Submit your Article

Consumers were taken by surprise when gold prices in the domestic market dropped significantly on Monday. Gold price had gone up by Rs 1,700 per tola (11.664 grams) to Rs 167,000 on Sunday. It, however, fell by Rs 15,900 per tola overnight to Rs 151,300 on Monday. 

This significant drop in gold price is linked to the government's decision to reduce customs duty on gold imports from 20 percent to 10 percent. A cabinet meeting held on Thursday had taken the decision, which took effect from Sunday, according to the Department of Customs.

The decision to reduce customs duty was primarily motivated by two factors. First, there was a dramatic decline in gold imports through the formal channel during the first four months of the current fiscal year (2024-25). Official data from the Department of Customs reveal that Nepal imported 132.56 kg of gold worth Rs 1.42bn during the review period. This is an 87 percent drop compared to the same period of 2023/24 when the country imported 1,000.5 kg (worth Rs 8.2bn).

Nepal allows only designated commercial banks to import gold. Associations of gold dealers then take the gold from banks and distribute it among its members.

Second, and perhaps more concerning, was the emergence of increased gold smuggling activities from India to Nepal. This illicit trade was fueled by India’s decision to lower its customs duty on gold to six percent from 15 percent, creating a significant price disparity between the two countries. With gold becoming significantly cheaper in India, smugglers exploited this price differential, which led to a significant surge in illegal import of gold from the southern neighbor.

Alarmed by the significant drop in revenue from gold imports, the government decided to lower customs duty to 10 percent. The policy reversal comes just months after the Pushpa Kamal Dahal administration increased the duty from 15 percent to 20 percent in mid-July 2024 through the budget for fiscal year 2024-25.

While consumers have already benefited from the decision to lower customs duty on gold, which immediately made the yellow metal cheaper, the success of this policy adjustment will depend on several factors: the recovery of legal gold import volumes, reduction in smuggling activities and stabilization of gold prices in the domestic market.

It’s still unclear if this policy intervention will be sufficient to combat gold smuggling as Nepal’s 10 percent customs duty is still higher than six percent in India.

Prime Minister KP Sharma Oli has said that the government is committed to the broader concept of social security.

Issuing a message of best wishes on the occasion of the 7th Social Security Day today, PM Oli informed that the government was working actively to run the social security scheme in a systematic way. "Now, there is no condition in the country that citizens feel the absence of protection and of guardians. For the citizen's welfare, there are states and governments," PM Oli reminded.

The PM argued that social justice and dignity were prioritized by the government in its journey to prosperity. The government has reflected its devotion to its people so no one would be left in helplessness.

According to him, social security has been provisioned as a fundamental right of the citizen in the Constitution. "As per the broader concept of social security, the government is preparing an action plan, programs and budget and enforcing these accordingly," PM Oli made it clear.

Moreover, he recalled that it was the government led by CPN-UML to launch social security in 2051BS that provided monthly allowance to the senior citizens, single women, and helpless people. The society security concept has now materialized the welfare state where there is social justice and equality.

"In our journey to present state, we have understood social security as an integral part of social life, state and social engineering," PM Oli viewed, adding that contribution-based social security scheme was launched lately by realizing individual's role in social security.

The BP Koirala Memorial Cancer Hospital has begun providing treatment free of cost to the children suffering from cancer.

The Hospital, which was only providing bed, food, and radiotherapy, has extended service by providing chemo and medicines after the Health Ministry decided to provide cancer treatment free of cost to the children.

Director at Hospital, Dr Shiva Ji Paudel, informed that Nepal was receiving medicine free of cost from the World Health Organization (WHO) for the treatment of 35 types of child cancer.

However, till the government receives it, the Hospital has been providing medicines on its own. "After the Health Ministry ensured resources, we launched treatment including medicine to the children suffering from cancer for free of cost," he added.

Similarly, Deputy Director at Hospital, Dr Umesh Nepal, said the hospital witnesses a huge number of children suffering from cancer. "It is difficult to manage treatment on its own cost. So, the Ministry took initiative in this regard with assurance of resources.

Oncologist at the hospital, Dr Krishna Sagar Sharma, said if the cancer is diagnosed in children on time, it can be cured.

Nepal records some 1,500 children getting cancer every year. Among them, only half come to the hospital for treatment.

Lazimpat, Panipokhari, Baluwatar and vicinity will have electricity supply disrupted today for the expansion of cable lines, according to Nepal Electricity Authority (NEA).

NEA issued a notice, informing the public about tripping to be effective from 11 am to 3 pm under the Lazimpat feeder of the Maharajgunj distribution center.

The authority apologized to the customers for the inconvenience caused to them. The electricity supply will resume after completion of the cable extension.

Miss Nepal 2023 Srichha Pradhan is to cooperate with the campaign conducted by Annapurna Media Network to raise public awareness about climate change.

Deego Pranali Pvt. Ltd, a sustainable lifestyle brand, which is active in raising public awareness on climate change by focusing on five elements (water, earth, fire, air, and aether), and Annapurna Media Network agreed to collaborate to internationalize the issue of climate change by raising public awareness.

Miss Nepal Pradhan is the founder of Deego Pranali.

The agreement was signed amidst a function organized at Corporate Tower,  Annapurna Media Network's headquarters, in Tinkune on Monday.

Manoj Basnet, General Manager of Annapurna Media Network, and Miss Nepal Pradhan signed the agreement.

The collaboration will last for one year.

Annapurna Media Network, under the Unity for Sustainability campaign, has been conducting a campaign to raise public awareness about climate change through media.

“I am very happy to be associated with Annapurna Media Network to work on the issue of climate change,” Pradhan said, adding, “Annapurna Media Network will have my full support to raise the issue of climate change and public awareness.”

She will inform the world about the activities conducted by Annapurna Media Network on climate change through national and international forums.

Annapurna Media Network General Manager Basnet claimed that the Unity for Sustainability campaign being conducted by Annapurna will be more effective with the support of Miss Nepal.

Pradhan will participate in the Miss World to be held next year.

House of Representatives (HoR) Speaker Devraj Ghimire, who is on a five-day visit to Cambodia, had a courtesy meeting with Prime Minister Samdech Hun Manet and Chairman of Senate, the Upper House of Cambodian Parliament, Samdech Hun Sen.

The Speaker's Secretariat said that during the meeting with Prime Minister Manet at the Peace Palace in Cambodia, important issues were discussed to take the historical relationship between the two countries to a new height.

In the meeting, Speaker Ghimire emphasized that direct air services should be started from Buddha's birthplace Lumbini and Cambodia's Angkor to promote Hindu and Buddhist heritage.

The Speaker believes that this will further encourage spiritual tourism and cultural exchange. An air agreement was signed between Nepal and Cambodia in 2075 BS.

During the meeting, there was a discussion about promoting experience exchange programs between citizens of both countries. Speaker Ghimire also gave a formal invitation to the Prime Minister of Cambodia to visit Nepal.

Prime Minister Manet said that the inter-parliamentary assembly of the International Parliament for Tolerance and Peace (IPTP) is an excellent platform for the cooperation of small nations. He expressed his desire to arrange a suitable time to visit Nepal. The meeting is seen as an important opportunity to further strengthen the economic, cultural and diplomatic cooperation between the two countries.

Speaker Ghimire held a meeting with Sen, the Chairman of the Upper House Senate on Sunday evening.

During the meeting held at the Cambodia People's Party headquarters, both parties discussed the issue of further strengthening the relationship between the legislatures of the two countries.

Similarly, the Secretariat of the Speaker Ghimire said that the possibility of further strengthening the long-term relations between the two countries, parliamentary practice, regional cooperation and cooperation on matters of common interest were also discussed.

The Speaker, while sharing the experience of the unique success of the Nepali peace process, was of the view that both countries can have more understanding and partnership in areas of common interest.

On Saturday evening, he also met with the President of the National Assembly of Cambodia.

The Speaker, who reached Cambodia's capital Phnom Penh leading a five-member delegation, addressed the 11th plenary session of the International Parliament for Tolerance and Peace on Sunday will return home on Tuesday.

The Election Commission (EC) has directed the bodies concerned to provide polling venues for the local level by-elections scheduled for December 1.

It urged the bodies concerned to provide for use the spaces which have been designated as polling venues, from November 28 till the voting concludes on December 1.

The voting for the by-polls will open at 7 am and close at 5 pm, the EC stated.

The EC, through the Ministry of Federal Affairs and General Administration, instructed all the local levels where the by-elections are being conducted to make arrangements for using the community schools, private schools, ward offices, health posts, community buildings, industrial establishment and public places that have been designated as polling venues for the same purpose.

A meeting of the EC on Sunday also urged the local governments to give a public holiday on December 1 in the local levels and the local wards and also to create conducive environment for holding the local level by-elections in a free, fair, credible and economical manner, said EC spokesperson Nota Pokharel Aryal.

The Nepal Stock Exchange (NEPSE) gained 15. 83 points to close at 2,683.24 points on Monday.

Similarly, the sensitive index surged by 1.86 points to close at 473. 06 points.

A total of 12,263,780-unit shares of 309 companies were traded for Rs 6. 34 billion.

Meanwhile, Best Finance Company Ltd. (BFC) was the top gainer today, with its price surging by 9. 91 percent.

Likewise, Ngadi Group Power Ltd. (NGPL) was the top loser as its price fell by 10.00 percent.

At the end of the day, total market capitalization stood at Rs 4. 27 trillion.