Authority to inspect income sources of gold buyers for fraudulent purchases

Gold sskm
State-sold gold coins weighing 0.25 tical are shown in the picture.

It is reported that the income sources of buyers will be identified, as the commerce for profit using state-sold gold coins arise in the market.
The Ministry of Natural Resources and Environmental Conservation has sold gold coins in tical (0.578 ounce or 0.016 kilogramme), 0.5 tical and 0.25 tical, in Nay Pyi Taw, Yangon and Mandalay since September for people who will keep and use gold coins.
Greedy businessmen issued capital to lower-income people for purchasing gold coins and sold them at the market for profit after smelting them to look like scraps. Thus, the inspection will be made over the buyers’ source of income. It is known that arrangements were made by the Myanmar Gems Enterprise to check the citizenship scrutiny card (CSC), household census form and income source of buyers, in the future.
The gold coins were priced at K2.95 million per tical on 5 September and sold at the price of K2.85 million per tical on 6 September. On 24 November, gold coins were sold at K2,490,000 per tical, it is learnt. — TWA/GNLM

Share this post
Hot News
Hot News
13 July 2024
Families of Office of the Commander-in-Chief (Army, Navy and Air) hold second monsoon tree-growing ceremony
Artistic Space Art Gallery hosts ‘Three R Collector’s Show’
Myanmar showcases traditional arts & foods at Lanna Expo 2024
MoE Deputy Minister meets Sri Lankan Ambassador
SAC Member attends demonstration of paddy cultivation in Pantanaw
Central Body for Summoning People’s Military Servants holds 5/2024 meeting
CBM Governor receives Sri Lankan Ambassador to Myanmar
DPM MoFA Union Minister attends 2nd BIMSTEC Foreign Ministers’ Retreat in India
Myanmar delegates join ASEAN Parties Against Corruption meeting