Guidelines to regulate gold, silver trade soon: Supplies minister

Published On: January 31, 2017 09:15 AM NPT By: Republica  | @RepublicaNepal

Stating that the Consumers Act had prescribed stringent action against those supporting black-marketing, Deepak Bohara asked traders to do business as per existing laws.

KATHMANDU, Jan 31: Minister for Supplies Deepak Bohara on Monday underscored the need for gold and silver trading guidelines, stating that monitoring of gold and silver traders has become difficult in the absence of such guidelines.

Speaking at the national assembly of gold and silver traders organized by the Federation of Nepal Gold and Silver Dealer Association, Bohara also said that guidelines will also make the bullion market more disciplined.

Stating that the Consumers Act has prescribed stringent action against those supporting black-marketing, he requested gold and silver traders to do the business as per the existing laws. “The gold and silver trade will be consumer-friendly,” he added.

Minister Bohara also said that the government would raise gold supply quota to control black-marketing of gold. 

Similarly, Anil Keshary Shah, president of Nepal Bankers Association, said that banks would simplify the process to sell gold to jewelers. “We will hold needful discussion with the stakeholders to simplify the process,” he added.

Likewise, Mohan Kumar Sunar, president of the federation, urged the government to increase gold supply quota and end the perennial shortage of yellow metal in the market. 

Speaking at the program, Rajesh Kazi Shrestha, president of Nepal Chamber of Commerce, criticized the government for its failure to introduce guidelines to regulate gold and silver trade. “We have been hearing about the guidelines for the past three years,” he said, requesting Minister Bohara to bring the guidelines at the earliest.

Leave A Comment