Despite the fact that the government has regularly issued caution notices to check gold imports, there has been a significant increase in the importation of the precious metal by visitors returning from overseas trips.
On Monday alone, visitors and migrant workers were discovered to have imported 21 kg of gold from the Tribhuvan International Airport, according to the customs office at the airport. The amount is much in excess of the government-imposed restriction of 20 kg every day, which enables banks to import only that amount.
Following an increase in the demand for the country’s foreign currency reserves, the government has implemented a policy to limit the importation of luxury items. An investigation by the Nepal Rastra Bank found that migrant workers’ remittance earnings are primarily used to acquire high-value goods such as gold and jewelry.
On that particular day, 415 persons were identified as having imported a total of 21 kg of gold. The importers paid Rs 9.4 million in duties and taxes for customs clearance on the total quantity imported. The customs administration has upheld the remaining 11 kg of gold because the importers have not yet paid the taxes due to the government.
In accordance with the Department of Customs, a person is only permitted to import up to 50 gram of gold into the country. A traveler who brings gold jewelry weighing 50 gm to 200 gm into the country is required to pay customs duty as required by law. The authorities seize gold that has been imported in excess of the 200 gram limit.