The Cabinet Committee on Economic Affairs approved Wednesday the Gold Policy 2018, allowing the import of the precious metal into the country through legal routes.
"From now on we will import gold. In the past, no import of the metal had taken place. Rather, it was smuggled into the country," Finance Minister A M A Muhith told newsmen following a meeting of the committee held at Bangladesh Secretariat.
He also said one will have to take license from the central bank for importing gold.
Asked about the probable rate of duty on gold import, the minister said the rate will not be high.
Replying to another query, he added that the policy will come into effect as soon as the cabinet approves it.
Commerce Secretary Shubhashish Bose told newsmen after the meeting that the gold policy has kept the option of bonded facility. Under it, a trader will be able to import gold bars, and re-export the same as jewellery.
Such exporters will also be given cash incentives and land in the special economic zones (SEZs) for setting up factories, he added.
© 2024 - All Rights with The Financial Express
