Tk250 crore in gold, jewellery smuggled daily into Bangladesh: Bajus
Bajus highlighted that gold smuggling predominantly occurs through the borders of 30 districts adjacent to India, particularly in Meherpur, Kushtia, Chuadanga, Jhenaidah, Jashore, and Satkhira
Bangladesh Jeweller's Association (Bajus) has raised alarm over the rampant smuggling of gold and diamonds into the country, revealing that an average of Tk250 crore worth of these precious items are illegally entering Bangladesh daily.
In a pre-budget press conference held at the Bajus office in Dhaka's Bashundhara City Shopping Complex Bajus officials called for stronger policy support and government intervention to combat the illegal trade. The association emphasised the need for law enforcement agencies to intensify efforts to stop smuggling activities.
Md Ripnul Hasan, vice-president and chairman of its standing committee on smuggling and law enforcement, stated that approximately Tk80,300 crore worth of gold and Tk10,950 crore worth of diamonds are smuggled into Bangladesh annually. This illicit trade contributes to significant economic losses, including reduced remittances and increased money laundering.
Keep updated, follow The Business Standard's Google news channel
The government must take decisive action to halt the annual smuggling of around Tk91,250 crore, Bajus leaders said. The ongoing US dollar crisis exacerbates the urgency of this issue, they added.
Bajus highlighted that gold smuggling predominantly occurs through the borders of 30 districts adjacent to India, particularly in Meherpur, Kushtia, Chuadanga, Jhenaidah, Jashore, and Satkhira. Much of the smuggled gold is sent to India through these routes.
To combat this, Bajus proposed several measures:
1. Intensifying operations by law enforcement agencies to apprehend smugglers.
2. Establishing dedicated government monitoring cells in collaboration with Bajus.
3. Amending baggage rules to prevent the import of gold bars.
4. Reducing the tax-free allowance for gold ornaments to 50 grams from 100 grams.
5. Limiting passengers to bring no more than two ornaments of the same type.
6. Allowing passengers to avail the baggage rule only once a year.
Despite these recommendations, some sector insiders, speaking anonymously to UNB, warned that an abrupt crackdown on gold smuggling could destabilise the gold market. They suggested implementing a unified and straightforward policy for importing gold and ornaments to mitigate this risk.
With over 1.5 crore Bangladeshi migrants abroad, especially in the Middle East, there is a significant demand for bringing high-quality gold into the country. A smart and easy policy would reduce smuggling, one insider noted.
