Govt to frame guideline for gold business

It is heartening to note that the leaders of the Bangladesh Jewellers Samity (BJS) have called off their proposed indefinite strike at the back of the government's assurance to formulate a new guideline for gold businesses. What we cannot understand, however, is why the situation got to this point to begin with. The gold business has been running in the country since time immemorial. Why is it that neither the jewellers, nor the government, made an issue out of the absence of a guideline for all these years?

Records kept by the customs authorities surprisingly show almost no legal import of gold into the country since its independence, despite the jewellery industry booming over the last few decades. What this means is that businesses were operating almost wholly using gold traded under the table. What it also means is that those who were running their businesses using legally imported gold, actually lost out to those who did not pay taxes on gold imports.

We would like to point out that our concerns come from the inherent flaws of the industry in general and not because of any particular event. And in line with those concerns, the Customs Intelligence and Investigation Directorate's recent seizures of ornaments for which no valid documents could be presented were justified.

This lack of professionalism in the industry should change. To that end, the government should implement a comprehensive policy and legal guideline to ensure the proper running and oversight of the industry.