KATHMANDU, OCT 15: The government has raised the customs duty on the import of silver by 25.88 percent to check the suspected smuggling of this precious metal to India.
With the revised provision, the import duty on silver has reached Rs 107 from Rs 85 per 10 gram, the traders said. The government has taken the step as the country has witnessed a whopping rise in the import of silver in the recent days.
According to the Department of Customs, Nepal imported more than 69,000 kg of silver worth Rs 6.65 billion during mid-July and mid-September this year. During the review period last year, Nepal imported just 1,000 kg of silver worth Rs 761 million. In the entire period of the last fiscal year, the import was just Rs 5.80 billion.
The massive rise in the import of silver has been suspected of smuggling of the precious metal to India. Citing the cheaper silver in Nepal compared to that of India, many Indian traders are found to be purchasing the metal at Nepali market to make hefty profit.