NRB comes up with new procedures on subsidy to exporters

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The Nepal Rastra Bank (NRB) has extended the timeline for the exporters to claim the subsidy in the exports of goods.

Earlier, the NRB had to provide the subsidy amount to the exporters within seven days after getting the amount from the Ministry of Finance. Now, the timeline has been extended to 15 days from a week by amending to the prior provision. On Sunday, the NRB has written to the Banks and Financial Institutions, informing them about the recent amendment.

Two months ago, the government had decided to give subsidy in the exports of 36 different goods by making the first amendment to the Procedures on Providing Subsidy on Goods Export, 2075 BS. As per the new amendment, 18 types of goods should have 50 percent value added and 18 others should have 30 percent.

Those requiring to have 50 percent value added goods include processed tea, processed coffee, handicrafts (copper, iron, brass and goods with glass as raw materials) and woodcrafts. Processed leather, handmade paper and goods produced from that, processed and semi-processed herbs (including Yarsagumba), processed stone, Allo goods, processed drinking water, processed and semi-processed turmeric, fresh vegetables, flower, processed honey, cardamom and ginger should also have 50 percent value added.

The new procedures have come up with the provision to give subsidy for the third country export of dairy products, fruits and broom grass.

Amount equal to five percent of total export would be given in subsidy to the exporters and one percent additional subsidy would also be given if the export is made by adding 80 percent value of those goods.

Those requiring to have 30 percent value added goods to claim subsidy include clothes and readymade garments produced in Nepal, woolen goods, pashmina, jute and jute products, gold and silver jewelries, semi-processed domestic leather, medicines, polyester/yarn/fiber, slipper, clinker, cement, steel, plywood and others. Amount equal to four percent would be availed in subsidy from the government in the exports of such goods.

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