Kathmandu: Nepal exported electricity worth Rs 12.72 billion to India during the first quarter of the current fiscal year, according to the Nepal Electricity Authority (NEA). The surplus electricity, amounting to over 1.66 billion units generated during the rainy season, was sold at an average rate of Rs 7.63 per unit.



The NEA exports power to the Indian states of Haryana and Bihar through the Day Ahead and Real Time Market of the Indian Energy Exchange (IEX), leveraging a competitive pricing mechanism under a bilateral mid-term electricity sale agreement. Additionally, Nepal has commenced power supply to Bangladesh using India’s energy infrastructure.



However, NEA Managing Director Kulman Ghising noted that exports have been impacted by natural disasters. Landslides triggered by incessant rains on September 27-28 caused significant damage to hydropower plants and transmission lines, including the 456-megawatt Upper Tamakoshi project, which remains non-operational.



Floods from the Mai River also damaged the Kabeli Corridor Transmission Line, suspending around 200 megawatts of electricity from projects connected to the line. This disruption has affected exports over the past two months and poses a challenge to the government’s annual target of earning Rs 30 billion from electricity exports in the current fiscal year.



Despite these setbacks, Nepal’s increasing engagement in cross-border electricity trade underscores its potential as a key player in the regional energy market. The NEA continues to prioritize the restoration of damaged infrastructure to meet export targets and enhance energy trade in the region.

Nepal exports Rs 12.72 bn worth of electricity to India in Q1

Kathmandu: Depositors of Sahara Chitwan Multipurpose Cooperative Limited have filed a fraud complaint against Rastriya Swatantra Party (RSP) Chairman Rabi Lamichhane, former Deputy Inspector General (DIG) Chhabilal Joshi, and eight others.



The complaint, lodged at the District Police Office in Chitwan on Wednesday, accuses the 10 individuals of embezzling funds from the cooperative. Shalikram Dawadi, chairman of the victims' association, confirmed that Lamichhane and Joshi are among the primary accused in the case.



Superintendent of Police (SP) Gautam Mishra stated that investigations are ongoing. “The cooperative victims have submitted their complaints, and additional inquiries are being conducted,” he said.



This follows an earlier case registered against 17 individuals, including GB Rai, for alleged financial mismanagement within the Sahara Cooperative.



The victims allege that the accused figures played significant roles in the misappropriation of funds, leading to financial losses for numerous depositors. Police are now conducting supplementary investigations to establish the full scope of the alleged embezzlement.

Depositors of Sahara Cooperative file fraud case against Rabi Lamichhane and others

Kathmandu: Nepal’s public debt increased by Rs 84 billion in the first quarter of the current fiscal year (FY) 2024/25, according to the Public Debt Management Office (PDMO). The total debt now stands at Rs 2.518 trillion, equivalent to 44.14 percent of the country’s Gross Domestic Product (GDP).



The PDMO report shows that Nepal’s total public debt was Rs 2.434 trillion at the beginning of the fiscal year. By mid-November, it had risen by Rs 83.95 billion. Of the total debt, internal debt amounts to Rs 1.252 trillion (21.95 percent of GDP), while external debt stands at Rs 1.265 trillion (22.19 percent of GDP).



The government has set an annual target to mobilize Rs 547 billion in public debt for the current fiscal year, achieving 30.30 percent of the goal by raising Rs 165 billion by the first quarter.



In terms of internal borrowing, the government aims to secure Rs 330 billion. By mid-November, it had raised Rs 144 billion, meeting 43.64 percent of the target. However, external borrowing lagged significantly, with only Rs 21.72 billion secured against a target of Rs 217 billion, representing just 10.1 percent of the goal.



Debt servicing costs remain a significant burden, with Rs 420 billion allocated in the current fiscal year for interest payments alone. By mid-November, the government had paid Rs 1.814 billion, equivalent to 1.90 percent of GDP for the reporting period.

Nepal’s public debt rises to Rs 2.518 trillion, exceeding 44% of GDP

Kathmandu: Tribhuvan International Airport (TIA) recorded a significant rise in passenger traffic, with 7.87 million travelers using its services in the first 10 months of 2023, according to data from the TIA Office. This figure marks an increase of approximately 750,000 passengers compared to the same period in 2022.



According to TIA data, October was the busiest month, with 1.027 million passengers utilizing air services. Over the 10-month period, 7.87 million passengers used the service, with October recording the highest number of air travelers.



From January to October, 3.78 million passengers traveled on international flights, reflecting robust growth in the sector. On the domestic front, 3.727 million passengers were recorded across 84,791 flights during the same period, up from 3.34 million in 2022. October alone saw a surge in domestic travel, with 519,000 passengers using local air services.



The figures indicate a strong recovery and growth in Nepal’s aviation sector, spurred by increasing domestic and international travel demand.

TIA sees record passenger traffic in 2023

Kathmandu: Real estate transactions across Nepal saw notable improvement in Kartik (mid-October to mid-November), with over 33,000 properties bought and sold during the month. According to the Department of Land Management and Archives (DoLMA), a total of 33,514 deeds were approved, marking a 9.78% increase compared to Ashoj (mid-September to mid-October), when 30,527 transactions were recorded.



The rise in transactions was even more pronounced compared to the same month last year, with a 28.67% increase from the 26,046 properties traded in Kartik 2023.



Industry experts attribute this improvement to the beginning of the peak season for real estate, as economic activities tend to recover after the conclusion of major festivals in Nepal. The months of Shrawan to Ashoj are traditionally considered an off-season for property deals.



Lowering bank interest rates have also contributed to the uptick in transactions, as they make property investments more attractive. However, despite the higher volume of transactions, revenue from real estate activities declined by 12.24%. The government collected Rs 2.74 billion in Kartik, down from Rs 3.812 billion in Ashoj.



The drop in revenue is attributed to a shift in transaction patterns, with fewer high-value properties being traded in urban areas. Instead, the majority of transactions during Kartik involved lower-priced properties in rural regions, resulting in reduced revenue collection.



Market participants remain optimistic that the real estate sector will continue to expand as favorable economic conditions persist and the demand for property picks up during the peak season.

Real estate transactions rise in Kartik, revenue collection declines

Kathmandu: Nepal received Rs 407.31 billion in remittances during the first three months of the current fiscal year, reflecting an 11.5% increase compared to the same period last year, according to the Nepal Rastra Bank (NRB). The central bank's Current Macroeconomic and Financial Situation of Nepal report, based on data up to mid-October, showed that remittance inflows in US Dollar terms reached $3.04 billion, up from $2.76 billion in the corresponding period of the previous year.



The report stated that 110,654 Nepali workers received first-time approval for foreign employment in the review period, while 59,939 workers sought renewed entry approval. This marks a slight decline from the same period last year when 113,397 workers obtained first-time approvals for overseas jobs.



The country’s current account surplus increased significantly to Rs 111.87 billion, compared to Rs 59.65 billion in the same period last year. Meanwhile, the Balance of Payments (BOP) surplus rose to Rs 184.99 billion, up from Rs 101.66 billion during the corresponding period of the previous year. Additionally, net capital transfer amounted to Rs 2 billion, while foreign direct investment (FDI) inflows, equity only, totaled Rs 4.81 billion.



Gross foreign exchange reserves climbed 9.4% to Rs 2,232.28 billion by mid-October 2024, up from Rs 2,041.10 billion in mid-July 2024.



In terms of trade performance, the country’s exports decreased by 6.1% to Rs 38.38 billion, while imports fell by 4.2% to Rs 390.75 billion during the first quarter. This resulted in a reduction in the total trade deficit by 4% to Rs 352.37 billion. The export-import ratio decreased to 9.8% from 10% in the same period last year.



Exports to India, China, and other countries dropped by 5.3%, 24.8%, and 6.6%, respectively. Products such as soybean oil, tea, and shoes saw an increase in exports, while items like zinc sheets, palm oil, and garments recorded a decline. Imports also declined, with goods from India, China, and other countries falling by 3.9%, 1.5%, and 7.9%, respectively.



Consumer prices increased by 4.82% in mid-October, a decrease from the 7.5% recorded a year earlier. Food and beverage inflation was 7.18%, driven by rising prices of vegetables (25.15%), pulses (10%), and cereal grains (9.57%). Non-food and service inflation stood at 3.49%.



The NRB report highlights positive trends in remittances and fiscal indicators, despite challenges in trade and inflation dynamics.

Nepal records Rs 407.31 bn in remittance inflows in first quarter

Kathmandu: The government recognized Bhat-Bhateni Supermarket and Departmental Store for its significant contribution to the national treasury, honoring it as the highest taxpayer in the commodity trade sector for the fiscal year 2022/23.



During a special event organized by the Inland Revenue Department (IRD) to mark Tax Day, Finance Minister Bishnu Paudel presented the award to Bhat-Bhateni Chairman and Managing Director, Min Bahadur Gurung.



Panu Datta Poudel, Chief Operating Officer (COO) of Bhat-Bhateni Supermarket, confirmed the accolade, emphasizing the store’s commitment to fulfilling its tax obligations. Gurung had also been recognized last year for leading tax contributions in the commodity and trade sector, maintaining the company’s reputation as a model taxpayer.



The IRD’s recognition highlights the role of businesses like Bhat-Bhateni in supporting the country’s economic development through consistent and significant tax contributions.

Bhat-Bhateni Supermarket honored as highest taxpayer in commodity trade

Kathmandu: The Commission for the Investigation of Abuse of Authority (CIAA) has filed a corruption case against 19 individuals, including two former chairpersons of the Nepal Telecommunications Authority (NTA), over irregularities in the purchase of a Mobile Device Management System (MDMS).



However, critical documents required for the investigation, such as the technical report from the evaluation committee, the certification by the then-chairperson of the NTA, and the proposal from the vendor company, were not reviewed by the CIAA prior to filing the case, leading to delays in the hearing process.



The Special Court had initially set a hearing date for the MDMS case, but proceedings were postponed due to the absence of these essential documents. After the NTA finally submitted the missing paperwork on Thursday, the hearing has been rescheduled for November 26.



The case was filed on March 28, 2024, but the lack of necessary documents has slowed its progress. In comparison, a similar corruption case concerning excise sticker printing, filed just two months earlier in June, saw a verdict in just four months. The MDMS case, however, has seen slower movement despite being filed seven months ago.



The CIAA had requested these key documents from the NTA over a year ago during the course of its investigation into the MDMS purchase. At the time, the NTA’s procurement unit claimed that the documents were misplaced—ironic given that this unit is responsible for managing and safeguarding all contract-related documentation. Despite this, the CIAA did not press further for the missing records, choosing instead to focus on completing the investigation quickly and filing the case in court.



When the hearing began at the Special Court, lawyers representing the accused requested that the necessary documents be retrieved to determine the case's outcome. The court subsequently ordered the NTA to submit the missing documents by November 10. With the documents now provided, the case is expected to move forward more swiftly, though the delay has raised questions about the handling of crucial evidence in the case.



The Special Court had earlier sent a strongly worded letter to the NTA, emphasizing the importance of submitting these documents to avoid further delays. With the missing paperwork now in hand, the court is expected to proceed with the hearing on November 26, and legal observers are hopeful that the case will be resolved more expeditiously from here on.

CIAA corruption case delayed over missing documents; hearing rescheduled for November 26

Kathmandu: Kulman Ghising, the Executive Director of the Nepal Electricity Authority (NEA), has warned that industries failing to clear their outstanding electricity bills within the next 15 days will have their power supply cut once again. Ghising stated that the NEA is taking action in accordance with the directive from the Government of Nepal to recover overdue payments.



"Following the government's instruction, industries must pay their overdue bills within 15 days. If the payments are not made within this period, we will initiate our process once again," Ghising said during a recent statement.



He added that if the arrears remain unsettled after the 15-day deadline, the responsibility will lie with the Government of Nepal and the Ministry of Energy. "We have been directed to reconnect power within 24 hours after a disconnection for non-payment. We are bound by this order, but the responsibility of recovering overdue payments now also rests with the government and the Ministry of Energy," he explained.



Ghising emphasized that this is not the first time the NEA has had to disconnect power over unpaid bills. "In the past, three power cut operations were carried out based on government decisions, and the same process is being followed now," he added.



He pointed out that the NEA is legally required to comply with the government’s instructions as per the Electricity Authority Act of 2041, which mandates following administrative decisions regarding disconnections and reconnections.



Ghising further warned that the NEA is at risk of financial collapse if defaulting industries do not clear their dues. "The NEA is currently facing a total of NPR 40 billion in overdue payments. If we are unable to collect NPR 10 billion each month, we will face severe cash flow issues," he said.



In addition, Ghising expressed concerns over the reduced budget allocation from the government, which has impacted the NEA’s revenue generation. "The NEA’s revenue needs to increase, especially considering the government’s shrinking budget support," he stated.

Kulman Ghising warns to cut power to defaulting industries within 15 days

Kathmandu: The Ministry of Labour, Employment, and Social Security (MoLESS) of Nepal, the Korea International Cooperation Agency (KOICA), and the Swiss Agency for Development and Cooperation (SDC) have signed a Memorandum of Understanding (MoU) to enhance support for Nepali migrants, returnees, and their families. The agreement, signed on November 8, marks a significant step toward improving the lives of migrant workers and facilitating their smooth reintegration into society.



Under the partnership, KOICA and SDC will collaborate on several initiatives aimed at strengthening Nepal’s migration support systems. One of the key projects includes the development of a mobile app called HaMi (Happy Migration), designed to provide Nepali migrant workers and their families with crucial information on employment opportunities, financial literacy, and reintegration support. The app will serve as an accessible platform to guide migrants throughout various stages of their journey, from pre-departure to reintegration.



In addition to the app, KOICA and SDC will work to establish an integrated support system that offers assistance at every stage of migration, helping workers better navigate challenges and access essential resources. The initiative aims to provide comprehensive support for both outbound and returnee workers.



Kong Mooheon, Country Director of KOICA Nepal, emphasized the agency's commitment to improving the quality of life for returnee workers and contributing to Nepal's long-term sustainable development. "KOICA is dedicated to exploring diverse solutions that will enhance the reintegration process for returnees and help advance Nepal's socioeconomic growth," he stated.



The signing of the MoU also coincides with the 50th anniversary of diplomatic relations between Korea and Nepal, adding significant weight to the collaboration. The partnership is part of the Project for Strengthening Stage-Wise Support System for the Stable Reintegration of Korean Returnee Migrants in Nepal (K-HaMi Project), which aims to ensure the successful reintegration of Nepali migrant workers returning from South Korea.



The project is expected to have a lasting impact on Nepal's migration policies and enhance the stability of migrant workers returning to the country. KOICA’s Nepal office plans to continue strengthening human networks between the two nations and lay the foundations for a stable and sustainable reintegration process for returnees.



This collaboration is a positive development for Nepal, highlighting the international commitment to supporting migrant workers and fostering a more inclusive approach to migration and development.

MoLESS, KOICA, and SDC sign MoU to support migrants and returnees in Nepal

Kathmandu: Starting tomorrow, 12th Novermber, Qatar Airways will begin operating daily flights from Gautam Buddha International Airport (GBIA) in Bhairahawa, significantly enhancing Nepal's international connectivity. The new service will follow a Doha–Bhairahawa–Kathmandu–Doha route, providing a direct link to both the capital city, Kathmandu, and destinations beyond Doha.



This new addition brings the total number of airlines offering regular international flights from GBIA to five, marking a significant milestone for Nepal’s growing aviation sector and regional accessibility. The introduction of daily Qatar Airways flights is expected to boost tourism, trade, and economic relations between Nepal and the Middle East, as well as other global markets connected through Doha.



The expansion of international flights from Bhairahawa further solidifies the airport's role as a key hub for international travel in Nepal.

Qatar Airways to begin daily flights from Gautam Buddha International Airport

Kathmandu: The government has approved a comprehensive plan to address the ongoing dispute over electricity tariffs with industries that have failed to settle their bills for power consumed through dedicated lines. A special committee, led by former Supreme Court Justice Girish Chandra Lal, has been formed to resolve the issue surrounding the electricity tariffs for customers using dedicated feeders and trunk lines. The Ministry of Energy, Water Resources, and Irrigation has been authorized to implement the resolution.



The decision was made during a Cabinet meeting held on Sunday at the Prime Minister’s residence in Baluwatar. As part of the resolution process, the government has approved the release of the report submitted by the Inquiry Commission on May 5, 2024. The Ministry of Energy has been tasked with making the report public, as confirmed by Minister of Communication and Information Technology, Prithvi Subba Gurung, who also serves as the government's spokesperson.



One of the key decisions from the Cabinet was to address the economic impact caused by the suspension of electricity supply to industries. Recognizing the disruption to production, revenue generation, and employment, the government directed the Ministry of Energy to reconnect electricity lines to affected industries within 24 hours. The reconnection aims to mitigate the adverse effects on the economy caused by the power cuts.



Additionally, the government has set a 15-day deadline for industries using dedicated and trunk lines to clear their overdue electricity bills, based on actual electricity consumption. This move is intended to expedite the recovery of outstanding dues and restore normalcy to industrial operations.



The government's actions reflect its commitment to resolving the ongoing electricity tariff dispute while minimizing the economic impact on affected industries.

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