NEW DELHI (Scrap Monster): According to Than Htun Aung, Myanmar’s Deputy Minister for the Ministry of Mines, the country will introduce a new mining law that will allow exports and imports of gold . The meeting of representatives held at the Union parliament session has recommended making the precious metals import and export legal under country’s new law. It must be noted that the existing rules prohibit exports and imports of gold.
The decision was welcomed by the Myanmar Gold Entrepreneurs Association, which noted that the new law will bring forth standardized mechanisms to determine purity and pricing of gold. Currently, the country has no standardized mechanism to determine the purity of locally produced 24-carat gold. The new law is expected to implement standard set of procedures in line with international standards, noted U Kyaw Win, Secretary of the Association. Hence, it makes necessary for local traders in the country to learn international gold trading methods.
Currently, there are no country-wide laws to oversee the operations of gold-shops. The operations are often supervised by regional or local committees. The new mining law proposes laws and regulations to control gold market activities. It also proposes to introduce trademarks for gold items in an attempt to link with the international market. The law also puts forward better system of tax collection mechanisms.
Also, existing rules does not allow exports of gold. The Central Bank of Myanmar prohibits exports of gold, jewellery or precious stones without prior written permission by bank authorities. However, the proposed law will allow for exports of gold and some other minerals. The bill further states that co-operation between various departments including Customs, Internal Revenue Department, Ministry of Mines, Ministry of Home Affairs, Central Bank and the Science and Technology Department are essential towards successful implementation of gold exports out of the country.