KATHMANDU, Aug 17: Nepal Rastra Bank (NRB) has increased the upper limit of foreign exchange for silver imports to US $500,000 from the existing threshold of US $300,000.
Revised interest rate corridor system introduced
Amending the unified directive on Sunday, the central bank increased the threshold by USD 200,000, showing flexibility on permitting the use of foreign currencies in case the imported silver is used as raw material. Under the new clause, entrepreneurs are expected to get relief while using silver as an industrial raw material.
"When industries engaged in the gold and silver business import silver for their own purposes as industrial raw materials to make silver jewelry, artistic items, utensils, exchange facilities may be provided up to a limit of US $500,000 or its equivalent in other convertible foreign currency for each import," reads the NRB’s revised directive.
