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

Nepal, China agree to resume operation of Rasuwagadhi transit

Officials of Nepal and China have agreed to reopen trade transactions halted by COVID-19 at the Rasuwagadhi transit.

Officials of Nepal and China through talks held at Rasuwagadhi-based Miteri Bridge agreed to conduct health tests, manage special security at the border and set up quarantine facilities.

As per the agreement, Chinese vehicles will transport goods up to the border, said Chief District Officer of Rasuwa district Hari Prasad Panta.

The mobility of people at the border has however remained restricted. Up to 15 containers can be transported to the border from China on a daily basis.

Chinese officials have asked the Nepali side to send the workers, who have undergone tests for the infection, to receive shipments, it has been learned.

Pokhara Metropolis announces subsidy to taxpayers

The Pokhara Metropolis has announced subsidy to taxpayers who have been affected by the lockdown imposed to stem the spread of COVID-pandemic.

The Pokhara metropolis, in its annual budget for the fiscal year 2077/78 BS, has announced waiving three-month house rent of its shutter and buildings.

Deputy Mayor Manju Devi Gurung said arrangements have been made in a way to adjust waiver amount in the first quarter of the upcoming fiscal year.

Gurung also informed that arrangements have also been made to waive house rent tax of lockdown period if the house owners waived house rent during the same.

She said that the subsidy arrangement would be made by developing a concrete standard keeping into consideration the COVID-19 effects on the business of the regular taxpayers of the metropolis.

Gold price cheaper by Rs 500 on Friday

The price of gold has decreased by Rs 500 on Friday. With the slump in the price, the gold was being traded for Rs 90,600 per tola yesterday.

The price of yellow precious metal was Rs 91,100 per tola on Thursday. Similarly, tejabi gold was being traded for Rs 90, 160 per tola yesterday, according to the Federation of Nepal Gold and Silver Dealers Association (FENEGOSIDA).

The bullion is being traded for US$ 1,759 per ounce in the international market.

Sadhana Laghubitta to issue IPO from July 5

Sadhana Laghubitta Bittiya Sanstha Limited is issuing 7,07,800 units of ordinary shares worth Rs 70.78 million to the general public from July 5, 2020.

The early closing date of this IPO issue is on July 8, 2020 and if the issue is not subscribed till July 8, then this issue can be extended up to July 19, 2020.

Out of the offered 7,07,800 units; 0.5% of issue capital i.e. 10,890 units have been set aside for the employees of the company and 5% of total offered shares to the general public i.e. 35,390 units have been allotted for the mutual funds.

The remaining 6,61,520 units are meant for the general public. Applicants can apply for a minimum of 10 units to a maximum of 1,000 units. Global IME Capital Limited has been appointed as the issue manager for the IPO issuance.

(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.