Cabinet eases gold import process

The Cabinet gave approval on Wednesday to the draft of the Gold Policy 2018 for easing gold import process to enhance the export of gold ornaments produced in the country, reports UNB.

The approval came at the Cabinet meeting held with Prime Minister Sheikh Hasina in the chair at her office in the city.

After the meeting, Cabinet Secretary Mohammad Shafiul Alam briefed reporters at the Secretariat.

He said the main goals of the policy are to ease gold import process to fulfil the demand for commercial use of gold locally and export of gold ornaments, and to fix specific gold import authority for ensuring transparency and accountability in the process of gold import and business.

Expanding gold ornament export by promoting and providing policy-support in this regard is among other goals of the policy, he added.

Noting that the global ornaments export volume was US$ 638.37 billion in 2016,

the Cabinet Secretary said some 80 per cent of global handmade ornaments are now produced in Bangladesh and India.

India exported jewellery worth of US$ 42.29 billion in 2014-15 fiscal, while the ornament export volume of Bangladesh is very negligible, he said.

"Our goldsmiths are going to India... So, the policy has been formulated," Mr Alam said.

He said import system of gold bars through authorised dealers will be introduced as per the policy.

He also said Bangladesh Bank will authorise the dealers to import gold under the Foreign Exchange Regulation Act 1947.