Nepal Economic Digest (August 31, 2020) « Khabarhub
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Nepal Economic Digest (August 31, 2020)


31 August 2020  

Time taken to read : 5 Minute


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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.

No charges in ATM transaction from any bank

The fee for withdrawing money from another bank’s ATM has been waived permanently.

The Department of Payment System of Nepal Rastra Bank has made such an arrangement by issuing an integrated circular in the name of the institution licensed to operate the payment service.

Earlier, the NRB had taken the policy of providing such service free of cost for the transition period during the lockdown period.

After this arrangement, there will be no charge for withdrawing money from any ATM in the country using the card issued by any bank or financial institution in Nepal.

But, the charges may apply in the transaction done from abroad. Earlier, banks and financial institutions had been determining the service charges for domestic transactions. Some banks have been providing such services free of cost.

Similarly, NRB has said that the banks and financial institutions concerned should inform the user via SMS 15 days before the expiry of the card. It has been said that the fee for ATM card renewal should also be mentioned while giving such information.

It has also been clarified that a bank and financial institution cannot issue more than one card in the name of the same customer.

Optical fiber to be laid on Kathmandu-Terai Fast Track

The Nepal Telecommunication Authority (NTA) has decided to lay optical fiber on the under-construction Kathmandu-Terai/Madhesh Fast Track.

The optical fiber is being laid on the expressway for the easy and reliable access of the general public to information and communications, said the national telecommunication governing body.

NTA Director and Spokesperson Min Prasad Aryal said that the projects will now be taken forward on the expressway just like on other highways, state-owned Gorkhapatra Daily reported on Sunday.

“The project to expand the optical fiber in the expressway has been listed and approved in the policy and program of the NEA for the current fiscal year,” he said.

A budget of Rs 150 million has been allocated, according to him.

Stating that bids will be invited soon to move the project forward, he added that as the Nepal Army has taken the responsibility of constructing the road and its approval is a must for the bidding process.

Qatar raises minimum wage

Qatar has announced changes to its labor laws, raising the minimum wage by 25 percent to 1,000 riyals a month.

It has also scrapped a requirement for employees to get permission of their employers to change jobs, Reuters reported.

This is the latest in a series of the labor reforms by Qatar, the 2022 FIFA World Cup host, which has faced accusations of exploiting migrant workers.

The country’s labor ministry said the new minimum wage is non-discriminatory and applies to all workers.

It said that the companies should provide workers with food and accommodation or an additional monthly stipend of 800 riyals.

Slump in apple production predicted in Jumla this year

Farmers are worried as apple production is likely to decrease in Jumla this year.

The production is estimated to drop by as much as half the production last year as the apple blooms were destroyed by frost this year.

“At this time last year, I was very busy picking up apples in my orchard, whereas this year there are only a few fruits in the trees,” said Laxmi Bhandari, an apple farmer of Chandannath Municipality-1.

Twelve thousand metric tonnes apple was produced in the district last year, the Agriculture Development Office Jumla said.

The Office said 16 thousand households in the district grow apples.

(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 : 31 August 2020 08:55 AM

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