Kathmandu: In a significant development, gold prices have reached unprecedented levels, touching Rs 117,700 per tola (11.6 grams) on Tuesday.



The surge, as reported by the Federation of Nepal Gold and Silver Dealers Associations, is attributed to a remarkable increase in the international gold market, thereby setting a new record in the domestic market.



Just a day prior, on Monday, gold was being traded at Rs 117,400 per tola, highlighting the rapid and substantial escalation in its value. The Federation of Nepal Gold and Silver Dealers Associations is closely monitoring these fluctuations, providing valuable insights into the intricate dynamics of the precious metals market.



This surge in gold prices not only reflects global market trends but also bears economic implications locally. Investors and traders are keenly observing these developments, anticipating further insights into the factors influencing this historic spike in the price of gold.

Gold prices hit all-time high at Rs 117,700 per tola

Kathmandu: Bishal Shrestha and Shanti Shrestha from Ward 14 of Kathmandu Metropolitan City, who had promised to send an individual to the United States for employment, have been arrested for allegedly committing fraud amounting to 1.5 million rupees.



Chandrabahadur Rawal, who intended to travel to the United States for employment, claimed that Vishal and Shanti Shrestha assured him a monthly income of three hundred thousand rupees.



However, the duo allegedly demanded forty lakh rupees from Rawal. After receiving fifteen lakh rupees from the victim and conducting several fraudulent activities, Vishal and Shanti Shrestha reportedly went into hiding.



The Kathmandu Metropolitan City Crime Investigation Unit, acting on the complaint filed by the victim Rawal, managed to track down and arrest the accused Vishal Shrestha and Shanti Shrestha today in Koteshwor.



The Kathmandu Police's Crime Investigation Division informed that the suspects have been detained for further investigation, and the case has also been reported to the Department of Foreign Employment, Tahachal, Kathmandu, for additional inquiry and legal proceedings.

Two held for deceiving individual with fake U.S. Job Offer, swindling 1.5 Million Rupees

Kathmandu: The Commission for the Investigation of Abuse of Authority (CIAA) has initiated legal proceedings against nine individuals, including the former deputy mayor and chief administrative officer of Ramdhuni Municipality in Sunsari district. The charges pertain to financial irregularities in connection with a road construction project payment.



Among those accused are Sani Kumari Chaudhary, the municipality's former deputy mayor, chief administrative officer Omkar Prasad Neupane, account officer Dwarika Prasad Dahal, engineer Devendra Narayan Chaudhary, and sub-engineer Harshalal Chaudhary, according to CIAA spokesperson Bhola Dahal.



The CIAA, in its move, has called for imprisonment and fines against the individuals under Clause 19 (2) of the Prevention of Corruption Act 2002.



Simultaneously, the case involves charges against Raj Kumar Chaudhary, Chair of Ward 3 in Ramdhuni Municipality, and ward member Tikalaxmi Shrestha. Additionally, Planning Section employee Sunil Kumar Chaudhary and Nanu Kumari Niraula, the proprietor of Jalpa Sidhha Construction Service in Pakali, are also implicated in the alleged financial irregularities surrounding the road construction project.



The legal action underscores the commitment of the CIAA to address corruption and financial mismanagement, ensuring accountability among public officials. The accused individuals will now face the legal process as the case progresses through the Special Court.

CIAA takes legal action against 9 individuals over alleged financial irregularities

Kathmandu: In a proactive move to attract foreign direct investment (FDI) and showcase Nepal as a lucrative investment destination, the government has announced the upcoming Investment Summit scheduled to take place on April 21-22, 2024.



To ensure the success of the summit, a preparatory committee has been established, with Finance Minister Dr. Prakash Sharan Mahat at the helm of coordination.



Sushil Bhatta, Chief Executive Officer of Investment Board Nepal, has been appointed as the member secretary of the committee, overseeing the coordination efforts.



The Investment Board Nepal is set to spearhead the coordination work for the summit, and a dedicated coordination committee has been formed under the purview of the main committee. Preparations for the summit have already commenced, reflecting the government's commitment to creating a conducive environment for foreign investment.



This initiative follows the success of previous investment summits organized by the government, held in the months of Falgun (mid-February to mid-March) in 2073 BS and Chaitra (mid-March to mid-April) in 2075 BS.



The summit aims to bring together development partners, friendly countries, and potential foreign investors, providing a platform for discussions, networking, and presentations on the investment opportunities that Nepal has to offer.



The government is keen on leveraging the event to showcase the country's economic potential and attract international interest and investment.



As the global economic landscape evolves, Nepal seeks to position itself as an attractive destination for foreign investors, offering not only economic opportunities but also fostering collaboration and partnership with the international community. The Investment Summit stands as a testament to the government's commitment to driving economic growth through strategic partnerships and foreign direct investment.

Nepal to host 'Investment Summit' to foster foreign direct investment

Kathmandu: As of mid-November in the current fiscal year (FY 2023-24), Nepal has recorded a trade deficit exceeding Rs 460 billion, according to data released by the Department of Customs. The figures reveal a trade deficit of Rs 461.93 billion, with the country's foreign trade volume reaching over Rs 563 billion and import volume exceeding Rs 50.56 billion during this period.



Comparing these statistics with the corresponding period in the previous fiscal year, there is a notable decline in import value by 3.79 percent, export by 7.68 percent, trade deficit by 3.34 percent, and overall foreign trade by 4.15 percent.



India remains Nepal's largest trade partner, contributing significantly to the trade dynamics. In the first four months of the current fiscal year, the Nepal-India trade value surpassed Rs 347 billion, resulting in a trade deficit of over Rs 281 billion.



These figures underscore the economic interdependence between the two neighboring countries, with trade dynamics playing a crucial role in Nepal's fiscal landscape.



The authorities continue to monitor and assess these trends to formulate strategies for sustainable economic development.

Nepal's trade deficit surpasses Rs 460 billion in first four months of FY 2023-24

Kathmandu: In this year's Tihar festival, the flower trade reached a total turnover of Rs. 240 million, as reported by Floriculture Association Nepal (FAN).



Although the flower production was good, prices were lower compared to last year, resulting in a decrease of Rs. 2 crores from the previous year's turnover of Rs. 26 crores.



The flower garlands, which were sold for Rs. 100 last year, were priced at Rs. 65 this year. Despite an estimated turnover of Rs. 31 crores 2.8 lakh, there was a shortfall of about Rs. 7 crores.



Meanwhile, Indian flowers, stored in cold stores and sold at a lower cost, impacted the pricing of Nepali flowers.



Despite an estimated consumption of 4 million hundred-petal flower garlands, reports suggest that a total of 3.5 million flower garlands, including hundred-petal, velvet Godavari, and mixed garlands, were used during the festival.



With the growing market demand, flower cultivation has expanded to 48 districts in Nepal. Currently, 450 flower species are commercially produced by around 1,200 businessmen, covering an area of 221 hectares in the country.



At the sametime velvet flower garlands worth Rs. 1 lakh were exported this year to countries such as Australia, America, and Gulf countries, showcasing the global reach of Nepal's floral products.

Tihar flower trade: Rs. 240 mn turnover, Rs. 7 Crores less than last year

Kathmandu: The government has honored the outstanding taxpayers. Finance Minister Dr Prakash Sharan Mahat today honored the 'best taxpayers' from various sectors at the closing ceremony of the Tax Week organized on the occasion of the National Tax Day, 2080.



The Nepal Telecommunications Company (Nepal Telecom) has been honored for being the biggest taxpayer in the fiscal year, 2078/79 BS. Similarly, other companies honored on the occasion include Dabur Nepal, Asian Paints, OBC Foods and Feeds Company, Chhimek Microfinance Financial Institution and Global IME Bank.



Similarly, other companies are Life Insurance Company Nepal, Nobel Medical College, Manakamana Darshan Pvt Ltd and Bhatbhateni Super Market. The companies that paid taxes ranging from Rs 500 million to Rs 1 billion are Nepal Stock Exchange and Bhotekoshi Hydropower Company.



The government honored IME Limited, and Bijaya Kumar Sah. Surya Nepal Pvt Ltd was also honored for paying the highest income tax, value added tax, excise duty and paying VAT of five years on time.



The government will provide a special type of identity card for a period of one year for the biggest taxpayers, it has been said. The process of distributing identity cards to the big taxpayers has started from today, said Finance Secretary Dr Krishna Hari Pushkar.



Similarly, on the occasion, the minister honored the employees who provided excellent services in the tax administration.



News Source: Rashtriya Samachar Samiti

Govt recognizes major contributors to tax revenue

Kathmandu: Tribhuvan International Airport (TIA) in Kathmandu is set to reintroduce a 'Duty Free Shop' within its premises.



The TIA Office has initiated the bidding process for this tax-free shop, which is planned to be situated in the international terminal building.



The designated locations include the first floor of the departure side and proximity to immigration on the arrival side, with a combined area of 101.9 square meters.



The bidding process, conducted through open competition, is open to interested individuals, firms, organizations, and companies possessing a valid license for operating tax-free shops and bonded warehouse houses from relevant government agencies in Nepal.



The TIA Office outlines the minimum rent for the duty-free shop, set at NPR 15,021,257 for a 101.9 square meter area on both the departure and arrival sides. This lease agreement is valid for five years, with a provision for automatic rent increases in line with the price increase index determined by Nepal Rastra Bank starting from the second year.



A crucial condition for participation in the bidding process is the clearance of any outstanding dues to the Nepal Civil Aviation Authority and its subordinate offices. Companies, firms, and individuals with pending dues will not be eligible to take part in the bidding process.



It is noteworthy that although a duty-free shop existed at Kathmandu airport over a decade and a half ago, it was recently removed. The reinstatement of this facility is expected to enhance the overall travel experience for international passengers at Tribhuvan International Airport.

TIA to resume duty free shop

Kathmandu: In a surprising turn of events, the US Dollar has surged to unprecedented levels against the Nepali rupee, setting a new record high, as reported by the Nepal Rastra Bank (NRB).



According to the latest data released by NRB on Wednesday, the buying rate for the US dollar has reached an all-time high of Rs 133.8, with the selling rate standing at Rs 133.68. This marks the highest exchange rate ever recorded for the US dollar in Nepal.



The surge in the dollar's value comes on the heels of a previous peak on November 11 when the dollar reached Rs 133.65. This fluctuation in exchange rates has significant implications for Nepal's economy.



While a stronger dollar can be beneficial for remittances from abroad, bolstering income and revenue in the tourism sector and export trade, the downside is felt due to Nepal's import-dependent economy. The increased cost of importing goods, paid in dollars, results in economic losses.



The nation's economy typically reaps rewards from a robust dollar through increased remittance income, tourism revenue, and export trade. However, the widening trade deficit, caused by higher imports than exports, negatively impacts the exchange rate and foreign exchange reserves.



The surge in the dollar's value also has cascading effects on domestic prices. As the dollar rises, the cost of imported foreign goods increases, potentially leading to a rise in fuel prices. Moreover, the escalation in the dollar's value contributes to an increase in Nepal's foreign debt and interest payments.



The government and financial experts are closely monitoring the situation, as these developments in exchange rates have far-reaching consequences for various sectors of the economy. Stay tuned for further updates on this evolving economic scenario.

US dollar hits record high against Nepali currency, impacting economy

Kathmandu: In response to the government's decision to ban TikTok in Nepal, the Nepal Telecommunication Authority (NTA) has established a technical committee led by Director Bijay Kumar Rai to ensure the effective implementation of the ban.



The committee, formed during an NTA meeting on Friday, comprises four members, including Sudhir Parajuli, President of the Internet Service Providers Association of Nepal (ISPAN), a representative from the Ministry of Communications, and Rosa Kiran Basukala from the NTA as the member secretary.



The committee's primary task is to monitor, investigate, and submit a report within seven days regarding the nationwide status of TikTok access.



On the same day, the NTA officially reached out to TikTok, urging the platform to cooperate in implementing the government's decision.



The government had initially decided to ban TikTok on November 13, prompting the NTA to promptly inform TikTok through a written communication.



In light of the ban, the NTA sent a follow-up letter to TikTok on Friday, seeking the platform's assistance in executing the government's decision to prohibit TikTok in the country.



Simultaneously, legal challenges to the ban have emerged, with ten petitions filed at the Supreme Court on Friday. Lawyers and digital rights advocates are advocating for the government's decision to be declared unconstitutional and revoked.



The Supreme Court administration has consolidated all writ petitions and scheduled a preliminary hearing for the consolidated case on Monday, November 20.



The decision to ban TikTok was made by the Council of Ministers, citing concerns about its impact on social harmony and the overall social environment.



In an unusual move, the government implemented the decision by keeping relevant government offices open even on holidays to ensure the swift execution of the ban.

Nepal Telecommunication Authority forms committee to monitor TikTok ban implementation

Kathmandu: Nepal experienced a nominal increase in earnings from coffee exports during the last fiscal year, contrasting with a substantial rise in import expenses.



The surge in export revenue can be attributed to a modest uptick in production volume, while a significant surge in domestic demand led to a notable increase in import costs.



Records from the National Tea and Coffee Development Board (NTCDB) reveal that Nepal exported coffee worth Rs 130.441 million in the fiscal year 2022/23, up from Rs 117.085 million in the previous year.



In contrast, import expenses witnessed a multifold increase, soaring from Rs 127.590 million to Rs 325.866 million during the same period.



The NTCDB highlights that Nepali coffee commands a price two to three times higher than imported varieties.



However, the burgeoning demand, particularly among the youth due to the growing coffee culture, coupled with a gradual increase in production, has led to a widening gap between export and import figures.



Nepal has expanded its coffee plantations to cover 3,655 hectares of land, marking an increase from 3,343 hectares in the preceding year.



The production of green bean coffee has also seen an upswing, reaching 394.40 tons from 354.90 tons.



Despite the surge in exports, Nepal imported approximately 20 percent of its total coffee yield in the last fiscal year. The quality and aroma of Nepali coffee have allowed it to fetch a premium price of around US $16 per kg in the international market.



In a bid to regulate the market, the NTCDB has revised the price of Nepali coffee, effective from Friday.



As per the updated rates, fresh cherry coffee now costs a maximum of Rs 100 per kg, parchment coffee is priced at up to Rs 500 per kg, and dry cherry is listed at a maximum of Rs 200 per kg.



The move is expected to further stabilize the coffee market in Nepal.

Nepal witnesses surge in coffee exports amidst rising import costs

Kathmandu: In a noteworthy development, a temporary shelter structure for security personnel has been erected on the Nepal side of the Korala border in Lo Manthang Rural Municipality of Mustang, poised for re-operation after a hiatus of four years.



Under the guidance of Lomanthang People's Representative and Armed Border Out Post (BOP), China has constructed container facilities on Nepali land in the 'Dasgaja' area.



District Administration Offic of Mustang, has informed that these structures are scheduled to be inaugurated at 10 am on Monday.



Chairman of Lo Manthang Rural Municipality, Tasi Narbu Gurung, detailed the installation of five prefab containers, each measuring 20 feet in length and 10 feet in width.



These containers boast windows and doors that provide a clear view of the surroundings. China has provided prefab containers for Nepali security personnel and customs officials at the border crossing, situated at an altitude of more than 4,000 meters, following Nepal's request.



Each container can accommodate up to 10 people and is equipped with four beds. The container facilities are intended to serve as shelters for security teams and tourists in the event of inclement weather at the Korala border.



Preparations for customs transactions and checks have been completed at the Lo Manthang-2 Nechung office, indicating readiness for the reoperation of the Korala border crossing from Monday.

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