Banks and insurers on Wednesday gave a qualified welcome to European Commission proposals which would clarify and update the value added tax regime for financial and insurance services.
The problems have arisen because financial services and insurance are VAT-
legislation dating from the 1970s.These sectors are not required to charge the tax when they are supplying the exempt services, but are also generally unable to recover the VAT they pay on the goods and services acquired for their businesses.While this non-recoverable tax is a significant revenue source for national tax authorities, it bumps up the cost of such services, and puts European Union-based banks and insurers at a disadvantage compared with, say, US counterparts.As financial markets and practices have evolved, there has been increasing confusion over the extent of the exemption and precisely what businesses are covered. This has led to several long-running cases at the European Court of Justice, and different interpretations in different member states.Proposals put forward by the European Commission on Wednesday focus on three measures. First, there would be a redefinition of the scope of the exempt services in an effort to bring more clarity. Second, banks and insurance companies would be given the option of taxing their services if they wished.This is a provision which exists in the VAT directive but is not widely used by EU member states and could be particularly useful if products are being offered to other businesses (rather than the retail market).Finally, there would be an industry-specific VAT exemption on "cost-sharing" arrangements, including cross-border ones. This would allow institutions to pool their operations and share costs without creating any additional non-recoverable VAT.The measures received a broad thumbs-up from insurers and banks, although there were some caveats over specifics. "The changes will increase clarity, allowing firms to operate and plan more efficiently," said the Association of British Insurers.The European Banking Federation also said it was a "first step in the right direction" although it added that there should be greater certainty established around the areas of provision of payment services, derivatives, securities, custodial services and intermediaries.Some lawyers warned that the definitions will have to be tested in practice. "It's a question of how workable they are in real life," said Greg Sinfield, a partner at law firm Lovells. The taxation commissioner Laszlo Kovacs said he was hoping for a "positive reaction" from most member states, but acknowledged that they would probably see a "slight" loss of tax revenue in the short-term.
Thursday, November 29, 2007
Monday, November 26, 2007
PAPAD organises sit-in at Singha Durbar
The Professional Alliance for Peace and Democracy (PAPAD) staged an hour-long sit-in at the main entrance of Singh Durbar, the seat of the government, Monday morning as part of the previously announced protest programme to pressure the government into starting a probe into the kidnapping and manhandling of the promoters of Biratnagar-based Nobel Medical College, and action against the guilty.
Representatives of various professional organisations staging sit-in programme...
Addressing a gathering at the Singha Durbar main gate, representatives of various professional organisations demanded resignation of Home Minister Krishna Prasad Sitaula saying that he has failed to provide security to them. They also warned that they would be forced to wage a stronger protest movement if action is not taken against the guilty.
Singha Durbar area falls under the prohibitory zone where the government has barred all kinds of protests including sit-ins, strikes and rallies. On numerous occasions in the past police have used force to prevent demonstrations in the area. However, today no such untoward incident was reported.
Bal Krishna Chapagain, chairman of Press Chautari Nepal said professionals have increasingly starting to feel insecure because of the Maoists. He said the home minister should resign for failing to provide security to them.
He said the protests are aimed at drawing the attention of the government and the Maoists towards growing insecurity in education institutions and workplaces.
Echoing Chapagain’s views, Dr Kedar Narsingh K.C, general secretary of Nepal Medical Association (NMA), said that if the Maoists don’t publicly apologise for the incident all the doctors and health professionals of the country would halt all work.
N-PABSON’s Subhash Neupane and representatives of various teachers’ organisations said that they would be forced to wage a strong protest movement if the home minister doesn’t resign soon. They also announced a nationwide closure of all the educational institutions of the country from Thursday to pressure the government into fulfilling their demands.
Prior to the sit-in, hundreds of teachers, doctors, journalists, professors, lawyers and owners of educational institutions had marched from Maitighar to Singha Durbar.
Organising a press conference in the capital on Sunday, representatives of a number of professional organisations had announced various protest programmes. On November 27 and 28, they will submit memos to the Prime Minister, Speaker of the parliament and leaders of various political parties, demanding tough measures to check threats, abduction and extortion. Similarly, a protest rally has been planned for Nov 29.
Representatives of various professional organisations staging sit-in programme...
Addressing a gathering at the Singha Durbar main gate, representatives of various professional organisations demanded resignation of Home Minister Krishna Prasad Sitaula saying that he has failed to provide security to them. They also warned that they would be forced to wage a stronger protest movement if action is not taken against the guilty.
Singha Durbar area falls under the prohibitory zone where the government has barred all kinds of protests including sit-ins, strikes and rallies. On numerous occasions in the past police have used force to prevent demonstrations in the area. However, today no such untoward incident was reported.
Bal Krishna Chapagain, chairman of Press Chautari Nepal said professionals have increasingly starting to feel insecure because of the Maoists. He said the home minister should resign for failing to provide security to them.
He said the protests are aimed at drawing the attention of the government and the Maoists towards growing insecurity in education institutions and workplaces.
Echoing Chapagain’s views, Dr Kedar Narsingh K.C, general secretary of Nepal Medical Association (NMA), said that if the Maoists don’t publicly apologise for the incident all the doctors and health professionals of the country would halt all work.
N-PABSON’s Subhash Neupane and representatives of various teachers’ organisations said that they would be forced to wage a strong protest movement if the home minister doesn’t resign soon. They also announced a nationwide closure of all the educational institutions of the country from Thursday to pressure the government into fulfilling their demands.
Prior to the sit-in, hundreds of teachers, doctors, journalists, professors, lawyers and owners of educational institutions had marched from Maitighar to Singha Durbar.
Organising a press conference in the capital on Sunday, representatives of a number of professional organisations had announced various protest programmes. On November 27 and 28, they will submit memos to the Prime Minister, Speaker of the parliament and leaders of various political parties, demanding tough measures to check threats, abduction and extortion. Similarly, a protest rally has been planned for Nov 29.
Sunday, November 25, 2007
Sri Lankan Men, Indian Women Grab the Titles Surya Nepal 9th SAARC Golf Championship
Sri Lanka won the Men’s Title in the Surya Nepal 9 th SAARC Golf Championship played at Le Meridien Gokarna Forest Golf Resort by winning two matches and halving one to cumulate 5 points against Nepal ’s 1 in the men’s finals.
In the ladies category, India took the medal home while Sri Lanka ended up the second leaving Pakistan and Nepal in the third and fourth place respectively.
In one of the men’s finals matches, Tisa Chandradasha of Sri Lanka defeated Nepal ’s Tashi Ghale easily after 12 holes. The most exciting was the match between Rupak Acharya of Nepal and K Prabagaran of Sri Lanka which was squared. In the other match, Mithun Parera of Sri Lanka defeated Rabi Khadka of Nepal .
In the Losers’ Match between Pakistan , Bangladesh , India and Bhutan ; the winning team was Bangladesh with an aggregate score of 1 under par.
In the friendship cup match, Wang Yi scored 39 stableford points to win the championship. In the ladies category of friendship match, Kesang Lama and Eu Hazur Thapa were tied at 32 stableford points however Kesang bagged the title on account of better back nine. Min Gu Cho got both longest drive and closest to the pin award. The championship of team managers was grabbed by Nepal ’s Rabindra Shrestha.
In the ladies category, India took the medal home while Sri Lanka ended up the second leaving Pakistan and Nepal in the third and fourth place respectively.
In one of the men’s finals matches, Tisa Chandradasha of Sri Lanka defeated Nepal ’s Tashi Ghale easily after 12 holes. The most exciting was the match between Rupak Acharya of Nepal and K Prabagaran of Sri Lanka which was squared. In the other match, Mithun Parera of Sri Lanka defeated Rabi Khadka of Nepal .
In the Losers’ Match between Pakistan , Bangladesh , India and Bhutan ; the winning team was Bangladesh with an aggregate score of 1 under par.
In the friendship cup match, Wang Yi scored 39 stableford points to win the championship. In the ladies category of friendship match, Kesang Lama and Eu Hazur Thapa were tied at 32 stableford points however Kesang bagged the title on account of better back nine. Min Gu Cho got both longest drive and closest to the pin award. The championship of team managers was grabbed by Nepal ’s Rabindra Shrestha.
New Stock Market Rules
Securities Board of Nepal (SEBON) has announced three new regulations governing the securities market by resolving the dispute among the Board, the Stock Exchange and the Securities Brokers on the proposed transaction fees and commissions.
Effective from November 5, one of the new regulations is related with the brokers, dealers and market makers while the other two are related with the SEBON and Stock Exchange operator.
The major effect of the new rules is reduction in the brokerage commission to between 1 and 0.7 percent of the transaction value. Earlier this rate was between 1 and 1.5 percent. Similarly, the new rules have fixed that the brokers should collect 0.015 percent of the transaction value from the buyers and sellers as a contribution to the SEBON to help the regulator become self-reliant. The implementation of the rules drafted months ago under the new Securities Transactions Act was delayed due to failure to reach an agreement among the stock exchange, SEBON and the brokers on the rate of this contribution to SEBON.
The implementation of the rules has paved the way for Nepal Stock Exchange to go ahead with its plan to add the number of brokers. According to the stock exchange officials, they will start the process immediately after the Tihar festivals to add 27 brokers to the existing number of 23. After the recently introduced floor automation, the trading floor of the stock exchange is said to have a capacity to accommodate 50 brokers in total.
Effective from November 5, one of the new regulations is related with the brokers, dealers and market makers while the other two are related with the SEBON and Stock Exchange operator.
The major effect of the new rules is reduction in the brokerage commission to between 1 and 0.7 percent of the transaction value. Earlier this rate was between 1 and 1.5 percent. Similarly, the new rules have fixed that the brokers should collect 0.015 percent of the transaction value from the buyers and sellers as a contribution to the SEBON to help the regulator become self-reliant. The implementation of the rules drafted months ago under the new Securities Transactions Act was delayed due to failure to reach an agreement among the stock exchange, SEBON and the brokers on the rate of this contribution to SEBON.
The implementation of the rules has paved the way for Nepal Stock Exchange to go ahead with its plan to add the number of brokers. According to the stock exchange officials, they will start the process immediately after the Tihar festivals to add 27 brokers to the existing number of 23. After the recently introduced floor automation, the trading floor of the stock exchange is said to have a capacity to accommodate 50 brokers in total.
Green Signal to Micro Industry Policies
The Policy that the Ministry of Industry, Commerce and Supply (MOICS) has recently formulated to ease the problems faced by micro industries have received green signal from the National Planning Commission.
“The Commission has already okayed the micro industry policy, now we will seek approval from Finance Ministry and then send it to the Cabinet for final approval,” said Joint Secretary Niranjan Baral who is also the spokesperson of MOICS.
Newly formulated policy has a comprehensive definition of micro enterprises and provides for waiver of customs duty, excise duty and Value Added Tax on the products of SMEs that are used as inputs in export products of big industries. However, such facility will be available only when there is a contract signed between the big and micro industrial units concerned. Likewise, the Ministry has also proposed to promote the participation of micro industries in national and international trade fairs. Since micro industries are based in the villages and the local people are the main beneficiaries of such schemes, the Ministry has proposed that registration and renewal of such industries should be done by the VDCs or Ward Committees of the municipalities concerned. The newly formulated policy also tries to propagate the ambitious plan of enabling all the villages to have at least one micro industry so that the slogan of ‘One Village One Product’ can be a reality.
An industry that employs less than nine workers and does the annual transaction of not more than two million rupees will be given the status of micro industry, according to the draft policy
“The Commission has already okayed the micro industry policy, now we will seek approval from Finance Ministry and then send it to the Cabinet for final approval,” said Joint Secretary Niranjan Baral who is also the spokesperson of MOICS.
Newly formulated policy has a comprehensive definition of micro enterprises and provides for waiver of customs duty, excise duty and Value Added Tax on the products of SMEs that are used as inputs in export products of big industries. However, such facility will be available only when there is a contract signed between the big and micro industrial units concerned. Likewise, the Ministry has also proposed to promote the participation of micro industries in national and international trade fairs. Since micro industries are based in the villages and the local people are the main beneficiaries of such schemes, the Ministry has proposed that registration and renewal of such industries should be done by the VDCs or Ward Committees of the municipalities concerned. The newly formulated policy also tries to propagate the ambitious plan of enabling all the villages to have at least one micro industry so that the slogan of ‘One Village One Product’ can be a reality.
An industry that employs less than nine workers and does the annual transaction of not more than two million rupees will be given the status of micro industry, according to the draft policy
Pokhara Has New Dev. Bank
City Development bank which has a paid up capital of Rs. 50 million has commenced its operation in Pokhara as a regional development bank. The bank has been authorized to do its business in neighbouring districts of Lamjung and Tanahun as well. According to L.B. Baniya, a professor of management and the chairperson of the board of directors, with the opening of this bank, the residents of this scenic city of pokhara will have easy access to every day banking service including the evening service and ATM service which hitherto was unavailable to them.
The head office of the bank is located at Chipledhunga of Pokhara. The bank has 45 promoters who hold 70 percent of the stake in the company and plans to raise 30 percent of its paid up capital from the general public within one year of operation. Among the directors of the Bank’s Board are Ganesh Bahadur Gurung (social activist), Rajendra Bataju (businessman), Krishna Bahadur Thapa (former employee of Nepal Rastra Bank) and Pritamman Buddhacharya (business person). According to Baniya, since his bank has small paid up capital, it would focus on providing better service to the customers instead of competing on interest rate. At the same time the bank would focus on relationship marketing and cater primarily to the needs of small industries, says Baniya.
Upon inauguration, the bank announced setting up of a special fund for environmental protection in Pokhara city as a corporate social responsibility (CSR) initiative.
The head office of the bank is located at Chipledhunga of Pokhara. The bank has 45 promoters who hold 70 percent of the stake in the company and plans to raise 30 percent of its paid up capital from the general public within one year of operation. Among the directors of the Bank’s Board are Ganesh Bahadur Gurung (social activist), Rajendra Bataju (businessman), Krishna Bahadur Thapa (former employee of Nepal Rastra Bank) and Pritamman Buddhacharya (business person). According to Baniya, since his bank has small paid up capital, it would focus on providing better service to the customers instead of competing on interest rate. At the same time the bank would focus on relationship marketing and cater primarily to the needs of small industries, says Baniya.
Upon inauguration, the bank announced setting up of a special fund for environmental protection in Pokhara city as a corporate social responsibility (CSR) initiative.
Finance Minister rules out republic from parliament
As the political deadlock deepens, Nepali Congress (NC) seems to have hardened its stance regarding the republic declaration and adoption of full proportional representation election system as demanded by the Maoists.
Just as Prime Minister Girija Prasad Koirala rejected the demands for PR system saying that its adoption could derail the polls, Finance Minister and senior Congress leader Dr. Ram Sharan Mahat has ruled out declaring republic from the interim parliament.
Speaking in Pokhara, Dr. Mahat said that the constitution cannot be amended nor the government changed without the consent of NC.
He said that the proposals on republic and PR passed by the parliament recently was anti-constitutional and, thus, could not be implemented
Just as Prime Minister Girija Prasad Koirala rejected the demands for PR system saying that its adoption could derail the polls, Finance Minister and senior Congress leader Dr. Ram Sharan Mahat has ruled out declaring republic from the interim parliament.
Speaking in Pokhara, Dr. Mahat said that the constitution cannot be amended nor the government changed without the consent of NC.
He said that the proposals on republic and PR passed by the parliament recently was anti-constitutional and, thus, could not be implemented
Friday, November 23, 2007
Carter meets Speaker, army chief
Giving continuity to his high-profile meetings on the third day of his Nepal tour, former US president Jimmy Carter today held separate meetings with Speaker of the Interim Parliament Subas Nemwang and Nepal Army chief Rookmangud Katawal.
Former US President Jimmy Carter meeting with Speaker Subas Nemwang at the...
Carter met with Speaker Nemwang at the latter’s office in Singha Durbar and discussed the current political situation in Nepal and the peace process. Carter also expressed hope that the parties would be able to evolve a political consensus soon.
Prior to his meeting with the Speaker, the former US President met with army chief Katawal and discussed the security situation of the country and its impact on the peace process.
During the meeting, Carter is learnt to have expressed his concern over the deteriorating security situation of the country while trying to learn how NA is looking at it. In response, the army chief said the army has taken the matter “very seriously” and is working closely with the government to control the situation. The issue of integration between the NA and the Maoist People’s Liberation Army (PLA) also figured during the meeting.
The army chief also informed Carter about the current activities of the army including the steps being taken to make its transition to a democratic institution and the role it is playing in helping the country’s peace process reach to a desired conclusion, said a source.
Former US President Jimmy Carter meeting with Speaker Subas Nemwang at the...
Carter met with Speaker Nemwang at the latter’s office in Singha Durbar and discussed the current political situation in Nepal and the peace process. Carter also expressed hope that the parties would be able to evolve a political consensus soon.
Prior to his meeting with the Speaker, the former US President met with army chief Katawal and discussed the security situation of the country and its impact on the peace process.
During the meeting, Carter is learnt to have expressed his concern over the deteriorating security situation of the country while trying to learn how NA is looking at it. In response, the army chief said the army has taken the matter “very seriously” and is working closely with the government to control the situation. The issue of integration between the NA and the Maoist People’s Liberation Army (PLA) also figured during the meeting.
The army chief also informed Carter about the current activities of the army including the steps being taken to make its transition to a democratic institution and the role it is playing in helping the country’s peace process reach to a desired conclusion, said a source.
Sunday, November 18, 2007
About SME Toolkit Latin America
A project of the Latin America and Caribbean Small and Medium Enterprise Facility (LAC SME Facility), a technical assistance program of the International Finance Corporation's Latin America and Caribbean Department, SME Toolkit Latin America offers free business management information and training for small businesses / small and medium enterprises (SMEs) on accounting and finance, business planning, human resources (HR), marketing and sales, operations, and information technology (IT). SME Toolkit Latin America offers a wide range of how-to articles, business forms, free business software, online training, self-assessment exercises, quizzes, and resources to help entrepreneurs, business owners, and managers in Latin America start, finance, formalize, and grow their businesses
Former US Prez Carter to visit Nepal this week
Former President of the United States Jimmy Carter is set to arrive in Nepal on Nov 21 for a four-day visit, The Carter Centre said Sunday.
Former President of the United States Jimmy Carter (File Photo)
Carter’s visit is aimed at “encouraging Nepal’s political leaders to make sustained effort toward peace and to achieve a climate in which a constituent assembly election can be held”, a statement issued by the Centre said.
The former US President will lead a delegation that will include Jeff Carter, the assistant project director of Carter’s Conflict Resolution Program; Ambassador A. Peter who is the Centre’s senior advisor; Dr David Pottie, associate director of the Centre’s Democracy Program; and Darren Nance, Centre’s Nepal director.
During his stay here, Carter will meet with political leaders, senior government officials, election commissioners and representatives of the civil society organisations and marginalised groups.
This will be Carter’s third visit of Nepal.. He had visited Nepal in June this year and had held extensive interaction with political leaders including the Maoist leadership and representatives of various groups.
The Carter Centre, a global agency co-founded by Carter in 1982 which works for peace and democracy, has deployed its election monitors in Nepal after a request from the Nepal government. Its election teams have been stationed in all the five development regions.
The former US President, who won the Nobel Peace Prize in 2002, is visiting Nepal amidst deepening political crisis with the parties failing to arrive at a compromise on the recent decisions of the interim parliament to announce republic and adopt proportional election system.
Former President of the United States Jimmy Carter (File Photo)
Carter’s visit is aimed at “encouraging Nepal’s political leaders to make sustained effort toward peace and to achieve a climate in which a constituent assembly election can be held”, a statement issued by the Centre said.
The former US President will lead a delegation that will include Jeff Carter, the assistant project director of Carter’s Conflict Resolution Program; Ambassador A. Peter who is the Centre’s senior advisor; Dr David Pottie, associate director of the Centre’s Democracy Program; and Darren Nance, Centre’s Nepal director.
During his stay here, Carter will meet with political leaders, senior government officials, election commissioners and representatives of the civil society organisations and marginalised groups.
This will be Carter’s third visit of Nepal.. He had visited Nepal in June this year and had held extensive interaction with political leaders including the Maoist leadership and representatives of various groups.
The Carter Centre, a global agency co-founded by Carter in 1982 which works for peace and democracy, has deployed its election monitors in Nepal after a request from the Nepal government. Its election teams have been stationed in all the five development regions.
The former US President, who won the Nobel Peace Prize in 2002, is visiting Nepal amidst deepening political crisis with the parties failing to arrive at a compromise on the recent decisions of the interim parliament to announce republic and adopt proportional election system.
Monday, November 12, 2007
Nepalis celebrate Tihar in UK, Cyprus, Germany
Nepalis in UK and Cyprus have celebrated the Tihar festival, the second greatest festivals of the Hindus, with great enthusiasm and various events this year.
Deusi and Bhailo programmes were organised in some places of the UK where a large number of Nepalis live including in Reading, London, Plumstead, Folkestone, Farnborough and Aldershot.
Bhailo programme was held for two days before the Tihar festival in Reading under the auspices of Greater Reading Nepalese Community Association.
A large number of Nepali women, children and people affiliated to various political parties
participated in the Bhailo programme organised to give continuity to the tradition.
"It was also an opportunity of showing unity among the community residing in the area," a statement by the association said.
According to the president of the association Arjun Basnet, more than 1,000 pounds (Rs 135,000) was collected from the Bhailo to be used by the association.
Similarly, Buddha Baraili from Cyprus said Nepalis in that country also celebrated the festival with festivities. A picnic was organised at Larna where more than 400 Nepalis from various parts of Cyprus participated.
Baraili said the event was an opportunity for deusi, introduction of Nepalis living in Cyprus and an opportunity to share experiences. The organiser, Non Resident Nepali Association (NRNA), had arranged for free buses for those willing to participate the event.
Likewise, Nepalis in Germany, with the initiation of the European Himalayan Association organised festivities on the occasion Tihar. The organisers say such events will be organised in annually.
Deusi and Bhailo programmes were organised in some places of the UK where a large number of Nepalis live including in Reading, London, Plumstead, Folkestone, Farnborough and Aldershot.
Bhailo programme was held for two days before the Tihar festival in Reading under the auspices of Greater Reading Nepalese Community Association.
A large number of Nepali women, children and people affiliated to various political parties
participated in the Bhailo programme organised to give continuity to the tradition.
"It was also an opportunity of showing unity among the community residing in the area," a statement by the association said.
According to the president of the association Arjun Basnet, more than 1,000 pounds (Rs 135,000) was collected from the Bhailo to be used by the association.
Similarly, Buddha Baraili from Cyprus said Nepalis in that country also celebrated the festival with festivities. A picnic was organised at Larna where more than 400 Nepalis from various parts of Cyprus participated.
Baraili said the event was an opportunity for deusi, introduction of Nepalis living in Cyprus and an opportunity to share experiences. The organiser, Non Resident Nepali Association (NRNA), had arranged for free buses for those willing to participate the event.
Likewise, Nepalis in Germany, with the initiation of the European Himalayan Association organised festivities on the occasion Tihar. The organisers say such events will be organised in annually.
The bank of japan
The Bank of Japan has opted to keep its key interest rate unchanged at 0।5% for the seventh month in a row. The move - favoured by eight out of the board's nine members - had been widely expected in the wake of recent turmoil in financial markets worldwide। However, some analysts believe that when market stability returns, Japan will resume rate rises. There have been concerns that a slowdown in the US economy - Japan's biggest market - could hit exports. But demand from emerging markets and Europe has offset some of this, analysts say.
One killed, over 45 injured in bus accident
At least one passenger has died and more than 45 injured in a bus accident at Sarangkot in Kaski district Monday morning.
According to reports, the bus with number plate Ga 1 Kha 1850 heading to Pokhara from Naudana met skidded off the road and plunged into a ravine at Sarangkot.
Mohan Lal Shrestha, 47, who was severely injured in the accident, died while undergoing treatment at Manipal Hospital in Pokhara.
The injured passengers have been taken to Fishtail, Manipal and Western Regional hospitals in Pokhara for treatment.
Condition of a few passengers is said to be critical. nepalnews.com ia Nov 12
According to reports, the bus with number plate Ga 1 Kha 1850 heading to Pokhara from Naudana met skidded off the road and plunged into a ravine at Sarangkot.
Mohan Lal Shrestha, 47, who was severely injured in the accident, died while undergoing treatment at Manipal Hospital in Pokhara.
The injured passengers have been taken to Fishtail, Manipal and Western Regional hospitals in Pokhara for treatment.
Condition of a few passengers is said to be critical. nepalnews.com ia Nov 12
Sunday, November 11, 2007
Bhai Tika being celebrated today
Bhai Tika being celebrated today; 11:35 am-11:47 am most auspicious time for tika
As the culmination of the five-day Tihar festival, Bhai Tika, the last day of `Yama Panchak,' is being celebrated on Sunday.
According to Panchanga Nirnayak Samiti – a group of leading astrologers - the most auspicious time for receiving Bhai Tika is between 11:35 am to 11: 47 am (NST), Sunday.
The Samiti has said that people can receive Bhai Tika from 11 am till 2 pm. In fact, chairman of the Samiti, Dr. Madhav Bhattarai has said that it is alright to receive Bhai Tika throughout the day, Sunday. The Samiti is a committee of leading astrologers who give out auspicious timings based on Nepalese calendar on religious and cultural occasions.
Sisters worship Yamaraj – the God of Death - on this day praying for long life, good health and well being of their brothers, put tika on the forehead, garlands around their neck and offer sweet and other traditional dishes on the occasion. Similarly, brothers also put garlands and tika to their sisters, offer money and pray for their long and happy life.
Brothers sit on a floor while sisters perform their pooja. Pooja involves following a traditional ritual in which sisters circle brothers three times dripping oil on the floor from a copper pitcher. Afterwards, sisters put oil in brother's ears and hairs, and then give Tika. Breaking of walnuts by sisters prior to giving Tika to brothers is also a common practice.
People who do not have brother or sister visit temple of Mahadev in Ranipokhari Pond, which remains locked up all round the year except on the day of Bhai Tika, to receive tika there
Friday, November 9, 2007
Journalist Shah’s last rites performed
Journalist Shah’s last rites performed
The funeral of Bara-based journalist Birendra Shah, who was killed by Maoist cadres in captivity, was performed in Bara district on Friday.
Before his body was cremated as per the vedic rites, a funeral procession was taken out in the district headquarters Kalaiya. Thousands of people including civil society members, journalists, rights activists, political leaders and his near and dear ones had participated in the funeral procession and paid him their last respects. During the procession, Federation of Nepalese Journalists (FNJ) Vice-President Shiva Gaunle, FNJ General Secretary Mahendra Bista and Treasurer Hemanta Kafle covered Shah’s body with FNJ flags.
Police and family members had discovered Shah’s body yesterday afternoon from a site 2-km north of the place pointed out by the Maoist investigation report published on Monday.
Journalist Shah’s dead body was found a month after he was abducted on October 4 following increased pressure on the Maoist leadership generated by the national and international outrage over his abduction.On Thursday morning, before Shah’s body was found, Prime Minister Girija Prasad Koirala had promised to take action against the killers of journalist Birendra Shah.
The PM has also said that the government will take care of the family of Shah and will make arrangements for the education of his children. Aviyan
Before his body was cremated as per the vedic rites, a funeral procession was taken out in the district headquarters Kalaiya. Thousands of people including civil society members, journalists, rights activists, political leaders and his near and dear ones had participated in the funeral procession and paid him their last respects. During the procession, Federation of Nepalese Journalists (FNJ) Vice-President Shiva Gaunle, FNJ General Secretary Mahendra Bista and Treasurer Hemanta Kafle covered Shah’s body with FNJ flags.
Police and family members had discovered Shah’s body yesterday afternoon from a site 2-km north of the place pointed out by the Maoist investigation report published on Monday.
Journalist Shah’s dead body was found a month after he was abducted on October 4 following increased pressure on the Maoist leadership generated by the national and international outrage over his abduction.On Thursday morning, before Shah’s body was found, Prime Minister Girija Prasad Koirala had promised to take action against the killers of journalist Birendra Shah.
The PM has also said that the government will take care of the family of Shah and will make arrangements for the education of his children. Aviyan
PM says Nepal-India joint efforts required to solve terai problem
PM says Nepal-India joint efforts required to solve terai problem
Prime Minister Girija Prasad Koirala has said that joint efforts by Nepal and India would find amicable and immediate solution to the problem that the state is facing in terai region.
Speaking at a programme entitled 'PM's response to public questions' organised by the BBC Nepali Service and BBC World Service Trust in Biratnagar on Friday, PM Koirala added that government is working to get support from India on this issue. He said latest response from the Indian government was positive.
He repeated that the government would enforce tight security and take other measures to curb the conflict in the region.
Stating that his position will not derail the seven-party unity, Koirala said he was in favour of holding the constituent assembly election at the earliest. He said the Maoists, too, cannot escape election.
He also blamed the Maoist-affiliated Young Communist League (YCL) for supporting the criminal groups in intensifying criminal activities in Terai.
Meanwhile, PM Koirala is returning to the capital on Friday after three days of stay in Biratnagar. Aviyan
Prime Minister Girija Prasad Koirala has said that joint efforts by Nepal and India would find amicable and immediate solution to the problem that the state is facing in terai region.
Speaking at a programme entitled 'PM's response to public questions' organised by the BBC Nepali Service and BBC World Service Trust in Biratnagar on Friday, PM Koirala added that government is working to get support from India on this issue. He said latest response from the Indian government was positive.
He repeated that the government would enforce tight security and take other measures to curb the conflict in the region.
Stating that his position will not derail the seven-party unity, Koirala said he was in favour of holding the constituent assembly election at the earliest. He said the Maoists, too, cannot escape election.
He also blamed the Maoist-affiliated Young Communist League (YCL) for supporting the criminal groups in intensifying criminal activities in Terai.
Meanwhile, PM Koirala is returning to the capital on Friday after three days of stay in Biratnagar. Aviyan
Tuesday, November 6, 2007
BRIEF: Mutual of Omaha opens its banks today
Nov. 5--Mutual of Omaha's banking division today completed its purchase of Nebraska State Bank and converted its three locations to Mutual of Omaha Bank offices.
The purchase of the Nebraska State Bank's holding company, Midlands Financial Services Inc., is the third bank acquisition in the past 12 days for Mutual, whose banking operation now has $650 million in assets, 175 employees and 14 offices in Omaha, Lincoln and the Denver area.
Mutual has said it plans to acquire more banks and establish a regional network of bank offices, plus a national Internet-based bank. The company has not announced additional bank purchases yet. Mutual did not disclose terms of its purchases.
Mutual of Omaha Bank's headquarters is at 33rd and Farnam Streets, occupying part of an office building the insurance company recently renovated.
Mutual's bank holding company, Omaha Financial Holdings, also has acquired Peak National Bank of Golden, Colo., changing its name to Mutual of Omaha Bank, and Security Federal Bank of Lincoln, which will retain its name.
Jeff Schmid, president and chief executive of Omaha Financial Holdings, said he expects no significant changes in management and personnel.
To see more of the Omaha World-Herald, or to subscribe to the newspaper, go to http://www.omaha.com. Copyright (c) 2007, Omaha World-Herald, Neb. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
The purchase of the Nebraska State Bank's holding company, Midlands Financial Services Inc., is the third bank acquisition in the past 12 days for Mutual, whose banking operation now has $650 million in assets, 175 employees and 14 offices in Omaha, Lincoln and the Denver area.
Mutual has said it plans to acquire more banks and establish a regional network of bank offices, plus a national Internet-based bank. The company has not announced additional bank purchases yet. Mutual did not disclose terms of its purchases.
Mutual of Omaha Bank's headquarters is at 33rd and Farnam Streets, occupying part of an office building the insurance company recently renovated.
Mutual's bank holding company, Omaha Financial Holdings, also has acquired Peak National Bank of Golden, Colo., changing its name to Mutual of Omaha Bank, and Security Federal Bank of Lincoln, which will retain its name.
Jeff Schmid, president and chief executive of Omaha Financial Holdings, said he expects no significant changes in management and personnel.
To see more of the Omaha World-Herald, or to subscribe to the newspaper, go to http://www.omaha.com. Copyright (c) 2007, Omaha World-Herald, Neb. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
Subscribe to:
Comments (Atom)