Kathmandu, March 21:

State minister for finance Dr Roop Jyoti, speaking at the 53rd anniversary of Nepal Chamber of Commerce (NCC) in the capital today, disclosed that traders are found to have been importing mobile hand sets through under invoicing.

“The mobile sets are being quoted below the actual price,” accused Dr Jyoti. However, he did not disclose the names of those companies importing the sets through under invoicing.

He also assured to take action against such ‘unscrupulous’ traders as it will risk the whole business environment and bring corrosion in revenue mobilisation.

“Why traders do import mobile sets illegally when the customs duty is only one per cent now,” Dr Jyoti wondered.

As the economy is facing a difficult time, the business sector should present their transactions in a transparent way but some businesspersons are not operating their businesses legally, he alleged.

Talking about the effective steps taken by the government, Dr Jyoti said that the government has adopted strong monitoring mechanism for taxpayers in the business sector, checking tax plate of shops and effective billing system.

He also agreed that economic growth, currently, is on the downward trend. He also said that the government is thinking to introduce special provisions to boost foreign investment in the country.

Acting president of NCC Jagdish Prasad Khetan on the occasion said that the government and the private sector should pay a serious heed making economic diplomacy more effective in export sector’s promotion concentrating especially on diversification.

“Taking the private sector into confidence for ‘revenue mobilization measure’ is significant to improve business environment,” Khetan said.

Buddhi Man Tamang, minister for industry, commerce and supplies, said that the talks between Nepal and Indian government are going on to revoke four per cent additional duties imposed for Nepali goods by India in its recent budget.

Chandi Raj Dhakal, president of Federation of Nepalese Chambers of Commerce and industry (FNCCI) commented that India has imposed an additional customs duty on Nepali goods against the ‘protocol’ between the two nations. The two South Asian neighbours have the special trade agreement. According to which, he said, it should be revoked immediately.

He also appreciated the initiatives taken by China to provide duty free access for Nepali goods into the Chinese market.

Dr Tulsi Giri, vice-chairman of the Council of Ministers, said that trade diversification is a key to Nepal’s sustainable economic development. However, quality products are needed when it comes to competing in the global markets.

Rajesh Kaji Shrestha, assistant minister for industries, commerce and supplies, said that it has been a big challenge for the Nepali business sector to reap benefits from new opportunities.

He hoped for the early renewal of Indo-Nepal transit treaty, which will give a relief to the Nepali business community.

On the occasion of 53rd anniversary of NCC, Dr Giri awarded former president of NCC Mahesh K Agrawal for his 25 years of contribution at the chamber.

Similarly, other members of the chamber, including Man Bahadur Shrestha, were also awarded for their contributions.