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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Systems Department, stated, “Thousands of shops and others were functioning as sub-agents, but this role has now been revoked.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.

The Nepal Stock Exchange (NEPSE) plunged by 15. 93 points to close at 2,734.93 points on Thursday.

Similarly, the sensitive index dropped by 5. 02 points to close at 464. 01 points.

A total of 16,797,727-unit shares of 307 companies were traded for Rs 8. 36 billion.

Meanwhile, Khanikhola Hydropower Co. Ltd. (KKHC) was the top gainer today with its price surging by 9. 98 percent. Likewise, Support Microfinance Bittiya Sanstha Ltd. (SMB) was the top loser with its price dropped by 8. 37 percent.

At the end of the day, the total market capitalization stood at Rs 4. 53 trillion.

Nepal will now be able to export thermally processed water buffalo meat to China. Officials of the two countries signed a protocol to facilitate water buffalo meat export to China during the China visit of Prime Minister KP Sharma Oli. This agreement is part of nine bilateral understandings reached between the two nations on Tuesday.

The protocol enables Nepali businesses to export cooked and processed water buffalo meat to China under Chinese guidelines. This follows the cabinet’s approval on June 30 of an agreement to export cooked buffalo meat to China.  Nepal and China held preliminary discussion on meat exports during former Prime Minister Pushpa Kamal Dahal’s China visit in September last year.

According to Global Times, China has beefed up efforts on the diversification of beef imports in 2024. This is expected to reduce market fluctuations due to over-reliance on any single market, while providing more opportunities for other countries through high-level opening-up.

Officials at the Ministry of Agriculture and Livestock Development say China’s General Administration of Customs (GACC) had provided Nepal with a 150-page document outlining stringent standards for meat imports. These include disease-free certification, hygiene standards and compliance with phytosanitary measures. Only the meat of water buffaloes under 30 months of age and raised under specified conditions will qualify for the export.

According to the MoALD, Nepal produces around 194,090 tons of water buffalo meat annually. Nepal’s water buffalo population is estimated at around 5.13m.

China, the largest importer of meat in the world, can be a lucrative export market for Nepal. The northern neighbor imported about 2.74m tons of beef in 2023, up 1.8 percent year-on-year, hitting a new high, according to Global Times. Imports over the first four months of 2023 stand at 1m tons, up 22 percent compared to the same period of 2023. It is difficult to get data on water buffalo meat consumption in China as Chinese customs import data categorise buffalo meat together with other cattle raised for meat under the category ‘meat of bovine animal’.

China mainly imports beef from countries including Brazil, Argentina and Uruguay. It recently lifted a ban on five Australian beef exporters as demand outpaces its domestic production.