KATHMANDU: In order to discuss the practical difficulties, problems and challenges being faced by the commercial banks and jewellers in course of the implementation of the Gold and Silver Import and Sale and Distribution Guidelines issued by the Nepal Rastra Bank (NRB), the “Bank-Dealers Interaction Program on the Implementation of Gold and Silver Import and Sale and Distribution” was held at the Secretariat Office Premises, Bougainville. <\/p>\n
The program was attended by representatives of Nepal Rastra Bank, Chief Executive Officer of Nepal Bankers’ Association, FNCCI office bearers and executive committee members, President and representatives of associated member associations, associate members, advisors and experts and concerned heads of departments of commercial banks importing gold. <\/p>\n
On the occasion, the entrepreneurs raised the issues regarding the process to be adopted while purchasing gold from banks, necessary documents and payment arrangements, practical difficulties seen in the purchase of gold from banks, the failure of the banking system to purchase gold, excessive return of jewelry from the customers and the fluctuation in the customs rate and the price of gold. <\/p>\n
The representatives of the banks clarified the regulatory process related to the sale and distribution of gold, the management of the price of gold, necessary documents, payment and documentation, among other things. In addition, there was a discussion on making the coordination between the banks and the businessmen more effective and collaborating to solve the problems seen in the course of implementation. <\/p>\n
Nepal Rastra Bank’s Foreign Exchange Management Department, Policy Unit’s Deputy Director Yagya Shrestha informed about the existing provisions of the working procedure and expressed the view that the government would take initiatives to raise the issues raised in the program and the suggestions received from the concerned bodies in a coordinated manner. <\/p>\n
Similarly, Anil Sharma, Chief Executive Officer of Nepal Bankers’ Association, expressed his commitment to move ahead in collaboration and coordination among the FNCCI, banks and regulators for necessary improvements. <\/p>\n
On the occasion, advisor Badri Prasad Koirala stressed on the need to move ahead by making regular dialogue, coordination and cooperation among banks, entrepreneurs and regulatory bodies more effective to make the import and distribution of gold and silver simple, transparent, systematic and business-friendly by amending it as per the time. <\/p>\n
Addressing the sluggishness seen in the gold and silver market in recent period, special emphasis was laid on re-taking necessary initiatives and lobbying with the Government of Nepal to make the customs duty and other tax rates on gold and silver as low as possible in order to make the market dynamic.<\/p>\n","protected":false},"excerpt":{"rendered":"
KATHMANDU: In order to discuss the practical difficulties, problems and challenges being faced by the commercial banks and jewellers in course of the implementation of the Gold and Silver Import and Sale and Distribution Guidelines issued by the Nepal Rastra Bank (NRB), the “Bank-Dealers Interaction Program on the Implementation of Gold and Silver Import and […]<\/p>\n","protected":false},"author":9,"featured_media":317822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45159],"tags":[],"class_list":["post-317824","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/317824","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=317824"}],"version-history":[{"count":1,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/317824\/revisions"}],"predecessor-version":[{"id":317825,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/317824\/revisions\/317825"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/317822"}],"wp:attachment":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=317824"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=317824"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=317824"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}