RULING PARTIES OPPOSE UNMN EXTENSTION

Kathmandu, 25 Dec.: A meeting Saturday of ruling parties Saturday opposed the extension of the tenure of UNMIN after 15 January 2011.
Prime Minister Madhav Kumar Nepal convened the meet.
Maoists called for the extension for another six months.
More than 19,000 former Maoist fighters should be brought under the command and control of the special committee headed by the premier, the parties said.

TOP NAC EXECUTIVES BOOKED

Kathmandu, 25 Dec.: Executive Chairman of Nepal Airlines Corporation (NAC) Sugat Ratna Kansakar was charged Friday by CIAA at Kathmandu’s special court for irregularities while ordering two aircraft from the Airbus.
Boeing of USA was attempting to sell aircraft to NAC as well.
Cases were also filed against Acting Assistant General Managers Raju Bahadur KC, Ganesh Thakur, Acting Director Gehendra Purush Dhakal, , Director Mayur Shumshere Rana and Acting Deputy Director Keshab Raj Sharma.
The six executives were charged for irregularly advancing Rs 57.3 million to the European aircraft manufacturer without approval of NAC board.
The anti-graft body has sought recovery of the full advance from them.
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MRP DISTRUBUTION FROM SUNDAY

Kathmandu, 25 Dec,: Foreign ministry will start distribution of machine readable passports (MRPs) Sunday.
The new passports will be issued to President Dr Ram Baran Yadav
,Vice-president Parmananda Jha, Prime Minister Madhav Kumar
Nepal, Speaker Subash Nemwang and Chief Justice Ram Prasad
Shrestha.
The foreign ministry started accepting applications for MRPs from 19 December.
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ADB LOAN FOR UPPER SETI

Kathmandu, 25 Dec.: Asian development Bank (ADB) has extended a
Rs 180 million load for the detailed engineering study of the 127MW Upper Seti Hydro Project.
A memorandum of understanding was signed by Finance Secretary Rameshwor Khanal and ADB Officr-in-Charge Yukihiro Shroishi
this week.
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FUTURE FOR CASINOS./
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Kathmandu, 25 Dec.: Plagued by a series of controversies—from illegally allowing entrance to Nepalis to delays in paying royalties to the government—the casino business in Nepal is at its lowest ebb. To say casinos in Nepal are battling for their survival after 45 years of operation would not be an understatement. Revenue enforcement agencies are after them, and so are hoteliers. Even the finance minister has openly said that Nepal doesn’t need casinos, Mukul Humagain writes in The Kathmandu Post.
Little wonder, the beleaguered owner of Nepal Recreation Centre that runs four casinos in Nepal, Indian national Rakesh Wadhwa is supposedly looking for buyers. And among the possible buyers are said to be Indian investors. “Wadhwa will sell his casino business if he finds good buyers,” said a source close to Wadhwa. “He will also clear the dues to the government.”
Wadhwa has been on the dodge since the police issued an arrest warrant against him. Sources say Wadhwa, who runs four casinos in Goa, is now planning to settle in New Delhi. “Wadhwa wants his exit to be honourable, hence he will pay the dues.”
The latest casino controversy has also brought the interest of Malaysian and Chinese casino operators to Nepal. Sources say some hoteliers are holding discussions with Malaysian and Chinese casino operators.
“The future of casinos looks uncertain,” said a source close to Wadhwa. “Casinos can be run without allowing in Nepalis, but the government agencies have increased their vigilance in the casinos.”
Wadhwa was brought in by R.D. Tuttle, the founder of the casino business in Nepal, as a financial controller. Within two decades, he rose through the ranks to become the boss. In a bitter battle, Wadhwa toppled Tuttle and took control of Nepal Recreation Centre in 2007.
When the government opened new licenses for casinos in the early 1990s, Tuttle opened casinos at the Hotel Everest, Hotel Annapurna and Hotel Yak & Yeti. The job of managing Casino Everest at the Hotel Everest was given to Wadhwa. His influence in the casino business increased when Tuttle asked him to manage the ailing Casino Royale in 1997.
Though the two-decade-old relationship between Tuttle and Wadhwa ended in 2007, Tuttle still holds a minority stake in NRC. When Wadhwa took over from Tuttle, seven casinos were under NRC. Now, only four casinos—Casino Nepal, Casino Anna, Casino Tara and Casino Everest—are under him. Wadhwa had lost control of Casino Royale and Casino Shangri-La as he didn’t show interest to pay the rentals to the concerned hoteliers. Gilt International, owned by Raj Bahadur Singh and Shailendra Shumsher Rana, is now running Casino Royale while the Hotel Shangri-La has taken control of Casino Shangri-La.
After losing Casino Royale, Wadhwa played his trump card by offering a 24 percent stake to the casino workers when the Hotel Hyatt tried to oust him from Casino Tara. But the move backfired against him. “Now the accounts have to be shown to the workers. The workers now question every purchase,” said the source.
Interestingly, the Maoist trade union that Wadhwa used as his strength against Tuttle has remained silent in his hour of crisis. When the then Home Minister Bamdev Gautam had tried to stop Nepalis from entering the casinos, the Maoist trade union had taken to the streets. “Things are different,” said Ramesh Babu Pant, chairman of the pro-Maoist All Nepal Hotel and Restaurant Workers Union. “Our position is that Wadhwa has to pay the taxes to the government.” Panta instead criticised Wadhwa for not promoting the casinos in the international market and allowing Nepalis to play there.
However, people close to Wadhwa charge the Maoists of playing a double game. According to sources, Wadhwa was confident that he wouldn’t be ousted from Casino Royale when the hotel management had initiated the process of changing the ownership of that casino. “He was shocked when Raj Bahadur Singh was welcomed by the same unions in whom he had so much confidence,” said source close to Wadhwa. However, Pant said that there was no point in protesting when a new management takes control in a legal way.
The Casino business started in Nepal in 1966 with Tuttle who had the close cooperation of the then royalty. Till 1990, no one dared touch the casinos due to the patronage of the then royal family. Even after 1990, the influence of the royal family was still there. However, Tuttle had to satisfy the political parties too. Hence, the business was never managed in a transparent and professional way.
When Wadhwa captured the casino empire, he also continued the same old practice, i.e., patronising the parties. And his closeness to the Maoists and his refusal to hire people from the ruling parties, especially the CPN (UML), has irked the present government, according to sources. After entering open politics, the Maoist trade union has virtually displaced the pro-UML union from the casinos. According to the source, there was a request from Home Minister Bhim Rawal to recruit “his men” in the latest recruitment drive of Casino Everest. “But only a few in Rawal’s list got jobs and most of those hired were Maoist nominees,” said the source.
“If Wadhwa is now at the receiving end, then a large part of it is due to his own management style and behaviour,” said one of his close confidants. “There was no one to run it in a corporate style, and Wadhwa also didn’t show interest in it.”
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POLICE INVESTIGATION TEAM LEAVES FOR INDIA

Kathmandu, 25 Dec.: Following the news of the murder of a boy after abduction nine months ago, a team has been sent Friday to India by the district police office, Nagarik reports from Charikot.
The team is led by Assistant Inspector Police Inspector Ajya Kumar
Singh.
The body of Sanjaya Mahara was found in Sitamadi.
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TRANSPARENCY NEW BUZZWORD

Kathmandu, 25 Dec.: Nepal Rastra Bank has issued guidelines for banks and financial institutions to cut the jargon and be transparent in matters concerning their services and service charges. The move is meant to ensure that BFIs do not dupe the unsuspecting customers with hidden charges they are not aware of, The Himalayan Times reports.

NRB’s directive regarding service and hidden charges wants BFIs to throw light on‚ and not hide‚ these charges. ‘Conditions apply’ and conditions written in fine print will not suffice. The BFIs have to publish the additional service and other charges‚ such as rate of penalties‚ as well as any limitations and conditions‚ on the BFIs’ websites‚ leaflets and brochures – in simple language free of banking and legal jargon.

Likewise‚ the BFIs have to publish the rate of interest for depositors and borrowers‚ fine interest‚ management fees and service charges in simple language on the BFIs’ websites‚ brochures and notice boards in their branches‚ so that a layman can easily comprehend the real earnings from the deposits and the real burden of borrowings.

Similarly‚ the directive has also tried to bring uniformity to the service charges being charged by BFIs while conducting collateral valuation‚ blacklisting‚ removing from blacklist‚ issuing cards and providing insurance. In essence‚ this means that service charges being charged from the customers by one BFI should not be higher than that of another.

BFIs will not be allowed to charge the customers while activating the inactive accounts. Due interest will have to be paid for inactive accounts as well. Moreover‚ the BFIs cannot reduce the balance from accounts as penalty for failure to maintain the minimum balance in the account.

“This will bring more transparency in the banking activities‚ as most of the time‚ customers never realise that they are being charged extra‚” said Gopal Kafle‚ NRB spokesperson.

“Due to additional and hidden charges the real interest for borrower turns out to be higher and for depositor lower. NRB guidelines will help customers take informed decisions‚” he added.

BFIs have also been directed to establish information and grievance-hearing desk to redress the woes of customers.
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