Over 6,000 jewelry shops running illegal in Nepal

LUMBINI (Rupandehi), Jan 3: Out of some 18,000 gold and silvers shops in Nepal, as many as 6,000 shops are run illegally causing problem to the legal shops, said Madiratna Shakya, the Chairperson of Federation of Nepal Gold and Silver Dealers´ Association.

Chairperson Shakya, speaking at a press meet, organized by Gold and Silver Dealers´ Association, Rupandehi, expressed worry that since such illegal shops are dealing in gold and silver without qualm, fellow gold and silver traders, one like the Chairperson himself, were facing problems time to time.

Shakya appealed to the government to impose tax on such illegally run shops, as it would not only help increase revenue but also boost the morale of the legal traders for a healthy competition.

The demand of gold in the market is 40 to 50 kg a day, but the government is supplying only 15 kg of gold which hardly caters to the demand, thereby proving a breeding ground for black market of the gold, Shakhya argued.

At the press meet, the Chairperson also requested the government to set up criteria regarding the trading of gold and silver in the country, keeping in view the consent of the entrepreneurs.

Similarly, Prem Kumar Century, the Vice- Chairperson of the Association underscored the necessity to set up the new criteria that also allows to export the original Nepali designed jewelries that are artistically and culturally rich in design.

The entrepreneurs here expressed that the sales of the gold in Nepal is hitting a new low of late, owing to the decline in its price, insecurity and various rumors

Source: republica