Kathmandu, Feb. 8
Nepal Chamber of Commerce said on
Tuesday that the policy to manage 100 per cent cash margin while opening the
Letter of Credit (LoC) is against the spirit of the liberal economy.
Stating that its attention was drawn to
the complexities created by the policy in import business, it said that the
policy would hit on the confidence of the private sector while it is struggling
for the business revival.
“Provision to maintain cash margin for
imports will create new challenges, increase the cost of goods, and in the long
run will decrease the competitiveness of Nepali goods.
Likewise, the NCC objected to the policy
to charge high customs duty in goods import. This is against the norms of
liberal economy and World Trade Organisation’s policy, it said in a
statement.
“We have already drawn the attention of
the Nepal Rastra Bank regarding the drawbacks of the cash margin on LoC. It
will only support the banks and financial institutions but not the
entrepreneurs,” read the statement.
Published in The Rising Nepal daily on 9 February 2022.
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