Nepal-India Trade & Money Laundering: The NRB’s FIU says trade-based money laundering risks are rising, with FATF pointing to misreported prices/quantities in imports and exports as a key mechanism. Tea Export Shock: India’s new tea testing rules are choking Nepali exports; 65 Ilam factories have shut and more are set to close, leaving large stocks stuck and farmers facing payment delays. Provincial Budgets: All seven provinces unveiled 2026/27 budgets totaling about Rs 293bn, with Bagmati leading (around Rs 67.9bn) and a strong push for infrastructure, health, education, jobs and digital services. Governance & Spending: Nepal’s capital spending is lagging, with only about 32.5% of development allocations used with one month left—raising delivery concerns. Electricity Authority Warning: NEA urges customers to use official service channels and report any irregular fees or misconduct. Foreign Policy: FM Shisir Khanal met China’s Wang Yi in Beijing, with China pledging faster delivery on agreed projects and support for Nepal’s governance and growth priorities. Markets & Finance: NEPSE extended losses, while Sanigad Hydro’s IPO allotment left most applicants without shares. Energy/Infrastructure Diplomacy: Nepal and India discussions continue around cross-border power trade, with Bangladesh-bound electricity supply in focus.