Thursday, 6 October, 2022
E-paper

BAJUS for joint monitoring cell to check gold smuggling

  • Staff Correspondent
  • 31 August, 2022 12:00 AM
  • Print news
BAJUS for joint monitoring cell to check gold smuggling

Bangladesh Jeweller’s Association (BAJUS) has proposed that the Bangladesh Bank (BB) and the National Board of Revenue (NBR) constitute a joint monitoring cell involving the trade body to prevent gold smuggling and money laundering.

In a letter sent to BB Governor Abdur Rouf Talukder and NBR Chairman Abu Hena Rahmatul Muneem recently, BAJUS President Sayem Sobhan Anvir has also urged the two organisations to review the baggage rules to fight against gold smuggling.

He recommended conducting a joint survey together with BAJUS to ascertain the impacts of the misuse of opportunity to bring in gold bars and ornaments under the baggage rules on dollar crisis, money laundering and smuggling.

The trade body leader also proposed that a new law with tougher provisions should be enacted to strictly deal with the smugglers.

According to BAJUS, gold ornaments worth Tk 730 billion are being smuggled into the country annually through water, land and air routes.

“The gold industry has already received several offers from foreign investors. The sector is also going forward with its plan to export ornaments. Under such circumstances, gold smuggling has become a big crisis and challenge for the jewellery industry,” the letter reads.

The trade body expressed the hope that activities to curb gold smuggling and money laundering will be strengthened further if its proposals are implemented.

At present, BAJUS has about 40,000 members across the country and the gold industry has been expanding through their relentless efforts.