Submit your Article

The government has decided to enact a law to criminalize loan sharking activities. A meeting of the council of ministers on Tuesday decided to amend the existing legal arrangements to punish those involved in such acts. The enactment of the law will pave the way to file a case and pursue legal action against loan sharks. "It has been decided to include loan sharking in the Civil Code," said a minister, adding that a process to amend the law will be started soon. According to the minister, it has been decided to send the bill committee of the cabinet to complete the process of amending the law. According to the cabinet sources, some provisions of the Civil Code Act, and Civil Criminal Procedure Code Act, among others, have to be amended to criminalize loan sharking activities. A source at the Prime Minister's Office (PMO) said Prime Minister Pushpa Kamal Dahal had instructed to prepare the draft law for resolving the problems of people affected due to loan sharking and that a draft has been made ready. "Preparations are underway to give approval to the Ministry concerned to register a bill against usury in the parliament as the government has already prepared the draft law to address the demands of the usury victims," said the source. The government has also formed a committee to understand the problems of the victims of loan sharking who have been protesting in Kathmandu. The protestors returned to Kathmandu six months after signing a five-point agreement with the government in September last year after which they had ended their protest. The committee headed by Rudra Devi Sharma, joint secretary at the Home Ministry has Dil Kumar Tamang, under-secretary at Home Ministry, Umakanta Adhikari, under-secretary at the PMO, and Janga Bahadur Danga, under-secretary at Law Ministry as members. Once loan sharking is regarded as a criminal offense, the government will register cases and conduct legal fights against loan sharks. Currently, loan sharking is essentially categorized as an offense under the civil code, according to which the victims themselves have to engage in a legal fight against loan sharks.  

Nepal Rastra Bank (NRB) Governor Maha Prasad Adhikari and other high officials of the central bank have met with the country’s bankers to talk about the recent problems and contemporary issues in the banking sector. The meeting held on Monday went on for four hours and CEOs of all 21 commercial banks were present. The meeting was called at a time when the country's economy is facing multiple problems. The banking sector is currently reeling under high inflation, slow economic activities, and low demand for credit in the market. This situation has created difficulties for banks to recover their debts from borrowers. The non-performing loans (NPLs) of banks have increased sharply in the current fiscal year 2022/23. By the end of the first six months of the current fiscal year, the NPLs of commercial banks stood at 2.29 percent, a jump of 116 percent from 1.06 percent in the same period of the last fiscal year. Due to the increase in bad loans, the total provisioning amount of commercial banks has also increased to over Rs 29bn. As a result bank profits have also decreased. On top of that, protests against banks and financial institutions (BFIs) since January have worried bankers. Various groups are on the streets calling for non-payment of loans and loan waivers. There have also been reports about BFI employees getting assaulted in some parts of the country. According to Deputy Governor Bam Bahadur Mishra, the impacts of the country's economic problems and the incidents that have occurred recently were discussed with the bank CEOs. "By the end of the second quarter of the current fiscal year, NPLs of banks increased significantly and the third quarter is also ending soon. Protests against banks are also taking place. We discussed the ways to move ahead in this situation," he said. "However, the discussion did not reach any conclusion." Mishra started the meeting by presenting the current picture of the banking sector. The CEOs of all 20 commercial banks then presented their problems in turns, which was followed by the governor's speech. According to the bankers present in the meeting, Governor Adhikari did not offer any solution as to how to solve the current problems. "The issues were discussed for four hours. But there were no concrete words from the governor to come out of the situation," said a CEO of one bank. The governor tried to assure the bankers by telling them that there was no need to panic, as NPLs of banks in Nepal are still low compared to other countries. "Banks can return money to depositors even if they decide to withdraw all their deposit amount. The situation is not alarming even though the NPLs of banks have increased," Adhikari told the bankers. The bankers meanwhile asked for flexibility in the management of losses due to bad loans. They said the banks are not in a position to support borrowers from the current resources and the loan loss provision amounts are likely to increase further. They also urged the government to expedite spending to increase the flow of liquidity in the market. The bankers also asked the NRB officials for an alternative to raising the paid-up capital of banks. According to them, banks are still able to disburse loans easily on the basis of their capital levels. They demanded that banks should be able to increase paid-up capital through the issuance of rights shares and bonus shares. Governor Adhikari, however, did not address this issue. "His interest was in NPLs of banks. It seems the governor called this meeting just to boost our confidence,” said one bank CEO. “Nothing was promised."  

With the dismal growth and expansion of the manufacturing sector, Nepal has a very limited number of employers. According to the Population Census 2021, there are only 212,370 employers among people aged 10 years or above who are engaged in economic activities. The number of employers accounts for just 1.4 percent of the total economically active population who were involved in economic activities in the past 12 months before the census was conducted. According to the census, there are 14,983,310 economically active people engaged in certain economic activities over a year. “The low number of employers suggests that the country has failed to produce entrepreneurs adequately,” said a senior official of the National Statistics Office. “With the country failing to industrialize, the number of employers has also not grown." Manufacturing industries are considered mass employers but the share of the manufacturing sector in the country's gross domestic product (GDP) has been on the decline for the last several years. As per the Economic Survey 2021/22, the share of manufacturing in GDP stood around just six percent. The National Economic Census 2018 showed that the number of establishments in the manufacturing industry is 104,058 and this comprises 11.3 percent of all industries in Nepal. According to the Population Census 2021, among the employers, 160,292 are men and 52,078 are women. The largest number of employers are in Bagmati Province which is the center of the country’s major economic activities. The province has 70,289 employers followed by Koshi Province with 34,213 and Lumbini with 33,472. Then, the turn comes for Madhes provinces followed by Gandaki, Sudurpaschim, and Karnali as the number of employers comes down gradually. The number of employers is in line with business establishments and service providers in each province. According to the National Economic Census 2018, there were a total of 900,924 business establishments with Bagmati topping the list with 30.6 percent of enterprises being established in the province. There are 18.3 percent establishments in the second followed by Lumbini with 16 percent. The lowest number of business establishments is in Karnali where only 4.6 percent of total enterprises have been set up, according to the Economic Census. Most of Nepal's population engages in their own work. According to the population census, as many as 55.3 percent of the population aged 10 years and above who were involved in economic activities in the past 12 months, are engaged in their own work. The share of the population engaged in work for others stood at 28.6 percent. Bagmati once again tops in the number of people who work for others. As many as 36 percent of the total population aged 10 years and above, in the province work for others, according to the census.

Nayan Raj Pandey is a well-known writer who has made a significant contribution to Nepali literature. He has written several noteworthy books like ‘Ular’, ‘Ghamkiri’, ‘Loo’, and ‘Sallipir’, which explore themes like love, loss, and relationships. His writing style is descriptive, and reflects on the nuances of Nepali culture and society. Parusha Khadka from ApEx talks to Pandey about what goes on behind the writing process. What’s the story behind you being a writer? From a young age, I loved to read. I would spend most of my time reading books in the library. As I grew older, I realized that my love for literature was not just limited to reading. I wanted to be a writer. In fact, I was so inspired by the power of language and storytelling that I even sent poems to Radio Nepal, hoping to share my work with a wider audience. Also, I wouldn’t be the person I’m right now without my family’s support. Several relatives of mine come from the same background, and they have played a major role in nurturing my creativity and supporting my literary aspirations, for which I’m extremely grateful. What is your writing process like?  I have come to realize that I’m most productive in the afternoon, when the sun is shining and the day is well underway. I prefer to write on my laptop, which allows me to easily edit and revise my work. I try not to work during the night time, as I’m more creative and focused when I’m well-rested. Like every other writer, I presume, I look for a peaceful environment to write, where I can concentrate well and let my imagination run wild. Sometimes, I can write for 12 hours straight without taking a break. Sometimes, I get writers’ block, in which case I take some time off to relax and refresh my mind. What do you think is the most challenging part of writing? I have always challenged myself and pushed the boundaries of what’s expected in storytelling. I strive to create unique and original tales that stand out. This often means thinking outside of the box and exploring new/creative avenues that others might not have considered. As good as the idea seems, its execution is equally difficult. One of the biggest challenges I face is while developing characters that are not just relatable, but also distinct and memorable. I believe strong characters are the foundation of any great story, and I put a lot of effort into creating complex, nuanced, and at the same time, authentic individuals. Also, I think that storyline itself should be the driving force behind any writing. By developing a narrative that is compelling, emotional, and thought-provoking, I hope to create a work that not only entertains but also resonates with my audience on a deeper level. Among your own books/writings, do you have a favorite? I consider all my books to be like my children, and it’s difficult for me to choose just one. I believe that all of them have equal importance and value. Each one has a story to tell and a message to share, and I’m grateful for the opportunity I received to share them publicly. Whether a book is read by thousands or just a handful of people, the act of writing and storytelling is a meaningful and rewarding experience that I will always treasure. Are you working on anything at the moment? I will be publishing a novel soon. Since I’m always looking forward to pushing myself to do better, writing this novel is not going to be easy. But, I also know that nothing makes me happier than being able to do something new and create something different. I’m prepared to work hard and bring this book to life. What message do you have for readers looking to explore Nepali literature? For readers who are looking to explore Nepali literature, I would recommend them to start with novellas, or short stories. This will help them understand the themes and styles of Nepali literature. It will also help them find authors whose work resonates with them. I would also recommend readers to explore non-fiction on Nepali society and culture. Also, engage with authors on social media. Readers’ feedback is valuable, and works as an encouragement for every writer. Pandey’s Picks  Tyas Bakhat Ko Nepal by Sardar Bhim Bahadur Pande This book by Sardar Bhim Bahadur Pande contains stories heard/experienced by people during the last three decades of the Rana regime in Nepal. Modiaain by BP Koirala This is a novella written by BP Koirala where a mother narrates the story of Mahabharata to her son, from a woman’s perspective. It’s based on Hindu mythology and the analysis of Bhagavad Gita. Sipahiki Swasni by Mahesh Bikram Shah Sipahiki Swasni by Mahesh Bikram Shah depicts the story of a soldier’s wife. It’s set against the backdrop of the 10-year-long armed conflict in Nepal.

CPN (Maoist Center) leader Shiva Chandra Kushwaha joined the Janamat Party on Wednesday. He joined the Janamat Party by organizing a press conference in the Capital this afternoon. Kushwaha said that he joined the Janamat Party after he was ignored by the CPN (Maoist Center). He had filed nomination from the CPN (Maoist Center) in Bara 2 in the election to the House of Representatives held in November last year. He was defeated by a margin of 354 votes with Janata Samajbadi Party candidate Ram Sahaya Yadav. The by-election will held on April 23 in the vacant post after Yadav was elected as the Vice-President. After joining the Janamat Party, Kushwaha said that he would contest the by-election from Bara-2. Janata Samajbadi Party Chairman Upendra Yadav is preparing to contest the by-election in that region from the ruling alliance.    

The price of gold has increased by Rs 500 per tola in the domestic market on Wednesday. According to the Federation of Nepal Gold and Silver Dealers’ Association, the precious yellow metal is being traded at Rs 108, 500 per tola today. The gold was traded at Rs 108, 000 per tola on Tuesday. Meanwhile, tejabi gold is being traded at Rs 108, 000 per tola. It was traded at Rs 107, 500 per tola. Similarly, the price of silver has increased by Rs 10 and is being traded at Rs 1,365 per tola today.

Xiaomi Nepal has launched the featherweight Xiaomi 13 Lite. The flagship smartphone offers a flagship camera system with a dual front camera for masterpiece photos. The silky-smooth curved edges and immersive curved display add comfort to its featherweight slim design. The Xiaomi 13 Lite continues to have one of the slimmest and lightest smartphone designs in the industry. Its 6.55" curved display has a large viewing area, and much like Xiaomi 13 Pro, the display offers a premium and immersive visual experience. The 3D curved body design also provides a comfortable and pleasant hand grip, making the smartphone both look and feel slimmer. The Xiaomi 13 Lite is equipped with the Snapdragon® 7 Gen 1 mobile platform, the strongest Snapdragon® 7 processor to date with a 20 percent improved GPU performance and a 30 percent increase in Al performance. It also comes with a dedicated Lite-style heat dissipation solution, with improved cooling capacity and extra cooling for the dual front cameras. Equally powerful is its large 4,500mAh battery and 67W wired turbocharging, which can get power-hungry users through the most demanding days. “Keeping our philosophy alive, we at Xiaomi are focused on bringing top-notch technology innovations, coupled with supreme performance and incredible design for anyone who is looking to own an innovative product. Working around the idea, we have launched our Xiaomi 13Lite aiming to provide flagship capabilities packaged in an iconic design that is light and comfortable for the users pocket,” said Amit Panda, the country general manager of Xiaomi Nepal. The Xiaomi 13 Lite has a 50MP triple camera setup with the main camera sporting a flagship IMX766 sensor. The smartphone's strong computational photography capabilities powered by Xiaomi Imaging Engine, allow the phone to automatically focus on subjects in motion with eye-tracking focus and motion capture. The powerful operation efficiency also significantly enhances the responsiveness of the camera, snapping multiple shots through Lightning Burst with extreme speeds so you don't miss a moment. In addition to the powerful flagship-level rear camera setup, the phone also comes with a set of dual front cameras. The 32MP front camera captures crystal-clear selfies, while the 8MP front camera works as a depth sensor to provide additional depth information for natural looks in self-portraits. The Xiaomi 13 Lite also offers Dynamic Framing, which smartly detects the number of people in the frame, auto-adjusts the field of view, and zoom in or zoom out as appropriate, thus minimizing selfie distortion. The phone is also equipped with useful and fun features such as Selfie zoom, Pocket mirror, and Xiaomi Selfie Glow - all designed to enable taking high-quality selfies and video calls with ease. Selfie zoom enables the capturing of close-up details of up to 2x zoom. Pocket mirror comes in handy when you want to quickly check your natural look without carrying a real mirror around. Xiaomi Selfie Glow brightens up your shots and video calls, ensuring your face is seen even in dim environments. The phone has a curved 6.55" AMOLED display and features both Dolby Vision and Dolby Atmos, presenting users with a highly-immersive visual and audio experience. With a screen refresh rate of up to 120Hz and a touch sampling rate of 240Hz, the display offers flagship-level smoothness for content consumption and gaming.= The Xiaomi 13 Lite comes in two colors – Lite Blue and Lite Pink in two variants 8+128GB and 8+256GB. The 8+128GB and 8+256GB variants are priced at Rs 54,999 and Rs 57,999 respectively.

Prime Minister Pushpa Kamal Dahal has emphasized the need to develop a sense of responsibility and unity among citizens for national security. Addressing the concluding ceremony of the National Security Training organized by Nepal Army  on Tuesday, he said that the traditional concept of national security solely relying on military power has now become broader. "It is equally important to address sovereignty, national integrity, as well as the social, economic, cultural, environmental, and humanitarian aspects when it comes to national security," said Dahal. The prime minister emphasized that national security is crucial and sensitive, especially in the present context of Nepal. "The national security of every nation is directly affected by incidents occurring in the global context. This fact is even more significant for nations like Nepal," he added. Prime Minister Dahal said Nepal's political situation, increased military power of powerful nations in international and regional forums, competition and influence, climate change, and internal political complexities are security challenges for the country. “Global economic recession and its impact, extremist and separatist ideologies that threaten national unity and security, scarcity of skilled human resources, open borders, and potential cross-border offenses continue to be our challenges." According to Dahal, national security requires a gradual development and adaptation to changing circumstances, including the emergence of powerful countries on the international and regional stage, the rapid and complex development of information technology, and the evolving political, social, cultural, and economic sectors within the country. To develop a comprehensive national security system, the prime minister emphasized the importance of maintaining mutual harmony, tolerance, and solidarity among diverse caste, language, culture, and community within the country, while also protecting sovereignty, freedom, territorial integrity, and national unity. Dahal also stated that the National Security Policy, 2075 BS, has been implemented with the aim of strengthening the security bodies and promoting their competency, professionalism, and efficiency. He further stressed the need to timely assess challenges related to international and external security and to formulate and implement necessary policies such as defense policy, international security and public information policy, foreign policy, and finance policy. The prime minister also said that the Nepali Army has the capability to enhance its political, economic, diplomatic, communication, and military power through cooperation and coordination to address challenges and promote national interests.