MGE nods expired trade licence renewal with fines


Myanma Gems Enterprise gives the green light to the renewal of expired gem trading licence in the past three years with a three-year fine until 31 March 2024 in accordance with rules and bylaws stipulated by Myanmar Gemstone Law, under the approval of the Ministry of Natural Resources and Environmental Conservation.
Those who want to resume business can proceed to the renewal procedure at the departments concerned of Myanma Gems Enterprise within office hours.
Nonetheless, only those holding a licence with a two-year expiry can be reinstated with the set penalty starting from 1 April 2024. Those licences that expire more than two years at that time will get cancelled, as per the notification.
A total of 230 gem trading licences are due to expire in March, Myanma Gems Enterprise notified.
Under the approval of the Ministry of Natural Resources and Environmental Conservation, those holding available licences (gems and jewellery trading licence, manufacturing licence for finished gems and carvings and rough gemstone and finished products trading licence) issued by the Myanma Gems Enterprises need to proceed to the renewal process three months before the expiry date. They must renew them at least one month before the expiry.
Additionally, they can notify Myanma Gems Enterprise of winding down a business with one month’s notice prior to ceasing the operation.
Licence renewal applications can be processed at Myanma Gems Enterprise (Nay Pyi Taw), Gems Museum in Yangon, Mandalay office, mining departments in Mogok, Lonkhin/Phakant, Mongshu and Myitkyina areas, in line with the rules and regulations. — NN/EM

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