Bringing Gold In Nepal, The government has increased customs duty on gold imported from abroad from 2020. A meeting of the Council of Ministers held on November 3 has increased the customs duty on gold and gold jewelery brought by returning passengers and gold and silver brought for commercial purposes.
Although there is no charge for gold jewelery up to 50 grams, customs duty of Rs 8,500 per 10 grams has been fixed for gold jewelery weighing 50 grams to 100 grams. Earlier, the customs duty on gold jewelery was Rs 7,200.
The tariff has been fixed at the rate of Rs 10,000 per 10 grams for more than 100 grams and up to 100 grams. Earlier, the government had increased the tariff by Rs 1,000. However, if more gold is brought, the government will confiscate it. Similarly, for every 10 grams of gold brought for commercial trade, it has been fixed at Rs 6,500. Earlier, the rate was 5,000. Passengers returning from abroad will have to pay Rs 7,500 per 10 grams for up to 50 grams of raw gold.
Earlier, the customs duty was 6,200. Similarly, the customs rate has been fixed at Rs 8,500 per 10 grams for more than 50 grams. Earlier, the tariff on the same amount of gold was 7,200. Similarly, when you bring up to 10 grams of silver, you have to pay Rs 75 instead of Rs 56. Traders have said that the black market will increase after the government raises the tariff rate.
Dharmaratna Bajracharya, general secretary of the Nepal Gold and Silver Entrepreneurs’ Association, said that the price of gold in Nepal would increase due to the increase in the price of gold due to customs duty. “After the government sets new tariffs, gold entering Nepal is up to Rs 9,000 per tola compared to Thailand and Hong Kong, so gold is even more expensive in the Nepali market,” he said.