Kathmandu. The government has introduced a provision to make payments through electronic means in the transaction of precious metals and commodities.
The Inland Revenue Department has brought such a provision through a directive issued to the traders dealing in precious metals or commodities, 2082 BS. Gold, silver, platinum, iridium, osmium, palladium, rhodium, ruthenium, diamond, sapphire, ruby, emerald, jade, pearl, corundum, acumenin, etc. have been kept as precious metals or commodities.
According to the directive, the businessmen should give priority to the electronic medium in the payment of the amount they take while buying and selling precious metals or goods. If there is any limit to the payment made through electronic means, the Department will make necessary arrangements by requesting the Nepal Rastra Bank to extend the limit by referring to the businessmen buying and selling precious metals or goods.
According to the directive, businessmen should do their business from the accounts in banks and financial institutions in the name of the business organization. Entrepreneurs will not be allowed to use personal accounts or accounts held by their employees and family members or other people in banks and financial institutions.
According to the directive, if a businessman sells precious metals or goods worth Rs 1 million or more at a time, he has to pay the amount from the bank account of the customer or his family.
Similarly, while identifying customers, entrepreneurs can get access to citizenship certificates or electronic records of national identity cards or those records through the Citizen App. The customer can be identified by the mobile number mentioned in his national identity card or electronic laptop or signature and if it is not possible to identify the customer due to subjective or technical reasons, then the provision has been brought through the directive.
It has been made mandatory for the business person to verify the identity of the real owner in relation to the customer and the transaction if the customer is found to be a risky or high-ranking person or a family member and related person of such person, if the activity of the customer is found to be suspicious or if the listed person, group or organization or is associated with it.
