Kathmandu. The Nepal-India Chamber of Commerce and Industry (Nikki) has submitted a memorandum to Home Minister Om Prakash Aryal, demanding strict monitoring of illegal trade taking place through the open border between Nepal and India.
In recent times, the MRP of Indian daily consumables and other commodities has come down significantly due to the policy decision of the Government of India to reduce and adjust GST strategically to maintain demand and increase domestic consumption by making its products competitive in the market. As a result, these products are cheaper than the products produced in Nepal.
Since then, Nepali products have not been able to compete with Indian products as the government has not changed the customs duty and tax rates of raw and finished goods, has not brought relief programs to reduce the cost of production, and has not made industry-friendly policy adjustments.
Due to this price differential, the increase in unauthorized trade has seriously affected Nepalese industry and formal trade, making it uncompetitive and informal flow of goods in the domestic market has accelerated.
The Nepal-India Chamber of Commerce and Industry submitted a memorandum to Home Minister Om Prakash Aryal in this regard. The memorandum was submitted by Sunil KC, president of the association, with suggestions to control the unauthorized trade.
Nikki has also given 5-point suggestions to Home Minister Aryal. Among the suggestions are to tighten surveillance at 22 customs transit points to control unauthorized trade and to implement a highly effective cooperation and coordination system among the bodies concerned such as Nepal Police, Armed Police Force, Customs and Border Management.
Likewise, after the GST change, special monitoring of sensitive goods that have increased price risk, conducting targeted enforcement drives to control large-scale illegal trade and under-invoicing, and taking immediate administrative steps to prevent misuse between formal and informal trade with the aim of protecting legitimate industries and traders.
प्रतिक्रिया दिनुहोस्