KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.
SC issues show-cause notice on debt recovery during lockdown
The Supreme Court (SC) has sought an answer as to why banks and financial institutions have started the process of debt recovery at the time of lockdown.
A single bench of Justices Sapana Malla Pradhan has issued a show-cause order in the writ filed by advocate Sita Devi Shrestha alleging that the banks and financial institutions have started the process of auctioning the collateral during the lockdown.
The show-cause order has been issued today against the Office of the Prime Minister and Council of Ministers, Ministry of Finance, Nepal Rastra Bank, Ministry of Land Management and Cooperatives, National Cooperative Board, Bankers Association and others.
National Assembly endorses fiscal budget
The budget for the coming Fiscal Year 2020/21 has been passed by the National Assembly by a majority on Thursday.
Finance Minister Dr. Yubaraj Khatiwada had presented a proposal to pass the budget for the coming fiscal year. All the proposals for reducing expenditures were rejected by the upper house.
Nepalis stranded in Saudi Arabia to be airlifted on Sunday
Nepali people stranded in Saudi Arabia are being airlifted on coming Sunday on a priority basis. A flight of Nepal Airlines is bringing them from the Gulf country on June 21.
According to the Nepali Embassy, a total of 445 Nepali people have featured in the priority list via this flight. A negative PCR or RDT test report card issued within a week is mandatory before boarding the flight, said the Embassy.
The airfare from Riyadh to Kathmandu has been fixed at US $465 per head. The passenger himself/herself has to bear the cost of airfare and has to report to the airport four hours before the flight schedule time, according to the Embassy.
Ministry of Federal Affairs to dole out 160 mln to manage holding centers
The Ministry of Federal Affairs and General Administration has said it will dole out Rs 160 million to local units for the management of quarantines and holding centers.
The government is allocating the budget deposited in the COVID-19 Prevention, Control and Treatment Fund (CPCTF) for the proper management quarantine camps and holding centers in 176 local units.
A meeting of the CPCTF held this week decided to allocate the budget to this effect. The budget will be used for the maintenance, additional management, food and logistics management of the people staying in the quarantine camps reads the letter sent to the local units by the Ministry of Ministry of Federal Affairs and General Administration.
(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.
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