Restore Flood-hit Firms

The Bhotekoshi flood killed more than 1,400 people and left above 5,000 unaccounted for, damaged houses, infrastructure and economic facilities worth hundreds of billions of rupees. According to the Rapid Damage Need Assessment (RDNA) conducted by the National Statistics Office and National Disaster Risk Reduction Authority (NDRRMA), the flood affected about 4,800 economic establishments, and caused damage worth about Rs. 30 billion to businesses in Rasuwa, Nuwakot, Dhading and Chitwan districts. Likewise, reported annual economic losses total Rs. 115.89 billion, bringing the combined damage and loss to Rs. 146.19 billion. The flood affected education, health, utilities, finance and insurance, and agriculture, forestry and fishing. Since entire settlements are swept away in the flood, businesses along the banks of the Bhotekoshi and Trishuli rivers have been left with nothing. 

In the immediate aftermath of the calamity - about a month ago, through a Cabinet decision, the government announced business recovery package for the recovery and rehabilitation of the businesses and industries damaged by the flood. The package included tax and customs duty waiver, interest rate discounts on the loans obtained from the banks and financial institutions, priority insurance clearance for the affected businesses. The facilities were announced for the replacement of the lost facilities, equipment and vehicles, for the import of the damaged goods while on the way, and for the rescheduling of loan. The government has also announced facility like extending date for filing the VAT, income tax and excise duty, simplifying VAT adjustment and allowing deductions for destroyed assets.