Top Stories
Full News
Traders seek reform in gold purchase procedure
Added At: 2012-06-01 9:40 PM
Last Updated At: 2012-06-01 9:40 PM
HIMALAYAN NEWS SERVICE
KATHMANDU: Bullion traders have blamed the procedure which requires
a recommendation for traders to buy gold for discouraging them to purchase the yellow metal from banks.
Issuing a press release, Nepal Gold and Silver Dealers’ Association (Negosida), has refuted that they have intentionally stopped purchasing gold from the commercial banks in the last couple of weeks causing the banks to be piled with
unsold gold.
“The process of obtaining a recommendation from respective associations to purchase gold from banks is troublesome and needs to be made more efficient,” said general secretary of Negosida Manik Ratna Shakya.
Moreover, this period being an off-season for gold jewellery, demand has been down and in a month or so demand will pick up due to the wedding season, so banks do not need to worry about their gold stock, Shakya added.
About 15 days back, Nepal Rastra Bank had reinstated the provision which requires a written recommendation from associations dealing in gold such as Nepal Gold and Silver Dealers’ Association, Nepal Gems and Jewellers Association (Negja), Nepal Gold and Silver Artist Association (Negosaa) and Federation of Handicrafts Association of Nepal (FHAN) to buy gold from commercial banks.
The same circular had also fixed the commission of gold importers and traders at 0.50 per cent of the value.
Due to the appreciating dollar against the Nepali rupee, the price of the yellow metal is still soaring at Rs 55,200 per tola (11.664 grams) despite the cool down in the international bullion market.
Also Read
- Another Nadal-Federer final as Serena faces Azarenka
- BoE governor identifies euro crisis as threat to recovery
- EU finds time to tell bistros how to serve olive oil
- Student leaders "ready to cancel fake enrolments"
- Miley Cyrus swatted again
- Independent Scotland open to Cyprus-style bank risks‚ says Britain
- U.N. chief Ban says worried over N.Korea missile launch
- Sapped Congress mulls early elections in India
- Obama budget cuts deficit $1.1 trillion over decade
- Native American actress proud to walk Cannes red carpet
Related News
- 206 industries facing annulment
- Country's foreign exchange reserve crosses Rs 474 B
- Nepal‚ China hold trade talks
- Morang district to invest Rs 1.25 B in education
- Nepal‚ UAE agree to operate 70 flights a week
- MCCI turns out best
- Stevia an alternative to reducing sugar import
- Talks between govt‚ petro traders inconclusive
- Tourists arrivals drop in March
- FCAN presses Minister Panta for full budget
