Category: Finance

Public debt of Nepalis reduced: NRB

Kathmandu: Nepal’s public debt has fallen to 2,007 billion rupees, Nepal Rastra Bank (NRB) stated. According to the report published by the Ministry of Finance, the public debt of Nepal, both internal and external, has decreased to 2007 billion rupees by the end of mid-December. Meanwhile, by the mid-July, the public debt was 2,013 billion… Continue reading Public debt of Nepalis reduced: NRB

Supreme court overturn decision of 10 pc service tax charged by hotels and restaurants

Kathmandu: The Supreme Court has decided that hotels and restaurants cannot levy service charge to customers. Hotels and restaurants have been charging an additional 10 percent service fee from customers based on the provisions of Section 87 (3) of the Labor Act 2074 BS and Rule 82 of the Labor Code 2075 BS. But the… Continue reading Supreme court overturn decision of 10 pc service tax charged by hotels and restaurants

Five Indians arrested for organizing Dubai property show illegally in Nepal

Kathmandu: Five Indians have been arrested for the two-day Dubai Property Show at Soaltee Hotel. After reaching the hotel, the police seized their passports and arrested them on suspicion of absconding. Contrary to the warning of Nepal Rastra Bank, Dubai’s real estate company named ‘DAMAC’ illegally organized the Dubai Property Show in Kathmandu. The police… Continue reading Five Indians arrested for organizing Dubai property show illegally in Nepal

NRB took action against 6 development banks and 4 finance companies

Kathmandu: Nepal Rastra Bank has taken action against six development banks and four finance companies. A dozen institutions have been fined after they were found to have violated the legal provisions, monetary policy and directives implemented by the National Bank. Rastra Bank has issued a notification on Wednesday and said that action has been taken… Continue reading NRB took action against 6 development banks and 4 finance companies

Business acceleration programme for high-growth of agriculture companies in Province 1 kicks-off

Kathmandu: Aadhyanta Accelerator, a five-month business acceleration programme for high-growth agriculture companies in Province 1, has officially kicked off on January 18, 2023. The programme was announced among local stakeholders, authorities, programme partners, and the press at Big Hotel in Biratnagar. The programme is being run under the partnership between Aadhyanta Fund Management, a Nepali-owned… Continue reading Business acceleration programme for high-growth of agriculture companies in Province 1 kicks-off

Richest 1% own 40.5% of India’s wealth, says new Oxfam report

Kathmandu: India’s top 1% owned more than 40.5% of its total wealth in 2021, according to a new report by Oxfam. In 2022, the number of billionaires in the country increased to 166 from from 102 in 2020, the report said. Meanwhile, it added that the poor in India “are unable to afford even basic… Continue reading Richest 1% own 40.5% of India’s wealth, says new Oxfam report

Sharp, long-lasting slowdown to hit developing countries hard

Kathmandu: Global growth is slowing sharply in the face of elevated inflation, higher interest rates, reduced investment, and disruptions caused by Russia’s invasion of Ukraine, according to the World Bank’s latest Global Economic Prospects report. Given fragile economic conditions, any new adverse development—such as higher-than-expected inflation, abrupt rises in interest rates to contain it, a… Continue reading Sharp, long-lasting slowdown to hit developing countries hard

Auto Expo – The Motor Show 2023 begins in India

Kathmandu: Auto Expo – The Motor Show 2023, made a resilient start today at the India Expo Mart in Greater Noida, manifesting a future ready perspective. The theme of this edition of the show is – ‘Explore the World of Mobility’, which resonates with the industry’s vision and message of technology & capability–for a safer,… Continue reading Auto Expo – The Motor Show 2023 begins in India