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Nepal to Lift Ban on Import of Vehicles From December 16

IANS

Last Updated: December 07, 2022, 11:01 IST

Kathmandu

Image used for Representation. (Photo: IANS)

Image used for Representation. (Photo: IANS)

The ban was first imposed in April this year amid depleting foreign exchange reserves over surging imports

Nepal’s cabinet has decided to lift an eight-month-long ban on the import of some vehicles from December 16, a cabinet minister said.

Maheshwor Jung Gahatraj, Minister for Youth and Sports, told Xinhua on Tuesday that a decision to lift the ban was made by the cabinet.

The ban was first imposed in April this year amid depleting foreign exchange reserves over surging imports, targeting luxuries, including tobacco, diamonds as well as some vehicles, liquor products, and expensive smartphones, Xinhua news agency reported.

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In late August, the government relaxed the ban, barring only the entry of targeted vehicles, expensive mobile sets, and liquor products till October 13, and the ban was extended later till mid-December.

The business community in Nepal has been demanding an end to the import ban, citing business losses and the movement’s failure to stop the decline in forex reserves.

The Nepali government is also under pressure to increase its revenue as the ban means reduced tariffs. According to the Department of Customs, Nepal’s total imports during the first four months of the current 2022-23 fiscal year starting in mid-July dipped by 18 percent to 532.69 billion Nepali rupees (about $4 billion).

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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)
first published:December 07, 2022, 11:01 IST
last updated:December 07, 2022, 11:01 IST
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