Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: The gold and silver traders have alleged that police administration is confiscating gold ornaments brought from abroad and causing them unnecessary hassles and suffering.
Sureshman Shrestha, President of Federation of Nepal Gold Silver Gem and Jewellery Associations (FNGSGJA), Manik Ratna Shakya, President of Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA), Prachanda Shakya, President of Federation of Handicraft Associations of Nepal (FHAN) issued a joint statement on Monday asking the government not to treat traders who deal in gold jewelry like criminals.
According to the organizations, the traders, who are registered according to the rules of the state, are discouraged and created resentment towards the profession.
They have urged the concerned administration to stop such activities, stating that it is reprehensible to consider jewelry brought from abroad as illegal when gathered in shops and stores, to see them with suspicion as soon as they see jewelry, terrorize traders and cause unnecessary suffering in the name of investigation.
The government has arranged to supply 10 kg of gold daily. Traders complain that this is insufficient. In the market, there is a daily demand of 40 kg of crude gold during the season and 10 to 15 kg of raw gold in the off season, so they have also demanded to increase the quota.
While the gold and silver market is operating monopolistically with a single supply of commercial banks under the quantitative restriction (quota) system, traders have said that there is injustice in the market because the private sector cannot compete in the market by legally registering their business.
These three institutions havea also demanded with the government to establish the right to do business by paying the state’s tax obligations and creating domestic jobs and to make clear standards (guidelines) for the gold and silver business, to make laws and implement them quickly and to develop and promote the gold and silver business.
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