EC tells employees, teachers to shun party membership

 Kathmandu, Nov. 23

The Election Commission (EC) has asked the staff of the government, offices including the universities and schools, to refrain from seeking membership of any political parties and participate in their assemblies.

According to a statement of the election body published on Tuesday, it has decided to issue a fresh direction to the political parties not to distribute their membership to any incumbent professor, teacher and staff of the federal, provincial and local government, and organisations under their ownership.

The directives were issued as per the Article 14(2-C) of the Political Parties Act, 2016, said the EC. As per the Article 14(2), no government office holders at any level of government can be members of the political party.

Stating that its attention was drawn to the media reports that teachers, staff and professors holding public posts participated in the assemblies of various political parties and also got selected as the representatives for such programmes, it said that if any government employee receives membership or gets elected to the post of the office bearers in the party, their details would not be updated at the EC.

The EC has also decided on Tuesday that since the details of the office bearers of the political parties in the provincial and district committees should be submitted to the respective election offices in the provinces and districts, the election body would direct the political parties to remove the government staff from the membership list and inform the EC about it. 

 Published in The Rising Nepal daily on 24 November 2021.

Govt likely to allow NRNs to open dollar account

Kathmandu, Nov. 23

Finance Minister Janardan Sharma has informed that discussions were underway to allow Non-Resident Nepalis (NRNs) to open dollar accounts in Nepal.

“We are mulling to allow NRNs to open dollar accounts to ease the balance of payment. It can be utilized in making investment in Nepal and abroad,” he said while speaking at a programme organised at the Nepal Rastra Bank premises on Tuesday.

According to Minister Sharma, government has also begun discussions to create an environment to facilitate the NRNs to deposit their money here in Nepal and repatriate the interest.

Minister Sharma said that the country should be fully adopting digital transaction before moving to crypto currency.

"We haven't been able to apply digital payment in all transactions. We can move to digital currency only after the digitalization of all economic activities,” he said.

He also said that the situation of banks fearing the employees of NRB should come to an end.

“There is a situation, taxpayers are scared of the tax officer, importers are scared of the customs officer and bankers are afraid of NRB’s monitoring staff. We must create a favourable environment to conduct banking and business,” he stated.

He said that such a situation would indicate that the character and mentality of inclusive democracy has not been developed yet.

Minister Sharma said that the government was ready to increase capital expenditure, revive the tourism sector and rehabilitate closed industries to achieve the economic growth target.

He maintained that despite the strategic impact of unseasonal rains on economic growth, work should be done till the last minute to reach the target.

Meanwhile, Minister Sharma said that discussions were underway at the ministry to create a provident fund of the migrant Nepali workers, and control Hundi business.  

Published in The Rising Nepal daily on 24 November 2021. 

ECN to update voters’ list in early December

Kathmandu, Nov. 22

 The Election Commission of Nepal (ECN) is resuming the voters' name collection programme from 3 December 2020 halted due to COVID-19 pandemic last year.

The election body was collecting the names from election offices in 77 districts and 40 area administration offices as per the Voters' List Act, 2016.

Likewise, it had stopped the name collection programme following a government decision to hold elections for the House of Representatives on 20 December, 2020 and 22 May, 2021.

"Following the halt of the programme, various stakeholders have been urging the ECN to collect the names from the field," said ECN.

Meanwhile, as the tenure of the local body representatives is ending in the near future and there is a need to conduct elections of the local units, the ECN has continued the name list collection programme to ensure the voting rights of every eligible Nepali citizen.

"The programme will be launched as a special campaign at the headquarters of 637 local bodies, apart from the ones that have district or area offices," said the ECN in a statement on Monday.

The name collection will run for 10 days in the local bodies of mountain and hilly districts and for 15 days in Terai, Madhes and the Kathmandu Valley.

Since the programme will be run in two phases in every district, people can obtain the information about the dates of programme execution in their respective local bodies form the concerned election offices.

Every Nepali citizen above 16 years of age having the citizenship certificate can enroll themselves in the list and when they complete 18 years by the date defined by the ECN, they will be automatically listed as the voters, said the election body.

Nepali citizens who are out of their home districts can obtain the facility in the districts of their work or residence. The ECN will send their details to the concerned district election offices.

According to the ECN, about 2,300 staff will be mobilised in the name collection programme and it will conclude by 4 January 2022.

Nepal had 16.24 million voters in last January and it is expected that about 1 million voters will be added this year. 

Published in The Rising Nepal daily on 23 December 2021. 

INGOs’ support scatters over many small projects

Kathmandu, Nov. 21

International Non-Government Organisations (INGOs) are found scattering their financial supports to numerous tiny programmes.

They have mobilised Rs. 698.3 million support as the COVID-19 relief in 14 projects in the first four months of the current Fiscal Year 2021/22, according to the statistics of the Social Welfare Council (SWC).

The average programme spending of the INGOs stands at Rs. 49.5 million. Adventist Development and Relief Agency had pledged to support just Rs. 5.6 million for a three months programme in Solukhumbu and Okhaldhunga districts.

Likewise, Child Rescue Nepal (CRN)'s six programme on COVID-19 response is of just Rs. 9 million.

As per the SWC statistics, the largest project agreement signed by an INGO in the past four months of the current fiscal is on 'Building resilience and ensuring basic needs for the most vulnerable affected by COVID-19 and monsoon disasters in Nepal', a 10-months programme of Rs. 182.6 million, supported by Mercy Corps.

Likewise, Catholic Relief Services is implementing Rs. 142 million 'COVID-19 emergency response and recovery project' in Gorkha and Palpa districts for two years.

Situation in the last quarter of the last FY 2020/21 was even worse as the INGOs mobilised Rs. 479 million in 112 COVID-19 related projects with average project cost of just Rs. 4.2 million.

In that period, INGOs have mobilised as small as Rs. 253,000 through national NGOs. AEIN Luxembourg has provided the support for psycho-social consultation to 100 women in Sindhupalchowk district.

There were dozens of project that had the budget of less than Rs. 1 million.

The SWC said that Rs. 14.62 billion support of INGOs was mobilised last year by 699 NGOs in more than 700 projects across the country. The average programme project spending was about Rs. 2 million.

Most of the programmes are related to consultation, awareness creation and social mobilisation while a small portion of it was related to infrastructure or development projects such as solar projects.

Member of the National Planning Commission Saloni Pradhan Singh, who has the responsibility of SWC as well, said that Nepal should make a strategy to mobilise the funds brought in the country by the INGOs.

"There should be some arrangements to invite such investment in need-based and priority sectors," she said. According to her, the NPC is looking into some complaints about the INGOs interventions in project implementation and SWC's exercise to ask money from the INGOs in the name of monitoring and evaluation.

However, Singh said that the INGOs were also suffered the brunt of the COVID-19 pandemic and many of them have withdrawn project and left the country.

 Published in The Rising Nepal daily on 21 November 2021. 

Minister Khadka consulting major parties for uniform foreign policy

 Kathmandu, Nov. 20

Minister for Foreign Affairs, Dr. Narayan Khadka, said that he had started consultation with the major political parties to have their inputs in the foreign policy of the country.

"We don't have a culture to consult with other political parties and experts while formulating foreign policy. However, I want to take it forward with consensus among the major political forces," he said while speaking at the programme organised by the Centre for Nepal and Asian Studies (CNAS) at the Tribhuvan University, Kirtipur to launch its latest journal. 

While foreign policy demands continuity and change at the same time, lack of national consensus on foreign policy and dealings has resulted in indifference on the part of neighbouring and friendly countries of Nepal, he said.

Dr. Khadka said that creating a balance in foreign policy and promoting national interest while the superpowers are in conflict with each other was the greatest challenge of the present time.

He suggested that there should be no debate on the national studies regarding the border encroachment and problems. “We must not enter into confrontational politics regarding the relations with neighbouring countries,” he maintained.

Commenting on the recent government reports about Chinese encroachment of Nepali territory in the north, FM Dr. Khadka said, "We have amicably resolved disputes and issues with the neighbours in the past and it will also be settled through dialogue."

Pradeep Kumar Gyawali, Former Minister for Foreign Affairs, said that the relationship with China was problem-free but Nepal has largely failed to harness the benefits of this cordial relation.

He criticised the report that concluded Nepal and China had border issues and said that the government had given less priority to the relationship with China. "The government has proposed ambassadors for other neighbours including India but not China," he said.

Former Minister, Ram Karki, said that intellectuals should work to promote national interest.

"We need organic intellectuals who can create pressure on government, political parties and civil society about development and progress," he said.

He said that when there is a change in world politics and economy, countries should prepare strategy to tackle it and adapt to the changes.

 Stating that the country must have a policy and priority on accepting foreign support, Karki said that no political party in Nepal has development strategy, they continue with what is being done.

CNAS faces resource crunch  

Executive Director of CNAS, Mrigendra Bahadur Karki, said that the once-influencial think tank was facing economic and identity crisis.

It is run by only seven people and with no budgetary support from the government. Once it had 72 experts and staff and Rs. 100 million annual budget, he said.

Meanwhile, the institute has decided not to accept any funding from foreign countries and agencies on security, foreign policy and diplomacy.

CNAS aims at conducting a survey at the bordering 49 districts about the impact of the development the neighbouring countries made in their respective territories but failed to generate resource for this task.

"We had sent a proposal to the University Grants Commission (UGC) but it was ready to provide only Rs. 10 million which was meagre given the size of the study. Various foreign missions and INGOs had approached us with a pledge of support but we declined their proposal as per our policy of not accepting assistance on security, foreign policy and diplomacy," said Karki.

According to him, a plan indicating a need to develop universities' capacity and research bodies like CNAS is submitted to the government in which the government is suggested to assign or consult with the universities for the research the former wants or needs to carry out.

These agencies should be developed as think tank bodies, only then they will be able to support the government and other stakeholders in policy making and other areas, he said.

Prof. Shreedhar Khatri, foreign affairs expert, recommended CNAS to maintain objectivity, polity and continuity with journal publication.

"CNAS needs an immediate revival in order to contribute to the intellectual development on Nepali and regional issues," he said.

Meanwhile, FM Dr. Khadka pledged his support for the revival of the CNAS.

"It is very sad that CNAS is running short of budget and financial support to conduct research. It reflects our national character to disregard the think tank organisations," he said.

 Published in The Rising Nepal daily on 21 November 2021.

We should advocate for directly elected executive head: FM Sharma

Kathmandu, Nov. 20

Finance Minister (FM) Janardan Sharma has advocated for the government system of directly elected executive in the country.

"This country needs an executive directly elected by the people. It will give him/her the opportunity to execute the vision for five years," he said while speaking at a programme organised by the party’s Panchthar-Kathmandu Contact Coordination Committee on Saturday in Kathmandu.

This idea of this system of governance was floated by the Communist Party of Nepal (Maoist Centre) during the first Constituent Assembly elections in 2008, following the restoration of democracy in 2006. As the other big parties like the Nepali Congress and CPN-UML did not endorse the idea, it couldn't gain much momentum.

The MC should raise the issue one again, said FM Sharma.

However, at present the main opposition party CPN-UML is in a mood to endorse the idea of directly elected executive.

FM Sharma also said the election system in Nepal has become dearer and suggested that his party advocate for this agenda.

"Current election system doesn't encourage the poor, oppressed, Dalits and marginalised on their own as it has become very expensive. Therefore, there is a need for a fully proportional representative system in the country," he said.

Likewise, the Finance Minister said that community capital was the foundation of socialism.

"Social capital determines the basis of socialism, so if we aim for socialism, community must be strengthened. Our next action plan is to create community capital through production," he said.

According to him, ending poverty, inequality and establishing social justice are the primary agenda of the current age. He said that only when the community was made stronger by establishing social justice, would the community capital create a foundation for the socialism.

He stressed on the community ownership of the means of production and resources. However, he underscored taking the community capital and individual competition ahead together.

"We must connect the party committees with the production and employment in the first phase of socialism. The committees should take leadership in the production and employment and run the campaign for cultural transformation," he said.

Published in The Rising Nepal daily on 21 November 2021.

Dr. Khadka, Lu discuss financing adaptation measures

 Kathmandu, Nov. 19

Minister for Foreign Affairs, Dr. Narayan Khadka and visiting Assistant Secretary for South and Central Asian Affairs of the Department of State of the USA Donald Lu discussed about effective climate action and the need for financing adaptation and mitigation measures.

In a meeting held on Friday at the Ministry in Singha Durbar, they acknowledged the adverse impacts of climate change on climate vulnerable mountainous countries like Nepal.

Minister Dr. Khadka received the visiting US delegation led by Lu on Friday afternoon, informed the Ministry of Foreign Affairs (MoFA) in a statement.

They exchanged views on the longstanding US cooperation to Nepal, including Millennium Challenge Corporation (MCC) projects that could be important for the country’s economic development.

During the meeting, discussions were held on wide areas of Nepal-US friendship and cooperation. The Foreign Minister thanked the US Government for valuable medical support including vaccines during the COVID-19 pandemic, said the MoFA.

The conversation also covered various areas of Nepal’s development priorities as well as the role of trade and investment in the post-pandemic economic recovery.

Conveying to the Foreign Minister the congratulatory message from US Secretary of State Antony Blinken, Lu looked forward to working closely with the MoFA on matters of mutual interests.

He also assured Nepal of the continued US cooperation to Nepal.

Meanwhile, Lu paid a courtesy call on Minister for Home Affairs Bal Krishna Khand at the Ministry in Singha Durbar also on Friday.

During the meeting, Nepal-US relations and various partnerships were discussed, according to a press release issued by the Ministry.

According to Minister Khand’s press coordinator Madhusudan Bhattarai, discussions were held on cooperation in the COVID-19 pandemic, Nepal's development priorities, and the US assistance to Nepal's social and economic development.

At the meeting, US Ambassador to Nepal Randy Berry was also present.

The meeting also discussed the impact of climate change on Nepal's economy and the works to be done for its solution.

 On the occasion, Minister Khand thanked the United States for providing assistance in Nepal's fight against COVID-19. He expressed confidence that the US government would also help in the post-COVID-19 economic recovery.

Thanking Assistant Secretary Lu for his visit to Nepal, Home Minister Khand expressed confidence that the visit would take the relationship between Nepal and the United States to a new height.

Meanwhile, Lu paid a call on chairman of CPN (Maoist Centre) Pushpa Kamal Dahal Prachanda also on Friday. Prachanda told Lu that Nepal would decide about the MCC – Nepal Compact Programme-- by December 14.

"We don't want the project to return from Nepal because the country needs a huge investment in infrastructure development. However, some points in the original draft are changed which has created confusion. An all-party meeting will have the final say about the project," he said.

Likewise, Lu met with chairman of the main opposition party CPN-UML KP Sharma Oli. During the meeting, Oli said that his party would make a decision on the MCC after the government's say on it.

In the meeting, Lu expressed the US interest in extending cooperation in the clean energy sector.

Deputy leader of the UML Subas Nembang, and Dr. Bishnu Rimal and Dr. Rajan Bhattarai were also present in the meeting held at the office of the UML Parliamentary Party in Singha Durbar this morning. 

Assistant Secretary Lu arrived in Nepal on an official visit to Nepal on Wednesday.

 Published in The Rising Nepal daily on 20 November 2021.       

Dhakal suggests tech for quality e-commerce

Kathmandu, Nov. 19

Senior Vice President of Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandra Prasad Dhakal suggested promoting high level information technology in order to provide safe and easy service.

Addressing a programme on 'B2B ICT Business Smmit 2021' organised by the Computer Association Nepal (CAN) Federation in the Capital on Friday, Dhakal said that the country would not be be stronger in modern day business and technology without promoting  high level IT.

He also suggested digitalising  all services and businesses to take them to the next level. "IT has witnessed a significant growth during the COVID-19 pandemic. We had understood the importance of technology before the pandemic but it had expedited the process," he said.

Dhakal also said that the FNCCI has given a high importance to the development and promotion of Information and Communication Technology and included it  in its Vision Paper 2030.

President of CAN Federation, Nawaraj Kunwar said that the ICT had emerged as the most important area of livelihood and business development.

"But Nepal is yet to fully implement ICT in governance sectors like revenue, transport and identity cards. Entire banking, revenue and transportation sectors should be fully digitalised," he said.

Kunwar also said that the government should work to improve the quality of internet and telecommunication service. He also urged lawmakers to create legal framework to facilitate the internet as the essential service.

The programme aimed at increasing fellowship and interaction and facilitating collaboration among the ICT businesses across the country.

 Published in The Rising Nepal daily on 20 November 2021.      

Online payments record sound growth

Kathmandu, Nov. 18

Online payments, including QR-based payment, wallet, mobile banking and e-commerce payment have significantly increased in the last three months.

According to the reports of the Payment Systems Department of the Nepal Rastra Bank (NRB) for the month of Shrawan (mid-July to mid-August), Bhadra (mid-August to mid-September) and Ashwin (mid-September to mid-October) of Nepali calendar, online payments have witnessed a steady growth.

Rs. 6.09 billion QR-based payments were made in Ashwin, Rs. 5.85 billion in Bhadra and Rs. 5.05 billion Shrawan.

The central bank has launched a nation-wide campaign to promote QR-based payments in businesses ranging fom groceries, vegetables to restaurants and service industry.

Likewise, point of sales (POS) payment has increased to Rs. 4.84 billion from Rs. 3.51 billion in the past three months. Wallet payment also increased by more than a billion rupees. It went up from Rs. 14 billion in Shrawan to Rs. 15.18 billion in Ashwin end. Approximately 13.56 million transactions were made via various mobile wallet applications.

Similarly, mobile banking witnessed a growth of about Rs. 15 billion as Rs. 87.7 billion was paid through mobile banking in Ashwin while the size of such payment two months earlier was Rs. 72.8 billion.

However, online payments made using cards were still small with just Rs. 455 million.

As per the NRB report, ConnectIPS has become the largeset online payment platform. About Rs. 239.14 billion was paid via this application in 3.51 million transactions. The size of amount paid via ConnectIPS in Shrawan was Rs. 232.54 billion.

There are 10 payment system operators (PSOs) and 28 payment system providers (PSPs) other than the banks and financial institutions in Nepal.

Similarly, number of PSP agents has reached 10,030 by mid-October. It was 9,699 in mid-July. There are 1.02 million wallet users, 1.23 million internet banking customers, 15.15 million mobile banking customers and 688,606 ConnectIPS users in the country.

 Published in The Rising Nepal daily on 19 November 2021.     

NAFIJ institutes journalism award, Dream High to confer media award

Kathmandu, Nov. 18

Nepalese Association of Financial Journalists (NAFIJ) has announced an economic journalism award of Rs. 100,000.

It has established the award in collaboration with banking and insurance expert and Chief Executive Officer of Mahalaxmi Life Insurance, Ramesh Kumar Bhattarai. As per the agreement between two sides, NAFIJ will award one best economic journalist in September every year.

For the award, Bhattarai has extended a financial support of Rs. 1 million which will be deposited in a bank as a revolving fund. The award will be titled as ‘Sharada/Dhundiraj-NAFIJ Economic Journalism Award’.

Bhattarai has supported NAFIJ for the award in memory of his late parents Sharada Devi and Dhundiraj Bhattarai.

President of NAFIJ Modnath Dhakal and Bhattarai signed a memorandum of understanding for the award amidst a programme on Wednesday.

Bhattarai said that he hoped that the award would motivate economic journalists in digging out the best and impactful stories. “There is a need for strengthening the foundation of economic journalism in Nepal and for it we must increase the number and quality of the awards,” he said.

Meanwhile, Dream High Nepal has announced Nepal Media Award 2078 with the support of the Federation of Nepalese Journalists (FNJ).

The award will be given to the best journalists across the disciplines from print, electronic and broadcast journalism, said Kamal GC, chairman of the company.

 Published in The Rising Nepal daily on 19 November 2021.    

Tax Day marked, Govt pledges to reform tax regime

Kathmandu, Nov. 17

Government has felicitated highest tax-paying businesses and individuals on the occasion of the National Tax Day on Wednesday.

Minister for Finance Janardan Sharma conferred the felicitations to them. Nepal Telecom is recognised as the highest income-tax paying company while Shashi Ranjan Dabar has paid the highest tax from export industries category. Likewise, Asian Paints’ Gopal Shrestha received felicitation from special industry sector.

Siddartha Rana, Chairman of Sipradi Trading, is the largest individual taxpayer. He has investments in Sipradi Energy, Sipradi Earthmover, Sipradi Autoparts, Sipradi Assured, Himalayan International Energy, Bhotekoshi Power Company, Tara Management, Surya Fund, Soaltee Group, Amaravati Travel, Am Trade and Surya Nepal.

Surya Nepal is the largest payer of the Value Added Tax and income tax from industry sector.

Purvanchal Agrotech has paid the highest tax from agriculture sector.

Similarly, Nabil Bank, Nepal Reinsurance Company and Chhimek Laghubitta Bittiya Sanstha are recognised as the highest tax payers from commercial bank, insurance and microfinance companies.

Other largest taxpayers are Nobel Hospital from service sector, Taragaun Regency (Hyatt Hotel) from tourism sector, Himal Power Company from hydropower sector and Bhatbhateni Superstore from trading.

Finance Minister Janardan Sharma said on the occasion that the government would form a mechanism to immediately address the taxpayers’ problems and constraints in the tax system.

“After listening to the complaints of the taxpayers, I have realized that the country needs a special unit to listen to their grievances and the government will immediately address the problems,” he said.

Stating that he had received grievances that the informers of tax leakage were not properly awarded, he directed to immediately provide incentives to the informers. He also expressed his commitment to make the tax administration fully contactless and paperless.

Revenue Secretary Krishna Hari Pushkar said that the revenue raised from the taxpayers during the COVID-19 pandemic had supported in the economic recovery.

Meanwhile, the IRD has achieved 95.32 per cent result in its tax collection target in the last Fiscal Year 2020/21.

It had collected Rs. 429.27 billon tax revenue last year of which Rs. 277 billon was income tax and Rs. 134.9 billion excise duty.

 Published in The Rising Nepal daily on 18 November 2021.   

Govt begins issuing e-passport

Kathmandu, Nov. 17

The Department of Passport has launched e-passport facility in Nepal since Wednesday.

Minister for Foreign Affairs Dr. Narayan Khadka handed over the first e-passport to centenarian and culture expert Satya Mohan Joshi. He also inaugurated e-passport Personalisation Centre at the Department’s office in Tripureshwor of Kathmandu.

Addressing a programme organised on the occasion, Minister Dr. Khadka expressed happiness over the timely execution of e-passport facility by the department and announced that the service would be expanded to the district administration offices in all 77 districts, 18 area administration offices and 40 missions abroad.

“Passport is an important document that reflects Nepal’s identity at the international level. Therefore, I would like to appreciate Department of Passport for the timely execution of safe, reliable and internationally recognised e-passport facility,” said FM Khadka.

Secretary of the Ministry of the Foreign Affairs (MoFA) Bharat Raj Paudyal made a comparison between Machine Readable Passport (MRP) and e-passport and said that until the country begins issuing the latter from all concerned agencies, the government would continue distributing the MRPs.

According to him, MRPs will be in fashion by at least 2031. “Therefore, people can use MRP for all required purposes by then,” he said.

Centenarian Joshi handed over his old passport to the department to keep it at the latter’s museum. Stating that the passport is an emblem of nationalism, he congratulated the department for its timely update.

Director General of the department, Dornath Aryal said that the e-passport is the most reliable, safe and qualitative, and most-used passport type internationally.

“E-passport has a data page made of polycarbonate and a chip containing biographic data. It also has various other security features,” he said. According to him, Live Enrollment System will be installed at all locations for the e-passport and people can make a pre-enrollment to book their time to apply for the e-passport.

The new service facilitates prompt printing of the passports which will save time and people can obtain it in the districts outside the Kathmandu Valley and in foreign countries within 15 days.

For some days, limited number of e-passports will be issued form the department and the service will be in full operation after three weeks. By December 2021, the facility will be expanded to the DAOs and Nepali missions abroad.

E-passport is interconnected with the National Identity Card and the thumb impressions and picture taken for the NIC would be the main basis for the authentication of the applicant. Aryal urged one and all to apply for the NIC mandatorily before applying for the e-passport.

Idemia Identity and Security Company of the United States of America has got the tender to print 2 million copies of passports.

The department is issuing MRP from its office in Narayanhiti Palace and e-passport from its new office at Tripureshwor.

 Published in The Rising Nepal daily on 18 November 2021.  

Banks want to establish subsidiary in fintech

 Kathmandu, Nov. 17

Nepal Bankers’ Association (NBA) has urged the Nepal Rastra Bank to apply some flexibility in terms of Credit to Deposit Ratio, Liquidity Ratio and Cash Reserve Ratio given the liquidity pressure in the financial system.

In a meeting with Governor of the NRB, Maha Prasad Adhikari, on Wednesday, also requested to review the spread rate, service charge, base rate provisions and methods as well as in the limit of the priority sector investments.

The suggestions also include the demand to review the spread rate for refinancing, and creating provisions to issue convertible debenture, perpetual debenture and SME bond.

The delegation of the NBA led by its newly elected President Anil Kumar Upadhyay, also requested the central bank to allow the banks to establish a subsidiary fintech company to promote digital banking.

The NBA has submitted the suggestions on the eve of the first quarterly review of the Monetary Policy of the Fiscal Year 2021/22.

Governor Adhikari said that the central bank would issue directives in consultation with the concerned stakeholders and assured that appropriate suggestions would be addressed.

Meanwhile, Governor Adhikari is appointed as the Chairman of SAARC Finance. A Governors’ Group Meeting of the association held virtually the other day has elected him to the post.

 Published in The Rising Nepal daily on 18 November 2021. 

Khalti appoints youngest CEO in the Fintech Industry

Kathmandu, Nov. 17

Digital Payment Service Providers (PSP) in Nepal, Khalti has announced the appointment of Binay Khada as Chief Executive Officer (CEO).

At the age of  just 27, he has taken this responsibility making him the youngest CEO in the Fintech Industry of Nepal, claimed the company in a press statement on Wednesday.

He will be working with the management committee to help build Khalti’s vision of prioritising Financial and Data Security.

“I want to take this industry beyond payment tools, turning it into a personal financial management platform with added value and convenience,” said Khadka.

Cofounder of the company Amit Agrawal said that Khalti has been a young, trendy and innovative brand. “We have crossed 230 people in size with an average age being 26. We are confident that, with a new leader in Khalti, it will take new heights. The entire Khalti family is looking forward to working under his guidance,” he said.

 Published in The Rising Nepal daily on 18 November 2021.

Most irregularities occur in federal affairs, education, land

Kathmandu, Nov. 15

Federal affairs, education and land administration have been the sectors with highest irregularities for the last several years.

Consecutive reports of the Commission for the Investigation of Abuse of Authority (CIAA) for the last several years have shown that these three sectors were at the top of the corruption log.

Of the total 22,625 complaints, including 8,200 transferred from previous year, registered at the CIAA last year, 32.72 per cent involved federal affairs, followed by 15.61 per cent in education and 9.09 per cent in land administration.

The Annual Report of FY 2020/21 was submitted to President Bidya Devi Bhandari by CIAA Chief Commissioner Prem Kumar Rai on Monday.

In the previous FY 2019/20, the CIAA had received total 25,152 complaints, of which 30.07 are related to federal affairs, 16.36 to education and 8.29 per cent to land administration.

Similarly, in the FY 2018/19, about 24,085 complaints were received by the authority. And the corruption index was the same with 26.87 per cent related to federal affairs, 16.95 per cent to education and 8.34 to land administration.

Other areas plagued by corruption are forest and environment, health, physical infrastructure and transport, home administration and water resources.

In the last fiscal, cases related to forest and environment registered at the CIAA made up 5.01 per cent of the total cases, health 3.93 per cent, physical infrastructure and transport 3.76 per cent, home administration 3.47 per cent and water resources 3.09.

According to the report, the anti-graft body had decided to file114 charge sheets at the Special Court last year. They include 70 cases of bribery, 20 of damage of public property, 12 of illegal benefits and three each of illegal income, forged educational certificates and other issues.

Similarly, in those cases, about Rs. 1.89 billion misappropriated amount is to be raised from the accused.

The CIAA has clared 14,532 complaints last year which make up 64.32 per cent of the total registred cases. Remaining 8,093 cases are transferred to the current fiscal.

It has made several recommendations to lessen the irregularities in verious sectors of administration and development.

 While the country's development is severely affected by the poor pulbic procurement practices, the anti-corruption body has recommened to ensure the resources, site clearance and environemnt impact assessment of the projects before calling for the bids.

It also suggested to make the officials of the respective agencies fully responsible for and accountable to the contract agreement and management, and control the wrong practices to limit competition in procurement process.

Likewise, it has suggested to manage the construction works implemented by the users committee by formulating a work procedure to form users committee and mobilise them.

"If any loss or damage incurred in a project due to the malice of consultants, they should be held responsible for the losses. There should be quality assurance plan for every project," read the report.

Accepting the report, President Bhandari said that all top government officials must exhibit high morale in their dealings. "Only punishing the corrupt people is not enough, there should be efforts to end corruption in all its forms. One and all should contribute in ending corruption and irregularities," she said. 

Published in The Rising Nepal daily on 16 November 2021.