The new gold management guidelines, which officials and gold dealers finalized on Thursday, has also designated only class ´A´ commercial banks as authorized agents to import a total of 15 kg of gold and 200 kg of silver per day in the country.[break]
A joint meeting between the officials of the MoCS, Nepal Rastra Bank (NRB), representatives of Nepal Gold and Silver Dealers Association (Negosida), Nepal Gems and Jewelers Association (NGJA), Gold and Silver Artists Association (GSAA) and Federation of Handicraft Associations Nepal (FHAN) held at the MoCS on Thursday agreed on the guidelines that was proposed by NRB over a week ago.
“We have agreed to make it mandatory for dealers to submit details of the transactions of 75 percent of their earlier purchase to be illegible to buy new lot so as to ensure proper utilization the precious metals,” Toya Narayan Gywali, joint secretary at the MoCS told Republica.
Gywali said the MoCS will submit the finalized guidelines to the NRB for immediate implementation on Friday. However, gold and silver dealers have said it would not be practicable for them to submit details of their transactions regularly.
“Submitting details of the sales of gold after every purchase is not practical. So we have demanded with the government that dealers be allowed to submit transaction details on an annual basis,” said Mani Ratna Shakya, first vice-president of Negosida.
Dealers have also demanded that private sector be allowed to import 50 percent of the gold and silver so as to ensure smooth supply of gold in the Kathmandu Valley.
“Existing network of banks can´t ensure smooth supply of the gold and silver. Hence the government should also allow dealers to import and distribute the metals,” said Shakya.
Negosida can recommend to its members 50 percent out of the total quantity of gold allocated for Bagmati Zone whereas NGJA, GSAA and FHAN will get 30 percent, 10 percent and 10 percent quantity respectively for their members.
Similarly, 50 percent of the total 200 kg of silver will be allocated to FHAN for its members whereas remaining 50 percent will be distributed at the ratio of 40 percent and 60 percent to Bagmati and other 13 zones.
Out of the total silver allocated for Bagmati, Negosida will get authority to recommend 50 percent, GSAA 30 percent and NGIA 20 percent for its members.
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