Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Monday, November 27, 2017 11:07:04 PM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

Make gold import easier to stop smuggling

Share your thought
Post a comment »
Read all () »

TRANSPARENCY International Bangladesh (TIB) has rightly pointed that tight control on commercial gold import has left country's gold market largely unregulated. The high import duty instigates importers to bring gold using informal channel and depend on smugglers. It is clearly depriving the national exchequer of large chunk of revenue that the government so badly needs. To get the nation rid of the smuggling and to bring transparency in the trade of the valuable metal in the domestic market, TIB has justifiably called for withdrawal of high import duty and formulate a policy that can stop smuggling making the trade more open.

It is usual to see Customs Officials seize large haul of gold in airports and Land Ports but it never come into the light how much smuggled gold go through the Customs officials tight fingers by managing them or by way of inadequate screening. To stop the malpractice, the government should bring transparency in the market by regulating import through proper channel reducing exorbitant duty and awarding harsh punishment to smugglers.

We have a big gold market where Tk 25 crore worth gold is traded a day. But being largely supplied by way of smuggling the government is losing revenue. We can't have such faulty policy. As per news media, TIB came up with the suggestion after it found jewelry traders are mainly controlling the market. The government virtually does not have any control over the trade. It is unacceptable that the market lays barren to rule by smugglers using illegal protection of Customs and Law Enforcers. The government is not unaware about the malpractice. We know, gold smuggling is taking place with the help of a section of officials at Airport and Land Ports and inside the country. Biman has lost much of its image and smugglers are also using private airlines to that end. The entire system is becoming heavily corrupt with ban on bigger import.

There is no doubt we are following a destructive dual policy. On one hand we are allowing trade of illegally imported gold in the domestic market. On the other hand, we are yet to frame a policy to ensure proper import of the bullion. Dangerously, the malpractice has turned the country as a safe route of regional gold smuggling and trafficking. To stop it the authorities concerned should break the gold smugglers and traffickers' rackets as a first step to bring transparency in gold market.

We must say, the government is allowing smuggling by remaining apathy to formulate a comprehensive policy while depriving the national exchequer. We suggest reduction in import duty for gold; which will not only reduce smuggling but also allow people to buy jewelries at low cost.

Add Rate

News Archive

Inside The New Nation

Editorial »

Blue economy needs quick exploration to expedite growth

SETTLEMENTS of maritime disputes ushered a new horizon for Bangladesh to unlock the 'blue economy' potentials but other than setting up of a small 'cell' under the Energy Division, no substantial progress has been made over the past three years, Media reports said.  The maritime dispute with Myanmar was settled ...

Entertainment »

Kanika Kapoor enjoying like a queen

In the land of Kings, Kanika Kapoor definitely slayed like the Queen. Kanika recently explored the huge temples and forts of our very own sun city, Jodhpur. In the city of tradition, Kanika decided to go with the culture and was seen dressed in a semi-traditional avatar for her day ...

International »

Nationalists facing wipe out in Australian state election

Reuters, Sydney :The resurgence of Australian nationalist politics has been halted at a state election in coal-rich Queensland, with Pauline Hanson's One Nation party at risk of being almost completely wiped from the state assembly.Australia's center-left Labor party is leading in the tight race after three-quarters of votes were counted ...

Sports »

Cameron Davis wins Australian Open golf

Australia's Cameron Davis shot a brilliant final round of seven-under-par 64 to win the 102nd Australian Open after a wild finish to the tournament Sunday.Regarded as one of Australia's most promising young players, the 22-year-old charged home to beat his more experienced rivals and capture his first professional title.With the ...

City »

Prime Minister Sheikh Hasina at a photo session with envoys at the Envoys' Conference organised by the Foreign Ministry at a hotel in the city on Sunday.

Back Page »

Tulip receives 'Labour Newcomer MP of the year' award

BSS, Dhaka :Labour Party MP and granddaughter of Father of the Nation Bangabandhu Sheikh Mujibur Rahman Tulip Rizwana Siddiq has received an award for 'Labour Newcomer MP of the year' at the annual Patchwork Foundation Awards in Westminster.She recently received the award from the Speaker of the House of Commons ...

Editorial »

Power tariff hike to hit hard the people

THE government has raised power tariff once again at the retail level at an average of 5.3 percent or Tk 0.35 per unit, a move that we fear will put more pressure on consumers affordability at a time when the cost of living is hurting people at its worst. It ...

Sports »

Haven Denney and Brandon Frazier of the United States perform during the pairs short program at the 2017 Bridgestone Skate America in Lake Placid, NY on Friday.

Football »

Messi extends Barcelona contract until 2021

AFP, Barcelona :Lionel Messi ended months of speculation when finally putting pen to paper on Saturday to extend his contract with Barcelona until 2021, the club announced, making official an agreement reached in July. The Spanish giants had announced in the summer that Messi, 30, had committed his future to ...

Business & Economy »

A delegation led by Archie Norman, Chairman of Marks & Spencer, a British company meets with the leaders of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) at a city hotel on Thursday. BGMEA President Md. Siddiqur Rahman, FBCCI Md Shafiul Islam (Mohiuddin), Jill McDonald, Managing Director, Steve Rowe, CEO and Mark Lindsey, Director of Sourcing of the foreign company were also present.

Business & Economy »

Relief for Rohingya children under 5

Staff Reporter :Like different NGOs and voluntary organizations, many individuals are also distributing relief materials, including food and life saving drugs, to the displaced Rohingya nationals at Ukhiya's Balukhali and Kutupalong camps. In the latest effort, an individual social worker Engr SA Rashed distributed a huge quantity of relief materials ...

International »

Pakistan police fire rubber bullets to disperse Islamist sit-in

AFP, Islamabad :Pakistani forces fired rubber bullets and lobbed tear gas at protesters in Islamabad Saturday as they moved to disperse an Islamist sit-in that has virtually paralysed the country's capital for weeks.The roughly 8,500 elite police and paramilitary troops in riot gear began clearing the 2,000 or so demonstrators ...

International »

Zimbabwe war veterans at heart of Mugabe`s downfall

AFP, Harare :Once Robert Mugabe's fiercest supporters, independence war veterans played a key role in ousting him,proving they still wield influence in Zimbabwe which only threw off colonial rule in 1980.Mugabe's reign was built on support from three pillars-ZANU-PF party, the military and the war veterans-and their hardening stance against ...

Entertainment »

Shakib, Srabanti in new film `Boyfriend`

Entertainment Desk :Dhallywood  top  film star Shakib Khan and Tollywood actor Srabanti Chatterjee is set to pair up again for a new film titled "Boyfriend."The duo has recently signed the project, which will be produced by Shapla Media and directed by Uttam Akash. The film will go in production from ...

Entertainment »

Kumar Bishwajit's 'Sharangshe Tumi' at SAARC Film Festival

Entertainment Desk :'Sarangshe Tumi' is one among six other films from Bangladesh that have also participated at the festival. "Sarangshe Tumi," a musical film based on famous singer and musician Kumar Bishwajit's song, is set to be screened at the SAARC Film Festival 2017 in Colombo, Sri Lanka.The 5-day festival ...

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
Write a comment to this news