Nepal Rastra Bank (NRB) has raised the payment limit for silver imports. The change comes after an amendment to the unified circular issued by the Foreign Exchange Management Department.
New limit for silver used in industries
Industries that use silver as raw material to make jewelry, art pieces, or utensils can now import silver with payment facilities of up to USD 500,000 (or equivalent in other convertible currencies) each time. Previously, the same limit of USD 500,000 already existed, but the facility has now been clarified and extended for industrial users.
For other silver traders
Silver traders who are not importing for industrial production can use up to USD 100,000 (or equivalent) for each import.
Special rule for exporters
Silver businesses that export jewelry or art items made from silver will have more flexible rules. In such cases:
- They can import silver if they show confirmed export orders, advance payments, or letters of credit.
- The import value can match the export order, and in this case, the regular payment limit will not apply.
- Commercial banks must verify whether earlier imports under this facility were actually exported as committed.
- Traders must provide a self-declaration that they have no unpaid dues when taking such facilities from any other commercial bank.
By easing these rules, NRB aims to support industries and exporters that depend on silver. This move could help jewelry and handicraft businesses grow while keeping imports and exports in balance.
