KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.
Revenue collection more than targeted in Bharatpur
The Inland Revenue Office, Bharatpur has collected revenue more than its target in the initial period of the current fiscal year.
In the month of Saun, the office extended its targeted revenue collection. Despite the impact of Coronavirus pandemic, the office managed to collect Rs. 1.47 billion 5.6 million in the month, which is more by 0.92 per cent that the set target, said the Office Chief Suba Prasad Rijal.
The highest collection was from excise duty while the lowest was from health service tax. As excise duty, the office collected Rs. 982.5 million while it collected only Rs. 1.1 million revenue from health service tax.
The office has a target to collect Rs. 18.9 billion in the current fiscal year.
E-tailer partners with Sastodeal to boost cross-border trade
Micro, small and medium enterprises (MSMEs) registered on Flipkart can now sell their merchandise abroad after a homegrown e-commerce platform entered into a deal to enable cross-border trade.
Flipkart, in partnership with Sastodeal, an e-commerce company in Nepal, will now create cross-border trade opportunities for hundreds of sellers who are registered with its platform.
“The partnership with Sastodeal, a homegrown brand like ours, will not just open doors for a wider market reach to our sellers but also allow them to boost their business significantly,” Jagjeet Harode, Head of Marketplace, Flipkart.
Under the partnership, Flipkart and Sastodeal will list products from Flipkart marketplace sellers under various categories such as babycare and kids, audio devices, men’s clothing, women’s ethnic wear, and sports and fitness, among others.
Nepal, India hold meeting of Joint Working Group on Oil and Gas Cooperation
The second meeting of the India-Nepal Joint Working Group on Oil and Gas Cooperation met through a video conferencing on August 13.
The meeting was co-chaired by Sh B N Reddy, Joint Secretary in the Ministry of Petroleum and Natural Gas, Government of India and Prem Kumar Shrestha, Joint Secretary in the Ministry of Commerce, Industry and Supplies, Government of Nepal.
Representatives from the Embassy of India in Kathmandu, Indian Public Sector Oil and Gas companies such as IOCL, GAIL and HPCL, Ministries of Finance and Foreign Affairs of Nepal and Nepal Oil Corporation (NOC) participated in the JWG meeting.
The meeting expressed satisfaction on the functioning of the Motihari-Amlekhgunj Petroleum Products Pipeline, which was jointly inaugurated and operationalized by Prime Ministers of both countries in September 2019, the Indian Embassy in Kathmandu said on Saturday.
The pipeline, first of its kind in the South Asia region, has been supplying majority of the fuel requirement of Nepal to Amlekhgunj Depot of NOC.
Both sides also discussed future areas of cooperation in the petroleum energy sector, including possibilities of new pipelines for supply of petroleum products to Nepal.
Trucks stranded for months after China refuses to open Rasuwagadhi border point
The closure of Rasuwagadhi border point between Nepal and China has left hundreds of trucks stranded at the checkpoints for months.
It is learned that Chinese authorities have been refusing to open the transit point citing a rise in the coronavirus cases in Nepal.
It has resulted in goods-laden trucks stranded at the checkpoint for around eight months.
The trucks laden with equipment for hydropower projects imported by Nepal Electricity Authority have been stranded for months and it has hard-hit the construction of hydro projects and other works.
(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.
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