KATHMANDU, Nov 30: Despite the government authorities repeatedly issuing caution notices to check gold import, there is a massive surge in the import of the precious metal by travelers returning from abroad.
According to the customs office at the Tribhuvan International Airport, travelers and migrant workers were found to import 21 kg of gold on Monday alone. The quantity is way bigger than the government-set limit that allows banks to import only 20 kg daily.
The government has adopted a policy to check the import of luxury goods amid growing pressure on the country’s foreign currency reserves. According to a study conducted by Nepal Rastra Bank, remittance earnings by migrant workers are largely being used to import conspicuous products including gold.
On the day, 415 individuals were recorded for importing 21 kg of gold in total. Out of the quantity, the importers paid Rs 9.4 million duties on customs clearance. The remaining 11 kg of gold has been upheld by the customs authority as the importers are yet to clear the taxes.
According to the Department of Customs, an individual is allowed to bring in only up to 50 gram of gold. For the gold jewelry weighing 50 gm to 200 gm, a traveler needs to pay customs duty as per the law. The authorities seize imported gold that crosses the limit of 200 gm.