NIBL gives 25 percent cash dividend and 25 percent bonus share
VOL. 05,NO. 07, September 30, 2011 (Ashwin 13, 2068)
Board of Directors of Nepal Investment Bank Ltd. in its meeting held on September 22, 2011 has proposed 25% Cash dividend & 25% bonus share on Bank’s paid up Capital from the Profit of fiscal year 2067/068 subject to the approval of Nepal Rastra Bank, and forthcoming Annual General Meeting.
After releasing 25 % bonus share, NIBL will be the only private commercial bank in Nepal to have paid up capital over 3 billion. While Nepal Rastra Bank requires commercial banks to maintain the paid up capital of 2 billion, this significant surge in capital will further reinstate the stability of NIBL. At the end of FY 2010/11 NIBL, has achieved the total profit of 1.17 billion.
Nepal Investment Bank Limited, which has completed the 25 years of banking operations in Nepal, has at present 41 branches, one open counter at Kathmandu University and 67 ATM outlets, covering as many district as Kailai, Jumla in west to Solukhumbu and Jhapa in east.
South Asia needs one million new Jobseach month to Sustain Growth: World Bank Report
South Asia has seen an accelerated job growth and a substantial decrease in poverty over the past three decades, second only to East Asia. The region will be the largest contributor to the global workforce over the next two decades. More and better jobs are needed to sustain growth and reduce poverty, says a World Bank report released today.
According to the report, More and Better Jobs in South Asia, the region—defined by the World Bank as Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka,—will need to add between 1 and 1.2 million additional jobs every month for the next twenty years, equivalent to about 40% of the increase in the global labor force. Reforms will have to be accelerated if the region is going to meet the challenge of providing better jobs for them.
“The key asset to South Asia is its people. South Asia has a young population and the second lowest female participation rate in the labor force. The demographic transition will result in more than 350 million people to enter the working age population over the next two decades,” said Isabel Guerrero, World Bank South Asia Vice President. “Creating jobs for them will contribute to growth, equity, and peace in the region.”
According to the World Bank Press release, South Asia created nearly 800,000 jobs per month between 2000 and 2010. However, despite growth, the region is still home to the largest number of the world’s poor—a half billion people. Since labor is the primary asset of the poor, having more and better jobs is the key employment challenge facing the region.
WB’s Goldstein Visits To Learn Govt Piorities
Ellen Goldstein, the World Bank Country Director for Nepal and Bangladesh, visited Kathmandu to consult with the new government, political party leaders, and senior government officials on the World Bank’s country strategy for Nepal for the period FY12-FY13.
During her visit, Goldstein met with Finance Minister Barsha Man Pun and discussed the economic and development priorities of the new government. She also met with President of the Nepali Congress Sushil Koirala, Chairman of the CPN-UML and former Prime Minister Jhala Nath Khanal, as well as Constituent Assembly members and the economic advisors to the main political parties.
ADB Helps Nepal Boost Water Supply to Poor Households in Kathmandu Valley
The Asian Development Bank (ADB) is extending an $80 million loan to Nepal for water distribution improvements which will benefit more than 2.72 million people in the densely populated Kathmandu Valley.
The ADB Board of Directors has approved the Kathmandu Valley Water Supply Improvement Project which will expand piped water access to many more households. Residents of Kathmandu Valley will get better quality water for more hours and at higher pressure. The project will reduce water losses in the distribution system and also raise the financial and asset management capabilities of agencies overseeing the sector.
The project will complement other ongoing water services work being carried out by ADB and its development partners, including the construction of the Melamchi tunnel which, when completed, will more than double the current available supply of water in the valley.
“The project will prioritize underserved areas and poor sections of the population in Kathmandu Valley,” said Manoj Sharma, Urban Development Specialist in ADB’s South Asia Department. “Piped water through individual connection will relieve women of the drudgery of collecting water, giving them more time for social and economically productive activities.”
Kathmandu Valley’s population has been growing at over 6% a year, but a lack of sustainable water sources and underinvestment has left many households with inadequate, low quality supplies which pose health risks, especially for the poor and for women.
About 300 Firms Counterfeited VAT Bills…
In the investigation of fake VAT (value added tax) bill scam, around 294 firms-- including the big business houses-- have been found to be engaged in producing forged VAT bills and they have evaded taxes worth 3.2 billion. Out of 518 suspected tax payers, who were brought into investigation by Inland Revenue Department, it was found that 294 businessmen have evaded taxes worth 3.20 billion.
Out of 3.2 billion determined by the department, 1.5 billion has been counterfeited in the VAT, 1.38 billion in income tax and 0.29 billion in others bills. Businessmen have already paid 0.81 billion fines slapped on them by the department. Twenty-eight businessmen who have not been satisfied by the fine determined as by the tax officer have approached the department and submitted their application. Under the existing law, firms can approach the director of the department if they are not convinced with the decision of tax officer.
The department has not yet finished investigation on the VAT bills although it has started the investigation from the previous year. Finance Minister Barsha Man Pun said the investigation on the 518 business men will be concluded till Ashoj and will be kept as top priority. “Against those who have forged the VAT bills and evaded taxes, stringent action will be taken by the end of Ashoj,” said the Finance Minister during a press conference at the finance ministry, “I have been working to make environment on which tax evaders won’t be able flee to at any cost.”
Private Sector Incompetent To Run Public Organizations
Amidst uncertainties about the government thoughts to privatize public organizations, Nepal’s private sector has been found incompetent to buy and run public organizations.
According to a study done on the business and production houses about their capacity to earn profit, earnings and cash positions, it was found that Nepalese private companies are not in the position to be able to buy and run public organizations.
The study has shown that public organizations are very weak at cash positions. The private companies are found relatively better at cash positions than the public organizations but still they are not in a position to buy and run public organizations.
The study was conducted by a group, which was led by senior trainer Basudev Sharma of the Revenue Administration Training Centre.