Govt deposits 1,794kg with central bank

The government has deposited with Bangladesh Bank 1793.72 kilogrammes (nearly two tonnes) of gold seized in the last five years.

Finance Minister AMA Muhith disclosed the information while replying to a lawmaker's query at the Jatiya Sangsad yesterday.

Following auction, the money against the gold would be deposited in the state treasury.

In the current fiscal year, 491kg gold has been seized, the minister said.

Highlighting the possible reasons behind the gradual rise in gold smuggling, Muhith said Bangladesh might have been used as a transit route for smuggling gold to India after the neighbouring country imposed a heavy tax on importing the valuable metal.

He said as monitoring against money laundering through hundi, an informal channel of money transfer, was intensified, black money was being used in the crime.

Demand for gold inside the country and its low price in the international market could also be the key factors for smuggling gold in.