Harvard Alumni demand immediate release of Dr Roop Jyoti

Harvard University alumni today asked the government to immediately release Dr Roop Jyoti and his family members from imprisonment.
Dr Jyoti was arrested from Tribhuwan International Airport (TIA) upon his return from Singapore on November 7. “Independent press reports suggest that Dr Roop Jyoti was charged for a crime he was not involved in," reads a press note released by Nepali students and alumni members of Harvard University. "A multi-year and multi-party business dispute that should and could have been settled via a mediation or arbitration process appears to have been blown out of proportion into a criminal offence - targeting Dr Roop Jyoti and resulting in his arrest," the press note reads, adding that they are troubled by media reports, which suggest that Dr Jyoti is being harassed because he refused to succumb to extortion.
“We demand that the authorities investigate this charge,” reads the press note signed by more than two dozen Nepal students from Harvard University and alumni members.
Expressing their hopes that the rule of law will prevail, the alumni members, said, "While we expect the rule of law to prevail and to take its course, the circumstances and the manner in which Dr Jyoti and his family are being treated appear to be arbitrary, disproportionate and unfair.”
The alumni members also strongly urged the government to free Dr Jyoti and his family members. “As not doing so would send an adverse signal that the authorities in Nepal can arrest anyone under any pretext, thereby ruining the person’s reputation, damaging the worth of their societal contributions, and casting a chill in the way that civil society and the private sector operate with rights and privileges granted by the Constitution of Nepal," the press note further reads.
Renowned businessman, philanthropist and Vipassana meditation teacher, Dr Roop Jyoti, who completed his PHD from the prestigious Harvard University in 1999, is currently under police custody due to a case filed by Bigendra Krishna Malla against him.
However, Malla yesterday took his case back saying that he does not want to move to Court. The Police might release Dr Jyoti tomorrow. But the surprise arrest of Dr Jyoti – under the charge of fraud that is not criminal offence – has raised eyebrows of all quarters. The unlikely fast move of Nepal's police and the ‘suspected involvement’ of government in the case has also sent a negative message to the investors, domestic and foreign. The 'treatment' to the eight-decade old Jyoti Group has also terrorised the private sector. The Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Nepal Chambers of Commerce (NCC), Nada Automobiles Association of Nepal, Nepal-China Chambers, National Business Initiative (NBI) and various business institutions have also issued the press note protesting against the government move to defame a reputed business group and Dr Roop Jyoti.
The private sector also held a rally protesting the arrest of Dr Roop Jyoti and his daughter today.
Meanwhile, Bigendra Krishna Malla – who had petitioned a case of fraud against former state minister and renowned industrialist Dr Roop Jyoti – has filed an application requesting withdrawal of case in the Office of the Attorney General (OAG) today in Kathmandu, informed assistant district attorney Num Raj Khanal. The decision of OAG to not move the Court – as also suspected to be out of the court settlement – will help police to free Dr Jyoti.
According to the First Information Report (FIR) filed by Malla alleging Dr Jyoti for defrauding Rs 12 million, the police had arrested Dr Jyoti and his daughter Suruchi Jyoti last Thursday. The Kathmandu District Court had already extended remand on the father-daughter duo two times, for further investigation. The eight-day remand is to end today, while the petitioner filed for withdrawal of the case yesterday. The police has, however, already submitted the investigation report to the Office of Attorney General (OAG), while the case is in process.

Private sector also responsible in achieving SDGs: Finance Minister

Finance Minister Dr Yubaraj Khatiwada today said that the private sector should play a responsible role in achieving the Sustainable Development Goals (SDGs).
Addressing the second day of third Responsible Business Summit – organised by National Business Initiative (NBI) under the theme of ‘responsible business for sustainable development’ – in Kathmandu today, he urged the private sector to raise investments in coordination with the government to achieve the SDG in time. “The private sector is key partner of government in achieving the SDGs within the deadline,” he said, adding that Nepal needs huge investment in every sector ranging from health, education to infrastructure to achieve the SDGs. “Investment from the private sector is crucial to bridge the large financing gap that the country has in materialising these goals.
Khatiwada – addressing the two-day summit – said that two-thirds or at least 50 per cent – of the total investment that the country needs to achieve the SDGs – of the required fund has to come from the private sector. “Though every sector needs to be responsible towards ensuring the country in achieving the development goals, the government is always open to discussing and formulating new policies to support business growth and development,” he said, adding that the government has formulated different policies recently focusing on making all stakeholders, including the government and the private sector, responsible for development and growth. He also said that achieving SDGs is not just the responsibility of the federal government but also of the local and provincial governments, and also the general people, as SDGs are common development agendas of the world and goal of the country.
But the finance minister urged all stakeholders to maintain accountability and transparency in the journey of growth and development.
Former vice chair of the National Planning Commission (NPC) Dr Swarnim Wagle, on the occasion, said that though the government has tried to ease and promote doing business and development on paper, implementation of those policies has been very tepid.
He also said that the government should effectively exercise its provisions highlighted in papers or policies. “The cost and ease of doing business and trade along with problems regarding tax system still remain the same,” he said, adding that the two-third majority government should be able to take a few bold and courageous. “But implementable decisions in a bid to drive the country’s economic growth and development are the need of the hour.”
The participants at the event also urged the federal government to effectively and evenly mobilise resources in a bid to achieve uniformity in development. “The provincial government is not in a position to generate even 10 per cent of required resources for development,” vice-chairman of the Planning Commission of Province 1 Subodh Pyakurel said – addressing a panel session on federal economy – adding that the federal government should support the provincial governments in generating resources and also ensure its wise distribution.
Likewise, Provincial Policy Commission vice chair of Province 2, Haribansha Jha said that the government should simplify the tax administration and provide incentives to investors and entrepreneurs for growth and development in each province.

Government says rumours being spread about tax system

A senior minister has claimed that the rumours have been spread about the tax system against the government.
Speaking at the inauguration of Responsible Business Summit – organised by the National Business Initiative (NBI) – here today acting Prime Minister and Minister for Defence Ishwor Pokharel said that some persons are irrationally accusing the government about the taxation system without knowing the facts. “Definitely, the government has introduced and expanded some provisions in the taxation system, but there are more rumours than facts, he said.
Stating that the government is always supportive of the private sector for overall development of the country, he added, “, we need to join hands to achieve the SDGs by 2030.”
The two-day Responsible Business Summit – organised to promote business leadership for attainment of Sustainable Development Goals (SDGs) in the country – is scheduled to cover 16 different sessions, in which various corporate groups, SMEs, banks, government agencies, development partners and other stakeholders will discuss about the scope, nature, benefits and challenges of business responsibility in Nepal.
On the occasion, president of NBI Padma Jyoti said that the summit will discuss and show a possible way out of the current unfavourable business environment in the country. He also informed that the summit will encourage focusing on achieving different SDGs that the country has adopted.
“We believe that the summit will motivate and facilitate businesses to integrate SDGs into mainstream business practices in Nepal,” he said, adding that it will also support in implementation of corporate social responsibility laws in Nepal. “The time has come for the government and private sector to join hands to furnish the agendas of SDGs and clean development.”
According to Jyoti, the summit will cover issues related to fast-paced and sustainable prosperity to address needs of stakeholders, including employees, consumers and local communities. Discussions will also be held on ensuring sustainability of natural and man-made environment and to explore partnerships necessary to achieve SDGs in Nepal, he added.
Speaking at the programme, resident coordinator of the United Nations (UN) in Nepal Valerie Julliand said that every development should take place without damaging the environment. “SDGs are development goals that meet the needs of the present without compromising the ability of future generations to meet their own needs, so any development needs proper resource planning and proper management of resources and to create awareness among the concerned people,” Julliand said, adding further that resources should be used judiciously so that after fulfilling our present requirements they are also preserved for the future generation. “With the increasing population and their ever growing demands, the rate at which the resources are being used has risen dramatically.”

Third Responsible Business Summit next week

National Business Initiative (NBI) is organising the third Responsible Business Summit on September 5-6 in the capital.
Organising a press meet, president of NBI Padma Jyoti confirmed that the two-day summit will help promote business leadership in attainment of Sustainable Development Goals (SDGs) in Nepal. “It will cover 16 different sessions, in which various corporate groups, SMEs, banks, government agencies, development partners and other stakeholders will discuss about the scope, nature, benefits and challenges of business responsibility in Nepal,” he said, adding that the summit is also expected to motivate and facilitate businesses to integrate SDGs into mainstream business practices and also support in implementation of corporate social responsibility laws of Nepal. “Organised by National Business Initiative (NBI) in partnership with Kathmandu University (KU), the summit will see some 500 top executives, businesspeople and activists engaged in responsible business.”
The summit will cover issues related to fast-paced and sustainable prosperity to address needs of stakeholders, including employees, consumers and local communities. “Discussions will also be held on ensuring sustainability of natural and man-made environment and to explore partnerships necessary to achieve SDGs in Nepal,” Jyoti added.
The summit – to be inaugurated by acting prime minister Ishwor Pokharel – will cover Prosperity, People, Planet and Partnership.

NBI gets OECD affiliation

National Banking Institute (NBI) has received the affiliation with the Organisation for Economic Co-operation and Development (OECD)/ International Network on Financial Education (INFE) membership, France.
With the international affiliation with OECD/ INFE, NBI looks forward to capitalise on the huge resource base of INFE with expertise and serve the community through Financial Education with its rich global networks it offers, it said in a press note.
OECD is an international organisation that works to build better policies for better lives with the goal to shape policies that foster prosperity, equality, opportunity and well-being for all. The organisation draws on almost 60 years of experience and insights to better prepare the world of tomorrow. Together with governments, policy makers and citizens, they work on establishing international norms and finding evidence-based solutions to a range of social, economic and environmental challenges.
Through the membership the delegates through NBI shall be invited to attend OECD financial education global events and specific dedicated session of OECD/INFE Technical Committee meetings as per determined by the Advisory Board, the press note reads, adding that the membership would allow NBI to be consulted systematically and in priority when a financial education document is issued by the OECD or the OECD/INFE for public consultation.
Since the inception of NBI, it has been in the forefront of Financial Education in Nepal. In addition it has been actively engaged in Financial Literacy throughout the country and has done many innovating work. Mobile learning App on Financial Literacy is one of our unique initiatives that have drawn huge attention both nationally as well as at the international front.

Government may interfere in interest rate

The government could interfere in the banks to force them to bring down interest rates, if necessary, according to finance minister Dr Yub Raj Khatiwada.
Addressing a programme mark to celebrate 10th  anniversary of National Banking Institute (NBI) today in the valley, he said that profiteering is good but it should be in the limit. "The banks and financial institutions should refrain from making excessive profits," he added.
The government is under pressure from the private sector to lower the interest rates. Prime Minister KP Sharma Oli has yesterday directed Khatiwada to talk to bankers on interest rates.
However, speaking at the same programme, Nepal Bankers Association (NBA) president Gyanendra Dhungana said that it is not possible to bring down the interest rate to single figure. "Industrialists should not be very optimistic about lower interest rates as the base rate of the banks stands at 10 percent," he added. According to the central bank rule, the banks and financial institutions can add upto 5 per cent in the base rate while lending.
Khatiwada, on the occasion, further said that the country is in need of carrying on the agenda of good governance, high integrity, and greater banking efficiency through the best service at the least cost possible by leveraging resources in the most productive areas.
Likewise, central bank governor Dr Chiranjivi Nepal called for a massive transformation in traditional payment system due to advancement in technology. He also highlighted the needs for providing better, affordable services to customers as well as service automation in quest of higher efficiency and risk management
Dr Khatiwada and Dr Nepal jointly inaugurated the programme, where NBI also hosted a Banking Conclave with the theme 'Deliberation for the next Decade'. Some leading banking professionals including MD of State Bank of India Dinesh Khara, MD and CEO of IDFC Bank V Vaidyanathan, Banking expert and Independent Director of State Bank of India Sanjiv Malhotra, Treasurer of HDFC Bank Ashish Parthsarathy, CEO of Foreign Exchange Dealers Association of India (FEDAI) Ashwani Sindhwani and the renowned business journalist from India Tamal Bandyopadhyay spoke on the occasion.
NBI is collectively established by the central bank and Nepal Bankers’ Association with support from Asian Development Bank (ADB) and the government.

US Mission helps to promote responsible recruitment

The US Mission is helping government to foster strong partnerships to promote ethical and fair recruitment practices in the foreign employment process for Nepalis.
"The US government – through US Agency for International Development (USAID) and other partners – stands committed to support Nepal's leadership in finding those win-win solutions that serve everyone, the government, the private sector, and the Nepali people," said newly arrived US ambassador to Nepal Randy W Berry, speaking at the programme – jointly hosted by the USAID and the National Business Initiative (NBI) – here today.
"Collectively, I’m confident that we can make ethical recruitment happen and, in turn, protect and promote the socio-economic wellbeing of the people and businesses in Nepal," he added.
Addressing the programme that saw key representatives from the government, private sector, civil society, development organisations, labour minister Gokarna Bista, highlighted the government’s priorities and plans and reiterated his commitment to ensuring good governance and oversight of foreign recruitment practices.
President of NBI Padma Jyoti, on the occasion, also underscored the need to institutionalise responsible and ethical recruitment processes in Nepal. 
Migration contributes to an equal to nearly 25 per cent of gross domestic product (GDP). If face, over half of all Nepali households have at least one migrant family member abroad or living in Nepal as a returnee.
 USAID’s Hamro Samman Project – implemented by Winrock International – builds upon more than two decades of US government support to counter human trafficking in Nepal.  The project’s goal is to reduce the prevalence of trafficking in persons by strengthening existing government, civil society, and private sector policies and systems.
Hamro Samman is forging partnerships with private sector actors to promote ethical recruitment and encourage zero tolerance for exploitation in accordance with national laws and policies, specifically, to counter trafficking and exploitation in foreign labor migration.

Private sector sees improvement in security situation, though still worried

Though there has been some improvement in security situations, it has not yet been able to boost the confidence of the private sector, according to the entrepreneurs.

At the closing session of the three-day workshop on 'Private sector's initiatives in local levels to improve the security situation and experiences,' in the Valley today, National Business Initiative (NBI) chairman Padma Jyoti said that security is a serious issue. "Though the security situation seems to have improved in recent days, there is no option to continue to work together with the local security agencies due to prolonged political transition has still not been able to convince the entrepreneurs. "The security reform programmes – that is in the last leg – have, though, shown positive outcome, it has to be continued for some time."

Some three dozen entrepreneurs from 10 districts have participated in the three-day workshop that started on Sunday.

NBI general secretary Surendra Bir Malakar, on the occasion, said that the involvement of government, private sector and donors for the public and private sector's security is a positive sign. "The NBI will actively be involved in sustainable peace, private sector's development and public security," he added.

Entrepreneurs urge to accept people's verdict, not to disturb business environment

Entrepreneurs today urged the political parties to accept the people's verdict and work unitedly for the economic prosperity of the country.

Requesting to create an investment-friendly environment, the business fraternity also asked them not to prolong the uncertainty.

Addressing an interaction here in the Valley Federation of Nepalese Chambers of Commerce and Industry (FNCCI) vice president Bhaskar Raj Rajkarnikar asked the UCPN-Maoist to accept the people's verdict and work for the economic planning for the development of the country. "The private sector will not support any disturbances like bandh and strike," he said, adding that the economy has been suffering due to uncertainty.

The people voted for the Nepali Congress to be the largest party – with over 100 seats in the 240 First Past The Post system – followed by CPN-UML – liberal communists – also due to lengthening uncertainty of the drafting of democratic Constitution.

People rejected the UCPN-Maoist – that has a notorious reputation and was the largest party in the first Constituent Assembly (CA) elections in 2008 – as it has always restricted the people's right to economic freedom by calling bandh and strikes for several days.

The political parties now have to walk the talk as they have promised in their election manifesto, he added. "The new elected government will give political stability that has been eluding the country since last one decade," Rajkarnikar hoped, requesting the parties to focus on creating investment-friendly environment and generating employment. "The FNCCI is ready to lobby in bringing the investment in the country."

The private sector is seriously concerned over the political parties' announcement – especially the UCPN-Maoist and some regional parties – that they will not accept the people's verdict, said National Business Initiative (NBI) general secretary Surendra Bir Malakar, on the occasion. "Though the economic agendas in the political parties' manifesto seems encouraging, it all depends on their will power to implement," he added.

The political parties have been, while in the government, talking of creating investment-friendly environment and once they are out of the government forget their promise and start creating disturbance in the business sector, irritating the people at large.

The UCPN-Maoist has won in only 25 constituencies, while the Nepali Congress has won in over 100 and CPN-UML has in around 100 constituencies in the second CA elections held on November 19, though the Proportional Representation (PR) votes are being counted for the 601 members of the CA that is expected to draft the Constitution this time.

Successful CA election marks end of political transition, infuses hope into business community

End of the lengthening political transition and successful second Constituent Assembly (CA) election yesterday has infused some hope in the business fraternity.

The entrepreneurs, who have been in wait and watch mood, since dissolution of the first CA on last May 28, took active part – by casting their votes and also observing the election – in the second CA poll that will end at least one uncertainty and help form an elected government in around a couple of weeks.

As there seems light at the end of the tunnel, the entrepreneurs are encouraged.

"The successful CA election has given us a hope that the Constitution could also be drafted soon that would take the country towards a prosperous future," said Confederation of Nepalese Industries (CNI) president Narendra Basnyat.

"The political parties will move ahead with a common minimum economic agenda until they draft the Constitution," he said, adding that the successful CA election has paved a way for a new political course. "Political stability, stable government and Constitution are key to economic development ensuring economic prosperity and industrial development."

He is also hopeful that the political parties will fulfill their promises according to their election manifesto to ensure business-friendly environment.

The incumbent interim election council led by Chief Justice Khil Raj Regmi had been unable to bring – despite its various attempts – many Acts that could have helped create business friendly environment. But the CA election yesterday has ensured that the parliament will be formed in a couple of weeks and the Acts will get through it not only paving the way for new investments but also easing the current business environment.

"Entrepreneurs have been seeking stability and predictable policy for long," said entrepreneur Rajendra Khetan.

"Last few years has seen the height of corruption, which has hindered the business growth especially by politically appointed regulators," he said, adding that guarantee of policy stability – due to election will see both local and foreign investment increment. "But politicians must stop regulators for asking money openly by creating administrative hassles to increase the level of confidence of private sector."

The private sector did not only take active part in excising their democratic right by casting votes but also observed the election led by National Business Initiative (NBI) in some 24 districts. "The peaceful CA election has also reflected the people's wish for an end to political transition," said the general secretary of NBI Surendra Bir Malakar.

Business leaders seek more US investment

Private sector representatives today asked the former US president Jimmy Carter to help bring more investment into Nepal for the economic development.

During a meeting with Carter, who is a on a six-day visit to observe the second Constituent Assembly (CA) election scheduled for November 19, they held and extensive discussion on foreign investment potentials, security and election.

The business fraternity also apprised the former US president of Nepal Business Initiatives (NBI) – a non political private sector support group that is promoting fair business practice – and its help in introducing code of conduct for businesspeople and donation fund to start a transparent donation practice in the country.

Federation of Nepalese Chambers of Commerce and Industry (FNCCI) president Suraj Vaidya, on the occasion, said that political stability is key to attract foreign investment. "Hydropower and tourism has huge potential for US investment in Nepal," he said, adding that end of general strikes and bandh is a must to attract investment.

Likewise, general secretary of NBI Surendra Bir Malakar expressed concern over politics of intimidation and violence in the name of boycotting the CA election.

Carter, who has arrived on a poll observation mission yesterday with former deputy prime minister of Thailand Surkiat Sathianthai, on the occasion, said that he was taking stock of the current economic situation and US investment in Nepal.