KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.
Traders charged for evading revenue Rs 31 million
Six persons have been charged with embezzling over Rs 31 million by evading revenue in transporting clothes from India.
They did so by creating a false button in an Indian registered truck, said the Department of Revenue Investigation.
The Department of Revenue Investigation has filed a case in the Patan High Court demanding that the accused be handed down imprisonment, fine and amounts equivalent to the embezzled money, according to a statement issued by the Department.
They have been charged as per Part (A), (B), (D) and (I) of Clause 4 under the Revenue Leakage (Investigation and Control) Act (Amendment) 2052, said the Department’s Director General Dirgha Raj Mainali.
The defendants are Rajendra Prasad Gupta, operator of Nepal Logistic, truck driver Sunil Kumar, Ranjit Kumar Gupta of Kalaiya Municipality-8 in Bara district, who runs a clothing shop in Kathmandu, Rajanish Kumar Gupta of Delhi in India and Rajendra Gupta, both owners of Pashupati Transport Solutions which is registered in the name of one Srijan Sharma.
Locals in Manang attracted to vegetable farming during COVID-19 pandemic
Locals in Manang district of Gandaki State have been turning to vegetable farming in lieu of animal husbandry and tourism after the outbreak of COVID-19 which led to restriction of people’s mobility in and outside the country.
Tourism was the mainstay of the rural economy in the district which borders China to the north, Gorkha and Lamjung to the east, Lamjung and Kaski to the south and Mustang and Myagdi to the west.
Lately, in the bleak prospective of tourism, the locals have begun taking up vegetable farming using innovative techniques and hybrid seedlings.
Earlier, the locals used to mainly grow apple, potato, millet, barely and wheat as the district mostly lies in upper hill and the mountains.
But the locals are using innovative approaches to vegetable farming to reap more harvest and to bolster their domestic economy.
The local produces have been locally consumed currently. Due to halt in traffic movement, the local produces could not be taken to the market beyond the district.
Other than that, the locals are growing self-reliant in vegetable and fruits.
Trade, business organizations call for smooth operation of industries
Two local trade and business organizations have asked for allowing smooth operation of industries and businesses to prevent reduction in production and to make the economy functional.
Presidents of Morang Trade Association and the Morang Industries Organization have asked all three tiers of the government, the local administration and security bodies for cooperation in creating an environment conducive for industries and businesses to operate smoothly.
President of the Association Prakash Mundada and President of the Organization Bhim Ghimire said the industries have been helping make the supply system smooth and efficient by giving continuity to the production process even in the present adverse situation tossed up by the coronavirus pandemic.
Nepse up 13.48 points in first one hour
Nepal Stock Exchange (Nepse) has increased by 13.48 points in the first one hour on Monday.
The bench mark index which started with 1413.10 points at 11 am went up by 0.96 percent to reach at 1423.82 points till 12 noon.
The Nepse witnessed a transaction of Rs 501,060,000 during the period. A total of 1,044,676 units of shares from 165 companies were sold in the first one hour.
Groceries opens until 9:15 am
With the decision of the District Administration Officers of Kathmandu, Lalitpur and Bhaktapur to allow groceries and vegetables shops to open until 9:15 am, all shops remained closed throughout the day on Monday.
A meeting of Chief District Officers (CDOs) of Kathmandu, Lalitpur and Bhaktapur districts decided to allow such groceries and vegetable shops remain open until 9:15 in the morning to control the people’s movement during the day time.
However, pharmacies, water and health-related businesses ran as usual without obstruction.
(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.
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