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Exim code bail of companies to import and export

Kathmandu. The government has amended the Customs Regulations for the 16th time to remove the provision related to security of Rs 300,000 kept in the name of the Customs Department while issuing the EXIM code.

Now the bank guarantee guaranteed by the importers will be waived. The Customs Department has recently written a letter to commercial banks asking them to waive bank guarantees of Rs 300,000 kept by various importers in banks and branches for obtaining exim code.

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Finance Minister Bishnu Prasad Poudel had announced in the budget that the deposit should be removed while taking the EXIM code. Similarly, a letter written by the Department of Customs has reached the Rastra Bank to facilitate the implementation.

According to the Customs Department, around 15,000 EXIM codes have already been issued. Exim Code is a license used for doing business internationally. It is used in imports and exports.

Nepal has been carrying out foreign trade with 161 countries. Of these, 37 countries have trade profits and 124 countries have trade deficit.

Nepal had imported goods worth Rs 42.52 million from Afghanistan and exported goods worth Rs 741.836 million to Afghanistan during the 11 months of the current fiscal year.

According to the Data of the Department of Customs, Afghanistan has the highest trade profit among the countries where Nepal has foreign trade, while India has the highest trade deficit.

Similarly, Nepal has made profitable foreign trade in 37 countries including Denmark, Russia Federation, Romania, Lao People’s Democratic, Iceland, New Caledonia, Maldives, Yemen, Malta and Croatia.

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