Nepal Rastra Bank (NRB) has raised the foreign exchange limit for silver imports. Under the revised provision, industries engaged in gold and silver businesses can now obtain foreign exchange of up to USD 500,000 (or equivalent in other convertible foreign currency) per transaction to import silver as raw material for making jewelry, artistic items, utensils, and other products.
Other silver traders, however, will be allowed to obtain foreign exchange of up to USD 100,000 (or equivalent) per transaction for silver imports.
For silver jewelry and artistic item exporters, NRB has set conditions. They must present evidence of confirmed export orders—such as advance payment, a letter of credit, or purchase orders from abroad—to be eligible for foreign exchange facilities.
Commercial banks providing such facilities must verify whether silver imported under previous foreign exchange approvals has been exported as declared. Traders must also submit a self-declaration stating that they have no outstanding export proceeds from silver imports made through other banks.
Previously, the central bank had set the limit at USD 300,000 per transaction for industries importing silver as raw material, while general silver traders were allowed up to USD 100,000.
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