Nepal Rastra Bank (File photo)
KATHMANDU: Nepal Rastra Bank (NRB) has tightened a loop on the import of luxurious goods including vehicles and gold.
Issuing a directive to banks and financial institutes (BFIs) on Monday, the national bank has discouraged the import of luxurious goods including alcohol, cigarettes, cosmetics, cement, ceramic and gold and vehicles among others.
Similarly, NRB has directed that the importers have to keep a margin of 50 percent cash in a bank while importing vehicles and motorcycles except for electronic vehicles.
Banks are not allowed to issue a loan for this margin amount nor can they provide interest for the amount deposited by the importers, according to the directive.
The NRB has tightened the import of vehicles as well as cosmetics.
According to the directives, importers are not allowed to bring goods without deposit.
NRB has made it mandatory to pay 100 percent margin deposit before importing 20 different items.
Imports of motorcycles, cars, cosmetics, cards, glassware, etc., have to be bailed out in advance.