Central Bank is changing gold deposit rules after revenue detectives raised questions about the previous system in their report.
In the new format, deposited gold will be called, gold sacks, gold boxes or gold trunks, informs Bangladesh Bank sources.
Bangladesh Bank currency officer, (GM), Aolad Hossain Chowdhury, told Bangla Tribune: “we shall not take open gold pieces anymore; anyone wishing to deposit gold will have to seal the products in sacks, boxes or trunks.”
If any organization wants to deposit/withdraw gold, then, in addition to adhering to existing rules, they will need to cross several steps.
To keep gold in Bangladesh Bank vault, list of confiscated gold is first made, then in the second stage, the agency wanting to deposit will take the gold in their own vault, in the third, the list of illegal gold is submitted at court to be forfeited.
With court order, the respective agency then submits a request to Bangladesh Bank’s Motijheel branch. In the fifth step, the request for deposit is sent to Bangladesh Bank’s head office for approval and following approval a date is given for the gold to be brought for safekeeping. In the sixth, when the gold is brought, it’s measured by a central bank approved goldsmiths. Then the boxes of gold will be locked or sealed and covered with cloth and sealed once more. A designated officer will sign horizontally on top while small pins will be inserted around the boxes/trunks. In the last step, the boxes will enter the vault passing six layers of security.
Later, a report will be sent to relevant bodies or NBR.