Tag: Government

  • “Government Approves Cyber Security Policy for Digital Safety”

    “Government Approves Cyber Security Policy for Digital Safety”


     

    During a Cabinet meeting on Tuesday, a significant decision was made to approve the Cyber Security Policy 2080. This step, confirmed by the Ministry of Communication and Information Technology, sets the stage for the upcoming Cyber Security Bill. The government aims to create a secure and advanced cyber environment in the country with this policy.

    With this policy in place, the Ministry expects to play a crucial role in strengthening the nation’s information and technology systems. They plan to achieve this through various methods and workforce development. This includes establishing strong laws and institutions, increasing public awareness, and promoting skill-building. Before being officially adopted, the policy draft received input and feedback from various stakeholders.

  • Government Grants Holiday for Bakrid; NEPSE Closed

    Government Grants Holiday for Bakrid; NEPSE Closed


    The government has announced a public holiday on Thursday to celebrate Bakrid (Eid-ul-Adha). The Ministry of Home Affairs issued a press release stating that in accordance with the information published in the Nepal gazette, the holiday is granted to observe Bakrid on Ashad 14, 2080. On this day, all public offices, including the Nepal Stock Exchange (NEPSE), will be closed.

     

  • Surge in Electric Vehicle Imports Impacts Government Revenue in Jestha

    Surge in Electric Vehicle Imports Impacts Government Revenue in Jestha


     

    The import of electric vehicles in the month of Jestha saw a significant rise, with 3,800 units being imported. This increase in import numbers was observed as businesses are increasingly turning to electric vehicles due to challenges in importing petroleum vehicles. The customs department provided statistics indicating that the import consisted of electric cars, vans, and jeeps. In addition, during the same month, the export amount reached Rs. 11.23 Arba.

     

  • “Non-life Insurers Resume Agro Insurance Sales Until Asar End; Threaten Halt if Subsidy Disbursement Fails”

    “Non-life Insurers Resume Agro Insurance Sales Until Asar End; Threaten Halt if Subsidy Disbursement Fails”


     

    Non-life insurance companies in Nepal have decided to restart selling agro insurance policies until the end of Asar 2080, responding to persistent requests from the government and farmers. However, these companies have cautioned the government that they will stop issuing policies if the subsidy amount is not paid within the specified timeframe, according to a media statement.

     

  • Citizen Investment Trust’s Proposal: A 26.3158% Dividend for the Fiscal Year 2078/79

    Citizen Investment Trust’s Proposal: A 26.3158% Dividend for the Fiscal Year 2078/79


    Citizen Investment Trust (CIT) has put forward a proposal to distribute a 26.3158% dividend for the fiscal year 2078/79. The decision was made during a board of directors meeting held on Baisakh 29. The proposed dividend consists of a 25% bonus shares allocation and a 1.3158% cash dividend (for tax purposes). The current paid-up capital of CIT stands at Rs 4,251,000,576.

    It is important to note that the dividend proposal is subject to approval from the Ministry of Finance, Nepal Government, and the upcoming Annual General Meeting (AGM).

    As of the latest trading day, CIT’s closing price stands at Rs. 2,011.

  • “Ankhukhola Hydropower Sales Revenue Drops by 11.09% to Rs. 15.4 Crores, Net Worth Per Share Falls Below Par Value at Rs. 71.25”

    “Ankhukhola Hydropower Sales Revenue Drops by 11.09% to Rs. 15.4 Crores, Net Worth Per Share Falls Below Par Value at Rs. 71.25”


     

    Ankhukhola Hydropower Company Limited (AKJCL) has released their Q3 financial report for the FY 2079/80, revealing a significant decrease of 71.59% in net profit compared to the same quarter in the previous year, with the current net profit standing at Rs. 86.52 Lakhs. Total revenue up to the third quarter of FY 2079/079 has also decreased by 11.09% to Rs. 15.4 crores. However, AKJCL will receive a grant of Rs. 4.62 crore from the Nepalese government for the installation of Ankhu Khola-1, which has not yet been included in their revenue. Additionally, the company has signed an agreement to invest 60% in Ganesh Himal Hydropower’s 20 M.W. Ankhu Khola-2 Hydropower project. The administrative and general expenses have increased by 18.37%, while the finance expenses have decreased by 7.26%. The paid-up capital of the company stands at Rs. 80 crore with a negative reserve of Rs. 23 crore in reserve fund, and the company reported an annualized EPS of Rs. 1.44 and net worth per share of Rs. 71.25.

  • Chitwan will host the 7th Chitwan International Industrial Fair beginning on Baisakh 22.

    Chitwan will host the 7th Chitwan International Industrial Fair beginning on Baisakh 22.


     

    CNI Chitwan, in collaboration with other government and non-government organizations, will host the 7th International Chitwan Industrial Fair 2080 on Baisakh 22, 23, and 24, 2080 at the Chitwan Exhibition Hall in Bharatpur.

     

  • NRB’s 8.87% Development Bond 2085 ‘Chha’ has been listed on the NEPSE.

    NRB’s 8.87% Development Bond 2085 ‘Chha’ has been listed on the NEPSE.


    The Nepal Stock Exchange (NEPSE) has announced the listing of a new government bond, 8.87% Development Bond 2085 ‘Chha’.

    Nepal Rastra Bank issued the government bond. The 8.87% Development Bond 2085 ‘Chha’, with a face value of Rs. 10 Arba and a maturity period of 6 years, was issued on Chaitra 22, 2079.

    As a result, the bond will maturity on December 22, 2085.

  • List of Bank Holidays in Nepal 2080

    List of Bank Holidays in Nepal 2080


    The central bank of Nepal, Nepal Rastra Bank, has recently unveiled the annual bank holiday schedule for the period of 2080 BS, which spans from April 14, 2023 to April 12, 2024. This comes in response to the government’s decision to permit essential service-providing institutions, such as banks, to operate on specific public holidays as declared by the government. The notice from NRB outlines the bank holidays during which Nepalese banks will remain closed, while also indicating that partial banking services, including cash transactions, will be available on certain dates marked with an asterisk (*). This information is aimed at providing clarity to the public and businesses regarding the operational status of banks during the designated holidays.

    No. List of Holidays Date
    1 New Year April 14, 2023
    2 Labour Day May 1, 2023
    3 Buddha Jayanti/Ubhauli/Chandi Purnima* May 5, 2023
    4 Republic Day* May 29, 2023
    5 Gaura Parva (Only for the region or culture celebrating the festival) August 24, 2023
    6 Raksha Bandhan/Gai Jatra* August 31, 2023
    7 Krishna Janmashtami* September 6, 2023
    8 Tij (Only for women) September 18, 2023
    9 Constitution Day September 20, 2023
    10 Indra Jatra* (Only in the Kathmandu valley) September 28, 2023
    11 Jitiya Parva (Only for women celebrating the festival) October 7, 2023
    12 Ghatasthapana* October 15, 2023
    13 Dashain (Phulpati-Dwadashi) October 21-26, 2023
    14 Phalgunanda Jayanti (Only for the followers of Kirat religion) November 11, 2023
    15 Tihar November 12-16, 2023
    16 Chhath November 19, 2023
    17 Guru Nanak Jayanti (Only for the Sikhs) November 27, 2023
    18 International Disability Day (Only for the staff with disabilities) December 3, 2023
    19 Christmas* December 25, 2023
    20 Udhauli/Yomari Punhi/Jyapu Diwas* December 26, 2023
    21 Tamu Lhosar* December 31, 2023
    22 Prithvi Jayanti/National Unity Day* January 12, 2024
    23 Maghi/Maghe Sankranti* January 15, 2024
    24 Sonam Lhosar* February 10, 2024
    25 People’s War Day* February 13, 2024
    26 Democracy Day* February 19, 2024
    27 Mahashivaratri/Women’s Day* March 8, 2024
    28 Gyalpo Lhosar* March 11, 2024
    29 Phagu Purnima March 24, 2024 (Hilly and mountainous districts)
    March 25, 2024 (Plain districts)
    30 Ghodejatra* (Only in the Kathmandu valley) April 8, 2024
    31 Machhindranath Bhoto Jatra* (Only in the Kathmandu valley) Date to be announced by the government
    32 Eid al-Fitr* Date to be announced by the government
    33 Bakra Eid/Eid al-Adha* Date to be announced by the government
    34 Siruwa Pawani (Only in Jhapa, Morang, Sunsari, Siraha and Saptari) Date to be announced by the government
    35 Mohammad Jayanti (Only for the Muslims) Date to be announced by the government
  • Imports and exports both fell in the first nine months of fiscal year 1979/80.

    Imports and exports both fell in the first nine months of fiscal year 1979/80.


     

    The foreign trade figures for Nepal for the first nine months of fiscal year 2079/80 have been released. According to government data released on Thursday, Nepal’s trade deficit reduced by 17.06 percent to Rs. 10.83 Kharba from Rs. 13.06 Kharba the previous year.

     

  • Remittance inflows increased by 25.3% to Rs. 794.32 billion in the first eight months of fiscal year 2022/23.

    Remittance inflows increased by 25.3% to Rs. 794.32 billion in the first eight months of fiscal year 2022/23.


     

    Nepal Rastra Bank (NRB), Nepal’s central bank, has released the country’s current macroeconomic and financial situation based on eight months of data ending in mid-March 2022/23.

  • The Insurance Authority has issued a list of new arrangements and instructions to microinsurance companies.

    The Insurance Authority has issued a list of new arrangements and instructions to microinsurance companies.


     

    The Insurance Authority has recently prioritized working with micro-insurance companies. The authority recently granted licenses to seven new microinsurance companies.

    Previously, the Nepal Insurance Authority issued a notice inviting applications from companies interested in operating a micro-insurance company in Nepal. Similarly, three micro life insurance companies and four micro non-life insurance companies were chosen to conduct micro insurance activities in Nepal.