Gold carrying limit for travellers to be halved, taxes to rise
The government proposed going for making the Baggage Rules 2016 stricter, lower the limit for the travellers in case of bringing in gold bar or gold pieces and impose higher taxes.
Moreover, it also proposed ensuring punishment if the passengers carry gold or silver without making prior announcement.
Earlier, a passenger was allowed to bring gold bars or gold pieces weighing 234 grammes on arrival from abroad subject to payment of all duties and taxes.
Now it is reduced to 117 grammes.
Presently, under Baggage Rules, there is a provision to import gold bars or gold pieces by passenger on arrival from abroad subject to payment of a total duty of Tk 2,000 for every 11.664 grammes of gold.
In the budget for the next financial year of 2023-24, the amount of this duty has been proposed to be Tk 4,000 for every 11.664 grammes of gold.
Earlier, the provision of punishment for carrying gold bars or gold pieces or silver bars or silver pieces in excess of the prescribed amount was not clearly defined.
Now, the government proposed to add it in the existing rules so that anyone bringing any quantity of gold bar or gold piece or silver bar or silver piece in excess of the stipulated amount, then the valuables shall be liable to confiscation in accordance with the Customs Act, 1969.