The ‘Gold Policy 2018’ may not receive the final nod from the Cabinet anytime soon as the Prime Minister’s Office (PMO) asked for scrutinising a previous draft of 1996.
Following clearance by a Cabinet committee, the proposed policy was forwarded to the PMO for placing it in front of the Cabinet. But the prime minister has ordered for another draft incorporating provisions from the 1996 draft.
Officials at the commerce ministry have now opened a hunt for the documents on the over two-decade-old draft policy.
Asked on when a new draft might be forwarded to PMO, official could not set any specific date.
“It may take several days to find it. Many officials have been transferred over the past 22 years. New officials may have no knowledge on the documents,”
“If found, documents of the Gold Policy 1996 will be sent to the PMO immediately,” said the official, who wished to go unmanned.
According to sources at the commerce ministry, if a new draft is prepared repealing the old one, authorities concerned may sit with stakeholders of the gold trading.
Bangladesh’s first-ever policy for gold import has received the nod from the Cabinet Committee for Economic Affairs on May 23.
The ‘Gold Policy 2018’ aims to ensure accountability in the trade of the precious metal, Finance Minister AMA Muhith, who chairs the committee, told the media then.
“Until now gold was not imported, all of it was smuggled in, which will not be the case anymore,” Muhith told the media.
The Bangladesh Bank will appoint dealers for importing gold bars to meet the country's requirement, he added while elaborating on the regulatory framework.
The dealers will be allowed to import gold through bonds, but for that, they will have to get bond licences in line with the existing law.
The policy also allows export of gold as well, according to Additional Cabinet Secretary Mostafizur Rahman. “There’s provision to add value to imported gold for export.”