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Remittance inflow has reached Rs 1,532 billion in 11 months of the current fiscal year. 

As per the Current Macroeconomic and Financial report released today, the remittance inflow has increased by 15.5 percent during the reporting period as compared to the previous fiscal year. It had increased by 17.2 percent in the previous fiscal year. 

Similarly, the remittance inflow was Rs 176.32 billion from May 15 to June 14 in the current fiscal year.

In  the same period last year, the inflow was Rs 128.91 billion. 

In the US dollar terms, remittance inflow has increased by 12.7 percent to reach Rs 11.25 billion in the review period compared to an increase of 15.2 percent in the same period last year. 

Likewise, net secondary income (net transfer) has reached Rs 1,668 billion in the review period. It was Rs 1,443 billion in the same period last fiscal year. 

According to the report, the number of Nepali workers – both institutional and individual who took first-time approval for foreign employment was 452,324 while those obtaining approval for renewed entry was 308,067 in number. 

Last year, the numbers were 421,356 and 261,210, respectively. 

The Nepal Stock Exchange (NEPSE) gained 3. 61 points to close at 2,687. 63 points on Tuesday.

Similarly, the sensitive index surged by 0. 62 points to close at 460. 27 points.

A total of 15,027,372-unit shares of 304 companies were traded for Rs 6. 57 billion.

Meanwhile, Butwal Power Company Limited (BPCL) was the top gainer today, with its price surging by 8. 21 percent. Likewise, Rasuwagadhi Hydropower Company Limited (RHPL)was the top loser as its price fell by 5. 08 percent.

At the end of the day, total market capitalization stood at Rs 1. 51 trillion.

More than 90 percent of the savings deposited in troubled cooperatives has yet to be returned to rightful depositors, even seven years after the government formed a committee to resolve their financial woes. The Problematic Cooperatives Management Committee, which was formed in 2018 to manage the assets and liabilities of failing cooperatives, has been able to return only about 10 percent of the total amount claimed by depositors. 

So far, the federal government has declared 23 cooperatives as problematic and assigned the committee to handle their settlements. Of the Rs 38.42bn claimed by depositors from 22 of these institutions, the committee had returned just Rs 3.71bn to around 5,000 depositors by the end of June.

The committee has yet to begin reviewing complaints from depositors of Ideal Yamuna Cooperatives, which was declared problematic only recently. Data released by the Office of the Problematic Cooperative Management Committee shows more than 50,000 depositors are still awaiting the return of a combined Rs 34.71bn from these institutions. To recover these funds, the committee has been working to auction the movable and immovable assets of cooperative promoters and managers.

Committee Chairperson Shriman Kumar Gautam said the committee has expedited efforts to identify and freeze assets held by the promoters and managers of troubled cooperatives. “Asset valuation and auction processes have also been initiated accordingly,” he said. “We returned Rs 2.88bn to depositors in the current fiscal year alone, compared to just Rs 836.5m in the previous year.”

Under the Cooperative Act, 2017, the Ministry of Land Management, Cooperatives, and Poverty Alleviation can declare a cooperative “problematic” if it fails to return deposits parked by its members, faces a financial crisis or engages in irregularities. The ministry may appoint a committee to oversee the resolution process on the recommendation of the concerned registrar.

Of the 23 cooperatives declared problematic so far by the federal government, the committee has completed settlements in only three: Kuber Saving and Credit Cooperative, Chartered Saving and Credit Cooperative Limited, and Standard Multi-Purpose Cooperative. Several provincial governments have also declared cooperatives under their jurisdictions as problematic.

The cooperative sector, which was once described as one of the three pillars of the economy along with the public and the private sector, is now plagued by deep-rooted problems stemming from weak regulation, political interference and poor governance. Many cooperatives without proper oversight, allowing financial mismanagement and misuse of public deposits to flourish.

The Nepal Stock Exchange (NEPSE) plunged by 21. 60 points to close at 2,684. 76 points on Monday.  

Similarly, the sensitive index dropped by 4. 03 points to close at 459. 75 points.

A total of 19,415,688-unit shares of 311 companies were traded for Rs 8. 37 billion.

Meanwhile, Mathillo Mailun Khola Jalvidhyut Limited (MMKJL) was the top gainer today with its price surging by 6. 56 percent. Likewise, Rapti Hydro And General Construction Limited (RHGCL) 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 1. 51 trillion.