Category: Finance

Kathmandu: On Sunday, the Commission for the Investigation of Abuse of Authority (CIAA) took a significant step in the fight against corruption by filing a case at the Special Court in Kathmandu. The case targets individuals involved in both the solicitation and incitement of bribes within the Department of Passports. The primary defendant in the… Continue reading CIAA files corruption case against passport department official

Kathmandu: Chandra Prasad Dhakal, President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), has urged Non-resident Nepalis (NRNs) in Qatar to consider investing in various sectors in Nepal. Addressing the conference of ‘Nepal Business Association Qatar’ in Doha, Dhakal emphasized Nepal’s potential in tourism, infrastructure development, renewable energy, and agriculture. President Dhakal… Continue reading FNCCI President urges NRNs in Qatar to invest in various sectors in Nepal

Kathmandu: Nepal Rastra Bank (NRB) has initiated disciplinary actions against six banks and financial institutions for violations of mandatory regulations. The penalized institutions include Global IME Bank, Prabhu Bank, Himalayan Bank, Muktinath Development Bank, Garima Development Bank, and Reliance Finance. Global IME Bank has been directed to refund customers for allegedly charging premiums exceeding limits… Continue reading NRB disciplinary measures against six BFIs

Kathmandu: In a recent Cabinet meeting, the government has constituted a committee to delve into the requirement for a potential new stock exchange in Nepal. Chaired by former deputy governor of Nepal Rastra Bank (NRB), Chintamani Siwakoti, the study committee includes members with expertise in chartered accountancy and legal practice, although specific names have not… Continue reading Government forms committee to assess the necessity of establishing a new stock exchange

Kathmandu: The government is preparing to operate the national flag-carrier Nepal Airlines Corporation (NAC) under management contract.  Minister for Culture, Tourism and Civil Aviation Sudan Kirati said that processes have been advanced for the management contract of the NAC for its restructuring.  At a meeting of the International Relations and Tourism Committee of the House… Continue reading Nepal govt explores management contract to restructure NAC

Kathmandu: The Nepal Electricity Authority (NEA) disconnected power lines to various industries on December 19, causing a 22-day disruption in operations and leading to significant financial losses for the government and industrialists. The government formed an inquiry committee to investigate the tariff dispute, and on January 8, instructed the NEA to temporarily reconnect the power… Continue reading Nepal faces substantial financial losses amid power cut to industries

Kathmandu: Shopkeepers in the New Road area have staged a protest by closing the shutters of their shops after the Kathmandu Metropolitan City (KMC) implemented a ban on parking on the streets in the New Road area. The businessmen argue that the restriction on parking will discourage customers from visiting their shops. KMC, in its… Continue reading Businesses in New Road area protest against parking ban

Kathmandu: The International Finance Corporation (IFC), a member of the World Bank Group, has named Imad N. Fakhoury as the Regional Director for South Asia. Based in New Delhi, Fakhoury will lead IFC’s strategy and operations in the region, strengthening ties with the private sector, governments, and regional partners to enhance development outcomes. Riccardo Puliti,… Continue reading IFC Appoints Imad N. Fakhoury as Regional Director for South Asia

Kathmandu: The renowned five-star Hotel Annapurna, situated in Durbarmarg, is set to reopen after nearly four years of closure due to the COVID-19 pandemic. The hotel, which halted its operations during the pandemic, is currently in the midst of preparations, including staff recruitment, to resume services. The exact date for resuming operations is yet to… Continue reading Hotel Annapurna in Durbarmarg prepares for reopening after four-year closure

Kathmandu: In a recent investigation by the Department of Customs, it has been revealed that the government has been unable to effectively control gold smuggling, especially when the smugglers operate cunningly. Today, during the department’s examination, Director-General Shobhakant Paudel acknowledged that despite the government employing various methods and techniques to control smuggling, it remains a… Continue reading Govt struggles to curb gold smuggling, challenges in control despite various measures