Budgets too slow keep bridges too far

KATHMANDU: The government’s target to complete construction of 71 bridges within the current fiscal year is not going to be fulfilled as the required extra funds have been delayed.

The Ministry of Physical Planning and Works had asked the Ministry of Finance to allocate an additional budget of Rs. 949.4 million four months ago. However, the ministry approved the proposal only about five weeks ago.

“The lengthy process leading to the approval of the additional budget has delayed construction,” said a source at the ministry. “As a result, only around 50 bridges will be completed as we don’t have sufficient time to finish the rest within this fiscal year.”

850 kg of gold imported under quota system

KATHMANDU: The seven commercial banks authorised to import gold have brought in a total of 850 kg under Nepal Rastra Bank’s (NRB) quota system as of June 18, said the Nepal Bankers Association (NBA).
“We have imported 850 kg of gold as of Friday and issued recommendations for 900 kg,” said Saroj Guragain, coordinator of the gold importing banks at the NBA. “Now, we have 40-50 kg of gold in stock, and the process to import more as per the provision is going on.”

TV, FM licences to go?

KATHMANDU: The Ministry of Information and Communications (MoIC) has initiated a process of scrapping licences of FM and television stations that have not started their broadcast.

The MOIC move apparently intends to discourage the trend of holding licenses and give opportunities to prospective broadcasting companies. MOIC statistics show, 40 FMs and 8 television companies (seven satellite and one terrestrial) have failed to go on air even after getting the license. Of them, one FM and seven television companies are based in Kathmandu. Some obtained licence four years ago and are renewing it annually without broadcasting programmes.

Police to file cases against Unity promoters

KATHMANDU: Nepal Police has decided to file cases of banking crime and fraud against promoters of Unity Life International, officials said. It has also prepared a report recommending action against them.

The banking crime charge invokes Bank and Financial Institution Act 2006 while the fraud case follows the Muluki Ain. An investigation panel formed under the Ministry of Finance had concluded that the company violated 12 different existing laws.

SP Bikram Thapa, chief of Metropolitan Police Range Lalitpur, said the police would lodge the charge sheet at the District Court Lalitpur on Friday.