Industries can now import raw materials equivalent to a maximum of $60,000 through a single transaction.
The Nepal Rastra Bank (NRB) increased the limit for the Letter of Credit (LOC) facility from the previous $50,000 by amending the Integrated Circular- 2079 (एकीकृत परिपत्र–२०७९).
In the case of imports from neighboring India, eligible industries are entitled to import goods up to INR 30 million.
Industries engaged in the production of ‘present goods’ under the category of ‘goods with export potential’ listed in the newly released Nepal Trade Integration Strategy – 2023 are also entitled to this facility.
To avail back-to-back LC facilities (or, import raw materials through the back-to-back letter of credit mechanism), eligible industries will have to wait another 7 days after their first import. Industries will also have to submit V. V. N. Form (वि.वि.नि.फाराम) issued by the customs office, letter of custom declaration (भन्सार प्रज्ञापनपत्र), and custom revenue payment receipt (भन्सार राजस्व भुक्तानी रसिद) to the concerned bank or financial institution.
