Sunday, December 26, 2010

Website launched

Official website of lauched today

Free HTML codes

Official website of is launched today for ease to share documents and one click download of word, excel, pdf and image files.

I will work hard to make the website more attractive day by day..

Please visit




Monday, December 13, 2010

Option C

As per IRD circular dated 14th Dec 2010 Option A Wins Hurray!!!!


Mr. Babu Raja has total income from employment of Rs.25, 10,000

1st Rs.200,000 2,000.00 (1%)

Next Rs.100,000 15,000.00 (15%)

Balance 22,10,000 552,500.00 (25%)

Tax Liability before Additional Tax 5,69,500

Additional Tax @ 40% 227,800

Total Tax Liability 7,97,300.00

Sunday, December 12, 2010

Right or wrong which option you choose..


For example Mr. Babu Raja has taxable income of NRs. 2,510,000 for the year 2067/68. The tax shall be levied as follows if Mr. Babu Raja elected to be a couple:Basic Limit 200,000.00 1% 2,000.00First Limit 100,000.00 15% 15,000.00Balance 2,210,000.00 25% 552,500.00Additional tax as be Finance Ordinance 2067 40% 1,000.00 (10,000*25%*40%)Total Tax 570,500.00



Mr. Babu Raja has taxable income of NRs. 2,510,000 for the year 2067/68. The tax shall be levied as follows if Mr. Babu Raja elected to be a couple:Basic Limit 200,000.00 1% 2,000.00First Limit 100,000.00 15% 15,000.00Balance 2,210,000.00 25% 552,500.00Additional tax as be Finance Ordinance 2067 40% 2,21,000 (22,10,000*25%*40%)Total Tax 7,90,500.00

As per exact application of Act option B is correct but as per the logical thinking A Should be correct answer What do you think?

Saturday, December 11, 2010

Major Changes by Finance Ordinance 2067 In Income Tax Act, 2058

Major Changes by Finance Ordinance 2067

 In Income Tax Act, 2058


1. Definition of Tax - Section 2 (dha), Amendment

  • Tax means the tax imposed under this Act. The term includes the following payments:Amounts to be paid under Section 90 by advance tax deducting (withholding) persons or by tax-deductible persons (withholdees), or amounts to be paid under Section 94 by persons making payments in installments or amounts to be paid under Section 95 (ka) by the person required to pay advance tax or amounts to be paid according to tax assessments made under Sections 99, 100 and 101. – Dha (2), Change Highlighted

    2. Definition of Non Business Taxable Asset - Section 2 (da), Amendment

  • Non-Business Taxable assets mean lands, buildings and interest in any entity, or securities, other than the following assets:Land and private house of a natural person which has been disposed of at a price of less than 30 lakhs rupees (it was 50 lakhs previously).
  • Clarification: Private house means house and the land surrounding the house or one ropani of land whichever is lower. – Da (3) 

    3. General Interest Rate - Section 2 (kaba)

  • General interest rate shall be 15 percent (it was 10 percent previously)

    4. List of the Exempt Amount - Section 10 (chha), Addition

  • The following amounts shall be exempt from tax:Amounts earned by the Nepal Stock Exchange Board according to its objectives. Chha (4)

    5. Provisions related to Business Exemptions and Concessions - Section 11 Subsection 3, Amendment/Addition

  • Tax shall be imposed as follows on income made by a person from any special industry in an income year:
  • a. In case any special industry is operated in a very-undeveloped, undeveloped or underdeveloped area, tax shall be imposed at the rates of 10, 20 and 30 percent (it was 50, 70 & 75 percent previously) respectively of the rates otherwise applicable, for ten years including the year in which the industry started its operation. – 3 (kha), Amendment
  • b. Person involved in the exploration and extraction activities of the petroleum and natural gases shall get full tax exempt for first 7 years and 50 of the tax rebate for next 3 years if the commercial production starts within Chaitra 2075. – 3 (3kha), Addition
  • c. Industry established in the remote area shall avail facility of the full tax exemption for 10 years from the year of the establishment. - 3 (3kha), Removed
  • d. Industry conducting business related to software development, data management, cyber cafĂ©, digital mapping established in Technology Park, Biotech Park and information & Technology Park as specified in the Nepal Gazette shall obtain rebate of 50 percent of the applicable tax rate. (rebate was 25 percent on the similar industry before). - 3 (3gha), Amendment
  • e. In case of export of the goods produced by the manufacturing industry tax rebate of 25 percent on applicable the tax rate shall be provided. - 3 (3gna), Addition
  • f. Tax rebate of 40 percent on the applicable tax rate shall be provided on the income earned from the establishment and operation of the road, bridge, airport, tunnel road or from the investment in and operation of tramp and trolley bus. - 3 (3cha), Addition
  • g. Industry involved in manufacturing, tourism services industry, hydropower generation, transmission and distribution and those specified in Section 11 (3gha) if listed in the security exchange market then they shall avail tax rebate of 10 percent of the applicable tax rate. - 3 (3chaa), Addition
  • h. Industry established in very-undeveloped area producing wine, brandy or slider consuming the locally produced fruits shall be provided tax rebate of 40 percent for 10 years from the year of the start of the production. - 3 (3jha), Addition
  • i. Royalty earned from the export of the Intellectual property shall avail tax rebate of 25 percent of the applicable tax rate. - 3 (3jhaa), Addition
  • j. Income earned through sale of Intellectual property by way of transfer shall avail tax rebate of 50 percent of the applicable tax rate. - 3 (3aya), Addition

    6. Valuation of the Trading Stock – Section 15, Amendment

  • While calculating the cost of trading stock, the following method shall be followed:
  • a. In case it is not possible to calculate the trading stock of the business of a person, he may make a choice between the first-in-first-out method and the weighted average-cost method to calculate the trading stock of the business. - Subsection 6
  • b. Calculation to be made according to the weighted average- cost method shall be made as per the generally- accepted principles of accounting under which the cost of a particular type of trading stock is calculated as the weighted average cost of all trading stock of that type in the business. – Subsection 8 (ka)

    7. Provision relating to the carry forward of the loss from a Investment - Section 20, Amendment/Removal

  • a. A person may calculate the income made by him from an investment in an income year by deducting any unrelieved loss of the year incurred by him and any unrelieved loss of the previous seven years incurred by the person from that and any other investment.- Subsection 2, Removed
  • b. Any person has receiving full tax concession (or partial concession previously) in any income from business or investment in any income year, loss of such income year will not allow to carry forward in following years. – Subsection 8, Amendment

    8. New provision of the facilities for the disposal of assets and liabilities during the merger and acquisition of the banking and insurance business – Section 47, Addition

  • I. Institution involved in the similar type of business activities either in basking business or insurance business decide to merge through merger or acquisition then the provisions of the Section 59 Subsection 2 – ka, kha, gha,gha, cha, chha & Subsection 3 shall not apply to it. Section 57 (2) relates to Changes in Control. – Subsection 1
  • But the accumulated loss of the institution which losses its existence after loss shall be allowed for deduction on equitable (damashahi) basis for the period of seven years. However, so merged institution decide to re-separate before complete deduction of the accumulated loss is required to pay tax on the amount allowed as deduction at the rate applicable on the date of merger through merger or acquisition.
  • II. The disposal of the assets and liabilities of the so merged institution shall be as follows: - Subsection 2 
  • a. Disposal of trading stock and business assets (Ka)i. Net expenses incurred on the assets just prior to the disposal shall be assumed to the received by the person disposing the assets.ii. Amount as specified above shall be assumed to the cost of the assets to the person acquiring it.
  • b. Disposal of the depreciable assets (Kha)i. Depreciated value as per Section 4 of the Schedule -2 is assumed to be receipt on the disposalii. Amount as specified above shall be assumed to the cost of the assets to the person acquiring it.
  • c. Disposal of Liabilities (Ga)i. Market price of the liabilities or the net income just prior to the disposal shall be assumed to be paid by the person disposing the assets.ii. Amount as specified above shall be assumed to the received by the person accepting the liabilities.
  • d. Institution formed after the merger or acquisition shall treat the cost of the assets or liabilities in existence just prior to the merger or acquisition as acquired for the purpose of calculation a, b & c above. (Gha)
  • III. Bulk payment for Group retirement to the staffs of the institution loosing existence after merger or the institution in existence after merger shall be allowed tax rebate of 50 percent of the advance tax deducted at the time of such payment. But payment through retirement fund or received as per the provisions of the personnel manual of the institution shall not avail such facility. – Subsection 3
  • IV. Capital gain tax shall be waived on the transfer of the shares through sale by the shareholders in existence just after the merger for the period of 2 years after the merger. – Subsection 4
  • V. Dividend tax shall be waived to the dividend declared within 2 years of merger in case of the shareholders in existence just after the merger. – Subsection 5
  • VI. The intention letter of merger shall be forwarded to the Inland revenue Office with 2068 Kartik end. – Subsection 6
  • VII. The process of the merger shall be completed by Kartik end 2070. – Subsection 7
  • VIII. The institution not forwarding the intention letter or not completing the merger process within the specified time period shall not avail the facility under this Ordinance. - Subsection 8

    9. Definition of Department - Section 72, Amendment

  • For the purpose of assisting the Department in fulfilling its responsibilities mentioned in this act GoN may by notification in the Nepal Rajapatra, establish Large Taxpayer Offices or Inland Revenue Offices or taxpayer service offices under the Department and prescribe the jurisdiction of those offices. The offices with jurisdiction prescribed in that manner shall be recognized as part of the Department. Subsection 2, Change Highlighted

    10. Tax Deductions While Paying Investment Returns and Service Fees – Section 88,

  • Tax shall be levied at the rate of 10 percent on the profit and gain on the transaction under Commodity Future Market. – Subsection 1(6), Removed. Placed in Section 95 (ka)

    11. Change to the Tax Deductions While Paying for Contracts or Agreements to the non-resident person – Section 89

  • 10 percent tax shall be withheld on payment under the contracts or agreements related to Service with a non-resident – Subsection 3(ka), Removed.

    12. Tax deduction on gain from disposal of an interest holding by resident entity – Section 89 (ka)

  • Section 89 (ka) ka & kha relating to tax deduction on gain from disposal of an interest holding by resident entity by a person. - Ka & Kha, Removed. Placed in Section 95 (ka)

    13. Extension of the timeline of the deposit of advance tax withheld – Section 90

  • Advance Tax withheld during the month shall be deposited within twenty five days of the following month. The period was within 15 days of the following month previously. Subsection 1, Amendment

    14. Chapter – 18, Amendment

  • Phrase "Advance Tax" has been added to the title of the Chapter -18. The title is "Installment and Advance Tax" after revision.

    15. Recovery of Advance Tax - Section 95 (ka), Additions

  • I. Organization involved in the providing services related to the Commodity Future Market is required to withhold tax at the rate of 10 percent on the profit and gain earned on the transaction by person involved in the business of the Commodity Future Market. – Subsection 1
  • II. Tax on gain calculated as per Section 39 from the disposal of the interest in the entity by the person other than those organization dealing in the security under the law enforce shall be withheld as follows: – Subsection 2
  • a. In case of the Organization with its securities traded in the stock exchange, the organization involved in the securities business shall withheld tax at the rate of 10 percent in case of natural resident person and 15 percent in case of others. (Ka)b. In case of the Organization whose securities are not traded in the stock exchange, the organization whose securities is disposed off shall withheld tax at the rate of 10 percent in case of natural resident person and 15 percent in case of others. (Kha)
  • III. Tax should be deducted at the Land revenue Office on capital gain on the disposal of land and building on the following basis. – Subsection 3
  • a. If the ownership of the disposed Land or Land and building is 5 years or more, 5 percent. (Ka)b. If the ownership of the disposed Land or Land and building is less than 5 years, 10 percent. (Kha)
  • IV. Advance tax is assumed to be withheld as per the provisions of the act irrespective of the status of actual collection. – Subsection 4
  • V. Advance tax so withheld should be deposited within 25 days of the following month as per the procedures specified in the Act. – Subsection 5

    16. Fees to be imposed in the Event of Failure to Keep Documents or Submit Particulars or Returns of Income – Section 117, Addition

  • Fine at the rate of 1.5 percent for the month or part of the month shall be imposed if the person requiring depositing advance tax withheld as per Section 95(ka) is not done. - Subsection 1 (kha)

    17. Interest to be Charged in Case Those Paying Tax in Instalments Pay a Lower Amount as Estimated Tax - Section 118, Amendment

  • 90 percent (80 percent previously) of the estimate or revised estimate, if it is correct, of total amount payable as the installment of tax for each installment period for the year, and in the case where the estimate or the revised estimate is not correct, of the amount payable by the person referred to in Section 3(a) and (b) as the installment of taxin each instalment period. – Subsection 1(kha)

    18. Interest to be charged In the Event of Failure to Pay Tax – Section 119, Amendment

  • Interest payable by an advance tax deducting person due to his failure to comply with Sub-Section 8 of section 95 ka or Sub-Section 4 of Section 90 may not be realized by him from the person whose advance tax is deducted. - Subsection 3

    19. Realization of interest paid due to default of withholder - Section 119, Amendment

  • Interest payable by an advance tax deducting person due to his failure to comply with section 95.Ka(8) and 90.4 may not be realized by him from the person whose advance tax is deducted. – Subsection 3

    20. Penalty for Aiding and Abetting – Section 121, Amendment

  • A person who knowingly or recklessly aids or abets another person to commit an offence of a type referred to in this act (previously Chapter 23), or counsels or induces another person to commit such an offence shall be liable for a penalty equal to 100 percent of the underpayment of tax that. Change Highlighted

    21. Offence of Making False or Misleading Statements – Section 124, Addition

  • Clarification
  • For the purpose of this section, a statement made to the Department means the statement filed to the department or filed to the competent authority in the course of fulfilling duty under this act and it shall include the following as well:
  • a. Application, description, notice, complain, justification or any other document files for the purpose of this act. (Ka)b. Document submitted to the department or the director of the department. (Kha)c. Question asked by the department or the director of the department to any person. (Ga)d. Description provided by the person having information about the return filed through an agent to the department of the director of the department. (Gha) 

    Changes to Schedule -1 


    of Income Tax Act, 2058


    Tax Rates

  • 1. Additional Tax under 25% slab to the Resident Natural Person – Section 1, Addition
  • Resident natural person having taxable income exceeding NRs. 2,500,000.00 shall be charged additional tax at the rate of 40 percent on the tax amount calculated as per clause (ga). –Subsection 1 & 2


  • For example Mr. K has taxable income of NRs. 2,510,000 for the year 2067/68. The tax shall be levied as follows if Mr. K elected to be a couple:Basic Limit 200,000.00 1% 2,000.00First Limit 100,000.00 15% 15,000.00Balance 2,210,000.00 25% 552,500.00Additional tax as be Finance Ordinance 2067 40% 1,000.00 (10,000*25%*40%)Total Tax 570,500.00

    2. Remote Area Allowance - Section 1, Amendment

  • Tax shall be calculated only on residual taxable income remained after subtracting the amount of prescribed remote area allowance not exceeding NRs. 50,000.00 (previously 30,000.00) of an individual residing in a remote area prescribed by GoN. - Subsection 5

    3. Tax Limit to Small Tax payers – Section 1, Amendment

  • Tax to the business as per Section 4 Subsection 4 (if the income and turnover of the business does not exceed the threshold of Rs. 2,00,000 and 20,00,000 respectively) shall be as follows: - Subsection 7
  • Area Tax amount (Current) NRs. Tax amount (Previous) NRs.Metropolitan or Sub- Metropolitan Cities 3,500.00 5,000.00Municipalities 2,000.00 2,500.00Other Area 1,250.00 1,500.00

    4. Facility for Income from Export – Section 1, Amendment

  • Natural person earning income from the export during the year shall be taxed at the rate of 15 percent on the 25 percent tax slap. Previously the provision was to tax income at the rate of 20 percent if earned from the export. - Subsection 15

    5. Clarification – Section 2

  • Ropeway means ropeway operated for the carriage of goods or persons and it includes cable car as well. - Subsection 3 kha 1

    Changes to Schedule -2 of Income Tax Act, 2058

    Calculation of Depreciation

    1. Facility of Depreciation – Section 3, Addition

  • a. If the manufacturing industry invests in the assets generating energy required for self-consumption shall be allowed 50 percent of the assets procured during the year as allowable depreciation for the year. - Subsection 3
  • b. Computerized system of billing through fiscal printer and cash machine then the whole amount expended in the procurement of the assets shall be allowed as depreciation expenses in the same year. Subsection 4

Major Changes by Finance Ordinance 2067 In Value Added Tax (VAT) Act, 2052

 1. Amendment in list of the Business to be registered to VAT – Section 10(2) – Amendment

  •  The business of a person is taxable or is of hardware, sanitary, furniture, electronics, marble, educational consultancy, disco theque, catering service, party palace, parking service, dry cleaners using machine, restaurants with bar and color lab within jurisdiction of the metropolitan, sub-metropolitan, municipality or in area specified by IRD is required to file application for Vat registration in the specified format within 30 days of the effectiveness of the provision or start of business.- Additions Highlited

     2. Search, seizure and deposit – Section 23 (Gha), Amendment

     Seize the bank account of tax payer up to 3 months. But with the prior permission of Director General, bank accounts could be seized for additional 3 months if in case tax assessment procedure not completed. - Gha


    3. Tax refund from the custom point in case of Re-export - Section 25(b) - Addition 

  • Based on the proof of the re-export of the goods, Vat kept as deposit at the custom point to the extent of re-export shall be refunded from the specified custom point.
  • 4. Fine in case of use of defective Software for Computerized billing– Section 29 (1Tha) – Addition
  • If taxpayers have obtained approval to use the computer billing system uses the software system with the facility of the deletion and modification shall be imposed fine of NRs. 5 lakhs.

    Changes to Schedule 1 of VAT Act, 2052

    Vat Exempt Goods

  • Group 3: Live Animals and animal products – Addition
  • Metal barrel, sheet to control Queen Bee, bee brush, main hive roller, gear pump & wheel place and machine of bee keeping business, honey purifier and liquid purifier etc imported for bee keeping activities. – 3 (b)
  • Group 5: Medicine, Medical and Similar Health services – Addition
  • a. Plastic of blood, transfusion set, testing kits, reagent & blood testing, reagent building equipment & chemicals imported in Nepal by Nepal Red Cross Society.- 5 (b) 
  • b. Equipment used for treatment of kidney related disease. – 5(gna)
  • c. Equipment (heading 90.18 and 90.27) used by pharmaceutical industries and hospital for research and development on the recommendation of Drug department. – 5 (cha)
  • d. Raw materials used to produce intraocular lens – 5 (cha), Removed
  • Group 9: Passengers and goods transportation services – Addition
  • Cargo service for export purpose
  • Group 11: Other goods or services – Addition
  • a. Agricultural product storage facility provided in Cold Storage. – 1
  • b. Reinsurance Business – 3
  • c. 50 percent of VAT collected from the vat registered customers on sale of the mustard oil, vegetable ghee, refined eligible oil produced by the national industrialist involved shall be refunded as specified by IRD. However, such facility shall not be availed by the packing industries bulk import of the refined oil and sale of them after packing (refilling) activities. - 21

Exams over and new day started with better hope.

Hmm ICAN's Final December Exams were over Finally. Now, Back to office for work for CAP III Exam the questions of Law and Income Tax were the hardest followed by Audit too.

However in my case I only appeared for group 2nd Exams only as had not taken enough leave.

Hoping to cope with exams in June 2011 with better preparation.




Monday, September 20, 2010

Is internal audit useless in Nepal


Internal audit is not new in Nepal. But its time that internal audit should be either enriched or made productive or either scrapped. Internal audit in Nepal is mostly done by banks and financial institutions. And in most of cases internal audit is so undermined that it is done side by side with statutory audit. Actually if we go and ask any CEO the importance of internal audit, few will say something. But whatever they say in heart they must be confused themselves and think what does it actually do?..


Well let me tell you the answer it just an expenditure of bank or financial institutions which get him some points on compliance of Nepal Rastra Bank. There is no case till now that on the basis of internal audit report, Company's cost is reduced or some effective control is achieved. Almost most of control mechanism is brought in by experienced bankers or by imitating each other either by understanding or not.


So its time in Nepal too to create some concrete standard for internal auditing like other countries. Common we can't always look at indian institute and imitate them. Everyone has brain, so do we.

Otherwise soon there will be a day when internal auditor will be considered a shameless person who does only a repetitive crap thing which disturbs employee and irritate the managers.



Pasang Lama






Tuesday, September 14, 2010

NRB Circulars 2066/67

Dear blog readers

I have here uploaded the NRB circulDear blog readers

I have here uploaded the NRB circulars 2066/67 complete updated in English.ars 2066/67 complete updated in English.

Circular 66-67 English

You can also download it from here.

Have happy time auditing.

Saturday, September 11, 2010

Concentrate concentration tips

 You will need to find a place where you can be alone and undisturbed

2. You can sit crossed legged on the floor if you can or in a chair, as long as you're comfortable

3. You must sit with your spine erect so you won't have any problems later on

4. Take a few deep breaths to relax your body

 In your mind go through each muscle group and relax them, to do this you simply think about each muscle group from your neck to your feet and just feel them getting relaxed and getting heavy and comfortable. "My chest is relaxing and getting heavy and calm" is something you could use as an inner direction to your mind while you relax.

6. It is advisable to
practice each exercise daily for more than one week


The Exercises

These concentration exercises will help you gain all that was listed above. So make sure you read them carefully then carry them out. I know you will very surprised by your concentration ability once you've started making your way through these exercises.

Exercise 1


Exercise 2


Exercise 3


Exercise 4


Exercise 5


Exercise 6


Exercise 7


Exercise 8


Exercise 9


Exercise 10


Exercise 11


Secret for success is constant practise, more time you dedicate to the exercises the faster it will come. Reading this article on how to concentrate on studies, how to develop concentration and how to determine concentration will have opened your mind more to possiblities and I hope it helps you greatly. Good luck

Pasang Lama (CA Finals)

Saturday, September 4, 2010

Final Exams

As December exams are near, I have too started to worry about my exams.

I want to know best books which are easy to understand and cover all practical concepts

For CA final

MAFA, Advance accounts, and Cost Accounts.

Please add your comment regarding the books which I should refer.

Friday, September 3, 2010

ICAN results how fair??


How fair do you think ICAN results, if someone has interesting facts please send me in my email id We have some controversial results.

Lets to audit for our own and submit the results with related council member who are responsible for governance                            


How fair do you think ICAN results, if someone has interesting facts please send me in my email id We have some controversial results.

Lets to audit for our own and submit the results with related council member who are responsible for governance…

Thursday, March 11, 2010

Margin lending to Promoters of Banks –Bad guys

A government study has reckoned that promoters of commercial banks themselves are the biggest borrowers of margin lending -- loans against collaterals of shares they own -- and it is the root cause of almost all the ills of Nepal´s financial system.


The study conducted jointly by a number of government agencies, including the central bank, found that promoters of all private banks but one, Standard Chartered Bank, have pledged shares as collaterals to other banks to take loans. Clause 48 of Act to Banks and Financial Institutions 2005 bars banks and financial institutions to lend against their own shares.


According to the study, promoters of Nepal Credit and Commerce Bank has pledged the highest almost 90 percent of the shares to take loans from other banks, mostly from the banks owned by the same promoters´ group. Twenty promoters of the bank have pledged over 6.4 million shares as security to lending bank out of total 7.17 million shares held by them.


"It is not illegal, but it is wracking the financial system because it instigates borrowers to manipulate the share market to raise the prices of shares artificially so that they can borrow higher amount or at least cover the borrowed amount," said a government official. The study has found the root cause of the unnatural share price movements that Nepal´s share market witnessed some months back, he added.


Similarly, promoters of Kist Bank -- the newest financial institution to enter the 26-member commercial bank group -- have pledged 54.5 percent of the shares they own to take loans. Of the 120 million units of shares that the promoters of the bank possess, 45 promoters have pledged 6.54 million shares for the purpose of borrowing.


A close look over the linkage of pledged shares and investments made afterward reveals that most of the promoters used the borrowed money either to a open a new financial institution or upgrade the existing ones, said one of the officers involved in the study. "In principle, promoters planning to open financial institutions should make required investments from own and other sources, at least not by borrowing from the banks´ resources, which should be invested in productive sector to boost economic activities," the official added.


Similarly, NIC Bank ranks third in terms of the ratio of shares that have been pledged by its promoters to take loans. According to the study, 51.47 percent of the shares have been pledged, Machhapuchhre Bank comes fourth with 49.64 percent of the promoters-owned shares pledged to get loans.


There were intense discussions on the issue recently among the regulating agencies of financial system and there was a strong call for policy changes to curb such practices, said the official. "However, the beneficiaries ganged up and successfully foiled the attempt," the official added.

Saturday, February 20, 2010

Phataha Bankers bajiya haru….

Bank CEO Khatri's arrest condemned

19, Feb 2010

Bankers have strongly reacted to the arrest of Sudhir Khatri, the chief executive officer of Development Credit Bank Limited, labeling it as an arbitrary action aimed at terrorizing the banking sector.

In a strong-worded statement released at a press conference on Thursday, Nepal Bankers´ Association said that the arrest of a CEO from his office on Thursday was humiliating for someone in a responsible post.

Khatri was arrested from his office at around 2:30 pm and was released after two hours when the Nepal Rastra Bank intervened. The central bank urged police not to proceed with action without proper consultations with its experts.

Another police team had gone to arrest Ramesh Bhattarai, the chief administrator of Employees´ Provident Fund who was director of the bankrupt Nepal Development Bank (NDB). However, the team returned empty handed after receiving orders from higher authorities not to execute the arrest.

´´The arrest could have been justified had Khatri disobeyed police summons. Police had never summoned him. So the way Khatri was arrested was condemnable in strongest words possible," said Rajan Singh Bhandari, the vice president of NBA, at the press conference. The press statement has also warned that such actions could erode people´s confidence on the banking system.


Police officials said Khatri was arrested in connection with the ongoing investigation into the seven fraud cases of July 2009 involving Rs 360 million. The central bank had requested Nepal Police and Department of Revenue Investigation to investigate and punish NDB officials responsible. Khatri was associated with the bank from its inception and was general manger for three months when it came to operation ten years ago.


A central bank official told Republica that Nepal Police had asked the central bank three months ago to provide a list of all top officials who served in the bank from its inception. Hence Khatri´s name was also in the list.


The official further said that the arrest was not at all necessary as all the seven cases that NRB had requested to investigate occurred long after Khatri left the bank. The official said that central bank will again forward a name list specifying the persons who might have connections with the seven forgery cases, in order to prevent arbitrary arrests like Thursday´s.

Wednesday, February 17, 2010

ICAN’s Result out…

ICAN has published its result on 14th February 2010, right on valentines day, Hope it was getting romantic towards students ha ha..

Well on my view the results published on Final level was very wonderful and hope it remains wonderful as it is when……..

Well you can download the result from

Contratulations… all who have success on their hands and Very good luck for others as it is becoming about more luck than studies now….


----Critic Pasang Chunda Lama

Friday, January 1, 2010


Happy new year 2010 to all my blogreaders…..may coming year bring lot of knowledge and expertise to my readers..