The government has no control over the gold sector

The government has no official control over the gold sector in the country. Gold and gold ornaments and traders control the market. Gold is accountable, account-based, black market-based. In this situation it is necessary to bring the gold sector under the full legal framework.

This is said in a research report by Transparency International Bangladesh (TIB). The research report was presented at a press conference on Sunday in the company’s office.

TIB executive director Iftekharuzzaman said, the daily trading of gold worth Tk 25 million is traded in the country. Most of the demand comes from smuggled gold. Customs intelligence has been actively working against smuggling. But in reality, the example of exemplary punishment for smugglers is very rare. He said there is a complete policy for the gold sector.

TIB has recommended 90 out of 15 cases in their study. Based on this research they gave a draft policy to the government. The organization is hoping that a full policy will be made by discussing this sector with everyone.

According to the TIB study, the activities of gold smuggling of involvement and involvement of a section of law enforcing agencies, land ports and aircraft related officials and employees and gold traders continued. In the country there is no effect of a fair gold import policy and smuggling has been affected by a section of officials related to smuggling chakra, gold trader and smuggling control.

It is said in the study that specific information is not available on the demand and supply of gold in the country. However, the perception is that, the demand for gold is 20 tons to 40 tons per year. Ten percent of the demand was collected from the gold. On this basis, the country’s internal demand for new gold is around 18 to 36 tons per year.

It is said in the study that there are government approved measures for monitoring and supervising the amount of pure gold in the realm of jewelry sold in different markets in the internal market. As a result, there is a chance to cheat buyers by mixing additional bass and setting additional prices.

Md. Rafiqul Hasan, Md. Rezaul Karim and Amit Sarkar conducted the research. At the press conference Rafiqul Islam presented the research report.