Kathmandu, July 22
A delegation of the Nepal Foreign Trade Association called
on Minister for Industry, Commerce and Supply, Dilendra Prasad Badu on Thursday
and requested him to immediately lift the ban imposed by the government on the
import of 10 items.
The Association has demanded that the ban be revoked in
the pretext of revenue loss due to the increase in illegal imports. However,
foreign currency is flowing out through illegal means such as hundi while
remittances are also going to informal means.
Likewise, it requested to remove the requirement to
keep 50 per cent and 100 per cent cash margin while opening the Letter of
Credit (LC) for the import of some goods.
"This has increased the cost of business. The
payment through DAP (Delivered-At-Place), TT (Telex Transfer) and other means
should be accepted as the exporter will provide the goods at a discount
compared to the payment of LC," it said. According to the association, it will
help to check foreign exchange migration although in a small amount.
Minister Badu has said that he is positive about not
extending the ban period on imports, and appropriate steps will be taken on the
issues raised by the traders.
Published in The Rising Nepal daily on 23 July 2021.
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