Entrepreneurs demand removal of quota on gold imports

Kathmandu. Gold and silver traders have demanded the abolition of the quota system in gold imports. A team of newly elected officials of the Federation of Nepalese Gold and Silver Merchants on Friday called on Shekhar Golchha, president of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI).

Manikaratna Shakya, president of the Federation of Gold and Silver Merchants, has urged Golchha to go with the government to create a conducive environment for business to operate smoothly, make necessary policy arrangements to promote exports, run a gold and silver training center in the country and set up a raw gold processing center.

Golchha, president of the Federation of Nepali Chambers of Commerce and Industry (FNCCI), said that the quota system in the open market was not right and pledged to take initiative to abolish it as per the request of gold and silver traders. The traders suggest that higher customs rates can be maintained in the border countries so that the imported gold does not go abroad again.

Lately, Nepal has been importing 10 kg of gold daily through various commercial banks. Until some time ago, 20 kg was being imported daily, but after the Corona epidemic, the government limited it to 10 kg per day.

Various studies have shown that the daily demand for gold is 30 to 40 kg across the country.