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Nepal Rastra Bank (NRB) has abolished sub-agents providing payment services, directing that thousands of sub-agents, including various shops, transition to authorized representatives within three months. The move follows amendments to the Integrated Payment System Directive, 2023, which redefines agents as “authorized representatives.” Both agents and sub-agents must now align with this updated framework.

Currently, 26 payment service providers (PSPs) operate in Nepal. According to the NRB, PSPs bear full responsibility for payment services offered to customers by authorized representatives. The directive requires PSPs to evaluate the competence of authorized representatives before formalizing agreements. These agreements must not include exclusivity clauses preventing representatives from working with other PSPs.

Kiran Pandit, Acting Executive Director of the Payment Systems Department, stated, “Thousands of shops and others were functioning as sub-agents, but this role has now been revoked. All must register as agents or authorized representatives with PSPs to ensure uniformity.” Pandit added, “Sub-agents must transition to authorized representatives or have their agreements canceled within three months of the directive’s implementation.”

PSPs are required to report the details of converted representatives or those whose services have been discontinued to the Payment Systems Department of NRB. Authorized representatives will handle tasks such as depositing cash into customers’ wallets or prepaid cards, facilitating bill payments (e.g., water, electricity, internet), and enabling mobile recharges and government service fee payments. Representatives may also provide wallet balance and transaction details, update electronic Know Your Customer (KYC) information, and remotely onboard customers in compliance with prevailing laws.

Authorized representatives are mandated to use wallet accounts for service delivery and bank accounts for wallet fund deposits. No additional fees may be charged to service recipients for specified services. PSPs are required to organize orientation programs to train and raise awareness among authorized representatives.

The directive defines an “authorized representative” as an individual appointed by a PSP licensed by NRB. A “customer” refers to any individual or organization using wallets or prepaid cards issued by the PSP. These changes aim to standardize payment services and enhance security, efficiency, and compliance within the sector.

The price of gold has dropped by Rs 600 per tola (11.66 grams) in the domestic market on Friday.

According to the Federation of Nepal Gold and Silver Dealers' Association, the gold is being traded at Rs 150,100 per tola today. It was traded at Rs 150,700 per tola on Thursday.

Similarly, the price of silver has dropped by Rs 10 per tola and is being traded at Rs 1,890 per tola.

King Jigme Khesar Namgyel Wangchuck of Bhutan arrived in Kathmandu on Friday for an unofficial visit.

Minister for Foreign Affairs Arzu Rana Deuba welcomed the Bhutanese King at Tribhuvan International Airport (TIA).

The King is scheduled to visit Swayambhunath and Boudhanath this afternoon. 

The Bhutanese King arrived here after completing his visit to India.

He is scheduled to return home today itself, the Ministry of Foreign Affairs said.

Israeli Ambassador to Nepal Shmulik Arie Bass expressed his hope that Bipin Joshi, who has been held captive by Hamas, Palestinian militant group, since October 7, will return home soon.

The Israeli government has received information that Joshi of Kanchanpur, a Nepali student who went missing after Hamas launched an armed attack on Israel, is in Gaza Strip, he said.

Joshi, who went to Israel under the 'Learn and Earn' program to study agriculture, was taken hostage from Alumim Kibbutz on October 7, 2023. He has gone out of contact since then.

“It is true that he is alive. We have received information that he has been kept somewhere in the Gaza Strip,” newly appointed Ambassador Bass said during a meeting with diplomatic journalists in Kathmandu on Thursday.

“We have received information from the sources in Arab countries that Joshi is alive,” he said.

Hamas took around 250 people from different countries hostage, including Joshi, by attacking the southern part of Israel, which is connected to the Gaza Strip, On October 7 of last year.

Ten other Nepali students who were hiding in Alumim Kibbutz along with Joshi, however, were killed in the attack.

Narayan Prasad Neupane and Ashish Chaudhary of Kailali, Pravesh Bhandari of Salyan, Ganesh Kumar Nepali of Bajhang, Rajesh Swarnakar of Sunsari, Padam Thapa and Rajan Phulara of Doti, Lokendra Dhami and Dipeshraj Bista of Darchula, and Anand Sah of Dhanusha died in the incident.

Out of 250 people taken hostage, Hamas has already freed 117 people.

"Initiatives are being taken to release the people held captive by Hamas," Ambassador Bass said.

The Special Court has convicted then General Manager of Nepal Airlines Corporation (NAC) Sugat Ratna Kansakar and three others on the charge of corruption in the procurement of aircraft for the national flag carrier NAC.

A bench of Chairman of Special Court Tek Narayan Kunwar and Members Tej Narayan Singh Rai and Ritendra Thapa on Thursday announced the verdict convicting Kansakar, former Chairman of NAC Board of Directors and Tourism Ministry's Secretary Shankar Prasad Adhikari, former NAC Board of Directors and former secretary Shishir Kumur Dhungana and then joint secretary of tourism ministry Buddhi Sagar Lamichhane.

The court has sentenced Kansakar to two years and nine months in jail.

Likewise, Adhikari gets a jail term of one year and nine months and equal one year and six months to Dhungana and Lamichhane.

The court has imposed a fine of Rs 122.59 million on all the defendants and an equal amount of penalty from the convicted officials.  

Likewise, the Special Court has convicted three representatives of the aircraft supplier company. The court has sentenced one year and six months in jail to those three foreigners.

However, then Minister for Culture Tourism and Civil Aviation Jeevan Bahadur Shahi and 26 others including two foreigners were acquitted in the case. 

The Commission for Investigation of Abuse of Authority (CIAA) had lodged the charge sheet against 32 persons, including former Minister for Culture, Tourism and Civil Aviation Shahi, on the charge of corruption on procurement of wide-body aircraft.

The CIAA had sought Rs 1.471 million in recovery for their alleged involvement in the misappropriation in the procurement of the wide-body aircraft.

The anti-graft body had also sued aircraft suppliers’ company's representatives, citizens from Germany, Romania and Moldova.

Prime Minister KP Sharma Oli has said Nepal-China relations were further strengthened with his recent China visit.

PM Oli said it while speaking at a news conference organized at Tribhuvan International Airport after he returned home from China, completing the four-day official visit today. The two-country relations were further strengthened, which benefits Nepal, he argued.

"Various agreements were made on the projects under the Belt and Road Initiative (BRI) during my visit, from which Nepal will reap utmost benefits," PM Oli reminded, adding that separate discussion and agreements would be made on each project.

The Head of the government also shared that Nepal and China signed the agreement on BRI cooperation framework in Beijing. The agreement was signed by Secretary at Foreign Ministry, Amrit Bahadur Rai, from Nepali side while the Vice Chair of the National Development and Reform Commission, Liu Sushe, from the Chinese side. 

The agreements were made in the program attended by PM Oli and his Chinese counterpart Li Qiang. Similarly, the both Prime Ministers signed the agreement on mutual assistance.

Some of the projects are on Tokha-Chhahare Tunnel Way construction, promotion of trade between Nepal and China, export of thermally processed buffalo meat from Nepal to China and exchange of certificates on completion of 9-story Durbar Square building by China. 

Also included in the agreement are on development projects, and economic and technological aid.

The discussions were held also on the issues like expansion of connectivity, development of industrial infrastructures, agriculture, trade, tourism, investment, science and technology, sports, natural disaster management, expansion of two-country relations at people-to-people level, and poverty alleviation.

The Sudurpaschim Royals (SPR) defeated Kathmandu Gurkhas by 73 runs on Thursday.

Chasing down the 168-run target posted by the Sudurpaschim Royals, the Kathmandu Gurkhas (KAG) were bundled out with 94 runs in 15.5 overs in the match held at the Tribhuvan University (TU) Cricket Ground in Kirtipur.  

Stephen Eskinazi scored the highest 37 runs for the Kathmandu Gurkhas with one six and five boundaries in 33 balls. Sumit Maharjan made 14 while Bhim Sarki, Gerhard Erasmus made 10 runs each and Pratik Shrestha scored eight. Other batters failed to score in double digits.

For the Sudurpaschim Royals, Naren Saud took five wickets followed by two from Abinash Bohora and one each from Brandon McMullen and Saif Zaib.  With this, the Sudurpaschim Royals registered their second win in the Nepal Premier League.  Earlier, they had defeated the Biratnagar Kings by 90 runs.

Sent into batting first after losing the toss, Sudurpaschim scored 167 runs in the allotted 20 overs at the loss of six wickets.

Brandon McMullen hit a half century for Sudurpaschim. He scored the highest 54 runs with the help of four sixes and three boundaries off 36 balls. Skipper Dipendra Singh Airee scored 42 runs including two sixes and three fours in 25 balls. Similarly, Binod Bhandari made 35 runs and Saif Zaib 11 runs.

For Kathmandu, Rashid Khan claimed two wickets. Gerhard Erasmus, Shahab Alamm and Captain Karan KC took one wicket each.

This is the second defeat faced by Kathmandu Gurkhas in the NPL so far. They had won one match out of three before this.

Prime Minister KP Sharma Oli returned today after completing a four-day official visit to the People's Republic of China on Thursday.

Leading the Nepali delegation, Prime Minister Oli had left for Beijing on December 2 for the China visit, at the friendly invitation of Chinese Premier Li Qiang. Prime Minister Oli and his delegation are scheduled to reach Kathmandu this afternoon.

While in Beijing, Prime Minister Oli met with Chinese President Xi Jinping, held bilateral talks and oversaw the signing of various agreements including a framework agreement on Belt and Road Cooperation in presence of his Chinese counterpart Li.

The Prime Minister also delivered a keynote speech under the theme of Comprehensive Democracy: A Journey towards ‘Prosperous Nepal, Happy Nepali’ at a programme organized in Peking University in Beijing. He also addressed the 'Nepal-China Business Summit' on Wednesday.

The Nepali delegation led by Prime Minister Oli includes his spouse Radhika Shakya, Minister for Foreign Affairs Dr Arzu Rana Deuba, Chief Advisor to the Prime Minister Bishnu Prasad Rimal, Economic and Development Advisor to the Prime Minister Yubaraj Khatiwada, members of parliament, high-ranking government officials, private sector representatives and media persons.