GUWAHATI, Nov 28: People in Nepal are making a beeline to jewellery shops to buy gold and silver ornaments after the Nepalese government reduced customs duties on both metals, resulting in significant drop in prices.
Price of gold fell by Rs 15,900 (INR 9,973) per tola on Monday after the slash in customs duty followed by a further decline of Rs 2,600 (INR 1,630) on Tuesday.
The Nepal government’s decision to reduce customs duty came after the Narendra Modi Government, through a budgetary announcement, lowered the import duty on gold and silver from 15% to 6%, sparked a surge in gold smuggling into Nepal due to the price disparity.
Gold and silver prices, the Nepal Gold and Silver Dealers Federation stated, further dropped today after a minor hike yesterday.
