Wednesday , December 19 2018
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Fuel smugglers beat up cops at Nepal-India border in Parsa


A clash ensued between police team and fuel smugglers at bordering area in Jagarnathpur Rural Municipaliy of Parsa district on Tuesday morning. Four police personnel were injured when the patrolling team clashed with smugglers as the latter were smuggling fuel on motorcycles into Devigunj of India through Pandepur in Parsa at around 3 am this morning. Some locals also reached ... Read More »

Nepali Banks Face Cash Crunch, Limit Loan Offering


As the reports say, Nepali banks are facing serious liquidity crunch over the last few weeks, stopping them from offering business loans to enterprises. According to local bankers, the cash crunch is majorly due to high expenditure in the early months of the current fiscal compared to revenue earnings. This is stopping many banks from meeting local businesses’ credit requirements. ... Read More »

High level officials under investigation on gold smuggling: Home Minister


Home Minister Ram Bahadur Thapa has said even the high level officials were brought under investigation in connection to the gold smuggling scam. Responding to the queries raised by lawmakers on the appropriation bill concerning the ministry of home affairs on Wednesday, Minister Thapa said as the investigation was going on, it would take time for more details to come ... Read More »

Nepal, China to discuss railway project in December


The Nepali side will also ask the Chinese team to prepare the detailed engineering report of the proposed 75km railway project during the meeting, according to Balaram Mishra, director general of Department of Railways (DoRW). “The project is highly complex and challenging but Nepal and China have expressed commitment to build it,” Mishra said. “We know that the project is ... Read More »

Nepal Establishes Tax Consultation Centre to Address Tax Concerns


In a bid to ease Nepal’s business community’ tax-related concerns, Federation of Nepalese Chambers of Commerce and Industry (FNCCI) opened a ‘Tax Consultation Center’ (TTC) in Teku. FNCCI President Bhawani Rana and Revenue Secretary Shishir Kumar Dhungana inaugurated the center on November 20, 2018. This unit will receive & address the business community’s tax-related complaints. In case of inability to ... Read More »

Nepal Mulls Credit Assessment for Foreign Investment


In a move offering an investment-friendly climate to foreign investors, the Government of Nepal is welcoming international credit rating agencies to rate the country’s business environment. The government is keen on engaging globally-renowned agencies to assess the country’s sovereign credit rating so as to determine the risk of doing business in Nepal. In this regard, the Ministry of Finance has ... Read More »

Banking Reforms Crucial for Nepal to Address Credit Rise: IMF


In a bid to improve Nepal’s alarming credit scenario, the International Monetary Fund (IMF) directed the country to fast-track its banking sector reforms. The international body stated this in view of the rising credit in Nepal banking sector provisions pertaining to loan classification, loan-loss provisioning and risk management. “Rapid credit growth underscores the need to accelerate banking sector reforms. Loan ... Read More »

Yet another businessman held over gold smuggling


KATHMANDU: High-profile businessmen are being arrested one after another in connection with the infamous 33 kg gold smuggling case. In the last one week alone, the high-level committee formed by the home ministry to investigate the case has already arrested five businessmen. Continuing the arrest of big businessmen in connection with the gold smuggling case, the committee arrested businessman Raju ... Read More »

Three Indians held for smuggling gold in Nepal

KATHMANDU: Three Indians were arrested today from Nepal’s Tribhuvan International airport here for smuggling around 500 grams of gold, worth Rs 2.77 million, the police said. Faijan Khan, Adil and Saiyad Mohammad arrived here this morning from Sharjah in an Air Arabia plane. They were arrested after they crossed the customs checking counter, they said, adding the three were hiding ... Read More »

Nepalese police arrest 5 over kidney-smuggling


Police in Nepal have arrested five men in connection with a kidney-smuggling racket allegedly luring poor people to hospitals in India to have their kidneys removed and sold, a police official said Monday. Among the five men, who are in their late 20s and early 40s, three were arrested in Chitwan district in south-central Nepal and one each in the ... Read More »

‘Big fishes’ involved in gold smuggling restless’


Home Minister Ram Bahadur Thapa has said that ‘big fishes’ of the gold smuggling racket have become restless as the investigation into the case is coming to a conclusion. Speaking during a press meet organised to inform about his first 100 days in the office in the Capital on Wednesday, Minister Thapa said that the deadline of the committee formed ... Read More »

Nepal’s economy to grow by 6 per cent for next three years


The country’s economy is projected to achieve an average six per cent growth in the next three years, however the performance could be less impressive if the challenging transition to a federal system affects infrastructure provision and service delivery, according to South Asia Focus 2018, a report published by the World Bank. Despite limited resources available for infrastructure financing and ... Read More »

Heroin smuggling case: Key accused held from Nepal border


The Gujarat Anti-Terrorism Squad (ATS) Monday nabbed a man who is believed to have played a key role in smuggling a large cache of heroin into the state from Pakistan through the sea route a few months back. The accused, Arshad Sotta, was arrested from the Indo- Nepal border, said an ATS release here. Sotta was a key person in ... Read More »

Nepal to award 1,200 MW hydro project to Chinese company


Nepal has revived a deal with a Chinese state-owned firm to construct a $2.5 billion hydroelectric plant, that had been scrapped by the previous government, officials said. Prime Minister K P Oli’s governemnt last week decided to hand over the Budhi Gandaki Hydropower Project, to the China Gezhouba Group Corporation (CGGC), reversing the former Sher Bahadur Deuba government’s decision to ... Read More »

33 kg gold smuggling case: Biratnagar High Court orders release of SP Khanal


The Biratnagar High Court has ordered the release of suspended Superintendent of Police Bikash Raj Khanal, one of the suspects in the 33kg gold smuggling case and the murder of carrier Sanam Shakya, on general date. A division bench of Judges Nagendralabh Karna and Thir Bahadur Karki on Tuesday ordered Khanal’s release. The High Court overturned the Morang District Court’s ... Read More »

‘Seized 10kg gold was smuggled from Tibet’


The three men caught with 10kg gold in Gorkha district have told police that they were hired as carriers by a Chinese trader in Jong, Tibet, to deliver the consignment to Kathmandu. Tsering Dandup Lama aka Mutuk Lama and Lochan Tenwe were arrested with the gold haul worth nearly Rs50 million from Sirdibas area in Gorkha. The District Police Office ... Read More »

Police make public 2 arrested with 10 kg gold


Police on Monday made public two persons arrested in possession of 10 kg gold from Sardibas, Chumnubri Rural Municipality-3, Gorkha on Saturday. Tsersing Dandup Lama, 58, aka Mutup of Chekampar and Lochan Tenwe, 28 were made public amid a press conference this afternoon. The market price of the confiscated precious yellow metal is Rs 9.3 million. According to police, Tsering ... Read More »

Gold smuggling probe stalls


Despite the completion of a report that said 293 individuals are directly and indirectly involved in the 33 kg gold-smuggling scandal, the fate of the case remains in limbo as the government fails to make progress in the investigation. The investigation, which was led by then Home Ministry joint-secretary Ishwor Poudel, concluded after a 752-page report was submitted to the ... Read More »

33 kg gold smuggling case: Suspects dramatically change their statements to court


BIRATNAGAR: Twenty-nine out of thirty suspects, who were arrested in connection to 33 kilogram gold smuggling and murder of co-conspirator Sanam Shakya, have dramatically changed their statements to the Morang District Court. A single bench of District Judge Narayan Prasad Sharma had recorded their statements for five days since Thursday. One of the suspects, Narendra Karki aka Krishna did not ... Read More »

‘Big fishes’ involved in gold smuggling restless: Home Minister Thapa


Home Minister Ram Bahadur Thapa has said that ‘big fishes’ of the gold smuggling racket have become restless as the investigation into the case is coming to a conclusion. Speaking during a press meet organised to inform about his first 100 days in the office in the Capital on Wednesday, Minister Thapa said that the deadline of the committee formed ... Read More »