NRB tightens the loop on the import of high-end goods

NRB Nepal

The Nepal Rastra Bank (NRB) has tightened restrictions on the import of luxury goods such as vehicles and gold.

The national bank discouraged the import of luxury goods such as alcohol, cigarettes, cosmetics, cement, ceramics, and gold, as well as vehicles, in a directive issued to banks and financial institutes (BFIs) on Monday.

Similarly, the NRB has mandated that importers keep a cash margin of 50% in a bank when importing vehicles and motorcycles, with the exception of electronic vehicles.

According to the directive, banks are not permitted to make loans for this margin amount, nor are they permitted to pay interest on the amount deposited by importers.

The NRB has tightened import restrictions on vehicles and cosmetics.

Importers are not permitted to bring goods without a deposit, according to the directives.

Before importing 20 different items, the NRB has made a 100 percent margin deposit mandatory.

Imports of motorcycles, cars, cosmetics, cards, glassware, and other items must be pre-bailed out.