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Govt body suggests duty rates for gold import

FE Report | December 12, 2018 00:00:00

An inter-ministerial body has suggested downward revision of duty rate from the existing Tk 3000 to Tk 2000 for per bhori of gold brought under the baggage rules, officials said.

The committee also recommended realising Tk 1000 as duty for import of per bhori of gold, Tk 6000 for per carat of diamond and Tk 50 for per bhori of silver by jewellers.

The recommendations were made in line with the Gold Policy-2018 which was framed in October last.

As per the recommendations, officials said, the duty rate will be finalised today (Wednesday) at a meeting with Finance Minister AMA Muhith in the chair.

In the first week of November, a similar meeting formed the eight-member inter-ministerial committee headed by the commerce secretary.

Other members of the body were representatives from Export Promotion Bureau, Bangladesh Bank and Ministry of Commerce.

A commerce ministry official told the FE that a scope has been created to import gold bars and ornaments by authorised dealers under the Gold Policy-2018.

According to the committee, duty has to be re-fixed at such a rate so that it can encourage the traders to import gold through legal channel.

That's why the duty rate was cut by Tk 1,000 per bhori, the official said.

The country's annual demand for gold, according to commerce ministry officials, is between 20 tonnes and 40 tonnes.

They said nearly 80 per cent of demand is met by smuggled gold while the rest by recycled one.

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