Ncell to introduce mobile phone re-charge kiosks

Ncell is soon introducing a new facility that will help customers top-up their mobile balance through kiosks placed in different parts of the country. Under the facility, customers can top-up their balance by inserting bank notes of Rs 20 denomination or above into inlet of such kiosks. Issuing a statement, Ncell said the facility will be introduced in Kathmandu Valley shortly and will be expanded outside the valley later on. In the initial phase, Ncell plans to install 40 kiosks in different parts of the valley. ...

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New NRB Rule allows Nepalese Nationals to get foreign loans of up to $200,000

Nepalis can now legally acquire zero-interest loans of up to US$ 200,000 (about Rs 17.29 million) from individuals, relatives, organizations and institutions based abroad. Nepal Rastra Bank (NRB), the central monetary authority, on Wednesday introduced the provision in line with commitment made through the Monetary Policy introduced in mid-July 2012, ending the ban put on Nepalese individuals from acquiring credit from a foreign country. “The provision...

New NRB Rule-Nepal might experience increased remittance inflows

Remittance inflow might see an increase as commercial banks can now open a liaison or representative office outside the country. Commercial banks that have fulfilled the basic criterion according to the central bank’s rule can now open a representative or liaison office outside the country, Nepal Rastra Bank (NRB) said today. They must, however, have minimum basic paid up capital, been maintaining one per cent more buffer capital since the last one year, have Non Performing Assets of less than five per cent for the last three years,...

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Nepal experiencing negative Tourism inflow growth rate

Rising trade unionism backed by political parties has hurt the tourism sector, according to tourism entrepreneurs. “Repeated strikes by politically backed trade unions have hit the tourist inflow growth rate,” said vice president of Thamel Tourism Council Ramsharan Thapaliya, addressing an interaction here today. Tourists do not come to Nepal to remain confined to a room, he said, adding that guests come here to visit various sites. “But repeated strikes by politically backed trade unions have forced entrepreneurs to serve them in...

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Nepal Government to Offer Guidelines on Cooperatives Mergers

The Nepalese government is set to issue guidelines on cooperatives' merger by mid-January with a view to further managing and strengthening the cooperatives sector. Currently, there are around 26,000 cooperatives operating across Nepal. The guidelines are being prepared under the leadership of the Cooperatives Department with the objective of integrating the saving and cooperatives organizations in the urban areas and preventing them from financial bankruptcy. Kedar Neupane, Registrar of the Department, said it was a working procedure...

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Nepal Offers Massive Return for Investors

Despite its share of problems, Nepal is offering good returns to the investors, according to the president of FNCCI. Inviting the potential investors to invest in Nepal during CII Partnership Summit organised by Confederation of Indian Industries (CII) in Agra, India today, Federation of Nepalese Chambers of Commerce and Industry (FNCCI) president Suraj Vaidya said that Surya Nepal — the subsidiary of ITC — has continuously been the highest corporate tax payer in Nepal and has undertaken a massive expansion process. “Unilever pays...

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Nepal's rising trade deficit to have adverse impact on economy

Ministry of Commerce and Supplies has stressed on the need to move forward bringing all pending issues on table to tackle widening trade gap with its southern and northern neighbours. Concluding that the trade deficit between the two countries will have adverse impact to the country’s economy, the ministry has asked experts to float ideas on reducing the ballooning trade deficit. India is a major trade partner of Nepal, an official at the ministry said, adding that the country had a total trade worth Rs 372.30 billion — export of...

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US-based companies set to invest in Nepal

A New York-based company promoted by Nepalis has joined hands with a Chicago-based company to provide clean and sustainable energy in Nepal. The New York-based Nepal Infrastructure Consult (NIC) and Chicago-based renewable energy company New Generation Power (NGP) have signed a Memorandum of Understanding (MoU) aiming at enhancing infrastructure and clean energy projects in Nepal. The New Generation Power aims at providing clean and alternative energy across the world, whereas Nepal Infrastructure Consult will represent the project...

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Price of Gold per tola Rs.3600 more expensive than global price

The government's decision to raise customs duty on gold has made the yellow metal expensive in the Nepali market by Rs 3,600 per tola (11.664 grams) compared to the price in the international bullion market. Before the revision, gold price difference between local and international market was Rs 2,750 per tola. In a bid to control smuggling of gold to India, the government on Thursday raised customs duty on gold Rs 3,500 per tola from Rs 2,682 per tola. The...

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Gold Price set to increase

Gold will cost more during the ongoing wedding season as the government has increased import duty on the yellow metal by Rs 700 per 10 grams with effect from Friday. The government revised the gold import tax on Thursday and raised it to Rs 3,000 per ten grams following the Indian government´s decision to increase import duty on the precious metal to 6 percent from 4 percent in the past. The Indian government took the decision to raise the duty last Monday...

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Gurkha Development Bank Seeking Investors

Gurkha Development Bank (GDB) on Thursday issued a 35-day notice to potential buyers of its promoter shares in a bid to reduce the stake of its original promoters. The move follows a takeover of its management by Nepal Rastra Bank (NRB) for failing to show improvements after it was declared crisis-ridden. GDB’s three major promoters — DB Bamjan, Rakesh Adukiya and Nirmal Gurung, all of whom are facing charges of banking fraud — own 45 percent of the bank. They and the other promoters hold a 60 percent stake in the bank. “The notice...

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Civil Trade Centre open for trading

Civil Trade Center (CTC), a shopping mall promoted by the Civil Group, was formally inaugurated on Friday, following a soft launch earlier on Monday. Suraj Vaidya, president of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), inaugurated the mall amidst a function held at its premises. Speaking at the inaugural ceremony, Ichhya Raj Tamang, president of the Civil Group, said the mall was a public property and nobody would be referred to...

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