Bangladesh Jewellers’ Association (BAJUS) has issued a cautionary notice for the buyers and the sellers of gold to bring transparency, accountability, discipline and business standard to the country's jewellery industry.
Standing Committee on Anti-Smuggling and Law Enforcement of BAJUS issued a 'Gold Purchase Warning Notice' to its members across the country on September 3. The body has requested the concerned parties to follow the warning in buying and selling all types of gold.
According to the notice, BAJUS members can purchase local, foreign, old and new gold ornaments on demand. In some cases, it faces various legal complications. Despite repeated warnings, some traders who buy old gold are facing various problems. In order to avoid such problems, BAJUS has given strict instructions to be followed in buying old gold or precious metal under the baggage rule.
BAJUS instructions are the following:
Precautions to be taken by traders in buying old gold:
1. Photocopies of both sides from an original copy of the national identity card of the seller should be preserved by the buyer at his own responsibility
2. The seller must provide the source of the jewellery.
3. The seller should have a copy of the purchase receipt of the gold ornaments
4. Ornaments cannot be purchased from any representative other than the original owner
Precautions to be taken by traders when buying imported gold under baggage rule:
1. The original copy of the seller's passport should be photocopied by the buyer on his own responsibility
2. A copy of the visa, exit and entry seal of the country from which the seller has brought the gold must be kept (Trader must take photocopy from an original copy at his own responsibility. In this case, no photocopy of the mentioned document can be accepted from the seller).
3. The photocopy of both sides from the national identity card of the seller should be kept at his own responsibility
4. Gold must be purchased from the original owner
5. Airport declaration or tax payment document subject to tax (original copy) to be retained
6. If necessary, verify the identity of the seller
7. It should be verified whether the passport, national identity card and tax slip (in case of purchase of pure gold) have the same name and address
The facility a passenger gets to bring goods under the baggage rule in arriving at the country from abroad is for his/her personal or family members' use. If anybody wishes to sell the product for financial reasons, it can be purchased subject to the receipt of the specified information or documents.
In all cases, the purchase receipt should be provided and the copy of the purchase receipt with the signature of the seller should be preserved in the respective institution for at least 3 (three) years.
If the seller cannot provide the specified information, it should be understood that it is illegal gold. So, one should refrain from buying gold from such sellers. If a jeweller faces legal trouble buying illegal gold despite repeated warnings, BAJUS will not take any responsibility.
BDST: 1910 HRS, SEP 19, 2022
MSK
