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Taxpayer Incentive Scheme Draws Record Participation, Consumer Wins Rs. 10 Lakh

A consumer who purchased goods worth just Rs. 350 from Ganesh Electronics and Mobile Centre has won the Rs. 10 lakh bumper prize under the Inland Revenue Department’s taxpayer incentive scheme. The latest draw also selected 15 other winners, each receiving Rs. 1 lakh after tax deduction, as participation in the scheme surged sharply in the second half of Shrawan.

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Taxpayer Incentive Scheme Draws Record Participation, Consumer Wins Rs. 10 Lakh

The Inland Revenue Department’s taxpayer incentive scheme has witnessed a remarkable surge in participation, with consumers increasingly embracing formal billing and digital payment practices. A consumer who purchased goods worth just Rs. 350 from Ganesh Electronics and Mobile Centre emerged as the winner of the Rs. 10 lakh bumper prize in the second fortnightly draw of Shrawan. Meanwhile, 15 other consumers won Rs. 1 lakh each after tax deduction. The sharp rise in participation is reflected in the number of bills uploaded, which jumped from just 7,077 in the first 15 days of Shrawan to 357,149 in the second fortnight. QR-based transactions also increased substantially, rising from 25.6 million to 32.09 million. The department said the scheme is helping promote transparent transactions, proper bill-taking habits and digital payments among consumers.

Nepal Rastra Bank Publishes Thursday's Foreign Exchange Rates; US Dollar at Rs. 149.61

Nepal Rastra Bank (NRB) has published the official foreign exchange rates for Thursday. The buying rate of one US dollar has been fixed at Rs. 149.61 and the selling rate at Rs. 150.21. The British Pound Sterling has recorded the highest value among the major currencies listed, with a selling rate of Rs. 200.16.

Gold Price Plunges by Rs. 5,900 Per Tola on Dhanteras; Silver Also Declines

Gold and silver prices recorded a sharp decline in the Nepali market on Friday, Kartik 20, coinciding with Dhanteras. Gold fell by Rs. 5,900 per tola to Rs. 283,000, while silver dropped by Rs. 110 per tola.

Nepal's VAT Collection Exceeds Target as Consumer Reward Scheme Boosts Tax Compliance

Nepal's VAT collection exceeded its first-quarter target in FY 2083/84, reaching Rs. 41.04 billion, up 10% compared to the same period last year. The increase comes after the Inland Revenue Department introduced a consumer reward scheme encouraging people to demand bills when making purchases.

Nepal Estimates $5 Billion Needed for Reconstruction After Bhotekoshi-Trishuli Disasters

Finance Minister Dr. Swarnim Wagle has estimated that Nepal will require approximately $4.7 billion to $5 billion for reconstruction following the disasters in the Bhotekoshi and Trishuli regions. The government is preparing a phased financing plan, including financial support from India, China, the World Bank and the Asian Development Bank (ADB).

Maya Khola Hydropower's Net Profit Surges 124.52% to Rs 6.38 Crore in Q1

Maya Khola Hydropower Company Limited (MKHC) has reported a 124.52 percent increase in net profit, earning Rs 6.38 crore in the first quarter of FY 2083/84, compared to Rs 2.84 crore in the same period last year. Higher electricity sales revenue and lower interest expenses supported the company's improved profitability.

Khani Khola Hydropower Turns Profitable, Reports Rs 3.65 Crore Net Profit in Q1

Khani Khola Hydropower Company Limited (KKHC) has made a remarkable financial turnaround, reporting a net profit of Rs 3.65 crore in the first quarter of FY 2083/84, compared to a net loss of Rs 1.89 crore in the same period last year.