Category: Finance

Share market to go online

7 July, Kathmandu: Nepal Stock Exchange is set to adopt online system for its entire transactions from coming November 7 The information was shared at a press conference held here on Friday. On the occasion, NEPSE Chief Executive Officer Sitaram Thapaliya shared that a process has been initiated to bring the entire share market to online system and it is now put on trial. NEPSE had signed a deal with a company in line with the Public Procurement Act and Regulation for the setup of its fully automated online system. CEO Thapaliya has started DMAT transactions of classified securities,...

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315 more Budhigandaki project affected families identified

6 July, Gorkha: Three hundred and fifteen more Budhigandaki Hydropower Project –affected people have been identified in Gorkha district. They were identified in course of distributing compensation to hydropower project affected locals of different places in the district. Coordinator of Compensation Distribution Committee and Chief District Officer, Jitendra Basnet, said that compensation amount has already been distributed to 583 affected people and 315 families have now been added. Basnet said, “The Committee has decided to send Rs 850 million to the bank account of 315 affected people at Rastriya Banijya Bank.” A total of Rs 2.4 billion compensation amount...

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Transport fare not to be slashed

4 July, Kathmandu: Despite price reduction of petroleum products twice in the last 15 days, fare of public transportation service is unlikely to decrease. Spokesperson of the Department of Transport Management Dr Tokraj Pandey said that the fare would not decrease until the price of the petroleum products was reduced by Rs 5. “As per the scientific fare fixation system, the contribution of fuel is considered 35 per cent in public vehicles’ fare while other indexes determine 65 per cent and thus the fare is not likely go down as price of other index has not decreased. The price...

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Price of petroleum products down

2 July, Kathmandu: The Nepal Oil Corporation (NOC) has slashed the prices of the petroleum products effective from this midnight. The NOC has fixed the new rate by reducing Rs 2 per litre in petrol, diesel and kerosene based on the new price index sent by the Indian Oil Corporation. Likewise, the price of cooking gas has been slashed by Rs 25 per cylinder while the price of aviation fuel is reduced by Rs 4 per litre, NOC Spokesperson Sitaram Pokharel said. As per the new price list, petrol would be sold for Rs 98, diesel and kerosene for...

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Brazil to have lower GDP growth than expected in 2017

29 June, Rio De Janeiro: Brazil will have a lower gross domestic product (GDP) growth rate in 2017 than originally projected, the country’s Finance Minister Henrique Meirelles said Wednesday. The projected 0.5 percent growth rate represents a reduction in the previous predictions made by the Brazilian Central Bank. According to the minister, the official estimate will be appropriately adjusted over the next few weeks. “It will be slightly lower than 0.5 percent, but it will still be positive,” Meirelles said about the figure. The lower projection occurs amid deep political instability in the Brazilian government. Over the past month,...

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KMC provides Rs 50 million to Sajha, Sajha to operate 13 more buses

27 June, Kathmandu: The Kathmandu Metropolitan City (KMC) has provided Rs 50 million to the Sajha Yatayat Cooperatives Limited in line with a complementary agreement. The amount has been provided to the Sajha Yatayat co-op for the expansion of its services in connection with improving the public transport under the ‘smart city’ campaign. KMC mayor Bidya Sundar Shakya handed over a cheque for Rs 50 million to Sajha Yatayat Cooperatives Limited chairman Kanak Mani Dixit at a programme here today. Sajha will operate 12 deluxe buses and one ordinary bus from the money. With this the Sajha would operate...

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Finance Minister promises to make economy robust

26 June, Bhojpur: Finance Minister Gyanendra Bahadur Karki has said that he was effortful to make country’s economy stronger. Receiving an honour by Bhojpur Chamber of Commerce and Industry in his home district, Bhojpur, on Sunday, Minister Karki said strengthening national economy would be easier after completing all three-layer of elections. Recalling that he forwarded the construction of the Arun-III Project when he was the Water Resources Minister, Karki expressed his confidence to contribute for the national economy by expediting the project. He also said that he would take maximum efforts to popularize the district. On the occasion, Chief...

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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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