Bullion traders seek removal of quota system on gold import

KATHMANDU: Gold and silver traders have demanded to remove the quota system in gold imports.

In a meeting with the President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Shekhar Golchha, the newly elected officials of the Federation of Nepali Gold and Silver Dealers’ Association requested the FNCCI to provide necessary assistance to the gold and silver traders in their demand of removing quota system.

During the meeting with FNCCI President Golchha, President Manikratna Shakya on behalf of the gold and silver traders said that business should be run smoothly, necessary policy arrangements should be made for export promotion, gold and silver processing centers should be set up in the country and raw gold processing center should be set up.

On the occasion, FNCCI President Golchha expressed his commitment to providing all possible assistance to solve the problems of gold and silver traders.

Expressing commitment that the federation would always support the legitimate demands of the traders, Golchha said that the current quota system in the open market is not reasonable and expressed his confidence that the federation would take initiative to abolish it as per the request of gold and silver traders.

Lately, Nepal has been importing 10 kg of gold daily through various commercial banks. Until some time ago, 20 kg was being imported daily, but after the Corona pandemic, the government limited it to 10 kg per day.