KATHMANDU, Nov 24: Gold imports have experienced a sharp decline. According to the Department of Customs (DoC), only 132,564 grams (132.564 kilograms) of gold were imported during the first quarter of the current fiscal year (FY) (mid-July to mid-November).
For this, Rs 1.43 billion has been spent on foreign transactions. The state has been able to collect Rs 285.5 million in revenue from gold imports.
Imports increase in third month of current FY
On the other hand, during the first quarter of the previous FY, 1,000.5 kilograms (1,000,500 grams) of gold were imported. For this, Rs 8.28 billion was spent on foreign transactions, and the state collected Rs 1.23 billion in revenue.
The import of gold jewelry, however, has increased slightly in the first quarter. While jewelry worth Rs 113.2 million was imported by mid-November in the previous FY, this FY it has climbed to Rs 198 million.
The sharp decline in raw gold imports can be attributed to two factors: the continuous rise in gold prices in the international market leading to reduced consumption, and the increase in taxes within the country.
