Smugglers turn to gold bars for transaction
Friday, 10 August 2007
Our Correspondent
RAJSHAHI, Aug 9: Smugglers of Rajshahi area chose to go back to the roots by using gold bars in their transaction against smuggled goods following the unprecedentedly low rate of the Indian rupee against Bangladesh Taka (BDT), sources said.
As the smugglers were using gold bars to settle their transaction, which reminds one of the practice in the distant past, some of the jewellers of the area engaged in selling imported gold bars to them, the sources further said. Some of them were also preparing gold bars melting scrap-gold ornaments to smuggle out those to India.
According to the sources, although the price of gold is increasing in the international markets, the price is comparatively lower in terms of the value of the Indian rupee against the BDT.
In Bangladesh, a 22-carat guinea-gold is priced at Tk 18,000 to 20,000 per bhori whereas in India the same quantity of gold is being sold at Tk 14,000 to 20,000. But the smugglers paid only Rs 55 against a Tk 100 note.
The value of the Indian currency against the US dollar is 40 to 42 rupees, but in Bangladesh the price of one dollar is Tk 69. So the smugglers were not finding the use of dollar profitable to settle their transaction, and ultimately turned to the use of gold bars.
A jeweller of Shaheb Bazaar said the smugglers with gold bars used to cross the border through Sonamasjid Customs cheque-post and other bordering corridors.
Sources informed, though the members of Rapid Action Battalion (RAB) and Bangladesh Rifles (BDR) often caught smugglers with drugs, phensidyl and arms, but they seldom or almost never nab a smuggler with gold bars although thousands of gold bars were being smuggled to India every week.
RAJSHAHI, Aug 9: Smugglers of Rajshahi area chose to go back to the roots by using gold bars in their transaction against smuggled goods following the unprecedentedly low rate of the Indian rupee against Bangladesh Taka (BDT), sources said.
As the smugglers were using gold bars to settle their transaction, which reminds one of the practice in the distant past, some of the jewellers of the area engaged in selling imported gold bars to them, the sources further said. Some of them were also preparing gold bars melting scrap-gold ornaments to smuggle out those to India.
According to the sources, although the price of gold is increasing in the international markets, the price is comparatively lower in terms of the value of the Indian rupee against the BDT.
In Bangladesh, a 22-carat guinea-gold is priced at Tk 18,000 to 20,000 per bhori whereas in India the same quantity of gold is being sold at Tk 14,000 to 20,000. But the smugglers paid only Rs 55 against a Tk 100 note.
The value of the Indian currency against the US dollar is 40 to 42 rupees, but in Bangladesh the price of one dollar is Tk 69. So the smugglers were not finding the use of dollar profitable to settle their transaction, and ultimately turned to the use of gold bars.
A jeweller of Shaheb Bazaar said the smugglers with gold bars used to cross the border through Sonamasjid Customs cheque-post and other bordering corridors.
Sources informed, though the members of Rapid Action Battalion (RAB) and Bangladesh Rifles (BDR) often caught smugglers with drugs, phensidyl and arms, but they seldom or almost never nab a smuggler with gold bars although thousands of gold bars were being smuggled to India every week.