Journalist Association for Automobile and Mobility (JAAM Nepal) has welcomed the newly elected working committee of NADA Automobile Association of Nepal (NADA) amidst a grand program held in the capital recently.

Nepal Rastra Bank (NRB) has now made it mandatory to keep 50 percent cash margin when opening a letter of credit (LC) for importing vehicles. According to this stringent policy, automobile importers now have to keep a 50 percent cash margin while importing vehicles (except electric vehicles). This policy has not only discouraged automobile dealers but also consumers. Hence, an interaction program was also held on the same.

Read: Vehicle Import Becomes Costly; 50% Margin Now Compulsory To Open LC

NADA President Dhruba Thapa was the special guest at the function presided over by JAAM Nepal’s Chairman Ujwal Jung Shah. Welcoming all the participants, Mr Shah stressed the need to invest heavily in roads so that it would facilitate the use of means of transportation for the development of this sector. He said that it would be easier to develop the automobile sector and private sector only if there is a serious discussion between the government and the automobile businessmen on this issue.

Speaking on the occasion, NADA’s Chairman Dhruba Thapa said that the provision of a mandatory 50 percent cash margin when opening a letter of credit (LC) for importing vehicles has severely affected the automobile business. The Nepalese automobile sector which is already reeling under the pressure of the pandemic has now been hit by this strict policy.

Similarly, NADA’s Vice-President Rajan Babu Shrestha has requested the government to implement the policy only after discussing it with the concerned parties. The state has not been able to give due respect to the automobile business which is the backbone of the economy and private-sector cooperation is the key to the country’s prosperity.

Similarly, NADA’s Vice-President Sunil Rijal also stressed on the need for the government to be serious in bringing policy rules. Moreover, NADA General Secretary Surendra Kumar Upreti said that he would soon work with the Finance Minister and the officials of the concerned bodies on the issue.

NADA’s newly elected Working Committee President Dhruba Bahadur Thapa, Vice-Presidents Rajan Babu Shrestha, Sunil Rijal and Nirakar Shrestha, Institutional Vice-President Subhash Acharya, Institutional Vice-President Mohan Babu Khadka, General Secretary Surendra Kumar Upreti, Secretary Vikram Singhania, Treasurer Milan Babu Mall, Co-Treasurer Pankaj Agrawal, and members  – Akash Golchha, Yamuna Shrestha,  Anup Kumar Baral, Prakash Kapuri, Nilamani Pathak, Kapil Sivakoti, Gopal Bhattarai,  Pradipman Pradhan,  Bardan Basnet, Abhik Jyoti, Deepak Kumar Agrawal, Sohan Bahadur Shrestha, Abhimanyu Golchha,  Nishan Dhakal, Amrit Joshi,  Tej Narayan Sah, Sudesh Kumar Shrestha,  Ganesh Bhattarai,  Bhadra Bhandari,  Pushkar Ojha along with JAAM Nepal officials were present during the occasion.

Vice-President of JAAM Nepal Surendra Poudel expressed his gratitude while General Secretary of JAAM Sagar Gajurel facilitated the program.