Businessmen Demand Increase in Gold Import Duty to Curb Smuggling
Summary
Nepali businessmen are urging the government to increase the customs duty on gold above India's recent hike to curb smuggling and protect foreign exchange reserves.
Key Points
- Nepali businessmen, after initially opposing, now demand increased customs duty on gold to curb smuggling.
- India raised its gold import customs duty to 15% to reduce trade deficit and preserve foreign exchange reserves.
- Business leaders in Nepal warn that a 5% duty difference encourages illegal gold smuggling to India.
- The Nepal Ministry of Finance is considering policy adjustments in response to the increased risk of gold smuggling due to the price difference with India.
