Dr. Abu Ahmed, Economist: The Gold Policy 2018 that allows businessmen to legally import gold is useful and timely. Hopefully this will lead to the development of the ‘gold industry.’
The policies that were adopted were very much needed by our nation. Our neighbouring India earns nearly 40 billion dollars every year by exporting gold ornaments – a value that is several times greater than our own garments industry. Our country has been falling behind. Smugglers used to run their business freely in our country as traders even used to buy from them.
The policy-makers of Bangladesh were deluded for a long time. But now, hopefully, a gold industry can be established, with licence from the Bangladesh Bank. However, it is important that too much tax is not levied on gold imports because the global market is now more cut-throat than ever before.
I feel that these steps should be put into action as soon as possible. Bangladesh has been misguided all the time. Had necessary steps been taken 10 years ago, this sector would have been quite advanced by now. This approval, under Bangladesh Bank’s oversight, will lead to a decline in smuggling.
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