We Will Discuss on the Issue of Classifying Vehicles as Luxury Item: FM Paudel

Wed, Jan 25, 2023 10:15 AM on Latest, Economy,

Deputy Prime Minister and Finance Minister, Bishnu Paudel, has said a discussion would be held on the issue of categorizing vehicles as luxury items in course of preparing the budget for the coming fiscal year.

Finance Minister Poudel shared that discussion would be held by calling NADA officials in course of preparing the budget.

A team under the leadership of NADA Chair Dhruba Thapa today briefed the Finance Minister about the impacts of Nepal Rastra Bank's strictness in the automobile sector.

During the meeting, Chair Thapa said the decision of lifting the mandatory provision of cash margin while opening LT on import and the ban on imports after eight months was welcome. 

This decision of the government has made positive impacts on the business including automobiles, he shared, adding there is a situation for entrepreneurs to shut down their businesses due to some policies of Nepal Rastra Bank.

The delegation shared that there should be some amendment in some points of Current Capital Loan-related Directives as they are impractical.

Similarly, NADA General Secretary Surendra Kumar Upreti laid emphasis on the need of facilitating trade with India and attracting Indian investment.

He urged the Finance Minister the establishment of an exhibition center of international standards in Kathmandu Valley.