Kathmandu, Jan. 18 -- At a time when the banking industry of the country is reeling under acute shortage of loanable fund, more than Rs50 billion has been mopped out from the total deposits of the banks and financial system as advance payment of the income tax owed by the businesses to the government. By the end of this fiscal year's second quarter, businesses have to make an advance payment of tax to the government.

According to statistics provided by different bankers that the Post talked to, around Rs 50 to 60 billion was transferred into state coffers from total deposits of the commercial banks operating in the country although official statistics have yet to be revealed by the Nepal Rastra Bank, the central bank of the country.

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