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Nepal Rastra Bank (NRB) increases payment limit on silver imports, exchange facility up to $500,000

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Kathmandu. Nepal Rastra Bank (NRB) has increased the payment limit on silver imports. The central bank said it had increased the limit to $500,000.

Industries dealing TAG_OPEN_div_18 in gold and silver were receiving facilities worth $300,000 per time when they imported silver ornaments for their own purposes as industrial raw materials to make artistic goods, utensils, etc.

TAG_OPEN_div_16 Nepal Rastra Bank (NRB) has decided to provide exchange facility up to the limit of $500,000 worth of foreign currency or equivalent to $500,000 per time importing silver.

Similarly TAG_OPEN_div_14, other gold and silver dealers can also be provided facilities up to the limit of US$ 100,000 or equivalent foreign exchange per time when they import silver, according to the central bank.

According to Rewati Prasad Nepal, executive director of the Foreign Exchange Management Department of the central bank, the export order will have to be submitted in advance or a letter of return or document equivalent to the purchase order from abroad. TAG_OPEN_div_12

A self-declaration regarding the non-payment of dues for the export by taking the facility of exchange of silver import from banks other than commercial banks has to be taken from the silver traders.

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