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Elite Gurkhas from Nepal deployed to secure Trump-Kim summit

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To protect one of the highest-profile diplomatic events so far this century, Singapore has enlisted the help of its fearsome Nepalese fighters whose large curved knives, according to custom, must “taste blood” whenever they’re drawn. Wearing brown berets and equipped with body armour and assault rifles, the elite Gurkha police officers are a conspicuous part of the enveloping security force ... Read More »

Finance minister asks JV banks to bring in capital

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Kathmandu, The foreign joint venture banks operating in the country have been asked to bring in capital from their partner banks for smooth flow of credit in the economy. Even after Nepal Rastra Bank (NRB) has allowed the banks to bring loans from foreign banks to invest in infrastructure and productive sectors, the banks are not making an effort to ... Read More »

Cheaper fuel prices in Nepal spur smuggling

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MOTIHARI/SITAMARHI/ARARIA: People in the bordering areas are getting their vehicle tanks filled with petrol and diesel in Nepal because of lower prices compared to Bihar. The high prices in the state have also led to cross-border smuggling of petroleum products from Nepal. Mahesh Agrawal, a senior member of Chamber of Commerce at Raxaul, told this newspaper that petrol was Rs83.57 ... Read More »

Court records statements of 27 GOLD SMUGGLING CASE

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Of the 30 persons so far arrested and charge-sheeted in connection with the smuggling of 33 kg gold and a related murder, Morang District Court has finished recording the statements of 27 of the accused. Earlier, District Government Attorney Office, Morang, had filed organised crime, smuggling, hostage taking and murder cases against 63 persons, including seven incumbent policemen. Of the ... Read More »

Nepal’s Maoists, liberal communists unite as biggest left party

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KATHMANDU: The main group of Nepal’s Maoist former rebels and the liberal Communist UML party merged on Thursday to form the Himalayan republic’s biggest left party in a move likely to upset southern neighbour India but have China rejoicing. Officials said the two constituents of the ruling coalition had formed the Nepal Communist Party, which now heads the nation’s first ... Read More »

Import duty on rice may be hiked to 15pc

Local traders clearing their goods at Birgunj Customs Office, in Parsa, on Sunday, July 31, 2016. Photo: Ram Sarraf

KATHMANDU: The government is preparing to raise customs duty on rice, especially branded rice that comparatively costs higher in the domestic market. The Ministry of Agriculture, Land Management and Cooperatives has recommended to the Ministry of Finance to raise customs duty on imported (branded) rice by 10 per cent to 15 per cent through the upcoming budget for the fiscal ... Read More »

Non-explosive licence for Nepali gas bullets in limbo

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The long-pending issue regarding issuance of non-explosive certificate to Nepali gas-ferrying bullets was unresolved during the two-day visit of Indian Prime Minister Narendra Modi to Nepal. Expressing deep concern over the inability of the government to raise this issue during PM Modi’s visit to Nepal, domestic liquefied petroleum gas (LPG) bottlers said that the government seems to be in no ... Read More »

World Bank extends budgetary support worth Rs 27.65 billion

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Kathmandu: The International Development Association of the World Bank Group has agreed to provide concessional loan of $200 million under the First Programmatic Fiscal and Public Financial Management Development Policy Credit (DPC) in budgetary support and $66 million for Rani Jamara Kulariya irrigation scheme. The agreed total amount worth $266 million is equivalent to approximately Rs 27.65 billion. Rajan Khanal, ... Read More »

Nepal’s per capita income crosses 1,000 USD in 2017-18 fiscal year

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KATHMANDU: Nepal’s per capita income is estimated to have crossed 1,000 U.S. dollar mark for the first time, a major boost for the country which has targeted to upgrade from the least developed country to a developing country by 2022, Nepal’s Central Bureau of Statistics (CBS) said Wednesday. According to CBS, the country’s central agency for the collection, consolidation, processing, ... Read More »

Nepal’s per capita income crosses 1,000 USD in 201718 fiscal year

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KATHMANDU:  Nepal’s per capita income is estimated to have crossed 1,000 U.S. dollar mark for the first time, a major boost for the country which has targeted to upgrade from the least developed country to a developing country by 2022, Nepal’s Central Bureau of Statistics (CBS) said Wednesday. According to CBS, the country’s central agency for the collection, consolidation, processing, ... Read More »

Customs formalities for Nepal bound cargoes at Indian ports to ease

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KATHMANDU: Nepal to seek facilitation of Indian customs office at its port six decades ago when it started trading with third countries. Time has changed now,” Ashok Temani, president to Road Transport and Transit Committee of the Federation of Nepalese Chambers of Commerce and Industries (FNCCI). “India might have been concerned about its security and revenue back then. But these ... Read More »

Nepal’s airport shut after Malaysian plane skids off runway

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KATHMANDU: Nepal’s only international airport on Friday remained shut after a Kuala Lumpur-bound Malaysian airline Malindo Air flight skidded off the runway. Tribhuvan International Airport in Kathmandu confirmed that the aircraft was towed away from the grassland to the runway and now is in the parking area, reported the Kathmandu Post. The jet skidded to a halt on grassland and came to a stop in mud about 100 ... Read More »

Sugar import surges by over 80 percent

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KATHMANDU: Import bill of sugar that entered the country from the dry port in Sirsiya, Birgunj surged by about 81 percent in the first nine months of the current fiscal year following hike in supplies from Pakistan and Bangladesh, where production of the commodity has soared. Nepal imported 83,875.7 tonnes of sugar worth Rs4.7 billion via the Inland Clearance Depot ... Read More »

OAG concerned about unpaid VAT worth

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KATHMANDU: The 55th Annual Report released by the OAG has asked the government to act to recover the outstanding tax debts for the last four fiscal years. According to the OAG report, the government has yet to collect VAT on the commissions earned by 25 brokerage companies. There are 50 stockbrokers operating in the country. Stockbrokers charge 0.35-0.6 percent as ... Read More »

Caan staff bonuses as payment window expires

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KATHMANDU: The aviation regulator had allocated bonuses from the profits earned in the fiscal years 2011-12 to 2015-16 which had to be distributed within eight months from the close of the fiscal year. Caan will have to write back the funds set aside for bonus distribution as income, the 55th annual report of the Office of the Auditor General said. ... Read More »

Nepal’s economy to grow by 4.9% in FY2018

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KATHMANDU: The Asian Development Bank (ADB) has projected that Nepal’s economy will grow at a slower pace of 4.9 per cent in Fiscal Year (FY) 2018 from 6.9 per cent in 2017. In its “Macro-Economic Update Report” released here on Wednesday, the Asian lender projected that there was a slight upward revision of the 4.7 per cent growth forecast published in its September 2017 ... Read More »

Nepal home minister commits security to industry sector

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KATHMANDU: Nepal’s Minister for Home Affairs Ram Bahadur Thapa has said that the home ministry was committed to providing security to the industry and business sector. Addressing an interaction programme with the industrialists in Chitwan yesterday, Minister Thapa said the government would curb any kind of extortion taking place under political garb, Nepal official news agency RSS reported. Stating that ... Read More »

Nepal’s main oppn party says govt’s white paper on economy

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KATHMANDU: The main opposition party in Nepal has termed the government’s white paper on the country’s economy which blamed the previous regime for current dismal shape — as “fabricated” and “misleading”. In the white paper released recently, Finance Minister Yuvaraj Khatiwada claimed that Nepal’s economy was in a “dismal shape” and its coffers “almost empty”, for which he blamed the previous government led by the Nepali Congress. ... Read More »

Nepal PM Oli’s visit will chart course for future ties

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KATHMANDU: Prime Minister Khadga Prasad Sharma Oli will visit India first after taking over. He lands in New Delhi on Friday. Officials and experts say New Delhi should expect a tougher stand from Mr. Oli, who is armed with a massive election mandate, winning his confidence vote with a 4/5th majority, and has taken new administrative powers in the past ... Read More »

Nepali coffee gets rave reviews

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KATHMANDU: One Nepali coffee brand has been rated as ‘high quality’ by Coffee Review, a platform that reviews the quality of coffee from across the world every year. In its review for 2018, Coffee Review has given Nepal’s ‘Lekali Coffee’ 90 points out of 100 and termed it ‘one of the best coffee from around the world’. The ‘Lekali Coffee’ ... Read More »