NN Online:
In an effort to curb personal gold imports, Bangladesh’s interim government has introduced new restrictions preventing inbound passengers from bringing gold bars into the country more than once a year.
Previously, travelers were permitted to carry up to 10 bhoris—or approximately 117 grams—of gold multiple times a year by paying a fixed duty. Under the revised baggage regulations, each traveler can now bring in that same amount only once annually.
The updated rules will take effect 30 days after their publication in the official gazette.
Additionally, the government has raised import duties on gold bars. The duty on 117 grams of gold has increased from Tk 40,000 to Tk 50,155 under the new regulation. Any excess gold carried beyond the legal limit will be seized according to existing laws.
While commercial gold imports remain legal in Bangladesh, they are rarely used by traders. Instead, most gold enters the country either through smuggling or under the personal baggage allowance.
Ahead of the national budget announcement, National Board of Revenue (NBR) Chairman Md Abdur Rahman Khan met with stakeholders to identify obstacles to formal gold imports. In February, he held discussions with leaders of the Bangladesh Jewellers Association (BAJUS) at the NBR’s Agargaon headquarters, in a meeting open to journalists.
At that event, Khan revealed that only 1 percent of gold smuggling cases are detected, suggesting possible complicity from within the trade.
“Smuggling harms everyone—including the country,” he said. “If you claim you’re not involved, then where is all this gold coming from? We intercept only one in every hundred cases. The rest go undetected for various reasons.”
He urged traders to be transparent and share their concerns, noting: “We want to encourage legal trade. The market is flooded with gold, yet official import records show almost nothing. Why is that?”
Khan had also indicated then that the baggage allowance policy would soon be revised.
According to BAJUS, Bangladesh’s annual gold demand is estimated at 18–20 tonnes, while the government’s 2018 Gold Policy puts the figure between 18 and 36 tonnes per year.
Official data shows that 54 tonnes of gold entered Bangladesh legally in 2022. However, global price volatility, a strong dollar, and pressure on foreign exchange reserves have slowed imports sharply.
Bangladesh Bank reports show that gold imports fell from $4.16 million in FY2021–22 to just $670,000 in FY2022–23—an 84 percent year-on-year decline.
These figures only account for institutional imports. Personal imports via passenger baggage, often subject to lower or no duties, are not fully tracked by customs.
According to the NBR, of the 19 companies licensed to import gold in Bangladesh, only seven brought in any between 2020 and June 2023—importing a total of 139.64 kg worth $8.2 million. The remaining 12 licensees made no imports at all during that time.
