सिंहदरबार संवाददाता
Kathmandu. Down payment for electric vehicles has increased from 20 percent to 40 percent. Governor Mahaprasad Adhikari’s last monetary policy review has increased the down payment for all types of EV vehicles from 20 percent to 40 percent.
Thus, the National Bank was preparing to increase the down payment for EV vehicles in the first quarter review itself. But the National Bank stopped it, saying that it would change the policy only after analyzing the data thoroughly. After three months, the National Bank decided to increase the down payment for electric vehicles. The NRB claims that the main reason for increasing the down payment on EVs is EV sellers.
According to NRB sources, the Chief Executive Officers (CEOs) of some commercial banks had met with senior NRB officials on the issue of EVs during the first quarter review. The CEOs informed the senior NRB officials that EV sellers were selling vehicles only to banks and financial institutions. A CEO participating in the discussion said, “When we looked at the EV sellers’ vehicle import letters of credit (LCs), we found that they were very low and the selling price was kept at more than 100 percent. Now, we have become cautious after the EV seller discounted the marked price by 20 percent and sent the vehicle directly to the bank for installment payment without taking any down payment.”
The National Bank took 3 months to verify the information received in the first quarter. According to a source from the National Bank, the bank increased the down payment after finding evidence to confirm the information given by the bank CEOs. A NRB source told Singha Durbar, “Based on the information that the concession given to EV vehicles was misused, we found a drawback in commercial vehicles rather than in private vehicles. After finding a drawback in commercial vehicles, we were forced to change the policy.”
So far, commercial banks have provided financing of about 100 billion rupees on EV vehicles alone. Recently, as the volume of electric vehicle loans has started to increase, bankers have demanded an increase in downpayment on EVs, so the NRB has increased the downpayment on EVs, addressing the bankers’ demand.
According to Nar Bahadur Thapa, former Executive Director of Nepal Rastra Bank, monetary policy has discouraged EV vehicle buyers. He said that the EV business will now collapse, while the business of petroleum vehicle owners will flourish.
He told Singhadurbar.com, “Yesterday, when buying an EV, you had to make a 20 percent down payment, but now you have to make a 40 percent down payment. This discourages EV vehicle buyers. Those who buy vehicles by taking loans from banks that can only give 20 percent cash will no longer buy EV vehicles. Therefore, the purchase and sale of EV vehicles will decrease. Imports may also decrease. Now the import of petrol vehicles will increase.’
He mentioned that although this policy will help increase the government’s revenue as the customs duty on EV vehicles is low and the customs duty on petroleum vehicles is high, it has become an additional challenge for EV traders.
“Yesterday, the business of EV owners was booming. Because the bank financed 80 percent. Now the EV owners are discouraged, the EV business has collapsed,” said economist Thapa. The business of petroleum vehicle owners has become bright.”
According to former Executive Director Thapa, this policy brought by the monetary policy will not only affect EV vehicle owners but also the country’s economy. “We were supposed to help with climate change by gradually moving towards a green economy. Now we are not committed to that policy.” He added, “The monetary policy came against the government’s policy. The issue of transforming the economy did not gain importance. It also caused policy instability.”
Although Governor Adhikari’s monetary policy, introduced in the last phase of his term, has provided some support to revenue, he said, its disadvantages outweigh its benefits.
6,000 more EV vehicles imported into Nepal in 7 months
6,256 electric cars, jeeps and vans (EV vehicles) have been imported into Nepal in the 7 months of the current fiscal year. Which is 1.57 percent more than the same period of the previous fiscal year.
According to data from the Customs Department, there were 6,159 such imports during the same period of the previous fiscal year. As of Magh, 2,159 50 kW EVs have been imported, while 3,491 51 kW to 100 kW EVs have been imported into Nepal.
According to the data released by the Department of Customs, 593 101 kW to 200 kW EVs have been imported into Nepal, while 11 201 kW to 300 kW EVs and 2 EVs above 300 kW EVs have been imported into Nepal.
Nepali entrepreneurs have spent 14.75 billion 3.97 million rupees to purchase these EVs until Magh, while the Nepalese government has collected 9.84 billion 4.254 billion rupees in revenue through this. .
How much was imported from which country??
As the number of EV users in Nepal has increased, imports have also increased. According to the data released by the department, currently the largest import of EV vehicles is from China. As of the month of Magh of the current fiscal year, 4,769 EVs have been imported to Nepal from China alone.
Among the imported EVs, 570 are with a capacity of 101 kW to 200 kW, 2,922 are with a capacity of 51 kW to 100 kW, 1,268 are with a capacity of 50 kW, 7 are with a capacity of 201 kW to 300 kW, and 2 are above 300 kW.
Similarly, in the past 7 months, 1,459 EVs have been imported to Nepal from India, while 20 have been imported from Germany, 3 from South Korea (Republic of Korea), and 5 from the United States (US) have been imported, according to the data. .
Electric vehicle imports had created a stir in the Nepali market, overtaking petroleum vehicles. Low cost and easy financing had increased the use of EVs. But now, bankers say that the EV financing policy of the monetary policy introduced by the National Bank will reduce EV imports and increase the import of petroleum vehicles.
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