Saaun 15, 2072, Gold Price in Nepali Market

Saaun 14, 2072, Gold Price in Nepali Market

Gold smuggling causes Rs 2b revenue loss to govt

KATHMANDU, July 29: The government lost revenue of nearly Rs 2 billion in the fiscal year 2014/15 due to illegal imports of gold.

The government could not mobilize the targeted revenue after designated commercial banks failed to import gold as per the quota allocated to them in the fiscal year. Sources say banks did not import gold as per the quota in the review period, as jewelers turned to smuggled gold which is comparatively cheaper.