Dealers seek FNCCI support for removal of gold import quota

KATHMANDU, JANUARY 22

Gold and silver dealers have asked for support from the Federation of Nepalese Chambers of Commerce and Industry (FNC- CI) to remove the quota system on gold imports.

During a meeting with the FNCCI President Shekhar Golchha today, the newly elected officials of the Federation of Nepali Gold and Silver Dealers’ Association (FeNeGoSiDA) today requested the FNCCI to provide necessary backing to the gold and silver traders in their demand of removal of quota system in gold import.

During the meeting with FNC- CI President Golchha, FeNeGo- SiDA President Manik Ratna Shakya said that efforts should be made so that businesses can run smoothly, necessary policy arrangements should be made for export promotion, and gold and silver processing centres should be set up in the country.

Meanwhile, responding to the issues raised by FeNeGoSiDA, FNCCI President Golchha vowed to provide all possible assistance to solve the problems of gold and silver traders.

He said that the federation would always support the legitimate demands of the traders. He further said that the current quota system in the open market is not right and expressed confidence that the federation will take the initiative to get it removed as per the request of gold and silver traders.

Lately Nepal has been importing 10 kg of gold daily through various commercial banks. Due to the COVID-19 pandemic, gold consumption has declined in the local market. Before the pandemic, 20 kg was being imported daily, but after the corona epidemic, the government has limited it to 10 kg per day.