BB scraps system of bringing in up to 2kg gold bars

Incoming passengers to Bangladesh will now be allowed to bring in 200 grams of gold or silver bullion (bar) in legal way by paying taxes as Bangladesh Bank on Wednesday scrapped a provision that allowed bringing in 2 kilograms of bars of the precious metals in legal channel.
A BB order, signed by deputy governor Nazneen Sultana, on Wednesday scrapped a 1996 notification of the central bank that allowed incoming passengers to Bangladesh to bring in gold or silver bars weighing up to two kilograms by taking prior approval of the BB.
The order said from now on only Baggage Rules under Customs Act 1969, which allows bringing in up to 200 grams of gold or silver bars by paying taxes, would be applicable.
BB officials said although there had been the provision to bringing in up to 2-kg gold bars, the central bank had never got any applications from any body in this regard.
Over the last few months, customs officials at different airports in the country have seized hundreds of kilograms of gold bars that were smuggled in without declarations.
‘As no one brings in 1-2 kgs of gold bars with declarations, the BB has decided that it is better to scrap the provision,’ said a BB official explaining the incoming passengers could now bring in 200 grams of the bars by paying taxes.
The rate of tax on gold bars is Tk 3,000 on per bhori (11.66 grams) and Tk 6 on each silver bar weighing one bhori.
The Baggage Rules also allows bringing in gold or silver ornaments up to 100 grams without paying taxes. For bringing in ornaments beyond the limit, incoming passengers need to give declaration and pay taxes up to 61 per cent.
Former Bangladesh Jewellers Association president Dewan Aminul Islam said although the BB provision had no impact as no one brought in any gold bars, they wanted a formal channel to bring in gold bars.
‘The BB provision was a lengthy process. We need a gold policy for easy import of gold and a gold commodity market or spot market where gold bars would be traded,’ he claimed.

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