Published:  02:54 AM, 14 March 2019

Gold import policy final

Bangladesh Bank (BB) has finalized 'Gold Policy-2018' for import and export the gold which will be disclosed in details very soon. According to the policy, authorized dealer banks, individual enterprises, joint or limited companies can apply for dealership of gold import and distribution in the country.

Sirajul Islam Executive Director and spokesman of Bangladesh Bank confirmed the matter to the Asian Age on Wednesday. Interested applicants will have to collect application form from the Bangladesh Bank by submitting Tk 500,000 as fee. Then every entrepreneur has to have Tk 10 million of capital for gold import and trading.

Bangladesh Jewellers Samity (BJS) data showed there are currently 20 to 30 metric tons gold demand in the country. Of these 80 percent gold are coming through smuggling and illegal channels. For smuggling of gold, the government is being deprived from huge amount of revenue every year. The remaining 20 percent of the gold comes from using old ornaments.

The cabinet has approved draft of the gold import and export policy for the first time on October 3, 2018. Ganga Charan Malakar, President of Bangladesh Jewellers Samity said if the gold policy being implement properly, then Bangladesh could earn foreign currency by ornament export.

He also said by the gold policy, the sector's transparency will be ensured.Sirajul Islam said that central bank has finalized the Gold Policy-2018 which will be helpful to control smuggling and illegal means.He said gold jewellery manufacturing and seller will not be able to buy gold from outside the authorized dealer's bank. The government will also issue a directive on this issue.

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