Use of black money has increased in the import-export trade: NRB

KATHMANDU: Nepal Rastra Bank has concluded that the use of black money (undisclosed amount) has increased in import and export trade. Lately, as it has been seen that the amount of import of goods has started to be paid illegally, the central bank has instructed all the banks and financial institutions to crack down on it.

The NRB has issued an instruction and instructed to adopt the procedure of importation in order to help in discouraging and controlling the activities of money laundering that can be done through import and export business. It has also instructed to open a draft, Telegraphic Transfer (TT) or letter of credit (LC) for the import of such goods only in cases where it is found to be realistic between the prices mentioned in the international market price of the goods.

Businessmen have complained that goods have started to be imported through illegal means as the central bank has tightened the import recently. In addition, various studies have also shown that some traders import goods with low invoices and send the remaining amount through hundi.

Lately, when the goods are being imported, the payment has started to be made illegally, the National Bank has instructed the related banks to analyze the international value of the goods while opening a TT or LC.

Fiscal Nepal |
Tuesday August 16, 2022, 02:06:28 PM |

Leave a Reply

Your email address will not be published. Required fields are marked *