Nepal Bans Import of Expensive Phones

Nepal ban import of expensive phones

The Nepal government bans the import of expensive phones recently.  As per the new regulations, the import of mobile phones that cost more than $600 is not allowed in Nepal.

After releasing the decision on the Rajpatra, the Ministry of Industry, Commerce, and Supplies has put the luxury item ban into action. We’ve collected a list of those banned products below. Continue reading.

The ban on the import of expensive phones will last for more than two months, or until the end of Ashar.
The Nepal Rastra Bank had previously requested that commercial banks stop issuing letters of credit (LC) for luxury commodities. Despite widespread criticism of its effectiveness and the government’s handling of the decision, it has now banned the import of ten types of luxury goods, including cellphones.

Nepal Imposing ban on Import of Expensive Phones

The decision to ban on import of expensive phones comes as Nepal’s economy continues to worsen. Remittances are at an all-time low, and foreign exchange reserves are rapidly depleting. Furthermore, the trade gap is as large as it has ever been. As a result, many people are concerned that Nepal is on the edge of a Sri Lanka-style economic meltdown. One essential measure identified by the administration to alleviate the major financial decline is to reduce imports.
The Nepalese government has decided to ban on import of phones valued at more than $600. These include smartphones in the upper mid-range and high-end price ranges. Meanwhile, smartphones that cost less than the specified sum will be exempt from the restriction. They’ll keep trying to get into the Nepalese smartphone market. On the other hand, there will be a ban on all flagship phones from entering Nepal.

Furthermore, the new legislation will have no impact on upcoming phone shipments that there will complete all legal procedures and are scheduled to arrive.

Despite having a small mobile phone market, Nepal spends a significant portion of its revenue on mobile phone imports. Nepal imported 7.4 lakh mobile phones worth Rs.4 billion in Chaitra 2078, according to the Customs Department. In the first nine months of the current fiscal year 078/79, expenses of 34 billion were on mobile phone imports. Along with the decision to ban on import of expensive phones, we will list the other goods that are also banned.

List of goods on the ban

The list of goods on the ban ranges from chips, and playing cards to TVs, and vehicles. Find them all below:

  1. Liquor
  2. Chips
  3. Cigarettes and tobacco
  4. Playing cards
  5. Diamonds
  6. Television (above 32-inch screen)
  7. Smartphones (price over $600)
  8. Cars, Jeeps, and Vans (besides EVs, ambulances)
  9. All varieties of toys
  10. Motorcycles (250 cc engine and above)

 

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Do you think a ban on phone imports would help to strengthen the country’s declining foreign currency reserves? Please share your thoughts in the comments section below.

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