NRB provisions cash margin for import of betel nut, pepper, dates and chickpeas

KATHMANDU: Nepal Rastra Bank (NRB) has provisioned cash margin for import of betel nut, pepper, dates and chickpeas that used to be imported on quota earlier.

The Central Bank, issuing a circular to banks and financial institutions on Thursday, asked to maintain 100 percent cash margin on the import of above mentioned goods for importers.

The statement also urged Banks and Financial Institutions (BFIs) to facilitate exchange of foreign currency for import of betel nut, pepper, dates and chickpeas as raw materials for industrial use.

The government has increased the customs tariff in upcoming year’s budget. Now, the banks have to maintain 100 percent margin for the import of such items.

The circular mentioned that the goods imported under customs heading number 07131000, 08029000, 08029000 and 09041100 can be imported for industrial purposes only by the concerned industry with the permission of the Department of Commerce, Supplies and Consumer Protection on the recommendation of the Department of Industry.

(Editor’s note: The news has been updated as the information earlier consisted of some information errors. We apologize for the errors and strive to provide our readers with factual information.)