Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Thursday, April 26, 2018 05:06:28 PM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

Gold market reform must be high on card

By
18th-May-2017       
Comments
Share your thought
Post a comment »
Read all () »

CUSTOMS Intelligence and Investigations Directorate (CIID) officials said three owners of Apan Jewelers who are facing investigation following the Banani rape incident by a member of their family have failed to produce valid documents of all gold and diamonds held from their stocks in four city markets. The CIID is looking into the sources of the 286kg gold and 61 grammes of diamonds it confiscated from these outlets and trying to ascertain how these entered the country and whether or not they have paid taxes.

The Banani rape case involving two private university students has taken to the fore the gold smuggling business of the family which made them wealthy to engage in multi-million dollar illegal business and criminal activities. The CIID disclosure suggests they do not have valid documents for the gold and that they have brought it using illegal  channels such as smuggling through airports. It also gives the hindsight that big people who don't dare to break law are engaging in gold smuggling and powerful people are protecting their business.

Gold business in the country, as it appears lacks transparency as it mainly enters the country misusing 'baggage rules' to bring in gold ornaments and gold bars. Jewelers said the prevailing policy to import gold is complex and costly. They have been asking the government for long to facilitate them to import and sell gold legally, but things haven't worked out so far pushing a section of wealthy people to resort to smuggling. .

Why not the government is allowing formal import of gold has no good answer. It is as if we are deliberately making people criminals for going into gold businessmen. Of around 30 gold smuggling syndicates involved, 23 operate inside Bangladesh and the rest from outside. The gold is smuggled through airports as the intelligence agency reports said.

Eleven of the 23 syndicates in Bangladesh are directly involved in gold smuggling and others smuggle gold operating money exchange houses as cover to their illegal business. Political leaders and other influential persons patronize them while a section of intelligence officers, police officials and Border Guard Bangladesh are also helping them to run the business in exchange of huge financial benefits. It partly explains why it can't be stopped despite periodic seizure of huge gold at Dhaka and other airports.

In neighbouring India, the central bank sells gold through its authorized agents. The gold sellers in Bangladesh are demanding for such arrangement for the past 20 years, but the government has not paid them any heed. Like most institutions, the improper regulatory framework in the gold market prevents merchants from buying it legally and run the business with full transparency. So they are resorting to illegal practices.

It is unfortunate that a rape had to occur for the government to shine light into the chaotic gold market, but it must carry out reforms so that there is no need for illegal smuggling to make people criminals and flourish.

Tariff
Add Rate

News Archive

Inside The New Nation

Editorial »

Stop women harassment on running buses


A DHAKA court on Tuesday placed three staffers including driver of a Turag Paribahan bus in a case filed over sexually harassing a private university female student in the running bus on her way to campus. According to the case statement, on April 21, the girl boarded the bus on ...

International »

Trump, Russia and China media attacks `threaten democracy`


AFP, Paris :Press freedom around the world is under threat from a triple whammy of US President Donald Trump, Russia and China's bid to crush all dissent, a watchdog said Wednesday.Reporters Without Borders (RSF) warned that a "climate of hatred and animosity" towards journalists combined with growing attempts to control ...

Football »

Liverpool`s Mohamed Salah celebrates with teammates after scoring his side's opening goal during the Champions League semifinal, first leg, soccer match between Liverpool and Roma at Anfield Stadium in Liverpool, England on Tuesday.


Entertainment »

Yami hopes to help kids, one book at a time


Yami Gautam, actress of the upcoming Batti Gul and Uri posted on her social media that she has just supported and donated towards setting up a library for under privileged kids in Kohlapur, Maharashtra. Her donation will help over 400 children in the area to read, learn and imagine. The ...

City »

Human rights activist Dr Hamida Hossain, among others, at a seminar on 'Socio-economic Development of Dalit Women in Bangladesh and National Budget' organised by different organisations in CIRDAP Auditorium in the city on Wednesday.


Football »

Members of Dhaka Abahani Limited during their practice session at the Abahani Ground on Tuesday.


Sports »

Senior Operative Director (Head of Games & Sports Department) of Walton Group FM Iqbal Bin Anwar Dawn (second from left) speaking at a press conference at the Club House in Army Golf Club on Tuesday.


Entertainment »

Sonam to quit Bollywood!


Sonam Kapoor's wedding has been one of the most talked about topics of discussion in the industry. A lot of speculations are being made about Sonam-Anand's wedding. Recent reports suggested that Sonam will be shifting to London post her wedding with Anand.These speculations even gave rise to rumours that Sonam ...

Editorial »

Police must not feel free to abuse police power against police discipline


A MOTORCYCLE was stolen from in front of a high police official's residence last week. Motorbikes are the easiest target for thieves. They either stealthily take away the bikes or stop the riders at night and snatch away their bikes. Sometimes, the bikers are knifed or beaten up. Last year, ...

International »

Dinner over, Trump, Macron get down to business


AFP :After a friendly dinner at a US landmark, US President Donald Trump and his French counterpart Emmanuel Macron were to get down to business Tuesday on divisive issues like the Iran nuclear accord and international trade.They were to meet face to face for half an hour, and then again ...

Editorial »

Justice delayed justice denied


FIVE years have elapsed after the Rana Plaza collapse in Savar which is known as deadliest garment-factory accident in history, as well as the deadliest structural failure in the modern human history. At least 1136 garment workers were killed on the spot and 1169 received severe injuries when the multi-storied ...

Cricket »

Shakib, Tamim to play for ICC World XI against West Indies


Bangladeshi all-rounder Shakib Al Hasan and top order batsman Tamim Iqbal have been included in the ICC World XI to play West Indies team in a one-off T20I match at Lord's on May 31.The match is being organised to raise fund for the reconstruction of stadiums that were damaged in ...

Sports »

(Left to right)) Uttam Mundy, CEO, PGTI; Arshi Haider, Chairman of bti; Siddikur Rahman, Professional Golfer; Asif Ibrahim, President, BPGA; Johnson Poh, Professional Golfer, Honey Baisoya, Professional Golfer unveiling the bti Open 2018 Trophy on Monday.


Entertainment »

Shilpa Shetty Kundra is Inspirational Celebrity of the Year


A successful wellness guru Shilpa Shetty Kundra is one of cinema’s most loved names. Her rise has nothing short of meteoric. This actress turned entrepreneur has to her credit successful yoga DVDs, a health and fitness channel is also a top-selling selling author of two books based on her mantra ...

Entertainment »

Richa Chadha’s new song look inspired by Parveen Babi’s Jawani Janeman


Actress Richa Chadha is considered to be the front-runner in Bollywood for experimenting with her looks and character in the films she does. Right from playing an old woman Nagma Khatoon in her first commercial success hit, Gangs of Wasseypur series to her soon to release film Daasdev, Richa has ...

 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news