Jumla chapter of FNCCI submits memo to administration administration demanding revision of interest rates

Published On: November 27, 2022 04:00 PM NPT By: Golden Buda

JUMLA, Nov 27: Federation of Nepalese Chamber of Commerce and Industries (FNCCI) Jumla, the umbrella organization of traders, has submitted a memorandum to the district administration with a four-point demand.

President of Jumla chapter of FNCCI Purichandra Devkota read out the memorandum to the Chief District Officer  (CDO) Mukesh Kumar Kesari. In order to strengthen the economic backbone of the country, and to develop the country, the high interest rates of banks and financial institutions should be revised, states the memo. Another demand of the private sector is that the BFIs should return the additional interest paid by the borrowers. The FNCCI chapter has also urged the district administration to coordinate with the internal revenue offices to facilitate the industrial sector. Devkota also requested the district administration to bring the door-to-door and mobile  businesses under the purview of tax.

The federation has warned of stern protests if their demands are not met. The memorandum also drew the attention of the government that the industries and factories of Nepal have been affected by the Covid-19 pandemic.

The FNCCI chapter said that they have had to lay off workers and employees, the production has declined, and the industrialists who are suffering due to the increase in the fuel prices are facing trouble because of the exorbitant interest rates charged by the banks and financial institutions. When the country is in a state of economic crisis, the private sector, which is the main backbone of the country's economy, should be further encouraged, subsidies should be provided for the operation of industries and skilled manpower should be provided, so that the domestic production can compete in the world market, noted Devkota. 

Meanwhile, Chief District Officer (CDO) Mukesh Kumar Kesari said that he will take initiative to address the demands of the business community.


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