Bangladesh Bank to auction 25kg gold

The Bangladesh Bank's Motijheel office has taken an initiative to sell 25 kg of gold through auction. The process of selling 2,170 bhori of gold will start this month.

According to the central bank, from 14 to 20 November, interested certified gold traders can purchase the tender schedule by depositing Tk2,000 (non-refundable) along with necessary documents from Bangladesh Bank's Motijheel office.

A short list of eligible candidates will be drawn up for participation in the auction after verification. The Motijheel office advertised the auction in the media earlier this month.

Seized gold from various drives by the intelligence directorate is kept in the vault of Bangladesh Bank. After the settlement of the case, if the verdict is in favor of the government, then the gold is sold through auction.

Traders would need to submit up-to-date trade licenses, registration certificates; BIN certificates; licenses to buy, store and supply gold; membership of relevant trade associations; certificate from banks or financial institutions regarding financial solvency to participate in the auction.

Updated income tax payment certificate; company registration certificate if the applicant organisation is a registered limited company; memorandum of association, articles of association and updated list of directors should also be submitted.

From 14 to 20 November, interested traders should submit the necessary documents along with purchasing the tender schedule from the Motijheel office of Bangladesh Bank.

The bank will assess and shortlist the eligible candidates to participate in the auction. There will also be a display of gold bars, ornaments, pieces or plates to be sold. How much authenticity can be checked by the organisation qualified to participate in the auction.

Tenders must be submitted on the third working day of the exhibition and two and a half percent of the quoted price must be deposited as earnest money. After that, the highest bidder company has to deposit all the money to Bangladesh Bank within five days of issuing the gold purchase order.

To restore transparency in the gold market and jewelry business, Bangladesh Bank has granted gold import licenses to 19 institutions including a commercial bank.