Although I'm not a mother,

I have no doubt it has to be the hardest job on earth.

Some say little baby souls choose their parents,

and I must have been a wise baby soul because

I chose a wonderful momma.

She taught me to be a

strong

independent

kind

creative

thoughtful

passionate

&

loving

woman.

                                                            For this, I will forever be grateful.

Thank you, Mom.

                                                                              I love you.

Nepal's Position in Doing Business Index

Nepal has slightly improved its position from 108th last year to 105th this year in terms of business friendly environment this year compared to the last year, according to the Doing Business Index-2014 released by the International Finance Corporation and the World Bank. Nepal´ ranking in ´Starting a Business´ topic has also gone up to 97, compared to 103 last year. 

The report said the ranking was achieved by reducing administrative processing times at the company registrar and establishing data links between agencies involved in the incorporation process. Nepal has made registration process easier by introducing online registration.

Similarly, in terms of helping create a better environment for local entrepreneurs, Nepal ranks third in the eight South Asian economies surveyed, behind only Sri Lanka and the Maldives. 

According to the report, South Asia leads the world in implementing business regulatory reforms in 2012/13. Six of eight economies in the region completed 11 reforms simplifying the process of starting a business, strengthening access to credit, or easing the process for paying taxes. 

“A congenial business environment is important for Nepal´s economic growth,” Val S Bagatsing, IFC resident representative in Nepal, said, adding that they were encouraged by the rapid pace of reform in Nepal. “It will help the country attract more investment and create jobs.”

Singapore topped the global ranking for the seventh consecutive year.

Citizens Bank Won

Citizens Bank International claimed the title of Soaltee Crowne Plaza Super Sixes corporate cricket tournament, defeating Embassy of India by 17 runs in the final played at TU Cricket Ground, Kirtipur. Electing to bat first after winning the toss, Citizens Bank made 77/4 in the allotted five overs as man-of-the-series Bishal Bhattarai scored an unbeaten 48 runs off 17 deliveries. Bhattarai struck four sixes and four fours. Nabin Karki scored four runs. BR Launde, Sohan Patwal and Pankaj Singh claimed one wicket each for the Embassy team. Chasing the big target, the Embassy team could manage only 60/3. 

Non Performing Loans of Nepali Banks

A World Bank recent report unveils that Non-performing loans (NPL) of commercial banks have decreased to a 10-year low The report titled “Nepal Development Update” states that NPL of commercial banks came down to 2.5 per cent in FY 2012-13, the lowest in a decade. 

Loans not repaid timely are called NPL in financial sector. A sum of borrowed money upon which the debtor has not made his or her scheduled payments for at least 90 days. A nonperforming loan is either in default or close to being in default. If the debtor starts making payments again on a nonperforming loan, it becomes a re-performing loan.

Six banks reported NPL more than that of 3 per cent, of which only two had NPL in excess of 5 per cent. One of them is state-controlled Agriculture Development Bank Ltd. Eight banks recorded NPL below 1 per cent. Most of the remaining banks had NPL between 1 and 2 per cent. According to the report, two state-owned banks—Nepal Bank Limited and Rastriya Banijya Bank—appear to have achieved a significant turnaround in loan recovery.

The report said the banks’ loan exposure to real estate has decreased to historically low levels of 14.9 per cent from previous fiscal’s 17.1 per cent. 

All banks have met the minimum CAR of 10 percent (plus 1 percent buffer capital) except two state-controlled banks—Nepal Bank Limited and Rastriya Banijya Bank.

Their CAR also improved with NBL maintaining a CAR at negative of 0.5 percent from the negative of 5.5 percent a year ago, while RBB showing a positive CAR of 3.3 percent from a negative of 9.3 percent a year ago.

Banking access to Nepali people increasing

A recent report revealed that Nepal's 43 per cent population has access to banking services. This figure is based on the number of deposit accounts in commercial banks, development banks and finance companies compared to the population size. The figure may increase further if the deposit accounts with cooperatives, micro-finance and other financial intermediates are taken into account. In 2006, only 26 percent population had access to banking services.

The number of deposit accounts in A, B and C class banks and financial institutions (BFIs) stands at 11.40 million, according to the Nepal Rastra Bank (NRB). The number is 43 percent of the total population of 26.49 million as per Census 2012.

As the number of branches of A, B and C class financial institutions has reached 2469 (Mid-August), number of people opt for formal financial channel to economic transactions. The central bank has been encouraging BFIs to reach non-banked areas by issuing a directive which says banks can open their branch in the Kathmandu valley only after opening three branches outside the Kathmandu valley.

ATM Fraud

Technoligy-enabled banking frauds are being found committed in new ways in recent years and the trend is on the rise. The Nepal police arrested three people involved in recent ATM (automated teller machine) fraud case. The Central Investigation Bureau of Nepal Police has detained Kewal Pratap Rana of Lalitpur, Bir Bahadur Bohora of Badagaun, Salyan and Naresh Kumar Agrawal of Naxal, Kathmandu on the charge of withdrawing money from other people’s accounts by using fake ATM cards.

The bankers in Nepal are not in position to curbing the fraud case because looters are superior than the security measures applied by the banks. It is also difficult to resolve the issue as there is involvement of the bank staffers. There were a series of thefts at varied Banking and Financial Institutions including Kist Bank, H&B Development Bank, Himalayan Bank and Nabil Bank with the involvement of their present or former staffers.

Nepal Rastra Bank and the police have blamed a weak security system in the banking industry for the increase in such incidents. The central bank has issued many circulars ordering BFIs to strenghren their security system  and take measures to reduce operational risks. Recently, it asked them to maintain separate assessments of operational risks and submit a report.  

NRN Hotel in Nepal

The Non-Resident Nepalis (NRNs) are to collectively establish a deluxe five-star hotel in association with an international chain in Nepal.  The venue of the proposed hotel is yet to be finalized. 

The NRN Association continues to lobby for investment-friendly environment in the country.  The first meeting of newly elected executives of the NRNA on Friday has also decided to construct its own office building. The executive committee has made commitment of collecting Rs 20 million for the building. Ghale has pledged Rs 10 million for the project. 

A two day international convention and a two-day global conference of the NRNs concluded with 14-point declaration on Tuesday. 

New Bank Expansion Criteria Revised

Nepal Rastra Bank, the central bank of Nepal has changed the provisions regarding establishment of new bank branches or head offices in the Kathmandu valley. Henceforth, banks and financial institutions will have to open three branches outside the valley before they will be allowed to open one branch in the valley. Earlier, they were allowed to set up branches in the valley after opening two branches elsewhere in the country.

Among the three branches required to be opened outside the valley, one branch must be established in one of the 14 districts identified by the central bank as having a very low presence of banks and other financial institutions. These districts are Bhojpur, Okhaldhunga, Manang, Rukum, Salyan, Jumla, Mugu, Humla, Kalikot, Dolpa, Jajarkot, Bajhang, Bajura and Darchula. Previously, this list contained 17 districts. Similarly, of the two remaining branches, at least one should be located outside the perimeter of district headquarters or municipalities. 

Compulsory Lending for B and C Class

Nepal Rastra Bank haas ordered development banks and finance companies to raise the level of their lending to the productive sector to 15 and 10 per cent respectively by mid-2016. The productive sector includes agriculture, energy, tourism and small and cottage industries. The provision was only for commercial banks previously.

The provision of compulsory lending to the productive sector was made to ensure sustainable investment in the productive sector so that it would create employment opportunities within the country and aid poverty alleviation. Now the financial institutions have to prepare annual action plans to implement the directive and set half-yearly targets in a way that can be monitored. 

NRB has already directed commercial banks to increase their lending to the productive sector to 20 per cent by mid-July 2015. The central bank has also increased the required level of lending to agriculture and energy to 12 per cent from the earlier 10 per cent for commercial banks. However, A class banks have to maintain their lending to these two sectors at 10 per cent within the current FY according to the latest directive. NRB has also defined agriculture sector loan, energy loan, tourism sector loan, cottage and small industry loan which have been categorized as productive sector loans. 

Dr Chitra Wagle passed away

Chitra Prasad Wagle, who was undergoing treatment for appendix cancer at Dhapasi-based Grande International Hospital passed away today (12:05 pm). Earlier, in August, Wagle, was discharged from New Delhi-based Rajiv Gandhi Cancer Hospital, after 14 months long treatment.
Originally from Murgiya of Rupandehi district, Dr Wagle is credited for initiating round-the-clock service including emergency and other facilities in  the Arghakhanchi District Hospital. He was awarded the ‘Excellence in Health Service Award’ as a recognition of his round-the-clock dedication towards providing health services to the rural Nepali community.

This is a very tragic loss. Life is so mortal. It is very shocking and I have yet to come out of it. May God, the ultimate Master give courage and strength to the family, as I pray to God and join everyone around the world in these times of difficulties/pains.

My heart felt condolence to the family.

Educational Tip

Somewhere I read; I remember today it. It reads like:

Do not educate your child to be rich.  Instead educate your child to be happy, so, when he or she gorws up, he or she will know the value of things, NOT the price!

Fact!

Many people, especially, ignorant people, want to punish you for speaking the truth, for being correct, for being you. Never apologize for being correct, or for being years ahead of your time.  
If you are right and you know it, speak your mind. Even if you are a minority of one, the truth is still the truth.
I am doing so as I have faith on myself.

Happy Birthday Bijaya!

Happy Birthday Bijayaraj! On your birthday I remember you!

All those milestones come and gone. You are a big boy now. I feel a mix of emotions, which is usual for me. But I feel, more than I thought I would, a sense of loss.

Some three years have come and gone. Your presence in my life has been huge. 

Happy Birthday Bijayaraj!!! I love you more than you will ever know.  Not only in spite of your energy that is infinitely exasperating, but also- strangely, because of it. Life without you would seem just plain boring! Without you, I would never have occasion to utter the sentence "I hope your birthday cake doesn't taste too much like Caesar Salad. I think I got most of it off." 

Free MySpace Animations!

NRN Registration

Non-Resident Nepali Association (NRNA) has finally been registered at the Ministry of Foreign Affairs (MoFA) after a decade of its establishment. 

The general assembly of NRNA held in Kathmandu on Saturday had decided to amend its statute to comply with the definition of non-resident Nepalis offered by Non-Resident Nepali Act, 2008. With the amendment, one can claim an NRN status only after staying abroad for two years. 

After the Act was promulgated by parliament in 2008, NRNs had lobbied for giving Nepalis an NRN status if they stayed abroad for only six months. The issue of registration had been pending for the last five years as the government had refused to register NRNA going against the Act. 

Who will be the NRN President?

There is steep competition for the post of NRN President. Five candidates have filed their nominations so far for the post of the president. They are- Australia based Shesh Ghale, UK based Hitman Gurung, Germany based Ram Pratap Thapa, UAE based Rameshwor Shah and Korea based Tenzi Sherpa. There is no publication of results. 

My guess is Shesh Ghale. Lets wait for some more time!

Email ID with .............@googlemail.com

There are many Gmail tricks which can make you stand out of the crowd. How do you feel when someone says he has @googlemail address . If you are a Gmail user, even you have @googlemail address. When you signed up for Gmail address , with ..........@gmail.com you automatically get ...............@googlemail address. 

Suppose you have an email address with the name bijayaraj@gmail.com that means you also have an email address with bijayaraj@googlemail.com.

You can use these address to receive mail from your relatives and from others in different folder. You may opt for ............@googlemail.com address with your friends and very important messages and mails from relatives use .............@gmail.com, set a filter to receive messages from ............@googlemail.com domain to a separate folder. This will also help you to quickly read important E-mails if you receive lots of Email address.

Everest Insurance takeover

The Insurance Board (IB) has decided to take over the management of the Everest Insurance Company by dissolving its board and suspending its CEO, Kebal Krishna Shrestha.  It is the first time that the board has taken over the reins of any insurance company in the country.

Taking control insurer’s management, the board has also barred the company’s former chairman Rajendra Kumar Khetan and his family members as well as current board members, whom the board identified to have violated the directive of the board leading to takeover from the IB, from holding any position in the insurance company for the next five years.

The IB is sending a three-member team led by Chartered Accountant Santosh Prasai to take over the management of the insurer on Thursday. Other members of the team are IB’s Deputy Director Kundan Sapkota and Assistant Director Om Bahadur Adhikari.

The board has also formed an advisory committee headed by Suraj Bikram Shahi, an insurance expert at the IB, along with another expert Bhoj Raj Sharma. Other representatives will be appointed later as required, to work as board of directors in the company.

Everest Insurance plunged into trouble after the then management paid a claim worth around Rs 40 million to Himalayan Snax, the manufacturer of Mayos noodles, without receiving the final report from the surveyor. The IB then slapped a monetary fine on the company and stopped the company from taking in insurances against fire. In response, the company stopped the entire business.

After the company was found guilty of honouring the claim through illegal settlement, the regulator had initially barred the company from issuing new policies. However, the IB later on limited its action against the company to restrict it only on the fire insurance after its employees resorted to protest, disrupting the company’s settlement work.

Bye bye Dashain

Dashain is the biggest festival for Nepali Hindus. It has a great social, cultural and economic significance in our society. All the ethnicities and communities take it as a festival of family reunion. 

Economists say that around one third of the total economic transactions are done during this festival. The fact that the advertisements done in the months of September and October equals that of the remaining 10 months proves that. Nepalis working abroad and even those involved in different professions across the country send their income home during Dashain. The Nepal Rastra Bank (NRB) made arrangements for exchanging new currency notes of different denominations worth Rs 35 billion for this Dashain. This shows the extent of rise in economic activities during the festival.

Dashain also has social and cultural significance. Nepal is an agriculture based country. The joys of farmers know no bounds when they bring the harvest home after a year of hard work. They consider the harvest as divine offerings and organize different pujas and celebrate the festival to express gratitude to the God. They exchange joy with the family members and neighbors. 

Dashain can also be taken as a festival of family reunion in Nepal as the family members and relatives who have reached far away come together to celebrate the festival. 
I hope to celebrate dashain next year. Now bye bye Dashain! 

Remittance goes up in Nepal

Nepal is third among the countries receiving the highest proportion of remittance in terms of gross domestic product (GDP) with the country receiving remittance worth 25 percent of GDP in 2012, according to a report made public by the World Bank (WB). African country Lesotho had also received remittance of 25 percent of GDP in 2012.

Nepal was fifth in the list in 2011.

Nepal received remittance worth 23.1 percent of GDP in the FY 2068/69 and 22.1 percent in 2069/70, according to the economic survey made public by Ministry of Finance (www.mof.gov.np). The country had received Rs 359.60 billion of remittance in 2068/69 when GDP was Rs 1.53 trillion while the figure was Rs 434.58 billion in 2069/70 when the estimated GDP was Rs 1.71 trillion.

Tajikistan topped the list in 2012 at 48 percent followed by Czech Republic at 31 per cent.

WB estimated the remittance inflow of developing countries to grow by 6.3 percent and reach US$ 414 billion in 2013.

China and India received around one/third of the remittance income of developing countries in 2012, according to WB.   India received remittance income of US$ 71 billion, China US$ 60 billion.

The total remittance income of the developing and developed countries reached US$ 550 billion in 2012.

Civil Bank merge plan

Axis Development Bank and Civil Merchant Finance Company have plan to merge with Civil Bank Ltd. The three financial institutions have signed a MoU to this effect. Both Civil Bank and Civil Merchant Finance are promoted by the Civil Group. Likewise, Axis Development Bank was formed a year ago, following the merger between Pashupati Development Bank and Udhyam Bikas Bank. After the merger, the total number of branches of Civil Bank Ltd will reach a total of 32 and the number of accounts will exceed seven million, according to a press statement issued by the bank.

Civil Bank has a paid up capital of Rs two billion, while the paid up capital of Axis Development Bank stands at Rs 718 million, and Civil Merchant Finance Company’s paid up capital is worth Rs 166 million.

Civil Bank will be the sixth commercial bank to undergo a merger. Two years back, Nepal Bangladesh Bank had to merge with Nepal Sri Lanka Merchant Banking and Finance. Last year, Machhapuchchhre Bank merged with Standard Finance. Likewise, in the last fiscal year NIC Bank and Bank of Asia Nepal merged to become NIC Asia Bank. Also, Global IME Bank that was formed after the merger between Global Bank and two finance companies—IME Financial Institution and Lord Buddha Finance—further merged with Social Development Bank and Gulmi Bikas Bank two months back.

The Nepali financial system has witnessed 18 sets of mergers since the promulgation of Merger Bylaws two and a half years back by the central bank.

Kist Bank Fraud

The Metropolitan Police Crime Division today arrested six people, including Rohit Lal Shrestha, 34, of Thamel, head teller at Thamel branch of KIST Bank Ltd., for defrauding the bank of NPR Eight million on August 26. Other arrestees are Laxman Adhikari, 26, of Gorkha, Prakash Nepali, 24, of Chitwan, Rameshwar Paudel, 26, of Nuwakot, Amrit Tamang Lama, 33, of Kavre and Krishna Sijwal, 44, of Pyuthan. The MPCD had constituted a probe team under SP Hari Bahadur Pal to look into the case after KIST Bank sought police’s help on the same day the incident occurred. 

According to SSP Bijaya Lal Kayastha, MPCD in-charge, Shrestha was the mastermind behind the fraud, hiring five people to execute it. Shrestha, who had been working at the KIST branch as head teller for three years, had hatched the plan to clear the debt he owed to various people and financial institutions. “As per Shrestha’s plan, Paudel made a call to the Thamel branch office asking for eight million rupees. He identified himself as Gyanendra Khadka, manager of the bank’s Kalanki branch, and informed that he was sending Nepali and Siljal there to collect the cash due to dearth of cash at the Thamel branch,” DSP Prajit KC said.

Police said they were investigating possible involvement of other bank staff in the loot. They have charged Shrestha and his accomplices with fraud.

The US Shutdown ends

The US Congress on Wednesday approved an 11th-hour deal to end a partial government shutdown and pull the world's biggest economy back from the brink of a historic debt default that could have threatened financial calamity. 

The White House budget office told hundreds of thousands of federal workers, the bulk of whom had been idle for the past 16 days, to be ready to return to work on Thursday. 

The standoff between Republicans and the White House over funding the government forced the temporary lay-off of hundreds of thousands of federal workers from October 1 and created concern that crisis-driven politics was the "new normal" in Washington. 

"It is one of the most shameful chapters I have seen in the years I've spent in the Senate," said McCain, who had warned Republicans not to link their demands for Obamacare changes to the debt limit or government spending bill. Polls showed Republicans took a hit in public opinion over the standoff. 

But Cruz, a Tea Party-backed senator with 2016 presidential aspirations, denounced the fiscal accord as a "terrible deal" and accused fellow Republicans of giving in too easily in their bid to derail Obamacare.

सिभिल बैंकमा दुई वित्तीय संस्था गाभिने

सिभिल बैंकमा एक्सिस डेभलपमेन्ट बैंक र सिभिल मर्चेन्ट वित्तीय संस्था गाभिने भएको छ। संस्था गाभने विषयमा बैंकका अध्यक्ष इच्छाराज तामाङ, एक्सिस डेभलपमेन्ट बैंकका अध्यक्ष विदुर धमला तथा सिभिल मर्चेन्ट वित्तीय संस्थाका सञ्चालक अरूणराज श्रेष्ठबाट सम्झौता पत्रमा हस्ताक्षर भएको छ।

मर्जरपश्चात बैंकको नाम सिभिल बैंक लिमिटेड नै रहने छ। हाल सिभिल बैंकको चुक्ता पूँजी रु. २ अर्ब रहेको छ। त्यसैगरी एक्सिस डेभलपमेन्ट बैंकको चुक्ता पूँजी रु. ७१ करोड ८१ लाख र सिभिल मर्चेन्ट वित्तीय संस्थाको चुक्ता पूँजी रु. १६ करोड ६५ लाख रहेको छ। हाल सिभिल बैंकको मुख्य कार्यलयसहित २० शाखा रहेका छन् भने एक्सिस डेभलपमेन्ट बैंक र सिभिल मर्चेन्ट वित्तीय संस्थाको क्रमशः १० र २ शाखा रहेका छन्। मर्जरपश्चात बैंकको कुल शाखा संख्या ३२ पुग्ने भएको छ।

घर जग्गासम्बन्धी अनुसन्धान

अनुसन्धानले काठमाडौंमा ५० लाख रुपैयाँभन्दा सस्तो मूल्यमा घर तथा अपार्टमेन्ट निर्माण गरे सहजै बिक्री हुने भनेको । 

काठमाडौं उपत्यकामा सञ्चालित ५० वटा हाउजिङ्ग प्रोजेक्टमध्ये २२ वटा र ६६ वटा अपार्टमेन्ट प्रोजेक्टमध्ये २२ वटामा यो अध्ययन गरिएको थियो ।

अपार्टमेन्टभन्दा हाउजिङ्गको बजारमा राम्रो रहेको अध्ययनले देखाएको छ । निर्माण भएकामध्ये ७६ प्रतिशत हाउजिङ्ग बिक्री देखिएको छ भने अपार्टमेन्ट ५१ प्रतिशत मात्र बिक्री भएको छ ।

निर्मितमध्ये ४३ प्रतिशत हाउजिङ्गको मूल्य ५० लाखदेखि १ करोडको बीचमा छ । २ करोडमाथिका हाउजिङ्ग ८ प्रतिशत मात्र छन् । त्यसैगरी, अपार्टमेन्टको हकमा ५० लाखभन्दा कमका ४६ प्रतिशत छन् भने २ करोडमाथिका ६ प्रतिशत मात्र छन् ।

डेपुटी गभर्नर महाप्रसाद अधिकारीले विगतमा बिनारिसर्च रियलस्टेटमा लगानी गरेका कारण राष्ट्र बैंकले हस्तक्षेप गर्नुपरेको बताउनुभयो । डेपुटी गभर्नर अधिकारीको टिप्पणी थियो, ‘महँगो मूल्यको प्रडक्ट वास्तवमा बिक्री गर्न कठिन पर्ने रहेछ भन्ने यो रिसर्चले पनि स्पष्ट पारेको छ ।’

जग्गा तथा आवास विकास संघका अध्यक्ष इच्छाराज तामाङले यो रिसर्चबाट हाउजिङ्गमा कुनै समस्या नदेखिएको र अपार्टमेन्टमा केही समस्या देखिएको हुनाले सबै पक्षले बाँकी रहेका अपार्टमेन्ट बिक्रीमा सहयोग गर्न आग्रह गर्नुभयो । ‘अहिले निर्माण भइसकेका अपार्टमेन्ट कसरी छिटो बिक्री गर्न सकिन्छ भनेर राष्ट्र बैंक, बैंक र सरकारले सहयोग गर्नुपर्‍यो’, उहाँको आग्रह थियो, ‘त्यसपछि बनाउने प्रोजेक्ट रिसर्चको सुझावअनुसार कम मूल्यका बनाइनेछ ।’

Hello,
i just joined blogger to blog. Please let me know some details how to blog.
Thank you