Ace Development Bank has introduced Gold Exchange Traded Fund (GETF) to Nepal’s financial market .

The innovative banking product is not new to the international market and is a very popular investment product across the globe, according to a statement released by the Bank.

“Since the investment in gold is always considered to help cushion the losses in other asset classes, investments in Gold ETF will be the perfect hedge against inflation,” the statement added.

In the first day of the trading, Ace will sell 5 kg of gold from ETF certificates. These EFT certificates will be listed on Ace Trading floor and secondary market trading will start from Sunday.

The bank said it will sell new ETFs everyday, during banking hours, from Sundays to Fridays. The price of the ETF is pegged to the international price of gold. nepalnews.com Nov 06 08

As the government presses for dialogue with armed outfits operating in Terai and eastern hills to find an amicable solution to the problem, the Nepal Police has discounted the use of weapon against them to control their activities and instead says it can better tackle the situation by simply arresting them for criminal offences.

Top Nepal Police officials say this new strategy will be effective in controlling the resurgence in the region.

Eastern Regional Police Headquarters Chief Sharada Bhakta Ranjit told a local radio station that the police force in the region has adopted this strategy as there is possibility of a further rise in violence if they resort to using weapons against the armed outfits.

DIG Ranjit, however, said that if the outfits raise weapons against the police then it would have no option but to retaliate in a similar manner.

He also said that additional police force would be deployed in Terai districts where the violent activities of such armed outfits have increased lately so as to maintain the law and order situation there. He also said that a new security strategy would be implemented soon.

A security meet held in Biratnagar few days ago to work out a effective security strategy for eastern Terai, reached a conclusion that the police efforts to check the activities of such armed outfits in places like Saptari and Siraha have largely failed due to low police deployment there.

Speaking at a programme on Wednesday, Home Minister Bam Dev Gautam talked of mobilising police force against the armed groups if the latter ignore the government’s invitation for dialogue.

Gautam said that deploying Nepal Army to check the growing activities of armed outfits in Terai is not necessary because he believes that Armed Police Force and Nepal Police are “enough to deal with them”.

He also revealed that the government has so far established contact with 14 armed groups operating in Terai and eastern hills in an attempt to bring them to the negotiating table. nepalnews.com ag Nov 06 08

The House of Commons of the United Kingdom on Wednesday directed its Home Ministry to start working to grant residential rights to British Gurkhas living in the UK.

The Home Affairs Committee of House of Commons sent a letter to Home Secretary Jacqui Smith, instructing the latter to immediately initiate the process to grant the provision of residential rights to British Gurkhas and their family, according to a statement issued by British Gurkha Ex-Servicemen’s Organization (GAESO).

The committee, according to the statement, has drawn four separate conclusions concerning the residential rights of British Gurkhas, including the “government of UK to be grateful for the bravery and sincerity demonstrated by the British Gurkhas towards the British government and its people”.

Meanwhile, a British Gurkha soldier has been killed by enemy fire in southern Afghanistan, the latest military fatality in the violence wracked country, AFP reports.

The soldier, from the 2nd Battalion, Royal Gurkha Rifles, “was killed as a result of enemy fire (Tuesday) afternoon in the Musa Qala area, in Helmand province,” said UK’s Ministry of Defense statement Wednesday.

The unidentified British Gurkha soldier was taking part in a joint operation by NATO and Afghan forces against enemy forces to the south of Musa Qala.

Around 3,500 Gurkhas currently serve in the British army, and they are among the thousands of British troops serving war-torn Iraq and Afghanistan.

Some 200,000 Gurkhas fought in World War I and World War II, and more than 45,000 in total have died serving Britain. nepalnews.com Nov 06 08

With the slogan “Rights to ethnic autonomy and self-determination – the main basis of federal and prosperous Nepal”, a cultural festival of indigenous nationalities began in Midwestern Palpa district from Wednesday.

The five day cultural fete will feature cultural troops from other Mid-western districts like Rolpa, Rukkum, Palpa and Dang.

A mock Constituent Assembly session would also be held during the festival which would issue a “Palpa Declaration” to ensure the rights of indigenous nationalities in the constitution of republican Nepal. nepalnews.com Nov 06 08

Foreign Minister Upendra Yadav has said that election of an African American person as the president of the United States has given a strong message of change across the world.

Foreign

Foreign Minister Upendra Yadav
“The government of Nepal wishes to congratulate Barack Obama,” he said, adding that his election also marked much more to underprivileged people around the world.

“For all the underprivileged people and the people suffering from various discriminations across the world, this is a matter of joy,” he said.

The foreign minister, however, said that he does not expect any change in America’s foreign policy vis-à-vis Nepal with the change in administration there.

Meanwhile, president Dr. Rambaran Yadav and Prime Minister Pushpa Kamal Dahal ‘Prachanda’ also congratulated the election of Obama. nepalnews.com sd Nov 06 08

The government is preparing to introduce a law to ban smoking in the public places.

“Places for smoking will be designated. If anyone smokes outside such designated places, he/she will be fined,” said Deputy Prime Minister and Home Minister Bamdev Gautam.

“We are soon bringing a law to this effect,” he said.

In fact, the Supreme Court had ordered the government two years ago to formulate laws to ban smoking in public places.

Reports say that in Nepal, 49 percent of men and 29 percent of women smoke. nepalnews.com sd Nov 06 08

The continued dispute over whether the parties should have the right to issue whip to their Constituent Assembly (CA) members when deciding on important matters has delayed the formulation of regulations, which has, in turn, delayed the beginning of the writing of new constitution.

On Wednesday, too, chairman of CA Subas Nemwang held meeting with leaders of four bigger political parties – Maoists, Unified Marxist Leninist (UML), Nepali Congress (NC) and Madhesi Janadhikar Forum (MJF).

“The discussions with the four parties have continued. I consulted with them over the complications,” Nemwang said.

Nemwang hoped that the discussions would soon yield fruits and the regulation will be formulated soon.

Of the bigger parties, NC, Maoists and UML are said to be in favour of party’s right to issue whips on their members. nepalnews.com sd Nov 05 08

The eight student unions affiliated with various political parties have asked the authorities to conduct ‘scientific’ review of fuel and transport price.

“Although the government has slightly reduced the price of fuel, it is not enough. Likewise, the price of public transport has also not been reduced. Therefore, we ask the government to immediately scientifically review the price of fuel and transport, and monitor the practice of adulteration of fuel,” states a joint press release issued by the eight student unions.

The unions have also said that though the transporters had promised to provide 45 percent concession to students, they have not implemented it fully.

The unions have said they will submit a memo in this regard to the Ministry of Labour and Transport Management.

They have threatened to take strong actions if their demands are not met.

The press release was issued after their joint meeting on Wednesday. nepalnews.com sd Nov 05 08

Vice President Parmananda Jha, who has repeatedly expressed displeasure for not being given any role, today went on to criticise the political parties for delaying the constitution writing process.

Emphasising that new constitution should be drafted within the stipulated time, Jha said the parties have not focused their attention to this direction. He said he would “speak up” if the constitution-making process got further delayed.

Vice-president Parmananda Jha speaking at an interaction programme where he talked about the army integration issue, Wednesday, Nov 05 08. nepalnews.com/ANA

Vice-president Parmananda Jha speaking at an interaction programme where he talked about the army integration issue, Wednesday…
He was speaking at a special interaction programme organised by the Reporters Club in the capital Wednesday.

Though he declined comment on the issue of army integration, the Vice President expressed his discontent over the structure of the special committee for army integration, describing the panel as ‘unconstitutional’.

“What do they mean by major parties?” he questioned, referring to what has been described as representation of “major parties” in the special committee. “There is no constitutional definition of major parties.”

Since the interim constitution does not define “major parties”, involvement of certain parties in the committee does not bear constitutionality, Jha maintained, adding that only the Constitution Assembly and the Supreme Court could give such a definition.

The special panel headed by Home Minister and UML leader Bam Dev Gautam has two members from CPN (Maoist) and one each from Madhesi Janadhikar Forum (MJF) and the main opposition Nepali Congress party, which is yet to join it. Jha was elected Vice President on a MJF ticket.

Jha also took the opportunity to repeat his discontent over lack of clear role for him. “People have expectations from the President and Vice President, so their roles should be well defined. That’s what is missing in the constitution.” nepalnews.com mk Nov 05 08

Minister for Law and Constituent Assembly Dev Gurung on Wednesday suggested amendment of the interim constitution so that a referendum could be held to settle the issue of army integration which has been subject of dispute in the national political scene lately.

Speaking to reporters at Pokhara airport where he arrived after finishing a 4-day visit of his home district Manang, Minister Gurung stated that nowhere in the interim constitution has it been mentioned that a referendum would be conducted for integration of Maoist combatants into Nepal Army (NA).

So the interim constitution can be amended so that referendum can be used as the “ultimate weapon”, the Maoist minister added.

He said that NC should be assured of a place in the Army Integration Special Committee (AISC), but at the same time made it clear that the army integration process would go ahead even if there is no participation of the party in it.

NC has been saying that AISC was unilaterally formed by the Maoists without any consultation with other parties and have demanded that it be dismantled as the Terms of Reference (ToR) for it is against the past pacts and understanding reached on army integration.

CPN (UML) has also criticised NC of trying to shy away from its responsibilities by not agreeing to participate in the AISC, even though it agrees that ToR violates pacts on army integration. nepalnews.com ag Nov 05 08