Gold import quota up by 5 kg per day
Nepal Rastra Bank (NRB) has increased the import quota of gold by 5 kg to 20 kg per day, for the period of three months.
The board meeting of the central bank on Monday decided to increase the quota of gold.
The bank has increased the quota of gold with a view to ease the shortage of the precious metal especially during the upcoming festive season, according to NRB.
However, the dealers decry that the increased quota is not sufficient to meet the demand during the festival seasons. They say the normal daily demand of gold is 35 kg.
Though the dealers have been demanding increase in the import quota since the last three months, the central bank has hiked the import by 5 kg, which is acceptable for now, said Tej Ratna Shakya, a representative of Nepal Gold and Silver Dealers' Association (NEGOSIDA).
“As the daily demand of gold is below 25 percent, the recently increased quota of gold by NRB is enough to meet the daily demand for the time being but it is insufficient especially during festival and wedding seasons.”
The supply and demand of the gold should be balanced to discourage the black-marketing, said Shakya.
The government has also 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 to control illegal supply of gold to India from Nepal recently.
The increment is by Rs 1,900 per tola (11.664 gm). Nepalnews.com