternative.</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 first option suggested by the task force is to advance Tribhuvan International Airport and Nijgadh as a single project.</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"">Former secretary Shankar Prasad Adhikari, who is the coordinator of the task force, proposed the option of monetization under the concept that a potential company would be entrusted with the operation of Tribhuvan International Airport and the government would take a certain percentage of the revenue to use that amount to build Nijgarh 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"">The report of the task force suggests adopting the lease (rent), operation and transfer (LOT) model under the PPP and monetising the property of Tribhuvan 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"">According to the report, such a company should have experience in asset monetization, should have operated at least one international airport under the lease and transfer model, and the company's assets should be at least USD 1 billion.</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"">It is mentioned in the report that even if the operation and management of the airport are given to a private company, the government should take responsibility for the airport’s security and immigration.</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"">According to the report, India and other countries are also monetizing their airports. Officials of the task force say that it may be suitable for Nepal as well.</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"">Ghan Shyam Ojha, an investment expert who is also a member of the task force, said that international airports such as Shivaji Chhatrapati Maharaj Airport in India were created through monetization of assets. Although airports in Nepal are still unable to generate sufficient income, it is recommended and suggested to make Nijgadh through the PPP model.</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"">"Currently, Tribhuvan Airport is the airport that generates the most revenue," said Ojha, "The amount that comes from asset monetization can be used for Nijgadh." </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 report mentions that 25 airports in India under the Airports Authority of India (AAI) are preparing to go for asset monetization from 2022 to 2025 in accordance to India's National Monetization Pipeline (NMP). Bhubaneswar, Varanasi, Amritsar, Trichy, Indore, Calicut, Coimbatore, Nagpur, Patna, Madurai, Udaipur, Dehradun, Rajahmundry airports are in this pipeline. The Airports Authority of India has identified 13 airports to be operated, managed and developed through the PPP model.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-06', 'modified' => '2024-05-06', 'keywords' => '', 'description' => '', 'sortorder' => '20627', 'image' => '20240506021008_20211202020506_2009-03_Kathmandu_10.jpg', 'article_date' => '2024-05-06 14:09:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '20899', 'article_category_id' => '1', 'title' => 'Minister Pun says Govt Committed to Creating Business-Friendly Environment ', 'sub_title' => '', 'summary' => 'May 6: Finance Minister Barshaman Pun has said the government has succeeded in giving the message of being friendly to the private sector.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 6: Finance Minister Barshaman Pun has said the government has succeeded in giving the message of being friendly to the private sector. The active participation of the private sector in the recently held Nepal Investment Summit also demonstrated the government's friendly gestures to the private sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at a meeting with the representatives of the Revenue Advisory Committee and the umbrella organizations of the private sector at the Ministry of Finance on Sunday, Minister Pun said the government was committed to creating a business-friendly environment for the private sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Minister Pun shared that eight different laws were revised through the ordinance to create an investment-friendly environment. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The finance minister was of the view that a favorable situation can be created if the state and private sector collaborated to end the ongoing economic slowdown. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"A positive situation has been created from the amendments made in the laws targeting domestic and foreign investors. We have given the message to the entire world that the government is private sector- friendly," said the finance minister. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister Pun argued that the economy can become vibrant by enhancing productivity through the partnership with the private sector and added that the government has taken the policy to ensure competitiveness of the private sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Minister Pun said that the change in the rate of tax would be done on the basis of need and relevance. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-05-06', 'modified' => '2024-05-06', 'keywords' => '', 'description' => '', 'sortorder' => '20626', 'image' => '20240506010443_sustainability-3295757_1280.jpg', 'article_date' => '2024-05-06 13:03:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '20913', 'article_category_id' => '1', 'title' => 'World Bank Approves $80 Million to Strengthen Financial Sector of Nepal', 'sub_title' => '', 'summary' => 'May 7: The World Bank’s Board of Executive Directors on Monday approved an $80 million development policy credit for Nepal to strengthen the stability of the financial sector, diversify financial solutions, and increase access to financial services.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 7: The World Bank’s Board of Executive Directors on Monday approved an $80 million development policy credit for Nepal to strengthen the stability of the financial sector, diversify financial solutions, and increase access to financial services.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement on Monday, the World Bank said that the third Finance for Growth Development Policy Credit aims to improve the functioning of the financial sector to support private sector-led growth.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the World Bank, the operation will strengthen the supervision of the banking and insurance sectors in Nepal and foster financial product innovations in capital, insurance, and disaster risk markets. The operation will also increase financial inclusion through digitalization, enhanced credit infrastructure and improved financial literacy, with a focus on women entrepreneurs, the statement added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“This project supports Nepal’s green, resilient, and inclusive development and will help create an enabling environment for private investment to contribute to Nepal’s economic growth, particularly benefiting the poor and vulnerable,” said Faris Hadad-Zervos, World Bank’s Country Director for the Maldives, Nepal, and Sri Lanka.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The operation also supports Nepal's climate agenda by enhancing supervision of climate risks by requiring disclosures of climate-related risks and impacts of the banking sector portfolio; introducing risk-informed pricing for insurance products, including climate risks; establishing a framework for the issuance of green bonds; and integrating climate-related mitigation and adaptation commitments into credit guarantee products.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“This operation supports the government’s transformative financial sector reform agenda to promote private sector-led growth. The reforms in banking, insurance, and capital markets are instrumental for the sector’s resilience and the critical role it plays to enable private capital mobilization,” stated Tatsiana Kliatskova, World Bank’s task team leader for the project.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-07', 'modified' => '2024-05-07', 'keywords' => '', 'description' => '', 'sortorder' => '20640', 'image' => '20240507054611_20240215010906_World.jpg', 'article_date' => '2024-05-07 17:45:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '20911', 'article_category_id' => '1', 'title' => 'Industries in Nepal Facing Significant Challenges due to Ongoing Power Cuts', 'sub_title' => '', 'summary' => 'May 7: The Nepal Electricity Authority (NEA) has been implementing unannounced power cuts in the industrial establishments for the past four months. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">May 7: The Nepal Electricity Authority (NEA) has been implementing unannounced power cuts in the industrial establishments for the past four months. The situation has further worsened since the beginning of April after India decided to provide electricity only during the daytime hours. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Consequently, industrialists in the Bara-Parsa Industrial Corridor have been severely impacted by irregular power supply, even during designated electricity supply periods.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">With the onset of winter, the country's hydropower projects, reliant on river flows, can only produce electricity at approximately one-third of their total capacity. This limitation necessitates importing electricity from India. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">However, due to the inadequate carrying capacity of internal transmission lines, NEA has struggled to distribute the imported electricity from the Dhalkebar-Muzaffarpur international transmission line to the industrial sector adequately.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Despite claims of load shedding being entirely eradicated, industrial areas in the Terai region continue to experience power cuts during the dry season.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"> NEA initially initiated power cuts in industries last year, citing low availability of electricity. However, after these unannounced interruptions disrupted production, entrepreneurs urged NEA leadership to implement a schedule for power cuts.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The industries in Bara-Parsa corridor fed electricity through 66 and 11 KV transmission lines experience power cuts from 6 pm to 6 am. NEA states that since India only supplies electricity from 6 am to 6 pm, industries are provided power during this timeframe. However, industrialists report not only unannounced power cuts lasting up to 12 hours a day but also frequent 'tripping' disruptions during NEA's stipulated supply hours.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Industrialists in the Bara-Parsa corridor, particularly those involved in production of construction material, lament significant production losses due to the unannounced power cuts. The irregular electricity supply has exacerbated challenges in production scheduling and worker management, leading to financial losses and decreased productivity.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">With the current economic recession dampening market demand, industrialists express frustration at being unable to capitalize on rising demand for construction materials during peak seasons. Despite the government's capital expenditure surge in the third quarter of the fiscal year, industrialists remain disappointed by their inability to meet market demand due to electricity shortages.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Furthermore, industrialists who previously removed generators following NEA's announcement of an end to load shedding now regret their decision. Presently, NEA faces challenges in meeting the country's total electricity demand, necessitating imports from India to bridge the shortfall.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">NEA spokesperson Chandan Kumar Ghosh attributes power cuts in industries to decreased domestic production and limited imports from India. Ghosh explains that due to the import of electricity only during specified hours, industries are supplied electricity accordingly, leading to tripping issues when demand exceeds capacity.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Despite NEA's efforts to manage the demand of the industrial corridor by augmenting supply from other sources, challenges persist due to weather-related fluctuations and increasing demand. Ghosh remains optimistic that these issues will be mitigated with rising water levels in the rivers following rainfall, ultimately resolving the ongoing power supply issue.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-07', 'modified' => '2024-05-07', 'keywords' => '', 'description' => '', 'sortorder' => '20639', 'image' => '20240507024608_20220330051709_c1d0e043-electricity.jpg', 'article_date' => '2024-05-07 14:45:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '20912', 'article_category_id' => '1', 'title' => 'NEPSE Gains 2.06 to Close at 1960.81, Turnover Shrinks to Rs 2.14 Billion', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange(NEPSE) Index recorded a minimal gain of 2.06 points or 0.10%, closing at 1960.81 on the third trading day of the week on Tuesday. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">May 7: The Nepal Stock Exchange(NEPSE) Index recorded a minimal gain of 2.06 points or 0.10%, closing at 1960.81 on the third trading day of the week on Tuesday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today’s trading session, 314 scrips were traded on the NEPSE through 38,214 transactions. A total of 5,064,038 shares changed their hands, resulting into a total turnover of Rs 2.14 billion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Pokhara Finance Limited(PFL) took the lead in transaction amount with the total turnover of Rs 8 crores. Himalayan Laghubitta Bittiya Sanstha(HLBSL) saw the highest gain of 9.99%, closing at a market price of Rs 856 per share. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Conversely, Bottlers Nepal(Terai) Limited (BNT) incurred the maximum loss of 6.23%, closing at a market price of Rs 13,193.70 per share. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In terms of sector indices, all sectors closed in the negative territory except Microfinance Index, Mutual Index, Development Bank Index and Others Index. Microfinance Index experienced the highest gain of 2.43%, while Trading Index lost the maximum at 1.09%. </span></span></p> ', 'published' => true, 'created' => '2024-05-07', 'modified' => '2024-05-07', 'keywords' => '', 'description' => '', 'sortorder' => '20638', 'image' => '20240507033412_collage (6).jpg', 'article_date' => '2024-05-07 15:33:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 3 => array( 'Article' => array( 'id' => '20910', 'article_category_id' => '1', 'title' => 'What is the Key Dispute between the Government and Internet Service Providers?', 'sub_title' => '', 'summary' => 'May 7: The internet service provided by the big internet service providers (ISPs) of Nepal suddenly slowed down on the evening of May 2 while the country was observing the National Information and Communication Technology Day.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">May 7: The internet service provided by the big internet service providers (ISPs) of Nepal suddenly slowed down on the evening of May 2 while the country was observing the National Information and Communication Technology Day.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The main reason for the disturbance in the internet service was that India’s Airtel company, which was providing bandwidth to the internet service providers of Nepal, stopped providing the bandwidth. The Ministry of Communication and Information Technology said that the Indian company turned off the Internet link for about 6 hours after the ISPs of Nepal defaulted in payment for the bandwidth usage for the past one year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">In particular, the government has not provided foreign currency exchange facilities for the payment of bandwidth for the past one year because some ISPs have not fully paid the fee to be paid to the Rural Telecommunication Development Fund and the royalty to be paid to the government from the fees collected from the customers. As a result, they have not been able to pay the dues to the Indian company. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to Internet Service Providers Association of Nepal (ISPAN), an umbrella organization of internet service providers operating in the country, Airtel is the company that provides the largest bandwidth to Nepal.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Seventy percent of the total bandwidth is being provided by Airtel, according to ISPAN. Due to this, the speed of the internet decreased significantly on last Thursday. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">There has been a dispute between the government and the Internet Service Providers (ISPs) whether to consider the maintenance service provided by the ISPs as a telecommunication service or not and whether to pay a certain percentage of the fees collected by the ISPs to the Rural Telecommunication Development Fund and to the government as royalty.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The government has been considering maintenance as a telecommunication service and has been asking the ISPs to pay two-tier tax. In addition, the government has been refusing to provide foreign exchange facilities to those who do not pay such fees. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The ISPs have refused to pay taxes from maintenance fee claiming that the maintenance service does not belong to the telecommunication service according to the law and they do not have to pay the fee to the government. This dispute is currently pending before the Supreme Court. Even though the internet service was disrupted, both sides did not back down from their stance.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The Ministry of Communication and Information Technology issued a statement on May 2 and requested the ISPs not to act in such a way as to disrupt essential services like the Internet without paying the rural telecommunication development fees and royalties to the state on time.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Issuing a press statement the following day, the regulatory body Nepal Telecommunications Authority said that a certain number of internet service providers have not paid the due amount as per the rules despite repeated requests from the authority over the years under various pretexts, so it did not recommend foreign exchange facility to the defaulters.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">What is the service provider's statement?</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">ISPAN claims that the ISPs have been regularly paying royalties and rural telecommunication development fees to be paid from income from telecommunication services in accordance to the Telecommunication Act, Telecommunication Regulations and Rural Telecommunication Development Fund Regulations.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Apart from that, there is no legal provision to pay royalties and rural telecommunication development fund fee from income generated from non-telecommunication services such as maintenance services.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">“The state-owned service providers are easily getting recommendation for foreign currency exchange facility even though they have billions of rupees in arrears, which is a discriminatory policy of the government," said Subas Khadka, Chief Executive Officer of ISPAN, in a statement issued on Saturday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">ISPAN claims that the government cannot charge fees for the Rural Telecommunication Development Fund and royalties from the maintenance fees according to the instructions of the Public Accounts Committee of the Parliament, the decision taken by the Office of the Auditor General and the interim order issued by the Supreme Court.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">What is the legal provision?</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Section 2 (d) of Telecommunications Act 2053 defines 'telecommunication service' as service related to sound, sign, signal, writing, figure, any kind of secret signal or message whether or not such sound, sign, signal, writing has been rearranged, calculated or otherwise altered in any way for the purpose of emission, transmission or reception by electronic means using wire, radio, light (optical) or other electromagnetic system. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">In schedule 6 (a) of the regulation, 13 areas have been considered as telecommunication services. Types of telecommunications services licensed include Internet (including email), fax, mail, VSAT, local data network (for commercial use), local telephone service, intra-nation trunk call service, international trunk call service, intra-nation telegraph service, international telegraph service, Telex service, leased circuit service, telefax service, package switching data service.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">In the regulation, internet maintenance fee is not included under telecommunication service.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to Santosh Paudel, the director of the NTA, the government has not published a notice in the Nepal Gazette and has not included the maintenance under the telecommunication service as liable for the rural telecommunication development fund. However, he claims that maintenance is also a telecommunication service and there is no need to publish a notice in the Nepal Gazette define it as telecommunication service.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">"Since this matter has reached the court, we cannot say anything more," he said.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">How much is due?</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to the NTA’s claim, nine ISPs are yet to pay dues worth Rs 3.70 billion. WorldLink is yet to pay Rs 1.94 billion while Vianet is yet to pay Rs 420 million.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Section 5 of the Telecommunications Regulations and the Rural Telecommunications Development Fund Regulations 2068 stipulates that the licensee must deposit 2 percent of the annual income collected from the telecommunications services into the fund every year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Section 26 of Telecommunication Regulation 2054 explains that 'annual total income' means the income received by the licensee for providing telecommunication services, excluding the amount received from the customer, service tax, value added tax, etc.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to these two provisions, the authority has maintained the arrears of unpaid tax from the amount collected by the ISPs under maintenance charge.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">What did the parliamentary committee say?</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">After the Auditor General's 56th annual report pointed out that the ISPs had not paid royalty and rural telecommunication development fund fee from the fees collected from customers as maintenance services, this issue was discussed in the Public Accounts Committee of the House of.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The Public Accounts Committee explained that the support charge, annual maintenance fee, technical fee and monitoring fee collected by the ISPs are non-telecommunication services and decided to give instructions to remove the unnecessary charges and royalties for the Rural Telecommunication Development Fund.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">What is happening in court?</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">On June 21, 2020, WorldLink filed a petition at the Supreme Court seeking an interim order not to charge additional fees related to royalty and rural telecommunication development fund fees.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The Supreme Court issued an interim order on June 23 in favour of the petitioner.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">"Despite the fact that even the court has ordered the government not to take action until the case is settled, the government is torturing us again and again," Dilip Agarwal, president and managing director of WorldLink Communications, told New Business Age. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">What is the solution?</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to ISPAN, Airtel denied bandwidth because the government has not provided the foreign currency exchange facility to the ISPs since the last 13 months. Airtel provided the bandwidth after about six hours following the assurance given by the NTA and the initiative taken by the ministry. According to ISPs, it is not certain when Indian companies will stop providing the bandwidth.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">However, the government and internet service providers do not seem to budge from the respective stance.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Agarwal said that they are ready to proceed according to the court's order. The government wants to collect the outstanding amount. However, Paudel, the spokesperson for the NTA, also says that the court's decision will be important to solve this case. "Let's not say too much now, the court's decision will be the final decision," he said.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-05-07', 'modified' => '2024-05-07', 'keywords' => '', 'description' => '', 'sortorder' => '20637', 'image' => '20240507022836_20230907105804_internet.jpg', 'article_date' => '2024-05-07 14:27:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '20909', 'article_category_id' => '1', 'title' => 'Reconstruction of Malla-era Thanthu Durbar Begins ', 'sub_title' => '', 'summary' => 'May 7: Stakeholders on Monday laid the foundation stone for the reconstruction of the historic Thanthu Durbar in Bhaktapur Dubar Square area.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 7: Stakeholders on Monday laid the foundation stone for the reconstruction of the historic Thanthu Durbar in Bhaktapur Dubar Square area. The Thanthu Durbar was constructed 346 years ago. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at a programme organised by Bhaktapur municipality on the occasion, Secretary of the Nepal Workers and Peasants Party and lawmaker Prem Suwal said excavation of 99 thoroughfares in Bhaktapur Durbar area should be continued. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Pointing out the need of examination from technicians whether or not 100-year-old houses in Bhaktapur are safe to live in, he stressed the need of protecting originality in reconstruction of heritages. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Coordinator of Thanthu Durbar Reconstruction Direction Committee and Mayor of Bhaktapur municipality, Sunil Prajapati, shared Bhaktapur municipality had been operating its activities from Thanthu Durbar before 2072 BS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The municipality now has forwarded the work of reconstruction of Thanthu Durbar keeping it in priority. An estimated cost for the reconstruction of the Thanthu Durbar is Rs 128.5 million. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Bagmati Province Assembly member Srijana Sainju, Deputy-Mayor of Bhaktapur municipality Rajani Joshi, Chief District Officer of Bhaktapur Roshani Kumari Shrestha, among others were present on the occasion. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-05-07', 'modified' => '2024-05-07', 'keywords' => '', 'description' => '', 'sortorder' => '20636', 'image' => '20240507013610_thantu palace.jpg', 'article_date' => '2024-05-07 13:35:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '20908', 'article_category_id' => '1', 'title' => 'inDrive Officially Registered in Nepal', 'sub_title' => 'The ride-sharing app has partnered with IME Pay for digital payment', 'summary' => 'May 7: Globally acclaimed mobility company inDrive has officially registered its services in Nepal. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 7: Globally acclaimed mobility company inDrive has officially registered its services in Nepal. Renowned as the fastest-growing mobility service worldwide, inDrive has been operating informally since some time in key cities, including Kathmandu, Pokhara, and Bharatpur.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">With a diverse array of services encompassing bike and car rides, courier services, and inter-city rides, inDrive will now formally address the varied needs of Nepali commuters with PAN registration. Director Rita Pokhrel and Pavit Nanda Anand, inDrive's PR Manager for South Asia, jointly announced the official registration during an event at the Marriott Hotel in Kathmandu.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Pokhrel disclosed the company's dedication to providing seamless digital payment options, having partnered with IME Pay to facilitate convenient transactions post-formal entry. She also underscored inDrive's rider-friendly policy, affirming that the company will only levy a nominal 10% commission from riders, inclusive of taxes.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Furthermore, acknowledging the paramount importance of safety and security, inDrive is in the process of introducing insurance facilities for both riders and users. Pokhrel assured the media during a Q&A session that the necessary paperwork is underway, and the insurance services will be rolled out shortly.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The head office of inDrive for Nepal is located in Hattisar, serving as a strategic hub for its operations. Pokhrel noted that what began as a trial period has now evolved into a fully registered entity under the PAN with Foreign Direct Investment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The formal entry of inDrive into the Nepali market is anticipated not only to enrich transportation options but also to generate employment opportunities and foster economic growth. Alongside Indrive, Pathao, JumJum, and Tootle are offering ride-sharing services in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">With a widespread presence in over 45 countries and 700 cities worldwide, inDrive brings global expertise and innovation to Nepal's transportation landscape, ensuring a more efficient and convenient commuting experience for all, shared Anand, emphasizing the company's commitment to fairer fares and lower charges compared to other players in the market, thereby ensuring affordability and accessibility for all.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Furthermore, Anand added that inDrive will continue exploring and adding other services similar to what it has been offering in other markets.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-07', 'modified' => '2024-05-07', 'keywords' => '', 'description' => '', 'sortorder' => '20635', 'image' => '20240507123611_thumb.jpg', 'article_date' => '2024-05-07 12:35:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '20906', 'article_category_id' => '1', 'title' => 'Rainfall Predicted in Koshi, Bagmati, Gandaki and Lumbini Provinces Today ', 'sub_title' => '', 'summary' => 'May 7: Much to the respite from the raging wildfires across the country, the Department of Hydrology and Meteorology has informed that some parts of Bagmati and Koshi provinces are witnessing light rainfall since Tuesday morning due to the low pressure system generated in the vicinity of Bihar, India along with the westerly and local winds. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 7: Much to the respite from the raging wildfires across the country, the Department of Hydrology and Meteorology has informed that some parts of Bagmati and Koshi provinces are witnessing light rainfall since Tuesday morning due to the low pressure system generated in the vicinity of Bihar, India along with the westerly and local winds. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">It maybe noted that the country has been facing incidents of wildfire due to the prolonged drought in the current dry season. It has also resulted in poor visibility due to air pollution.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, department has forecast that some parts of Koshi, Bagmati, Gandaki and Lumbini provinces will see moderate rainfall along with lightning, thunder and storm later in the day, while some parts of Gandaki, Lumbini and Karnali provinces are predicted to have heavy rainfall. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Few places in the upper hills and mountainous region of the country will have light snowfall. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Partial change in weather is expected tonight. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The department has requested all for precaution in the wake of change in weather. Agriculture, health, tourism, mountaineering, and road and air transports have been urged to take safety measures. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-05-07', 'modified' => '2024-05-07', 'keywords' => '', 'description' => '', 'sortorder' => '20634', 'image' => '20240507114808_sno.jpg', 'article_date' => '2024-05-07 11:45:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '20907', 'article_category_id' => '1', 'title' => 'Change in Tax Rate will be Transparent: Minister Pun ', 'sub_title' => '', 'summary' => 'May 7: Finance Minister Barsha Man Pun has pledged to determine the tax rate in a transparent manner.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 7: Finance Minister Barsha Man Pun has pledged to determine the tax rate in a transparent manner.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at an interaction in the capital on Monday, Minister Pun pledged to change the scope of tax in a transparent manner based on the recommendations of the Revenue Advisory Committee and suggestions of the stakeholders. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He claimed that the number of Nepali citizens going abroad has decreased and efforts are being made to bring back those who have gone abroad. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The process of transferring knowledge, skills and capital from those who have gone abroad is underway, he said, adding that a good example has been seen in the field of information technology. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He pledged to bring programmes in the upcoming budget to instill hope among the people and encourage the youth. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-05-07', 'modified' => '2024-05-07', 'keywords' => '', 'description' => '', 'sortorder' => '20633', 'image' => '20240507120815_20200907074520_1599400665.tax.jpg', 'article_date' => '2024-05-07 12:07:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '20905', 'article_category_id' => '1', 'title' => 'SEBON Slashes Broker Commission by 10%, Effective from May 14', 'sub_title' => '', 'summary' => 'The Securities Board of Nepal (SEBON) has announced its decision to reduce broker commissions by 10%. This decision was made during a meeting of the Board of Directors, according to Mukti Shrestha, the spokesperson for the Securities Board of Nepal. The revised broker commission rate will come into effect from May 14.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">May 7: The Securities Board of Nepal (SEBON) has announced its decision to reduce broker commissions by 10%. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">This decision was made during a meeting of the Board of Directors, according to Mukti Shrestha, the spokesperson for the Securities Board of Nepal. The revised broker commission rate will come into effect from May 14.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">SEBON had proposed a 10% reduction in broker commissions, submitting the proposal to the Ministry of Finance for approval on October 18, 2023. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Finance Minister Barshaman Pun approved the proposal to decrease brokerage commissions, aligning with SEBON’s recommendation.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Following thorough research and analysis, the Board concluded to lower broker commissions. Former Board Chairman Ramesh Kumar Hamal had advocated for reducing brokerage commissions based on demands from share investors.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Board has decided to reduce the upper limit from 0.40% to 0.36% and the lower threshold from 0.27% to 0.24%, implementing these changes accordingly. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">According to current regulations, investments up to Rs 50,000 incur a commission rate of 0.40%, while investments ranging from Rs 50,000 to Rs 500,000 are charged at 0.37%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Investments from Rs 500,000 to Rs 2,000,000 carry a commission rate of 0.34%. Similarly, for investments ranging from Rs 2,000,000 to Rs 10,000,000, the commission rate is 0.30%, and for investments exceeding Rs 10,000,000, the commission rate is 0.27%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">With the new decision, commissions for investments up to Rs 50,000 will be 0.36%, for investments from Rs 50,000 to Rs 500,000 the commission rate will be 0.33%, and for investments from Rs 500,000 to Rs 2,000,000 the rate will be 0.30%. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">For investments from Rs 2,000,000 to Rs 10,000,000, a commission rate of 0.27% will apply, and for investments exceeding Rs 10,000,000, the commission rate will be 0.24%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-07', 'modified' => '2024-05-07', 'keywords' => '', 'description' => '', 'sortorder' => '20632', 'image' => '20240507121033_Sebon-update.jpg', 'article_date' => '2024-05-07 09:14:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 9 => array( 'Article' => array( 'id' => '20904', 'article_category_id' => '1', 'title' => 'NEPSE Plunges by 15.62 Points to Close at 1958.75', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index continued its downward trend, slipping by 0.79% or 15.62 points, closing at 1958.75 on the second trading day of the week on Monday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">May 6: The Nepal Stock Exchange (NEPSE) Index continued its downward trend, slipping by 0.79% or 15.62 points, closing at 1958.75 on the second trading day of the week on Monday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Throughout today's trading session, a total of 310 scrips were traded via 48,709 transactions. As many as 6,978,321 shares changed their hands, resulting in a total turnover of Rs 2.89 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Citizen Life Insurance Company Limited (CLI) took the lead in transaction volume, with a turnover of Rs 31 crores. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, Bottlers Nepal (Terai) Limited (BNT) saw the highest increase, climbing by 9.03% to close at Rs 14,069 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">On the flip side, Pokhara Finance Limited (PFL) and Dolti Power Company Limited (DOLTI) faced significant losses of 10% each.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Sector-wise, all sectors closed in the negative zone except for the Development Bank Index, which saw a modest gain of 0.23%. The Finance Index experienced the highest decline, dropping by 1.96%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-06', 'modified' => '2024-05-06', 'keywords' => '', 'description' => '', 'sortorder' => '20631', 'image' => '20240506033051_20240418032246_collage (59).jpg', 'article_date' => '2024-05-06 15:27:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '20901', 'article_category_id' => '1', 'title' => 'Nepal Appeals to World Community to Increase Concessional Aid ', 'sub_title' => '', 'summary' => 'May 6: Nepal has appealed to the international community to provide concessional assistance. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 6: Nepal has appealed to the international community to provide concessional assistance. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Addressing the 57th annual meeting of the Board of Governors of the Asian Development Bank (ADB) held in Tbilisi, the capital of Georgia, Finance Secretary Madhu Kumar Marasini asked for the provision of concessional assistance as large capital must be mobilized to address the economy and development aspirations that have weakened due to the Covid-19 pandemic. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He urged all development partners, including the Asian Development Bank, to increase financial and technical support, saying that Nepal has moved forward with the concept of green, resilient and inclusive development (GRID). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Secretary Marasini pointed out the need for collective efforts to make South Asia an area of emerging economic development and said that emphasis should be given for the same. Pointing out the need for efforts, he said that emphasis should be placed on interdependence, innovation and digitization for the enhancement of interregional trade. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal’s economy post Covid-19 pandemic has been affected by global economic challenges and the contraction in economic activities in recent days due to revenue deficit and increasing debt obligations.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Secretary Marasini shared that the third investment summit was organized in Kathmandu to create an investment-friendly environment in Nepal. He mentioned that ADB can play an important role in creating an environment for investment in areas of comparative advantage such as tourism, hydropower and information technology. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Recalling that the ADB has been continuously supporting Nepal, Secretary Marasini expressed his gratitude for being a reliable partner in the development journey. He said that in the last decade, Nepal has advanced social inclusion and economic development together. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-05-06', 'modified' => '2024-05-06', 'keywords' => '', 'description' => '', 'sortorder' => '20630', 'image' => '20240506025508_20230723022857_hqdefault.jpg', 'article_date' => '2024-05-06 14:54:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '20903', 'article_category_id' => '1', 'title' => 'Muktinath Development Bank Provides Financial Assistance to KU for Green Hydrogen Energy Research', 'sub_title' => '', 'summary' => '', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">May 6: Muktinath Development Bank has partnered with Kathmandu University for the research of green hydrogen energy with the objective of contributing to the sustainable development of this sector.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Issuing a statement, the bank said it has signed a memorandum of understanding with KU to provide financial assistance for research to the Green Hydrogen Lab of the university. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The signing ceremony was attended by CEO of Muktinath Development Bank Pradhyuman Pokharel, Vice Chancellor of KU Dr Bhola Thapa, chief of the Green Hydrogen Lab Dr Biraj Singh Thapa and other officials of the bank and the university.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The Green Hydrogen Lab will conduct research on green hydrogen for thermal heat with the funding from the bank.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The bank expressed its belief that this initiative would help sustainable development of Nepal in the long run.</span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-05-06', 'modified' => '2024-05-06', 'keywords' => '', 'description' => '', 'sortorder' => '20629', 'image' => '20240506032514_Muktinath & KU green hydrogen lab (1).jpg', 'article_date' => '2024-05-06 15:23:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '20902', 'article_category_id' => '1', 'title' => 'PhonePe Showcases its Services Powered by UPI at a Special Event in Nepal', 'sub_title' => '', 'summary' => 'May 6: PhonePe India recently showcased its services powered by the Unified Payments Interface (UPI) platform at a special event held in Kathmandu, Nepal.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">May 6: PhonePe India recently showcased its services powered by the Unified Payments Interface (UPI) platform at a special event held in Kathmandu, Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">Issuing a statement, the company said that the event held on May 2 brought together key stakeholders from the Nepalese financial landscape, including senior representatives from the banking sector, Payment System Providers, UPI accepting merchants and representatives from business associations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">The event was supported by Nepal’s payment system operator Fonepay payment Service Limited which is also NIPL’s counterpart for Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">The event saw a keynote address from Diwas Sapkota, CEO of FonePay Network, outlining the potential of UPI for Nepal's digital economy. This was followed by an engaging panel discussion on the Influence of cross-border payments on Nepal’s economy and the financial landscape, the statement added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">The panel included esteemed panelists like Anish Tamrakar, Chief Digital Banking Officer of Kumari Bank; Shradha Shrestha, manager of Nepal Tourism Board; Jagdish Khadka, CEO of eSewa, and Vivek Rana, ICT/MIS Consultant at the Asian Development Bank (ADB). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">The panel discussion addressed a range of issues related to cross-border payments and their impact on Nepal's economy and financial landscape as well as regulatory hurdles and compliance demands in facilitating international transactions. The panelists highlighted the positive influence of UPI on Nepal's tourism sector, particularly by enhancing the overall tourist experience through convenient cashless payments. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">According to the company, the discussion further explored how cross-border payments impact the revenue streams and business models of financial institutions. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">Additionally, panelists examined the influence of UPI on consumer experience in Nepal, focusing on factors like convenience, interoperability, security, and cost-effectiveness. The discussion als delved into the broader macroeconomic implications of cross-border payments through alternative payment methods impacting underserved small and medium scale entrepreneurs.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">The program culminated in a product showcase led by Ritesh Pai, CEO of PhonePe. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">According to the company, his presentation provided a comprehensive overview of PhonePe's journey, highlighting its evolution. The presentation also delved into how PhonePe, powered by UPI fosters a thriving ecosystem, driving the democratization of payments across India. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">This was followed by a demonstration of solutions that benefit both Indian tourists and Nepalese merchants. Drawing parallels with the Indian market success story, the presentation illustrated how PhonePe can replicate this success in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">Nepal is a very popular destination among Indian visitors who can now use UPI to pay at various tourist spots, retail stores, religious sites, and other popular locations. Users simply need to scan QR codes from their preferred UPI-enabled app at merchant locations who are enrolled in Fonepay QR scheme in Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">This is facilitated through Fonepay’s partnership with NPCI International Payments Limited (NIPL). Through this partnership, Fonepay has enabled QR-code-based payments across payment service providers, leading banks and wallets, allowing Indian travelers to use UPI for transactions.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">Additionally, going forward shortly, tourists and visitors from Nepal traveling to India will be enabled to utilize their financial instruments like wallet-based apps to scan the UPI QR code and make payments effortlessly.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">Speaking on the sidelines of the event, Ritesh Pai said, "We're thrilled to be showcasing services powered by UPI in Nepal. This gathering has brought together key players from Nepal’s financial landscape, including Fonepay, leading business figures, and representatives from hospitality and tourism. It's a testament to the collaborative spirit that will ensure UPI's success in Nepal. We are thankful for their presence and participation. Nepal is a popular tourist destination, particularly for travelers from India. With UPI, Indian tourists can now enjoy the same convenient cashless payment experience they're accustomed to back home, using UPI powered apps such as PhonePe. This will not only enhance their travel experience but also encourage digital transactions."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">Addressing the event, Diwas Kumar, CEO Fonepay Nepal, said, “This is a moment of immense pride and joy for Fonepay Payment Service Ltd. Our 4 years of journey to bring cross border payments in Nepal is finally successful and UPI payment is Live in Nepal. As we introduce UPI payments in partnership with NPCI International, and welcome PhonePe to Nepal, we see a future where smooth digital transactions boost economic growth and financial inclusion, benefiting merchants and businesses. We extend our heartfelt gratitude to the regulators, government agencies for their invaluable support, recognizing innovations and supporting private sector efforts in facilitating Nepal’s journey towards digital transformation. We urge authorities to foster an ecosystem that embraces and supports innovations, promote partnership with private sector players in technological advancements and bring state of art products and services to Nepalese consumers."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2024-05-06', 'modified' => '2024-05-06', 'keywords' => '', 'description' => '', 'sortorder' => '20628', 'image' => '20240506031307_JAN00188.jpg', 'article_date' => '2024-05-06 15:10:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '20900', 'article_category_id' => '1', 'title' => 'Task Force Recommends Monetisation of TIA to Raise Funds for Nijgadh Airport', 'sub_title' => '', 'summary' => 'May 6: A high-level government task force has suggested that the property of Tribhuvan International Airport (TIA) should be monetized for the construction of an international airport in Nijgadh.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">May 6: A high-level government task force has suggested that the property of Tribhuvan International Airport (TIA) should be monetized for the construction of an international airport in Nijgadh.</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 report of the study group, formed to provide suggestions regarding the operation and construction of Nepal's international airports in the Public-Private Partnership (PPP) model, has recommended monetization of the property of TIA as a second alternative.</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 first option suggested by the task force is to advance Tribhuvan International Airport and Nijgadh as a single project.</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"">Former secretary Shankar Prasad Adhikari, who is the coordinator of the task force, proposed the option of monetization under the concept that a potential company would be entrusted with the operation of Tribhuvan International Airport and the government would take a certain percentage of the revenue to use that amount to build Nijgarh 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"">The report of the task force suggests adopting the lease (rent), operation and transfer (LOT) model under the PPP and monetising the property of Tribhuvan 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"">According to the report, such a company should have experience in asset monetization, should have operated at least one international airport under the lease and transfer model, and the company's assets should be at least USD 1 billion.</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"">It is mentioned in the report that even if the operation and management of the airport are given to a private company, the government should take responsibility for the airport’s security and immigration.</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"">According to the report, India and other countries are also monetizing their airports. Officials of the task force say that it may be suitable for Nepal as well.</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"">Ghan Shyam Ojha, an investment expert who is also a member of the task force, said that international airports such as Shivaji Chhatrapati Maharaj Airport in India were created through monetization of assets. Although airports in Nepal are still unable to generate sufficient income, it is recommended and suggested to make Nijgadh through the PPP model.</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"">"Currently, Tribhuvan Airport is the airport that generates the most revenue," said Ojha, "The amount that comes from asset monetization can be used for Nijgadh." </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 report mentions that 25 airports in India under the Airports Authority of India (AAI) are preparing to go for asset monetization from 2022 to 2025 in accordance to India's National Monetization Pipeline (NMP). Bhubaneswar, Varanasi, Amritsar, Trichy, Indore, Calicut, Coimbatore, Nagpur, Patna, Madurai, Udaipur, Dehradun, Rajahmundry airports are in this pipeline. The Airports Authority of India has identified 13 airports to be operated, managed and developed through the PPP model.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-06', 'modified' => '2024-05-06', 'keywords' => '', 'description' => '', 'sortorder' => '20627', 'image' => '20240506021008_20211202020506_2009-03_Kathmandu_10.jpg', 'article_date' => '2024-05-06 14:09:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '20899', 'article_category_id' => '1', 'title' => 'Minister Pun says Govt Committed to Creating Business-Friendly Environment ', 'sub_title' => '', 'summary' => 'May 6: Finance Minister Barshaman Pun has said the government has succeeded in giving the message of being friendly to the private sector.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 6: Finance Minister Barshaman Pun has said the government has succeeded in giving the message of being friendly to the private sector. The active participation of the private sector in the recently held Nepal Investment Summit also demonstrated the government's friendly gestures to the private sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at a meeting with the representatives of the Revenue Advisory Committee and the umbrella organizations of the private sector at the Ministry of Finance on Sunday, Minister Pun said the government was committed to creating a business-friendly environment for the private sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Minister Pun shared that eight different laws were revised through the ordinance to create an investment-friendly environment. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The finance minister was of the view that a favorable situation can be created if the state and private sector collaborated to end the ongoing economic slowdown. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"A positive situation has been created from the amendments made in the laws targeting domestic and foreign investors. We have given the message to the entire world that the government is private sector- friendly," said the finance minister. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister Pun argued that the economy can become vibrant by enhancing productivity through the partnership with the private sector and added that the government has taken the policy to ensure competitiveness of the private sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Minister Pun said that the change in the rate of tax would be done on the basis of need and relevance. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-05-06', 'modified' => '2024-05-06', 'keywords' => '', 'description' => '', 'sortorder' => '20626', 'image' => '20240506010443_sustainability-3295757_1280.jpg', 'article_date' => '2024-05-06 13:03:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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' => '20913', 'article_category_id' => '1', 'title' => 'World Bank Approves $80 Million to Strengthen Financial Sector of Nepal', 'sub_title' => '', 'summary' => 'May 7: The World Bank’s Board of Executive Directors on Monday approved an $80 million development policy credit for Nepal to strengthen the stability of the financial sector, diversify financial solutions, and increase access to financial services.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 7: The World Bank’s Board of Executive Directors on Monday approved an $80 million development policy credit for Nepal to strengthen the stability of the financial sector, diversify financial solutions, and increase access to financial services.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement on Monday, the World Bank said that the third Finance for Growth Development Policy Credit aims to improve the functioning of the financial sector to support private sector-led growth.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the World Bank, the operation will strengthen the supervision of the banking and insurance sectors in Nepal and foster financial product innovations in capital, insurance, and disaster risk markets. The operation will also increase financial inclusion through digitalization, enhanced credit infrastructure and improved financial literacy, with a focus on women entrepreneurs, the statement added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“This project supports Nepal’s green, resilient, and inclusive development and will help create an enabling environment for private investment to contribute to Nepal’s economic growth, particularly benefiting the poor and vulnerable,” said Faris Hadad-Zervos, World Bank’s Country Director for the Maldives, Nepal, and Sri Lanka.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The operation also supports Nepal's climate agenda by enhancing supervision of climate risks by requiring disclosures of climate-related risks and impacts of the banking sector portfolio; introducing risk-informed pricing for insurance products, including climate risks; establishing a framework for the issuance of green bonds; and integrating climate-related mitigation and adaptation commitments into credit guarantee products.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“This operation supports the government’s transformative financial sector reform agenda to promote private sector-led growth. The reforms in banking, insurance, and capital markets are instrumental for the sector’s resilience and the critical role it plays to enable private capital mobilization,” stated Tatsiana Kliatskova, World Bank’s task team leader for the project.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-07', 'modified' => '2024-05-07', 'keywords' => '', 'description' => '', 'sortorder' => '20640', 'image' => '20240507054611_20240215010906_World.jpg', 'article_date' => '2024-05-07 17:45:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '20911', 'article_category_id' => '1', 'title' => 'Industries in Nepal Facing Significant Challenges due to Ongoing Power Cuts', 'sub_title' => '', 'summary' => 'May 7: The Nepal Electricity Authority (NEA) has been implementing unannounced power cuts in the industrial establishments for the past four months. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">May 7: The Nepal Electricity Authority (NEA) has been implementing unannounced power cuts in the industrial establishments for the past four months. The situation has further worsened since the beginning of April after India decided to provide electricity only during the daytime hours. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Consequently, industrialists in the Bara-Parsa Industrial Corridor have been severely impacted by irregular power supply, even during designated electricity supply periods.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">With the onset of winter, the country's hydropower projects, reliant on river flows, can only produce electricity at approximately one-third of their total capacity. This limitation necessitates importing electricity from India. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">However, due to the inadequate carrying capacity of internal transmission lines, NEA has struggled to distribute the imported electricity from the Dhalkebar-Muzaffarpur international transmission line to the industrial sector adequately.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Despite claims of load shedding being entirely eradicated, industrial areas in the Terai region continue to experience power cuts during the dry season.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"> NEA initially initiated power cuts in industries last year, citing low availability of electricity. However, after these unannounced interruptions disrupted production, entrepreneurs urged NEA leadership to implement a schedule for power cuts.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The industries in Bara-Parsa corridor fed electricity through 66 and 11 KV transmission lines experience power cuts from 6 pm to 6 am. NEA states that since India only supplies electricity from 6 am to 6 pm, industries are provided power during this timeframe. However, industrialists report not only unannounced power cuts lasting up to 12 hours a day but also frequent 'tripping' disruptions during NEA's stipulated supply hours.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Industrialists in the Bara-Parsa corridor, particularly those involved in production of construction material, lament significant production losses due to the unannounced power cuts. The irregular electricity supply has exacerbated challenges in production scheduling and worker management, leading to financial losses and decreased productivity.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">With the current economic recession dampening market demand, industrialists express frustration at being unable to capitalize on rising demand for construction materials during peak seasons. Despite the government's capital expenditure surge in the third quarter of the fiscal year, industrialists remain disappointed by their inability to meet market demand due to electricity shortages.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Furthermore, industrialists who previously removed generators following NEA's announcement of an end to load shedding now regret their decision. Presently, NEA faces challenges in meeting the country's total electricity demand, necessitating imports from India to bridge the shortfall.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">NEA spokesperson Chandan Kumar Ghosh attributes power cuts in industries to decreased domestic production and limited imports from India. Ghosh explains that due to the import of electricity only during specified hours, industries are supplied electricity accordingly, leading to tripping issues when demand exceeds capacity.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Despite NEA's efforts to manage the demand of the industrial corridor by augmenting supply from other sources, challenges persist due to weather-related fluctuations and increasing demand. Ghosh remains optimistic that these issues will be mitigated with rising water levels in the rivers following rainfall, ultimately resolving the ongoing power supply issue.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-07', 'modified' => '2024-05-07', 'keywords' => '', 'description' => '', 'sortorder' => '20639', 'image' => '20240507024608_20220330051709_c1d0e043-electricity.jpg', 'article_date' => '2024-05-07 14:45:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '20912', 'article_category_id' => '1', 'title' => 'NEPSE Gains 2.06 to Close at 1960.81, Turnover Shrinks to Rs 2.14 Billion', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange(NEPSE) Index recorded a minimal gain of 2.06 points or 0.10%, closing at 1960.81 on the third trading day of the week on Tuesday. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">May 7: The Nepal Stock Exchange(NEPSE) Index recorded a minimal gain of 2.06 points or 0.10%, closing at 1960.81 on the third trading day of the week on Tuesday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today’s trading session, 314 scrips were traded on the NEPSE through 38,214 transactions. A total of 5,064,038 shares changed their hands, resulting into a total turnover of Rs 2.14 billion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Pokhara Finance Limited(PFL) took the lead in transaction amount with the total turnover of Rs 8 crores. Himalayan Laghubitta Bittiya Sanstha(HLBSL) saw the highest gain of 9.99%, closing at a market price of Rs 856 per share. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Conversely, Bottlers Nepal(Terai) Limited (BNT) incurred the maximum loss of 6.23%, closing at a market price of Rs 13,193.70 per share. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In terms of sector indices, all sectors closed in the negative territory except Microfinance Index, Mutual Index, Development Bank Index and Others Index. Microfinance Index experienced the highest gain of 2.43%, while Trading Index lost the maximum at 1.09%. </span></span></p> ', 'published' => true, 'created' => '2024-05-07', 'modified' => '2024-05-07', 'keywords' => '', 'description' => '', 'sortorder' => '20638', 'image' => '20240507033412_collage (6).jpg', 'article_date' => '2024-05-07 15:33:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 3 => array( 'Article' => array( 'id' => '20910', 'article_category_id' => '1', 'title' => 'What is the Key Dispute between the Government and Internet Service Providers?', 'sub_title' => '', 'summary' => 'May 7: The internet service provided by the big internet service providers (ISPs) of Nepal suddenly slowed down on the evening of May 2 while the country was observing the National Information and Communication Technology Day.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">May 7: The internet service provided by the big internet service providers (ISPs) of Nepal suddenly slowed down on the evening of May 2 while the country was observing the National Information and Communication Technology Day.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The main reason for the disturbance in the internet service was that India’s Airtel company, which was providing bandwidth to the internet service providers of Nepal, stopped providing the bandwidth. The Ministry of Communication and Information Technology said that the Indian company turned off the Internet link for about 6 hours after the ISPs of Nepal defaulted in payment for the bandwidth usage for the past one year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">In particular, the government has not provided foreign currency exchange facilities for the payment of bandwidth for the past one year because some ISPs have not fully paid the fee to be paid to the Rural Telecommunication Development Fund and the royalty to be paid to the government from the fees collected from the customers. As a result, they have not been able to pay the dues to the Indian company. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to Internet Service Providers Association of Nepal (ISPAN), an umbrella organization of internet service providers operating in the country, Airtel is the company that provides the largest bandwidth to Nepal.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Seventy percent of the total bandwidth is being provided by Airtel, according to ISPAN. Due to this, the speed of the internet decreased significantly on last Thursday. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">There has been a dispute between the government and the Internet Service Providers (ISPs) whether to consider the maintenance service provided by the ISPs as a telecommunication service or not and whether to pay a certain percentage of the fees collected by the ISPs to the Rural Telecommunication Development Fund and to the government as royalty.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The government has been considering maintenance as a telecommunication service and has been asking the ISPs to pay two-tier tax. In addition, the government has been refusing to provide foreign exchange facilities to those who do not pay such fees. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The ISPs have refused to pay taxes from maintenance fee claiming that the maintenance service does not belong to the telecommunication service according to the law and they do not have to pay the fee to the government. This dispute is currently pending before the Supreme Court. Even though the internet service was disrupted, both sides did not back down from their stance.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The Ministry of Communication and Information Technology issued a statement on May 2 and requested the ISPs not to act in such a way as to disrupt essential services like the Internet without paying the rural telecommunication development fees and royalties to the state on time.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Issuing a press statement the following day, the regulatory body Nepal Telecommunications Authority said that a certain number of internet service providers have not paid the due amount as per the rules despite repeated requests from the authority over the years under various pretexts, so it did not recommend foreign exchange facility to the defaulters.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">What is the service provider's statement?</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">ISPAN claims that the ISPs have been regularly paying royalties and rural telecommunication development fees to be paid from income from telecommunication services in accordance to the Telecommunication Act, Telecommunication Regulations and Rural Telecommunication Development Fund Regulations.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Apart from that, there is no legal provision to pay royalties and rural telecommunication development fund fee from income generated from non-telecommunication services such as maintenance services.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">“The state-owned service providers are easily getting recommendation for foreign currency exchange facility even though they have billions of rupees in arrears, which is a discriminatory policy of the government," said Subas Khadka, Chief Executive Officer of ISPAN, in a statement issued on Saturday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">ISPAN claims that the government cannot charge fees for the Rural Telecommunication Development Fund and royalties from the maintenance fees according to the instructions of the Public Accounts Committee of the Parliament, the decision taken by the Office of the Auditor General and the interim order issued by the Supreme Court.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">What is the legal provision?</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Section 2 (d) of Telecommunications Act 2053 defines 'telecommunication service' as service related to sound, sign, signal, writing, figure, any kind of secret signal or message whether or not such sound, sign, signal, writing has been rearranged, calculated or otherwise altered in any way for the purpose of emission, transmission or reception by electronic means using wire, radio, light (optical) or other electromagnetic system. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">In schedule 6 (a) of the regulation, 13 areas have been considered as telecommunication services. Types of telecommunications services licensed include Internet (including email), fax, mail, VSAT, local data network (for commercial use), local telephone service, intra-nation trunk call service, international trunk call service, intra-nation telegraph service, international telegraph service, Telex service, leased circuit service, telefax service, package switching data service.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">In the regulation, internet maintenance fee is not included under telecommunication service.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to Santosh Paudel, the director of the NTA, the government has not published a notice in the Nepal Gazette and has not included the maintenance under the telecommunication service as liable for the rural telecommunication development fund. However, he claims that maintenance is also a telecommunication service and there is no need to publish a notice in the Nepal Gazette define it as telecommunication service.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">"Since this matter has reached the court, we cannot say anything more," he said.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">How much is due?</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to the NTA’s claim, nine ISPs are yet to pay dues worth Rs 3.70 billion. WorldLink is yet to pay Rs 1.94 billion while Vianet is yet to pay Rs 420 million.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Section 5 of the Telecommunications Regulations and the Rural Telecommunications Development Fund Regulations 2068 stipulates that the licensee must deposit 2 percent of the annual income collected from the telecommunications services into the fund every year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Section 26 of Telecommunication Regulation 2054 explains that 'annual total income' means the income received by the licensee for providing telecommunication services, excluding the amount received from the customer, service tax, value added tax, etc.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to these two provisions, the authority has maintained the arrears of unpaid tax from the amount collected by the ISPs under maintenance charge.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">What did the parliamentary committee say?</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">After the Auditor General's 56th annual report pointed out that the ISPs had not paid royalty and rural telecommunication development fund fee from the fees collected from customers as maintenance services, this issue was discussed in the Public Accounts Committee of the House of.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The Public Accounts Committee explained that the support charge, annual maintenance fee, technical fee and monitoring fee collected by the ISPs are non-telecommunication services and decided to give instructions to remove the unnecessary charges and royalties for the Rural Telecommunication Development Fund.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">What is happening in court?</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">On June 21, 2020, WorldLink filed a petition at the Supreme Court seeking an interim order not to charge additional fees related to royalty and rural telecommunication development fund fees.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The Supreme Court issued an interim order on June 23 in favour of the petitioner.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">"Despite the fact that even the court has ordered the government not to take action until the case is settled, the government is torturing us again and again," Dilip Agarwal, president and managing director of WorldLink Communications, told New Business Age. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">What is the solution?</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to ISPAN, Airtel denied bandwidth because the government has not provided the foreign currency exchange facility to the ISPs since the last 13 months. Airtel provided the bandwidth after about six hours following the assurance given by the NTA and the initiative taken by the ministry. According to ISPs, it is not certain when Indian companies will stop providing the bandwidth.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">However, the government and internet service providers do not seem to budge from the respective stance.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Agarwal said that they are ready to proceed according to the court's order. The government wants to collect the outstanding amount. However, Paudel, the spokesperson for the NTA, also says that the court's decision will be important to solve this case. "Let's not say too much now, the court's decision will be the final decision," he said.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-05-07', 'modified' => '2024-05-07', 'keywords' => '', 'description' => '', 'sortorder' => '20637', 'image' => '20240507022836_20230907105804_internet.jpg', 'article_date' => '2024-05-07 14:27:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '20909', 'article_category_id' => '1', 'title' => 'Reconstruction of Malla-era Thanthu Durbar Begins ', 'sub_title' => '', 'summary' => 'May 7: Stakeholders on Monday laid the foundation stone for the reconstruction of the historic Thanthu Durbar in Bhaktapur Dubar Square area.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 7: Stakeholders on Monday laid the foundation stone for the reconstruction of the historic Thanthu Durbar in Bhaktapur Dubar Square area. The Thanthu Durbar was constructed 346 years ago. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at a programme organised by Bhaktapur municipality on the occasion, Secretary of the Nepal Workers and Peasants Party and lawmaker Prem Suwal said excavation of 99 thoroughfares in Bhaktapur Durbar area should be continued. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Pointing out the need of examination from technicians whether or not 100-year-old houses in Bhaktapur are safe to live in, he stressed the need of protecting originality in reconstruction of heritages. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Coordinator of Thanthu Durbar Reconstruction Direction Committee and Mayor of Bhaktapur municipality, Sunil Prajapati, shared Bhaktapur municipality had been operating its activities from Thanthu Durbar before 2072 BS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The municipality now has forwarded the work of reconstruction of Thanthu Durbar keeping it in priority. An estimated cost for the reconstruction of the Thanthu Durbar is Rs 128.5 million. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Bagmati Province Assembly member Srijana Sainju, Deputy-Mayor of Bhaktapur municipality Rajani Joshi, Chief District Officer of Bhaktapur Roshani Kumari Shrestha, among others were present on the occasion. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-05-07', 'modified' => '2024-05-07', 'keywords' => '', 'description' => '', 'sortorder' => '20636', 'image' => '20240507013610_thantu palace.jpg', 'article_date' => '2024-05-07 13:35:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '20908', 'article_category_id' => '1', 'title' => 'inDrive Officially Registered in Nepal', 'sub_title' => 'The ride-sharing app has partnered with IME Pay for digital payment', 'summary' => 'May 7: Globally acclaimed mobility company inDrive has officially registered its services in Nepal. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 7: Globally acclaimed mobility company inDrive has officially registered its services in Nepal. Renowned as the fastest-growing mobility service worldwide, inDrive has been operating informally since some time in key cities, including Kathmandu, Pokhara, and Bharatpur.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">With a diverse array of services encompassing bike and car rides, courier services, and inter-city rides, inDrive will now formally address the varied needs of Nepali commuters with PAN registration. Director Rita Pokhrel and Pavit Nanda Anand, inDrive's PR Manager for South Asia, jointly announced the official registration during an event at the Marriott Hotel in Kathmandu.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Pokhrel disclosed the company's dedication to providing seamless digital payment options, having partnered with IME Pay to facilitate convenient transactions post-formal entry. She also underscored inDrive's rider-friendly policy, affirming that the company will only levy a nominal 10% commission from riders, inclusive of taxes.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Furthermore, acknowledging the paramount importance of safety and security, inDrive is in the process of introducing insurance facilities for both riders and users. Pokhrel assured the media during a Q&A session that the necessary paperwork is underway, and the insurance services will be rolled out shortly.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The head office of inDrive for Nepal is located in Hattisar, serving as a strategic hub for its operations. Pokhrel noted that what began as a trial period has now evolved into a fully registered entity under the PAN with Foreign Direct Investment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The formal entry of inDrive into the Nepali market is anticipated not only to enrich transportation options but also to generate employment opportunities and foster economic growth. Alongside Indrive, Pathao, JumJum, and Tootle are offering ride-sharing services in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">With a widespread presence in over 45 countries and 700 cities worldwide, inDrive brings global expertise and innovation to Nepal's transportation landscape, ensuring a more efficient and convenient commuting experience for all, shared Anand, emphasizing the company's commitment to fairer fares and lower charges compared to other players in the market, thereby ensuring affordability and accessibility for all.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Furthermore, Anand added that inDrive will continue exploring and adding other services similar to what it has been offering in other markets.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-07', 'modified' => '2024-05-07', 'keywords' => '', 'description' => '', 'sortorder' => '20635', 'image' => '20240507123611_thumb.jpg', 'article_date' => '2024-05-07 12:35:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '20906', 'article_category_id' => '1', 'title' => 'Rainfall Predicted in Koshi, Bagmati, Gandaki and Lumbini Provinces Today ', 'sub_title' => '', 'summary' => 'May 7: Much to the respite from the raging wildfires across the country, the Department of Hydrology and Meteorology has informed that some parts of Bagmati and Koshi provinces are witnessing light rainfall since Tuesday morning due to the low pressure system generated in the vicinity of Bihar, India along with the westerly and local winds. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 7: Much to the respite from the raging wildfires across the country, the Department of Hydrology and Meteorology has informed that some parts of Bagmati and Koshi provinces are witnessing light rainfall since Tuesday morning due to the low pressure system generated in the vicinity of Bihar, India along with the westerly and local winds. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">It maybe noted that the country has been facing incidents of wildfire due to the prolonged drought in the current dry season. It has also resulted in poor visibility due to air pollution.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, department has forecast that some parts of Koshi, Bagmati, Gandaki and Lumbini provinces will see moderate rainfall along with lightning, thunder and storm later in the day, while some parts of Gandaki, Lumbini and Karnali provinces are predicted to have heavy rainfall. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Few places in the upper hills and mountainous region of the country will have light snowfall. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Partial change in weather is expected tonight. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The department has requested all for precaution in the wake of change in weather. Agriculture, health, tourism, mountaineering, and road and air transports have been urged to take safety measures. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-05-07', 'modified' => '2024-05-07', 'keywords' => '', 'description' => '', 'sortorder' => '20634', 'image' => '20240507114808_sno.jpg', 'article_date' => '2024-05-07 11:45:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '20907', 'article_category_id' => '1', 'title' => 'Change in Tax Rate will be Transparent: Minister Pun ', 'sub_title' => '', 'summary' => 'May 7: Finance Minister Barsha Man Pun has pledged to determine the tax rate in a transparent manner.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 7: Finance Minister Barsha Man Pun has pledged to determine the tax rate in a transparent manner.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at an interaction in the capital on Monday, Minister Pun pledged to change the scope of tax in a transparent manner based on the recommendations of the Revenue Advisory Committee and suggestions of the stakeholders. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He claimed that the number of Nepali citizens going abroad has decreased and efforts are being made to bring back those who have gone abroad. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The process of transferring knowledge, skills and capital from those who have gone abroad is underway, he said, adding that a good example has been seen in the field of information technology. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He pledged to bring programmes in the upcoming budget to instill hope among the people and encourage the youth. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-05-07', 'modified' => '2024-05-07', 'keywords' => '', 'description' => '', 'sortorder' => '20633', 'image' => '20240507120815_20200907074520_1599400665.tax.jpg', 'article_date' => '2024-05-07 12:07:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '20905', 'article_category_id' => '1', 'title' => 'SEBON Slashes Broker Commission by 10%, Effective from May 14', 'sub_title' => '', 'summary' => 'The Securities Board of Nepal (SEBON) has announced its decision to reduce broker commissions by 10%. This decision was made during a meeting of the Board of Directors, according to Mukti Shrestha, the spokesperson for the Securities Board of Nepal. The revised broker commission rate will come into effect from May 14.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">May 7: The Securities Board of Nepal (SEBON) has announced its decision to reduce broker commissions by 10%. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">This decision was made during a meeting of the Board of Directors, according to Mukti Shrestha, the spokesperson for the Securities Board of Nepal. The revised broker commission rate will come into effect from May 14.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">SEBON had proposed a 10% reduction in broker commissions, submitting the proposal to the Ministry of Finance for approval on October 18, 2023. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Finance Minister Barshaman Pun approved the proposal to decrease brokerage commissions, aligning with SEBON’s recommendation.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Following thorough research and analysis, the Board concluded to lower broker commissions. Former Board Chairman Ramesh Kumar Hamal had advocated for reducing brokerage commissions based on demands from share investors.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Board has decided to reduce the upper limit from 0.40% to 0.36% and the lower threshold from 0.27% to 0.24%, implementing these changes accordingly. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">According to current regulations, investments up to Rs 50,000 incur a commission rate of 0.40%, while investments ranging from Rs 50,000 to Rs 500,000 are charged at 0.37%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Investments from Rs 500,000 to Rs 2,000,000 carry a commission rate of 0.34%. Similarly, for investments ranging from Rs 2,000,000 to Rs 10,000,000, the commission rate is 0.30%, and for investments exceeding Rs 10,000,000, the commission rate is 0.27%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">With the new decision, commissions for investments up to Rs 50,000 will be 0.36%, for investments from Rs 50,000 to Rs 500,000 the commission rate will be 0.33%, and for investments from Rs 500,000 to Rs 2,000,000 the rate will be 0.30%. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">For investments from Rs 2,000,000 to Rs 10,000,000, a commission rate of 0.27% will apply, and for investments exceeding Rs 10,000,000, the commission rate will be 0.24%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-07', 'modified' => '2024-05-07', 'keywords' => '', 'description' => '', 'sortorder' => '20632', 'image' => '20240507121033_Sebon-update.jpg', 'article_date' => '2024-05-07 09:14:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 9 => array( 'Article' => array( 'id' => '20904', 'article_category_id' => '1', 'title' => 'NEPSE Plunges by 15.62 Points to Close at 1958.75', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index continued its downward trend, slipping by 0.79% or 15.62 points, closing at 1958.75 on the second trading day of the week on Monday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">May 6: The Nepal Stock Exchange (NEPSE) Index continued its downward trend, slipping by 0.79% or 15.62 points, closing at 1958.75 on the second trading day of the week on Monday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Throughout today's trading session, a total of 310 scrips were traded via 48,709 transactions. As many as 6,978,321 shares changed their hands, resulting in a total turnover of Rs 2.89 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Citizen Life Insurance Company Limited (CLI) took the lead in transaction volume, with a turnover of Rs 31 crores. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, Bottlers Nepal (Terai) Limited (BNT) saw the highest increase, climbing by 9.03% to close at Rs 14,069 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">On the flip side, Pokhara Finance Limited (PFL) and Dolti Power Company Limited (DOLTI) faced significant losses of 10% each.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Sector-wise, all sectors closed in the negative zone except for the Development Bank Index, which saw a modest gain of 0.23%. The Finance Index experienced the highest decline, dropping by 1.96%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-06', 'modified' => '2024-05-06', 'keywords' => '', 'description' => '', 'sortorder' => '20631', 'image' => '20240506033051_20240418032246_collage (59).jpg', 'article_date' => '2024-05-06 15:27:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '20901', 'article_category_id' => '1', 'title' => 'Nepal Appeals to World Community to Increase Concessional Aid ', 'sub_title' => '', 'summary' => 'May 6: Nepal has appealed to the international community to provide concessional assistance. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 6: Nepal has appealed to the international community to provide concessional assistance. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Addressing the 57th annual meeting of the Board of Governors of the Asian Development Bank (ADB) held in Tbilisi, the capital of Georgia, Finance Secretary Madhu Kumar Marasini asked for the provision of concessional assistance as large capital must be mobilized to address the economy and development aspirations that have weakened due to the Covid-19 pandemic. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He urged all development partners, including the Asian Development Bank, to increase financial and technical support, saying that Nepal has moved forward with the concept of green, resilient and inclusive development (GRID). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Secretary Marasini pointed out the need for collective efforts to make South Asia an area of emerging economic development and said that emphasis should be given for the same. Pointing out the need for efforts, he said that emphasis should be placed on interdependence, innovation and digitization for the enhancement of interregional trade. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal’s economy post Covid-19 pandemic has been affected by global economic challenges and the contraction in economic activities in recent days due to revenue deficit and increasing debt obligations.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Secretary Marasini shared that the third investment summit was organized in Kathmandu to create an investment-friendly environment in Nepal. He mentioned that ADB can play an important role in creating an environment for investment in areas of comparative advantage such as tourism, hydropower and information technology. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Recalling that the ADB has been continuously supporting Nepal, Secretary Marasini expressed his gratitude for being a reliable partner in the development journey. He said that in the last decade, Nepal has advanced social inclusion and economic development together. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-05-06', 'modified' => '2024-05-06', 'keywords' => '', 'description' => '', 'sortorder' => '20630', 'image' => '20240506025508_20230723022857_hqdefault.jpg', 'article_date' => '2024-05-06 14:54:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '20903', 'article_category_id' => '1', 'title' => 'Muktinath Development Bank Provides Financial Assistance to KU for Green Hydrogen Energy Research', 'sub_title' => '', 'summary' => '', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">May 6: Muktinath Development Bank has partnered with Kathmandu University for the research of green hydrogen energy with the objective of contributing to the sustainable development of this sector.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Issuing a statement, the bank said it has signed a memorandum of understanding with KU to provide financial assistance for research to the Green Hydrogen Lab of the university. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The signing ceremony was attended by CEO of Muktinath Development Bank Pradhyuman Pokharel, Vice Chancellor of KU Dr Bhola Thapa, chief of the Green Hydrogen Lab Dr Biraj Singh Thapa and other officials of the bank and the university.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The Green Hydrogen Lab will conduct research on green hydrogen for thermal heat with the funding from the bank.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The bank expressed its belief that this initiative would help sustainable development of Nepal in the long run.</span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-05-06', 'modified' => '2024-05-06', 'keywords' => '', 'description' => '', 'sortorder' => '20629', 'image' => '20240506032514_Muktinath & KU green hydrogen lab (1).jpg', 'article_date' => '2024-05-06 15:23:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '20902', 'article_category_id' => '1', 'title' => 'PhonePe Showcases its Services Powered by UPI at a Special Event in Nepal', 'sub_title' => '', 'summary' => 'May 6: PhonePe India recently showcased its services powered by the Unified Payments Interface (UPI) platform at a special event held in Kathmandu, Nepal.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">May 6: PhonePe India recently showcased its services powered by the Unified Payments Interface (UPI) platform at a special event held in Kathmandu, Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">Issuing a statement, the company said that the event held on May 2 brought together key stakeholders from the Nepalese financial landscape, including senior representatives from the banking sector, Payment System Providers, UPI accepting merchants and representatives from business associations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">The event was supported by Nepal’s payment system operator Fonepay payment Service Limited which is also NIPL’s counterpart for Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">The event saw a keynote address from Diwas Sapkota, CEO of FonePay Network, outlining the potential of UPI for Nepal's digital economy. This was followed by an engaging panel discussion on the Influence of cross-border payments on Nepal’s economy and the financial landscape, the statement added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">The panel included esteemed panelists like Anish Tamrakar, Chief Digital Banking Officer of Kumari Bank; Shradha Shrestha, manager of Nepal Tourism Board; Jagdish Khadka, CEO of eSewa, and Vivek Rana, ICT/MIS Consultant at the Asian Development Bank (ADB). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">The panel discussion addressed a range of issues related to cross-border payments and their impact on Nepal's economy and financial landscape as well as regulatory hurdles and compliance demands in facilitating international transactions. The panelists highlighted the positive influence of UPI on Nepal's tourism sector, particularly by enhancing the overall tourist experience through convenient cashless payments. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">According to the company, the discussion further explored how cross-border payments impact the revenue streams and business models of financial institutions. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">Additionally, panelists examined the influence of UPI on consumer experience in Nepal, focusing on factors like convenience, interoperability, security, and cost-effectiveness. The discussion als delved into the broader macroeconomic implications of cross-border payments through alternative payment methods impacting underserved small and medium scale entrepreneurs.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">The program culminated in a product showcase led by Ritesh Pai, CEO of PhonePe. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">According to the company, his presentation provided a comprehensive overview of PhonePe's journey, highlighting its evolution. The presentation also delved into how PhonePe, powered by UPI fosters a thriving ecosystem, driving the democratization of payments across India. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">This was followed by a demonstration of solutions that benefit both Indian tourists and Nepalese merchants. Drawing parallels with the Indian market success story, the presentation illustrated how PhonePe can replicate this success in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">Nepal is a very popular destination among Indian visitors who can now use UPI to pay at various tourist spots, retail stores, religious sites, and other popular locations. Users simply need to scan QR codes from their preferred UPI-enabled app at merchant locations who are enrolled in Fonepay QR scheme in Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">This is facilitated through Fonepay’s partnership with NPCI International Payments Limited (NIPL). Through this partnership, Fonepay has enabled QR-code-based payments across payment service providers, leading banks and wallets, allowing Indian travelers to use UPI for transactions.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">Additionally, going forward shortly, tourists and visitors from Nepal traveling to India will be enabled to utilize their financial instruments like wallet-based apps to scan the UPI QR code and make payments effortlessly.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">Speaking on the sidelines of the event, Ritesh Pai said, "We're thrilled to be showcasing services powered by UPI in Nepal. This gathering has brought together key players from Nepal’s financial landscape, including Fonepay, leading business figures, and representatives from hospitality and tourism. It's a testament to the collaborative spirit that will ensure UPI's success in Nepal. We are thankful for their presence and participation. Nepal is a popular tourist destination, particularly for travelers from India. With UPI, Indian tourists can now enjoy the same convenient cashless payment experience they're accustomed to back home, using UPI powered apps such as PhonePe. This will not only enhance their travel experience but also encourage digital transactions."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">Addressing the event, Diwas Kumar, CEO Fonepay Nepal, said, “This is a moment of immense pride and joy for Fonepay Payment Service Ltd. Our 4 years of journey to bring cross border payments in Nepal is finally successful and UPI payment is Live in Nepal. As we introduce UPI payments in partnership with NPCI International, and welcome PhonePe to Nepal, we see a future where smooth digital transactions boost economic growth and financial inclusion, benefiting merchants and businesses. We extend our heartfelt gratitude to the regulators, government agencies for their invaluable support, recognizing innovations and supporting private sector efforts in facilitating Nepal’s journey towards digital transformation. We urge authorities to foster an ecosystem that embraces and supports innovations, promote partnership with private sector players in technological advancements and bring state of art products and services to Nepalese consumers."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2024-05-06', 'modified' => '2024-05-06', 'keywords' => '', 'description' => '', 'sortorder' => '20628', 'image' => '20240506031307_JAN00188.jpg', 'article_date' => '2024-05-06 15:10:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '20900', 'article_category_id' => '1', 'title' => 'Task Force Recommends Monetisation of TIA to Raise Funds for Nijgadh Airport', 'sub_title' => '', 'summary' => 'May 6: A high-level government task force has suggested that the property of Tribhuvan International Airport (TIA) should be monetized for the construction of an international airport in Nijgadh.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">May 6: A high-level government task force has suggested that the property of Tribhuvan International Airport (TIA) should be monetized for the construction of an international airport in Nijgadh.</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 report of the study group, formed to provide suggestions regarding the operation and construction of Nepal's international airports in the Public-Private Partnership (PPP) model, has recommended monetization of the property of TIA as a second alternative.</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 first option suggested by the task force is to advance Tribhuvan International Airport and Nijgadh as a single project.</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"">Former secretary Shankar Prasad Adhikari, who is the coordinator of the task force, proposed the option of monetization under the concept that a potential company would be entrusted with the operation of Tribhuvan International Airport and the government would take a certain percentage of the revenue to use that amount to build Nijgarh 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"">The report of the task force suggests adopting the lease (rent), operation and transfer (LOT) model under the PPP and monetising the property of Tribhuvan 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"">According to the report, such a company should have experience in asset monetization, should have operated at least one international airport under the lease and transfer model, and the company's assets should be at least USD 1 billion.</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"">It is mentioned in the report that even if the operation and management of the airport are given to a private company, the government should take responsibility for the airport’s security and immigration.</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"">According to the report, India and other countries are also monetizing their airports. Officials of the task force say that it may be suitable for Nepal as well.</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"">Ghan Shyam Ojha, an investment expert who is also a member of the task force, said that international airports such as Shivaji Chhatrapati Maharaj Airport in India were created through monetization of assets. Although airports in Nepal are still unable to generate sufficient income, it is recommended and suggested to make Nijgadh through the PPP model.</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"">"Currently, Tribhuvan Airport is the airport that generates the most revenue," said Ojha, "The amount that comes from asset monetization can be used for Nijgadh." </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 report mentions that 25 airports in India under the Airports Authority of India (AAI) are preparing to go for asset monetization from 2022 to 2025 in accordance to India's National Monetization Pipeline (NMP). Bhubaneswar, Varanasi, Amritsar, Trichy, Indore, Calicut, Coimbatore, Nagpur, Patna, Madurai, Udaipur, Dehradun, Rajahmundry airports are in this pipeline. The Airports Authority of India has identified 13 airports to be operated, managed and developed through the PPP model.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-06', 'modified' => '2024-05-06', 'keywords' => '', 'description' => '', 'sortorder' => '20627', 'image' => '20240506021008_20211202020506_2009-03_Kathmandu_10.jpg', 'article_date' => '2024-05-06 14:09:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '20899', 'article_category_id' => '1', 'title' => 'Minister Pun says Govt Committed to Creating Business-Friendly Environment ', 'sub_title' => '', 'summary' => 'May 6: Finance Minister Barshaman Pun has said the government has succeeded in giving the message of being friendly to the private sector.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 6: Finance Minister Barshaman Pun has said the government has succeeded in giving the message of being friendly to the private sector. The active participation of the private sector in the recently held Nepal Investment Summit also demonstrated the government's friendly gestures to the private sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at a meeting with the representatives of the Revenue Advisory Committee and the umbrella organizations of the private sector at the Ministry of Finance on Sunday, Minister Pun said the government was committed to creating a business-friendly environment for the private sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Minister Pun shared that eight different laws were revised through the ordinance to create an investment-friendly environment. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The finance minister was of the view that a favorable situation can be created if the state and private sector collaborated to end the ongoing economic slowdown. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"A positive situation has been created from the amendments made in the laws targeting domestic and foreign investors. We have given the message to the entire world that the government is private sector- friendly," said the finance minister. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister Pun argued that the economy can become vibrant by enhancing productivity through the partnership with the private sector and added that the government has taken the policy to ensure competitiveness of the private sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Minister Pun said that the change in the rate of tax would be done on the basis of need and relevance. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-05-06', 'modified' => '2024-05-06', 'keywords' => '', 'description' => '', 'sortorder' => '20626', 'image' => '20240506010443_sustainability-3295757_1280.jpg', 'article_date' => '2024-05-06 13:03:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
