According to the Federation of Nepal Gold and Silver Dealers’ Association, the price of hallmark gold has been determined at Rs 149,300 per tola today. It was traded at Rs 150,500 per tola on Sunday. 

Similarly, the price of silver has decreased by Rs 25 per tola. The price of silver is fixed at Rs 1,815 per tola today.

The government on Thursday determined the new price of sugarcane for this year by adding Rs.20 per quintal. With this, the new price has reached Rs 585 per quintal.

Meanwhile, Sugarcane Farmers’ Association Mahottari said the rise in sugarcane price that has not been adjusted to the ratio of the increase in the price of the commodity in general, has increased frustration of the farmers.

Naresh Singh Kushwaha, the district president of the association, said the government did not consult with the sugar producers and sugarcane farmers while determining the price.

The price of the yellow metal had been heavily declining since past two days continuously.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the price of hallmark gold has been determined at Rs 149,000 per tola today.

Similarly, the price of silver has increased by Rs 10 per tola. The price of silver is fixed at Rs 1,830 per tola today.

Chief Conservation Officer at Shey-Phoksundo National Park Nurendra Aryal informed that a total of 1,632 tourists, both domestic and foreign, visited the Phoksundo Lake area between mid-July and mid-October.

Number of domestic tourists visiting the panoramic lake is higher in comparison to the foreign tourists. In the last five months, 326 tourists from SAARC and other countries visited Shey-Phoksundo, generating revenue of Rs 1.053 million, he said.

According to the Park, revenue of Rs 6.57 million has been collected from the sale of forest produce, eco-tourism and charges since the beginning of the current fiscal year till October.

Laxman Devkota, a local of Tripurasundari Municipality-1 said the number of domestic tourists has been increasing in the last few years as Dolpa is a place of beautiful religious and tourist destinations like Phoksundo Lake, Tripurasundari Temple, She-Gumba and Dho Tarap.

He said the number of tourists would increase significantly if Nepalgunj-Dolpa flights are regularized, Bheri corridor is improved and hotels are properly arranged.

According to hoteliers of Dunai, the district headquarters, Dolpa will benefit from domestic tourists rather than foreigners in terms of trade and business promotion.

Most of the tourists come here on motorcycles as they can easily reach Dunai by motorcycle and other vehicles through Nepalgunj-Surkhet-Jajarkot-Rukum route.

The price of the yellow metal has fallen by Rs 2,600 per tola and it is being traded at Rs 148 thousand 700 per tola today, according to the Federation of Nepal Gold and Silver Dealers’ Association.

Similarly, the price of silver has decreased by Rs 25 per tola and it is fixed at Rs 1820.

According to the Federation of Nepal Gold and Silber Dealers’ Association, the price of hallmark gold has been determined at Rs 167,200 per tola today. It was traded at Rs 165,500 per tola on Friday.

Similarly, the price of silver has increased by Rs 20 per tola. The price of silver is fixed at Rs 1,960 per tola today.

According to the project’s engineer, Soujan Nepal, the process of extending the deadline has moved forward after the Chinese construction company requested a one-year extension. Work on the section falling in Kaski and Tanahun had started in Bhadra 2078 BS.

The three-year contract period has been extended twice after it ended last Bhadra. As the construction work is being carried out at a rapid pace recently the work may be completed within the next one year, said Engineer Nepal.

So far, 22 km of the one-way road on the four-lane road has been blacktopped in the western section including Tharpu in Tanahun and Gagangauda in Kaski.

The project office has stated that nine out of 12 road bridges in the western section of 38.88 km are in the final stage of construction.

The expansion and upgrading work of the 81-kms Pokhara-Muglin road is being carried out with the grant assistance of the Asian Development Bank.

The business chief of the organization, Rabindra Pandey, said that the cooperative has emphasized on production of quality tea from its members, who are also farmers. We buy the tea leaves from the farmers and prepare the tea, Pandey added.

The cooperative has run three tea processing factories in Suryodaya and Maijogmai in Ilam and Mechinagar in Jhapa.

The cooperative has affiliated 350 farmers and has invested more than Rs 130 million in the tea business.

Offering a direct job to 52 individuals, the organization has produced ‘Black Tea’, ‘Orthodox Tea’ and ‘Green Tea’ with NMC Brand.

“Remittance inflows increased 11.5 percent to Rs 407.31 billion in the review period compared to an increase of 25.8 percent in the same period of the previous year,” Nepal Rastra Bank (NRB) stated in the Current Macroeconomic and Financial Situation of Nepal Report, which is based on three months data ending Mid-October.

In US Dollar terms, remittance inflows reached 3.04 billion in the review period which was 2.76 billion in the same period of the previous year, according to the NRB. 

The central bank said that the number of Nepali workers taking first-time approval for foreign employment stands at 110,654 and taking approval for renewed entry stands at 59,939 in the past three months. In the review period of the previous year, such number of workers taking time-time approval for foreign jobs was 113,397.

Current account surplus at Rs 111.87 billion

Likewise, the current account of the government remained at a surplus of Rs 111.87 billion in the review period compared to a surplus of Rs 59.65 billion in the same period of the previous year. “In the review period, net capital transfer amounted to Rs 2 billion and foreign direct investment inflow (Equity only) remained at Rs 4.81 billion,” according to the NRB.

Similarly, the Balance of Payments (BOP) remained at a surplus of Rs 184.99 billion in the review period while it was at a surplus of Rs 101.66 billion in the same period of the previous year.

The report stated that the gross foreign exchange reserves increased 9.4 percent to Rs 2232.28 billion in mid-October 2024 from Rs 2041.10 billion in mid-July 2024.

It said that the year-on-year unit value export price index, based on customs data, increased 2.9 percent and the import price index decreased 3.5 percent in the past three months. The terms of trade index increased 6.5 percent in the review period.

The net services income remained at a deficit of Rs 23.29 billion in the review period compared to a deficit of Rs 29.39 billion in the same period of the previous year.

Exports and imports decrease

During the three months, the country’s exports and imports decreased by 6.1 percent and 4.2 percent, respectively. The exports decreased by 6.1 percent to Rs 38.38 billion compared to a decrease of 2.3 percent in the same period of the previous year. Exports to India, China and other countries decreased 5.3 percent, 24.8 percent and 6.6 percent respectively. Exports of soyabean oil, tea, particle board, shoes and sandals, oil cakes, among others increased whereas exports of zinc sheet, palm oil, cardamom, juice, and readymade garments, among others decreased in the review period.

The imports decreased 4.2 percent to Rs 390.75 billion compared to an increase of 1.7 percent a year ago. Destination-wise, imports from India, China and other countries decreased 3.9 percent, 1.5 percent and 7.9 percent respectively.

The total trade deficit decreased 4 percent to Rs 352.37 billion during the first three months of the current fiscal year. Such a deficit had increased 2.1 percent in the same period of the previous year. The export-import ratio decreased to 9.8 percent in the review period from 10 percent in the corresponding period of the previous year.

The consumer price increased by 4.82 per cent in mid-October compared to 7.5 per cent a year ago. Food and beverage inflation stood at 7.18 per cent whereas non-food and service inflation stood at 3.49 per cent in the review period.

Under the food and beverage category, year-on-year price index of vegetables increased 25.15 percent, pulses and legumes 10 percent, cereal grains and their products 9.57 percent and ghee and oil 4.98 percent but the price index of meat and fish sub-category decreased 1.18 percent.

He said the performance of the Inland Revenue Department and the subordinate offices must not be slow off the mark. Minister Paudel said it while addressing a programme organized on the occasion of the ‘National Tax Day, 2081’ here today.

The Minister expressed dissatisfaction over the performance at Department and its subordinate bodies. They are weak as compared to the last fiscal year. “Be more serious to achieve revenue target,” Paudel reiterated.

According to him, modernization of tax administration, minimization of cost, development of technological workforce and expansion of tax net should be priorities. How we can expand the remit of inland revenues should be equally focused, he made aware.

The DPM further said, “It is every citizen’s duty to pay tax. There should be harmonious relations between tax payers and tax administration. The tax administration must not hassle taxpayers.”

On the occasion, Finance Secretary Dr Ram Prasad Ghimire however said once the national economy was made vibrant and investment atmosphere created, tax net would be expanded automatically. “In addition to collecting tax, we need making economic activities dynamic,” he said.

Dr Ghimire viewed although there was a slow progress in economy, it was not that bad either. “It is wrong to claim that our economy is not in good state. We don’t have speed, but there no point in panicking,” he underlined.

Despite the liquidity in normal state, the investment and economic activities are yet to gain pace. Lone efforts of government do not yield results. Discussions are underway with private sectors to spur economic activities, he informed.

Revenue Secretary Dinesh Kumar Ghimire said there is revenue administration to address the problems facing private sectors. Efforts are on for policy and structural fronts for revenue reform, according to him.

Entrepreneur Raj Bahadur Saha, the largest taxpayer under income category in the last fiscal year, said political instability was a major obstruction to investment-friendly atmosphere. (RSS)

Eighty-two stock broker companies had got the permission for stock transaction in the secondary market in the last fiscal year, 2023/24 and eight more companies have been given the permission, Nepal Stock Exchange Limited (NEPSE) said.  NEPSE said that 90 stock broker member companies have been issued license as of this October 16 for share transactions.

Similarly, the membership of two companies has been renewed as stock dealers for the current fiscal year. They are the Nagarik Stock Dealer Company Limited and Nabil Stock Dealer Limited, according to NEPSE.

Out of the stock broker companies registered so far, two companies have got permission for carrying out full transactions while the rest 88 for carrying out limited transactions. The companies getting permission for carrying out full transaction are NIMB Stock Markets Limited and Himalayan Securities Limited. (RSS)

Chief of the Petroleum Project Division under the Department of Mines and Geology Ganesh Nath Tripathi said 79 percent of the drilling work has been completed so far.

Only after drilling up to a depth of 4,000 meters it can be ascertained whether or not there is petroleum products. Exploration of petroleum products is going on with a grant of Rs 2.5 billion from the Chinese government. The Division in collaboration with China Geological Survey and Sibu Drilling Engineering Company are continuing the drilling works.

Meanwhile, Chief Minister of Karnali Province Yamlal Kandel made an on-site inspection of the project site and inquired about the progress made in petroleum exploration.

The Federation of Nepal Gold and Silver Dealers’ Association said the price of hallmark gold, which was Rs 162,200 on Wednesday, has been determined at Rs 160,000 per tola today.

Similarly, the price of silver has dropped by Rs 35 per tola. The price of silver is fixed at Rs 1,905 per tola today. Silber was traded for Rs 1,940 per tola on Wednesday.

An Airbus 330 plane that arrived from Doha landed at the Gautam Buddha International Airport this afternoon, according to GBIA Office. 

General Manager of Tribhuvan International Airport (TIA), Pratap Babu Tiwari said that Qatar Airways has started its commercial flights from Airbus 330 at Gautam Buddha Airport for the first time.

Qatar Airways will now operate regular one flight on the Doha-Bhairahawa-Kathmandu-Doha route.

The Civil Aviation Authority of Nepal (CAAN) has got permission to operate flight to and from GBIA until November 30. 

With this, the number of airlines companies operating flights from FBIA has reached five. Nepal Airlines, Fly Dubai, Thai Air Asia and Jazeera Airways have already started their services at GBIA before this.