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The Election Commission has fixed the date of presidential election. The election body has set the date of March 9 for the presidential election. Similarly, the election of Vice-President has been scheduled for March 17. Chief Election Commissioner Dinesh Kumar Thapaliya said that the Commission will make public the election programs on the basis of the same decision shortly. The tenure of President Bidya Devi Bhandari is expiring on March 12.  

The Nepal Rastra Bank (NRB) has allowed companies operating in Nepal to borrow foreign loans but has barred the investment of such loans in housing, real estate, and the share market. By amending the Foreign Investment and Foreign Loans Management Bylaws 2021, the central bank imposed certain restrictions on investing in foreign loans but has also introduced a number of flexible arrangements to ease the hurdles for firms to borrow money from abroad. According to an amended set of bylaws, no movable or immovable property can be used as collateral or bank guarantee to receive foreign loans except those as determined by the central bank. According to the new arrangement, no third party can be involved in the transaction between foreign lenders and Nepali borrowers. “No third party can receive the loan borrowed by a Nepal-based enterprise,” states the amended Bylaws. As foreign loans should be repaid in foreign currency exchange, the central bank has remained cautious about freely allowing the private sector to take foreign loans. The government and NRB adopted strict import control measures last year due to depleting foreign exchange reserves amid fear of the country heading towards the 'Sri Lanka way'. As a result, the government is struggling to meet its revenue target in the current fiscal year amid the reduced imports. However, NRB has come up with flexible arrangements to allow Nepali borrowers to pay more interest rates for foreign loans. For example, a firm or an industry (other than banks and financial institutions) can now pay an interest rate equivalent to a one-year benchmark interest rate plus six percent per annum while borrowing from foreign banks and financial institutions as well as foreign government entities. Earlier, such a borrower could pay an interest rate equivalent to a one-year benchmark interest rate plus 5.5 percent per annum. While borrowing from non-resident Nepalis (NRNs) abroad, the maximum interest rate that a Nepali firm or individual can pay is a one-year benchmark interest rate plus two percent per annum which was an earlier one-year benchmark interest rate plus 1.5 percent per annum. Similarly, a company with foreign investment operating in Nepal can now borrow up to 100 percent of the paid-up capital from its parent company. Earlier, it was restricted to 60 percent of the paid-up capital. Such companies can also pay an interest rate as high as a one-year benchmark interest rate plus 3.5 percent per annum, up from a one-year benchmark interest rate plus a three percent additional rate per annum earlier. Meanwhile, NRB also allowed foreign investors to record their FDI details at the central bank by mid-January 2024. Likewise, companies bringing foreign loans can also record such borrowings by mid-January 2024. Nepal’s Foreign Investment and Technology Transfer Act has permitted bringing both FDI and foreign loans. The central bank has also been encouraging the private sector to borrow foreign loans under certain criteria. As per the amended Bylaws, foreign investors and borrowers of foreign loans are required to submit applications for keeping their records to the central bank within six months after the foreign exchange enters the country either in the form of investment or loans. “If foreign exchange brought either in the form of investment or loans has not been recorded so far, those bringing the foreign money can now do so within mid-January 2024,” states the Bylaws. Such investments of loans that were brought in the past without the approval of the central bank can now be recorded within the new deadline. According to the NRB, those bringing foreign money need to apply in a prescribed format.  

Nepali Congress President Sher Bahadur Deuba and US Under Secretary of State for Political Affairs Victoria Nuland held a meeting on Monday. During the meeting held this afternoon, they discussed the Millennium Challenge Corporation (MCC) and bilateral interests among other issues, a Dhumbarahi source said. On the occasion, former Prime Minister Deuba thanked the US for continuous support for Nepal’s economic development. ALSO READ: US engagement in Nepal Earlier this morning, Nuland paid a courtesy call on Prime Minister Pushpa Kamal Dahal in Baluwatar. According to a Baluwatar source, the meeting discussed Nepal-US relations, bilateral cooperation and mutual interests.

A woman, who was critically injured while saving a man from self-immolation, succumbed to her injuries on Monday. The deceased has been identified as Sangita Sapkota of Kahukhola, Pokhara-13. She breathed her last during the course of treatment at the Western Regional Hospital this morning, Kaski police Chief Ajay KC said. Earlier on Sunday afternoon, Krishna Bahadur Chhetri, a tenant at the house of Sapkota, attempted self-immolation. Sapkota sustained injuries while trying to save Chhetri from self-immolation. Police said that 80 percent of her body was burnt in the fire. Chhetri, who sustained minor injuries, is undergoing treatment at the Western Regional Hospital. It has been learnt that both of them were rescued by the locals and rushed to the hospital. Police said that they are looking into the case.

The price of gold has increased by Rs 300 per tola in the domestic market on Monday. According to the Federation of Nepal Gold and Silver Dealers’ Association, the precious yellow metal is being traded at Rs 106, 300 per tola today. The gold was traded at Rs 106, 000 per tola on Sunday. Meanwhile, tejabi gold is being traded at Rs 105, 800 per tola. Similarly, the price of silver has remained unchanged and is being traded at Rs 1,365 per tola today.

Kathmandu Metropolitan City Mayor Balen Shah called on Prime Minister Pushpa Kamal Dahal on Monday. During the meeting held at the PM Dahal’s residence in Baluwatar, they discussed matters related to developing Kathmandu metropolis as a clean and beautiful city and expediting development works. On the occasion, PM Dahal enquired about the ongoing works and progresses of the KMC. Mayor Shah briefed the PM about the metropolitan's works.

US Under Secretary of State for Political Affairs Victoria Nuland paid a courtesy call on Prime Minister Pushpa Kamal Dahal at the latter’s residence in Baluwatar on Monday. US Ambassador to Nepal Dean R Thompson was also in the Nuland’s team. According to a Baluwatar source, the meeting discussed Nepal-US relations, bilateral cooperation and mutual interests. Nuland arrived in Kathmandu on a two-day visit to Nepal on Sunday evening. ALSO READ: US engagement in Nepal The US State Department said that she will visit India, Sri Lanka and Qatar after Nepal. She is scheduled to meet Deputy Prime Minister and Rastriya Prajatantra Party (RPP) Chairman Rajendra Lingden and Foreign Minister Bimala Rai, Nepali Congress President Sher Bahadur Deuba, CPN-UML Chairman KP Sharma Oli and CPN (Unified Socialist) Chairman Madhav Nepal today itself, the Ministry of Foreign Affairs said. They will also discuss the culture of Nepal among other issues. It has been learnt that the team of Nuland will also visit the cultural heritage sites in Patan of Lalitpur. This is the first high-level visit of a foreign official since the formation of a new government under Pushpa Kamal Dahal in December last year.

Remittance companies can now operate payment service provider (PSP) companies and payment system operator (PSO) companies. Issuing the Remittance Bylaws 2023, Nepal Rastra Bank (NRB) has allowed domestic remittance companies to get into the digital payment business. As per the new arrangements, remittance companies with minimum paid-up capital of Rs 250 million can run digital payment business through subsidiary companies. According to NRB Executive Director and Spokesperson Gunakar Bhatta, the main aim of allowing remit companies to operate digital payment business is to digitize remittance transactions that are largely cash-based currently. "The new policy will be convenient for the customers while the remittance companies will have an additional business," he said. Through the Bylaws, NRB has also increased the paid-up capital of remittance companies. Now, the firms are required to have minimum paid-up capital of Rs 100 million which is currently Rs 20 million. The central bank has provided a period of six years for the companies to gradually increase their paid-up capital. Remit companies will have to meet the new paid-up capital requirement of Rs 100 million by mid-July 2028. As per Bylaws, their paid-up capital should reach Rs 30 million by mid-July 2024, Rs 40 million by mid-July 2025, Rs 60 million by mid-July 2026, Rs 80 million by mid-July 2027, and Rs 100 million by mid-July 2028. With the issuance of the Remittance Bylaws 2023, the deck has been cleared for the remittance companies to go for mergers and acquisitions. According to NRB officials, as the central bank has directed remittance companies to increase their paid-up capital, they could go for mergers to increase their capital base. "If remittance companies do not increase the paid-up capital within the specified period, the central bank could also opt to force mergers," said an NRB official. The remit companies have also been allowed to convert into public limited companies. As of now, the firms are operating as private companies. Now, remittance companies can be converted into public companies and also can issue initial public offerings (IPO). There are around five dozen remittance companies operating in Nepal at present. Remittance inflow to Nepal has increased by 4.8 percent in the fiscal year 2021/22. According to the central bank, Nepal received remittances worth Rs 1007.31 billion in the last fiscal year which was Rs 961 billion in FY 2020/21.