Govt raises Rs 3.75 billion in customs duty from gold import in 8 months of current FY

Published On: March 17, 2022 07:30 PM NPT By: Republica  | @RepublicaNepal

KATHMANDU, March 17: The government collected revenue worth Rs 3.75 billion alone from the duty on gold import during mid-July 2021 and mid-March 2022.

According to the records maintained by the customs office at Tribhuvan International Airport, Nepal imported more than 4,300 kg of gold during eight months of the current fiscal year. This includes the raw gold imported for commercial purpose and the jewelries brought for personal use.

Over the period, gold import was highest during mid-August and mid-September. In this one month period, the country imported 783 kg of the precious yellow metal.

Citing heavy drain of foreign currencies, the government has imposed restrictions on the import of gold. Recently, Nepal Rastra Bank reduced the import quota of gold to 10 kg a day from 20 kg.

An individual is allowed to bring in gold or gold jewelry weighing only up to 50 grams from abroad. For gold jewelry weighing 50 gm to 200 gm, a traveler needs to pay customs duty at the rate of Rs 7,500 per 10 gm. The government authorities seize any quantity over 200 gm of gold. 


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