Banks no longer restricted to import 1kg gold bars
Kathmandu, January 12
Commercial banks are now allowed to import gold coins and bars below one kg — 100 grams, 200 grams and 500 grams — as Nepal Rastra Bank (NRB) has amended the Gold Import and Distribution Guideline-2011. Earlier the banks were allowed to import only one-kg gold bars.
Jewellers had long since been complaining that they were facing hassles in purchasing small quantity of gold as the banks sell no less than one kg gold to them.
Issuing a circular today, NRB has paved the way for commercial banks to import gold in smaller mass as well, which is expected to address the demand of jewellery shops. Earlier, jewellers used to purchase gold from banks in a group and divide yellow metal amongst themselves.
The central bank has also asked the banks to ensure purity of 99.99 per cent in the gold they import. Until now, banks were allowed to import gold with 99.5 per cent purity.
Only commercial banks are authorised to import gold in country. NRB has fixed 15 kg gold import quota every day for the banks.