CJ stresses fair, efficient judiciary

Hetauda, July 5 (RSS):Chief Justice Keshav Prasad Upadhyaya has said that the judges and the civil servants of the courts have to make joint endeavour to make the dispensation of justice fair, clean and dynamic so that the people’s faith in the courts are maintained.

Chief Justice Upadhyaya made this remark while giving directives to the judges and civil servants of Appellate Court, Hetauda.

On the occasion, Mr Upadhyaya made it clear that the Supreme Court was making effort to enhance the efficiency of the civil servants of the courts to provide speedy justice to the innocent people.

He pointed out the responsibility and commitment of the judiciary to check corruption to make the people economically prosperous.

Supreme Court spokesman Kashi Raj Dahal and Chief Judge of the Appellate Court, Hetauda Khil Raj Regmi also expressed their views on the occasion.

At a meeting with the office bearers of Appellate Court, Hetauda and Makwanpur District Bar Association, Chief Justice Upadhyaya said that it was necessary to maintain understanding and coordination between the judges and the legal practitioners to guarantee justice to the innocent people.

Meanwhile, Chief Justice Upadhyaya today made an on the spot inspection of Appellate Court, Hetauda and Makwanpur district court.

Will devaluation check outflow of Forex?

BY RAJKUMAR K.C.

Kathmandu, July 5:The recent devaluation of Nepalese currency against the US dollar by almost 2.48 per cent owing to the similar devaluation of Indian currency will have a number of multiplier effects in the Nepalese economy, economists warn.

Nepal Rastra Bank (NRB) takes the devaluation as an obligatory measure to check outflow of hard currency.

NRB Governor Dr. Tilak Rawal says that "the depreciation of NC was necessary to adjust with IC in order to control the outflow of foreign exchange."

Dr. Rawal sees no possibility of "sudden and sharp" nose dive of NC against any currencies, at least in the immediate future. "We are closely watching the movement of currencies."

Following the IC’s devaluation in early April-May, NRB took measures to depreciate NC against US dollar from Rs. 68.65 to Rs. 69 in the first week of May and Rs.70.40 in the third week of June to check "the possible outflow of foreign exchange" due to 1750 kilometers long open border with India. "Though it has several negative impacts we have to option other than depreciating our currency."

"We are at IC standard," said one of NRB’s senior officials on condition of anonymity.

If NRB fails to take such measures as devaluation of the local currency against the US dollar, there is a great chance of differentiation of the rate of foreign exchange. Besides forex will be smuggled out of the country.

However, Monetary economist Prof. Guna Nidhi Sharma says the devaluation not only intensifies the third country debt burden, but also serves as a major setback to trade diversification, sharply fueling price disturbances.

As Nepalese Currency (NC) has been pegged to the Indian currency (IC) since late eighties, it has been a usual practice to devaluate the NC for adjustment so as to minimize the risk of possible outflow foreign exchange.

The fixed price of 100 IC is equivalent to 160 NC, but the rate of other currencies as per basket system often fluctuates.

After much homework and the Reserve Bank of India had devaluated IC against the dollar to maintain balance in money market. The present rate of IC against dollar is Rs. 43.75. India devaluated its currency against the US dollar by 2.5 per cent in early May.

What could be the possible measures to check such aberrations?

Economists suggest strict surveillance of trade regime, effective mechanism at Nepal-India border and effective administration as cure.

They warn that the problem cannot be checked as long as the cross-border smuggling and illegal trade remain uncontrolled.

Economists fear that the recent depreciation will further widen the trade deficit and trigger wide circulation of IC into the Nepalese markets.

This ultimately paralyzes the Nepalese economy, says Prof. Sharma. In view of such potential dangers, says Prof. Sharma, the government should be able to take bold step to rescue the ailing economy from worsening.

Oath of office administered to Dr Lohani

Kathmandu, July 5 (RSS): Speaker Taranath Ranabhat adminsitered the oath of office of the member of the House of Representatives to Dr Prakash Chandra Lohani at the former’s office today.

Dr Lohani, having been defeated in the General Elections of 2056 in Nuwakot constituency No. 1, had filed a petition at election tribunal in the Appellate Court, Patan seeking recounting of votes.

The recounting results showed that Dr. Lohani won the election by a margin of one vote.

Talking to reporters on the occasion, RPP president Surya Bahadur Thapa expressed happiness at the justice given by the court.

Dr. Lohani observed that the court verdict will discourage the practice of rigging elections and other irregularities in various forms in the elections to come.

Earlier, the RPP parliamentary party met at the parliamentary party office at Singha Durbar this morning under the chairmanship of parliamentary party leader and RPP chairman Surya Bahadur Thapa.

According to a press release issued by the party, the meeting concluded that everyone should honour the supremacy of the court.

As the election special court Lalitpur has announced following a vote recount that RPP vice chairman Dr Prakash Chandra Lohani has been elected to the House of Representatives from Nuwakot district constituency No l, and as the election commission and the Parliament Secretariat have been notified of the verdict, the party has decided to ask the Speaker to promptly administer the oath of membership of the house to MP Dr Lohani by way of implementation of the court verdict, the press release adds.

Also today, a delegation including RPP parliamentary party leader Thapa and all RPP MPs from the national assembly and House of Representatives met with Speaker Taranath Ranabhat and made the RPP decision and attitude concerning the court verdict and adminstration of oath clear. It also drew his attention towards administering of the oath as soon as possible.

Raddisson Hotel floating shares next week

BY A STAFF REPORTER

Kathmandu, July 5:The eighteen months old Kathmandu based Radisson Hotel will be floating 1.25 million shares equivalent to Rs 125 million for the general public starting July 12.

"The amount of shares being floated for public consumption is twenty five per cent of the total investments," B.K. Shrestha Managing Director of Oriental Hotels Ltd. which has the ownership of the Radisson Hotel in Kathmandu said.

He said that the hotel had sixty per cent occupancy rate and was striving to emerge as a leading hotel among those that were in the same category.

The Radisson Hotels and Resorts now has more than 400 hotels in 53 countries and more than 55 in various stages of development, many of which are in emerging markets.

"Any hotel having an occupancy rate of 30 per cent will be at break even and as we already have 60 per cent occupancy we are doing reasonably fine," General Manager of the Hotel Ian Barrow said.

He said the Radisson hotel, a flagship of the Carlson Hospitality Worldwide had witnessed a significant increase in its earnings.

Barrow said that the Hotel was expanding its property in different Indian cities like Jalandar, Ludiyana, Mumbai, Kochin and Varanasi.

"We are rapidly catching up with the competition here in Nepal in terms of earning and occupancy," he said.

Chairman of the Himalayan Group of Companies G.D. Shrestha said that the Carlson Hospitality Worldwide had a turn over of 20 B US $ five years back.

At present the turnover of the hotel has exceeded US $ 30 B. The Carlson Hospitality Worldwide has recently bought the Thomas Cook Travels having 22 jet aeroplanes, Shrestha said.

The Himalayan Group of Companies and the Oriental Hotels Limited are the owners of the Kathmandu based Radisson hotel.

The latest developments for Carlson Hospitality Worldwide are the loyalty programme- Gold Rewards, and the latest new strategy— 24 k.com.

Linking all of its subsidiary hospitality and restaurant organisations into a unified customer rewards program, Gold Point Rewards encourages repeat hotel visits by letting the guest cash in accrued points for not only hotel nights, but deluxe cruises and meals at its casual dining restaurants, including the ubiquitous T.G.I. Friday’s.

For hotels in the Radisson Hospitality Worldwide division, guests will have a choice of earning 2,000 Gold Points or 500 airline miles per night. Each fifth stay will also earn and additional 5,000 points.

24k.com is a leisure and lifestyle Website where consumers can shop online at more than 100 stores and book travel and entertainment. With every purchase they can earn Gold Points, Carson’s unified loyalty currency, Barrow said.

In India, Radisson Hotel Delhi was highlighted as one of the top performers wining the coveted "President’s Award" and achieving consistently in a competitive market. The profitability of Radisson Hotels was also highlighted, with Radisson Hotel Delhi achieving an increase in profit by 55 per cent as compared to the previous year despite most competitors producing lower graphs, Barrow said.