gold
Gold businesses get waiver on advance tax
An advance tax waiver has been proposed in the budget for 2022-23 fiscal for private entrepreneurs, who wish to import gold through legal channels adhering to rules and regulations.
Finance Minister AHM Mustafa Kamal made the announcement in this regard during the budget speech at Parliament on Thursday.
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In his budget speech, the Finance Minister said that the Gold Policy-2018, which came into force on October 29, 2018, was made with a view to increasing government revenue by bringing the gold sector of the country within a regulatory framework.
This has created some private entrepreneurs, who are interested to import gold through the proper channel adhering to government rules and regulations.
“I propose to withdraw advance tax on import of gold with a view to encouraging import of gold through formal channel and discouraging gold smuggling in the country,” he said.
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This will hopefully lead to growth of the jewelry industry in the country and increase tax revenue collection, the Finance Minister added.
Man detained with 34 gold bars at Chattogram airport
Customs officials on Wednesday claimed to have detained a man with 34 gold bars at Shah Amanat International Airport in Chattogram.
The detainee has been identified as Saiful Islam of Lohagara upazila in Chattogram.
Wing Commander Farhad Hossain, director of the airport, said an Air Arabia Airlines flight from Dubai landed at the airport around 7.30am.
Tipped off, a team of Customs intelligence sleuths frisked Saidul on board the aircraft and seized the gold bars.
Also Read: Gold bars worth Tk 40 lakh seized at Chattogram airport
“A process is on to take legal steps against the detainee,” said deputy commissioner of Customs Intelligence, AKM Sultan Mahmud.
Gold worth Tk6.5 crore seized at Dhaka airport
Dhaka Customs House seized 8kg gold worth Tk6.5 crore from a Biman Flight Catering Centre (BFCC) staff at Hazrat Shahjalal International Airport in the capital Wednesday.
Mohammad Abdul Aziz Akand was held with the precious yellow metal in front of the BFCC, Md Sanwarul Kabir, a deputy commissioner at Dhaka Customs House, said.
Acting on a tip-off, Dhaka Customs House officials managed to seize the gold from Aziz at 8pm after waiting for seven hours to catch him, Sanwarul added.
"The gold was smuggled into a Bangladesh Biman flight that returned from Dubai. Aziz was supposed to illegally transport it. A case will be filed against him," he said.
Alsor read: 1 held with 124 gold bars worth Tk 10 cr in Jashore
Gold trading: Shakib's companies' explanations satisfy BSEC
The Bangladesh Securities and Exchange Commission (BSEC) is satisfied with the explanations from the two gold companies owned by cricketer Shakib Al Hasan.
The regulator of the capital market said this in a letter sent to the managing directors (MDs) of the two companies of Shakib Wednesday.
On May 18, the BSEC sent letters to the MDs of Reliable Commodity Exchange Company and Burak Commodity Exchange Company asking for clarification.
The companies sent written replies to the commission on May 22.
The BSEC said the responses were "satisfactory," clearing the way for the companies to trade gold.
Gold price reaches record high in Bangladesh
Bangladesh Jewellers Association (Bajus), a trade body, has notified an increase in the gold price by Tk 4,199 per bhori with effect from Sunday.
With the latest price, 22-carat gold will be sold at Tk82,464 per bhori, 21-carat gold at Tk 78,732 per bhori and 18-karat gold at Tk 67,534.
According to a press release, the price of gold has increased both in the international market and local market due to the appreciation of the dollar and some other currencies.
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The price of traditional gold has been set at Tk 56,220 per bhori from Tk 53,362 per bhori, added the release.
Till Saturday, the price of 22-carat gold was Tk78,265 per bhori. The price of 21-carat gold was Tk74,707 per bhori while 18-carat gold was available at Tk64,035.
Earlier on May 17, Bajus raised the price of gold by Tk1,750 a bhori to Tk 78,265 in local markets.
Also read: 1 held with 124 gold bars worth Tk 10 cr in Jashore
Gold gets pricier by Tk 3,265 per bhori in Bangladesh
Bangladesh Jeweller's Association (BAJUS) has raised gold price by a whopping Tk 3265 per bhori delivering a blow to those who are planning marriage after Thursday.
Effective from today a bhori of quality gold will cost Tk 78265 besides VAT and making charges.
With 5 per cent VAT and Tk 2000 to Tk3000 making charges a customer now has to pay Tk 85, 178 a bhori.
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BAJUS leaders said the gold price has been adjusted with the global market rate.
Earlier on last February 10, the gold price was hiked by Tk 1867 and the fixed market price of per bhori good quality gold was Tk 75,000.
MA Hannan, chairman of the Standing Committee on Pricing and Price Monitoring of the Jewellers' Association, on Thursday confirmed to UNB the latest price hike.
According to BAJUS, a 22-carat bhori gold ornament will be sold at Tk 78265.
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As part of this, 21 carat gold price increased by Tk 3091 to Tk 74766, 18 carat gold price rose Tk 2333 to Tk 64152 and in traditional method, gold ornaments price increased by Tk 2216 to Tk 53421.
However, the silver price has remained unchanged.
Gold prices go up by Tk1867 per bhori
The Bangladesh Jewellers Samity (Bajus) has increased the prices of gold by Tk1,867 per bhori in line with the global market trend.
The price of each bhori of 22-carat gold ornaments will stand at Tk75,000.
The new prices will be effective across the country from Thursday, MA Hannan, chairman of the standing committee on pricing and price monitoring of the jewellers' association, said Wednesday in a statement.
Now, each bhori of 21-carat gold will cost Tk71,675, 18-carat Tk61,819, and gold acquired in the traditional method Tk51,205.
Till Wednesday, 22-carat gold was sold for Tk73,133, 21-carat at Tk69,984, 18-carat Tk61,236, and gold acquired in the traditional method Tk50,913.
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From Thursday, the price of 22-carat gold will go up by Tk1,867 per bhori, 21-carat by Tk1,691, 18-carat by 583 and gold acquired in the traditional method by Tk292 per bhori.
Bajus lowered the price of gold by Tk1,166 on December 16, 2021. On November 13, the price was raised to Tk2,333.
Biman guard, passenger held with gold worth Tk2.25 crore at Dhaka airport
Police detained two people, including a security guard of Biman Bangladesh Airlines, with 30 gold bars worth Tk2.25 crore at Hazrat Shahjalal International Airport Thursday evening.
The detainees are security guard Ibrahim Khalil and Kamal Uddin, a passenger who arrived at the airport on a Biman flight from Saudi Arabia's Riyadh.
The Airport Armed Police Battalion first detained Ibrahim due to his suspicious movement; he handed gold bars, weighing around 3.5kg, from inside his jacket.
Kamal, who carried the gold to the airport, was held based on the information given by Ibrahim, said Ziaul Haque, additional superintendent (media) of the Airport Armed Police.
"Noakhali's Ibrahim was supposed to get Tk1.95 lakh to take the gold bars out of the airport after Feni's Kamal brought the precious metal there. A case will be filed against them at Airport Police Station," he added.
Gold losing its shine on the back of relentless price rise
Gold has a special place in people's lives not only as an ornamental commodity, but also as a valuable resource and store of value. It’s worth therefore extends from the individual to the state level.
No matter how expensive the paper currency is, its foundation of trust is shaky. People prefer buying gold regarding it as a valuable asset for the future.
Investing in gold is reliable. So everyone wants to save it as an asset. In countries of the region, including Bangladesh, gold has become an 'essential' commodity at the time of marriage.
Also read: Is Gold a Good Investment in 2022?
Of course, the rich are forced to go to the gold shops to protect their social status. But year after year the rise in gold prices has reduced the number of buyers going to the store. Middle-class and low-income families are under great pressure to maintain social norms.
The quantity of a bhori (11.66 gram) of 22 carat gold that could be bought for Tk150 in 1971, now costs more than Tk73,000. A first-class government official can no longer afford to buy even half a bhori of gold with a full month's salary.
At 66, Lorraine More wins gold for India in powerlifting
Age is just a number for Lorraine More (66), who has won a gold medal for India by lifting 165kgs in the ongoing Asian Classic and Equipped powerlifting and bench press championship, in Istanbul, Turkey in the masters 3 category (60-69 age group), reported Hindustan Times.
The aim on how to keep bone density issues away after the age of 60 brought More, to the world of powerlifting – a journey beginning with lifting tiny two-kilogram dumbbells at her home, More now lifts weights of 165kgs with ease and she aims for bigger and better.
“It is a myth that after the age of 50 women cannot lift heavyweights. For women everything is possible and their body has the power to stay fit and stronger even after the age of 60. I just want to show all women what they are capable of,” said More, from Istanbul who is now getting ready to achieve another gold medal in the classic powerlifter act on Monday.
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For her first international gold medal, More lifted 165 kg – Bench press (30kg), squat (60kg) and deadlift (75kg) in the equipped power lift squad category.
More won individual gold medals in all three categories and also earned overall gold medals.
“When I started training, I had never thought of entering a competition, it was my son Rohan who was getting trained by Omkar Chincholkar, along with them I also started training.
“In eight months, we saw her improvement and capability of lifting weight and we thought of giving it a try to a powerlifting competition. We focussed on building strength, mobility and flexibility and she has not been even injured once in the last two years,” explains Omkar Chincholkar, owner of Omfit Health and Fitness Solution.
So far, the journey of powerlifting is the golden path for More as she has won eight gold medals in the district, state, national and international tournaments.
“When I first competed in the district championship, I won gold which gave me more confidence and after that, I kept improving my performance. Along with Omkar, I got help from senior coach Girish Binjwe and both are the reason for what I have achieved today,” said More who had planned to participate in the Asia Pacific powerlifting championship in Taiwan in 2020, but Coivd-19 restrictions made her wait longer to achieve an international medal.
Rohan, who himself has tried powerlifting is on the moon after what his mother has achieved. He said, “It was her dream to represent India in the international tournament and winning the gold medal in debut overseas tournament is the best thing that has happened.”
The tournament is organised by the international powerlifting federation, the Asian powerlifting federation.
Senior coach Binjwe said, “She always had the determination to perform better. This attitude has helped her to achieve success.”
Lorraine and son Rohan, jointly owns Japalouppe, an equestrian academy spread over 19 acres in the outskirts of Pune which has 63 horses.
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Difference between powerlifting and weightlifting
*In powerlifting the focus is to lift as heavy as possible in a single plane of motion, so squat, bench or deadlift.
*In weightlifting there are two movements, snatch and clean and jerk, and they are executed much faster.
*In weightlifting the difference is that people, the competitors, are judged on not only how much they can lift but on their technical skill and the control of the lift too.
*Powerlifting (bench press only) is a Paralympic sport while weightlifting is an Olympic sport