Submit your Article

The Nepal Stock Exchange (NEPSE) plunged by 50. 73 points to close at 2,637.62 points on Sunday.

Similarly, the sensitive index dropped by 7. 81 points to close at 368. 65 points.

A total of 24,846,782-unit shares of 324 companies were traded for Rs 10. 33 billion.

Meanwhile, River Falls Power Limited (RFPL), Himalayan Hydropower Limited (HHL) and Rawa Energy Development Limited (RAWA) were the top gainers today with their price surging by 10. 00 percent.

Likewise, Three Star Hydropower Limited (TSHL) 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 4. 19 trillion.

The Commission for the Investigation of Abuse of Authority (CIAA) submitted its report for Fiscal Year 2080/81 (2023/24) to President Ram Chandra Paudel today.

CIAA Chief Commissioner Prem Kumar Rai handed the report to the Head of State at a ceremony held at the Office of the President, Rashtrapati Bhawan in Shital Niwas. 

Receiving the report, President Paudel said making works like the identification of corruption-related offenses, investigating them and prosecution scientific, fact-based and result-oriented was more important in the context of maintaining good governance. 

It is inevitable to make the Commission's works transparent and effective, enhancing the professional capacity of its staff as well as the institutional development for this, the Head of State suggested on the occasion.

The President expressed his happiness, stating that the Commission has been adopting various strategies of corruption control while fulfilling its role as envisaged in the Constitution, internalizing the motto of integrity, impartiality and courage, taking the national and the general people's interest in to consideration in the course of carrying out its functions. 

He also expressed the conviction that the Government of Nepal will address in an effective manner the key topics pointed out in this report that includes the works and activities carried out by CIAA in the course of fulfilling its constitutional and legal responsibilities.

The Mahakali Corridor, a key infrastructure project in Sudurpaschim province, is 78 percent complete. This corridor is crucial for the region, with Baitadi district accounting for about 51 percent of its length. Stretching from Brahmadev in southern Kanchanpur through Jhulaghat in Baitadi, the corridor connects Darchula-Tinkar in the north, linking Nepal’s border with China and India. This road is expected to be of significant commercial importance.

The Federal Road Supervision and Monitoring Office is responsible for constructing 334 km of the 413 km-long corridor. Meanwhile, the Nepali Army has been tasked with building a 79 km stretch from Tusarpani to Tinkar in Darchula, which is a particularly rocky and difficult section. So far, the Army has completed 13 km of this portion, and the road department has opened 261 km of the remaining 334 km.

In the fiscal year 2024/25, the plan is to open an additional 20 km of track. The remaining sections in Jogbuda, Bhageswar (Dadeldhura), Bhir in Rodidewal (Pancheshwar, Baitadi), and Kansanigad (Dasharathchand Municipality) have already been tendered for construction.

The project initially began in 2009 as the Darchula-Tinkar Road, and it was renamed the Mahakali Corridor when it connected to Brahmadev in Kanchanpur in 2020. Last year, Rs 446.5m was allocated to open the road track, and this year’s budget of Rs 415m includes Rs 160m to cover past obligations.

In addition to road construction, paving work has also begun in Darchula, Kanchanpur, and Jogbuda, with Rs 1.2bn allocated for this purpose. Of the 273 km of opened tracks, 47 km have been paved, and one bridge has been built. In total, 35 bridges will be constructed along the corridor, with five in Kanchanpur, 10 in Dadeldhura, 10 in Baitadi, and nine in Darchula. The total cost of the project is estimated to be around Rs 13.49bn.

Delays due to lack of explosives and tree clearance hiccup

Despite receiving government approval to clear trees along the corridor, delays have occurred due to slow action from the Divisional Forest Office and a lack of explosives needed to cut through hard rock. According to the Mahakali Corridor Planning Office, tree clearance is necessary along several sections: 1,951 trees in the 11 km section of Kanchanpur, 10,476 in Dadeldhura, 4,596 in Baitadi, and 2,042 in Darchula. So far, 63 percent of the trees in the 101 km section (of the total 161 km) have been cut.

The Mahakali Corridor connects four districts of Sudurpaschim—Kanchanpur, Dadeldhura, Baitadi, and Darchula—to Pillar 1, located at the Nepal-China border near Taklakot. In addition to its commercial significance, the road will provide a shorter route for pilgrims traveling to Kailash Mansarovar.

Gorakh Bahadur Chand, chairperson of Pancheshwar Rural Municipality, highlighted the corridor’s importance, noting that its strategic location at the tri-national border will promote economic, social, cultural, touristic, and educational development in Sudurpaschim.

The corridor runs from Brahmadev in Kanchanpur along the Mahakali River in the south, passing through Parshuram Municipality (Dadeldhura), Bhageshwar Rural Municipality, Shivnath Rural Municipality (Baitadi), Pancheshwar Rural Municipality, Dashrath Chand Municipality, Dogadakedar Rural Municipality, and Lekam Rural Municipality (Darchula). It ends at Tinkar Naka in Byas Rural Municipality, passing through Malikarjun and Mahakali Municipalities, as well as Duhun Rural Municipality. This project is set to become a milestone in the development of Sudurpaschim province by providing easier transportation access and boosting regional growth.

Gold price has set a new record in the domestic market today.

With the rise of Rs 500 per tola (11.66 grams) today, the opening day of the week, its price reached an all-time high of Rs 156,800 per tola.

According to the Nepal Gold and Silver Dealers’ Association, the price of gold was Rs 156,300 on Friday, the last trading day of the week.   

Likewise, the price of silver has increased by Rs 40 per tola to reach Rs 1,900 today.

The government is planning to open fair price shops at 42 locations across the country for the upcoming festive season.

Like in past years, these shops will start operating from Sept 23, targeting the Dashain festival, and will remain open until the Chhath festival.

Three government entities—Salt Trading Corporation, Food Management and Trading Company, and Dairy Development Corporation—will jointly operate these fair price shops.

Minister for Industry, Commerce, and Supplies, Damodar Bhandari, announced on Tuesday that preparations for the fair price shops were underway. Speaking at the meeting of the National Assembly, Minister Bhandari said the government was making necessary arrangements to prevent shortages of essential items like rice and sugar during the festive season.

“We are preparing to operate fair price shops from September 23, targeting the festive season,” Bhandari said. “These shops will offer discounts on essential items.”

According to Bhandari, consumers can avail themselves of a discount of Rs 5 per kg on rice, Rs 7 per kg on Marsi rice, quinoa, foxtail millet, beans, tartary buckwheat, and naked barley, Rs 5 per kg on wheat and lentils, Rs 7 per liter/kg on oil and ghee, Rs 10 per kg on DDC ghee, as well as on live goats.

Minister Bhandari said the government was taking the necessary measures to lower the price of imported goods as well. “We are also planning to import sugar at a 15 percent reduced price. We won’t let any food item be in short supply during the festive season,” he told ApEx.

The government is providing a 50 percent customs duty waiver to the Food Management and Trading Company and Nepal Salt Trading Corporation to import 30,000 tons of sugar for the festive season.

Bhandari said the government is committed to preventing supply chain disruptions and artificial shortages that could lead to price hikes. He also mentioned that the government would conduct about 4,000 rigorous market inspections across the country. “We’ve already sealed about 100,000 kg of sugar in warehouses,” he said.

Minister Bhandari added that the government plans to intervene in the market to prevent artificial shortages, stop adulteration, control price hikes, and confiscate goods that haven’t gone through customs points.

Govt to form Consumer court

The government has begun preparations to set up a consumer court. Speaking in the National Assembly, Minister Bhandari said the process of establishing the consumer court has already begun.

A meeting of the Commerce Council, chaired by Minister Bhandari on Monday, decided to form the consumer court within a week. “The government has set aside a budget of Rs 10m to set up the consumer court,” he added.

Secretaries from various ministries and consumer rights advocates attended the meeting, according to Minister Bhandari.

An earthquake measuring 4.6 in the Richter scale struck Taplejung district on Sunday.

The epicenter of the quake that jolted the district at 12. 08 am today was near Lhonak in Taplejung, according to the National Earthquake Measurement and Research Center.

Earlier on September 3, an earthquake measuring 4.2 in the Richter scale had occurred with its epicenter around Shikharpur in Sindhupalchok district.

The fourth edition of the joint military drill between the Nepali and US security forces has started today.

The exercise will see an exchange of knowledge regarding the methods and procedures to be adopted to make post-disaster search and rescue effective.

The joint drill will be held in Kathmandu, Makawanpur and Dhading districts, according to the Nepal Army, Directorate of Public Relations and Information.

The joint exercise has been conducted since 2012 with the aim of enhancing disaster response capacity through sharing of experiences in the field of disaster management and humanitarian assistance.

The drill will conclude on September 20.

Indra Jatra, one of the major festivals observed in Kathmandu Valley, begins today.

The festival is celebrated by worshiping Indra, revered as the god of rain and good times. It is called Yenya Punhi among the Newar community.

The festival begins after a pole with Indra dwaja or flag is erected in front of Hanumandhoka in Basantapur. It is celebrated for eight days with various dances, chariot processions and worshiping of gods and goddesses.

In addition to Kathmandu, the festival is also observed in Lalitpur, Bhaktapur, Dhulikhel and Dolakha districts.

The major day of the festival falls on Tuesday i.e., September 17, when chariots carrying Ganesha, Bhairav and Kumari are taken around the thoroughfares of Kathmandu. These chariots are also observed by the Head of State and other dignitaries during a special ceremony to be held at Basantapur Durbar Square premises.

Meanwhile, the federal government has declared a public holiday in Kathmandu Valley on Tuesday.