Finalisation of the ‘Gold Policy 2018’ may delay as the commerce ministry officials are yet to act upon the Prime Minister’s Office’s (PMO) instructions on scrutinising the previous draft of 1996.
On May 23, the Cabinet Committee for Economic Affairs cleared the proposed 2018 gold policy, which was later forwarded to the PMO to place before the Cabinet.
But the PMO sent it back as the prime minister asked to revise the draft with incorporating provisions from the 1996 draft.
Following the order, the ministry officials started to look for the 1996 draft policy.
Since then, two months have passed, but the officials are yet to find out the two-decade-old documents.
Officials at the ministry, however, could not set any specific date on when a new draft might be forwarded to the PMO.
Speaking to Bangla Tribune, a ministry official said, “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,” said the official, who wished to go unmanned.
The authorities concerned may sit with the stakeholders of the gold trading if the new draft replaced the old one, according to sources at the commerce ministry.
When the Cabinet Committee gave nod for the policy Finance Minister AMA Muhith, who chairs the committee, told the media that the ‘Gold Policy 2018’ aims to ensure accountability in the trade of the precious metal.
“Until now gold was not imported, all of it was smuggled in, which will not be the case anymore,” Muhith said.
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.”