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The price of gold has increased by Rs 400 per tola in the domestic market on Wednesday. According to the Federation of Nepal Gold and Silver Dealers’ Association, the precious yellow metal is being traded at Rs 111, 600 per tola today. The gold was traded at Rs 111,200 per tola on Tuesday. Meanwhile, tejabi gold is being traded at Rs 111, 050 per tola. Similarly, the silver is being traded at Rs 1,445 per tola today.

Police on Wednesday arrested former Home Minister and Nepali Congress leader Bal Krishna Khand in connection with the fake Bhutanese refugee scam. Kathmandu District Police Range Chief Dan Bahadur Karki said that Khand was apprehended on the basis of the statement given by those detained in the case of fake Bhutanese refugees. Karki said that Khand was nabbed from his residence this morning. Police have arrested Khand for further investigation after an audio of his wife Manju receiving money in the refugee scam was leaked. Earlier, police had detained the then Home Secretary Tek Narayan Pandey, Indrajit Rai, security advisor of the then Home Minister Ram Bahadur Thapa, Keshav Dulal, Sanu Bhandari, Sagar Rai, Sandesh Sharma, Tanka Bahadur Gurung and CPN-UML Secretary Top Bahadur Rayamajhi’s son Sandeep for their alleged involvement in creating fake documents in order to send Nepalis to the United States in the guise of Bhutanese refugees. Top Bahadur Rayamjhi, however, is on the run after the Kathmandu District Court issued an arrest warrant against him. Ram Sharan KC of Tokha and Govinda Chaudhary of Morang were held from Sankhamul of Kathmandu on Tuesday in connection with the same case, Rabindra Regmi, Information Officer at the Kathmandu Valley Crime Investigation Office, said. They are accused of collecting Rs 500, 000 to Rs 4.5 million per person from many Nepalis with a promise to send them to the United States as Bhutanese refugees. Meanwhile, Karki said that police have also arrested Narendra KC, who served as personal secretary when Khand was Home Minister, in connection with the scam this morning. He is the personal secretary of the then Home Minister Khand.    

Three persons, who sustained critical injuries while trying to put out the fire that broke at Bhumikasthan Municipality in Arghakhanchi, lost their lives. The deceased have been identified as Pitambar Belbase (72), Padam Belbase (55) and Ghanashyam Belbase (52) of Bhumikasthan-2. Pitambar died on the way to the hospital in Rampur, Palpa while Padam lost his life nearby Narayangarh in Chitwan. Likewise, Ghanashyam died while being treated in Kirtipur, Kathmandu, said Deputy Superintendent of Police (DSP) of the District Police Office, Mukunda Rijal. At least five people were injured while trying to douse the fire that broke out at the home of Padam Belbase in Bhumikasthan-2 on Tuesday afternoon. Asmita Belbase (26) and Madhav Belbase (35) were injured in the fire incident. Madhav's condition is critical, police said. After primary treatment at the District Hospital in Sandhikharka, the injured were referred to the Mission Hospital Palpa for further treatment. They were then referred to Kathmandu after their treatment was not possible in Palpa. Meanwhile, eight houses and sheds of Muslim settlement at Sandhikharka Municipality-4, Wangla were turned into ashes in another fire incident. The fire has left four buffaloes dead. Over 800 chickens were killed when the fire broke out in the farm, the district police office shared. The inferno has destroyed the houses and sheds of Khaire Miya, Rajim Miya, Kala Miya, Samsu Miya, Jamaladdin Miya, Safi Miya and Samsar Miya of Muslim community. The fire was taken under control with the help of Nepal Police and Armed Police personnel Force and local people.  

Police have carried out a raid at the house of CPN-UML Secretary Top Bahadur Rayamajhi on Tuesday. Police raided Rayamajhi’s house after he was dragged into the case of fake Bhutanese refugees. A special police team raided the house of Rayamajhi in Satdobato, Lalitpur this afternoon in the presence of local representatives. Earlier on May 3, the Kathmandu District Court had issued an arrest warrant against Rayamajhi, also a member of the House of Representatives, for his alleged involvement in creating fake documents in order to send Nepalis to the United States in the guise of Bhutanese refugees. He has been absconding following the issuance of the arrest warrant. Rayamajhi’s son has already been arrested in connection to the case.  

With the projection that the demand for electricity in Kathmandu Valley will reach 3,100 MW by 2050, the Nepal Electricity Authority (NEA) has initiated a survey to strengthen the transmission and distribution system. The state-owned power utility plans to construct a 220 KV capacity ring transmission line to facilitate the supply of electricity in the Kathmandu Valley. According to NEA, the electricity demand of the valley, which currently stands at 350 MW, will reach 3,100 MW by 2050. However, the current transmission, distribution, and substation infrastructure cannot support that equivalent power supply. As the demand for electricity is increasing in Kathmandu, problems have started to arise in the transmission system. Kulman Ghising, Executive Director of NEA said that the survey will focus on all important aspects of power distribution in the capital valley. Similarly, the NEA is also constructing eight high-capacity substations to improve the electricity transmission and distribution system in the valley. According to the NEA, 400, 200, and 132 KV substations are under construction in Kathmandu Valley. According to NEA, substations are under construction at Lapsiphedi, Matatirtha, Chobhar, Futung, Teku, Mulpani and Thimi and Changunarayan in Bhaktapur in Kathmandu. Teku and Changunarayan substations are in the final stage of construction. Both substations are being constructed to be put into operation within this fiscal year. "The electricity demand in Kathmandu Valley did not increase much this winter. Considering the next winter, the construction of these substations should be completed," said Ghising. "After the construction of Teku and Futung substations, the management of electricity demand and supply in Kathmandu is much easier." In order to address the future demand for electricity, the NEA has also advanced the process of construction of transmission and distribution infrastructure in major areas of the valley in a phased manner. For this, the land acquisition process for the construction of additional 20 substations has been started. The improvement of the transmission and distribution system has been advanced with the investment of the Nepal government and concessional loans from the Asian Development Bank (ADB) and Japan International Cooperation Agency (JICA).  

Finance Minister Dr Prakash Saran Mahat has said the existing bank interest rates will be revised in a bid to reform the obtaining economic scenario, making the economy vibrant. The Minister said this in his response to lawmakers' concerns raised during the deliberations on the principles and priorities of the Appropriation Bill (except tax proposal) for the fiscal year 2080-81 BS (2023-24) in the National Assembly (NA) today. Stating that the new budget would be coming in a special context, he pledged for maximum efforts to address the economic issues to a larger extent. Thanking lawmakers for their valuable feedback on the bill, he assured of taking ownership over such submissions. Minister Sharma said that the upcoming budget would focus on achieving an inclusive economic growth rate instead of targeting it to a certain class or community. According to the Minister, the government is to take all possible measures to increase the size of foreign assistance. "There will be efforts for increasing capital expenditure and its efficiency from the very first day of the fiscal year," he said, adding that the new budget would be based on foreign assistance, revenue collection and internal loans. He also vowed for effective expenditures. "The government is aware that investment at the moment is not encouraging as the cost has increased due to a high interest rate," the Minister said, adding, "Interest rates will be minimized through a monetary policy which will positively contribute to the nation's economy and make it vibrant." He said that the home and finance ministries would work collaboratively to discourage revenue leakage. "The country witnessed a noticeable development in the areas of health, education and infrastructure. But this is not enough and many more are needed. " He took time to say that the government approach for taxation would be centered in the interest of the nation and people instead of any specific group or community and suggestions of lawmakers would be taken into account in course of the budget formulation. "The focus will be for cutting general and unnecessary expenditures to promote austerity." The finance minister made it clear that the government was committed to social security and had no plan of cutting the budget for the social security allowance. The NA shall meet again at 6:31 pm on May 17.  

Nepal reported 51 new Covid-19 cases on Tuesday. According to the Ministry of Health and Population, 669 swab samples were tested in the RT-PCR method, of which 26 returned positive. Likewise, 1, 233 people underwent antigen tests, of which 25 tested positive. The Ministry said that no one died of the virus in the last 24 hours and 26 infected people recovered from the disease. As of today, there are 147 active cases in the country.  

The Nepal Stock Exchange (NEPSE) gained 10.66 points to close at 1,844.36 points on Tuesday. Similarly, the sensitive index surged by 1.87 points to close at 354. 25 points. A total of 2,836,139-unit shares of 269 companies were traded for Rs 774 billion. Meanwhile, People’s Power Limited was the top gainer today, with its price surging by 6. 47 percent. Likewise, Unique Nepal Laghubitta Bittiya Sanstha Limited was the top loser as its price fell by 8.68 percent. At the end of the day, total market capitalization stood at Rs 2. 68 trillion.