72.7 kg of gold imported into country in past one week

KATHMANDU: A total of 72.7 kilogram of gold has been imported into the country from Tribhuvan International Airport (TIA) in the past one week.

As many as 1,530 Nepalis arriving here from abroad brought 72.7 kg of raw gold, mostly in form of bracelets and jewelery, as part of belongings in the past one week — from November 29 to December 5.

The government recently tightened the customs at TIA after it was discovered that Nepalis entering the country were bringing huge amounts of raw gold by clarifying that the yellow metal was jewelery and part of their personal belongings and hence evading customs duty.

After the government tightened the noose, around 72 kg gold has entered the country. Of the 1,530 Nepalis, 1,341 paid customs duty for the imported gold.

TIA Customs Chief Mahesh Bhattarai said Rs 70 million should have been collected as revenue through customs duty on the total gold imported into Nepal in the review period. However, customs duty was paid for only 56 kg of gold, out of the total 72 kg, and the revenue collected so far was Rs 50.42 million.

There is a provision to expemt customs duty on 50 gram of gold brought in form of personal belongings of passengers. Passengers were found to be importing raw gold by giving it a shape of bracelets and earrings to evade customs duty on the yellow metal.

The value of 72 kg gold entering Nepal in seven days is estimated at Rs 5.68 billion. One kg gold contains 85.75 tola — the measurement system used for gold in Nepal. In this way, 72 kg of gold equals 6,174 tola. According to the Federation of Nepal Gold and Silver Dealers Association (FENEGOSIDA), hallmark gold is being sold for Rs 92,000 per tola today.

Therefore, the market price of the 72 kg gold imported within one week, if subjected to today’s price, is Rs 5.68 billion.