Gold import duty doubled; carrying limit reduced under baggage rules

The government has proposed doubling the amount of duty tax for passengers to import gold bars or gold pieces while reducing the limit on carrying gold under baggage rules.

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 Taka 2,000 for every 11.664 grams of gold.

In the budget for the next financial year 2023- 24, the amount of this duty tax has been made to be a total of Taka 4,000 for every 11.664 grams of gold.

According to sub-rule (10) of Rule 3 of the Passenger (Non-Travel) Baggage (Import) Rules, 2016, a passenger is allowed to import gold bars or gold pieces weighing 234 grams on arrival from abroad, subject to payment of all duties and taxes.

The said benefit can be reduced to a certain extent, and provision can be made to import gold bars or gold pieces weighing 117 grams subject to payment of all duties and taxes.

For this purpose, necessary amendments have been made to the existing baggage rules.

The government also proposed adding the provision of punishment for carrying gold bars or gold pieces or silver bars or silver pieces in excess of the prescribed amount to the existing rules.