The post “MCC Will Be Endorsed,” Reiterates PM Deuba appeared first on Nepali Sansar.
]]>On his visit to the far-west state to observe the damage caused by floods and landslides, PM Deuba mentioned that the MCC was subject to Nepal’s interest.
“The MCC will be endorsed. And I don’t see anything that needs amendment. Fake news and disinformation about MCC have been widespread,” said PM Deuba.
He said that the MCC was nothing more than a grand, claiming that some are trying to create chaos around the MCC endorsement.
The MCC Nepal compact is just a development grant, he said adding, “Why should Nepal reject such generous support?”.
Meanwhile, PM Deuba promised to provide short-term and long-term relief packages for flood victims and draft reconstruction plans in the eastern and western regions.
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]]>The post Nepal Sees Spike in Foreign Investments in FY2021/22 appeared first on Nepali Sansar.
]]>In the first two months of the fiscal year 2021/22, Nepal has seen a sharp rise in foreign investments.
Foreign investors from six countries have registered 71 projects at the Department of Industry (DoI) during mid-July and mid-September.
Surprisingly, around 30 of the registered projects are related to tourism business, the highest of all.
The foreign investors are looking to run hotels in Nepal, proposing to invest in around 25 hotels in just two months of the current FY.
Likewise, service sector received 20 proposed projects and manufacturing industry received 15. Moreover, four of the proposed projects are related to agriculture sector and one each to energy sector and IT industry.
Of the proposed foreign direct investments, 62 companies are from China, the highest of all.
Four companies are from India, two from the US, and one each from the Netherlands, Japan, and Vietnam.
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]]>The post Nepal to Set Up Multiple Fair Price Shops appeared first on Nepali Sansar.
]]>The government has initiated this launch as two massive festivals are on the horizon of the nation. As Dashain and Tihar are set to be celebrated in October and November, respectively, the government has decided to meet consumer demand.
These ration shops will stay open and operational until the Chhath festival is celebrated on November 10.
Depots and outlets managed by the Food Food Management and Trading Company, and Salt Trading Corporation will soon be transformed into fair-price shops.
Additionally, the companies will sell the daily rations on mobile vehicles.
The commerce ministry stated that certain commodities would be retailed at discounted prices to the consumers. Rice, salt, beans, sugar, dairy products, and goats are among the items which will be discounted.
The central government of Nepal has also asked the Nepal Oil Corporation to maintain a smooth supply of fuel during this festive season.
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]]>The post NEPSE edges up to 3,000 points on Sunday appeared first on Nepali Sansar.
]]>The benchmark index started trading at 2887.5 points on Sunday, which is the week’s first trading day in Nepal, happily put 71.43 points by the end of the trading session.
The gain is a positive sign as the stock market faced considerable headwinds in the last week. The Sunday trading session saw plenty of scrips gaining on the first day of trading.
Stock traders traded a total volume of 17,100,333 unit shares which belonged to 231 companies. This trading session was valued at NPR 9.440 billion.
The sensitive index spiked by 2.43 percent to 548.29 points by gaining 13.03 points. This index is the gauge that indicates the performance of Class ‘A’ stocks.
Excepted Mutual fund index, all the sub-indices shot up and posted good gains. The Mutual fund index dipped 0.29 percent while Citizens Mutual Fund lost 0.39 points which amounted to 3.58 percent dip.
The Non-life insurance index was bullish on Sunday’s market as it posted a 424.77 point gain. It was followed by the Manufacturing and Processing index, which gained 299.69 points. Tailwinds propelled the Life insurance index as it gained with 297.71 point increase.
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]]>The post Ncell Doles Out Cellular Services for New SEE Graduates appeared first on Nepali Sansar.
]]>It has launched Pahilo SIM services for graduates who have completed their secondary education.
The organization stated that the launched SIM would allow the SEE graduates to get the Ncell prepaid SIM card at NPR 1.
The SEE graduates can opt for the bundled services of their choice after becoming Ncell subscribers.
As the company stated, “This offer is fully loaded with attractive features including a bonus on recharge, free My5 service, bonus data, and many more.”
The offer had come into effect yesterday, and to get the SIM card, SEE graduates have to get their genuine admit cards which would make them eligible for the Pahilo service across Nepal.
Under the current offer, the customers will get NPR 20 main balance and 150 MB data for a month if they recharge with NPR 100 or more within a week from SIM activation.
However, if they choose to recharge with NPR 50 or more, the subscribers will get bonuses on every recharge for the next six months. The bonus range from 500 MB data to 50 minutes of Talktime to Ncell to Ncell.
A passport-sized photo, a photocopy of the tenth-grade mark sheet must be taken along with a valid citizenship certificate of self, or parents must be presented to get the SIM card.
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]]>The post Nepal Aviation Sector Bled NPR 37 billion Due to Pandemic appeared first on Nepali Sansar.
]]>The civil authority stated that figures pertaining to the losses were calculated on the earnings the aviation industry made over the previous years.
The airline corporations lost NPR 25 billion in the period spanning from March 2020 to July 2021. The civil authority lost NPR 12 billion during this period. The authority oversees and operates airports across Nepal.
Nepal Airlines Corporation suffered the biggest loss among the civilian airlines, as it lost NPR 7 billion during this period. Trailing behind it is Himalaya Airlines, an international flight operator, which lost NPR 3 billion.
Domestic airline owners bled NPR 15 billion in total.
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]]>The post Nepalis Can Fly to UAE Easily Now appeared first on Nepali Sansar.
]]>Although UAE never stopped Nepalis from entering its airspace, the entry was allowed only after a negative PCR test result. This facility has arrived at the airport now.
Air Arabia, a Saudi Arabia airline operator, was flying the Nepalis to UAE from Thursday. However, the Nepal airlines lagged in the game as the TIA wasn’t equipped with the PCR test option.
Additionally, Fly Dubai was flying the other passengers. Although the Nepali airlines were flying to UAE, it was only to bring back passengers to Kathmandu.
As per the requirements, a negative PCR test result has to be presented at the airport. This test result should not be more than 48 hours old, and an additional negative Rapid PCR test had to be presented to board the jet. The second test cannot be more than four hours old.
The airlines are accepting even if a negative PCR test result is presented at the time of boarding. However, the test ought not to be older than four hours. Due to this workaround, Nepalis can now fly to UAE on Nepali air carriers.
Using this workaround, Himalaya Airlines and Air Arabia flew Nepalis to UAE on Saturday. The Himalayan Airlines collected the swab samples of the passengers and flew them to the destination only after receiving the negative results.
Also, Nepal Airlines Corporation (NAC) is prepping to fly to UAE on Monday night with passengers on board. The NAC will fly twice a week to UAE starting this week.
The government of Dubai previously listed Nepal as a high-risk COVID-19 country along with many other countries. This move was initiated to curb the spread of the virus. It has now relaxed the rules for entry from Nepal.
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]]>The post 508 Export Industries to Receive ‘NPR 1.28 Bn’ Worth Cash Incentives! appeared first on Nepali Sansar.
]]>The DoI proposed the amount based on the goods exported by the mentioned industries in the FY 2020/21.
In FY 2020/21, the Himalayan nation exported goods worth NPR 141.12 billion. Edible oil is the most exported product, observing exports worth NPR 55.5 billion. It is followed by tea and coffee, with exports worth NPR 11.76 billion. Textile, woolen carpets, and ready-made garments are in the next positions.
Nepal Rastra Bank will provide the incentives as per the DoI recommendations, on par with the working guideline on cash incentives on exports.
The cash incentives provided by the Nepali Government are as follows:
| Export Product | Cash Incentive (% of export value) |
| High export potential items listed in the NTIS | 3-5% |
| Processed tea, large cardamom, ginger, leather goods, and processed herbs and oil products | 5% |
| Pashmina products, textiles, woolen carpets, and yarns made of polyester, viscose, acrylic, and cotton | 3% |
In a bid to enhance exports, the Nepali Government started offering cash incentives of 1-2 percent of export value to the exporting industries from the FY 2011/12. Earlier, such incentives were limited to only third country exports.
From June 2019, the government has started providing incentives for 27 products exported to India.
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]]>The post Nepal’s appetite for phones increase in the past year appeared first on Nepali Sansar.
]]>The imports have doubled in monetary terms thanks to spending and revenue that the government received as taxes.
The customs department released these vital statistics about the mobile phone imports in the past three years:
| Fiscal Year | Number of Mobile Imported | Money Spent (Rs) | Revenues Collected (Rs) |
| 2020/21 | 7.03 mn | 36.9 bn | 5.84 bn |
| 2019/20 | 4.365 mn | 18.17 bn | 2.87 bn |
| 2018/19 | 4.275 mn | 19.27 bn | 3.52 bn |
The Nepal Mobile Traders Association head, Purushottam Basnet, stated that most of the imported handsets were smartphones.“Following the pandemic, the smartphone market boomed in Nepal. There are many people who gave up their bar phones to go for smartphones.”
He also opined that the demand for smartphones might have increased as kids have to attend online classes. He also felt that people’s spending on expensive handsets has increased during the pandemic.
Sadhuram Bogati, a phone trader in New Road, concurred with Purushottam. The trader said that the demand for phones in NPR 15,000 to NPR 35,000 was relatively higher in recent times.
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]]>The post Nepal Cracks Down on Business Firms which Violated Code of Conduct appeared first on Nepali Sansar.
]]>The commerce department concluded that 1,035 business organizations have indulged in trade activities that violate the code. The Department monitored the activities of 2,497 firms and suggested improvements to 1,597 firms. In addition, 397 companies were given the opportunity to clarify their business activities by furnishing the required documents.
During the fiscal year 2077-78 BS (2020-21), the Department found 1,035 business firms and companies indulging in inappropriate trade activities.
The Department in a year conducted monitoring of 2,947 firms. 1,597 were suggested for general improvements, and 397 firms were demanded to furnish required documents and sought clarifications.
The Department has amassed NPR 23.98 million with the fine amounts stated Shibaraj Shedhai, spokesperson of the commerce department.
Also, the Department destroyed adulterated food consumables worth NPR 37.38 million.
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