Nepals decision to ban import of non-essential items may hit India hard – Business Standard

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India Nepal ties | Nepal | Indian export
Shreya Nandi Shally Seth Mohile & Asit Ranjan Mishra | New Delhi/Mumbai Last Updated at April 12, 2022 06:02 IST
https://mybs.in/2auj5vA

Nepal’s decision to ban the import of non-essential items amid depleting forex reserves may hit Indian exports. The country’s central bank — Nepal Rastra Bank — last week instructed commercial banks not to open letters of credit (LCs) for importing non-essential items. This is to prevent further decline of the country’s foreign exchange reserves.
However, it has not issued any formal communication yet. Letter of credit is a financial contract or a document that guarantees a buyer’s payments to sellers. Nepal is India’s ninth largest …
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