Tag: Deposit

  • How to Renew Driving License in Nepal

    How to Renew Driving License in Nepal


    You need to renew your driving license in Nepal every 5 years and it can be done through any Transport Management office.

    Even though there are only a few steps to license renewal in Nepal, it almost takes 2 to 3 hours.

    As offices are closed on weekends and so is the DOTM Nepal most of us need to take half a day or take leave from work just to renew our license.

    This is also one of the main reasons why people get fined and have to pay late renewal fees.

    Service Driving License Renewal in Nepal
    Issued By Department of Transport Management
    Validity 5 Years
    Renewal Fee Rs 1500
    Fine After 90 days or more
    Payment Methods Cash
    Application Mode Offline
    Official website https://www.dotm.gov.np/

    To renew your driving license in Nepal you will need to visit the Department of Transport Management office and follow the process below.

    1. Receive token and EDL print
    2. Provide Biometrics
    3. Pass medical checkup
    4. Calculate your fees
    5. Payment
    6. Receive receipt (Wait for license print)

    As you already know Nepal has started implementing smart driving licenses including an option to upgrade for existing license holders.

    This has hugely impacted DOTM’s printing and distribution timing, some are still waiting for their license after a year, so you might have to wait a little longer to receive your driver’s license.

    But you will receive a receipt that can be used as a replacement until you receive your original renewed license.

    Documents required to renew a driving license are

    1. Citizenship original and photocopy
    2. License original and photocopy

    Step-by-Step Guide process to renew License in Nepal 2023

    1. Receive token and EDL print

    The first step is to take a token number for your license renewal, this is the waiting list. And receive your EDL print (license information) from room 101.

    The room number might be different for different cities and offices.

    2. Provide Biometrics

    The second step is to give or verify your digital biometrics, if you have given your biometrics to DOTM then they will verify your digital fingerprint and if your information matches. You will be sent to the next step.

    3. Medical checkup

    The third step is to pass your medical, which is usually an eyesight and color blindness test. They will check if you can see properly or not.

    If you fail this test then you might need to wear glasses and come back later.

    4. Calculate your license fees

    The fourth step is to calculate how much you need to pay to renew your license. This depends on your license type and if you are paying on time or not.

    If you have to pay for renewal before 90 days of expiry then you do not have to pay a fine but if this exceeds then you will be fined. Check the table below for fines and fees.

    5. Payment

    The fifth step is to pay your fees, you need to fill out a bank voucher and deposit it.

    6. Receive a receipt

    After paying you need to wait for the receipt. After it is ready they will call you by name and give it to you.

    You will receive two receipts. One is payment and the other (Pink) can be used as a license.

    After this, you can go home, and to check your license print status you can check their official website.

    About License Renewal fees in Nepal

    The Department of Transport Management charges renewal fees to all Nepalese license holders after the expiry date.

    As of 2023 Driving license renewal charges in Nepal start from Rs 1500 for two-wheelers, 2000 for small vehicles such as Cars and Jeeps, 2500 for heavy vehicles, and the highest will be Rs 3000.

    These renewal fees are divided into categories of vehicles see the image below for more information.

    How much is the fine for an expired license in Nepal?

    The validity of your license in Nepal is of 5 years only and if you want to keep using it then you need to renew it accordingly.

    If you fail to renew your license on time then you will have to pay a fine as high as 500% plus your actual renewal fees.

    If you fail to renew your license within 90 days of expiry, you will be charged 100% until the first year and will keep on adding 100% as the year passes by.

    How much is the fine for an expired license in Nepal?

    You need to pay a fine of 100% to 500% in Nepal if you fail to renew your license on time.

    After how many months will I have to pay fines for an expired license in Nepal?

    The Department of Transport Management starts charging fines for driver’s licenses after 3 months or 90 days of their expiry.

    Frequently Asked Questions on License Renewal

    How much does it cost to renew a license in Nepal in 2023?

    The entry fee for renewing a license in Nepal is Rs 1500, excluding other charges such as photocopies, photos, stamps, and application charges.

    The cost of renewal depends on what type of license you own such as Bike, Car, and Big vehicle.

    What happens if a driving license is expired?

    If your license is expired, then you cannot drive in public spaces. Unless you renew your license and pay the government the renewal fee. Also if you are caught driving without a license then you will be fined and might get other punishments as well.

    How to renew a driving license in Nepal?

    Visit DOTM and follow the steps below to renew a license in Nepal.

    1. Receive token and EDL print
    2. Provide Biometrics
    3. Pass medical checkup
    4. Calculate your fees
    5. Payment
    6. Receive receipt (Wait for license print)

    Can I renew my driving license online in Nepal?

    Yes, you can renew your driving license online, visit the DOTM’s official website dotm.gov.np for more information and the application process.

    Where can I renew my license in Kathmandu?

    You can renew your license from The Department of Transport Management office in Kathmandu.

    Where can I renew my license in Pokhara?

    You can renew your Driving license from DOTM which is located in the Transport Management Office: Driving License, Prithivi Chowk, Pokhara

    Do I need to pay fines for an expired license in Nepal?

    You have 3 months or 90 days after your license expires, after this period you will be fined 100% for the first year.

    What is the maximum validity of a license in Nepal?

    In Nepal, the maximum validity of a Driving License in Nepal is of 5 years.

    What document do I need to renew my license in Nepal?

    Documents you need to renew your license in Nepal are a citizenship certificate, an expired driving license, and photographs.

    Can I renew my license early in Nepal?

    Yes, you can renew your driving license early in Nepal.

    How to check the status of driving license renewal in Nepal

    It is easy to check the status of your license, you can check it on your driver’s license. It has all the information including the expiry date.

    How to renew a driving license that has expired more than 90 days in Nepal

    You can renew your driving license as usual but as it has exceeded more than 90 days, you will be charged a 100% fine for it.

  • Commercial Bank Fixed Deposit Interest Rates Remain Unchanged

    Commercial Bank Fixed Deposit Interest Rates Remain Unchanged


     

    The Nepal Bankers Association (NBA) has decided to lower the interest rate on savings while keeping the interest rate on fixed deposits unchanged.

    The meeting was attended by the CEOs and representatives of all commercial banks to review the interest rate beginning on Chaitra 1. Savings interest rates currently range from 6.42 percent to 8.4 percent. It has been decided to keep the rates between 6% and 8%.

  • Last day to deposit remaining payment of Trishuli Jal Vidhyut Company IPO shares

    Last day to deposit remaining payment of Trishuli Jal Vidhyut Company IPO shares


    Trishuli Jal Vidhyut Company Limited (TJVCL) will begin collecting the remaining sum for the shares offered to the general public today, the 17th of Falgun. The collection began on 18th Mangsir, 2079.

    From the 7th to the 11th Chaitra, 2075, the company issued 3,705,000 units of IPO shares with a par value of Rs. 100 and an initial call amount of Rs. 10.

    Employees received 3% of the total 3,705,000 units, or 111,150 unit shares, with the remaining 3,593,850 unit shares issued to the general public.

    Investors could purchase shares by paying only 10%, or Rs. 10, of the share value, with the remaining 90%, or Rs. 90, to be paid later.

  • Total Deposits Went Up Rs. 14 Billion in End Week of Magh, Lending Risen by Rs. 3 Billion

    Total Deposits Went Up Rs. 14 Billion in End Week of Magh, Lending Risen by Rs. 3 Billion


    The Nepal Bankers’ Association (NBA) has published a comprehensive study on deposit and lending trends in Nepal’s commercial banks. This information is current as of the end of Magh in 2079. Until Falgun 01, the CD ratio was 86.24.

    The total amount of deposits increased by Rs. 14 billion (Arba) in the fourth week of Magh month, reaching Rs. 4741 billion. Deposits totaling Rs. 4630 billion have been made in rupees, with the remaining Rs. 111 billion in foreign currency. The total deposits at the start of Magh were Rs. 4708 billion.

  • Chhimek Laghubitta Core Business Revenue Rises By 28.13% in Q2

    Chhimek Laghubitta Core Business Revenue Rises By 28.13% in Q2


    Chhimek Laghubitta Bittiya Sanstha Limited (CBBL) published the second-quarter report of FY 2079/2080 with a rise in Net Profit by 11.56%. As per the report published by the mChhimek Laghubitta Bittiya Sanstha Limited (CBBL) reported an 11.56% increase in Net Profit in the second quarter of FY 2079/2080. According to the microfinance company’s report, net profit increased to Rs. 55.60 crore from Rs. 49.84 crore in the previous year’s corresponding quarter. The company’s borrowings fell by 2.69% to Rs. 4.64 Arba from Rs. 4.77 Arba in the previous year’s corresponding quarter. The company’s deposits increased by 9.41% to Rs 29.56 Arba. In this quarter, the company’s loans and advances increased by only 1.39% to 33.53 Arba.icro finance company, the net profit increased to Rs. 55.60 Crores as compared to Rs. 49.84 crore in the corresponding quarter of the previous year.

     

  • Becoming an Investor in Nepal

    Becoming an Investor in Nepal


    Before we get into how to become an investor in Nepal, it’s important to understand who an investor is. An investor is someone who puts money into something with the hope of profiting in the future. A return is the benefit derived from such an investment. Investors are always on the lookout for high-yielding investment opportunities.

    What distinguishes an investor from others?

    Based on a book written by Robert Kiyosaki Rich Dad Poor Dad, people can be divided into four distinct categories in terms of generating income. They are:

    1. Employee (Salary-based) are those who work for others in order to meet their needs. They are paid at the end of the month for their work. Job holders are included in this category. Employees benefit from security because they know they will be paid at the end of the month. The main disadvantage of being an employee is the lack of freedom.

    2. Self-employed are individuals who work for themselves. They have more freedom than salaried employees, but they must work like salaried employees to meet their demands.

    3. Businessmen are the owners of the company Business owners hire others to work for them. They create products and services in order to make money.

    4. Investors invest in businesses and stocks for profit.

    According to the book, in order to become wealthy, you must be either a businessman or an investor, or both.

    Investing characteristics

    Not all of your money can be considered an investment. There are a few factors that distinguish between spending and investing. The following are the two most important characteristics that every investor should possess:

    1. Safety of principal

    The principal is your machine, which can print money for you. It is in your best interest to keep your machine in good working order. When you lose your principal, you can’t make money off of it. As a result, the safety of the principal should be your top priority.

    2. Adequate return

    When you put your money into a good business, you get something in return. Your return can take the form of cash, shares, or stocks. What you should remember is that your principal earns you some level of return. You should not expect a return on your investment that is exponential or even out of the realm of possibility. Investing with a non-realistic expectation of return is gambling. Never put your principal at risk. It is all you have.

    Benefits of being an investor

    1. Beating inflation

    Inflation is a term used to describe the gradual decline in the purchasing power of money. A popular saying goes, “A dollar today is worth more than a dollar tomorrow.” As an investor, you have the ability to outperform inflation and keep your money’s value constant. You should always keep an eye on inflation and strive to outperform it. Your investment return should always be greater than your country’s inflation rate.

    2. Own businesses of different types

    It is yet another advantage of being an investor. You can own as many and as varied businesses as you want. What you should have are some investing principles that you can use before you start investing. After you’ve established your investing principle, the world is yours to explore.

    A popular investing field in Nepal

    There are three main popular fields of investing in Nepal. They are:

    Land and Real estate

    Real estate is and has always been the best investment opportunity. Real estate investment generates income from two sources: renting and selling real estate. It can be both active and passive investment. You can actively buy and sell properties, or you can simply invest in real estate and let time do the work of calculating your income. You can always expect your property’s value to rise over time. In the meantime, you can use the money you earn from renting to cover your day-to-day expenses.

    Interest yielding deposits

    Banks in Nepal offer competitive interest rates on fixed deposit savings. You can protect your principal by using fixed-deposit schemes offered by commercial banks or development banks in Nepal. While cooperative companies in Nepal have high rates of return, they have a bad reputation for fraud or scams. It is not a good idea to put all of your money in cooperatives.

    In Nepal, there is also peer-to-peer lending. It pays a higher interest rate on your money than institutions, but it also carries a higher risk.

    Interest-bearing deposits are one of the best passive income ideas in Nepal, regardless of where you choose to invest.

    Nepal Stock Exchange

    Nepal Stock Exchange (NEPSE) is the country’s sole stock exchange. If you are new to this, you can read the NEPSE beginner’s guide. Investing in stocks provides you with two significant benefits. You can be a shareholder in any company you want, and you will receive an annual return. Alternatively, you can sell your stocks if the price rises. Stock investing, like real estate investing, allows you to be either an active trader or a passive investor. Stock investing can begin with as little as 100 rupees. Stocks could be the next best small business in Nepal for you.

    Furthermore, the best investment you can make is in yourself. Always seek to broaden your knowledge. Read books, websites, and news to stay current. One thing that all of the best investors have in common is that they are voracious readers. As the saying goes, the more you learn, the more you earn.

    Lastly…

    It is not easy to become an investor. To become a good investor in Nepal and other countries, a certain set of principles and hard work are required. However, it is not as difficult as learning rocket science. Anyone can become a good investor with careful planning and dedication. There are a few things you should never forget and a few things you should never forget. Best wishes for your investment.