In a significant regulatory move, Nepal Rastra Bank (NRB) has directed all gold-related associations and federations to stop charging fees for issuing recommendation letters to importers seeking approval to import gold via commercial banks.
The central bank, in a notice issued on Tuesday, reminded stakeholders that charging such fees is a direct violation of Section 14 of the Procedure for Import, Sale, and Distribution of Gold, 2068 BS. This section explicitly states that no charges shall be levied for endorsing or recommending importers involved in gold trade through authorized banking channels.
NRB has called for immediate and full implementation of this provision and made it clear that the recommendation service must be provided free of cost. The directive comes as part of NRB’s broader efforts to streamline the gold import process and ensure transparency and fairness in the trade.
The central bank has warned that any non-compliance by associations or federations may result in regulatory action. This move is expected to relieve gold importers from unnecessary financial burdens and promote better governance in Nepal’s gold market.
