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The price of gold has dropped by Rs 700 per tola in the domestic market on Tuesday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the yellow metal is being traded at Rs 137, 400 per tola today. It was traded at Rs 138, 100 per tola on Monday.

Similarly, tejabi gold is being traded at Rs 136, 750 per tola. It was traded at Rs 137, 450 per tola.

Meanwhile, the silver is being traded at Rs 1,740 per tola today.

The main opposition Nepali Congress (NC) has decided to  allow the government to present policies and programs for the upcoming fiscal year in the federal Parliament today.

The main opposition party had been obstructing the proceedings of the House of Representatives before this calling for forming a parliamentary committee for conducting impartial investigation into the cooperative scandal.

A meeting of the Nepali Congress Parliamentary Party today decided to allow President Ram Chandra Paudel to present the government's policies and programs for the next fiscal year in the joint meeting of the federal Parliament today, the NC Chief Whip Ramesh Lekhak said.

President Paudel is scheduled to present the policies and programs in the federal Parliament's joint meeting at 3 pm today.

The NC has, however, stated that it will not allow running the Parliament proceedings in the discussions following the agenda of presenting the policies and programs until the parliamentary investigation committee is formed. 

The Nepali Congress has been demanding formation of a parliamentary committee to investigate fraud charges against Deputy Prime Minister and Home Minister Rabi Lamichhane.

Prime Minister Pushpa Kamal Dahal urged the main opposition Nepali Congress not to obstruct the Parliament while presenting the government’s policies and programs for the financial year 2024/25.

During a meeting held in Baluwatar this morning, the Prime Minister urged the Nepali Congress leaders not to create obstruction while the President is presenting the policies and programs of the government for the financial year 2024/25 in the joint meeting of the federal Parliament today, Congress Chief Whip Ramesh Lekhak informed.

General Secretary Gagan Thapa and Chief Whip Lekhak among other leaders were present in the meeting.

Prime Minister Dahal urged the Nepali Congress leaders to adopt flexibility saying it would send a wrong message if they obstruct the Parliament when the President is presenting the policies and programs.

On the occasion, the Prime Minister said that he is committed to resolving the cooperative problems.

In response, the Congress leaders said that they would decide on how to move ahead after the Parliamentary Party meeting.

The NC has been obstructing the Parliament demanding formation of a parliamentary probe committee to investigate charges against Deputy Prime Minister and Home Minister Rabi Lamichhane.

Six houses have been robbed at Haripur Tole in Lahan Municipality-17, Siraha district on Monday.

A gang of dacoits carried out bomb blasts before robbing the houses.

Some of the locals were injured in the explosion.

The dacoits robbed cash and gold ornaments from the houses of Raj Dev Yadav, Ajay Kumar Yadav, Ram Babu Thakur, Ram Awatar Thakur, Ram Prasad Yadav and Niranjan Yadav last night.

Yogendra Yadav and Niranjan Yadav, who were injured while trying to retaliate against the dacoits, have been sent to Biratnagar for treatment.

Ram Babu Yadav, Biracha Thakur, Jogendra Yadav and Mani Yadav, who were also injured in the incident, are undergoing treatment at a local hospital.

Mayor Mahesh Chaudhary said that the Lahan Municipality has decided to provide Rs 100, 000 each to the victim as relief and for the treatment of the injured.

Further investigation into the incident is underway, said police.

Ambassador of Sweden to Nepal, Jan Thesleff, is visiting Kathmandu from May 14 to 17 together with representatives from Swedish businesses and government officials from the Swedish Energy Agency.

During his visit, Ambassador Thesleff will participate in the second edition of the EU-Nepal Business Forum taking place on May 15-16, and meet with the ministers, including Minister for Foreign Affairs Narayan Kaji Shrestha.

The business delegation includes companies such as Hexagon, Hitachi Energy and Saab.

Since the establishment of diplomatic ties between Sweden and Nepal in June 1960, the bilateral relations have prospered to a strong partnership founded on mutual respect, understanding and friendship over the decades, according to a press release issued by the Swedish Embassy in New Delhi.

The countries have an ongoing cooperation on climate change and matters related to Article 6 of the Paris Agreement.

“By participating in the EU-Nepal Business Forum, Sweden aims to further increase trade between our two nations and explore potential business opportunities involving Swedish and Nepalese companies," Ambassador Thesleff said, expressing hope that the bilateral cooperation with Nepal would be strengthened on climate action and the advancement of the sustainable development goals.

Prime Minister Pushpa Kamal Dahal has been stating in various forums that a budget of up to Rs 1.9trn would be needed for the fiscal year 2024/25.

The private sector, meanwhile, has been saying that a larger budget would have an adverse impact on them. Speaking at a pre-budget roundtable recently, business leaders said a large budget size will put pressure on resources, and as revenue and tax rates will have to be increased for this, ultimately the private sector will have to bear the brunt. They said that the government should bring a budget that can be implemented rather than focus on its size. In their suggestions to the finance ministry, which is preparing the budget for the upcoming fiscal year, they have requested the government to not exert pressure and dampen the morale of the private sector.

Rajesh Kumar Agrawal, President of the Confederation of Nepalese Industries (CNI), said that if the government focuses on a large budget, it will put pressure on the private sector. “This will help neither the government nor the private sector,” he added. “A wrong narrative is being created that credit extended to the private sector is being misused. This should be corrected.”

Likewise, Chandra Prasad Dhakal, president of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), urged the government to bring a budget that can be implemented. “Since we recently held the 2024 Nepal Investment Summit, the coming fiscal year should be taken as the beginning of the investment decade. It seems that the monetary policy was not in sync with the budget. As a result, the government is not being able to achieve what it intends to achieve,” he added. Likewise, Nepal Chambers of Commerce (NCC) President Kamlesh Agrawal requested the government not to increase tax rates that would put an additional burden on the private sector. “Rising tax rates alone do not guarantee revenue growth. It can encourage smuggling,” he added.

Sunil KC, president of the Nepal Bankers’ Association, complained that construction entrepreneurs have been adversely affected as the government has not increased the size of capital expenditure which has ultimately led to an increase in bad loans in banks. “The construction sector accounts for the highest non-performing loans (NPLs) in the banking system. This situation has arisen because the government failed to make capital expenditures,” he added.

Likewise, Upendra Prasad Paudyal, president of the Bank and Financial Institutions Association of Nepal (BFIN), said NPL levels in the banking system can be controlled if the government is flexible towards the construction sector. “The government should encourage construction even by issuing bonds if needed. If that sector rises, NPLs will decrease, and other sectors will also improve,” he said.

On the other hand, Ganesh Karki, president of the Independent Power Producers’ Association (IPPAN), suggested that the budget give special priority to the hydropower sector, as hydropower construction not only generates electricity but also builds roads, triggers market expansion, and creates employment simultaneously.Similarly, Karan Kumar Chaudhary, president of the Nada Automobile Association of Nepal, complained that the government has forgotten the automobile sector. He said that the automobile sector has fallen victim to double taxation.

Economist Prof Dr Achyut Wagle suggested making bold decisions and showing courage for reforms, as the sectors traditionally considered the backbone of the economy are currently facing problems. “Nepal is falling behind as it has failed to identify and develop potential sectors. There is a need to explore new revenue sources,” he added. Likewise, Resham Thapa, head of the Department of Economics under Tribhuvan University, said local units shouldn’t be undermined while preparing the budget.

Koshi Province Chief Minister Hikmat Kumar Karki secured a vote of confidence from the Koshi Province Assembly on Monday.

He got 57 votes in his favor and no one voted against him.

The Rastriya Prajatantra Party (RPP) which has five seats in the Province Assembly, however, remained neutral. The opposition party, Nepali Congress, boycotted today's Province Assembly meeting.

Sixty-two lawmakers were present in the 93-member Province Assembly today.

Janata Samajbadi Party Nepal Chairman Upendra Yadav filed a writ at the Supreme Court against the Election Commission.

He filed the writ at the Supreme Court on Monday afternoon demanding annulment of the decision of the Election Commission to recognize the party formed after splitting the original party.

Saying that the new party is unconstitutional, Yadav demanded an interim order to scrap the decision of the Election Commission who gave recognition to that party.

The hearing on the writ will be held on Wednesday.

Janata Samajbadi Party Nepal senior leader Ashok Rai along with seven lawmakers formed a new party (Janata Samajbadi Party) and registered it at the Election Commission when Yadav was in the United States.

The Election Commission gave recognition to the new party last Monday.

Now, his party has only five lawmakers.