KATHMANDU, Nov 27: Gold traders can now make their purchase directly from commercial banks. The Supreme Court (SC) has ruled to remove the quota of purchasable gold only from the Federation of Nepal Gold and Silver Dealers' Associations (FENEGOSIDA), allowing traders to buy gold directly from banks until further order is issued.
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Earlier, entrepreneurs were buying gold through various associations and federations. On November 22, the bench of SC Justices Nahakul Subedi and Til Prasad Shrestha issued an order stating that if the rules set by the Nepal Rastra Bank are satisfied, gold can be purchased directly without going through the federation.
Previously, the commercial banks used to purchase 20 kilograms of gold daily from abroad, which was then bought by the FENEGOSIDA and distributed to the traders. On September 27, Sagar Dhungana filed a writ petition in the court on behalf of Shree Riddhi Siddhi Jewellers.
