When importing silver, the National Bank will now provide the same facility up to the limit of five hundred thousand US dollars or other convertible foreign currency.
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Nepal Rastra Bank has increased the payment limit on silver import. The Central Bank has increased the limit to 500,000 US dollars.
When the gold and silver business industry imported silver for its own purposes as industrial raw material to make jewelry, artistic items, utensils, etc., it was getting facilities equal to three hundred thousand US dollars each time.
When importing silver, the National Bank will now provide equal facilities up to the limit of five hundred thousand US dollars or other convertible foreign currency.
Likewise, the central bank said that when other gold and silver businessmen import silver, facilities can be provided up to the limit of one hundred thousand US dollars or equivalent in other foreign currency.
According to Revati Prasad Nepal, executive director of the foreign exchange management department of the Central Bank, documents equivalent to advance payment or promissory note or purchase order from abroad must be submitted to confirm the export order.
Every time when a commercial bank provides the same facility, it must confirm whether the silver has been imported and exported as specified.
Apart from the commercial bank, it has been arranged that a self-declaration regarding the lack of arrears should be taken from the silver businessmen to take the same facility of silver import from the bank.
