The demand of three federations to remove the quota system imposed on gold import

Kathmandu. Nepal gold and silver traders have demanded to remove the quota system imposed on gold import.

On Monday, the Nepal Gold and Silver Traders Federation, the Nepal Gold and Silver Gems and Jewelery Federation and the Nepal Handicrafts Federation held a joint press conference to draw the attention of the government to remove the quota system imposed on gold imports.

Speaking at the press conference, Manikaratna Shakya, President of Nepal Gold and Silver Traders Federation, requested the government to remove the gold import quota system as the gold and silver market is being run through quota system in a controlled manner. He said that due to the gold import quota system, the demand for gold in the market is high, but the sale and distribution cannot be done according to the demand.

He urged the government to establish the right to do business by paying the state’s tax obligations and creating domestic employment, and to make and implement clear standards for the gold and silver business, and to develop and promote the gold and silver business. He said that the quota system will be for a temporary period, but because the government has kept the quota system until now, there has been an increase in the smuggling of gold. He said that gold and silver shops cannot be run without the current system of gold import.

The federation said that despite the demand of around 40 kg in the market during the season, only 10 kg of gold is being imported. In addition to the gold duly received from the bank, the Nepalis coming from abroad can bring 50 grams of gold without customs duty and 100 grams of gold jewelry after paying customs duty, but now the police have arrested the businessmen who brought gold and caused unnecessary suffering.

The Federation has said that there is a need to review the National Bank’s circulars and monopoly arrangements that have been in force for the past 13 years. In relation to the global demand for original Nepali jewelry, it is necessary to create policies, rules and laws for this profession of gold and silver jewelry for the management of the local market for jewelry export and to remain as the property of common consumers living at home.

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