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The price of gold has increased by Rs 600 per tola in the domestic market on Friday. According to the Federation of Nepal Gold and Silver Dealers’ Association, the precious yellow metal is being traded at Rs 100, 300 per tola today. It was traded at Rs 99, 700 on Thursday. Meanwhile, tejabi gold is being traded at Rs 99, 800 per tola. Similarly, the price of silver has increased by Rs 30 is being traded at Rs 1, 390 per tola today.

A constitutional bench has been formed to hear the writ filed against the decision of the Parliament Secretariat to make the impeachment motion filed against suspended Chief Justice Cholendra Shumsher JB Rana ineffective. The bench formed under the headship of acting Chief Justice Hari Krishna Karki comprises Justices Bishowamber Prasad Shrestha, Ishwor Prasad Khatiwada, Ananda Mohan Bhattarai and Anil Kumar Sinha. Earlier on Wednesday, Parliament Secretariat General Secretary Bharat Raj Gautam handed a letter over to Chief Justice Rana, stating that the impeachment motion filed against him has become ineffective. Later, Supreme Court Bar Association Chairman Purna Man Shakya among others moved the court challenging the decision to the Parliament Secretariat. The Bar Association lawyers had staged a sit-in on the premises of the Supreme Court after Chief Justice decided to return to office on the same day. The law practitioners are preparing to stage the sit-in to bar Chief Justice Rana from entering the office. As many as 98 lawmakers of ruling Nepali Congress, CPN (Maoist Center) and CPN (Unified Socialist) had filed an impeachment motion at the Parliament on March 13, 2022. Rana was accused of promoting corruption, stalling much needed reforms in the judiciary and failing to lead the judiciary. He is retiring on December 13. Rana was appointed as the Chief Justice in 2018.  

The price of gold has increased by Rs 400  per tola in the domestic market on Thursday. According to the Federation of Nepal Gold and Silver Dealers’ Association, the precious yellow metal is being traded at Rs 99, 300 per tola today. It was traded at Rs 99, 700 on Wednesday. Meanwhile, tejabi gold is being traded at Rs 99, 200 per tola. Similarly, the price of silver has increased by Rs 10 and is being traded at Rs 1, 360 per tola today.

Farmers across the country are busy planting winter crops, and they are in desperate need of fertilizer. It is a problem that rears its head every six months, but the government has failed to address it. Nepal needs 700,000 metric tons of fertilizer annually; only half of that is reaching the farmers. The Ministry of Agriculture and Livestock should be held responsible for this, as it has consistently failed to procure enough fertilizer on time. Squeezed by the shortage, farmers are turning to black market in order to dress their fields with vital nutrients needed for their crops. In some places, there have been reports about big farmers with political connections hoarding fertilizer. Further, when the government calls a tender for fertilizer import, it is often the case that businesses with close nexus with politicians get the contract. And if they fail to make the import on time, they go unpunished. Political leaders are also responsible for perpetuating the fertilizer crisis. Nepal’s agricultural output is already going down due to climate change-related weather events. Chronic fertilizer shortage is making matters worse. This double-whammy situation has contributed to ballooning import bills for agricultural products from India and other countries. Severely lopsided balance of trade has already triggered an economic crisis in Nepal. Yet, the government and leaders are silent. They have refused to learn a lesson from Sri Lanka on how low agricultural productivity can impact the economy. Our top politicians, including the prime minister, should treat fertilizer shortage as a national problem and take the necessary measures accordingly. If they continue to remain idle, Nepal could soon face food insecurity. Nepal is heavily reliant on India to meet its demand for food grains. But lately, India too is under stress to ensure its own food security, particularly in the aftermath of the Russia-Ukraine war, which has severely upset the global supply chain. Given the grim scenario, the main job of the government should be to enhance food productivity at home. But Nepal seems to be headed in the opposite direction. Experts suggest that the only way to ensure fertilizer security in Nepal is to set up a factory within the country. But this will cost time and money. The stopgap solution will be to hold talks with the Indian government. Shortage of fertilizer has multiple effects, from the economy to food security. The government and leaders should take note.

Minister for Culture, Tourism and Civil Aviation Jeevan Ram Shrestha claimed that the Nepali sky is safe for flights. At a program organized on the occasion of International Civil Aviation Day in the Capital on Wednesday, Minister Shrestha asserted there is no situation for the international agency to raise questions on the issue of aviation safety. "The Civil Aviation Authority of Nepal (CAAN) is working to further improve aviation security affairs", Minister Shrestha shared, adding that the Authority is working responsibly to this effect. He further said that Nepal's aviation has come closer to getting removed from the 'blacklist' of International Civil Aviation Organization (ICAO). Saying that the government has made its policy on aviation security affairs clear, Minister Shrestha expressed his confidence that ICAO would soon free Nepal from its blacklist acknowledging the country's performance on both policy and actions on aviation safety. He, however, admitted that the Nepal Airlines Corporation (NAC) leadership had not been able to develop its institutional capacity. He went on to say that Nepali people are deprived of receiving better aviation services owing to incompetent leadership of the NAC.

Indian Ambassador to Nepal Naveen Srivastava held a meeting with CPN-UML Chairman KP Sharma Oli on Wednesday. During the meeting, ambassador Srivastava inquired about the power equation with UML Chairman Oli, a UML leader said. The UML has become the second largest party in the Parliament from the recently held elections. “The duo discussed power sharing and government formation. They also discussed ties between the two countries,” the leader said. Earlier this week, Srivastava had held a meeting with Prime Minister Sher Bahadur Deuba. During the meeting, the Indian Ambassador inquired about the formation of the new government with PM Deuba.  

The Nepal Stock Exchange (NEPSE) plunged by 16. 61 points to close at 1,917. 28 points on Wednesday. Similarly, the sensitive index dropped by 4. 44 points to close at 373. 64 points. A total of 8,092,719 unit shares of 246 companies were traded for Rs 1. 65 billion. Meanwhile, Khaptad Laghubitta Bittiya Sanstha Limited was the top gainer today with its price surging by 6. 09 percent. Likewise, Nadep Laghubitta Bittiya Sanstha Limited was the top loser with its price dropped by 9. 99 percent. At the end of the day, the total market capitalization stood at Rs 2. 76 trillion.

The Nepal Bar Association has demanded action against General Secretary of the Parliament Bharat Raj Gautam. Issuing a joint statement on Wednesday, Bar Chairman Gopal Krishna Ghimire and General Secretary Anjita Khanal have drawn the attention of the concerned authority, arguing that the Parliament Secretariat made Chief Justice Cholendra Shumsher JB Rana’s suspension letter ineffective. The Nepal Bar Association has expressed its serious objection saying that the move has violated Nepal’s Constitution and laws and parliamentary values. The Bar Association has demanded action against those working against the Constitution and law.