KATHMANDU, MARCH 10
The Ministry of Finance is positive towards gold dealers' demand of increasing the limit on gold import.
During a meeting held today with the gold dealers, Finance Minister Bishnu Prasad Paudel said that the ministry is holding positive discussions on this issue.
After facing shortage of gold in the market after the lockdown period, gold dealers have been urging the government to raise the import of precious yellow metal.
According to a statement issued today by the Federation of Nepal Gold and Silver Dealer's Association (FeNe- GoSiDA), the minister has said that the ministry is doing its homework to address the lack of gold in the market.
During the meeting, FeNe- GoSiDA President Manik Ratna Shakya said that currently the daily demand for gold stands at around 30 kg.
However only 10 kg of gold is being supplied in the market.
"Lack of raw gold in the market and the limit on gold import is encouraging illegal import of gold," he said, "Due to this situation, the government is also losing revenue."
At present, the government has capped the daily gold import quota at 10 kg, against allowing up to 25kg of gold to be imported during the festive seasons.
A version of this article appears in the print on March 11, 2021, of The Himalayan Times.
