Kathmandu, February 15:

NIC Bank has launched a new product ‘NIC Pure Gold’ from today. Unveiling the new product, Shashin Joshi, chief executive officer (CEO) of NIC Bank, said, it’s the first of its kind of innovative product ever introduced by a bank in Nepal. “With the launch of this product, the bank will import certified 99.9 per cent pure gold from reputed international mints/suppliers,” he added.

According to him, NIC Bank will be offering high purity gold bars/coins imported directly from

the international mints from Australia.

The gold, thus purchased by the bank, can be purchased by anyone including gold dealers (wholesalers and retailers), investors as well as general public. The bank also offers a facility to avail loans from the bank to purchase the gold.

It offers custodial service under which buyers may choose to keep the purchased gold safely in the bank instead of taking the high risk of storing it at home.

“Although there is a sizeable demand of gold in Nepal, hardly any quantity is imported officially,” said Joshi, adding that thus the government is losing millions in revenues.

The majority of gold consumed in Nepal is believed to be brought in through porous borders without declaration and a huge amount of Indian currency is believed to be flowing out from the country.

“NIC Bank’s plan to import certified pure gold is expected to discourage unofficial import, while at another hand it contributes to the government revenue and ensures assured quality to the consumers,” he added.

Tej Ratna Shakya, president of Nepal Gold and Silver Dealers’ Association (NEGOSIDA) lauded the effort made by NIC Bank and said that gold trading would not limited only for traditional activities but also become a safe haven for investment.