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Following a ruling from the International Centre for Settlement of Investment Disputes (ICSID) in favor of Nepal in the dispute over the determination of capital gains tax (CGT), the Malaysian telecom conglomerate Axiata Group Berhad, the parent company of Ncell, has said that it respects the decision of the tribunal and is consulting its legal advisors in relation to the ruling. Issuing a press statement on Monday, Axiata said further announcements will be made upon material developments arising from the matter and it will continue to engage with the Nepal government ‘in a constructive manner.’ In its ruling on Friday, the ICSID issued a verdict in favor of the Nepal government arguing that Axiata failed to establish its claims that Nepal hasn't treated Axiata fairly and denied justice to the company. The Axiata has further said that Axiata UK or Ncell has no dues payable to the Nepal government. “The tribunal has indicated in the award that Nepal should refrain from demanding any further tax, fees, penalties, or interests in relation to the transaction,” reads the press statement. “Arising from Nepal’s non-adherence to tribunal orders during the early stage of the process, Nepal has also been ordered to pay certain sums to Axiata UK and Ncell, being a sum of approximately $1.4m to Axiata and to reimburse Ncell for the cost of a loan taken out by Ncell. No sums are payable by Axiata UK or Ncell under the award.” On 20 May 2019, Axiata filed a case against the Nepal government in the determination of CGT on the purchase and sale of the company's ownership claiming damages worth $420m (Rs 55.54bn). Axiata claimed that Nepal’s conduct in relation to CGT imposed on Ncell goes against the Bilateral Investment Treaty between Nepal and the United Kingdom. The taxation controversy began with the exit of TeliaSonera, a Swedish-Norwegian company, from Nepal, after it sold 80 percent stakes to Axiata, in April 2016 at Rs 144bn. The buyout deal was done abroad as Axiata Investment (UK) purchased the Reynolds Holding company, registered at Saint Kitts and Nevis, a tax haven, which is the owner of Ncell, from TeliaSonera. The 54th annual report of the Office of the Auditor General became the turning point to drag Ncell into controversy related to tax evasion. The Office of the Auditor General (OAG) of the Nepal government in its report stated that the deal was taxable in Nepal as per Clause 57 of the Income Tax Act and stated that the government needs to raise Rs 32 billion as CGT from the buyout deal worth Rs 144bn for an 80 percent stake. Then, the Large Taxpayers Office of the Nepal government determined Rs 60bn in CGT to Ncell. The Malaysian telecom giant went to the Supreme Court to challenge the decision but the court quashed the petition of Axiata before moving to ICSID.

With the contraction in economic activities, high-volume digital payments have seen a steep decline in the current fiscal year. While the growth of retail digital payments is steady, the high-volume digital payments carried out mainly through the Real Time Gross Settlement (RTGS) are in a decreasing trend. The latest statistics of the Nepal Rastra Bank (NRB) statistics show RTGS payments plummeted by 15.35 percent in the 10 months of FY 2022/23. In the review period, the settlements amounted to Rs 28,553.37bn compared to Rs 33,734.28bn during the same period of the last fiscal year. An RTGS is a funds transfer system in which the transfer of funds between one bank and another takes place in ‘real-time’ and on a ‘gross’—transaction by transaction basis. The NRB data shows RTGS transactions increased in the first three months (Shrawan, Bhadra, and Ashoj) of the current fiscal year, then started to decline gradually. In Baisakh (mid-April to mid-May), RTGS transactions declined by 39.21 percent to Rs 2,429.91bn which was Rs 3997.68bn a year ago. According to Guru Prasad Paudel, Head of the Payment Systems Department of the NRB, the slowdown in economic activities affected the RTGS transactions this year. “There has been a decrease in the payment of large sums of money due to contraction in economic activities,” he said, adding, “The downturn has resulted in a decrease in large financial transactions which has been reflected in the RTGS.” As high volume transactions have declined, NRB said that the decline in RTGS has affected the overall digital payments in this fiscal. However, retail payments through wallets, QR codes, mobile banking, and ConnectIPS surged in the current fiscal year, according to NRB. Digital payments were on an increasing trend till the last fiscal year. This trend has reversed in the current fiscal year. Bankers and experts point out the current economic slowdown for this downtrend. According to them, large businesses are reluctant to spend as market demand for several kinds of goods and services has remained sluggish in the current fiscal year. According to NRB, overall digital payment has declined by 11.79 percent in the 10 months of FY 2022/23. Payments through electronic modes have been gradually declining every month since the start of this fiscal year. The NRB data shows digital payments amounted to Rs 42,226.775bn in the review period compared to Rs 47,873.323bn during the same period of FY 2021/22. Digital transactions in Nepal took a giant leap after the start of the Covid-19 pandemic in early 2020 which forced people to stay inside their homes during the lockdowns. Backed by the increasing use of smartphones, consumers were fast to adopt digital modes of payments and online shopping to buy daily essential items with e-commerce and POS transactions gaining prominence. Post-pandemic, digital platforms including connectIPS, e-wallets, mobile banking, internet banking, QR codes, and bank cards are being used widely as customers can use these instruments in self-service mode.  

The Weather Forecasting Division has predicted a heat wave in the Tarai belt of Nepal for the coming five days. The Division has made aware the people to adopt preventive measures to save themselves from heat waves. Issuing a special bulletin, the Division said that the current status of temperature and analyses shows most of the parts in Tarai region will see gradual rise on both maximum and minimum temperatures. So, necessary precaution is essential, it added. The heat wave is called 'loo' when the temperature rises above 40 degree Celsius. Similarly, even the hilly area and valleys will witness rising temperatures. The Forecasting Division appealed to all to stay updated on the information and notices it issues periodically on the latest weather events. Most of the places in the country have seen rise in both maximum and minimum temperatures for some days. The Tarai belt recorded more than 40 degree centigrade temperature. Fatigue, weakness, thirst, headache, muscle cramp, dizziness, muscle pain and vomiting can be caused by loo. It has further suggested people to stay at home, in cool places, wear cotton clothes, cover their heads while walking outside, and increase juice and water intake to avoid the effects of heat waves. In case of health problems, consultation with health workers and medical persons has been suggested. Currently, Nepal is undergoing the partial effect of westerly wind and of the low-pressure system of Bihar, India. Meanwhile, light to moderate rainfall has been predicted in some places of Koshi, Madhes and Bagmati Provinces. The minimum temperature in the Kathmandu Valley has been recorded at 18.8 degree Celsius while maximum is 29 degree Celsius.  

Shabdabimbama Satyamohan, a commemorative book on the late culture expert and writer Satyamohan Joshi, was launched in the capital on Saturday. Compiled and edited by writer and journalist Gopi Krishna Dhungana, the book was launched by senior journalist Bhairav Risal at a ceremony organized at Nepal Academy. Speaking on the occasion, journalist Risal said, “There is a lot to be written and researched about the late Joshi. There is no end to telling and writing about him.” Senior writer and former chief editor of the Gorkhapatra daily, Shriom Shrestha Rodan, termed the initiative ‘historic’ because late Joshi was someone who had maintained 11 different archives. He said, “Equally popular among everyone, Joshi was indeed a living museum.” Joshi’s son Anu Raj said compiling a book on his father was akin to creating a great resource for those willing to conduct more research on him. Senior critic, Professor Gyanu Pandey, appreciated the late Joshi as someone who bequeathed light for everyone. “The book that accommodates various aspects of the life of someone who always worked for the nation will indeed be meaningful till eternity,” she observed. Another speaker, Prof Lekh Prasad Niraula, commemorated Joshi as an exponent of Nepal’s history, culture, literature and humanity. He said, “It is salutary on the part of a journalist to do a book on someone, who worked for the country and culture, instead of picking up a political subject.” Editor Gopi Krishna Dhungana said his study had led him to the conclusion that time shaped the personality of Satya Mohan Joshi, who in turn steered time. The book has been published by Bhudipuran Prakashan and incorporates articles by various scholars.

I’m a 53-year-old woman and I’m not happy with the relationship I have with my son. His behavior towards me has drastically changed since he got married. He isn’t kind to me and thinks of me as his rival. He left the house and never came back. I have been blaming myself for that. I feel so lonely. There are times where I have had suicidal thoughts. There was a time when I couldn’t even recognize my own sister and was put in rehabilitation for a month. I was a bit better after that, but I still get aggressive most of the time, especially if I’m around people. I think I’ve really gone mad. How do I free myself from this pain?—LJ  Answered by Dr Rishav Koirala, psychiatrist and researcher I’m sorry to hear that you are going through such a tough time. It’s important for you to realize that you’re not alone and you should know that there are people who care about you. You should try accepting that this isn’t your fault. It’s okay to feel angry, hurt, and sad. But the first thing you must do is stop blaming yourself.  Generally, we can divide mental disorders in two groups for basic understanding purposes. One is a soft mental disorder. It includes anxiety and mild forms of depression. The other is hard mental disorders such as severe depression, mania and different forms of psychosis. Symptomatically, to understand it in simpler form, in soft mental disorders a person doesn’t completely disconnect from reality, whereas in hard mental disorders, they are disconnected with reality in one or many aspects of life. People with psychosis may also have hallucinations. Hearing about your situation, I understand your son and daughter-in-law leaving home after their marriage has been quite stressful. That has the potential to make mental disorders worse and might also trigger anxiety and depression. If you are predisposed to it, it may also lead to psychosis. To get to the root of the problem we need to evaluate in detail as aggressive or irritable behavior might be a symptom of milder mental disorders such as anxiety and depression but it might also be present in harder mental disorders.  Usually, the intensity of symptoms differs. Since you mentioned that you didn’t recognize your own sister, tried to hurt yourself, and were admitted at a rehabilitation center, I would say you need expert care and guidance. To be honest, we don’t usually recommend anyone to be admitted to rehabilitation centers in Nepal as they don’t have proper psychiatric care. However, there are a few good rehabilitation centers. But after hearing what you’ve said, I can say without a doubt that you need to seek professional support—a psychiatrist, to be precise. Only when there’s proper diagnosis, can we start looking for solutions. In your case, it’s best not to resort to solving the issue on your own.  Whatever degree of complexity an illness might have, diagnosis and some form of support are always possible. If only you could get rid of your aggression and suicidal thoughts, you could hopefully improve your family environment too. The sooner you see a psychiatrist, the better.

Newly appointed ambassadors of Pakistan and South Korea presented their credentials to President Ram Chandra Paudel on Monday. Ambassador of the Islamic Republic of Pakistan to Nepal Abrar Hussain Hashmi and Ambassador of Republic of Korea to Nepal Park Taeyoung presented their credentials to President Paudel amidst a special ceremony organized in Sheetal Niwas this afternoon, Shailaja Regmi Bhattarai, spokesperson at the President’s Office, said. Foreign Minister NP Saud among high-ranking government officials was present in the program.  

Eight persons died in a jeep accident in Pyuthan on Monday. The District Police Office, Pyuthan said that the jeep carrying pilgrims was returning from Swargadwari when the incident occurred this afternoon. Police said that the jeep (Lu 1 Cha 6345) met with an accident at Takura near Bhingri. Police said that all the eight persons traveling in the jeep died on the spot. Further investigation into the incident is underway.

Discussion on the complaints filed against acting Chief Justice Hari Krishna Karki will be held from June 14. Today's meeting of the Parliamentary Hearing Committee of the Federal Parliament decided to study the complaints from Wednesday. Twenty-nine complaints have been filed against acting CJ Karki.  The complaints have been distributed to committee members in the meeting and discussion will be held on complaints from Wednesday after calling complainants. The Parliamentary Hearing Committee has made preparations to conduct the hearing next day after calling acting CJ Karki. Today's meeting passed the Committee's meeting procedure with revision.