NEPSE Plunges 26 Points; Turnover Dips to Rs 5 Billion

On Monday, the price of gold decreased slightly in the Nepali market, while the price of silver increased marginally. According to the Nepal Gold and Silver Dealers Association, the price of gold decreased by Rs 200 per tola compared to Sunday. The price of fine gold was fixed at Rs 310,900 per tola on Monday. Previously, gold was traded at Rs 311,100 per tola on Sunday. While the price of gold decreased, the price of silver increased slightly. On Monday, silver increased by Rs 10 per tola, reaching Rs 5,355. On Sunday, silver was traded at Rs 5,345 per tola, according to the federation.

Gold Price Drops, Silver Rises in Nepali Market

Nepal's Budget: Boosting Consumption for Economic Growth

Nepal Aims to Boost Economy Through Increased Consumption

Rautahat Farmers Face Maize Price Crisis

Farmers in Rautahat, Nepal, are facing hardship due to the government's failure to set a minimum support price for maize. Traders are exploiting the situation by offering low prices, forcing farmers to sell their produce at significantly reduced rates (Rs 2200-2300 per quintal compared to last year's Rs 3300). This is despite the government's directive to determine the support price before the planting season. Farmers are also struggling with damages caused by untimely storms and rainfall. The reduced market price, coupled with increased production costs, is causing distress among maize farmers in Rautahat, where 9,000-10,000 hectares are cultivated annually.

NIC Asia Bank Concludes 28th AGM

NIC Asia Bank held its 28th Annual General Meeting (AGM) on Monday at the Army Officers Club in Bhadrakali, Kathmandu. The meeting approved the board of directors' report for the fiscal year 2081/82, the auditor's report, and the balance sheet as of the end of Ashad 2082, along with profit and loss accounts and cash flow statements. The AGM also approved the issuance of rights shares in the ratio of 2:1 after obtaining necessary approvals from relevant bodies. Furthermore, Ashok Kumar Agarwal, Ramchandra Sanghai, Jayant Kumar Agarwal from the founding shareholders, and Aditya Kumar Agarwal, Keshav Prasad Lamsal, and Anupa Pradhan Rajbhandari from the general shareholders were unanimously elected.

HAN Pleased with Tourism Budget, Urges Implementation

Online Customs Chaos: Long Waits at Nepal-India Border

Rato Pati

NEPSE Sees Slight Gain in Pre-Open Session

Chamber: Budget Ambitious, Implementation Key for Economy

The Nepal Chamber of Commerce (NCC) views the FY 2083/084 budget as ambitious but believes its effective implementation will boost the economy. The NCC welcomes the increase in the individual income tax exemption limit to NPR 1 million and the reduction of the maximum income tax rate from 39% to 29%. They also appreciate the reduced customs duty on 273 types of industrial raw materials, the simplification of the tax system, and the abolition of excise duty on 360 goods. While positive about many aspects, the NCC expresses concerns about the increased taxes on private sector education and health services, increased VAT on electricity consumption, and increased capital gains tax, which they believe will burden investors.

Cryptocurrency Trader Arrested in Chitwan, Phones Seized

Police in Bharatpur, Chitwan, arrested 29-year-old Pappu Kumar Yadav from Dhanusha for allegedly engaging in illegal cryptocurrency transactions. Yadav was found using mobile phones and electronic devices to store and trade cryptocurrency through applications like Binance and Bybit. Authorities seized 17 touchscreen mobile phones and 3 keypad mobile phones from his rented room on May 29, 2024 (Jestha 15, 2083 BS). Yadav is currently in police custody, and an investigation is underway after the Chitwan District Court extended his detention for further investigation into the offense related to virtual currency.

Rato Pati

Electricity Tax Won't Hurt Consumers: Finance Minister

West Seti Transmission Line Project Advances

Norway's Oil Paradox: Exporting Big, Consuming Less

BBC Nepali

NEPSE Drops After Budget: Capital Gains Tax Impact

On the first trading day after the budget announcement, the Nepal Stock Exchange (NEPSE) index experienced a significant drop. The NEPSE index decreased by 26.72 points, settling at 2755.37. This decline is attributed to the government's increase in capital gains tax through the economic bill, discouraging small investors. The tax rate for short-term investors has risen from 7.5% to 10%, and for long-term investors, it has increased from 5% to 7.5%. Despite the overall downturn, Nepal Reinsurance Company and Kalinchok Hydropower saw positive circuit level trading. A total of 13,383,816 shares of 349 scripts were traded for 5,614,374,928 rupees.