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The inquiry commission formed by the government to probe the issues of loan shark victims is preparing the necessary paperwork to start the field study. A Cabinet meeting on April 3 had formed the commission under the leadership of the former Chairman of the Special Court, Gauri Bahadur Karki. Former Assistant Inspector General of Nepal Police Uttam Bahadur Subedi and former Deputy Attorney General Ganesh Babu Aryal are the other members of the commission. The cabinet meeting also decided to establish the office of the high-level commission in Janakpur, the capital of Madhesh Province, as it will be easier for the victims to share their problems. Most of the loan shark victims are from districts of the Terai region. “We are preparing the complaint form to be filled by the loan shark victims,” said a member of the commission. “We will soon open the office in Janakpur and start receiving complaints.” The commission member also said that during the investigation, the money lenders would also be given the right to provide their explanations regarding the complaints of the victims. “In order to take complaints, we also have plans to open complaint desks in different districts as well,” the member said. The commission has been given a three-month deadline to prepare a concrete and practical report and recommend solutions to resolve the problems of loan shark victims. The government’s decision came two days after it reached a five-point agreement with a group of loan shark victims on April 1. The two sides also reached an agreement to expedite the process to amend the laws to criminalize unscrupulous lending. They also agreed to recommend to the government the formation of a district-level coordination/facilitation committee led by the chief district officer to address complaints related to loan sharking. A senior official of the Home Ministry said that the Law Ministry is drafting an amendment law that would criminalize loan sharking, a promise that the government made to the agitators. Currently, loan sharking is essentially categorized as an offense under the civil code. In this condition, the victims have to fight the deep-pocketed loan sharks alone. However, the acts of blackmailing, extortion, and other exploitations in the guise of loan sharking fall under criminal offenses. A report prepared by a task force formed by the government last year after a similar agitation launched by loan shark victims pointed out how the case filed by the loan sharks against the borrowers put the borrowers at a disadvantage. According to the report, loan sharks tend to file court cases based on the documents borrowers signed on terms dictated by loan sharks. As the loan sharks seek to recover the loans legally, the victims are often denied access to the court process. Even though the state has guaranteed people’s access to legal services for free by introducing a law, the loan shark victims are unaware of such provisions, according to the report. While a group of the loan shark victims returned home after signing an agreement, another group of victims hit the streets of Kathmandu. The government is negotiating with them too to address their demands.  

Commercial banks have decided to reduce the interest rate on fixed deposits to single digits. A meeting of the Nepal Bankers' Association (NBA) on Wednesday decided to lower the deposit interest rate effective from April 14, the Nepali new year 2080 BS. Over the past year, interest rates have been a subject of much debate and controversy with the business community, in particular, blaming high borrowing as one of the main reasons for the current economic slowdown in the country. In March, NBA fixed the interest rate on fixed deposits for individual depositors at 11 percent. Under huge pressure from the private sector, the association of bank CEOs has decided to reduce it to 9.99 percent for individual depositors effective from the new year. Similarly, the interest rate for institutional deposits will come down to 7.99 percent from the current 9 percent. The NBA has decided to reduce the interest rate of institutional and individual term deposits by 1.01 percentage points. Similarly, interest rates on savings account deposits have been set at a minimum of 5.40 percent to a maximum of 7.40 percent. Currently, the interest rate for savings account deposits ranges from a minimum of 6 percent to a maximum of 8 percent. Likewise, the interest rate on call deposits has been lowered to 2.7 percent from 3 percent at present. With this decision of the bankers, the interest rates on deposits will come to single digits after 11 months. The deposit interest rate was 9.96 percent in May last year which increased to 10.12 percent in June. The interest rate on deposits kept on increasing until January this year. Since January, banks have been lowering deposit interest rates for each month except for March. Considering the severe shortage of investment-grade liquidity in the financial system seen since last year, interest rates on both deposits and lending kept on rising. With the liquidity situation easing in the past 5-6 months, banks are in a better position in terms of liquidity management. The high interest rate has increased the cost of funds for banks. In addition, the demand for loans declined sharply as economic activities slowed dramatically. Currently, banks have around Rs 200 billion of investible funds. Lending rate also to decrease The lending rate is also expected to come down after NBA slashed interest rates on deposits. The cost of funds banks is high due to the interest rate of deposits. In that case, if the cost comes down, the base rate will also be reduced, and thus, the lending rate will decrease automatically. However, it may take some time before the lending rate comes down. Bankers say the lending rate will be set according to the previously reduced deposit interest rate for now. Banks have been calculating the base rate on a quarterly basis. and the last quarter of the current fiscal year starts from Baisakh. This way, the effect of the interest rate cut in Baisakh will be seen in Shrawan (July-August). The banks will also have to reduce the spread rate to 4 percent by the end of Ashad (mid-July) which is currently 4.4 percent. The Nepal Rastra Bank has instructed the banks to lower the spread rate to 4.2 percent by the end of Chaitra (mid-April) and 4 percent by the end of Ashad. As a result, bankers say that the lending rate will decrease. The private sector has been demanding to slash the interest rate. In response, the government has said that the demand of the business community will be met. Speaking at the 57th General Assembly of the Federation of Nepalese Chambers of Commerce and Industry on Tuesday, Prime Minister Pushpa Kamal Dahal and Finance Minister Dr. Prakash Saran Mahat also assured to reduce the interest rate. However, on the same day, NRB Governor Maha Prasad Adhikari said in a press meet that the interest rate will be determined by the market and not by the central bank.

The gold is being traded at Rs 110, 800 per tola in the domestic market on Thursday. According to the Federation of Nepal Gold and Silver Dealers’ Association, tejabi gold is being traded at Rs 110, 250 per tola. Similarly, the silver is being traded at Rs 1,450 per tola today.

Prime Minister Pushpa Kamal Dahal said that the decision on the appointment of the chief justice will be made soon. He said so during a meeting with the officer bearers of Nepal Bar Association. Nepal Bar Association office bearers, former office bearers, various Bar chairperson of the Valley and office bearers were present in the meeting. On the occasion, Prime Minister Dahal lauded the role played by the Bar to protect democracy and constitution and to bring reforms in the justice system. During the meeting, the Bar office bearers drew the attention of the Prime Minister to appoint the chief justice by summoning a meeting of the Constitutional Council immediately. In reply, Prime Minister Dahal expressed his commitment to take an initiative to make a necessary decision on the issue. Earlier, the Bar had drawn the attention of the Prime Minister to take a decision on the chief justice within 10 days.  

The Ministry of Health and Population reported 121 new cases of coronavirus from across the country on Wednesday (April 12), against 106 cases on April 11, 124 on April 10 and 55 on April 9. Per the latest report of the ministry, 11 people are under treatment at intensive care units of hospitals in the country, whereas three are under ventilator support. The number of active coronavirus infections has reached 445, the ministry said on Wednesday, adding that one patient had died in the past 24 hours, making it the second consecutive 24-hour period that saw a coronavirus death. Keeping in view a steady rise in the number of coronavirus infections of late, ApEx talked to Dr Sher Bahadur Pun, chief of the Clinical Research Unit at Sukraraj Tropical and Infectious Disease Hospital, Teku about. Excerpts: Why do you think coronavirus is increasing lately? With the restrictions put in place across the world lifted, people are traveling. This has increased the number of infections. People have stopped wearing masks and taking other safety measures. Amid this, a new Omicron variant of coronavirus—XBB.1.16—has been spreading in India. Uninterrupted cross-border movement has been attributed to the rise in cases in Nepal. The XBB.1.16 sub-variant was confirmed in 10 of 24 swab samples of the infected on which whole-genome sequencing was carried out in Nepal recently. People having Covid-19 symptoms are not testing and isolating themselves. Election campaigns and rallies and religious festivals are being held in many places. All these are responsible for the increasing number of cases. How infectious is this variant? The new variant is comparatively less lethal. It spreads quickly but does not cause serious complications. However, people with underlying health conditions, the elderly population and individuals with respiratory conditions are prone to the infection and its severity. Runny nose, fever, sore throat, loss of appetite, abdominal discomfort and headaches are some of the symptoms of the XBB.1.16 variant. The hospital however has not seen a large number of cases. Though there are cases in the community, they have not reached the hospitals. Had there been severe infection, people would have visited the hospitals. Who could be under risk? Various reports suggest that this variant can evade immunity gained through vaccination. Patients with comorbidities such as elderly population, or with cardiac conditions, previous pulmonary issues such as asthma, tuberculosis, diabetic and chronic kidney disease patients are at high-risk of infection. There is no need to panic. We have had a mass vaccination program. Despite this, many have contracted the virus. However, one must continue to follow the Covid-19 appropriate behavior such as hand hygiene and masking. High risk population segments should take more precautions. What should be done to prevent infection? One must isolate themselves if s/he has symptoms of the disease and see the physician at the earliest to avoid any complications. It has been proved that vaccination prevents the severity of the infection. People must take booster doses of the vaccines apart from coronavirus appropriate precautions. People with comorbidities should take additional precautions. People should avoid congested, poorly ventilated spaces. They must wear masks. Those who have not received the vaccine should take the vaccine. What should be an individual and government’s role in controlling the infection? Precautions like handwashing, respiratory hygiene, proper ventilation at home and the workplace, and masking up in crowded places are crucial. An individual must practice them. These precautions will also shield individuals from the flu and other viruses. Caution should be taken while touching nose and mouth, and afterward. Those with symptoms of coronavirus must isolate themselves from others. The government must justify the importance of vaccines and vaccinate people.

Nepal reported 121 new Covid-19 cases and one death on Wednesday. According to the Ministry of Health and Population, 620 swab samples were tested in the RT-PCR method, of which 58 returned positive. Likewise, 1, 757 people underwent antigen tests, of which 63 were tested positive. The Ministry said that 81 infected people recovered from the disease. As of today, there are 445 active cases in the country.

Mahesh Paudyal is a Nepali author, translator, and literary critic, whose works vary from poems to novels to short stories, in both Nepali and English language. His first published writing was a poem called ‘O Chair, My Chair’, that came out in the year 1995. ‘My Share’, ‘Anamik Yatri’, ‘Sapanako Pul’, and ‘Tadi Kinarko Geet’ are some of his other notable works. Anushka Nepal from ApEx talked to Paudyal to know more about his writing journey so far. What pushed you to pursue writing as a career? I think it was my family background that got me interested in writing. My father was a teacher and he always encouraged me to read. Even my birthday gifts used to be books. My siblings were into literature too. Most of my father’s friends were writers or someone from a literary background. Growing up surrounded by these people has had the biggest influence when it comes to my career. But I didn’t come to that realization until I was done with high school. I used to write but not because I was interested in becoming a published author. I just loved to write. When I decided to pursue my bachelor’s in major English that was when I realized I wanted to become a writer. Your works vary from novels to poems to short stories. What genre are you the most comfortable with? I feel like writing stories is what I prefer the most, especially fiction. A part of it is also influenced by the fact that I teach literature at a university and I often discuss stories from the curriculum with my students. So, writing stories comes to me easily, be it short or long. That doesn’t mean I don’t enjoy working on novels and poems. But I think of myself as more of a storyteller than anything else. What books do you have on your to-be-read list? There are many. Being a teacher, I need to stay updated with new works that get published. Not that I don’t enjoy reading either but I think my teaching profession keeps me from slacking off. From my recent visit to Delhi, India, I have bought ‘The Seven Moons of Maali Almeida’ by Shehan Karunatilaka, and ‘Tomb of Sand’ by Geetanjali Shree, which I am looking forward to reading. ‘Shunya ko Mulya’ by Dr Nawaraj KC, and ‘Yashodhara’ by Hari Bol Kafle are also on the list. Are you working on something new? I’m currently working on publishing a short story collection. I have come up with plots for around 20 stories but I will choose around 15 of them to publish. It might take me a year or more to complete this work. I’m also in the process of publishing a poem collection, which will include poems from young and aspiring writers. Currently, I’m collecting and editing their works. The name of this collection will be ‘Extended Light’, which will hopefully be out around October 2023. Since you are also a translator, are there any books you would like to translate in either Nepali or English language? There are a few Nepali books, I think, that need to reach international platforms. One of them is ‘Sharanarthi’ by Krishna Dharabasi. It’s an incredibly well-written book that needs to be read by more people. It would be an honor to be able to translate this book. ‘Madhabi’ by Madan Mani Dixit is one of the best fiction written in the Nepali literature. I’m also quite interested in translating this book. As a literary critic, what improvement do you think Nepali literature needs? I think it’s necessary to preserve Nepali culture, tradition, and its uniqueness through our literature. We need to focus on highlighting our civilization, history, and things that can only be found in Nepal through our writings. I think that’s one thing we need to maintain in order to improve the current scenario of Nepali literature. Also, after the People’s Movement II, a lot of works that have come out are mission writings or propaganda literature. They are all based on current political or social scenarios, which might not be as relevant 20-30 years down the lane as it is now. We need to stop that. Writing should be relevant despite when it’s written. I think it’s time we move on from writing about political and social instability and focus on things that will not die down no matter how many years have gone by. Paudyal’s picks The Seven Moons of Maali Almeida by Shehan Karunatilaka  The Booker Prize 2022 winner written by the Sri Lankan writer Shehan Karunatilaka is a satirical book. It’s actually historical fiction based on the murderous mayhem during the civil war in Sri Lanka. Shunya ko Mulya by Dr Nawaraj KC ‘Shunya ko Mulya’, written by Dr Nawaraj KC, is based on the gruesome reality of women living in Karnali, including but not limited to the suffering and health issues they endure. Tomb of Sand by Geetanjali Shree Tomb of Sand is a Hindi-language novel by Geetanjali Shree, whose English translation (translated by Daisy Rockwell) won the International Booker Prize in 2022. Yashodhara by Hari Bol Kafle Yashodhara by Hari Bol Kafle tells the story of Yashodhara, wife of Siddhartha Gautama, and the sacrifices she’s made in his journey to become the Buddha.

Three Sherpa climbers have gone missing near the Mt Everest Base Camp. The incident occurred while they were heading towards Camp 1 from the base camp. A source at the Tourism Ministry said that Dawa Tshiri Sherpa, Pemba Tenzing Sherpa and Lakpa Rita Sherpa of Theso, Pasanglhamu Rural Municipality went missing after being buried by a mound of snow. Details about the incident are yet to come.