Korala checkpoint opens for trade with China as Tatopani, Kyirong remain closed

KATHMANDU: With Tatopani and Kyirong checkpoints in Sindhupalchok and Rasuwa districts inoperative, trade with China has commenced via Korala checkpoint in Mustang district, according to Department of Customs.

Exports and imports through Korala checkpoint began on Monday.

“Imports and exports from China via the Tatopani and Rasuwagadhi customs offices, which were damaged by floods and landslides, have not been possible. The Korala checkpoint has come into operation for trade with China from Monday. Regular clearance has already started from there,”  Information Officer at the department, Kishor Bartaula said.

Following the checkpoint’s opening, Nepal Rastra Bank (NRB) today issued a circular to banks and financial institutions (BFIs), directing them to arrange for the opening of letters of credit (LCs) for goods imported through Korala checkpoint.

NRB Executive Director Revati Prasad Nepal said that, by amending Unified Circular 2081— which applies to bodies licensed to conduct foreign-exchange transactions — the central bank has now authorised LC to be opened for goods transported by truck or rail through Chinese territory and cleared at Mustang's customs checkpoint as well.

Previously, BFIs were only permitted to open LCs for imports from China via the Tatopani and Rasuwa customs offices.