Weekly Economic Update(September 8–September 14, 2023)
1. Online company registration from October 2– All procedures related to company registration will transition to online platforms from October 2, 2023 onwards. The Office of Company Registrar has issued a notice to all relevant parties to start preparations for digital processes. (Source: https://myrepublica.nagariknetwork.com/news/all-company-registration-processes-in-nepal-to-go-online-starting-october-2/)
2. Local level funds to be counted as bank deposits– The government has allowed 60% of the accumulated funds of the local level to be counted as deposits by commercial banks starting September 10. It is expected to increase deposits in commercial banks by over NPR 60 billion. (Source: https://myrepublica.nagariknetwork.com/news/60-percent-of-local-level-funds-to-be-counted-as-deposits-from-today/)
3. Mugu connected with national grid– Mugu district of Karnali province has been connected with the national grid. With this, 76 of the total 77 districts have been linked with the national grid. Humla district is yet to be connected. (Source: https://myrepublica.nagariknetwork.com/news/mugu-district-connected-with-national-grid/)
4. Subsidy scheme to boost millet output– Makwanpur Gadhi Rural Municipality and Bhimphedi Rural Municipality have launched a subsidy scheme to boost the production of crops, especially millet. They plan on marketing and branding the millet. (Source: https://kathmandupost.com/money/2023/09/13/local-government-launches-subsidy-scheme-to-boost-millet-output)
5. Nepal imports goods through Chinese ports– Nepal has successfully imported goods from a third country through Chinese ports seven years after the Nepal-China transit agreement was signed. A shipment of turmeric from Vietnam was imported into Nepal via China’s Tianjin port. (Source: https://myrepublica.nagariknetwork.com/news/nepal-imports-goods-from-third-country-through-chinese-ports-after-seven-years-of-transit-agreement/)
6. 20,000 tons of sugar to be imported– The government has decided to import 20,000 tons of sugar with a 15% customs discount in preparation for the upcoming festival season. Normally, about 30% customs duty is charged on sugar. (Source: https://myrepublica.nagariknetwork.com/news/govt-to-import-20-000-tons-of-sugar-with-15-percent-customs-discount/)
7. Foundation stone of Upper Trishuli-1 laid– Energy Minister Shakti Bahadur Basnet laid the foundation stone for the construction of the Upper Trishuli-1 hydroelectric project on September 13. The 216 MW project has foreign investments worth NPR 453.2 million. (Source: https://myrepublica.nagariknetwork.com/news/groundbreaking-ceremony-of-216-megawatt-upper-trishuli-1-hydropower-project-held/)
8. Himalaya Airlines Launches Flight to Qingdao — Himalaya Airlines, a joint venture between Nepal and China, has launched its Kathmandu-Qingdao-Kathmandu flight service. It will start from September 10, and will be a weekly service every Sunday. (Source: https://myrepublica.nagariknetwork.com/news/himalaya-airlines-expands-reach-with-new-flights-to-qingdao-china/)
9. PIA has first commercial international flight– Pokhara International Airport had its first international commercial flight with Drukair touching down to take passengers to Paro, Bhutan. 42 foreign passengers departed for Paro, while three passengers arrived in Pokhara from Paro. (Source: https://myrepublica.nagariknetwork.com/news/pokhara-regional-int-l-airport-receives-its-first-international-commercial-flight/)
10. APG releases Nepal’s mutual evaluation report– The Asia/Pacific Group on Money Laundering (APG) has released a mutual evaluation report on Nepal’s anti-money laundering and counter-terrorist financing measures. It has suggested high-level commitment, operational-level prioritization, and cooperation to effectively combat its monetary laundering risks. (Source: https://myrepublica.nagariknetwork.com/news/apg-report-on-nepal-s-anti-money-laundering-measures-launched-advising-high-level-commitment/)
