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With the automobile dealers delaying the clearance of vehicles and automobile chassis they've imported, for the last several months, the Department of Customs (DoC) has warned the importers to impose fines if they fail to clear the customs yards of the goods. According to the customs rules, the goods stored in customs warehouses should be cleared within sixty days from the date of their registration at the customs office. DoC said that around 2,900 four-wheelers and their chassis have remained parked at the customs yards, particularly at Birgunj Customs, Bhairahawa, and Inland Container Depot in Birgunj. The warning has come at a time when customs revenue has declined due to last year's import control measures and alleged leakages. Though the government imposed a ban on the import of automobiles along with many other products in April last year, the vehicles parked at the customs yards belong to the importers who had already opened letters of credit for importing the goods. According to DoC officials, the imported vehicles have arrived at customs yards over the last nine months on different dates. “We have requested the automobile dealers to clear vehicles as soon as possible by paying applicable duties,” said a senior DoC official. “We have also warned them that they would be fined for not clearing the goods.” As per the Customs Act 2007, if the owner of goods stored in a customs godown operated by the customs office does not get clearance and get delivery of such goods within the prescribed time limit, demurrage shall be charged as prescribed. Demurrage is a charge levied by the shipping line to the importer in cases where they have not taken delivery of the full container and moved it out of the port/terminal area for unpacking within the allowed free days. As per the Customs Rules 2007, the importer has to pay a charge of 20 paisa per day per kg up to thirty days, 40 paisa per day per kg from more than thirty days up to sixty days, and 60 paisa per day per kg charge for more than sixty days. The customs offices have not yet imposed such demurrage charges as the vehicles being parked at the customs yards are yet to be registered with the customs offices for clearance. “As they have been registered with Nepal Intermodal Transport Development Board, we can consider their registration with another government agency as registration with us and treat them accordingly,” the customs official said. In early January, the customs department held a meeting with the representatives of the NADA Automobiles Association of Nepal urging them to clear the imported four-wheelers as the customs department has been under pressure to boost customs revenue. “If these vehicles and chassis are cleared, we can generate revenue of around Rs 2.5 billion,” the customs official said. The vehicle importers have however been urging the central bank to remove the provision under which importers have to deposit a 50 percent cash margin to open LCs for importing automobiles after the import ban was lifted. Automobiles are among the largest revenue contributors to the government. Due to the import ban on them which was lifted finally in mid-December last year, customs revenue collection has been badly affected. The government had given the revenue target of Rs 315 billion for the first half of the current fiscal year, but the customs department said it collected only Rs 187 billion, around 60 percent of the target. “During Poush (mid-Dec 2022 to mid-Jan 2023), we could collect only Rs 30 billion in revenue against the target of Rs 58 billion,” the official said. In the last fiscal 2021-22, the government collected revenue of Rs 66.30 billion from four and two-wheelers in the last fiscal year, according to DoC. "The customs revenue is expected to increase in the coming days as the government has lifted the import ban," the DoC official said.

The Nepal Stock Exchange (NEPSE) plunged by 9. 01 points to close at 2,173.10 points on Wednesday. Similarly, the sensitive index dropped by 1. 93 points to close at 413. 90 points. A total of 13,304,140 unit shares of 248 companies were traded for Rs 4. 92 billion. Meanwhile, Peoples Hydropower Company Limited was the top gainer today with its price surging by 10 percent. Similarly, Salt Trading Corporation was the top loser with its price dropped by 7. 89 percent. At the end of the day, the total market capitalization stood at Rs 3. 13 trillion.

British Ambassador to Nepal Nicola Pollitt paid a courtesy call on Prime Minister Pushpa Kamal Dahal on Wednesday. During the meeting, Nocola congratulated Dahal for being appointed as the Prime Minister and wished for his successful tenure. On the occasion, the duo discussed strengthening the relations between the two countries, it has been learnt.  

CPN-UML lawmaker Dev Raj Ghimire filed his nomination for the post of Speaker of the House of Representatives on Wednesday. Ghimire filed his candidacy for the Speaker from the ruling coalition after reaching the New Baneshwor-based Parliament building. Subash Nembang proposed his candidacy while Rastriya Swatantra Party Chairman Rabi Lamichhane, Rastriya Prajatantra Party Chairman Rajendra Lingden and CPN (Maoist Center) Chief Whip Hitraj Pandey seconded the proposal. Ghimire was elected as a member of the House of Representatives from Jhapa-2. The election is scheduled for Thursday. Meanwhile, after filing the nomination, Ghimire said that he will play a role of Speaker in a fair manner.  

The prolonged liquidity crunch, interest rate volatility, and surge in the prices of raw materials have hit the country's industrial output in the last fiscal year. Nepal saw a marginal rise in the capacity utilization of industries in the fiscal year 2021/22, shows a recent report of the Nepal Rastra Bank (NRB). According to the Economic Activities Report (Integrated) 2021/22 Report published by the central bank, the average capacity utilization of industry in the last fiscal year stood at 52.8 percent compared to 52.2 percent in FY 2020/21. "It has become a challenge to raise the necessary financial resources to establish new industries and expand the operational capacity of existing industries due to the liquidity pressure and interest rate fluctuations," reads the NRB report. According to the report, the rise in fuel prices and raw materials globally has increased the cost of industries relying on foreign raw materials and made it challenging for them to make a profit by selling products in the market. In the past two fiscal years, industrial operation and production activities in the country were hampered by the lockdowns imposed to contain the spread of the Covid-19 pandemic. However, there was no such restriction in the last fiscal years yet the capacity utilization of industries increased marginally. The central bank report shows the capacity utilization of industries producing ghee, processed milk, rice, wheat flour, sugar, chocolate, beer, soft drinks, yarn, jute goods, raw leather, processed leather, sawn wood, plywood, paper, rosin, paint, medicine, and cement has increased in FY 2021/22. Similarly, the capacity utilization of industries manufacturing iron rods and sheets, steel products, GI pipes, household metal products, aluminum products, electric wires and cables, tires and tubes, footwear, and power generation also improved in the last fiscal. However, the capacity utilization of industries producing mustard oil, soybean oil, animal feed, biscuits, noodles, processed tea, alcohol, cigarettes, synthetic fabrics, soap, plastic products, bricks, concrete, GI wire, and slippers declined in the last fiscal year. In the last fiscal year, the capacity utilization of the cement industry was the highest (93.8 percent), while the lowest was of the pharmaceutical industry, particularly dry syrup producers (9.9 percent). The report has pointed out the development of minimum infrastructures such as roads, electricity, and communication to create an investment-friendly environment, and the need to attract foreign investment in the industrial sector for technology transfer and management capacity enhancement. " The places that have the potential for industrial development should be developed as industrial zones," said the report. According to NRB, industrialists are still facing challenges such as the rising cost of establishing an industry due to exorbitant land prices and ensuring the availability of skilled labor by preventing the migration of semi-skilled and skilled manpower. Effective management and expansion of existing industrial areas/corridors and special economic zones, increasing the production and consumption of indigenous industrial raw materials, making the industrial supply chain effective, creating an investment-friendly environment and increasing investment in export industries having comparative advantage are still existing challenges in the industrial sector. Industry registration surged by 52% Industry registration in the country surged by 52 percent in the last fiscal year. The NRB report says a total of 309 industries were registered in the Department of Industry in FY 2021/22 compared to 203 industries in FY 2020/21. Of the total registration, 131 were registered in Bagmati Province, 51 in Lumbini Province, 48 in Madesh Province, 42 in Province 1, 24 in Gandaki Province, 10 in Sudur Paschhim Province, and 3 in Karnali Province. Investments surged by 119.32% As per the NRB report, investments in industries surged by 119.32 percent in the last fiscal year. The industries registered at the Department of Industry pledged Rs 343.55 billion in investment in FY 2021/22 compared to Rs 156.64 billion in FY 2020/21.   Box 1 Average Capacity Utilization of Industries in the last three fiscal years FY                                       Capacity Utilization 2021/22                             52.8% 2020/21                             52.2% 2019/20                             48.4%   Box 2 Average Capacity Utilization of Industries in FY 2021/22

Captain Rameshwar Thapa’s new book ‘Into the Fire’ is all set to hit the market from March. The author and Yatra Publishing House on Monday signed an agreement concerning the publication of the book.

As per the agreement, the publication house is responsible for all the tasks related to printing, circulation and marketing of the book. Speaking in the signing ceremony, Captain Thapa said it took him 1.5 years to complete the book with support from his friends and colleagues.

 A key purpose of writing this book is to provide a comprehensive picture of the decade-long insurgency and its political, social and economic implications for the country. Thapa’s book titled Barud Mathi Udda book was published in 2018.

The Nepali book is based on the pilot and entrepreneur’s extensive flying career, including during the insurgency.  As a pilot, Thapa had saved the lives of numerous army personnel. The new book is not a literal translation of his previous book as it includes additional information and perspective.

The overwhelming response from the previous group prompted him to ink a new book in English. Full of new information, new perspectives and vision, the new book  will serve as a source book for researchers across the globe who want to do more research on Nepal’s conflict, Thapa said. The royalty to be received through the sale of the book will be spent on education, health and career development of conflict victims and their families, he informed.

CEO of Annapurna Media Group Sanat Neupane said ‘Into the Fire’ will be instrumental in understanding Nepal and the Nepali context better. He said the book covers topics like the decade-long conflict, the post-conflict scenario, political activities and their impact on the country, geopolitical activities and measures that Nepal’s rulers must take to reform the governance system.

Chairman of the publishing house, Rishi Adhikari, said they will not make any compromise on the quality of the book. “We will maintain the highest standards on the publications and market it regionally and internationally.”

The Nepali Congress has decided to finalize the Speaker’s candidate only after holding discussions with other parties. Party spokesperson Prakash Sharan Mahat said that the office bearers meeting held in Dhumbarahi on Wednesday decided to file candidacy after holding consultations with other parties. He said that the party will hold discussions with the parties from whom it can get support. The Congress has been facing difficulties on whether to file candidacy for the post of Speaker or not, and who to make the candidate for the post of Speaker. The officer bearers meeting ended without finalizing the candidate. Earlier this morning, CPN (Unified Socialist) Chairman Madhav Nepal had reached Dhumabarahi to hold discussion with Nepali Congress President Sher Bahadur Deuba. Though the Congress and CPN (Unified Socialist) had given a vote of confidence to Prime Minister Pushpa Kamal Dahal, they have not participated in the government.

The price of gold has dropped by Rs 600 per tola in the domestic market on Wednesday. According to the Federation of Nepal Gold and Silver Dealers’ Association, the yellow bullion is being traded at Rs 104, 500 per tola today. It was traded at Rs 105, 100 per tola on Tuesday. Meanwhile, tejabi gold is being traded at Rs 104, 000 per tola today. Similarly, the silver has dropped by Rs 15 and is being traded at Rs 1, 375 per tola.