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Monthly Archives: December 2013

Banks will have to publish two different sets of financial statements

Since the country is adopting International Financial Reporting Standards (IFRS) from next fiscal year, banks will have to publish two different sets of financial statements, one according to regulatory authority’s prescription and the other according to the international standard. The

Central bank to seek clarification from NCC Bank

Central bank is going to seek a clarification from the NCC Bank on why its board should not be dissolved and taken over as the power tussle might hit the financial health of the bank and send negative message in

Turkey keen to invest in Nepal

Turkey is interested to invest in productive sector and strengthen bilateral relations with Nepal further by also being a development partner, according to the visiting Turkish representatives. “Turky wants to be development partner of Nepal,” Consul General of Turkey to

Nepal Investment Bank becomes the largest bank in terms of paid up capital

Nepal Investment Bank Ltd (NIBL) has become the largest bank in terms of paid up capital. The bank’s capital base reached Rs 4.14 billion – after today’s 27th AGM’s approval of 10 per cent bonus share proposed for the fiscal

Power producers ask to increase PPA rate for 27 hydel projects

The power producers have asked the government to walk the talk and increase the Power Purchase Agreement (PPA) rate for the 27 hydel projects. Meeting with the finance minister Shankar Prasad Koirala at his office today, representatives of the Independent

Century Commercial Bank gets Sebon green signal to go public

Securities Board of Nepal (Sebon) has granted permission to Century Commercial Bank for the Initial Public Offering (IPO). The commercial bank will float Rs 920 million worth – the largest IPO among the commercial banks – primary shares to the

Pandey spent highest, Bhattarai seconds in off budget spendings

The increased off budget expenses has not only worried National Planning Commission but also revealed the trend of misusing the tax payers money for the partisan interest. “In recent years, the off budget spending has increased making the planning commission

ADB ups support for projects promoting sustainable development

The Asian Development Bank (ADB) has sharply increased support for projects promoting sustainable, inclusive, and environmentally sound growth in Asia and the Pacific, according to a new report. “Strategy 2020, our long-term strategic framework, recognises the essential role that environmental

Five per cent of the population has to come under tax net for healthy economy

At least five per cent of the population has to come under the tax net for a healthy economy, according to finance minister. Addressing an interaction held here yesterday, finance minister Shankar Prasad Koirala asked the private sector to take

Government fails to recover Rs 2 billion revenue from Public Enterprises

The government has failed to mobilise around Rs 2 billion revenue from its own enterprises as it seems equally difficult compared to revenue mobilisation from the private sector. The Public Enterprises (PEs) have to pay the government around Rs 2

Borrowing habit of farmers less, farmland fragmented more in a decade

Surprisingly, borrowing habit and market access of the farmers seem very discouraging, average holding size has decreased and migration of male for employment has forced more female in agriculture in last one decade. “Over half of the agriculture households do

Increased domestic production can bridge rising import-export gap

Increased domestic production is the only option to bridge widening import-export gap, according to finance minister Shankar Prasad Koirala. Addressing Leather Goods & Footwear Expo-2013, here today, he said that it would be possible only with joint efforts between private

World Bank approves financing for rural transport, irrigation

The World Bank has approved $150 million in financing for two projects designed to help improve connectivity and raise agricultural productivity across rural Nepal. The Project for Strengthening the National Rural Transport Programme intends to enhance the availability and reliability

Dangote cement seeks help to acquire land, electricity

Dangote Cement has sought government help to acquire land in Nepal. In a meeting with finance minister Shankar Prasad Koirala, here at his office today, the Nigerian company’s chief executive K R Rao said that the company is looking for

Gold price drops by Rs 2,300 per tola in last three weeks

The gold price dropped in the domestic market today by Rs 2,300 to Rs 51,700 per tola (11.664 graam) in last three weeks. The precious yellow metal price is fixed in the domestic market on the basis of international market

FM asks to prepare detailed profile of 633 large taxpayers

Finance Minister Shankar Prasad Koirala today directed revenue officials to immediately prepare a detailed work plan for revenue mobilisation as they have to mobilise Rs 1 billion every day to meet the revenue target for the current fiscal year. “The

Bankers tell central bank ‘not possible to reduce spread rate’

Bankers have asked the central bank to become flexible on spread rate. Writing a letter to the central bank today, the Nepal Bankers’ Association (NBA) said that they are unable to reduce the spread rate to five per cent, as

Nepal Life Insurance becomes 16th listed company to demat stocks

Nepal Life Insurance Company (Nepse-NLIC) has become the 16th listed company to dematerialise its stocks at the CDS and Clearing Ltd today. CDSC executive office Subodh Sharma Sigdel and Nepal Life Insurance chief executive Bibek Jha today signed an agreement