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The Bagmati provincial government has collected only 10 percent of its estimated annual revenue in the first quarter. Revenue collection has been impacted by weak internal sources, limited cash collection, and shortfalls in grants received from the federal government.

Shri Krishna Acharya, spokesperson for the Ministry of Economic Affairs and Planning, stated that the government collected Rs 6.86bn in revenue in the first three months of the current fiscal year (July to October). The provincial government has set a revenue target of Rs 64.5bn for this fiscal year, of which only 12.95 percent has been collected.

From internal revenue sources, the provincial government collected Rs 898.4m, achieving 19.8 percent of its Rs 4.53bn target.

Major opposition parties criticize the government, alleging that it is overly focused on revenue collection while falling short of its development goals. Prem Bahadur Pulami, a provincial assembly member from the CPN (Maoist Center), remarked, “This is the path to failure for this government. No part of the government seems to be functioning effectively.”

The provincial government expects a subsidy of Rs 15.5bn from the federal government, of which it received Rs 2.06bn (13.23 percent) in the first quarter. However, no additional federal funds have been received so far. Revenue data indicates a lack of focus on enhancing internal revenue growth. 

“There is a recurring issue with provincial governments failing to utilize allocated budgets and mobilize resources. Bagmati, being the province with the central capital, should set an example,” stated Pralhad Lamichhane, former member of the Provincial Policy and Planning Commission of Bagmati Province. He emphasized the need for the provincial government to prioritize resource identification, mobilization, and expenditure, as there are adequate financial resources within the province.

For the current fiscal year, the provincial government expects to generate Rs 27.38bn from taxes and Rs 6.51bn from other revenue sources.

The Nepal Stock Exchange (NEPSE) plunged by 9. 19 points to close at 2,617.95 points on Sunday.

Similarly, the sensitive index dropped by 4. 45 points to close at 369. 80 points.

A total of 11,134,178-unit shares of 320 companies were traded for Rs 4. 73 billion.

Meanwhile, Life Insurance Corporation (Nepal) Limited (LICN), River Falls Power Limited (RFPL) and Mai Khola Hydropower Limited (MKHL) were the top gainers today with their price surging by 10. 00 percent.

Likewise, Nepal SBI Bank Limited (SBI) was the top loser with its price dropped by 6. 79 percent.

At the end of the day, the total market capitalization stood at Rs 4. 16 trillion.  

Both import and export through the Birgunj transit point has recorded a decline in the three months of the current fiscal year.

In the three months of the current fiscal year, goods worth Rs. 143 billion were imported, which is less by 6.43 percent during the corresponding period last year, according to the Customs Office, Birgunj. During the same period last year, goods worth Rs. 153 billion were imported.

Chief Customs Administrator Deepak Lamichhane said there has been a slight decrease in imports due to the heavy rainfall that lashed the country during the period. However, overall revenue collection has increased in three months.

Likewise, during the three months, goods worth Rs 7.7 billion have been exported from Birgunj.

During the same period last year, goods worth Rs.8 billion had been exported.

The price of gold has increased by Rs 1, 400 per tola in the domestic market on Monday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the precious yellow metal is being traded at Rs 167, 400 per tola today. It was traded at Rs 166, 000 per tola on Friday.

Similarly, the price of silver has increased by Rs 15 and is being traded at Rs 2,085 per tola today.