Nepal Today

Wednesday, June 19, 2013

GOVINDA DAS UPADHAYA CEO OF JYOTI BIKASH BANK Kathmandu, 20 June: Govinda Das Upadhaya has been appointed CEO of Jyoti Bikash Bank. He has worked in Citizens Bank International, NIEC Bank and NB Bank. Nnnn 400 NEPALI PILGRIMS OUT OF CONTACT IN INDIA Kathmandu, 20 June: More than 400 Nepali pilgrims en route to Badrinath and Kedarnath in Uttarkhand are out of contact because of continuous flood and landslides, Debendra Bhattaraai writes in Kantipur from New Delhi. An estimated 60,000 Indian and Nepalis on a pilgrimage in that area. Aerial evacuation was initiated by Indian government Tuesday after concerns were expressed on their condition. Nnnn GOVT. CHIEF TO OVERSEE DEPLOYMENT OF INTELLIGENCE OFFICIALS Kathmandu, 20 June: Government chief will head a body that will oversee the deployment of intelligence officials, Sharoj Raj Adhikari writes in Kantipur. The move comes after questions were raised on effectiveness of the National Investigation Department which looks after intelligence. The cabinet recently formed a directive committee under the government chief. Defence and home ministers are in the body with chief secretary as member-secretary. nnnn SENIOR CHINESE OFFICIAL COMING Kathmandu, 20 June: State Councilor of China Yang Jiechi will be arriving here on June 25 on a two-day official visit, officials said on Wednesday. He will be the first high-level foreign dignitary to visit Nepal after the formation of the Interim Election Government under Khil Raj Regmi, Anil Giri writes in The Kathmandu Post.. Yang was supposed to begin his visit on May 18 but it was postponed due to the visit of Chinese President Xi Jinping abroad. Yang is a well known Nepal hand in Beijing and looks after foreign policy matter as State Councilor. He had visited Nepal in 2008 in the capacity of Foreign Minister. Officials said that Yang, who is leading a 20-member high-level delegation, will be holding talks with Foreign and Home Minister Madhav Ghimire and others during the visit. He is also scheduled to meet with Chairman of Interim Elections Government Khil Raj Regmi and top leaders of the major political parties. Yang is likely to meet President Ram Baran Yadav if the latter returns from Japan within June 24 after his medical treatment, said a senior Foreign Ministry official. A diplomatic source said Yang’s visit has two purposes. The first one is extending full Chinese cooperation to the ongoing political process and support to the election process. Second, he will seek more avenues here for Chinese investment and Nepal’s firm stand on one- China policy across the government as well as at various party levels. Nnnn NO CHANGE IN VAT REGIME Kathmandu, 20 June: The private sector’s demand for multiple value added tax ( VAT ) rates will not be addressed in the upcoming budget. The government is also not keen on increasing the VAT threshold, The Kathmandu Post reports.. Finance Minister Shankar Prasad Koirala on Wednesday made it clear the new budget will neither change the VAT threshold, nor will it introduce multiple VAT rates. “The government is not in a position to make changes in the VAT regime,” said Koirala at a pre-budget discussion organised by the Confederation of Nepalese Industries (CNI) here. The existing threshold for VAT registration is Rs 2 million, and business entities will annual turnover below the threshold is exempted from VAT which stands at 13 percent. The private sector has been demanding multiple VAT rates arguing it would enable the government to mobilise more revenue by plugging under-invoicing problem, among others. Koirala, however, said the government will address issues related to tax. He said the budget for the next fiscal year will focus on development. “Although there are elections next year, the full-fledged budget will focus more on development expenditure,” he said. Stating the private sector has a significant role in developing the country’s economic status, he ensured the budget will try to incorporate the private sector’s concerns as much as possible. CNI President Narendra Kumar Basnet said the government has to focus on investment promotion, export promotion and import substitution. “For this, the budget should be private sector friendly,” he said. CNI President Emeritus Binod Chaudhary said sectors like industry, energy and tourism could not flourish as they have been “entrapped by revenue and remittance”. nnnn


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