Govt. hikes duty on gold
The government raised the customs duty on gold imports by Rs 1,600 per 10 gm to Rs 5,200 from the previous Rs 3,600 rate on Thursday. The increment is by Rs 1,900 per tola (11.664 gm).
A meeting of council of ministers on Wednesday took such decision to increase the customs duty on the yellow metal. Gold dealers and entrepreneurs have been time and again urging the government to do so.
“The customs duty has been revised to control illegal supply of gold to India from Nepal.” said Finance Secretary Shanta Raj Subedi. India had raised the customs duty to Rs 4,480 per 10 gm on gold earlier in August.
But gold dealers seem to be unaware about the decision. “We have not received any official information regarding the increment of the customs duty,” said Tej Ratna Shakya, president of Nepal Gold and Silver Dealers' Association. “The prices of gold and silver are still fixed at old rate.”
However, the association had been suggesting the government to increase the rate to at least Rs 4,500 to Rs 5,000 per 10 gm.
“India had increased the rate last month. Hence, we have been advising the government to revise rate to adjust price with India’s rate and discourage illegal gold trade.” said Shakya. nepalnews.com/ Rajin Rai