KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.

Agriculture Inputs Company calls for bids to transport fertilizer

Agriculture Inputs Company Limited (AICL) has invited bids for the transport of chemical fertilizers which Bangladesh is providing to Nepal on a refundable basis.

The new move by the government authorized body has come at a time when the transplanted paddy is almost ready for harvest.

The farmers were unable to get the agriculture input when they needed them the most.

According to the Ministry of Agriculture and Livestock Development, the AICL issued a public notice a few days ago asking firms to submit bids to bring the fertilizer from Bangladesh.

“The company to be selected has been asked to import the fertilizer within a week,” said Hari Bahadur KC, spokesperson for the ministry.

12 tea industries receive govt trademarks

Twelve tea industries have received government trademarks.

Minister for Agriculture and Livestock Development Ghanshyam Bhusal formally launched the trademark of National Tea and Nepali Orthodox Tea at a program organized by the Coffee Development Board in Fikal, Ilam.

The national logo of Orthodox tea is ‘Nepal Tea’.

Twelve industries and cooperatives that have complied with the standards and code of conduct set by the Nepali Orthodox Tea Certification Trademark Implementation Guideline, 2074, have been allowed to use the trademark.

Sandukfu Tea Processors, Himalaya Sangrila Tea Producers, High Hill Tea Producers Cooperative, Jasbire Tea Processing Industries, Sagarmatha Tea State, Oasis Tea Industries, Tara Village Tea State and Sakhejung Hill Range Tea Processing Industries have received trademarks.

Tourism Department issues climbing permit to a team having prince of Bahrain

The Department of Tourism (DoT) has issued climbing permits to a team consisting prince of the Kingdom of Bahrain.

According to the DoT, two teams from the United Kingdom and Bahrain have been issued permits to scale the Mt Manaslu (8,163m).

“Three climbers from the UK and remaining 15 others from Bahrain will attempt to climb the mountain in the autumn season,” said the DoT.

This is the second mountaineering permit the department has issued for climbers to scale mountains after a suspension of about five months in mountaineering to contain the spread of COVID-19.

The first team of six people has received the go signal from the DoTM to scale Mt Baruntse (7,129m).

The DoTM has collected Rs 18,000 from the first team of climbers and US dollar 16,200 from the second team as royalty.

Himalayan Distillery’s former board director Shrestha fined

Securities Board of Nepal (Sebon) has decided to fine a former board director of Himalayan Distillery Limited, Rahisha Shah Shrestha, and brokerage firm Investment Management Nepal Pvt Limited for flouting corporate governance related guidelines while selling the shares of the listed company.

Himalayan Distillery Limited is a public company listed at Nepal Stock Exchange.

The securities market regulator decided to fine Shrestha, a former board director, Rs 75,000 for violating a provision of ‘Guidelines Related to Corporate Governance of Listed Companies 2018’.

According to Sebon, Shah sold her shares at the Himalayan Distillery Ltd on various dates before one year of leaving the company as a board director flouting the guidelines.

According to a Sebon source, Shrestha sold her shares worth Rs 270 million before the lock-up period of one year after resigning from the post of the board director of Himalayan Distiller.

SC orders NRB to furnish written response

The Supreme Court (SC) has ordered the Nepal Rastra Bank to furnish a written response showing the reason why one percent of the gross profit of banks and industries is kept in the Coronavirus Prevention and Control Fund under the social corporate responsibility of banks and industries.

Issuing an order, a single bench of Justice Hari Prasad Phunyal sought such a written response from the NRB within 15 days.

Advocate Sashi Basnet had filed a writ petition making the NRB central office the defendant, arguing that it was against the law to collect last year’s amount of the banks and industries under their under the SCR.

The decision must be scrapped, he demanded, suggesting the government to seek other measures of fundraising. Seeking amount of the past profit is against law, he stressed.

The NRB had issued a circulation to the banks and micro finances to submit their amount (profit) under their corporate social responsibility this July.

Compiled and prepared by 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.