Stories By 'BIBEK SUBEDI'
Tanahu Hydropower Limited has given a contract commencement date to the two companies hired for the execution of the 140MW Tanahu Hydropower Project.
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Two out of more than 50 Nepalis who have been found investing in offshore companies and bringing in foreign direct investment in Nepal from tax havens have defended themselves by saying they have complied with the country’s lawwhile running their businesses.
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At a time when the banking industry of the country is reeling under acute shortage of loanable fund, more than Rs50 billion has been mopped out from the total deposits of the banks and financial system as advance payment of the income tax owed by the businesses to the government. By the end of this fiscal year’s second quarter, businesses have to make an advance payment of tax to the government. 
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At a time when the government is making a pitch for foreign direct investment—to use it as a tool to bring in the much-required fund to boost economic activities—an investigative report by the Centre for Investigative Journalism-Nepal has painted a damning picture of how some Nepali politicians and businessmen are using foreign direct investment to bring illegal funds into the country.
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The government is mulling to introduce a new law which will require banks and financial institutions to get approval from Nepal Rastra Bank before appointing their chief executive officers.
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Responding to written instructions from the central bank, Nepal Investment Bank said that it had started consultations with its legal advisors to bring back the money withdrawn by controversial businessman Ajeya Raj Sumargi on the basis of an interlocutory interim order issued by the Supreme Court on December 25.
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