December 4, 2020, 10:53 am


2020-10-22 13:10:47 BdST

BB-authorised dealers can now import gold jewellery

The central bank has given exclusivity to authorised gold dealers (AGDs) for importing the ornaments in line with the gold policy-2018, officials said.

" it has been decided that import of gold jewellery is to be executed by Authorised Gold Dealers (AGDs) within the purview of the Gold Policy-2018," the Bangladesh Bank (BB) said in a notification on Wednesday.

The central bank has already issued licences to 19 business entities including Modhumoti Bank Limited to import the precious metal, they added.

"Excepting the AGDs, no business entities will be allowed to import gold jewellery," a senior BB official said while explaining the main objective of the latest directive.

Md. Shafiul Azam, managing director (MD) and chief executive officer (CEO) of Modhumoti Bank Limited, welcomed the BB's latest move, saying that it will facilitate the AGDs businesses.

"It will also help increase revenue collection of the government," the CEO of the fourth generation private commercial bank noted.

Currently, the AGDs are allowed to import gold through bonds, but for that they will have to get bond licences from the authority concerned.

But the AGDs will also have to inform the central bank about their requirement of foreign currency and have to obtain no-objection certificate (NOC) from the BB.

The central bank will issue NOC within 15 days upon receiving an application.

On the other hand, the manufacturers of ornaments will not be able to buy gold from others, apart from the AGDs, according to a gazette notification issued by the government earlier.

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