Nepal Economic Digest (July 30, 2020) « Khabarhub
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Nepal Economic Digest (July 30, 2020)

30 July 2020  

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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 loses in double digits

The market on Wednesday closed at 1,431.52 levels, falling in double digits by 23.36 points. The market remained red today with the open being intraday high while the market closed at the intraday low.

Wednesday’s volatility equaled to the total decline in NEPSE index for today with 23.36 points. Meanwhile, a total of 3,839,671 shares exchanged hands today amounting to Rs. 1,687,093,091 in the turnover amount.

Kuwait to resume int’l flights from Aug 1

The Kuwait government is all set to resume international flights from August 1. At the initial phase, the Kuwait government will conduct international flights to 20 different countries, said the Kuwait’s General Directorate of Civil Aviation.

According to the Directorate, Kuwait will conduct internal international flights to UAE, Bahrain, Oman, Lebanon, Jordan, Egypt, Bosniya including Nepal.

Similarly, other countries include Herzegovina, Sri Lanka, Pakistan, Ethiopia, the United Kingdom, Turkey, Iran, Switzerland, Germany, Azerbaijan, Philippines and  India, informed Abdullah Al Rajhi, Director of Air Transport Department.

The airline companies will soon unveil their respective flight schedules. Meanwhile, passengers have been called on to strictly follow health procedures and necessary directions.

This announcement made by the Kuwait government is likely to benefit hundreds of Nepali migrant workers willing to return home.

Govt levies 2 percent tax on SIM card and recharge card

The government has imposed 2 percent tax on every new SIM card and recharge cards. According to the new policy brought by the government, it has announced a 2 percent tax hike on recharge and SIM cards in the current budget.

Earlier, the government levied tax on only prepaid SIM cards. In addition, the buyer will now have to pay 2 percent of the price when buying a SIM card.

Finance Minister Yubaraj Khadiwada informed while unveiling the budget for fiscal year 2020/21, the 2 percent mobile ownership fee will be levied on every SIM card and recharge card under the title of telephone ownership fee.

Currently, Nepal Telecom has informed the customers on new tax through SMS.

Communications Ministry financial achievement stands at 87 percent

The Ministry of Communications, Information and Technology (MoCIT) has achieved 87.3 percent fiscal achievement in the last financial year despite the COVID-19 induced economic slowdown.

The Ministry had received over Rs 5.96 billion under current expenditure and over Rs 1.55 billion under capital expenditure in the fiscal year out of which 92 percent was spent under current expenditure and 72.1 percent under the capital expenditure, according to the MoCIT.

In a ministerial-level meeting held in the Ministry, Ministry’s Administration Division Chief Radhika Aryal shared that of the major tasks and targets of the Ministries, 22 were accomplished during the last fiscal while rest others were partially carried out.

SEBON cautions investing in unregistered companies

The Securities Board of Nepal (SEBON) issued a notice urging investors not to make investments in the offerings of companies that are not listed in SEBON.

The notice was issued after some news portals published an announcement of Sagoon Enterprises, a company not registered in Nepal, inviting investors to invest in their shares.

According to the Securities Act 2063, a company willing to issue shares needs to be registered with SEBON.

(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.

Publish Date : 30 July 2020 08:06 AM

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