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Nepal Rastra Bank has made arrangements for Indian nationals to bring an equivalent of USD 5, 000 in Indian currency during their visit to Nepal. 

With this new policy, tourism business in the border areas is expected to exceed further. 

Previously, business owners complained about the provision allowing only INR 20, 000.

The federal government, through the budget for the current fiscal year announced on May 29, has made it possible for travelers entering Nepal by air or land to bring foreign currency or travelers' cheque equivalent to five thousand US dollars that will be exchangeable in Nepal.

The central bank issued a public notice on August 26, allowing Nepali or foreign citizens to bring foreign currency up to USD 5, 000  in cash. 

Hari Pant, President of the Hotel and Tourism Entrepreneurs Association in Birgunj, shared that the provision allowing Indian tourists to bring Indian rupees equivalent to USD 5, 000  without customs declaration would provide relief to the local tourism entrepreneurs. 

Birgunj has more than 85 hotels, including four-star hotels. However, tourists have not been able to extend their stay as expected. 

Entrepreneurs in the tourism sector say that the local tourism industry is sustained largely by Indian tourists.

The Nepal Stock Exchange (NEPSE) gained 53.01 points to close at 2,819.10 points on Wednesday.

Similarly, the sensitive index surged by 8.52 points to close at 483. 42 points.

A total of 14,986,142-unit shares of 321 companies were traded for Rs 7. 68 billion.

Meanwhile, Bikash Hydropower Company Limited (BHCL) was the top gainer today, with its price surging by 10. 00 percent. Likewise, 10.25% KBL Debenture 2086 (KBLD86) was the top loser as its price fell by 5. 79 percent.

At the end of the day, total market capitalization stood at Rs 4. 71 trillion.

The government has released a total amount of Rs 754.93 million to provide subsidies for sugarcane farmers. 

The Ministry of Finance (MoF) has released the amount which will be transferred to the beneficiaries' bank account through the district-based Treasury and Financial Comptroller offices, reported the Ministry of Agriculture and Livestock Development (MoALD).

Although the Cabinet meeting had earlier decided to provide a subsidy of Rs 35 per quintal to sugarcane farmers, the MoF delayed the disbursement citing technical issues. 

The delay prompted the disgruntled sugarcane farmers to stage Kathmandu-centric protest programs. Also, the government's decision to halve the subsidy-previously Rs 70 per quintal-further fueled their decision to take to the street.

Although MoALD had proposed continuing the same amount this year as well, the Cabinet meeting decided to provide Rs 35 per quintal taking into account the country's current economic condition and needs.

Meanwhile, representatives of the MoALD and Ministry of Industry, Commerce and Supplies and protesting sugarcane farmers held a meetibg on Tuesday at Singha Durbar. 

Lalan Kumar Singh, Deputy Director General of Department of Agriculture, and Lal Kumar Shrestha and Maniratna Aryal, Under-Secretaries of the MoALD among others represented the government side while Shyam Babu Raya led the sugarcane farmers in the talks. 

It may be noted that Minister of Agriculture and Livestock Development Ramnath Adhikari on last Tuesday had formed a four-member team in a bid to address the demands of protesting sugarcane farmers.

The price of gold has increased by Rs 300 per tola in the domestic market on Wednesday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the precious yellow metal is being traded at Rs 199, 000 per tola today. 

The price of silver, however, has dropped by Rs 15 and is being traded at Rs 2, 345 per tola today.