CHIEFS OF ALL FOUR SECURITY AGENCIES ABROAD AT SAME TIME

CHIEFS OF ALL FOUR SECURITY AGENCIES ABROAD

Kathmandu, 2 Nov.: Chiefs of all four state securities are abroad in a race coincidence.
Army Chief Gen. Chatraman Singh Gurung is visiting China.
IGPs of Nepal Police and Armed Police Force (APF) are in
Vietnam where they’re attending an annual general assembly of
Interpol.
Chief of Investigation Department left for a China visit Tuesday.
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NEPALI STUDENT KILLED IN US CAR CRASH
Kathmandu, 2 Nov.: Nepali student Mukesh Dangi, 24, of Chainpur,
Sankhuwasabha died Monday in a car crash at Ohio in USA, radio reports said.
He died on the spot
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•

LAINCHAUR-THAMEL ROAD EXPANDED BY
5 METERS


Kathmandu, 2 Nov.: One month after it started demolishing green islands and lane dividers at several places in the Capital, Metropolitan Traffic Police Division on Tuesday widened the Lainchaur-Thamel road, The
Kathmandu Post reports.
The boundary of Lainchaur-based office of Social Welfare Council was bulldozed to expand the road by five metres.
Traffic Division Spokesman SP Jagat Man Shrestha said the narrow road in the turning was causing bottlenecks. Taking SWC into confidence, the road was widened. However, a temple is left in between the road and it will be transferred to other place, he said.
Traffic Police have already broadened out the road at Tinkune, Minbhawan and Kalimati areas by clearing the islands.
Meanwhile, the decision to narrow footpaths has drawn severe flak from nvironmentalists, who say the move will add to the traffic woes.
Similarly, many locals have complained that the widened roads are left uncared for, affecting public movement.
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FNCCI DEMANDS STERN ACTION AGAINST VAT EVADERS



Kathmandu, 2 Nov.: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has demanded that the government bring value added tax (VAT) evaders to book, The Kathmandu Post reports.
Making public its position after the government published the list of firms being probed in the VAT evasion scam, the FNCCI stressed that all taxpayers are liable to pay tax within the stipulated time as per the existing laws.
The apex body of the private sector, in a statement, demanded that the government take stern action against tax evaders and promote fair business culture. “FNCCI wants to establish its value that action against tax evaders or those involved in irregularities should be taken as per the existing laws,” read the FNCCI statement. “Hence, any individual or a firm involved in tax evasion deliberately or running illegal business should not be spared.”
FNCCI, however, drew the government’s attention to the trend of putting all businessmen into the same basket. “If the entire business community is generalised as tax evaders, it might hurt the overall national economy and discourage fair industrialists,” states FNCCI. “The government’s move to make public the names of the firms that are currently under investigation and those who have appealed for review has promoted the trend of terming businessmen guilty even before the final judgement.”
The government on Sunday had made public the names of some firms that are being probed in the much talked-about Value Added Tax (VAT) evasion scam. The Finance Ministry had made available the report of its investigation as per the directives of the National Information Commission (NIC). However, the revelation created confusion instead of bringing to an end the curiosity surrounding the scandal, especially after the report included names of those taxpayers who have either already received clean cheat from the Inland Revenue Department (IRD) or already paid fines slapped by IRD.
Had there not been loopholes in the country’s tax system, administration and management, tax evasion of this proportion wouldn’t have taken place, argued FNCCI. “This episode has pointed out the need for overall reform of the revenue administration,” states FNCCI.
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B’DESH IFIC BANK TO ACQUIRE MAJORITY STAKE IN NB BANK


Kathmandu, 2 Nov.: International Finance Investment and Commerce (IFIC) Bank, a Bangladesh-based commercial bank having a minority stake in Nepal Bangladesh Bank (NBB), is all set to acquire the entire promoter holding in NBB, The Kathmandu Post reports.
Among others, two major promoter shareholders—Nepali business house NB Group and Bangladesh-based Bank Asia— are selling their stake to IFIC. After acquiring the shares, IFIC plans to increase its stake in NBB to 51 percent from the existing 10 percent.
Currently, Nepali promoters, including the NB group, hold 26 percent stake and Bank Asia holds 15 percent in NBB. Once the deal completes, IFIC will have 51 percent stake in NBB, while rest of the shares will be owned by the general public.
“Nepali promoters and IFIC representatives signed a Memorandum of Understanding to this effect before Tihar,” said Laxmi Bahadur Shrestha, an NBB board member. “It has been planned to complete the Due Diligence Audit (DDA) within 90 days to determine a reasonable price of the bank’s shares.” IFIC will appoint a consultant for carrying out the DDA.
With this development, the NB group, which once promoted four financial institutions, including NBB, will hold shares only in Nepal Credit and Commerce (NCC) Bank. The group holds about 10 percent stake in NBB.“”Henceforth, all our attention will go to better NCC Bank”” said Shrestha, who is also the managing director of the group.
Earlier, attempts had been made to merge NBB and NCC Bank. But the process did not move ahead.“”As a good group sought to acquire the majority stake, we opted to sell our shares for the bank’s betterment”” said Shrestha.
IFIC had been trying to increase its stake in NBB since last year. It had proposed the Nepal Rastra Bank that it was ready to acquire the shares held by Bank Asia.“”Lately, IFIC representatives were telling us that they want to hold a majority stake in NBB and run the bank smoothly”” said a senior NRB official.
After its commitment to increase holding in once troubled bank, the central bank had asked IFIC last month how they could hold a majority stake in the bank. Then, the Bangladeshi bank intensified efforts to acquire entire promoter holding in NBB.
IFIC Bank, a joint venture between the Bangladeshi government and the private sector, was set up in 1976 as a finance company and was upgraded into a full-fledged commercial bank in 1983. The Bangladeshi government now holds 32.75 percent stake in IFIC.
With IFIC acquiring the entire promoter holding in NBB, the latter will be another joint venture bank in which foreign banks hold a majority stake. As of now, there are five joint venture commercial banks in Nepal. After the government opened the door for foreign banks to enter Nepal in joint venture in mid-80s, Nepal Arab Bank (now Nabil Bank) was the first of the kind in the country. After Nabil, the country saw entry of other joint venture banks, including Standard Chartered, Himalayan, Everest and Nepal SBI Bank.
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