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Nepal to join travel mart as partner

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Nepal will act as a partner country in the upcoming three-day Novoair Dhaka Travel Mart 2019 starting on March 21. The partnership will enhance cooperation in development of tourism in Bangladesh and Nepal and promote tourist exchanges, according to a statement. A memorandum of understanding in this regard was signed by Kazi Wahidul Alam, editor of The Bangladesh Monitor, and ... Read More »

Now is the most appropriate time to invest in Nepal, prime minister says

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Prime Minister KP Sharma Oli on rolled out the red carpet to all aspirant investors saying that Nepal has an immense possibility for investment and that it can offer both secure opportunities and profit. While delivering the inaugural speech at the Kantipur Conclave, the Kantipur Media Group’s flagship global event, Oli said that business opportunities in Nepal are backed by ... Read More »

33-kg gold smuggling case: Alleged supplier Hari Sharan Khadka arrested in Dubai


United Arab Emirates police have arrested Hari Sharan Khadka, said to be the supplier of illegal gold in the 33-kg gold smuggling case, from Dubai. The arrest was made after Interpol issued a Red Notice against 12 individuals including Khadka for their alleged involvement in the smuggling upon the request of Nepal Police. Khadka is one of the suspects believed ... Read More »

Nepal-India trade treaty review meet tomorrow


A Nepal-India Trade Treaty review meeting between the commerce joint secretaries of the two countries is set to kick off in Pokhara from Thursday. The Ministry of Industry, Commerce and Supplies (MoICS) has already prepared the draft of agendas to be presented at the meeting. The finalised agendas were briefed to Prime Minister KP Sharma Oli today. At the two-day ... Read More »

World Bank Predicts a 5.9% Growth Rate for Nepal in 2019


In a progressive update for Nepal, the World Bank (WB) recorded Nepal’s economic growth at 5.9 percent in the current fiscal year 2018-19 from a June 2018-forecast of 4.5 percent. However, WB’s growth projection is lower than Nepal’s economic growth rate in FY 2017-18. In its flagship report ‘Global Economic Prospects’ released on January 08, 2019, the global authority observed ... Read More »

Three arrested with 4kg gold from Gajuri


Province 3 Police Unit has arrested three persons in possession of four kg gold from Gajuri in Dhading district on Thursday. Acting on a special tip-off, a police team under sub inspector Buddhiram Tharu from Province Police Office, with the assistance from Dhading police, arrested Sanjit Waiba, 27, of Uttargaya Rural Municipality-2 in Rasuwa district, Surendra Tamang, 22, and Bikas ... Read More »

Rs 35.8 billion parked in Swiss banks


Nepalis have parked Rs 35.8 billion in Swiss banks, violating the country’s law, which bars Nepalis from transferring funds abroad, says a year-long investigation conducted by the Centre for Investigative Journalism in collaboration with the International Consortium of Investigative Journalists. Nepali account-holders have earned interest of around Rs 774.1 million from the funds they deposited in Swiss banks, says the ... Read More »

Nepal, Japan agree to resume commercial flights


KATHMANDU, Nepal — Japan and Nepal have agreed to allow state-run Nepal Airlines to resume flights between the two Asian nations. The agreement was signed Wednesday at the beginning of two-day visit to Nepal by Japanese Foreign Minister Taro Kono. No Japanese airlines fly to Nepal, and Japanese tourists who visit Nepal and Nepalese students and workers who travel to ... Read More »

‘More than one million tourists visited Nepal in 2018’


Over one million tourists visited Nepal in 2018 and the country aims to double the number by 2020, the tourism authority said on Monday. Nepal Tourism Board organised a special programme to mark the 20th anniversary of its establishment. The board was set up in 1998, when Nepal observed ‘Visit Nepal Year’ in an effort to attract half a million ... Read More »

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 »