Kathmandu [Nepal], April 27 (ANI): Nepal has put ban on the import of 10 different luxurious items issuing a notice in the Nepal Gazette which would remain in place through the incumbent fiscal year.
The move is taken in a bid to stop the country’s foreign exchange reserves from further depleting.
The Ministry of Industry, Commerce and Supplies announced a ban on the import of chips, liquors, cigarettes and tobacco products, diamonds, mobile phones, colour television sets, SUVs, cars and vans, motorcycles, toys and playing cards.
The ban won’t affect the import of raw materials for cigarettes and tobacco, mobile phones priced below USD 600, Color Television sets below 32 inches, motorcycles below 250 CC and ambulances.
As per the notice, the ban would remain in place till the end of this fiscal year which ends in mid-July.
Since the first week of April, the central bank has barred commercial banks from issuing loans for the import of such luxury items.
According to the media reports, also, traders need to keep 100 percent margin amount to open an letter of credit to import alcoholic drinks, tobacco, silver, furniture, sugar and foods that contain sweets, glucose, mineral water, energy drinks, cosmetics, shampoos, hair oils and colours, caps, footwear, umbrellas and construction materials such as bricks, marble, tiles and ceramics, among others.
(ANI)
