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Only BB licensees to be allowed to import gold, precious metals

Oct 21,2020

 

 The Bangladesh Bank on Wednesday clarified that there would be no scope for any business entity other than BB authorised gold dealers to import jewellery items or precious metals.The central bank on the day issued a clarification in this regard under the Gold Policy, 2018.

 

If an organisation imports jewellery items or precious metals under commercial import without licence, it will hamper the competitive edge of authorised gold dealers, said a BB official.The central bank issued the circular blocking any scope for gold import by businesses other than authorised dealers following the requests made by BB licensees.

 

The central bank handed over the first-ever dealership licence for gold bar import on December 1 to facilitate import of the metal, ensure transparency in trade and prevent smuggling.The bank has already issued licences to 19 entities to import gold in compliance with the BB regulations.

 

So far, two licensees have imported 25 kilograms of gold after they were issued the licences in December last year.Apart from the import of the precious metal by the two traders, six other traders have applied to the central bank to import another 52.5 kilograms of gold.However, the regulatory embargo on import of jewellery items or precious metals by businesses would not restrict passengers travelling to the country from abroad to carry gold within the specified limit.

 

A passenger can bring 100 grams of gold to the country without paying duty and 234 grams by paying duty under the baggage rules of the National Board of Revenue.As per an estimate given by the jewellers, the country’s demand for the precious metal is around 42 tonnes or 42,000 kg a year.

 

Source: https://www.newagebd.net/arti