Tk 2.5b gold, diamond smuggled into country daily: Bajus
Seven-point recommendations placed
FE REPORT | Tuesday, 4 June 2024
Bangladesh Jeweller's Association (Bajus) revealed Monday that gold and diamond valued at Tk 2.5 billion are being smuggled into Bangladesh daily.
Bajus disclosed this during a pre-budget press conference at their office in Dhaka's Bashundhara City Shopping Complex.
The association also presented seven-point recommendation at the press conference to curb the smuggling.
The Bajus also called for stronger policy measures and greater government action to tackle the illegal trade.
They stressed the need for enhanced efforts by law enforcement agencies to curb smuggling activities.
Md. Ripnul Hasan, vice-president and chairman of its standing committee on smuggling and law enforcement, stated that approximately Tk 803 billion worth of gold and Tk 109.50 billion worth of diamonds are smuggled into Bangladesh annually.
He further said, "This illegal trade results in significant economic losses, including decreased remittances and increased money laundering,"
The government must take decisive action to halt the annual smuggling of around Tk 912.50 billion, the Bajus leader said. The ongoing US dollar crisis exacerbates the urgency of this issue, he added.
Bajus highlighted that gold smuggling predominantly occurs through the borders of 30 districts adjacent to India, particularly in Meherpur, Kushtia, Chuadanga, Jhenaidah, Jashore, and Satkhira.
Much of the smuggled gold is sent to India through these routes.
The association's seven-point recommendations include conducting strong operations by law enforcement agencies to catch those involved in gold and diamond smuggling, forming a separate government monitoring cell involving BAJUS, amending baggage rules to prevent the import of gold bars, reducing the tax-free limit for gold jewelry, limiting the number of identical types of jewelry that can be brought in, implementing a provision for passengers to avail baggage rule benefits only once per year, and proposing a study involving BAJUS, Bangladesh Bank, and the National Board of Revenue (NBR) to assess the impact of misuse of the baggage rule on the dollar crisis and smuggling.