Nepal raises gold import duty to prevent illegal exports to India

A week after big neighbour India revised import duty on gold and silver, Nepal too revised customs duty on gold and silver.

The Himalayan nation raised import duty on gold to Nepal Rs 1,500 per 10 grams and duty on per kg silver has been fixed at Nepal Rs 4,600.

Analysts said Nepal’s decision is based on fear of increased chances of illegal exports to India owing to differences in the customs duty.

Nepal’s bullion traders have been asking the government to jack up customs duty on gold and silver imports to prevent any chances of illegal outflow of the metals to India.

Nepal Gold and Silver Dealers’ Association said as customs duty in Nepal was lower than that in India, it would have eventually given rise to illegal exports to India.

India last month revised the import duty on gold and jacked up to Rs 560 per 10 grams and for silver it was increased from Rs 1,500 to Rs 3,000 per kg. – BullionStreet

Tags: Gold import by Nepal, Nepal Gold import

Posted by admin on Feb 8 2012. Filed under Gold predictions. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry