KATHMANDU, April 1: More than 1,200 vehicles are currently impounded in Birgunj Customs Office premises. The vehicles have piled up as the importers failed the customs clearance.
Automobile dealers typically get the customs clearance of vehicles only after the vehicles are sold. However, with a slowdown in sales, a significant number of vehicles have been gathering dust at the customs yard.
Dillaram Panthi, Chief Customs Administrator of Birgunj Customs Office, confirmed that more than 1,200 vehicles have been held up in the customs yard for failure in customs clearance.
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According to the Birgunj Customs Office, the customs yard contains buses, trucks and chassis and body parts of vehicles.
Dhurba Thapa, former president of NADA Automobiles Association, highlights that for the past two years, the economic recession has led to vehicles being held without customs clearance. Initially, nearly 2,200 vehicles were detained at the Birgunj Customs Office. However, Thapa notes that the number is gradually decreasing as businessmen scale back imports and release vehicles held at the customs. He said, "Due to the economic recession and banks' reluctance to invest in vehicles, the pile of vehicles at customs persists."
Chief Customs Administrator Panthi suggests that the congestion at the customs yard reflects a slowdown in the vehicle market.
Most of the vehicles detained at the Birgunj Customs Office, awaiting customs clearance, are intended for commercial use, such as rental buses and pickups. "People's purchasing power has significantly declined, primarily due to the economic recession. Consequently, there's a reduced demand for commercial vehicles," explained former president Thapa. "Given the decreased income from commercial ventures, businessmen are hesitant to invest in vehicles for such purposes," Thapa added.
Former president Thapa pointed out that banks and financial institutions are hesitant to finance vehicles other than certain types. "Currently, buyers of new vehicles are required to make a 50 percent down payment. However, banks and financial institutions are reluctant to provide even that percentage of financing for vehicle purchases," he stated.
In the past, there was a system where banks and financial institutions provided financing for up to 70/80 percent of the total cost of fuel-powered vehicles, with a down payment requirement of only 20/30 percent.
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