Economy

Gold, silver import resumes

Published by Octron on December 28, 2010

Nepal Rastra Bank (NRB) on Monday issued a new gold management guideline, formally opening gold and silver imports after a ban of some four months.

Going by the new guidelines, the authorized gold and silver dealers can import silver under open general license without any quantitative restrictions.

However, only class ´A´ commercial banks have been named as authorized agents to import gold. The guidelines have imposed a quantitative restriction of 15 kg of gold per day.
The new guideline has also made it mandatory for gold dealers to submit details of their past transactions for new purchase. Under the provision, the dealers will need to submit transaction details of 75 percent of their earlier purchase to be eligible to buy new lot.

This provision has been incorporated to ensure proper utilization of the yellow metals, according to officials.

The central bank has also provisioned that the dealers operating in Bagmati zone will get not more than 60 percent of the total daily import and the remaining would be supplied to dealers in remaining 13 zones.

Gold and silver dealers, however, have said the provision of regularly submitting details of their transactions details would not be practical. Instead, they have demanded that they be allowed to submit transaction details on annual basis.

The new guideline also envisages formation of a monitoring committee, including officials of Ministry of Commerce and Supplies and NRB, to monitor and review the market situation.

Source: Republica

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