Now it is not possible to import private vehicles. The government has banned the import of such vehicles, citing high imports as a negative balance of payments and declining foreign exchange reserves.
On Monday, Nepal Rastra Bank (NRB) verbally instructed the chief executive officers (CEOs) of banks and financial institutions not to open letters of credit (LCs) for importing such vehicles.
The NRB, which has adopted a policy of discouraging imports of non-essential items, has tightened imports.
The CEO of a bank has said that the opening of LC for private vehicles has been stopped from Tuesday as per the directive of NRB.
