Gold import down by 50 pc

KATHMANDU, NOV 29 -Gold import halved in the first quarter of the current fiscal year compared to same period last year. The country imported the precious yellow metal worth Rs 3.5 billion in the period between mid-July and mid-October compared to Rs 7 billion worth of import a year ago, according to the Nepal Rastra Bank (NRB)’s report on the current microeconomic situation.

Smart Telecom gripped by ownership dispute

KATHMANDU, NOV 28 -Smart Telecom, which is planning to launch nation-wide GSM mobile service, has been embroiled in an ownership dispute. The dispute surfaced after a group, claiming that it has bought a 54 percent stake in the company, appointed a new chairman. But the founding group says it has not sold any stake and that it has complete ownership in the company.

Market monitors catch clothing, shoes traders

KATHMANDU, NOV 27 -The government’s market monitoring initiative has revealed that sellers of readymade garments and shoes have been cheating customers on price and the government on taxes. Besides engaging in illegal practices like under invoicing, some traders have been enjoying a profit margin of up to 300 percent, said the Department of Commerce and Supply Management.

The wrongdoings of traders came to light when the department inspected a number of shops selling readymade garment and shoes in the capital. “There are cases where a garment with a cost price of Rs 400 has been priced at Rs 2,600,” said Hari Narayan Belbase, director of the department. “We have clearly exposed that the market condition is really terrible.”

There is a huge difference in customs valuation prices for VAT collection purposes and retail prices which means traders have also been cheating the government, according to the department.

Responding to growing complaints, the department had checked out eights shops dealing in readymade garments, shirting and suiting and shoes at Putali Sadak and Mahabauddha on Monday and Tuesday. The government’s monitoring has so far been focused on daily essential goods to control artificial shortages and price hikes and keep a watch on quality.

82 percent Nepalis have access to phone services

KATHMANDU, NOV 26 -Nepal’s telephone service penetration rate reached 82.49 percent as of mid- September. The Nepal Telecommuni-cations Authority (NTA) said that 21.85 million Nepalis have access to telecom services out of the total population of 26.4 million.

Cell phone users make up nearly 90 percent of the total users of telecom services. Mobile services are being provided by two main telecom companies-Ncell and Nepal Telecom (NT). Two other operators-Smart Telecom and United Telecom Limited (UTL)-are also preparing to go nationwide with their mobile services by obtaining a unified telecom licence.

NT has 19.4 million mobile subscribers including 973,392 users of CDMA mobile service, according to the latest Management Information System report of the NTA. Wider network coverage, value added services and cheaper service rates resulting in competition among the companies are the reasons behind the faster growth of mobile service than other telephone services, said the NTA.