Foreign traders urge to lift ban on imports

Kathmandu, July 22

A delegation of the Nepal Foreign Trade Association called on Minister for Industry, Commerce and Supply, Dilendra Prasad Badu on Thursday and requested him to immediately lift the ban imposed by the government on the import of 10 items.

The Association has demanded that the ban be revoked in the pretext of revenue loss due to the increase in illegal imports. However, foreign currency is flowing out through illegal means such as hundi while remittances are also going to informal means.

Likewise, it requested to remove the requirement to keep 50 per cent and 100 per cent cash margin while opening the Letter of Credit (LC) for the import of some goods.

"This has increased the cost of business. The payment through DAP (Delivered-At-Place), TT (Telex Transfer) and other means should be accepted as the exporter will provide the goods at a discount compared to the payment of LC," it said. According to the association, it will help to check foreign exchange migration although in a small amount.

Minister Badu has said that he is positive about not extending the ban period on imports, and appropriate steps will be taken on the issues raised by the traders. 

Published in The Rising Nepal daily on 23 July 2021.  

WAPPP delegation calls on PM Deuba

Nepal projects its potential in PPP investment

 

Kathmandu, July 21

Prime Minister Sher Bahadur Deuba has said that Nepal has a huge potential for investment in public private partnership (PPP) model in traditional as well as new areas of business, industry and infrastructure.

Nepal offers a great potential of PPP investment in the sectors of clean and renewable energy, sustainable tourism and health, education, information technology, safe urban infrastructure, electric transportation, tunnels, roads, industrial production and agricultural processing, he said at a meeting with a delegation of World Association of PPP Units and Professionals (WAPPP) on Thursday.

According to the Spokesperson of the Investment Board of Nepal (IBN), Amrit Lamsal, PM Deuba said that he is willing to take advantage of the expertise of WAPPP to make the PPP project investment feasible in Nepal.

He asked the delegation to take the message of Nepal as an emerging destination for investment and become a partner in Nepal's journey towards prosperity as a goodwill ambassador.

The three-member delegation of the WAPPP, led by its President Ziad-Alexandre Hayek, paid a courtesy call to PM Deuba on Thursday afternoon.

Hayek said that by implementing projects with infrastructure and other business potential through PPP, the government's service delivery can be made more agile and standard.

He mentioned that by attracting domestic and foreign direct investment (FDI), the basis for sustainable and inclusive economic expansion will be prepared.

Appreciating the efforts made by Nepal through the legal and institutional arrangements related to PPP and investment to fill the gap of resources and achieve the benefits of economic development through public-private partnership, the delegation emphasized that Nepal should create a competitive environment in facilitating investment under PPP.

Although PPP is an attractive concept, it is a complex subject in itself, effective results can only be obtained from efficient comparison of its various aspects such as financial, legal, technical, environmental, social, political, project, local and international scenario. So, the capacity development of organizations working in the field of PPP should be done accordingly, the delegation suggested.

The delegation has expressed its commitment that since the IBN is a member of WAPPP, it is always ready to extend its assistance to Nepal.

Meanwhile, Chief Executive Officer of the IBN, Sushil Bhatt who was present during the call, said that the WAPPP has supported in the development of institutional and business capacity of the IBN.

According to him, in its strategic plan, the board has set the target to approve investments equal to US$ 10 billion by 2025/26.

Published in The Rising Nepal daily on 22 July 2021.  

Govt will announce tourism rehabilitation plan soon: Minister Shrestha

Kathmandu, July 20

Minister for Culture, Tourism and Civil Aviation, Jiban Ram Shrestha, informed on Wednesday that the government was set to announce a tourism rehabilitation plan.

"The tourism rehabilitation plan will be announced soon, and it will be formulated in consultation with the private sector," he said while addressing a Symposium on 'Partnership for Resilient Tourism' jointly organised by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and Nepal Tourism Board (NTB).

Earlier in April this year, a Memorandum of Understanding (MoU) was signed between the FNCCI and Nepal Tourism Board (NTB) to cooperate in tourism development.

Minister Shrestha said that efforts should be put in to promote domestic tourism as it has given some relief to the tourism sector which is among the businesses most affected by the pandemic.

He also suggested to attract quality tourists from the South Asian countries and other regions. Meanwhile, he maintained that there was a need for the adoption of clean and renewable energy, green financing and green banking solutions.

Tourism was one of the most affected sectors during the COVID-19 pandemic, it hit the country while it had just launched the Visit Nepal Year 2020 to promote tourism and set to welcome about 2 million tourists that year.

Shekhar Golchha, President of the FNCCI, demanded that the relief offered to the tourism sector should be continued in future as well.

He made a call to the government to develop infrastructure to boost tourism sector growth. "Private sector can develop infrastructure like hotels, cable cars, adventure products but we can't clean up the cities and develop public infrastructure. Hence, we want the government to become pro-active in terms of creating resilient and reliable public infrastructure to spur tourism sector growth," said Golchha.

Accessibility to key tourism attractions in the country is poor, taxi service and airport services are below standards. While we are promoting cities in the Kathmandu Valley as cultural cities, tourists face challenges like mobility and sanitation in these areas, stated Golchha.

"If the new wave of the pandemic does not create additional challenges, things are moving in a positive direction and the country has begun to welcome about 50,000 tourists in a month recently," he said.

He also suggested ending disrespect to Indian tourists and pilgrims.  

Dr. Bindu Nath Lohani, former vice-president of the Asian Development Bank (ADB), suggested that Nepal should introduce retirement visa – it can bring knowledge and skill as well to the country. "It could be a controversial proposal but in the long run, it will support in the promotion of tourism and transfer of skills," he said.

He also said that scientific data should support the business operation measures in the 'new normal'.

Stating that there was not enough development of infrastructure in the past, Dr. Lohani stated that aviation sector development is fundament for tourism growth and development. Nepal needs to forge strategic partnership with the foreign companies for it, he suggested.

Maheshwor Neupane, Secretary at the Ministry of Culture, Tourism and Civil Aviation, said that the COVID-19 pandemic has caused a drop in investment and shortage in human resources.

"There is a need of cooperation between the government and private sector to reduce the challenges/constraints for the tourists. We must guarantee the basic services such as road and travel, food and accommodation, entertainment and refreshment and the like," he said.

Chief Executive Officer of the NTB, Dhananjaya Regmi, said that policy stability is the primary condition for the promotion and development of tourism.

"Private sector has a feeling that the government has not paid serious attention to the formulation of effective policies. All policies that are not business-friendly should be amended or replaced," he said.

Chairperson of the Tourism and Air Transport Committee at the FNCCI, Jyotsna Shrestha, stressed on public-private partnership for the quick revival of tourism and hospitality sector. 

Published in The Rising Nepal daily on 21 July 2021.  

NCC asks envoy Aryal to bring Omani tourists, investment

Kathmandu, July 20

A delegation of Nepal Chamber of Commerce (NCC) has requested the newly appointed Ambassador to Oman, Dornath Aryal, to take initiatives to attract investment and tourists to Nepal from the Gulf nation.

In a meeting held with Ambassador Aryal, President of NCC Rajendra Malla said that nearly 20,000 Nepalis are working in Oman which is an economically prosperous country. President Malla said that the Nepali Embassy should take initiative to attract Omani tourists and investment to Nepal.

He said that even though Nepal's diplomatic relations with Oman are very old, tourists could not be attracted in lack of high-level visits.

Since Nepal's trade deficit with Oman is high, Malla emphasized on expanding business relations through tourism and investment. He also requested to take initiative to open Nepal House in Oman.

The Chamber said that it believed if Nepal House could be opened targeting Nepalis working in Oman with arrangements to supply essential food, clothes and other items from Nepal, economic activities would increase and it would help reduce trade deficit.

Saying that monthly remittances worth Rs. 2 billion is coming to the country from Oman, Malla drew the attention of Ambassador Aryal for the arrangement that a certain amount of remittances sent by the Nepali workers should be kept in the infrastructure development fund.

In response, Ambassador Aryal said that his main priority is to bring in tourists and foreign investment from Oman. He also said that he would start a campaign to bring one Omani citizen per Nepali working in Oman to Nepal. He also pledged for the establishment of Nepal House. Ambassador Aryal is leaving for Oman on Thursday.

Published in The Rising Nepal daily on 21 July 2021.  

Finance Ministry asks for project plans within month

Kathmandu, July 19

In the backdrop of recurring poor budget execution for the past several years, the federal Finance Ministry has asked the line ministries to prepare the Project Implementation Action Plan of their programmes and projects including detailed activities, period to complete them, cost, result indicators and responsible officers by the end of the first month of the current fiscal year 2022/23 (mid-August 2022).

In the ‘Implementation guidelines of the budget of FY 2022/23’, it requested them to prepare the detailed plan and publish them at the project site and respective ministry’s website.

“For the effective execution of the budget, make a provision for the work performance with a work plan including the deadline for the project completion,” read the guidelines.

Likewise, it also asked to clear all the payment, except the amount the appropriation act has mandated for not to be frozen, before at least seven days from the end of the fiscal year.

The line ministries are also requested to conduct regular monitoring of the development projects and make provisions for expenditures as per the allocated budget.

In an effort to create the efficiency of budget mobilisation and lessen the hassles for the people, the guidelines instruct the concerned ministries to include all works for the water supply and sewerage, electricity poles and wires management and undergrounding in a package while opening a tender.

If any ministry has to allocate the resources to more than one agency under its jurisdiction, it should distribute the budget by mid-October and inform the Finance Ministry and concerned Treasury Controller Offices.

Similarly, to enhance the mobilisation of the budget, the government agencies are directed to provide financial and non-financial incentives to the construction entrepreneurs who complete the projects with the given quantity, cost and quality within the given deadline.

It also has asked to cancel the contract and punish the contractors if they fail to begin works at the given time, if they do not maintain the quality and do not follow the work plan.

Likewise, the contractors should mandatorily get the permission from the project chief if they had to make sub-contract agreement for a part of a project or all of it. All projects costing above Rs. 100 million should be quality-checked.

Published in The Rising Nepal daily on 20 July 2021.  

Tourism Minister plans to establish hospitality institutes in provinces

Kathmandu, July 19

Minister for Culture, Tourism and Civil Aviation Jeevan Ram Shrestha has informed his plan to establish tourism and hotel management academies in all seven provinces.

The Minister, who reached the office of the Nepal Academy Tourism and Hotel Management (NATHM) at Ravi Bhavan in Kathmandu on Tuesday to inquire about the various educational programmes and training being conducted by the institute, said that the services of the academy will be extended to all seven provinces of the country.

Stating that there is a need to prepare skilled manpower for the development and expansion of the tourism sector, he emphasised the need for expanding hotel management and hospitality education and training programmes. The NATHM is an institute run under the Ministry of Culture, Tourism and Civil Aviation (MoCTCA).

Minister Shrestha expressed his belief that the branches of the academy will be expanded and put into operation in all provinces and this will help in the development and expansion of tourism.

According to him, the institute, which is the only government agency that provides education and training related to hotel management and hospitality, should provide quality technical education.

He said that branches of the foundation should be expanded in all provinces in order to produce skilled manpower required for the tourism industry, to advance high-level educational programmes, training and research programmes.

In the last fiscal year, branch offices of the foundation have been established in Jhapa, Mahottari and Banke districts. On the occasion of his visit to the NATHM, Minister Shrestha took information about the physical infrastructure of the institution, the quality of education and the trainings being conducted.

More than 90 per cent of the human resources produced by the academy are employed. The institution has so far produced 57, 572 skilled manpower and in the last financial year only about 1500 people have joined the educational programme at the academy. 

Published in The Rising Nepal daily on 20 July 2021.  

Furniture Expo in August end

Kathmandu, July 19

The eighth edition of Furniture and Furnishing Expo 2022 is scheduled for the last week of August. The expo, which has not been held for the last two years because of the coronavirus pandemic, will be held at the Bhrikutimandap Exhibition Centre in the capital from August 23 to 27.

The Expo is being organised by Nepal Furniture and Furnishing Association.

According to the president of the association, Shubhendra Joshi, the furniture business has been at a standstill for almost one and a half years, but now it is returning to its normalcy. "In this situation, the expo will be a platform for businessmen and consumers, and it will also contribute to making economic activities viable," said Joshi.

He also said that entrepreneurs involved in the furniture business are excited about the expo that will run for five days.

There will be more than 120 stalls in the expo. According to the organiser, the main attraction of the expo will feature kitchen, bedroom and bathroom items, outdoor furniture, interior designer, carpet, and marble.

Prestige Carpet will be the main sponsor of the eighth edition of the Expo. Exhibitors from India, Bangladesh, Pakistan and other countries will also participate in the expo.

It is expected that the Expo will help to make the country self-sufficient in furniture production by introducing modern technology in the furnishing business.

Published in The Rising Nepal daily on 20 July 2021.  

SSF launches educational loan scheme

 Kathmandu, July 17

The Social Security Fund (SSF) has launched a programme to provide educational borrowing facility of up to Rs. 3.5 million to its contributors.

Educational lending has been arranged for contributors who have deposited at least 36 months of contributions to the fund and who have at least two years left before the mandatory retirement due to age or service.

The programme is implemented with the approval of the Contributors Borrowing Directives, 2022 of the SSF by Minister of Labour, Employment and Social Security, Sher Bahadur Kunwar.

According to the directives, such facility could be given to the contributor or his/her husband, wife, son, daughter for the purpose of higher education in educational institutions within the country or abroad.

Contributors can borrow up to Rs. 3.5 million as per the actual expenses incurred at the concerned educational institution, said the SSF in a statement. The student's admission fee, monthly, exam, hostel or accommodation expenses, other fees specified by the relevant educational institution, educational material expenses, and travel and insurance expenses will be covered in the said amount.

If the contributor repays the educational loan taken, it can be re-granted.

Kapil Mani Gyawali, Executive Director of the SSF, said that from the first month of the current fiscal year 2022/23 which began on Sunday, the social security fund will start providing services to contributors who have contributed regularly for 36 months.

This directive has been prepared in accordance with the provisions of clause (K) of sub-section (1) of Article 32 of the Contribution-based Social Security Act, 2017 and the Social Security Fund Investment Procedure, 2020.

In the directives, under the 'contributor house loan', the fund provides subsidy for new house construction, addition of storeys to the house owned by the contributors, renovation, purchase of unit in joint housing and house purchase.

While approving the house loan, the amount will be approved in such a way that it does not exceed the amount determined by the mortgage appraisal.

For that, financial support will be given according to the method in which the amount is less from the selected three methods. According to the first method, Rs. 7.5 based on the mortgage, as per the second, the salary of the contributor for 15 years, and as per the third, the salary for the remaining period until the contributor reaches the age of 60 years.

Published in The Rising Nepal daily on 18 July 2021.  

Himalayan Everest Insurance begins operation

Kathmandu, July 17

Himalayan Everest Insurance Limited, a company created with the merger of Himalayan General Insurance Limited and Everest Insurance Limited, has started integrated transaction from Sunday, the first day of the new fiscal year 2022/23.

Chairman of the Insurance Board, Surya Prasad Silwal, announced the launch of the first transaction by unveiling the logo of the new company at a programme in Kathmandu today. He said that the merger has also become the pride of the board as well.

Chief Executive Officer of the company Bijay Bahadur Shah said that the new company would use innovative products to reach the people across the country.

Chairman of the Securities Board of Nepal, Ramesh Kumar Hamal, President of Institute of Chartered Accountants of Nepal Yuddha Raj Oli, President of Nepal Insurers Association Chunky Chhetry, and President of Nepal Surveyor Association Mohan Purush Dhakal were present on the occasion.

The two non-life insurance companies had signed a memorandum of understanding on 5 May 2022 for the merger. They had agreed for a swap ratio of 100:85 for HGI and EIC, respectively.

Following the issuance of a directive from the insurance sector regulator, Insurance Board, this is the first merger. The board has set the minimum capital of Rs. 2.5 billion for non-life insurance companies which should be met by mid-April 2023.

Himalayan Everest now has Rs. 2.35 billion paid up capital. 

Published in The Rising Nepal daily on 18 July 2021. 

NBL launches savings account with Rs. 1 million accidental insurance

Kathmandu, July 17

Nepal Bank Ltd. has launched Nepal Bank Pioneer Savings Account with features including high interest rate and insurance scheme. The new product of the first bank of the country will yield 8.03 per cent annual interest and free accidental insurance of up to Rs. 1 million.

Likewise, customers who open a pioneer savings account will get free debit and credit cards, free digital banking facility, CASBA and demat account opening, and 50 per cent discount on locker facility.

This bank is providing financial services to nearly 2.1 million customers through its branches, ATMs and extension counters across Nepal.

The bank is providing banking services all over Nepal through its youth workforce, focusing mainly on quality customer service, the bank said in a statement. 

Published in The Rising Nepal daily on 18 July 2021. 

Nabil Bank begins to create entrepreneurs

Kathmandu, July 16

Should the banks and financial institutions (BFIs) that play an instrumental role in the development of business, industries and infrastructure through the mobilisation of finance put their efforts to create entrepreneurs by themselves?

While many BFIs have concentrated their policies and practice to enhance their lending and deposit portfolio, Nabil Bank has taken a different route to create and nurture entrepreneurs and startups in the country. The profit-seeking private sector bank has been implementing a programme to create entrepreneurship to develop social enterprises to solve everyday problems of the people.

With the announcement of 'sustainable banking' supported by the adoption of latest information and communication technology, it has launched a new initiative called 'Nabil School of Social Entrepreneurship (Nabil SSE) aiming at creating social entrepreneurs to promote socio-economic transformation in the society.

Beyond 'deposit and lending'

"This project is driven by the philosophy that the banks should not only give away loans but train the potential entrepreneurs to utilise it. The BFIs must think beyond 'deposit and lending' practice," said Upendra Paudyal, chairman of the bank.

The programme has a process to identify people who have workable idea for tackling a specific social issue and demonstrate entrepreneurial characteristics, and support them for certain months to develop their leadership and business skill to create successful social ventures.

For example, Raj Bikram Maharjan of Airlift Technology, one of the fellows at the Nabil SSE, has been developing a local map that would help to identify and locate houses and destinations even in the narrow allays in the Kathmandu Valley. The alleys, commonly known as 'galli' are not visible on satellite images which has crated challenges for e-commerce, food and goods delivery companies, as well as ride sharing and taxi services. "Our project will save cost and time of the entrepreneurs and businesses as well as the customers. People have to spend a huge amount of time and make multiple phone calls to find the exact location of the house in the valley," said Maharjan.

His company is crating high resolution map of the cities with the use of drone imagery which is available online now. "Our map app is here to build a social and technological infrastructure to create a better place to live," Maharjan stated.

Collaborating with the academia

Nabil is implementing fellowship programme and certificate course in collaboration with the Tribhuvan University School of Management (SOMTU) and various colleges in seven provinces to promote entrepreneurship. The fellowship programme delivers knowledge, skills and other necessary tools to enable people to launch their social enterprise, said Ujjwal Chapagain, Coordinator of Nabil SSE. The bank has created the required infrastructure at SOMTU and provided necessary financial support as well to nurture 20 fellows for six months.

It is a residential programme where the fellows attend 3-day session physically every month. Each of them will have a mentor to process their ideas and support with the necessary ideas. By the end of six month they have an investment-ready enterprise or a business ready with product/service to trade in the market.

Similarly, the certificate course provides platform where individuals can present their creative ideas and solution through business. The bank said that the 3-month certificate course helps build individuals with entrepreneurial mindset, develop a sustainable business model with a feasible solution and is ready to receive investment. The participants have to attend 14-day physical training over the 3-month period. This programme aims at training about 700 students every year across the country.

Varieties of startups

It is interesting to see the diversification of entrepreneurship ideas being developed by the SSE. The fellows have unique and bankable business ideas from paper and poultry to information technology to waste management. It has a fresh graduate like Saurav Koirala who is working on ideas of temple waste management and aims at hiring physically challenged, trauma victims and marginalised groups on the job, and seasoned entrepreneur like Krishna Kumari Poudel of Anugraha Handicraft who has trained thousands of men and women in Dhaka production, making designs and marketing. "My company is working to provide skill training and create self-employment. We are also focusing on returnee migrant workers and those who are leaving the country in search of job abroad," she said.

Poudel has a large group of satisfied customers including actress Manisha Koirala and former Miss Nepal, Malvika Subba.

Likewise, Rajesh Das and his team is creating a smart journey platform that allows booking travel tickets, GPS tracking of the buses, ensure safe travel with the installation of CCTV tracking and provide free-of-cost entertainment programmes on the way.

The engineering graduate is aiming to expand their services to 50-60 routes by coming Dashain.

Another entrepreneur whom The Rising Nepal talked to is Harinath Dangol who has initiated 'Lachhi' – meaning local hub for Newari food, living and product. "We offer authentic local experiences, skills with local products that empower local people of Khokana, create awareness and promote cultural heritage of the place," he said.

Lachhi also aims at preserving indigenous knowledge and traditional crafts which are on the verge of disappearance due to modernisation.

The aspiring entrepreneurs said that the SSE had helped them in refining their business ideas and finding a better track to entrepreneurship development. "My idea was just a rough concept but the rigorous training and consultation at the SSE has refined it to the level that I am confident about its workability," said Koirala.

Chairman of Nabil, Paudyal, said that the bank had launched the programme as a pilot project this year but its success has motivated the company and the team. "We aim at expanding this programme to other areas to support business generation. Development of small and medium enterprises will help the local as well as the national economy," he said.

He suggested other banks to run the porgramme similar to his bank.

NRB to support SMEs

Promoting entrepreneurship and SMEs is the policy of the Nepal Rastra bank as well. It has announced the policy to provide loan of up to Rs. 10 million at 2 per cent addition on the base rate. However, it has not created any provision to force the BFIs to invest in entrepreneurship creation.

Senior Deputy Governor of the NRB, Nilam Dhungana, appreciated the entrepreneurship programmes implemented by the BFIs. She also said that if the banks sought any return or profit from the programmes, they couldn't be counted as CSR schemes.

However, Dhungna said that the banks should facilitate project financing by mitigating the risk. 

Published in The Rising Nepal on 17 July 2022.

NBL launches savings account with Rs. 1 million accidental insurance

 Kathmandu, July 16

Nepal Bank Ltd. has launched Nepal Bank Pioneer Savings Account with features including high interest rate and  insurance. The new product of the first bank of the country will yield 8.03 per cent annual interest and free accidental insurance of up to Rs. 1 million.

Likewise, customers who open a pioneer savings account will get free debit and credit cards, free digital banking facility, CASBA and demat account opening, and 50 per cent discount on locker facility.

This bank is providing financial services to nearly 2.1 million customers through its branches, ATMs and extension counters across Nepal.

The bank is providing banking services all over Nepal through its youth workforce, focusing mainly  on quality and quality customer service, the bank said in a statement. 

Published in The Rising Nepal on 17 July 2022.

Informal sector workers' problems will be solved: Minister Kunwar

 Kathmandu, July 15

Minister for Labour Employment and Social Security, Sher Bahadur Kunwar has said that the problem of workers working in the informal sector needs to be carefully considered. Speaking at the meeting of the Central Labour Advisory Council held at the Ministry on Friday, he said that since there are many problems of workers working in the informal sector, it is necessary to understand their problems in a subtle manner.

The Minister emphasised that since labour is a subject related to everyone, the problems of the workers should be well understood by the concerned bodies, and they should take initiatives to solve those problems.

"Everyone should work. Some work comfortably without touching stones or roads, while others work hard by struggling with the stones and soil," he said.

Saying that those who work hard are not given importance, he maintained that those who are working hard in the informal sector, their work should be evaluated. According to him, it is necessary to focus everyone's attention towards bringing them under the scope of social security and doing justice to them.

Since the issues of Labor Foundation and Labor Commission are raised in this year's annual programmes of the ministry, Minister Kunwar requested the concerned parties to bring this matter up for discussion. Emphasizing the need for a labor commission like other commissions, he said that this issue should also be discussed.

He also emphasized that the laws and regulations made for ensuring the rights of the workers should be modified according to the time.

Similarly, he said that due to many problems in foreign employment, the issue of increasing employment in the country is being discussed with the relevant agencies. He said that since there are a lot of workers in the informal sector, there was a need to solve the problems in the sector and promote employment.

Deepak Kalle, Member Secretary of the Council and Secretary of the Labour Relations and Social Security Division, informed that the Council has been consulting the government on labor related matters and making decisions on various issues in the labour sector.

The council consists of 21 members including the Labour Minister as the chairman, six secretaries from various ministries, five from employers, 5 from trade unions and other relevant bodies.

Published in The Rising Nepal on 16 July 2022.

Y20 phone gets a price drop

Kathmandu, July 15

Vivo has announced a drop in the price of its Y Series Smartphone, Y20.

The smartphone received a Rs, 1800 price drop from its previous price of Rs. 22,799 to the Rs. 20,999.

"Customers who are looking for a smartphone to fit their budget can now afford the Y20 at discounted prices and enjoy the features and technology offered by Vivo," the company said in a statement.

The Y20 features an AI Triple Macro camera setup with a 13MP rear camera, 2MP Bokeh Camera and 2MP Macro Camera.

According to the company, equipped with an upgraded bokeh technology, the 2MP Bokeh camera produces precise and sophisticated results allowing users to capture studio quality portraits. 

Published in The Rising Nepal on 16 July 2022.

CIT changes interest rates

Kathmandu, July 15

Citizen Investment Trust (CIT) has changed the interest rate provided to its participants

It has increased the interest rate for the Employee Saving Growth Retirement Fund from 6.5 per cent to 8 per cent, and has fixed the interest rate of 80 per cent special loan agreement at 9.5 per cent.

The new rates will come into effect from July 1, Sunday.

Similarly, the interest rate for housing and educational loans will be 10 per cent while vehicle and simple loans will be 10.5 per cent.

Likewise, gratuity fund and investor account schemes will draw 7.5 per cent and 9 per cent interest for civil unit schemes.

The CIT has decided to provide an annual interest of 7.5 per cent for all insurance programmes.

Under the insurance programme, the Trust has been collecting insurance fees for the operation of the government employees including civil servants, Nepali army, Nepal police, Armed Police Force, and community school teachers.

Published in The Rising Nepal on 16 July 2022.

Arrears pile up to Rs. 484 billion

Kathmandu, July 13

The Office of the Auditor General (OAG) has painted a grim picture of fiscal indiscipline and lack of accountability.

Status of fiscal accountability is not encouraging while internal control system, adherence to fiscal procedures and implementation of audit report is weak which has weakened the economic good governance, the OAG said in its 59^th annual report made public on Wednesday.

The report has concluded that repetition of financial misappropriations of the same nature has become the feature of fiscal management in the country, and weak fiscal discipline has obstructed the reform in fiscal administration. The constitutional body has submitted the report to President Bidya Devi Bhandari on Wednesday. Auditor General Tankamani Sharma Dangal submitted the report to the President.

Total arrears have gone up by 15.46 per cent in the Fiscal Year 2020/21 against the previous year 2019/20. After auditing of 5,665 agencies, the OAC found total arrears of Rs. 115.05 billion last year while only Rs. 4.21 billion was recovered that year. But total arrears by the end of the last fiscal have reached Rs. 483.6 billion. Likewise, Rs. 345.56 billion needs to be cleared by updating the details of transactions and payments.

The two combined make Rs. 829.16 billion to be cleared and recovered.

Government committees and other organisations have performed the worst in terms of fiscal discipline. They have 6.89 per cent arrears of the total audited amount of Rs. 206.12 billion. Among the various levels of governments, local governments have the highest per centage in arrears. Of the audited Rs. 1051.1 billion of the local governments, about Rs. 43.91 per cent is arrear which is 4.19 per cent.

Similarly, provincial governments combined have Rs. 7.48 billion in arrears which is 2.5 per cent of the audited amount Rs. 299.57. However, the federal government has arrears of Rs. 49.47 billion, highest in terms of amount. The federal arrears amount 1.75 per cent of the audited amount Rs. 2820.38 billion.

 Arrears details

Agencies	Audit (Rs. in billions)	Arrears (Rs. in billions)	Percentage
Federal	2820.38	49.47	1.75
Provincial	299.57	7.48	2.5
Local	1051.1	43.91	4.18
Others	206.12	14.19	6.89
Total	4377.17	115.05	2.63

Source: 59^th Report of the OAG

Meanwhile, the OAG noted that the federal government agencies have the lowest arrears in the last three years. In 2019/20 and 2018/19, arrears made about 2.85 per cent and 4.08 per cent of the audited amount.

However, the provincial arrears have gone up to 2.5 per cent last year from 2.47 per cent of the previous year. Local governments arrears went down to 4.18 per cent last year from 5 per cent of the previous year.

Communication ministry has highest arrears

Among the federal ministries, Ministry of Communication and Information has the highest per cent of arrears with 25.18 per cent of the Rs. 15.38 billion, followed by the Ministry of Agriculture and Livestock Development which has 15.53 per cent arrears of Rs. 22.08 billion.

Other agencies having high arrears include Ministry of Industry, Commerce and Supplies with 12.71 per cent, Ministry of Physical Infrastructure and Transport 4.61 per cent, Ministry of Education, Science and Technology 4.25 per cent, Ministry of Land Management, Cooperatives and Poverty Alleviation 3.96 per cent, and Ministry of Health and Population 3.35 per cent, informed the OAG.

Lack of harmony in planning and budgeting

In the report, the OAG has noted that there was lack of harmony between planning, programmes and annual government budget, poor budget discipline while transferring the budget at the end of the year, and poor utilisation of foreign aid.

Likewise, it said that not all the foreign supports were included in the budget and undergone through audit system while national budget was spent out of the national budgetary system.

 In terms of the implementation of federalization, the country couldn't control the unproductive expenses, provinces and local governments were largely dependent on the federal grants, and there was duplication and lack of coordination among the various levels of governments in terms of the development programmes.

The OAG has suggested for strong monitoring of the budget execution by the concerned agencies, holding the authorities responsible for their misappropriation of the public funds, connecting fiscal discipline with the performance evaluation and adopting stick and carrot policy for adherence to the fiscal discipline. 

Published in The Rising Nepal on 14 July 2022.

Raju Shrestha appointed Consul of Laos

 Kathmandu, July 15

The People's Republic of Laos has appointed businessman Raju Shrestha as its Consul for Nepal.

The Deputy Chief of the Mission of the Lao Embassy in New Delhi, India, Kio Sengdavong, and Chief of Protocol at the Ministry of Foreign Affairs of Nepal, Durga Bahadur Subedi presented the consular certificate to Shrestha in a programme held in Kathmandu on Thursday. Shrestha is a tourism entrepreneur.

With the appointment of Shrestha as consul, the Consulate General of Laos has been established in Kathmandu.

Sengdavong inaugurated the Consulate General established at the Nepali House in Thamel.

In the programme,  newly appointed Consul Shrestha recalled the expansion of bilateral diplomatic relations established between Nepal and Laos in 1960 and promised to further strengthen the diplomatic and economic social relations between the two countries.

Stating that Nepal's famous eye surgeon Dr. Sanduk Ruit had conducted a camp for the treatment of the eyes of Lao residents, he said that he would continue to expand mutual relations in this way in the future as well.

Sengdavong said that Lao people wanted to cooperate with Nepal in the fields of tourism, trade and investment.

The Lao government also thanked Nepal for allocating an area for the establishment of a monastery in Lumbini, the birthplace of Lord Buddha.

The participants of the event, which had a large presence of consuls from various countries in Nepal, were of the opinion that there is a possibility of religious tourism in Nepal as Laos is a country of Buddhist pilgrims.

Published in The Rising Nepal on 16 July 2022.

Budget of Rs. 1.58 billion approved for FEB

 Kathmandu, July 14

The Ministry of Labour and Employment and Social Security has approved the annual budget of the Foreign Employment Board (FEB) for Fiscal Year 2022/23.

The 74^th regular meeting of the board held at the ministry on Thursday approved the policy and programmes for the next fiscal.

The meeting chaired by  Minister of Labour, Employment and Social Security and Chairman of the Board Sher Bahadur Kunwar approved the budget of Rs. 1.58 billion for the FY 2022/23 by utilising the resources from the Welfare Fund maintained at the FEB.

The board has allocated the budget especially for nine programmes.

Programmes that received special allocation include financial aid distribution programme through online system, rescue and relief programme for stranded workers, free skill training, orientation related to safe, dignified and profitable foreign employment, and reintegration programme.

Likewise, social and health protection programme of Nepali workers, training, study and research and cooperation with stakeholders and enhancing institutional capacity have also got priority in the budget of the next year.

The Executive Director of the FEB, Rajan Prasad Shrestha, informed that the secretariat of the FEB will publish detailed information on this matter on the board's website within a few days.

Speaking at the programme, Minister Kunwar said that the board will do special work in the coming days to make foreign employment safe and dignified. He said that he would take initiatives to promote good governance at the board by making the services provided by it simple, easy and technology-friendly.

Stating that the migrant workers are facing a lot of problems, Minister Kunwar requested the employees of the board to work in such a way that the problems would be addressed by the FEB.

The FEB was established with the objective of promoting the foreign employment, making the business safe, orderly and dignified and protecting the rights and interests of workers and foreign employment entrepreneurs.

The board also has the representatives from government agencies, foreign employment agencies, trade unions, foreign employment experts and organisations working in this field. 

Published in The Rising Nepal on 15 July 2022.

K. L. Dugar launched Gyan Makhana

Kathmandu, July 14

K.L. Dugar Group has launched Gyan Makhana – fox nuts, a new product of the Gyan brand in Nepal.

The company has other popular products such as Gyan Bhog Chakki Atta and Gyan Maida.

Makhana is a superfood made from the seeds of the Prickly Water Lily flower, said the company in a statement. It is rich in protein and packed with other nutritional benefits.

"Makhana is mostly consumed while fasting but can also be consumed daily as a healthy snack item. You can lightly roast or directly consume this wholesome and delicious snack," read the statement.

It can also be used to prepare various savory as well as sweet dishes, including kheer.

Gyan Makhana is available in 200-gram packets in the market.

Published in The Rising Nepal on 15 July 2022.

GIBL receives Euromoney Award for Excellence

Kathmandu, July 14

Global IME Bank Limited has been honoured with 'Euromoney Award for Excellence - Best Bank Nepal 2022'.

Bank's Chairman, Chandra Prasad Dhakal and Chief Executive Officer Ratna Raj Bajracharya accepted the award during an event held in London, UK on Wednesday.

Established in 1992, the Euromoney Award is a prestigious and unique award in the banking sector. This award has been given for the service provided by the bank to the customers, the use of new technologies in the banking sector and the high-level performance of the bank.

Bank of America has won the title of the best bank in the world this year.

GIBL is providing services to more than 2.8 million customers from more than 875 service centers including 289 branches, 262 ATMs, 275 branchless banking services, 51 extension and revenue collection counters and 3 foreign representative offices.

Likewise, the bank has been contributing significantly to the country's economy by bringing in remittances from the United States of America, United Kingdom, Canada, Australia, Malaysia, South Korea, Japan, Saudi Arabia, Qatar, UAE, Bahrain, Kuwait, India, Jordan, Hong Kong and other countries.

Published in The Rising Nepal on 15 July 2022.

Chinese Minister calls on President Bhandari

Kathmandu, July 13

Minister of International Department of the Communist Party of China Liu Jianchao paid a courtesy call on President Bidya Devi Bhandari on Wednesday.

Various matters of mutual interest and bilateral cooperation were discussed during the meeting, informed the Ministry of Foreign Affairs (MoFA) in a statement.

Earlier, Liu had called on Prime Minister Sher Bahadur Deuba on Sunday where the two discussed the matters of mutual interest between the two countries.

The visiting minister also hold a meeting with Minister for Foreign Affairs, Dr. Narayan Khadka, at his office. They exchanged views on further strengthening the bilateral relations between Nepal and China.

During his first-ever foreign trip after assuming the leadership of the International Department of the CPC in June, Liu held separate meetings with Chairman of CPN-UML, KP Sharma Oli, Chairman of CPN-MC, Pushpa Kamal Dahal, Chairman of CPN-Unified Socialist, Madhav Kumar Nepal, and its leader and former PM, Jhalanath Khanal.

Minister Liu and his delegation returned to China upon completion of the visit on Wednesday.  

Published in The Rising Nepal on 14 July 2022.

Gold, silver traders urge not to charge duty on jewelry

 Kathmandu, July 12

The gold and silver traders have urged the Department of Customs (DoC) to facilitate the movement of Nepali original jewelry throug the customs office at the Tribhuvan International Airport (TIA).

In a meeting with Director General of the DoC on Tuesday, the entrepreneurs said that the customs office at the TIA is unnecessarily applying strict measures when someone comes to Nepal wearing Nepali original jewelry.

A delegation of the Federation of Nepal Gold and Silver Dealers' Associaton led by its President Manik Ratna Shakya made the request to the DG.

Shakya expressed dissatisfaction over the customs duty levied on those who bring more than 50 grams of gold jewelry to Nepal from abroad in the form of indigenous ornaments. He maintained that the customs should not charge customs duty on the jewelry.

According to the existing provision, every person coming to Nepal from abroad can bring up to 50 grams of gold jewelry on customs duty exemption.

But there is no such limit in the case of jewelry. Businessmen have protested against the move after it was found that they can wear jewelry when they go out of Nepal, but if they wear more than 50 grams of jewelry when they come to Nepal from abroad, they have to pay the customs duty.

Bhattarai said that he would look into the matter and take initiative to address the problems of the businessmen. However, he said that it had to be tightened after it was found that some people were trying to bring gold under the pretext of carrying jewelry.

Published in The Rising Nepal on 13 July 2022.

Nabil, NB become one bank

Kathmandu, July 11

Nabil Bank has announced the completion of the Nepal Bangladesh (NB) Bank acquisition process. The two banks started their integrated transitions as Nabil Bank Limited from Monday, July 11. The central bank has allowed the two banks to start their integrated transitions.

Nabil has acquired Nepal Bangladesh Bank Limited with the permission from the Nepal Rastra Bank. With the completion of this acquisition process, Nabil bank has received all the capital and financial responsibilities of NB Bank, Chairman of the former, Upendra Poudyal, said at a programme organised to announce the joint operation on Monday evening.

"The two banks have reached an understanding to take the lead in nation-building by expanding and strengthening the esteemed institutions that have been playing a leading role in Nepal's financial sector," he said.

The bank said that it has become the largest financial institution in the country after the acquisition.

"After discussing the need for acquisition and justification of Nabil Bank and NB Bank, we have taken steps to further enhance the public's trust in the bank, taking into account the needs of the overall banking system," said Gyanendra Dhungana, Executive Director of the bank.

He informed that an understanding has been reached between the two banks with the objective of taking the lead in nation building by expanding and strengthening the institutions that have been playing a leading role in Nepal's financial sector.

According to him, the stability of the banking sector would be supported by making the banking system more well-governed, secure, clean, efficient and capable. The aim is to provide more modern banking facilities to the general public by enhancing the banking system, human resources, technical and other overall capacity as the bank grows.

“We will protect the interests of our depositors, investors and other stakeholders," Dhungana said.

The two class 'A' banks had reached an agreement for the acquisition in January this year with the swap ratio of 100:42.

The bank now has Rs. 22.73 billion in paid up capital. It has 235 branch networks and more than 1.6 million customers. 

Published in The Rising Nepal on 12 July 2022.

Chinese minister calls on PM, FM, to meet Prachanda, Oli

Kathmandu, July 10

Minister for International Department of the Central Committee of the Communist Party of China Liu Jianchao paid a courtesy call on Prime Minister Sher Bahadur Deuba on Sunday.

Ministry for Foreign Affairs (MoFA) in a statement informed that matters of mutual interest between Nepal and China were discussed during the meeting.

Likewise, Liu also had a meeting with Minister for Foreign Affairs Dr. Narayan Khadka at the MoFA where the two ministers exchanged views on further strengthening the bilateral relations between the two countries.

Minister Liu and his six-member delegation arrived in Kathmandu Sunday morning on a three-day visit to Nepal.

He was welcomed by the representatives of different political parties of Nepal, and an official of the MoFA upon his arrival at the Tribhuvan International Airport.

This is the first foreign trip of Liu after he assumed the leadership of the International Department of the Communist Party of China earlier in June.

Immediately after assuming the post, he had held virtual meetings with Foreign Minister Dr. Khadka, CPN-UML chairman KP Sharma Oli, and CPN-Maoist Centre chairman Pushpa Kamal Dahal Prachanda.

UML leader Pradeep Gyawali informed that visiting Minister Liu and party chairman Oli are scheduled to meet on Tuesday.

"They are likely to discuss about enhancing bilateral relations between the two countries. However, since this is the first visit of Liu, it will be an introductory meeting," Gyawali said.

He also said that relationship between UML and CPC will also be discussed during the meeting.

Likewise, the visiting minister will meet Maoist Centre chairman Prachanda at the latter’s residence in Khumaltar, Lalitpur, Monday afternoon.

Prachanda’s press coordinator Surya Kiran Shrama informed that contemporary issues between the two countries and the parties would be discussed in the meeting. 

Published in The Rising Nepal daily on 11 July 2022.