Minister Paudel expresses commitment to discuss issue of classifying vehicles as luxury

KATHMANDU: Deputy Prime Minister and Finance Minister, Bishnu Prasad Paudel, has said a discussion will be held on the issue of categorising vehicles as the luxury item in course of preparing the budget for the fiscal year 2023/24. Finance Minister Paudel shared that a discussion will be held by calling NADA Automobiles Association of Nepal officials in course of preparing budget. A team under the leadership of NADA President Dhruba Thapa briefed the Finance Minister about the impacts of Nepal Rastra Bank's strict decision in the automobile sector. During the meeting, Thapa said the decision of lifting the mandatory provision of cash margin while opening letter of credit (LC) on import and the ban on imports after eight months was welcome. This decision of the government has made positive impacts on businesses including automobiles, he shared, adding there is a situation for entrepreneurs to shut down their businesses due to some policies of NRB. The delegation from NADA opined that there should be amendments in Working Capital Loans Guidelines, 2079 as some of the directives are not practical. Similarly, NADA General-Secretary Surendra Kumar Upreti laid emphasis on the need for facilitating trade with India and attracting Indian investment. He urged the Finance Minister to take initiative to establish an international-standard exhibition centre in Kathmandu Valley. READ ALSO:

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