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Category: Finance

World Bank to provide Rs 19 billion in loan assistance

22 June, Kathmandu: The World Bank (WB) has agreed to provide Nepal government with Rs 19 billion loan assistance for increasing the quality of education. An agreement to this effect was signed by and exchanged between Secretary of Finance Ministry Shanta Raj Subedi and World Bank Nepal Country Manager Takuya Kamata amid a function at the ministry today. The loan amount that requires five year’s time to pay off would be used for increasing educational quality, expanding justifiable access to primary and secondary education, improving teaching and learning activities and building strong and reformed educational system, it has been...

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Finance Minister stresses on VAT and income tax mobilization

22 June, Kathmandu: Minister for Finance Gyanendra Bahadur Karki has stressed the importance of mobilizing Value Added Tax and income tax to create a resilient economy. At a progress review of revenue collection up to mid-June of the current fiscal year at the Ministry on Wednesday, he said though Nepal has huge potential and opportunity standing in-between two big economies there are also grave challenges to tap development benefits. He directed the bureaucrats – the permanent government mechanism – to discharge their duties in a dynamic manner. The Minister said that performance of the employees would be made on...

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78 per cent evading tax levied on rental charges in KMC

17 June, Kathmandu: The Kathmandu Metropolitan City (KMC) has been receiving tax levied on rental charges from only 22 per cent of the total number of house owners in the capital city. According to KMC Revenue Division Chief, Druba Kafle, due to the lack of substantive legal provision 78 per cent of the property owners in Kathmandu have been evading rental tax. The tenants and the property owners have been in verbal agreement in connection to the rent charged on the tenants. “Such works are not done on the basis of any legal status,” Kafle added. Kafle said the...

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Petro prices down

16 June, Kathmandu: The Nepal Oil Corporation (NOC) has reduced the prices of petroleum products to be effective from this midnight. NOC Spokesperson Sitaram Pokharel said that Rs 1.50 has been cut in the prices of petrol, diesel and kerosene. As per the new price rate, the petrol would be available at Rs 100 per litre while diesel and kerosene would cost Rs 76 per litre. However, the price of LP Gas is kept unchanged....

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Shakya and Ghale discuss investment possibilities in Kathmandu

13 June, Kathmandu: Kathmandu Metropolitan City (KMC) mayor Bidya Sundar Shakya has said an investment – friendly policy can be formulated to facilitate the non – resident Nepali people living abroad to venture into investment for Kathmandu’s prosperity. KMC major Shakya made the comment during a meeting with Non Resident Nepali Association (NRNA) President Shesh Ghale. Apart from the commercial venture, Shakya argued that the social responsibility was also an aspect through which participation can be made in Kathmandu’s management. He further underscored the need for upgrading Kathmandu – the capital city of Nepal – on socio-economic, political and...

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Agreement signed on aircraft purchase, CIT providing Rs 12 billion loan

12 June, Kathmandu: Citizen’s Investment Trust and Nepal Airlines Corporation on Monday signed an agreement to purchase an aircraft. As per the agreement, the CIT is to provide Rs 12 billion to the NAC for aircraft purchase. At a programme organized at the CIT office, its Executive Director Ram Krishna Pokhrel and Director General at NAC, Sugat Ratna Kansakar, signed the agreement. Earlier, such agreement was made only with the Employee Provident Fund. The loan has been provided at nine per cent interest rate. The interest rate would not change until the aircraft makes first commercial flight. The payment...

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Nepal-Bangladesh Youth Meet to seek ways to promote bilateral trade

10 June, Kathmandu: The Nepal-Bangladesh Youth Conference-2017 kicked off here from Saturday. The two-day conference will discuss on finding possible ways to promote bilateral trade activities in the context of two countries having limited trade volume despite the proximity in view of the geographical location. Inaugurating the conference, Bangladesh Ambassador for Nepal, Ms Mashfee BinteShams, pointed out the possibility of resolving common problems among the BBIN(Bangladesh, Bhutan, India and Nepal) Initiative member countries and of achieving economic progress through mutual cooperation and collaboration. The event would hold extensive discussions on the issues relating to environment, economic and business sectors,...

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More than 1.7 million collected in fine after clampdown on electricity theft

10 June, Gaushala: Nepal Electricity Authority (NEA), Mahottari Distribution Centre has collected Rs 1.7 million in fine after a clampdown on electric power hooking. Centre’s Chief Hardev Prasad Gupta said a total of 195 people were arrested for stealing electricity from September last year to June this year. The amount was collected in fine slapped against them. NEA team accompanied by Nepal Police and Armed Police Force (APF) personnel also seized television sets, motors, fans, power inverters and stabilizers from houses involved in stealing electricity. The Centre also cut off power supply to 945 customers that have not paid...

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British pound tumbles as UK election gamble fails

9 June, London: The pound plunged Friday as Prime Minister Theresa May’s Conservatives lost its parliamentary majority in Britain’s general election, fuelling political uncertainty just days before the start of Brexit talks. Sterling slumped in early morning deals to a seven-week low of $1.2636, while the euro hit a seven-month peak at 88.59 pence. However, that propelled the London stock market higher as the weaker pound boosts multinational companies that earn in currencies other than sterling. Investors also brushed off news of a monthly rise in industrial output. May had called Thursday’s snap vote in a bid to boost...

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Water pipe laying for Melamchi project picking up pace

9 June, Kathmandu: The laying of water pipes for much-awaited Melamchi Drinking Water Project has been speeded up in Kathmandu valley. The project aims to supply water to valley’s dwellers within the Nepali month of Asoj, a project official said. Out of the total 670 kilometers of water pipes to be laid for the project, the installation of pipes has been over on 585 kilometers, said project chief of the project implementation directorate Tiresh Khatri. Water that will be supplied through tunnel will be filtered in Sundarijal before distributing at homes of Kathmandu dwellers through various 11 tanks set...

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