KATHMANDU: Economic Digest offers a concise yet comprehensive overview of significant business happenings in Nepal, presented in easily digestible summaries.
NTA issues 15-day ultimatum to United Telecom to clear Rs 7.42 billion arrears
The Nepal Telecommunications Authority (NTA) has given United Telecom Limited a 15-day ultimatum to settle Rs 7.42 billion in arrears. This includes license renewal fees, frequency fees, royalties, and contributions to the Rural Telecommunication Development Fund.
The NTA warned that failure to pay within the specified time could lead to the cancellation of United Telecom’s license under the Telecommunications Act, 2053 BS.
This regulatory action highlights the NTA’s commitment to enforcing financial compliance in the telecom sector. The ultimatum emphasizes the seriousness of these obligations and serves as a warning to other telecom operators.
Publicly announcing the ultimatum ensures transparency and informs stakeholders of the potential risks to United Telecom. Overall, the NTA’s move underscores the importance of adhering to financial and legal requirements in Nepal’s telecommunications industry.
Gold skyrockets to Rs 145,000 per tola
The domestic gold market on Friday witnessed a surge as the price of gold escalated by Rs 1,000 per tola, reaching a new benchmark of Rs 145,000 per tola, compared to the previous trading day’s rate of Rs 144,000 per tola.
The Federation of Nepal Gold and Silver Dealers’ Association adjusted the standard gold price to Rs 144,300 per tola, while silver maintained its stability at Rs 1,900 per tola.
This abrupt increase prompts a critical analysis of potential factors such as global economic indicators, geopolitical tensions, and inflationary pressures, all of which can impact investor sentiment and local currency stability.
Such fluctuations in precious metal prices have profound implications for consumer purchasing power and overall market dynamics, necessitating a thorough examination of underlying economic conditions and policy responses to ensure sustained stability and growth.
HoR approves Financial Bill
The House of Representatives (HoR) approved the Banks and Financial Institutions Bill 2024, the first amendment to the Banks and Financial Institutions Act (BAFIA) 2017, following two and a half months of deliberation.
The revised BAFIA introduces key provisions, including conditional validation for digital currencies and setting a 70-year age limit for board members of banks and financial institutions (BFIs).
It also imposes term limits for both CEOs and board members, integrates digital currencies into the financial ecosystem, and mandates reduced individual ownership stakes in BFIs.
Microfinance institutions are required to issue primary shares to borrowers, and there are stringent regulations on board membership qualifications and tenure.
The parliamentary process includes a 72-hour window for lawmaker revisions before advancing to the Finance Committee, highlighting the importance of regulatory reforms in shaping the financial landscape.
Ncell Axiata opens Customer Service Center in Damauli
Ncell Axiata unveiled its latest Ncell Centre in Maharshi Chowk, Byas Municipality 3, Damauli, marking a significant step towards delivering top-tier customer services at a local level.
In line with the company’s brand promise of ‘Today, Tomorrow, Together’ and the theme ‘Here for You,’ the center offers a diverse range of customer services.
The inauguration ceremony, led by Stephen Rodriguez, chief of staff at Ncell Operations, emphasized the center’s commitment to serving the community effectively. Operating at full capacity, the center provides a comprehensive suite of services directly to local residents, covering general inquiries on products and services, SIM subscriptions, internet settings, and enterprise services.
(Compiled and prepared by Srija Khanal)
Economic Digest is a daily morning economic digest, basically relatable summations of the most important business news, and happenings from Nepal into easy-to-understand summaries.
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