Extension of the import prohibition on 10 products by the Commerce Ministry.
The Ministry of Industry, Commerce, and Supply will continue to prohibit the import of upscale/luxury items. High-ranking sources inside the ministry claimed that the decision to extend the import restriction was made at a meeting convened in the ministry office to assess the ban.
Due to the decline in foreign exchange reserves brought on by large imports, the ministry had on 13 Baisakh prohibited the import of 20 different types of luxury items.
The Ministry published a notice in the gazette stating that the entire restriction on imports of foreign alcoholic beverages, pricey automobiles, motorcycles, mobile phones, crisps, cigarettes, jewels, pricey televisions, toys, and watches till the Ashad has helped to increase foreign reserves.
The ministry believes that there is agreement that the ban should be maintained as, despite the businessmen's vigorous lobbying for the ban to be lifted that was added for the second time. According to statistics, the ban has had a good impact. It appears that everyone agrees that it should continue.
Within two months of the import ban on luxury goods, the foreign exchange reserves, according to Nepal Rastra Bank, significantly improved. 9.28 Arba dollars were in reserves in Baisakh prior to the prohibition; by the end of Asar, this figure had risen to 9.54 Arba dollars.
The Ministry of Commerce is more motivated to maintain the restriction as is since the import was reduced in the first month of the current fiscal year.
According to data made public by the customs department, Shrawan saw imports totaling 1.31 Kharba. When compared to the same month last year, this is 12.90% less. The import last year cost 1.50 kharba in Shrawan.