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Customs formalities for Nepal bound cargoes at Indian ports to ease


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


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


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


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


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


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


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


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


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


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 »

Asian casino giant faces legal battle in Nepal


KATHMANDU: The ongoing legal dispute is expected to affect SVH’s second casino project at Dhulabari in the far eastern district of Jhapa, where the company has purchased land worth Rs1 billion to build a five-star casino property to cater to the gaming population of Kolkata, Sikkim and other key Indian cities. SVH, a company based in Hong Kong and listed ... Read More »

Nepal reeling under tough economic stress


KATHMANDU: Nepal has been reeling under an economic crunch, the country’s finance minister of the newly formed federal government, Dr. Yubaraj Khatiwada has revealed. While addressing the Nepal Parliament on Friday with the release of the white paper, Khatiwada said that the state coffer was virtually empty. “Due to the indiscipline at the time of making expenses the coffer of the state is almost empty. The levied tax has been ... Read More »

Nepal’s central bank permits banks to borrow from abroad


KATHMANDU: Nepal’s central bank has paved the way for domestic commercial banks to borrow from foreign banks and financial institutions to address the liquidity crunch in banking system for the last few months, a senior official of the Nepal Rastra Bank (NRB) said. It is for the first time that Nepali banks have been allowed to borrow from abroad. Other ... Read More »

Nepal Prime Minister Oli comes calling in April


KATHMANDU: Nepal Prime Minister KP Oli is scheduled to visit India early next month as India gears up to mend ties with its Himalayan neighbour that is seen as increasingly drifting towards China. In his new tenure, Oli, who has visited India earlier during his previous stint as Prime Minister, will be embarking on a trip to New Delhi first ... Read More »

Gold hits 4-year high of Rs58,500 per tola


KATHMANDU: Fenegosida President Mohan Kumar Sunar said gold prices soared due to a rise in demand in the international market. “The weakening of the US dollar, ongoing trade dispute between the US and China and possibility of a hike in interest rates by the Federal Reserve could have made investors switch to the precious metal as a safe haven for ... Read More »

Four persons arrested in Nepal for slaughtering cow


KATHMANDU: Four persons have been arrested in Nepal for allegedly slaughtering a cow, the national animal of t majority nation. A 70-year-old man named  was arrested on Friday from Jyotinagar area in  district with 30 kilogrammes beef, police said. On interrogation, police found that Rana had hidden a large quantity of beef, which he confessed during the investigation. Three of Rana’s accomplices were arrested yesterday, a ... Read More »

Police launch investigation into murder 33 kg gold smuggling


KATHMANDU: Nepal Police has formed a four-member probe panel led by DIG Puskal Raj Regmi to investigate into the March 2 murder of an alleged carrier of smuggled gold in Morang district and the disappearance of 33 kg precious yellow metal. A source at Nepal Police said the panel includes SSP Basanta Lama, DSP Sudip Pathak and Inspector Bishma Humagain ... Read More »

World Bank approves credit worth $266m to Nepal


KATHMANDU: The World Bank has signalled strong support for Nepal’s ambitious transition to federalism when its board of executive directors approved a $200 million credit to improve public financial management. The Fiscal and Public Financial Management Development Policy Credit is the first in a two-part programme to support the government of Nepal in establishing a framework for fiscal federalism and ... Read More »

42 calves rescued from being smuggled to Nepal


KATHMANDU:  42 calves from being smuggled to Nepal through Lakhimpur forest areas and arrested two people while six others managed to escape. Police suspected that the calves were being smuggled to Nepal either for sacrifice or slaughter.Nighasan police station SHO Ajay Yadav said acting on a tip-off on Sunday night, he raided a mango orchard where calves were assembled, and ... Read More »

Nepal’s export to China surge by 72 percent


KATHMANDU:  Nepal’s export to China surged by 72 percent during the first seven months of the current fiscal year that began in mid-July 2017, a central bank report revealed. As the Himalayan country has been struggling to reduce ballooning trade deficit, the rise in exports to China has come as relief to the country which is heavily dependent on remittance ... Read More »