You are getting higher rates than banks against foreign currency. Thirdly, the expatriate does not have to incur any expenses to receive the remittance money.
Explaining the reason for the formation of the syndicate, the report said, the price of gold per 24 carat in the international market is 58 to 65 thousand taka depending on the country. After paying a duty of 2 thousand taka at the airport, the gold is being sold at 72 to 78 thousand taka per load in the local market. It makes a profit of approx 10-15 A thousand rupees.
In that report, it has been recommended to amend the baggage rule and it has been said that expatriates using the opportunity of the baggage rule to bring gold without remittance in foreign currency are decreasing or may decrease the remittance coming through the official channel.
On the other hand, a significant portion of gold is smuggled to neighboring countries. In both cases, the country is deprived of earning foreign exchange.
In this regard, Dilip Kumar Agarwala, general secretary of Bangladesh Jewelery Association (BAJUS), said, I personally welcome if the government takes such a decision. Because, now the dollar crisis is going on. It appears that all those coming from abroad are bringing gold bars. But the remittance is not coming. Moreover, the government has also issued dealer licenses to encourage legal import of gold bars. Although it is not import friendly.
He also said that if such a decision is taken, a wide public awareness should be created so that expatriates do not become victims of harassment. Foreign embassies can play an effective role in this regard.