Exporters can claim cash incentives
KATHMANDU:
Exporters can now claim cash incentives as the government is implementing its policy to encourage exports, though it took almost a year.
According to the cash incentive working policy 2068, government has also deposited it in a separate account — the Cash Incentive Reimbursement in Export — in the Central Bank.
“The central bank is looking after implementation part of the cash incentive programme,” said Central Bank spokesperson Bhaskar Mani Gyanwali.
“Finance Ministry has deposited Rs 240 million for the cash incentive programme,” said joint secretary at Ministry of Commerce and Supplies Toya Narayan Gyawali.
“The amount will be reimbursed to the exporters, who are eligible under cash incentive programme for the exporters,” he said, adding that the cash incentive will be provided on the basis of value addition and export volume certification.
“If the allocated budget falls short, additional budget will be reallocated and deposited in the central bank,” Gyawali added.
Cabinet on June 9 has approved the decision to implement cash incentive programme. the government brought the policy to encourage export sector that has seen a plunge recently.
According to the government criteria, if a product has a value addition of 30 per cent to 50 per cent, the exporter will get cash incentive of two per cent, whereas if the value addition is 50 per cent to 80 per cent, the exporter will get three per cent cash incentive, while value addition of more than 80 per cent will get a total cash incentive of four per cent.
Cash incentive will only be awarded to exports made in convertible currency while, the exporters will get the cash incentive from the bank, they are doing the transaction as the central bank will deposit cash to their respective banks.
Meanwhile, Division of Industry will have to certify value addition of exports claimed for the cash incentive through bank transaction.
The exporters now can claim their cash incentive of the total export made after November 21, 2010.
The 10 months export data revealed that Nepal’s export stood at Rs 52 billion within 10 months of the current fiscal year, according to the Trade and Export Promotion Center.
Source: THT
Exporters can now claim cash incentives as the government is implementing its policy to encourage exports, though it took almost a year.
According to the cash incentive working policy 2068, government has also deposited it in a separate account — the Cash Incentive Reimbursement in Export — in the Central Bank.
“The central bank is looking after implementation part of the cash incentive programme,” said Central Bank spokesperson Bhaskar Mani Gyanwali.
“Finance Ministry has deposited Rs 240 million for the cash incentive programme,” said joint secretary at Ministry of Commerce and Supplies Toya Narayan Gyawali.
“The amount will be reimbursed to the exporters, who are eligible under cash incentive programme for the exporters,” he said, adding that the cash incentive will be provided on the basis of value addition and export volume certification.
“If the allocated budget falls short, additional budget will be reallocated and deposited in the central bank,” Gyawali added.
Cabinet on June 9 has approved the decision to implement cash incentive programme. the government brought the policy to encourage export sector that has seen a plunge recently.
According to the government criteria, if a product has a value addition of 30 per cent to 50 per cent, the exporter will get cash incentive of two per cent, whereas if the value addition is 50 per cent to 80 per cent, the exporter will get three per cent cash incentive, while value addition of more than 80 per cent will get a total cash incentive of four per cent.
Cash incentive will only be awarded to exports made in convertible currency while, the exporters will get the cash incentive from the bank, they are doing the transaction as the central bank will deposit cash to their respective banks.
Meanwhile, Division of Industry will have to certify value addition of exports claimed for the cash incentive through bank transaction.
The exporters now can claim their cash incentive of the total export made after November 21, 2010.
The 10 months export data revealed that Nepal’s export stood at Rs 52 billion within 10 months of the current fiscal year, according to the Trade and Export Promotion Center.
Source: THT
