Business & Economy


Nepal and India sign electricity trading Agreement (PTA) Tuesday, October 21st, 2014

KATHMANDU: Nepal and India have finally signed on the Power Trade Agreement (PTA) that reached between the two countries sometime ago. Energy Secretary Rajendra Kishor Chhetri and Indian Energy Secretary Pradeep Kumar Sinha today signed on the bilateral agreement from their respective sides amidst..

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Parliament approves current fiscal year budget Sunday, October 19th, 2014

KATHMANDU: The budget estimates for the Fiscal Year 2014/15 has been passed today. The budget was approved after today's meeting of the Legislature-Parliament endorsed the Bill relating to recovering National Debts and the Credit and Collateral Bill, 2071 B.S. Both the bills, tabled by Finance..

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Door open for foreign investment: Dr. Mahat Friday, October 17th, 2014

KATHMANDU: Finance Minister Dr. Ramsharan Mahat has said door was open for bringing in foreign investment in development including infrastructure after the PTA and PDA agreements signed with India recently. Inaugurating a Nepal-India dialogue forum on water and energy resources development - new..

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Govt. ready to increase revenue in imports: FM Mahat Wednesday, October 15th, 2014

KATHMANDU: Minister for Finance, Dr Ram Sharan Mahat, has said that it was necessary to levy tax on profit-oriented education and health, expressing commitment and readiness to increase customs on imports as well. Responding to queries of lawmakers on the Finance Bill, 2071 BS in today's meeting..

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Parliament passes finance bill with majority

KATHMANDU: A meeting of the Legislature-Parliament today passed the Finance Bill- 2071 BS with a majority. In the meeting, Finance Minister Dr Ram Sharan Mahat tabled the proposal seeking the house's approval to the Bill. Similarly, proposals tabled in the meeting seeking considerations on the..

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Rs. 2.38 billion railway project in limbo Tuesday, October 14th, 2014

MORANG: The railway project being constructed with Indian economic cooperation of Rs. 2.38 billion is now in limbo. The works are halted as locals of Katahari VDC of Morang pressured for reevaluation saying there is discrimination in distribution of land compensation in the works of expansion of..

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Lawmakers stress on changing fiscal year Sunday, October 12th, 2014

KATHMANDU: Most of the members of the Finance Committee under the Legislature-Parliament stressed on the need of changing the date of fiscal year and fixing the date for unveiling the annual budget estimates. At a meeting of the Committee chaired by Committee Chair Prakash Jwala this morning, they..

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Export of pashmina shawls increase by 29.4 percent Friday, October 10th, 2014

KATHMANDU: The quality upgradation efforts of the government and entrepreneurs appear to have paid off as export of Nepali pashmina has started to pick up. The export of pashmina shawls increased by 29.4 per cent to Rs. 2.82 billion during the last fiscal year 2013/14. The export of pashmina had..

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India agrees to repair Gandak power house Thursday, October 9th, 2014

PARASI: Indian government has agreed to repair the Gandak power house closed for the past four months in Nawalparasi district. India is to repair as per the agreement between Indian embassy and officials of Nepal and India, the power house said. Paper works have been forwarded for the repair of..

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Casino Royale shaken now stirring as Nepal nods reopening Tuesday, October 7th, 2014

KATHMANDU: The Casino Royale gaming property in Nepal’s capital Kathmandu has resumed operations after being given clearance by the country’s Supreme Court, reports the Himalayan News Service. The national government had previously decided to shut down 10 casinos located in five-star hotels..

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Rs. 110 million goes abroad for lack of home workers

Kanchanpur: Rs. 110 million is going out of the country each year as brick industries in Kanchanpur are run with Indian workers for lack of local workers. Rs. 112 million goes to India with the Indian workers from 32 industries run in various places of the district. The capital flight is due to..

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‘PTA, PDA signed to attract FDI’ Sunday, September 28th, 2014

KATHMANDU: Finance Minister Dr. Ram Sharan Mahat on Sunday said that the government had signed Project Development Agreement (PDA) with the promoter of the 900 MW Upper Karnali Hydropower Project and Power Trade Agreement with India for attracting foreign direct investment (FDI) in Nepal and..

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Nepal, India agree to expedite stalled Pancheshwar project Wednesday, September 24th, 2014

KATHMANDU (PTI): Nepal and India have agreed to expedite the Pancheshwar Multipurpose Development Project, pending for 17 years, which has the capacity to generate 6,720 MW of hydropower along with increased irrigation facilities. The first meeting of the governing body of the Pancheshwar..

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US providing USD 402mln to Nepal Tuesday, September 23rd, 2014

KATHMANDU: The United States has agreed to provide a financial support of USD 402 million to Nepal in the next five years. The funds, which will be channelised through the U.S. Agency for International Development (USAID), will be used to reinforce recent gains in democratic processes such as..

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GMR signs agreement to build 900-MW hydel project in Nepal Monday, September 22nd, 2014

KATHMANDU: GMR Group on Monday announced the signing of an agreement with the Nepal government for development of the 900 Mega Watt Upper Karnali hydro-electric project, in what could be the country's largest foreign direct investment and GMR Group's largest investment outside India. The..

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Finance Minister Directs revenue staff

CHITWAN: Finance Minister Dr. Ramsharan Mahat has directed revenue staff to engage in revenue collection with strong measures. Inspecting the Inland Revenue Office, Bharatpur, he directed the staff to bring new tax payers to tax net and honor old taxpayers. Directing to undertake audit works..

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