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The Kathmandu District Court on Monday remanded former Speaker and CPN (Maoist Center) Vice-Chairman Krishna Bahadur Mahara, who was arrested in connection with a gold smuggling case, to four days in judicial custody.

The Public Prosecutor’s Office had demanded seven days of judicial custody.

A team of the Central Investigation Bureau had arrested Mahara from Rupandehi on Monday.

He was brought to Kathmandu on a plane today itself.

CPN-UML Parliamentary Party leader Saroj Yadav has been appointed as the Minister for Physical Infrastructure in Madhes government.

Province Chief Sumitra Bhandari administered the oath of office and secrecy to newly appointed Minister Yadav amidst a function.

Leader Yadav was appointed as the minister after the formation of a new coalition among UML, CPN (Maoist Center), Rastriya Swatantra Party and Janata Samajbadi Party.

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.