Kathmandu. The government has tightened the trade of precious metals or commodities with the aim of bringing the country out of the ‘greylist’. At a time when the country is going through a grey list in terms of money laundering, the government has started tightening the trade of such precious metals or commodities to get it out of it soon.

The Inland Revenue Department (IRD) has issued a directive to tighten regulation on the transaction of such goods. The directive states maintaining fairness and transparency in the transaction of precious metals and commodities with regard to prevention of money laundering, terrorist activities and financial investment in the manufacture and expansion of weapons of mass destruction.

The department has tightened restrictions on business transactions and payments. The directive states that the index institutions should carry out transactions from the account held in the bank and financial institution in the name of the business institution. Similarly, the index institutions are not allowed to use their personal accounts or their employees, family members or any other person’s account with the bank financial institution.

Such index institutions are also required to take payment from the account of the customer or his/her family members while selling precious metals or products worth Rs 10 lakh or more at a time.

Arrangements have been made to take payment through electronic means while doing such transactions. The Department has directed the Nepal Rastra Bank (NRB) to request the Nepal Rastra Bank (NRB) to make necessary arrangement in order to give priority to electronic means in the amount to be taken or to be made by the index institutions in case there is any limit in the payment made through electronic means ।

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