Category: Finance

Kathmandu: The government has introduced the Air Service Authority of Nepal (ASAN) Bill, which seeks to designate key responsibilities, previously held by the Civil Aviation Authority of Nepal (CAAN), to a newly established aviation authority. The proposed changes aim to streamline operations, enhance safety, and modernize Nepal’s air services. Under the ASAN Bill, the new… Continue reading Nepal govt reopens discussion to split CAAN

Kathmandu: Pokhara has started receiving electricity through an underground distribution system, marking a significant milestone in modernizing the city’s power infrastructure. The Nepal Electricity Authority (NEA) has begun supplying power through the system under the Pokhara–Bharatpur Distribution System Strengthening Project, improving reliability and enhancing the city’s visual appeal. In the first phase, the underground network… Continue reading NEA begins underground electricity supply in Pokhara

Kathmandu: Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel acknowledged challenges in meeting the revenue target for the current fiscal year despite some improvement over the previous year. Speaking at an event organized by the Department of Customs on International Customs Day, he urged customs and tax administration to enhance efficiency under growing pressure… Continue reading Finance Minister calls for efficiency in customs to meet revenue targets

Kathmandu: The Rupandehi District Court on Sunday granted bail to Rastriya Swatantra Party Chairman Rabi Lamichhane in the Supreme Cooperative fraud case. A single bench led by Judge Pralhad Kumar Yogi issued the order after days of closed-door hearings, court magistrate Kumar Khatiwada confirmed. Lamichhane, a former home minister, has now paid a cumulative bail… Continue reading Rabi Lamichhane receives bail with Rs 10 mn in fraud case

Kathmandu: Nepal will increase Mount Everest climbing permit fees starting September, marking the first hike in nearly ten years. During the peak climbing season (April-May), permits will cost $15,000, up 36% from the current $11,000. Off-season permits will also see similar increases, rising to $7,500 for September-November and $3,750 for December-February. Mountaineering and trekking contribute… Continue reading Nepal to raise permit fees for Mt Everest expedition

Kathmandu: The government borrowed Rs 240.08 billion in the first five months of the current fiscal year, grappling with mounting recurrent expenditures and sluggish revenue collection. Data from the Public Debt Management Office (PDMO) reveals that between mid-July and mid-December, the government raised Rs 181.05 billion through domestic borrowing and Rs 59.03 billion via external… Continue reading Nepal govt borrows Rs 240 bn amid revenue shortfall and soaring expenditure

Kathmandu: After years of persistent lobbying, star hotels and tourism resorts in Nepal have been officially recognized as industries under a recent amendment to the Industrial Enterprises Act 2076. The government has reclassified these establishments into the national priority and productive industries category through an ordinance passed by the Cabinet, pending final approval from the… Continue reading Star hotels in Nepal recognized as industries

Kathmandu: The year 2024 witnessed a significant rise in emigration, with 1.674 million Nepalis traveling abroad, reflecting an increase of over 70,000 compared to 2023, according to the Department of Immigration. Economic opportunities and family reunification were the primary motivations for emigration. Among the total, 856,422 individuals left for employment, with men comprising the vast… Continue reading Nepalis continue to leave in record numbers, driven by work and family reunification

Kathmandu: The Nepal Rastra Bank (NRB) has announced today’s foreign exchange rates, with the US dollar reaching a record high, further strengthening the value of other foreign currencies. According to the NRB, the buying and selling rates for the US dollar are Rs 138.23 and Rs 138.83, respectively, while the euro stands at Rs 140.86… Continue reading US Dollar reaches record high in Nepali Market

Kathmandu: The Kaski District Court has granted bail to seven individuals, including Rabi Lamichhane, President of the Rastriya Swatantra Party, in connection with an alleged misappropriation of funds from Suryadarshan Cooperatives in Pokhara. The court’s decision, issued on Thursday by a bench led by Judge Nitij Rai, followed a 10-day hearing. Lamichhane, who is also… Continue reading Kaski District Court grants bail to Rabi Lamichhane and 6 others in embezzlement case