Legal Development in Nepal

Development Issues and my Worthless Ideas

Posted in Uncategorized by nepaleselaw on July 30, 2010

In Davos, In January, there was something called ‘World Economic Forum’. The Economist, the prominent business magazine had called for some kinds of ideas at Davos. The ideas were supposed to be directed against how to make world better place in terms of economic development. I had just as comments had put forth some ideas in Facebook page of The Economist which you can view from here: http://www.facebook.com/TheEconomist?v=wall&story_fbid=274541799059
I have put them together in my blog. The ideas may not be suitable for grand World Economic Forum but I think that in a small scale of entrepreneurship concepts, some of the ideas may be useful. As all my ideas were spontaneous and impromptu, you may not find coherent views. I request you to read them in the context and as my raw ideas how we can make this world economically better, or what the people of my generation more or less think about it.

Smooth flow of labour all over the world without any restrictions on their movement is THE thing that needs to be focused by governments. There is a problem of terrorism and racism. However, these two should not hinder the ‘concept of free trade’ and globalization. When the issues of global protection of IPRS come, rich countries seem to be committed and agree on a universal similar code to grant protection on IPR but whenever there are issues that should be addressed from human resources capital perspectives, there are different perspectives among leaders.

It is also my point that the opportunity should be given to young entrepreneurs who are in the business of new areas of technology. The new areas of technology like information technology, pharmaceuticals, bio-technology are the areas which have a very promising future. Therefore, the government should act to harness the knowledge and ability of young entrepreneurs who can bring substance and value in new areas of technology.

The governments all over should take strong steps so that the loan facility to these young entrepreneurs would not be a difficult task. We agree that our financial institutions are not that strong now as they used to be. However, the recession cannot be the ground not to reach this energetic bunch who is pioneer in innovative ideas.

Government’s proactive action on funding of emerging areas is a must if we have to bail this world out of recession, deflation, inflation, stagnation and hyper-inflation in some parts of the world, and if we want to make this world a better place to live for coming generation.

For this, there should be a security and assurances from government that government would actively help these financial institutions in case there lurks any danger. Government can devise a policy by which the financial institutions which engage funding in niche areas would be given priority. Also, the criteria of receiving any stimulus packages and exemptions from statutory reserves by these financial institutions to central bank of any country should be decided on the basis of these institutions’ reach to young entrepreneurs.

If we have to bring this world out of current crisis shape the future of our coming generation, we should act in such a way that our commitments are strictly adhered to.

that funding to entrepreneurs should be the first priority, the second and third priority should be investing in service industry and free flow of human capitals.The issues/points that I have outlined above have been presented below in bullets forms and of course, they are not in any priority or order and are only jotted down on the basis of their order of flashing them in my mind:

  • Unhindered movements of goods and services including human resources-labors;
  • Impetus to young entrepreneurs;
  • Investment in niche emerging areas;
  • Making loan facilities available to marginalized people;
  • Encourage financial institutions to reach to poor people and disburse loans on small quantity but to many people against the real collaterals in the fashion like Bangladesh’s Grameen Bank;
  • Universal Education —- Access to education even to people from backward areas;
  • Various schemes/programmes for poor and marginalized people to integrate into mainstream economy providing equal opportunity;
  • Secure Property Rights Regime

Now, there were some comments on my post like someone told it is just a plain utopia.

And someone other told that the needs you list (indeed very necessary) do not apply only to emerging areas in this period. It’s a worldwide situation; the western countries are into these problems as well right now.

Then, I replied to the above two posts:

“I agree. But, when they plan to rebuild and rethink for the rebuilding, priorities should be given to issues that I have listed above. It’s not just talking or expressing commitments, but there should be concrete efforts and results emanating from such efforts. Hence, the efforts to achieve should be serious and very sincere. In all my Ideas to Davos, One point I have consistently highlighted is to make financial institutions efficient and to create an environment where these institutions can reach to young entrepreneurs. There is generally a tendency to be doubtful to young ideas and these ideas do not get implemented because of uneasiness of institutions to fund it. There is an urgent need to address this situation.”

http://www.facebook.com/TheEconomist?v=wall&story_fbid=276194279059

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How to send money to Nepal from India?

Posted in Uncategorized by nepaleselaw on July 26, 2010

The blog post below was written as a response/comment to this blog:
https://blogs.worldbank.org/peoplemove/india-to-nepal-remittance-service-launched#comment-925


As a comment itself is like a post and I feel is worthy of reading as a post. I have provided some links also in the bottom to know the ways to remit money in Nepal from India.
I have a strong deploring words for services and people of Punjab National Bank (‘PNB’) in India and those – services and people – of Everest Bank Limited (‘EBL’) in Nepal, I will comment about them in some of my posts later in future. For the time being, you may read about how to send money from India to Nepal. Till the time, I posted this blog, the blogger in World Bank has not moderated and published my comment, but I hope that he does approve.

Here it goes about how to send money to Nepal from India:

Since I am a Nepali National and sending money regularly to Nepal from India, I would like to point out some of the issues here. The first is not many bank employees know that they can send money to Nepal. In south India, some of them are completely unaware of anything about Nepal and do not get surprised if they say to do a net banking, which is funny as net banking is allowed only between domestic banks.

 

Most of the time, they may tell you to get the contact number of their forex/expat or foreign currency remittance department and contact there, and if you contact them, they will flatly answer you that you cannot send money to Nepal. Then, what is the way out?

 

This time I went to an ICICI Bank Branch in India in Hyderabad. I met Bank Manager who was not at all aware of any money transfer facility to Nepal. He ringed up two three places including his head office in Bombay and received response that they cannot transfer money to Nepal. He answered me a straight no. But, it’s great that at least he tried to find out and did his best as it was a private Bank.

 

If you are in a same situation before Public Sector Undertaking (PSU) Bank or Nationalized Government Bank, or a bank which says that it is an undertaking of Government of India, it may likely happen that you will be ignored, or just get answer No and no further help barring few exceptions in some bank branch because of some cooperating employees.

 

Most of the Bank Employees including Bank Branch Head, who is called Manager, will not be aware of anything what the blogger has discussed in his page. It’s because there is not much transactions happening or India is too large to care about Poor Nepalese, or ignorance is just bliss! So that they can take little nap post lunch rather than processing few thousands rupees of poor Nepalese fellow!

 

Still, if you try there is a way if there is a will. The blog aptly describes the first method on which I will not be dwelling much. Rest of the two methods that I have employed will be discussed below:

 

1. I am not sure if this process still works or not but I have reason to believe that The State Bank of India (‘SBI’) still has this process in Place. First of all, go to any big branch (only big branch dear!) of SBI in your city like in Hyderabad, Andhra Pradesh India, you can go to Koti/Abids Branch of SBI. There will be foreign remittance department. Deposit there INR 10,000/- or less amount than that and service fee of 50/INR way back in 2006-07. They will issue a cheque drawn in favour of the recipient’s name and addressed to SBI Bank Nepal Limited (which is a Joint Venture of State Bank of India in Nepal. I forgot the details as I had done this transaction way back in 2006-07 but I believe it was not account payee that means the recipient need not have any account with SBI Bank Nepal Limited. Sender can send that cheque through courier (will be risky if it is not account payee) or through some person, or if you are going to Nepal but do not want to carry cash then, carry with yourself. Present the cheque in any branch of SBI Bank Nepal Limited (this is also little doubtful as I forgot if there was any specific bank branch was written or not) and show your identity proof as a recipient (in case it is not account payee) and collect cash. If the cheque is account payee, deposit in the recipient’s account and withdraw money in Nepal by drawing cheque. The service charge is already paid in India. So, the recipient will get full amount of INR 10,000 which is equivalent to NR 16,000. The exchange rate was fixed before I was born and still is the same. Caveat: I forgot most of the details and exact way but I am sure that you get a general idea from above post. For more contact biggest branch of SBI in your city. Needless to say here that do not go to small branch, they have no damn clue about this, believe me!

 

2. Second way and which is the best way, and sorry for making you wait about best way but patience pays guys!

 

In India, there are many PSU and one of them is Punjab National Bank (PNB) which has a joint venture (JV) in Nepal called Everest Bank Limited (EBL). EBL has a current account with PNB New Delhi and the Account Number is 2254002100011923. You can deposit your money in Indian Currency from any PNB Branch in India (Yes, any! small branch, large branch does not matter but it is likely that they may not be aware with this. Just you have to do is to do give enough respect to bank employees, and explain them in polite words, make them aware of this facility) and direct EBL from there itself to credit this amount to your relatives or whoever recipient’s account maintained in EBL Nepal any branch. So, the recipient of money in Nepal should have bank account with EBL in Nepal or you must provide someone’s bank account in EBL in Nepal whom you can trust as money will be first credited to bank account and only then, the recipient will get/withdraw money. PNB itself has customized software that all the details will be entered at the time you deposit money in PNB Branch. So, there is no different direction required from your side to EBL. For example, if you have to send 20000 INR to Nepal, you deposit the amount in Account No. 2254002100011923 and then, say, your dad’s account in Nepal is 01100111100111, New Baneshwor Branch, Kathmandu, Nepal and Account Holder’s Name is Mr. ABC XYZ (Some fictitious account number or may be of someone’s also by coincidence, do not try to remit to this number, you may lose the money), then, instruct from the branch where you deposit amount that the money should be credited to your dad’s account number in Nepal. The Bank employees feed data/instructions and the money should reach there within 4-5 days maximum.

 

Note of Caution:

 

1. I have done transactions through PNB and EBL route three times, twice the amount was around 600USD and I could send without any hassle. The money reached the destination within few days. The last time, on my third transaction, since the money was big amount (how big! I will not tell you), it took almost 12 days to reach the amount to Nepal. I was little horrified this time but nevertheless, money reached safely. About service fee, I am not aware as I had instructed the bank to deduct from deposit itself as I did not have any extra amount in my pocket. So, they deducted some fees and remitted the amount to my destination.

 

2. About the limit, how much you can send, I am not sure/no idea but from my practical experience, I can safely say that USD 10.000 is within the allowed limit.

 

3. Most Importantly, before you remit amount, consult with the bank in Nepal as well as in India and make sure that you write the bank account numbers correctly in deposit slip and get verified from bank employees that they have correctly filled in their software from where they feed data. In case, you lose your money because of one or multiple reasons, I SHALL bear no responsibility nor I will be there to express my sympathy! Please verify the account details from PNB in Delhi and EBL in Nepal.

 

Happy Remittance!

Thanking You

Rajib Dahal”

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Reading something???

Posted in Uncategorized by nepaleselaw on July 4, 2010
Lawyers always read. They have to keep on reading and should update their knowledge all the time. There are lots of books on core legal subjects and also on law based novels. Apart from Nepalese law that we talk in this blog, we will be also talking about issues relating to common interests. You are requested to put down your feedback in our comment section.

R U reading something? I am asking this question so that you can share something here in my blog. Like, I am reading two old books. One is Novel by John Grisham – The Associate. I am about to finish them. There are only 50-70 pages left. I think I can finish it tonight. Story is interesting in this Novel. It is about trapping a young lawyer and trying to steal secret information from a law firm in New York through this Associate. How is the ending? I do not know. After I finish reading it tonight, I will be doing a complete review of it from my perspectives though I am sure that many people have already written on it despite it not being any master piece and just a pulp fiction.

Another book I will be reading from today is about and written by Jawaharlal Neharu, Independent India’s First PM. It’s something about freedom in India – independence from British Colony way back in 1947 AD and Neharu’s take on freedom struggle and Independence. More will be here, once I complete reading them.

Have you recently read something? How did you find? Let us know.

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