Category: Finance

Kathmandu: In response to the recent tragedy during a protest related to the Employment Permit System (EPS) language test, the Nepali government engaged in talks with South Korean Ambassador to Nepal, Park Tae-Young. The EPS allows Nepali nationals to work in Korea under a bilateral agreement. The meeting, held on Tuesday at the Ministry of… Continue reading Nepal and South Korea discuss criterias for EPS test

Kathmandu: The Public Accounts Committee of the Parliament has concluded that there were unlawful activities in the procurement process of the Telecommunication Traffic Monitoring and Fraud Control System (Teramox). In a meeting held at Singha Durbar today, the committee identified 15 irregularities in the Teramox procurement process and directed the Commission for the Investigation of… Continue reading Parliament’s Public Accounts Committee finds unlawful activities in Teramox procurement process

Kathmandu: Public debt liability of the Government of Nepal has witnessed an unprecedented surge, reaching a staggering Rs 2.3 trillion within a span of five and a half years. As of the fiscal year 2018/19, the combined internal and external debt stood at a relatively modest Rs 1.04 trillion. However, recent data indicates an alarming… Continue reading Nepal govt faces alarming surge in public debt

Kathmandu: In a significant move to support sugarcane farmers, the Ministry of Agriculture and Livestock Development has disbursed Rs 800 million in subsidies, out of the total earmarked amount of Rs 1.32 billion for the last Fiscal Year (FY) 2022/23. The disbursement, credited to farmers’ accounts in the current FY, aims to bolster agricultural businesses.… Continue reading Agriculture Ministry disburses Rs 800 mn subsidy to sugarcane farmers

Kathmandu: In response to Prime Minister Pushpa Kamal Dahal’s directive, the Ministry of Energy has initiated preparations to revoke licenses of non-operational hydropower projects. The move comes as concerns rise over the trend of acquiring licenses without making tangible progress in project development. The Department of Electricity Development (DoED) has taken charge of the initiative,… Continue reading Energy Ministry takes action to revoke licenses of inactive hydropower projects

Kathmandu: The Nepal Foreign Trade Association (NFTA) has lodged a formal protest against the Nepal Electricity Authority (NEA) for disconnecting power lines to industries accused of non-payment of electricity tariffs related to the dedicated feeders and trunk lines. According to NFTA representatives, the NEA recently implemented a tariff hike of up to 67 percent in… Continue reading Nepal Foreign Trade Association protests power disconnections by NEA over tariff dispute

Kathmandu: In a decisive move, the Nepal Electricity Authority (NEA) has disconnected electricity supply to several industries that have persistently refused to settle their outstanding electricity tariff dues for using dedicated and trunk lines. The disconnection, effective since Friday evening, comes in response to Prime Minister Pushpa Kamal Dahal’s explicit directive to the NEA to… Continue reading Power supply disconnected to major industries over unpaid tariffs

Kathmandu: Ministry of Labor, Employment, and Social Security, announced that a remarkable 20,000 Nepali workers will have the opportunity to work in Romania in the year 2024. This decision follows the recent signing of a bilateral labor agreement between Nepal and Romania in Asoj (mid-September to mid-October). The announcement was made during a program held… Continue reading Nepali workers to secure opportunities in Romania: 20,000 visas approved for 2024

Kathmandu: A recent study conducted by the Pravasi Nepali Coordination Committee (PNCC) sheds light on the precarious economic situation faced by Nepali migrant workers upon their return from foreign employment. Despite expectations of an improved financial status upon returning home, the study indicates that a significant number of returnees are still at financial risk. The… Continue reading Critical study reveals challenges in reintegration of Nepali migrant workers

Kathmandu: Inland Revenue Department (IRD) has expanded the scope of the Central Billing Monitoring System (CBMS) to include business entities with an annual turnover exceeding Rs 250 million. Previously applicable only to large taxpayers, the revision comes as the IRD aims to enhance tax collection and overall tax administration. The IRD, through a public notice,… Continue reading IRD expands CBMS mandate to medium-sized businesses for enhanced tax oversight