Bangladesh Jewelers Association (BAJUS) has instructed to follow certain rules before buying old gold in the country, including keeping the identity card of the seller and seeing the purchase receipt.
Before buying old or baggage rule gold, it is advised to keep the seller’s national identity card or passport-visa copy, see the purchase receipt, keep a nearby shop owner or employee as a witness.
This association has more than four thousand members in the country.
But why did this association make such a decision? And what effect can it have on customers?
According to Bangladesh Jewellers’ Association, usually the gold in Bangladesh’s gold business comes from the purchase of old gold and baggage rule gold from abroad.
Bajus says that in case of buying old gold, members of the association should keep a photocopy of the national identity card of the seller, know the source of the gold ornaments, keep a copy of the purchase receipt, the owner or staff of the neighboring shop as witnesses.
Many citizens bring gold when they come to Bangladesh from abroad. Although these are meant for family use, many people sell them.
According to Passenger Baggage Rules 2016 of Bangladesh, maximum 100 grams of gold ornaments can be brought in duty free facility without paying tax. Besides, a passenger can bring gold bars with a maximum weight of 234 grams. For this they have to declare to customs and pay duty in case of gold bars.
In case of buying such gold, the seller’s passport and visa photocopy, national identity card photocopy, airport declaration or tax payment certificate etc. should be verified.
Soma Saha of Dhanmondi, Dhaka received around eight bharis of gold as a gift during her marriage. But none of it has any receipt. Even the gold jewelery gifted by the husband after the marriage was bought from the shop in his presence but the receipt was not preserved. No receipt was taken for the jewelery made from the village home shop.
“In Bangladesh, I never had to show a receipt when buying or breaking gold. I gave money to Sacra, they made it new. But now if I have to show the receipt while selling, I don’t know where to get it,” said Soma Saha.
Like many others in Bangladesh, Soma Saha regards gold not only as a beauty item, but as a store for the future. For this reason, they have always given more importance to buying gold or making jewelery than buying anything else in the family.
Another Shikha Rahman like him has a lot of gold. They are not worn much except for weddings or events. But for many years he made various gold ornaments by accumulating money.
“You see, the price of gold never goes down. I started making jewelry by buying bhori with 4000 rupees, now gold bhari is close to lakhs of rupees. It is better to buy land or gold than to buy savings bonds or anything else,” he said.
But now he is worried about how to sell those jewels if he is in danger.
“I might get one or two receipts, but I didn’t keep the receipts for most of the jewellery. Now if I go to sell without them, if there is no receipt, I will want to pay less price. It’s a bit worrying,” he says.
Because he fears that gold jewelry can be sold at a lower price than buying. Now, if there is a shortage of documents, the buyers may want to pay even less.
But he is happy to think of another thing, “If they really follow these rules, maybe gold theft can be reduced. But it can be seen that they are buying gold illegally, and they want to give us a lower price.”
Enamul Haque Khan, Chairman of Anti-Smuggling and Law Enforcement Department of Bangladesh Jewelers Association, told BBC Bangla, “Recently theft and robbery have increased a lot. We have given this notification so that these stolen or stolen gold cannot be bought and sold. Also the source of the gold coming to us will be clear.”
“We have taken this initiative not to discourage gold trading or buying and selling of gold, but to legalize this business, to bring it within the rules,” he said.
He said that gold in Bangladesh gold business mainly comes from old gold and imported gold. The government also has to declare the purchase of old gold. But there are many complaints about buying and selling such gold. Many times traders get into legal trouble by buying illegal gold.
As a result, if such rules are followed, the source of gold will be clear, illegal sellers will not dare to steal or sell gold, he hopes.
But when asked whether ordinary customers will be in some danger, Enamul Haque Khan said, “We have talked about receipts. But we also know that many customers in Bangladesh may not keep receipts. In that case they must provide documents. For example, we can verify the real owner from lost receipt GD, identity card, home address, telephone number-etc.”
“The bottom line is that we want to buy gold from the original owners, if necessary to identify them. In fact, only the original owners will benefit. As a result of these rules, no one will come to steal and sell gold. And if any of our members do it, we will not take any responsibility,” he says.
SH-14/20/22 (Online Desk, Source: BBC)