MAN SLASHES WIFE’S THROAT TO KILL HER Kathmandu, 20 Jan.: A husband killed his wife Saturday in Dailekh of slashing her throat. Shire Kami of Tilijaisi VDC killed his wife Namsara Karki, 29. The man has been arrested. nnnn. NRB C0NSIDERS TOUGHER ACTION TO FIGHT FINANCIAL FRAUD Kathmandu, 20 Jan.:- The Nepal Rastra Bank (NRB) has initiated homework to amend the Banking Offence and Punishment Act 2008 to update it as per the changed context, Pritivi Man Shrestha writes in The Kathmandu Post. . Over the last five years, there has been an increase in banking offences along with the proliferation of banks and financial institutions (BFIs). As a result, a few dozen BFI officials, employees and their customers have been imprisoned on charge of banking offense. The central bank has sought advice from stakeholders concerned, including its own departments, Nepal Bankers’ Association, Development Bankers’ Association of Nepal and Finance Companies’ Association of Nepal, Office of Attorney General and Nepal Police, according to an NRB official. “We have started getting response from the stakeholders and we will draft the Act after collecting their opinions.” Another central bank official said the revision of the Act was necessary to address the newer ways of committing banking frauds emerging lately. The official, however, did not specify the method of crimes that the current Act could not address. “We are in the process of figuring out the new areas that the revised Act should address,” said the official. The existing Act has identified 14 activities as banking offense. They include unauthorised demand of cash payment; obtaining/issuing cheques in an unauthorised way; unauthorised withdrawal through both manual and electronic methods; providing loans based on faulty documents with ill intention; and misuse of credit. Other banking offense activities are misuse of financial resources of BFIs by directors and chief executives; stopping loan instalments to projects without sufficient reasons; forgery of bank documents; false valuation of collateral; and providing goods and services free of charge that causes loss to BFIs. An NRB official said there taking action against those committing financial crime — be it director, CEO, employee or borrower — is must. In its suggestion, the Office of the Attorney General has asked the central bank to revise the Act in such a way that the perpetrators are sentenced based on the degree of offense they are involved in, the official said. Nepal Bankers’ Association President Rajan Singh Bhandari said the revised Act should make all those involved in the decision making responsible, not only the chief executive officer, for whatever wrong happens in the bank. Police said the revised Act should make all stakeholders responsible in the investigation process. Chief of the Central Investigation Bureau (CIB) of Nepal Police DIG Kesh Bahadur Shai said more responsibility is being shouldered by police and NRB currently. Nnnn NTA TO IMPLEMENT TAC PROVISION Kathmandu, 20 Jan.:- The Nepal Telecommunications Authority (NTA) has said it will strictly implement the provision of type approval for the import and sales of cell phones. Many brands, including internationally recognised Apple, Sony and HTC, and are being sold freely without certification from the NTA, The Kathmandu Post reports.. As per Telecommunication Act 1997, mobile traders are required to acquire type approval certification (TAC) from the authority before importing any model of handsets for sales in the local market. However, despite repeated calls from the government, dealers involved in trading of such unapproved sets are not bothered to follow rules. “Importers have to comply with the law that bars trading of unauthorised cell phones,” said Kailash Prasad Neupane, spokesperson for NTA. He said the authority could seize such sets from the market if dealers keep on neglecting the request to abide the law. TAC, made mandatory since June 2008, is granted to cell phones that meet the regulatory, technical and safety requirements set by NTA. On Friday, NTA issued a public notice warning mobile traders to acquire TAC for each models of cell phones or face action. The move is targeted at bringing famous brands under the legal frame and discouraging illegal import and sales of poor quality handsets. NTA officials said the number of brands and handset models receiving approval has increased in the current fiscal year, but still some big brands including Apple, HTC and Sony were being sold without government permission. As of mid-November last year, around 800 models of over two dozen brands received the certification. “The market is witnessing illegal import of handsets and unauthorised products are being sold through showrooms due to NTA’s failure to monitor the market,” said an official at NTA. He added an estimated 30-40 percent of the local demand was being met by handsets that enter through grey channel. Even mobile dealers admit that over 30 percent of demand was met by smuggled handsets from neighbouring countries. Purushottam Basnet, president of Mobile Traders Association of Nepal, said import through t6he legal channel increased to around 2.5 million handsets annually which is around 70 percent of total demand of the domestic market. “Famous brands like Apple and HTC have a negligible market as they are high-cost low-demand products,” said Basnet. He added although such brands are known for quality globally, it is NTA’s duty to make them comply with the country’s law through market survey and easing paperwork required for TAC. Traders have not been able to acquire authorisation (a requirement for receiving TAC) as local dealers from manufacturers like Apple due to the small size of the Nepali market, according to traders. This has resulted in illegal import and sales due to growing demand from a segment of customers who can afford such products. nnnn