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The Central Bank of Nepal (NRB) announced on October 3 that the authorities will only allow these goods to be shipped to traders who have obtained permits and opened letter of credit accounts as of mid-July this year
.
The central bank has asked banks and financial institutions not to consider new documents concerning transactions and payments related to the import of these commodities
.
The NRB announcement read: “Because the government has not extended quota regulations and issued licenses to importers, relevant personnel have been notified
.
”
.
The central bank has asked banks and financial institutions not to consider new documents concerning transactions and payments related to the import of these commodities
.
The NRB announcement read: “Because the government has not extended quota regulations and issued licenses to importers, relevant personnel have been notified
.
”
In March last year, the government was able to relax the import restrictions on these agricultural products
.
Traders are allowed to import 15,000 tons of betel nuts and peppers and 5,000 tons of dates each year, provided that these commodities are used for industrial purposes
.
.
Traders are allowed to import 15,000 tons of betel nuts and peppers and 5,000 tons of dates each year, provided that these commodities are used for industrial purposes
.
In order to prevent a possible decline in foreign exchange reserves after the implementation of the blockade on March 24 in the 2019/20 fiscal year, the government completely banned the import of expensive food and luxury cars
.
Later, under pressure from traders, the government became flexible in this regard
.
Traders imported these commodities from third countries and discovered that a large number of them were smuggled to India
.
.
Later, under pressure from traders, the government became flexible in this regard
.
Traders imported these commodities from third countries and discovered that a large number of them were smuggled to India
.
The Nigerian government is currently facing pressure on foreign exchange reserves and has begun policy intervention
.
According to NRB data, Nepal’s balance of payments deficit in the first month of this fiscal year was 38.
75 billion rupees
.
.
According to NRB data, Nepal’s balance of payments deficit in the first month of this fiscal year was 38.
75 billion rupees
.
