Kathmandu, July 15: Former Chief Economic Adviser of Nepal Rastra Bank Mukunda Sharma commenting on the new budget for the fiscal year 2058/59 said that the international loan /GDP ratio is high and unless it is significantly lowered, there is doubt on the availability of external fund as per the expectation of the budget.

Sharma was speaking at an interaction programme on the new budget organised here recently by the Center for Policy Studies. Commenting on the new budget Professor Sharad Sharma maintained that the budget had failed to give priority to the industrial sector and provision of credit alone would not be effective to rehabilitate the ailing industries.

Professor Sri Ram Poudyal, Chairman of the Center opined that the achievement of six per cent growth in the fiscal year 2058/59 is contingent upon the investment rate of 27 per cent and capital output ratio of 41:1, which is not realistic.

He expressed doubts about the realisation of the expected grant of Rs. 1420.8 million given the estimate and revised figures of realisation last year.

"The budget deficit is likely to be larger than expected and the targets of maintaining money supply growth rate at 12 per cent and inflation of 5 per cent is unlikely to be accomplished," Poudyal said.

Former Chairman of Tanahu Development District Ramchandra Pokharel stressed the need for decentralisation. Dr. Kanahiya Mathema pointed out that the budget had not given due attention to the problems of the agriculture sector and the ex-Kamaiyas.

Speaking from the chair, Dr. Jai Raj Acharya, Principal of Nobel Academy stressed the need for market development, adequate programmes for the ex-Kamaiyas and long term policy for reducing dependence on foreign aid.

Dr. Bamdev Sigdel, Vice Chairman of the Center extended the vote of thanks and spoke for developing and relying on indigenous system based on Nepalese soil and culture.

Kathmandu, July 15: Nepal Grindlays Bank Ltd. steps into its new name Standard Chartered Bank Nepal Ltd. from the new fiscal year, it is stated in the Bank’s press release issued today.

This name change has followed the acquisition of ANZ Grindlays Bank Ltd. (from the Australia and New Zealand Banking Group Ltd.) by Standard Chartered Bank P.L.C., on July 31, last year. The acquisition had included Grindlays’ banking properties in many parts of the Middle East and South Asia including Nepal Grindlays Bank Ltd.

The acquisition is expected to have given Standard Chartered Bank Nepal Ltd. the leading market position in the Middle East and South Asian Region.

The Office of the Company Registrar—upon the approval of the Bank’s board, the Nepal Rastra Bank and the same being ratified at the Bank’s recently concluded annual general meeting—has approved the name change to Standard Chartered Bank Nepal Ltd.

The name change, according to the press release, also incorporates a change in the Bank’s logos, corporate seal and colours.

With this, there has been a change in ownership of the shares of Nepal Grindlays Bank Limited. 50% shares of Nepal Grindlays Bank Limited (NGBL) previously owned by ANZ Grindlays are now owned by Standard Chartered Grindlays Bank. Nepal Grindlays Bank Limited, a joint venture bank with 50% shares held by ANZ Grindlays Bank, 33% Nepal Bank Limited and the 17% the Nepalese public began its operation in Nepal in January 1987.

The Bank, in Nepal, has grown to be one of the largest joint venture banks in the Kingdom. The Bank has been providing secure deposit services and lending at competitive rates to entrepreneurs and businesses. International trade has been facilitated smoothly by the high standard of Trade Finance services provided by the bank. The Bank has been ‘setting the standard’ with regards to regulatory compliance and risk management.

Standard Chartered is the world’s leading emerging markets bank with 570 offices across more than 50 countries primarily in Asia, the sub-continent, the Middle East, Africa and Latin America, Headquartered in the United Kingdom. The roots of the Bank lie in the emerging markets, where it has had a strong and established presence. This gives the Bank a unique knowledge, insight and understanding of these markets and their unmatched growth potential.

Standard Chartered Bank is a focussed and disciplined bank, whose core businesses are Consumer and Wholesale Banking. It is committed to excellence in customer service, to delivering consistently superior performance and to building shareholder value. It recognizes its responsibility to the countries and communities in which it operates. Its values are based on trust, teamwork, commitment and pride in the organisation.

Speaking on the acquisition Rana Talwar, CEO of Standard Chartered Group, states "we want to become bigger, we want to become more profitable and we want to out compete our biggest competitors."

Mr. R. J. Cox speaking on the name change points out that, "Banking is all about products, pricing and people. It’s also all about promotion and security. Our new name will help us bring all these together and ensure we further differentiate ourselves from our competition in Nepal."

The most profitable joint venture bank over the last five years, the hallmark of the Bank’s success has been superior service delivery, innovation and technology, combined with a large international network and local expertise. It is the first and only bank to launch full service domicile free banking (any branch banking) and Automated Teller Machines (ATMs). Going forward its focus is on providing a more comprehensive range of products and services for consumers.

It will be Business as Usual. Customers of the Bank will continue to receive the high standard of world-class service and the highest degree of safety that they are accustomed to. If at all, the name change will only impact the Bank’s business positively.

With the change of name, there will soon be another change noted in the Bank. Mr. R J Cox after completing his term with Standard Chartered Bank will be handing over his responsibility as CEO of Standard Chartered Bank Nepal Limited to his successor Mr. Rajeev Kulkarni on 26 July 2001. Mr. Kulkarni who comes from Standard Chartered Bank in India, brings with him very extensive knowledge and experience in banking. He has already arrived to takeover his responsibility here.

Today there are over 264 employees, in 12 points of representation spread across the Kingdom to take banking in Nepal into the future, under the new name, Standard Chartered Bank Nepal Limited.

Gaur, July 15: The Simra VAT Office has collected Rs. 1.62 billion rupees in revenue in the fiscal year 2057/58 Rs. 100 million more than expected.

The Office looks after revenue collection in two districts - Rautahat and Bara had expected to collect Rs. 1.52 billion revenue, but one week before the end of the fiscal year it collected Rs. 1.26 billion in excise duty and Rs. 360 million VAT.

According to chief of the VAT Office, Devidas Koirala, the office had expected to collect Rs. 1.62 billion revenue in the previous fiscal year however it could collected a revenue of only Rs. 1.29 billion.

Surya Tobacco Company, the country’s biggest taxpayer, paid a revenue of Rs. 1.2 billion in the last fiscal year. However, this is a reduction from Rs. 2 billion revenue the company had paid in the previous fiscal year.

Similarly, the Central Traffic Police Office at Pathlaiay collected a revenue of Rs. 1.6 million till the end of Jestha. The revenue was collected from the fines and punishment from violation of traffic regulations.