We use Google Cloud Translation Services. Google requires we provide the following disclaimer relating to use of this service:
This service may contain translations powered by Google. Google disclaims all warranties related to the translations, expressed or implied, including any warranties of accuracy, reliability, and any implied warranties of merchantability, fitness for a particular purpose, and noninfringement.
Associations/Confederations related to gold business will not be able to charge fees from traders when recommending the purchase of gold. Earlier, Nepal Rastra Bank's Foreign Exchange Management Department issued the directive on Tuesday based on complaints that gold business associations/confederations charged arbitrary fees when recommending gold purchases to businessmen.
According to the new arrangement, the association/confederation related to gold business will now have to give recommendations for the purchase of gold to businessmen free of charge. "As there is a rule that gold business associations/confederations are not allowed to charge any type of recommendation fee or fee when recommending businessmen to purchase gold from commercial banks, a notification has been issued to do accordingly," said the directive.
Only commercial banks can import gold in Nepal. Businessmen should buy from commercial banks. In order to buy gold from a bank, a recommendation from a business-related association or federation is required. In this way, while recommending the purchase of gold to businessmen, the Association/Confederation used to charge up to 6,000 rupees per kg. After this complaint reached the National Bank, it has been arranged that such recommendation fee cannot be charged now.
