Kathmandu. A six-point agreement has been reached between the agitating entrepreneurs and the government.

The traders were protesting against the two percent luxury tax imposed on gold and silver and vat imposed on precious stones including diamonds.

The two sides have reached an agreement at the Ministry of Finance. After the agreement, the businessmen have called off the agitation. According to the agreement, the ‘Gold Import and Sale Distribution Procedure, 2068 BS’ would be effectively implemented and amended as per the need so that gold would be made available from the commercial banks importing gold from the nearest trading center so that the local gold and silver jewellers could have easy access.

Similarly, it has been proposed to make arrangements to be clear about the level seen in the sale and distribution of gold and silver, and to make necessary study and review regarding gold and gold ornaments kept within the definition of luxury.

On behalf of the government, joint secretary at the Ministry of Industry, Commerce and Supplies, director general of the Inland Revenue Department, director general of the Department of Customs, director of Nepal Rastra Bank and Federation of Nepal Gold and Silver Entrepreneurs, Federation of Nepal Gold and Silver Gems and Jewellery And Officials of Nepal Gold and Silver Entrepreneurs and Artisan Sangharsh Samiti, Federation of Nepalese Chambers of Commerce and Industry, Nepal Chamber of Commerce and Industry. A task force will be formed to address the demands. The secretariat of the task force will be in the Ministry of Finance, Revenue Management Division.

The task force formed pursuant to Point 4 will make recommendations on legal and policy arrangements to regulate the gold and silver business in its working conditions, maintaining the rate of revenue in a way consistent with the rates of revenue levied on gold and silver and precious metals and gemstones in the neighboring countries. With regard to other issues, the task force itself will decide the working conditions and the working procedure for conducting the meeting.

Federation of Nepal Gold and Silver Dealers’ Association, Federation of Nepal Gold and Silver Gems and Jewellery Federation and Nepal Gold and Silver Entrepreneurs and Artisans’ Struggle Committee have decided to suspend all the ongoing agitations, hunger strikes and struggles from today.