26 October 2024
On October 25, it was reported that the Ministry of Natural Resources and Environmental Conservation, led by Union Minister U Khin Maung Yi, issued a statement designating gold trading as a significant service.
The Ministry of Natural Resources and Environmental Conservation announced that, using the authority granted by Article 4, Section (c) of the Import and Export Law, the Union Government has designated gold trading as a significant service. This decision comes amid rumors that starting yesterday, the price of gold would be manipulated to reach up to 100,000 kyats per dollar, causing both gold and dollar prices to rise simultaneously. As a result, the previously delayed designation of gold trading services has now been classified as a significant service.
According to the Import and Export Law enacted on August 10, 2012, goods and services designated as significant commodities and services are subject to restrictions. Violating any regulations regarding the sale or provision of these goods and services may result in imprisonment ranging from six months to three years, as well as fines not exceeding five million kyats. With gold now classified as a significant service, those involved in gold speculation could face imprisonment of up to three years if caught. #mtnews #Gold #Law
