The Government of Nepal has also made changes in the policy concerning the buying and selling of cash gold and silver transactions in Nepal to monitor activities that may be related to money laundering and enhance financial transparency.
This includes a requirement by the Department of Internal Revenue that business establishments trading in gold and silver maintain records of individuals conducting transactions worth more than Rs. 100,000 in a day.
For any transactions exceeding Rs. 1 million, traders must obtain their clients’ validated information and submit it to the FIU via the GoAML process within 15 days. Suspicious transactions should be reported immediately.
Another mandate is that all organizations can make payments only through their business bank account; no personal or employee/family member accounts may be used for payments. Also, all purchases worth Rs. 1 million or more must be paid through banking channels.
Authorities have warned that failure to comply with the directive could result in legal action and fines of up to Rs. 10 million.
The new rules are expected to reduce unrecorded cash dealings and strengthen oversight in Nepal’s precious metals market.
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