YANGON Region Precious Metal (Gold) Dealers Association announced guidelines for those running gold shops, gold refining businesses and goldsmith businesses.
The statement mentioned that gold shops seeking a licence through the region and state inspection task forces are allowed to operate businesses at the legal office address mentioned in the application. A digital scale measurement of 16.329325 grammes per tical is mandatory for gold transactions. The businesses must comply with relevant tax laws, bylaws and rules. Failure to comply with the rules and the reference prices will result in strict action under the existing laws.
Gold transactions valued over K20 million are required to be made through the MMQR system, and transactions over K100 million are compulsory to be reported to the Financial Intelligence Unit (AML/CFT reporting agencies), in accordance with the notifications and directives issued by the Central Bank of Myanmar.
Gold entrepreneurs need to appoint a compliance officer and keep the proof of appointment at the shops. Gold shops must obtain a business licence from the relevant township development committee. Those who are involved in online transactions need to seek registration from the Ministry of Commerce at www.ecomreg. gov.mm. Gold transactions must be undertaken at the registered office address while obtaining approval from the No 2 Mining Enterprise.
Additionally, daily or monthly transaction reports and balance sheets must be submitted to the initial scrutiny team within the first five days of each month.
Gold sales through the tally system and lottery system, a verbal deal with non-physical trading, market manipulation like spoofing and placing large orders to control the market are prohibited. Gold shops are notified to strictly adhere to specific rules outlined in the licence and stick to the reference prices to stabilize gold prices. Gold shops can buy ledger books for daily transactions, according to the statement. — NN/KK
