Govt raises duty on gold to control smuggling

The cabinet has on Sunday decided to raise the customs duty on gold from Rs 130 per 10 grams to Rs 470.

The decision is aimed at adjusting the price of the yellow metal following the move on the part of the Indian government to increase its duty on the gold in its recent budget announcement.

According to Shanker Pokharel, government spokesperson, the increment in the customs duty would control gold smuggling as it will address the discrepancy in the prices of the metal in Nepaland India Moreover, the recent decision will help in improving the depleting foreign exchange reserves of the country, he added. nepalnews.com