Bullion traders seek proper law

Bullion traders seek proper law

Bullion traders sought proper law to regulate the market as the government has created panic through recent inspections. "The government is inspecting the sector arbitrarily without drafting any rules and regulations," blamed president of Nepal Gem and Jewellery Association Manish Lal Pradhan. Likewise, president of Federation of Nepal Gold and Silver Dealers’ Association (Fenegosida) Mani Ratna Shakya also criticised the government for registering criminal cases against six bullion traders, who should have been tried under financial law. Organising a press meet before 'Gems and Jewellery Show 2014' under the Nepal International Trade Fair 2014, president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Suraj Vaidya said that gold and silver designs are associated with the culture of a country. "Since the profession is protecting the culture of the country, the government should formulate a policy favouring the sector," he said, asking the government to formulate a policy that could help boost market confidence. The Gems and Jewellery Show 2014 is being held at Hotel Yak and Yeti to promote designs of Nepali gold and silver ornaments in the international market. Shakya on the occasion, also asked the government to establish a gem and jewellery export promotion council to boost exports. There are 24 stalls at the show displaying gems and jewellery ranging from traditional to the modern styles. "The sector provides employment to around 60,000 goldsmiths," he said, adding that the sector has an investment of around Rs 40 billion to Rs 50 billion and contributes around Rs 6 billion to the government coffer as revenue every year. The three-day exhibition which started yesterday is a part of the Nepal International Trade Fair which is going on at Bhrikuti Mandap, Kathmandu. The fair hosts 24 exhibitors of gems and jewellery from the Kathmandu valley. There has been an investment of Rs 40-50 billion in the gold and silver market, traders claimed, asking the government to let traders import gold. Only commercial banks have been permitted to import gold since 2010 after huge gold imports resulted in a balance of payments deficit
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