Nepal Rastra Bank Increases Silver Import Payment Limit to $500,000

The Nepal Rastra Bank (NRB) has increased the payment limit for silver imports, allowing importers to now bring in silver worth up to $500,000 per transaction.

Previously, businesses in the gold and silver sector could only import silver for industrial purposes, such as crafting jewelry, artistic items, and utensils, up to a limit of $300,000 per import.

Key Changes and New Regulations

According to Rewati Prasad Nepal, Executive Director of the NRB’s Foreign Exchange Management Department, the new regulations are as follows:

To avail of this new facility, importers must submit documents that confirm the export order, such as advance payment, a letter of credit, or a purchase order from abroad.

The central bank has also mandated that commercial banks providing the foreign exchange facility must verify whether previously imported silver has been exported. Additionally, businesses that obtain import payments from non-bank institutions must self-declare that there are no outstanding payments from previous exports.

This new policy is expected to ease the process of importing silver and provide relief to industries and businesses in the sector.

• For Industrial Use: Industries can now import silver up to $500,000 per transaction, or an equivalent amount in other convertible foreign currencies.
• For Other Businesses: Other gold and silver traders can import silver up to $100,000 per transaction, or an equivalent amount in other convertible foreign currencies.