Submit your Article

Former Vice-President Nanda Bahadur Pun's advisor Geewan Gurung, who was arrested in connection with the 14 kg gold smuggling case, has been released on bail.

The Kathmandu District Court had ordered the government to release Gurung on Rs 1.5 million bail, a source at the Public Prosecutor’s Office said.

A team of the Central Investigation Bureau (CIB) had nabbed Gurung, Chairperson of Platinum College in Dillibazaar, Kalikasthan, from Samakhusi on February 26.

In the course of the investigation, he was found to be the architect of the smuggling of 14-kg gold from Dubai.

Police have arrested a person with an automatic weapon from the Supreme Court premises on Monday.

He is Deepak Khadka of Buddhashanti Rural Municipality-3, Jhapa district, said Superintendent of Police Nawaraj Adhikari, the spokesperson for the District Police Range Kathmandu.

"Police personnel on security duty at the Supreme Court took Khadka under control as he entered the court carrying the automatic weapon and handed him over to us. Investigation is on in this connection," Adhikari said.

The contribution of credit flow of the banks and financial institutions to the economic growth of the country has not been spectacular despite its volume being equivalent to the gross domestic product (GDP). 

At the ‘RBBL Management Conference 2024’, speakers noted that the credit flow from banks and financial institutions should go to the productive sector in a way to contribute to economic growth. 

Revenue Secretary Dr Ram Prasad Ghimire said the country was facing big challenges of increasing production and productivity and creating employment. According to him, economic development could not take place as per the target set due to low spending in capital formation.

Secretary Ghimire said although revenue collection was satisfactory compared to the country’s GDP, more resources were needed to realize Nepal’s higher development needs. 

He also underlined the need to transform the existing trade-based economy into a production-based economy. He stressed the need for the government to create an environment of trust for the private sector so that Nepal’s domestic production would increase and become competitive.

Also speaking on the occasion, Nepal Rastra Bank (NRB) Director Dr Prakash Kumar Shrestha said it was further difficult to understand government finances after the country moved to the federal structure. 

A huge sum of money has been dumped in the government fund, he said, adding it has contributed to bring contraction in the market demand. He expressed concern over increasing negativity towards banks and financial institutions in recent times. 

Director Shrestha claimed that the problem in the cooperative sector has affected the banks and financial institutions. 

He went on saying that the private sector has not become optimistic despite gradual improvements, including positive liquidity situation, good foreign exchange reserves and lowering interest rates. 

The economy has not witnessed anticipated reforms due to shrinking internal demand, short of workforce and fall in productivity, he added. 

Former President of Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Bhawani Rana empathized on increasing investment in agriculture, tourism, herbs and hydropower sectors, calling for the government to bring private sector friendly policy environment. 

Rana urged the government to hold adequate discussions with the private sector in determining plans in the next fiscal year’s budget. 

Ex-banker Parshuram Kunwa said increasing competition has helped the banking sector to nurture professionalism. He pointed out the need to think more about enhancing the quality of service to the customers. 

Kunwar said good practices at home and abroad should be adopted in addressing challenges surfaced in the banking sector. He recommended the banks and financial institutions adopting information technology and expanding investment in the field of innovation. 

Fin-tech expert Sanjeev Subba said cyber security challenges are increasing in the banking sector so investment should be mulled to avert such issues. 

He pointed out the need to develop infrastructure for information technology in public service delivery. 

According to the organizer Rastriya Banijya Bank, the conference has been organized to discuss the challenges facing the national economy and the banking sector among economists, banking experts and entrepreneurs and guide for sustainable banking development in the coming days.

Deputy Prime Minister and Minister for Foreign Affairs Narayan Kaji Shrestha said that Russia has agreed in principle to terminate the contracts of the Nepalis serving in the Russian army.

Speaking at a meeting of the House of Representatives, he, however, said that the modality is yet to be decided for the same.

“The Russian Foreign Ministry has informed that Russia is ready to terminate the contract of the Nepalis who want to come back to Nepal. But its modality is yet to be decided. The Moscow-based Nepali Embassy is constantly following up the issue. Earlier, yesterday, the names and photos of five persons held captive in Ukraine were released. We are making efforts to bring them back to Nepal,” the minister said.

Minister Shrestha said that the Russian government has started a process to compensate and provide insurance coverage to the deceased families.

He said that the amount will be deposited in the account of the Nepali Embassy and distributed to victims' families through consular department.

Nepali Congress lawmaker Kamala Devi Panta has been elected unopposed as chairperson of Development, Economic Affairs and Good Governance Committee under the National Assembly on Monday.

A meeting of the committee held today in Singha Durbar elected Panta as the chairperson. Chairperson of the NA, Narayan Prasad Dahal, administered oath of office and secrecy to newly elected Chairperson Panta.

On the occasion, NA Chair Dahal congratulated and extended best wishes to Panta. There is a provision in the National assembly Regulations that a NA member elected as Chairperson of the committee has to take oath of office and secrecy before the NA Chairperson. 

Soon after taking oath of office and secrecy, Chairperson Panta assumed office. The term of the Committee Chairperson is of two years.

On the occasion, Chairperson Panta expressed belief that she would play an active role to maintain good governance and effectively raise important issues including economic empowerment to achieve sustainable development goals and to reduce risks of climate change.

Saying good governance would not be promoted until corruption is reduced, she shared that the committee would be active for the same.

CPN-UML Lawmaker Sonam Gyaljen Sherpa has been unanimously elected the President of the Federation Strengthening and National Concern Committee under the National Assembly on Monday.

The National Assembly Chair Narayan Prasad Dahal administered the oath of office and secrecy to Sherpa.

Committee President Sherpa assumed office immediately after taking the oath.

On the occasion, he expressed the commitment to carry out works under his responsibility remaining within the parameters of the constitution.

Sherpa vowed to work towards formulation of the required laws and facilitating the same while in the committee which is taken as the 'mini parliament'.

The term of the Committee President is two years.

Ukraine urged Global South countries on Friday to do more to prevent their citizens from being recruited to fight for Russia in its war on Ukraine, presenting to the public what it said were eight prisoners of war from such countries.

Those people included five men from Nepal, and one each from Cuba, Somalia and Sierra Leone, according to Petro Yatsenko, a representative at the Ukrainian government’s Coordination Headquarters for the Treatment of Prisoners of War.

“By showing these citizens who are captured, we are saying that perhaps it is necessary to use more radical, more effective steps so that tens, hundreds of these people won’t be conned by agitators,” he told reporters in Kyiv.

“If we take a country with a low level of income per population, there is a high probability that some citizens of that country may be recruited by Russia and used as storm-troopers, cannon fodder,” Yatsenko said.

Last week, India said it uncovered a major trafficking network which it said lured young men to take jobs in Russia before sending them to the front. In December, Nepal said it asked Moscow not to recruit its citizens into the Russian army and to send back any Nepali soldier serving there.

“As long as they aren’t decreed by a court to be mercenaries, we are treating them in the same way we are treating other prisoners of war,” Yatsenko added. He said the number of foreigners fighting for Russia appeared to have risen as the flow from Russian prisons dropped.

Russian response

French President Emmanuel Macron should stop sending weapons to Kiev and propose a ceasefire agreement to parties to the Middle East conflict, Russian Foreign Ministry Spokeswoman Maria Zakharova said. Commenting on the latest initiative by the French leader who said he would ask Russia to observe a ceasefire in Ukraine during the Paris Olympics, the Russian diplomat said: “I come forward with a proposal in response to Macron’s: Stop supplying weapons being used to kill (civilians) and also stop sponsoring terrorism.” “I also suggest that Macron come up with a similar proposal to the parties to the Middle East conflict. A lot probably depends on what France says there,” Zakharova maintained. — TASS

The main opposition Nepali Congress has called for an impartial investigation into cases of cooperative fraud.

When a meeting of the House of Representatives (HoR) commenced, NC lawmakers stood up from their seats, prompting Speaker Devraj Ghimire to grant time to NC general secretary Gagan Kumar Thapa to express his views.

Thapa highlighted allegations against incumbent Deputy Prime Minister and Minister for Home Affairs, Rabi Lamichhane, in cooperative disputes, questioning his suitability to remain in office amid these controversies.

According to Thapa, Minister Lamichhane is allegedly embroiled in disputes related to Surya Darshan and Suprim Cooperatives, casting doubt on his eligibility for the ministerial position until these issues are resolved. Thapa underlined the need for an impartial investigation, stating, "It is uncertain whether he is guilty or not. He will undergo an investigation. However, he faces allegations of cooperative misappropriation. The question arises whether the accused individual can ensure an impartial investigation."

Thapa stressed on the need of creating an environment for cooperative victims to reclaim their deposits, calling on Prime Minister Pushpa Kamal Dahal to make efforts towards establishing such an atmosphere.

He said while the NC wished for a smooth operation of the House, they awaited a prompt response from the Prime Minister regarding its concerns.

After listening to Thapa, the Speaker expressed hope that the government would pay attention to the matter, acknowledging its significance.