The government has set a target of mobilizing revenue of Rs 141billion for the current fiscal year. "We have just about Rs 31billion to collect to meet the target. Given the trend, it will be realized easily," said Krishna Hari Baskota, revenue secretary at MoF. He attributed the better collection to the reforms and the performance-based incentive packages that were initiated by the revenue administration.
Schemes like the Voluntary Declaration of Income Sources (VDIS) scheme and the Concessional House-Land Rental Tax payment scheme had also helped to mobilize an additional Rs 2 billion.
NIBL opens 29th branch in Baneshwar
KATHMANDU, May 18: Nepal Investment Bank Ltd opened its 29th branch on Monday, in New Baneshwar, an emerging business hub in Kathmandu. The newly opened branch is the bank´s 12th branch in the valley.
Issuing a press statement, the bank said the new branch is providing banking services to the residents and business community of Babarmahal, Tinkune, Koteshwar, Sinamangal and surrounding areas. “The Baneshwar branch will be linked through ABBS (Any Branch Banking Services) to all the other 28 branches of the bank,” the statement added.
The key services provided by the branch include 365 days banking, deposit and credit facility, foreign exchange, retail banking, Letter of Credit, guarantees and remittance services. The bank is also opening more branches in Baneshwar, Bhotahity, Gaighat, Itahari, Dang and Dadeldhura.
Total deposits with the bank stood at Rs 42.47 billion as of mid-March, 2009, a growth of 39.41 percent over last year. Similarly, loan and advances grew by 30.18 percent, to Rs 34.41 billion, over last year.
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