99pc smuggled gold goes undetected : NBR boss

The Rise of Gold Smuggling in Bangladesh

Gold smuggling has been a persistent problem in Bangladesh for decades. The country’s porous borders and lack of effective law enforcement have made it an attractive route for smugglers. The NBR has been struggling to curb the activity, and Chairman Khan’s admission of failure is a stark reminder of the challenges they face. The NBR has been trying to tackle the issue through various means, including: + Increasing penalties for smugglers + Improving border security + Enhancing intelligence gathering and sharing + Strengthening international cooperation

However, despite these efforts, gold smuggling continues to thrive, with estimates suggesting that over 100 tons of gold are smuggled into the country every year. ## The Economic Impact of Gold Smuggling

The Economic Impact of Gold Smuggling

Gold smuggling has significant economic implications for Bangladesh.

The Mysterious Case of Anwarul Azim Anar’s Death

The death of former Awami League MP Anwarul Azim Anar has left the nation in a state of shock and confusion. The circumstances surrounding his demise have sparked intense speculation, with many questioning the official narrative. Chairman of the Awami League, Sheikh Hasina, has been at the center of the controversy, with some accusing her of being involved in the murder.

The Gold Smuggling Connection

Chairman Rahman hinted at the possibility of a link between Anwarul Azim Anar’s murder and gold smuggling. This revelation has sent shockwaves through the nation, with many wondering how the two seemingly unrelated crimes could be connected. *Some possible explanations include:**

Anwarul Azim Anar’s murder was a result of his attempts to expose the gold smuggling ring. The murder was a cover-up for the smuggling operation. Anwarul Azim Anar was a threat to the smuggling operation and was silenced to prevent him from revealing the truth. ### The Lack of Gold Imports*

The Lack of Gold Imports

The Awami League government has been criticized for its lack of action in addressing the gold smuggling issue. Despite the presence of a large jewellery market, the country has seen a significant decline in gold imports.

Gold imports in a gray area, with passengers and importers facing different rules.

The Confusion Surrounding Gold Imports

The National Bureau of Revenue (NBR) has been grappling with a peculiar issue – the lack of legal gold imports. Despite the government’s efforts to reduce import duties, the NBR chief expressed confusion over the situation. The main concern is that passengers bringing gold from abroad are required to pay duty under baggage rules, while importers face much lower taxes. Key points to consider: + Passengers must pay duty under baggage rules + Importers face lower taxes + NBR chief expresses confusion over the situation

The Baggage Rule Conundrum

The baggage rule applies to passengers bringing gold from abroad, requiring them to pay duty on the gold. However, this rule does not apply to importers, who can bring in gold without paying duty. The NBR chief pointed out that this creates a significant disparity between the two groups. How the baggage rule affects passengers: + Passengers must declare gold at the airport + Passengers must pay duty on the gold + Passengers may face penalties for undeclared gold

How the baggage rule affects importers:

+ Importers do not have to declare gold + Importers do not have to pay duty on gold + Importers may face penalties for undeclared gold

The Impact on the Economy

The lack of legal gold imports has significant implications for the economy.

The BAJUS Crisis: A Story of Financial Struggle and Regulatory Challenges

The BAJUS crisis, which began in 2018, was a complex issue that involved financial struggles, regulatory challenges, and a deep-seated desire for economic growth. At the heart of the crisis was the struggle of traders to import gold, a key component of the country’s economy.

The Financial Struggle

The financial struggle faced by traders was a major factor in the BAJUS crisis. For four years, no import licenses were issued for gold, leaving traders unable to import the precious metal. This was due to financial constraints, which prevented traders from importing gold for two years. The lack of access to gold imports had a significant impact on the economy, as gold is a key component of the country’s currency and a major source of revenue. The lack of gold imports led to a shortage of foreign exchange, which in turn led to a decline in the value of the local currency. The shortage of foreign exchange also led to a shortage of essential goods, such as food and medicine, which were imported from abroad. The decline in the value of the local currency made it difficult for traders to import goods, leading to a shortage of essential goods.

Regulatory Challenges

The regulatory challenges faced by traders were another major factor in the BAJUS crisis. The government’s decision to ban gold imports for four years was a major blow to the traders, who were unable to import the precious metal.