January 18: Nepal Rastra Bank has instructed all stakeholders to give priority to Nepali insurance and transportation companies while importing goods from abroad.
The central bank issued such directive to promote the home-based companies. The central bank has said that this new policy will be applicable for import goods imported to Nepal from third countries except India through Letter of Credit.
NRB made the provision for promoting Nepali insurance and transportation companies by amending the Unified Directive 2076.
Nepal Rastra Bank had been urging the importers to insure their goods from Nepali insurance companies since a long time. Now, the central bank also wants to promote Nepal’s transportation companies, informed Bam Bahadur Mishra, executive director of NRB’s Foreign Exchange Department. However, the central bank has not made this new provision mandatory.
“Nepal’s insurance companies alone cannot handle all the imports. Therefore, we have made a policy-level decision that directs stakeholders to take the services of Nepali insurance companies to the possible extent,” said Mishra.
If the importers want to opt for foreign insurance companies, they need to present the documents and related bills. According to the central bank, the importers need to present the insurance and transportation bills separately and must be clearly noticeable.