Gold and silver traders rally against increased tax

Kathmandu: In a fervent display of dissent, gold and silver traders have taken to the streets, vehemently protesting against the recent surge in customs duties and quotas imposed by the Nepal Rastra Bank (NRB) on gold imports.

Led by a coalition of gold and silver traders along with a committee representing goldsmiths, a sizable gathering convened at Maitighar Mandala on Sunday to voice their grievances.

Their demands were resolute: the immediate abolition of the gold import syndicate, the revocation of the impractical customs hike, and the implementation of business-friendly policies, guidelines, and laws tailored to the gold and silver industry and its artisans.

The catalyst for this uproar stems from a recent policy shift by the NRB, which saw the imposition of stricter limitations on gold imports. Under the new provision introduced last year, the daily quota for gold imports was raised to 20 kilograms, doubling the previous allowance of 10 kilograms per day.

However, amidst this regulatory adjustment, concerns have been raised by traders regarding the substantial rise in customs duties, adding to the burden on the industry.

The protest serves as a tangible manifestation of the mounting discontent within the gold and silver trading community, highlighting the urgent need for a comprehensive reassessment of governmental policies governing the precious metals market.

As tensions escalate and demands reverberate, the fate of Nepal’s gold and silver industry hangs in the balance, awaiting a resolution that appeases both traders and policymakers alike.