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As in previous years, the changes in tax structure on the import of electric vehicles (EVs) have courted controversy also this year. 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 have imported over 1000 EVs of 100 KW capacity just ahead of the budget presentation. 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. Finance Minister Dr. Prakash Sharan Mahat has defended the budget arrangement on EVs, saying that the tax policy on electric vehicles (EVs) has been rationalized, and a section of EV dealers has questioned the new policy. In the budget of the current fiscal year, then Finance Minister Janardan Sharma levied excise duty on top of the existing customs duty on EVs above 100 kW capacity. A 30 percent excise duty on EVs with 100-200 KW motors was imposed and a 45 percent excise duty was imposed on the imports of vehicles with electric motors of 201-300 KW capacity, a 60 percent excise duty on vehicles with more than 300 KW motor capacity. Ahead of the new budget, the EV dealers (a group of importers who sell EVs up to 100 KW) had 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 tax arrangement on EVs in the current fiscal year's budget helped in the market boom of 100 KW EVs. A total of 2,882 EVs up to 100 KW worth Rs 8.09 billion were imported in the 10 months of this fiscal. However, the import of EVs above 100 KW plunged heavily due to the new tax structure that made them costlier in the market. Even before finance minister Dr. Mahat announced the next fiscal year's budget, there were talks of changes in tax structures of EVs and anticipating this, EV dealers dealing with 100 KW EVs have imported 1,145 vehicles in the first two weeks of Jestha. The import of EVs surged dramatically after the leakage of the information that the new budget will increase the tax on EVs up to 100 KW. According to officials at the Department of Customs, the majority of EVs imported in the last two weeks are 100 KW EVs. A total of 805 EVs were imported from the Rasuwa Customs Office within a period of 14 days. According to the Rasuwa Customs Office, most of the vehicles imported from the said customs are up to 100 kW. Of the 1684 EVs imported through this custom point, 805 vehicles were imported in the last two weeks. The officials at Rasuwa Customs said the EVs belonging to MG, BYD, and Neta V brands were imported during this period. Similarly, 24 EVs up to 100 KW have been imported from Totopani Customs. Similarly, 211 EVs were imported through Bhairahawa Customs and 105 EVs from Birgunj Customs during this period. https://gadgetconcern.com/electric-vehicles-price-in-nepal/  

Prime Minister Pushpa Kamal Dahal laid a wreath and paid tribute to Mahatma Gandhi in Rajghat on Thursday. Prime Minister Dahal arrived at Rajghat to pay special tribute to Gandhi, who is known as the precursor of peace and non-violence not only in India but across the world. The Indian government has developed Rajghat as a tourist area. Signing the visitors' book kept at Rajghat, PM Dahal commented that Mahatma Gandhi was a torchbearer of non-violence as well as the person who built independent India through peace and satyagraha. PM Dahal arrived in New Delhi on Wednesday leading a Nepali delegation at the invitation of Indian Prime Minister Narendra Modi.

Visiting Prime Minister Pushpa Kamal Dahal and his Indian counterpart Narendra Modi have sat for talks at the latter's office in Hyderabad House. In the beginning, the two Prime Ministers are scheduled to hold a bilateral meeting and it will be followed by the delegation-level meeting. Nepal and India will sign various agreements thereafter. The Prime Ministers of two nations will host a joint press conference. Similarly, the Indian Prime Minister will be hosting a luncheon at the Hyderabad House in honor of Prime Minister Dahal.  

Fourteen mountaineers including four foreigners have successfully climbed Mount Kanchenjunga on Thursday. Yukta, Phursana, Tej, Mingmar, Dawa Yangjom, Dima, Pasang Dorji and Dima Dawa, and four foreigners (one from the United States, two from Taiwan and one from France) scaled the world’s third highest peak today, said Mingma David Sherpa, manager of the Elite Expedition, which managed their expedition. Prior to this ascent, they successfully scaled Mount Everest, he said.

Two inmates escaped from the District Prison in Lamjung on Thursday. Bishnu BK (27) of Duepiple, Madhyanepal-4, Lamjung and Chandra Bahadur Gurung (37) of Ghattekhola, Gorkha escaped by crossing a compound wall at around 1 am today. A police team under the command of DSP Prakash Shreemal has been mobilized to search for the duo who escaped from the prison in Shera, Besisahar Municipality-8. BK was arrested on the rape charge and Gurung on the fraud charge.a Inspector Jagdish Regmi, Information Officer at the District Police Office, Lamjung, said that the search for the prisoners, who escaped by crossing the wall, has been intensified.  

Prime Minister of Nepal Pushpa Kamal Dahal, who is on a four-day official visit to India, is scheduled to hold important bilateral meetings today. The prime minister is slated to visit the Samadhi of Mahatma Gandhi at Raj Ghat, and lay a wreath at the memorial this morning. Shortly, he will hold a meeting with his Indian counterpart Narendra Modi at Hyderabad House. PM Dahal will address a joint press conference organized after the meeting. The meeting will also be followed by delegation-level talks focusing on mutual interests between the two countries. Other issues to be discussed are energy, electricity trade, commerce and air entry routes, and necessary agreements will take place, it has been said. He will attend a luncheon hosted today in his honor by the Prime Minister of India. The PM is scheduled to pay courtesy calls on the President of India, Droupadi Murmu, and Vice President Jagdeep Dhankhar. He will address the Nepal-India Business Summit in New Delhi co-organized by the Federation of Nepalese Chambers of Commerce and Industry and the Confederation of Indian Industries this evening, and interact with business leaders of both the countries. PM Dahal is scheduled to visit Indore, and meet with Governor of Madhya Pradesh Mangubhai C. Patel. He is scheduled to return home at 4: 20 pm on June 3.

eSewa Money Transfer announced the winner of the much-anticipated ‘Mero Digital Desh’ campaign, amidst a program. The company announced the winner via a digital lucky draw via live broadcast from their Facebook and TikTok on May 26.  Purna Bahadur Shrestha, residing in UAE, was selected as the bumper prize winner of a brand new two-and-a-half-storied house built on an area of three aana in Imadol, Mahalakshmi Municipality-4, Lalitpur. He had sent money from the UAE to the bank account of his father.  ‘Mero Digital Desh’ campaign was initiated eight months ago on 23 Sept 2022, with the motive to promote formal remittances backed by the seamless digital medium. As part of this initiative, monthly winners were chosen among Nepalis residing in different parts of the world who were sending remittances digitally using eSewa Money Transfer to the Bank Account or eSewa Wallet of the beneficiary. 

The Nepal Stock Exchange (NEPSE) plunged by 38. 83 points to close at 1,849.79 points on Wednesday. Similarly, the sensitive index dropped by 7. 28 points to close at 353. 43 points. A total of 8,736,128-unit shares of 262 companies were traded for Rs 2. 31 billion. Meanwhile, Aatmanirbhar Laghubitta Bittiya Sanstha Limited was the top gainer today with its price surging by 10. 00 percent. Likewise, Unilever Nepal Limited was the top loser with its price dropped by 10. 00 percent. At the end of the day, the total market capitalization stood at Rs 2. 70 trillion.