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The Patan High Court has acquitted cricketer Sandeep Lamichhane of rape.

A division bench of judges Sudarshan Dev Bhatta and Ranju Upreti Dhakal gave clean chit to Lamichhane overturning the order of the Kathmandu District Court.

The Kathmandu District Court on January 10 had sentenced Lamichhane to eight years in jail and slapped a fine of Rs 500,000 for raping a 17-year-old girl in Kathmandu hotel.

A single bench of judge Shishir Raj Dhakal, who was convicted of rape on December 29, delivered the verdict after the final hearing.

Later, he filed an appeal at the High Court on March claiming that he was innocent in the rape case.

After listening to the concluding statements of both sides, the judges also watched CCTV footage. The judges watched CCTV footage of Lamichhane and Gaushala-26 entering and exiting the hotel.

The Gaushala-26 claiming herself as a minor on September 7 had filed a rape against Lamichhane at the Metropolitan Police Circle, Gaushala.

The court, however, concluded that the girl, who filed the rape case, was not minor.

The girl in the complaint had said that she was raped at a hotel in Gaushala, Kathmandu.

Deputy Prime Minister and Home Minister Rabi Lamichhane said that he should be allowed to speak in the Parliament about the allegations leveled against him by the main opposition Nepali Congress.

He held a discussion with Prime Minister Pushpa Kamal Dahal and CPN-UML Chairman KP Sharma Oli on this issue in Singha Durbar this afternoon.

Saying that all have the rights to speak in democracy, Lamichhane said that he should be allowed to clarify about the allegations leveled against him in the Parliament.

The Home Minister said that he would respect the rights of the Congress to protest if it is not satisfied with his answers.

Lamichhane said that he has no other demand than to allow him to speak in the Parliament.

The Congress has been obstructing the Parliament demanding formation of a parliamentary probe committee to investigate fraud charges against Lamichhane.

The Pokhara High Court has issued an order for a recount of votes in Byas Municipality of Tanahun district.

Responding to a writ petition filed by Deepak Raj Joshi, the candidate for the post of Mayor of Byas Municipality, on Tuesday, the Court decided that the claim of the petitioner is substantiated.

Bishwanath Aryal, Information Officer at the High Court, said that the joint bench of High Court Judges Rajan Prasad Bhattarai and Nirmala Poudel Bhattarai delivered the verdict in favor of the writ petitioner Joshi.

Joshi had filed a writ on May 26, 2022, naming five parties, including the Election Commission, as the defendants, arguing that the counting of votes was rigged. Five advocates had argued in the case from Joshi's side.

Baikuntha Neupane, who got 12,078 votes in his favor, was elected as the Mayor of Byas Municipality in the local level elections held on May 13, 2022.

Neupane's closest contender Joshi had received 11,826 votes.

Most of the commercial banks have reduced interest rates on individual fixed deposits for the month of Jestha (mid-May to mid-June). Eight commercial banks have kept their rates unchanged, while nine have reduced their rates, and three have made a slight upward revision to their rates. As a result, the average interest rate on individual fixed deposits will drop to 7.06 percent in the next month compared to 7.14 percent that the banks are providing now.

Banks have been gradually reducing interest rates on deposits amid low demand for credit and excess liquidity in the banking system. Banks now offer a maximum of 6.8 percent interest on institutional fixed deposits, while they are offering as high as 8.8 percent on remittance fixed deposit accounts. Banks cannot maintain a gap of more than five percent between the upper limit of fixed deposits and the lower limit of savings deposits. This implies that interest on saving deposits will also come down.

The central bank allows banks to change their interest rates by a maximum of 10 percent of their average interest rate in the previous months. Out of 20 commercial banks in the country, Agriculture Development Bank Ltd is offering the lowest interest rate of 5.66 percent, followed by Nepal SBI Bank (6.39 percent), Rastriya Banijya Bank Ltd (6.4 percent) and Everest Bank (6.5 percent). Nabil Bank Ltd and Nepal Bank Ltd are offering 6.75 percent interest rates each, while Sanima Bank has fixed such rates at 6.9 percent.

Laxmi Sunrise, Nepal Investment Mega, Siddhartha, Standard Chartered, Citizens, and Prime Commercial are offering a seven percent interest rate. Seven banks are offering interest rates above seven percent. NIC Asia and NMB Bank Ltd are offering the highest (7.8 percent) interest rates on individual fixed deposits for the month of Jestha.

Commercial banks started publishing rates individually since the beginning of the current fiscal year in mid-July last year. Before that, Nepal Bankers Association used to fix rates citing a ‘gentleman’s understanding’ among banks. Commercial banks have liquidity of around Rs 400bn as demand for loans is not coming, say bankers. Even though lending rates have fallen to a 27-month low, banks are not being able to invest.

Although Nepal Rastra Bank had set a target to increase bank lending by 11 percent in the current fiscal year, banks could increase their lending by only 5.1 percent as per the data till mid-March. With just three months remaining in the current fiscal year, it is impossible to achieve the target of lending growth. Banks, however, are hopeful that the demand for loans will go up in the final quarter as increasing capital spending will create more demand in the market.

The Nepal Stock Exchange (NEPSE) plunged by 9. 54 points to close at 2,017.97 points on Wednesday.

Similarly, the sensitive index dropped by 2. 17 points to close at 358. 09 points.

A total of 8,490,722-unit shares of 315 companies were traded for Rs 3. 70 billion.

Meanwhile, Upakar Laghubitta Bittiya Sanstha Limited (ULBSL) and Unique Nepal Laghubitta Bittiya Sanstha Limited (UNLB) were the top gainers today with their price surging by 10. 00 percent.

Likewise, Gurans Laghubitta Bittiya Sanstha Limited (GLBSL) was the top loser with its price dropped by 10. 00 percent.

At the end of the day, the total market capitalization stood at Rs 3. 19 trillion.

The government’s policies and programs for the fiscal year 2024/25 will be endorsed by the Parliament on May 22.

It has been learnt that the discussions on the policies and programs will start from May 16 and will be endorsed on May 22.

As per the possible schedule, discussions on the policies and programs will be held on May 17, 19, 20 and 21.

Preparations are underway to present the document in the Parliament after holding discussions on May 22.

Before presenting the document, Prime Minister Pushpa Kamal Dahal will answer the questions raised in the discussions of policies and programs in zero hour and special time.

There is constitutional provision that the government has to bring the budget for fiscal year 2024/25 on May 28.

The Parliament Secretariat informed that a joint meeting will be held on that day.

Prime Minister Pushpa Kamal Dahal has said the government has a policy of promoting the culture of innovation and entrepreneurship, simplifying the investment process.

Inaugurating the 'Nepal-EU Business Forum' organized today on the occasion of the 50th anniversary of establishment of Nepal-EU diplomatic relations, Prime Minister Dahal shared that the government was committed to ensure openness for business.

"Nepal's policy of creating a strong economic structure increases international partnership and helps in economic expansion," he explained.

Stating that there was enthusiastic participation of more than 50 countries across the world in the recent investment summit held in Nepal, the PM said a message that the international community was excited to invest in Nepal was disseminated.

On the occasion, the Prime Minister underscored that Nepal was ready for further collaboration with EU-member countries in Nepal's effort of bringing in foreign investment, according to PM Dahal's Private Secretariat.

Stating that Nepal has the goal of graduating from the least developed country status until 2026 and of achieving the Sustainable Development Goals by 2030, the Prime Minister pointed out the need of adequate investment and transfer of the required technology by the foreign partners to fulfill these goals.

He shared on the occasion that the government has recently initiated the 'automated route' for foreign direct investment up to Rs 500 million and expressed the belief that with this initiation will enter the managerial capacity and capital in Nepal.

"We have approved some applications for investment received via the automated route. We have been trying to strengthen our initiatives through international partners. This will bring not only capital but also the technical and managerial expertise in Nepal," he said.

Making it clear that the Government of Nepal has given priority to the environmental sustainability and the green economy that is practicable, Prime Minister Dahal said the government is consistently carrying out works on the promotion of renewable energy projects, sustainable agriculture practices and attainment of environmental goals.

"Our development activities are in harmony with the national interest and the global environmental objectives. Nepal is always committed to the Paris Agreement and we have been actively including climate actions in our development plans and programs," he added.

The Prime Minister reiterated that Nepal is committed to reach the zero-carbon emission milestone by 2045 despite the resource and capacity gap, and the constant challenges invited by the climate change.

The Department of Hydrology and Meteorology has said there is a possibility of heavy rainfall across the country during the monsoon season.

According to the Department of Hydrology and Meteorology, Kaski, Syangja, Lamjung, and southern parts of Manang and Mustang are likely to receive heavy rains this year. Likewise, heavy rains have been forecast for the eastern and northern regions of Gulmi, and the western and northern regions of Gorkha. Similarly, Saptari, major parts of Siraha, southern regions of Dhansuha, Sarlahi, and Mahottari, the western region of Sunsari, and the southern region of Udayapur are also likely to receive heavy rainfall this monsoon.

Last year, Nepal received below-average rainfall due to the El Niño conditions in the Pacific Ocean during the monsoon season.

Officials of the department say Darchula, Baitadi, and Bajhang, western regions of Bajura and Humla, the northern region of Doti, and northwestern regions of Dadeldhura will receive average rainfall this year. Likewise, in central and eastern Nepal, Ramechhap, Sindhuli, Okhaldhunga, Khotang, Bhojpur, Dhankuta, and Udayapur are expected to get average rainfall. The eastern region of Kavre, the western region of Taplejung and Tehrathum, the southern region of Sankhuwasabha, Solukhumbu, and Dolakha, the eastern region of Sarlahi, and the northern regions of Mahottari, Dhanusa, Siraha, and Sunsari are also likely to receive average rainfall.

"Apart from areas expected to get heavy or average rainfall, some regions are likely to get slightly above-average precipitation. Although rainfall will be higher than average, both maximum and minimum temperatures are projected to be above average," meteorologist Sudarshan Humagain, speaking at a program in Kathmandu. "We, however, lack the technology and expertise for quantitative forecasts."

Nepal has been making monsoon rainfall projections based on the World Meteorological Organization's global and regional climate information production system patterns since 2020, the department's own monsoon rainfall forecast model, and the outlook of the South Asian Climate Outlook Forum.

According to Humagain, there is a 35-65% probability of both maximum and minimum temperatures being above average in most parts of the country this year. The maximum temperature is likely to be average in the western region of Karnali, the central region of Gandaki, and the northeastern region of Koshi Province. Similarly, the minimum temperature is expected to be average in some parts of the far-western region, Gandaki Province and Bagmati Province.

Nepal receives around 80% of its total rainfall during the monsoon season. Nepal's total annual precipitation is around 1,600 mm.

Meteorologists say that since the world is facing the impacts of climate change, extreme weather events cannot be ruled out in Nepal as well. They say there is a risk of such incidents in Nepal as abnormal rainfall, floods, and inundation occurred this year in places like Dubai and Afghanistan.

There is also a high risk of floods and landslides this year due to massive wildfires during the dry season. Since the water consumption capacity of the land decreases because of wildfires, the chances of floods and landslides are high, they added.