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The price of gold has increased by Rs 200 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 112, 700 per tola today. The gold was traded at Rs 112, 500 per tola on Tuesday. Meanwhile, tejabi gold is being traded at Rs 112, 150 per tola. It was traded at Rs 111,950 per tola. Similarly, the silver is being traded at Rs 1,420 per tola today.

The Sudurpashim government is presenting its policies and programs for the fiscal year 2023/24 on Wednesday. Province Chief Devraj Joshi is scheduled to present the policies and programs in a session of the Province Assembly to take place after 4:00 pm today, according to Sudurpashim PA Secretariat. The province is to conclude the deliberations on the principles and priorities of the Appropriation Bill today before presenting the policies and programs.  

After a week of presenting the federal budget for the next fiscal year 2023/24, Dr. Prakash Saran Mahat finds himself surrounded by questions over the alleged involvement of an outsider in the budget-making process. On Tuesday, the House of Representatives (HoR) got rocked by the lawmakers of opposition parties who claimed that an individual who was not related to the process was involved in changing the tax rates during the finalization of the budget draft on the eve of the budget speech on May 29. The lawmakers of CPN-UML, Rastriya Swatantra Party, Rastriya Prajatantra Party, as well as the ruling Nepali Congress, questioned the government and Finance Minister Dr. Mahat over the involvement of an unauthorized person (retired staff of the Finance Ministry) in changing tax rates as well as increment in tax on electric vehicles (EVs). They also demanded a parliamentary probe over the matter. The meeting of HoR began three hours late of schedule and once the meeting convened, opposition lawmakers protested over the 'violation' of budget formulation rules. They questioned how an unauthorized person had access to a confidential chamber in the Ministry during the budget drafting process. The UML Chief Whip Padam Giri sought a reply from the finance minister, saying that the changes in tax rates in the budget have come at the behest of certain corporate groups. Rastriya Swatantra Party lawmaker Dr. Swarnim Wagle underscored the need of breaking the nexus of policy corruption. He reminded the House that the then Finance Minister had to resign upon facing the same kind of charge in the change of tax rates last year. "Has the tax rate been subverted in a conspiratorial manner to benefit certain business houses?", Dr. Wagle asked the finance minister, "We need an answer as to whether the methods and procedures have been duly followed in the work related to the HS code." Last year, the then Finance Minister Janardan Sharma was forced to resign after allegations that he allowed two unauthorized persons to change tax rates, a day before he presented the national budget in Parliament. The tax rate is generally finalized on the last day of budget making, in the meeting attended by the Finance Ministry, Finance Secretary, Director General of the Internal Revenue Department, and Director General of the Customs Department only. Responding to the lawmakers, Finance Minister Dr. Mahat said that there was no involvement of an outsider in changing the tax rates during the preparation of the budget. After lawmakers questioned him citing media reports of a former employee of the Finance Ministry involved in changing the tax rates, Mahat claimed that no unauthorized person has access to change the tax rate. "The same person, who has been typing the Harmonization Code (HS) in the tax rates since the past, was involved in this budget," said Mahat. "Retired non-gazetted first-class staffer Ram Krishna Shrestha was appointed before I became the finance minister," said Mahat, "His job was to make entries in HS Codes following the orders of the officials involved in the decision-making process. He has made entries as dictated by the officials who were present in the decision-making process." Speaking to the media, Shrestha, a former staff of the Department of Customs, has said that he has worked as a typist during the preparation of the budget for many years. Lawmakers also questioned the finance minister over the alleged leakage of information on the tax structure of EVs. The federal budget for FY 2023/24 has increased the tax on EVs of 50-100 KW motor capacity while lowering the tax on EVs above 100 KW. And, anticipating the government move, EV dealers were quick to import over 1,000 EVs of 100 KW capacity just ahead of the budget presentation. According to officials at the Department of Customs, the majority of EVs imported in the last two weeks are 100 KW EVs. While the current fiscal year budget favored EVs up to 100 KW, the new budget has supported EVs above 100 KW that are considered expensive in the market. The new budget has imposed a 5 percent customs duty and 10 percent excise duty on electric vehicles of 50-100 KW, while it reduced the customs duty and excise duty on electric vehicles of 100-200 KW. Similarly, the customs duty has been reduced by only 5 percent for EVs having 200-300 KW capacity. Ahead of the new budget, the EV dealers (a group of importers who sell EVs up to 100 KW) strongly lobbied with the government urging the Finance Ministry not to change the tax structure. Another group of dealers selling above 100 KW EVs and fuel engine vehicles asked for increasing tax on EVs up to 100 KW.

The Supreme Court has issued a show-cause notice in the writ filed against the decision of the government to grant amnesty to Nagarik Unmukti Party leader Resham Chaudhary. After a preliminary hearing in the writ lodged against the decision to pardon the remaining sentence of Chaudhary on Tuesday, a single bench of Justice Prakash Man Singh Raut issued a show- cause notice, giving priority to the case. Sharada Kadayat, wife of Inspector Keshav Bohara, who was killed in the Tikapur incident, filed the writ at the Supreme Court against the decision. The petitioner has demanded the apex court annul the decision, making the Office of the President defendant. Chaudhary was released after the Cabinet meeting recommended President Ram Chandra Paudel to pardon his remaining sentence on the occasion of Republic Day. Earlier, Kadayat had registered an application at the President’s Office and demanded that Chaudhary be not released anytime soon after the government tried to grant amnesty to him. Later, the President sent the file back to the Home Ministry. The Kailai District Court on February 24, 2019 handed down a life sentence to 11 people including Chaudhary in connection with the 2015 Tikapur incident in which nine people including seven security personnel and a toddler were killed in a violent clash. The Dipayal High Court on December 18, 2020 upheld the decision of the District Court. On May 16, the Supreme Court upheld the decision of Kailali District Court and Dipayal High Court to sentence Chaudhary to life imprisonment in the Tikapur incident.  

Prateek Dhakal, 63, is a senior travel writer from Jhapa in eastern Nepal best known for his contribution to tourism literature. His writings are mostly about mountain travel. His notable works are ‘Himal Pari Pugepachi’ and ‘Ananda Bhumi Ko Aagan’. Babita Shrestha from ApEx talked to Dhakal about tourism literature and its relevance in Nepal. How did you get into writing? During school, we had to read about national heroes and I was so obsessed with them that when I was six years old, I wrote a poem titled, ‘Dhar’, which referred to Balbhadra Kunwar. Also, as a result of my excellent academic performance, I received a collection of short stories. After reading that, I got interested in books and kept going to the library and became more inclined toward reading and writing. I started with translation work before I got into writing. I translated several books, including ‘Bright Red Star’ by Li Hsin-Tien. I started working on travelogs in 2002. Since then, I’ve published books like ‘Beyond the Himalayas’, whose initial edition was released in Belgium. What keeps you interested in travel writing? When I was transferred to the Ministry of Culture, Tourism, and Civil Aviation, I was often sent to different places as a liaison officer with tourists. That way I got the opportunity to visit many places. In the Khumbu region, I was mesmerized by the mountains. It was surreal. I felt a sense of duty to use my writing ability and the chance the government job offered to contribute to the tourism sector. I felt obligated to inform others about Nepal’s breathtaking mountains. In Nepal, words like ‘Che’, ‘Ri’, and ‘Khang’ are frequently used as suffixes for mountains. They all mean ‘peak’. I realized how important it was for Nepalis to understand their national identity, language, and treasure. Mountains have a mysterious beauty which is what inspires me every time to write in-depth descriptions of them and that is possible only through travel writing. Can you run us through your writing process? I research the place I’m about to visit because mountaineering requires understanding the climate and nuances of the area. When I’m traveling, I make sure to bring notes with me. Sometimes I choose to record when I can’t write because of the cold weather. After returning home, I try to jot down everything. While writing, I prefer to use the present continuous tense as it engages the readers. I try to keep my language light and loose. Also, to avoid things from getting too monotonous, I use monologues as well. Looking back, what’s your take on your books? My book, ‘Sagarmatha ko Adhar Siwir Bata’, is about my trips to Solukhumbu. Apa Sherpa, world record holder for most Mt. Everest summits, and Lakpa Gelu Sherpa, known for holding a world record for the fastest climbing of Mount Everest, launched the book from the summit of Mt. Everest. My other travelog to Dolpa and Upper Mustang is titled ‘Himal Pari Pugepachi’. It’s a place that’s not often regarded as a tourist destination. To help the tourism industry, I have tried to capture the captivating beauty of Dolpa in my book. ‘Ananda Bhumi Ko Aagan’ criticizes negligence in the field of mountaineering. In this book, I have also praised the Sherpa community, who have contributed a lot to making the mountains popular and accessible. My work on mountain writing focuses on exploring the cultures and civilizations of Nepal’s mountainous regions as well as promoting the mountaineering industry. For instance, I portrayed Mugu, Karnali, Jumla, and Kalikot in my book ‘Tyo Ujyalo Karnali’. Here, along with highlighting the mountain’s beauty, I have captured the brilliance of Karnali in terms of its natural resources, culture, language, and history. What are the challenges of being a travel writer? You can never truly express how you felt in a particular moment. For instance, when I visited the Khumbu region, everything was frozen and mesmerizing. I can never describe how thrilled I was. The magic of snow cannot be captured through words. So, for me, a huge challenge of travel writing is the lack of terminology to explain all the experiences and emotions. But I’m lucky as I get to be the protagonist of my narrative. You get to write what you experience, whether it’s about a place, art, language, or custom. You can find descriptions of places online, but what makes travel writing different is how a writer connects with a place and expresses that. Dhakal’s Picks Kalyani Dharti by Tikaram Sharma This is the translation of ‘The Good Earth’ by Pearl S Buck, a historical fiction novel published in 1931. Aparichit Anuhar by Mahesh Paudyal Aparichit Anuhar by Mahesh Paudyal is a Nepali short story collection published in 2021 by Shiksha Books. Madhabi by Madan Mani Dixit Madhabi is a Nepali mythological novel published in 1983 by Sajha Prakashan. The book won the Madan Puraskar in the same year.

The CPN (Maoist Center) has withdrawn its support extended to the CPN-UML-led government in Koshi Province. A meeting of the province office bearers held in Biratnagar on Tuesday decided to withdraw the support to the UML-led government. Chairman Harka Bahadur Nembang said that the support extended to the government was withdrawn at the direction of Prime Minister Pushpa Kamal Dahal, who is also the Chairman of the CPN (Maoist Center). Issuing a statement today, Nembang said that the ministers have also been recalled.

The Nepal Stock Exchange (NEPSE) gained 25.66 points to close at 1,927.65 points on Tuesday. Similarly, the sensitive index surged by 2.87 points to close at 365. 09 points. A total of 5,541,878-unit shares of 269 companies were traded for Rs 1. 98 billion. Meanwhile, Nyadi Hydropower Limited was the top gainer today, with its price surging by 9. 85 percent. Similarly, Century Debenture was the top loser as its price fell by 3.04 percent. At the end of the day, total market capitalization stood at Rs 2. 81 trillion.

The government's hope to boost its revenue by taxing nearly 4,000 vehicles parked in different customs yards without clearance is being dashed with auto importers continuing to ignore the government’s call to clear their imports. Automobiles are among the highest revenue-generating imports for the government. The government expects to generate as much as Rs 8 billion once the vehicles parked at the customs yards are cleared. “We have estimated to earn Rs 7-8 billion if the imports are cleared by our customs offices,” said a senior official at the Department of Customs (DoC). “It would be a big relief for the government which is struggling to collect revenue as targeted.” The vehicles were imported based on letters of credit issued before last year's import ban, and have continued to remain parked at customs yards. Officials said the importers have not yet made any efforts to clear these vehicles even though the budget for the next fiscal year 2023/24 has already been presented on May 29. There have not been any changes in taxation on imports of fuel-based vehicles. “If the duty was hiked, those who haven't cleared their imports might have to pay more to clear the parked vehicles,” the DoC official said. However, automobile dealers said that they were forced to keep the imported vehicles at the customs yards due to the lack of demand in the market and also because of lack of bank loans for auto dealers and customers as well. Anup Baral, Managing Director of Narayani Auto Business said that the dealers could not clear the vehicles parked at customs yards because of around 80 percent slump in demands in the market, lack of availability of working capital, and high-interest rates. “Many auto dealers don’t have money to pay the high import duties at the moment,” he said. He however said that some auto dealers have started to clear a limited number of vehicles parked at the customs yards and making fresh imports lately in line with the current market demand. “People’s growing preference for electric vehicles also contributed to a decline in demand for fuel-based vehicles,” Baral added. Before the budget presentation, the customs department didn’t want to pressurize the automobile dealers to clear these vehicles in customs. “It is because we didn't want to give the impression that something is happening on the tariff to be charged on imported vehicles before the budget,” the customs official said. “Now, we plan to ask them to bring the vehicles in after completing the customs clearance process.” Auto imports declined since the government imposed a complete ban on their imports in April 2022 amid depleting foreign exchange reserves that created fear that the country would head in the direction of the Sri Lankan economic crisis. Even though the government lifted a ban on the import of vehicles among others in mid-December last year and removed all import restriction measures in January, there has not been a substantial rise in imports of automobiles. Since the import ban was lifted, Nepal imported automobiles and their parts worth around Rs 18 billion till mid-May of this fiscal year, according to the Trade and Export Promotion Centre (TEPC). Overall imports of automobiles and parts till mid-May stood at Rs 41.27 billion, according to TEPC. During the first 10 months of the last fiscal 2021/22, Nepal imported vehicles and their parts worth Rs 86.80 billion. With auto imports slumping, it has badly affected the government revenue. With just a month and 10 days remaining before the current fiscal year ends, the government has been able to collect just over 50 percent of the annual target, according to the customs department. “DoC had an annual target of collecting Rs 668 billion but it has so far collected only Rs 342 billion,” the DoC official said.