KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.
NEPSE to resume trading from Tuesday
The Securities Board of Nepal (SEBON) has instructed the Nepal Stock Exchange (NEPSE) to resume the stock market from Tuesday.
An understanding to open the share market for two hours daily (11 am to 1 pm) was reached during a discussion with stakeholders at the Board on Friday.
The share market was closed after the government announced the lockdown to prevent the spread of coronavirus on March 24. With the decision of the board, the stock market is about to open on the 50th day.
Budget session begins
The budget session of the Federal Parliament began at the Federal Parliament building at New Baneshwor, Kathmandu on Friday.
Also known as the monsoon session, this session will see the introduction of the policies and programs as well as the budget for the new fiscal year 2020/21.
At the beginning of the meeting, Speaker Agni Sapkota read aloud a letter received from the Office of the President regarding the beginning of the sixth session.
The federal parliament’s budget session will be held in consideration of the COVID-19 pandemic and its potential transmission, according to the Federal Parliament Secretariat.
Necessary measures have been taken and all the criteria as recommended by the WHO have been followed to maintain physical distancing during the session to prevent the infection.
Int’l flights will not resume before mid-July: Tourism Ministry
A study committee formed by the Ministry of Culture, Tourism and Civil Aviation has said the international flights will not resume until mid-July.
Submitting a report at the Ministry, the committee said the international flights cannot be operated before mid-July given the current situation.
The ministry had formed a study panel to investigate the toll on the tourism and civil aviation sector taken by the coronavirus pandemic and make a suggestion. Coordinated by Joint Secretary Ghana Shyam Upadhyaya of the Ministry, Director General Rajan Pokharel, Chief Executive Office of Nepal Tourism Board Dhananjaya Regmi are members.
According to the report, it will take around two years for the tourism and civil aviation sector to recover and has recommended a relief package accordingly.
Banks, financial institutes provide full services
Banks and financial institutes have started providing full services from Friday.
The government on Wednesday decided to allow industries, banking sectors and financial institutes to run their services from Friday.
According to the decision, only one thirds of the staffers among those required for operating services can attend the office.
Meanwhile, banks have agreed to provide services accordingly. All the services could not be started from Thursday since it was a public holiday.
All the services will begin from Friday, said Bhuwan Dahal, chairman of Bankers Association of Nepal and CEO of Sanima Bank.
Customs Office in Nawalparasi West collects not a penny since April 13
Revenue collection has been badly affected in Maheshpur Customs Office, the only customs office in Nawalparasi West due to lockdown order.
The revenue collection of the office remained zero since April 13 (1 Baishakh) of the current fiscal year, Office chief Hemraj Sharma shared. The office said that revenue collection was affected after the District Administration Office directed the Maheshpur Customs Office not to collect the customs.
In the month of Chaitra of 2076 BS, the Office managed to collect Rs 8.8 million in revenue before the lockdown and Rs 700 thousand after the enforcement of lockdown.
(Compiled and prepared by Swastik Aryal and Nitish Lal Shrestha)
Nepal Economic Digest is a daily morning email digest, basically relatable summations of the most important business news, happenings from Nepal into easy-to-understand summaries.
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