Gold and silver: what they are and who may bring them in
What the FER Act means by gold and silver, why importing gold and silver bars and coins needs Bangladesh Bank's permission, how authorized gold dealers get approval under the Gold Policy, and what an incoming passenger may bring under the Baggage Rules.
In Lesson 33, Ending an FRA early, documents and reporting, Tahmid learned that an FRA can end early, but only at the market rate, with his written consent and a full paper trail. Today Part O begins, and the import desk swaps interest rates for something that shines.
On Sunday morning two customers are waiting for Sadia and Rakib. Kabir runs a gold trading business in Dhaka and holds an authorization as a gold dealer. He wants to bring in gold bars from abroad. Behind him stands Tamim, the trading-house owner from Motijheel, just back from a business trip. Tamim lowers his voice. "I bought one small gold bar for my wife at the airport abroad. Did I just break the law?"
Rakib looks at Sadia. Sadia looks at the visitor's chair, where the branch's guest speaker is already sitting: Shabnam, a Supreme Court advocate in banking and commercial law, who knows the FER Act line by line.
"Gold is where the old law still speaks loudest," Shabnam says. "The rules are short, but they go back to 1947 and 1948. First we must know what the law calls gold and silver. Then who may bring it in."
This lesson covers O-1 to O-4: the meaning of gold and silver, the ban and its exceptions, approval for gold dealers, and what passengers may carry.
O-1 borrows its meanings from Section 2 of the FER Act, 1947.
Gold includes:
gold coins, whether they are legal tender or not;
gold bullion or ingot, whether refined or not.
Silver includes:
silver bullion or ingot;
silver sheets and plates that have had no process of manufacture after rolling;
uncurrent silver coins, that is, coins that are not legal tender in Bangladesh or anywhere else.
So the forms the law names are coins, bars and blocks, and, for silver, plain rolled sheets and plates too. O-1 names only the silver sheets and plates that have had no process of manufacture after rolling; it doesn't say how other worked silver is treated, so neither does this lesson.
Notice the word includes: O-1 lists forms rather than giving a closed list. Jewellery gets its own meaning later, in O-5.
At the desk
Kabir shows Rakib a list of what he plans to import: 1-kilogram gold bars, some old gold coins that no country uses as money any more, and silver plates straight from the rolling mill. Rakib asks whether the old coins count, since they are not money. Shabnam answers: "Gold coins count whether they are legal tender or not. And the rolled silver plates count too, because nothing has been made from them after rolling."
Key words
FER Act 1947
Foreign Exchange Regulation Act. The main law behind Bangladesh Bank's foreign exchange rules.
Bullion
Gold or silver in bulk form, such as bars, valued by weight and purity.
Ingot
A block of metal cast in a mould, such as a gold bar.
Legal tender
Money that the law says must be accepted as payment in a country. In Bangladesh, Taka notes and coins.
Uncurrent coin
A coin that is no longer accepted as money. Under O-1, uncurrent silver coins are those that are not legal tender in Bangladesh or elsewhere.
Read the rule as written (Para O-1)
Gold, as defined under Section 2 of the FER Act, 1947 includes gold in the form of coin whether legal tender or not or in the form of bullion or ingot whether refined or not. Silver, as defined under the same Section of the said Act includes silver bullion or ingot, silver sheets and plates which have undergone no process of manufacture subsequent to rolling and uncurrent silver coin which is not legal tender in Bangladesh or elsewhere.
Source: Bangladesh Bank, FEPD-1 Circular No. 30, 13 August 2026, Part O, paragraph 1 (page 40). The original circular is the authority.
O-2 sets the basic rule, and it is a ban with a door in it.
The Government issued Notification No. 1(2) ECS/48, dated 1st July 1948, under sub-section (1) of Section 8 of the FER Act, 1947. It prohibits bringing into Bangladesh, from any place outside Bangladesh:
(a) any gold coin, gold bullion, gold sheet or gold ingot, whether refined or not; and
(b) any silver bullion, silver sheet or plate that has had no process of manufacture after rolling, or any uncurrent silver coin.
The door: the ban applies except with the general or special permission of Bangladesh Bank. So gold and silver in these forms can come in, but only through a permission.
Think of a locked gate at a school. Nobody walks in uninvited; but the head teacher can give a pass to everyone in a group (general permission) or to one named visitor (special permission).
At the desk
Kabir asks Rakib, "If I pay for the gold through the bank, is that enough?" Rakib explains that under O-2, bringing gold bullion or ingots into Bangladesh is prohibited except with the general or special permission of Bangladesh Bank. Paying through a bank does not replace that permission. Shabnam adds, "The payment is the easy part. The permission is the key."
Key words
Notification
A formal order published by the Government or Bangladesh Bank under a law.
General permission
Permission that Bangladesh Bank has already given in the rules to everyone in a stated group, so no one in that group needs to apply case by case.
Special permission
Permission Bangladesh Bank gives in a particular case, usually on an application.
Read the rule as written (Para O-2)
In terms of Notification No. 1(2) ECS/48 dated 1st July, 1948 issued pursuant to sub-section
(1) of Section 8 of the FER Act, 1947 Government have prohibited, except with the general or special permission of Bangladesh Bank, the import into Bangladesh from any place outside Bangladesh of:
(a) any gold coin, gold bullion, gold sheet or gold ingot whether refined or not, and
(b) any silver bullion, silver sheet or plate which has undergone no process of manufacture subsequent to rolling or any uncurrent silver coin.
Source: Bangladesh Bank, FEPD-1 Circular No. 30, 13 August 2026, Part O, paragraph 2 (page 40). The original circular is the authority.
Import of gold and silver into Bangladesh from any place …
In plain words
O-3 draws the conclusion. Because of the ban in O-2, importing gold and silver into Bangladesh from any place outside is subject to Bangladesh Bank's general or specific authorization.
How does gold get that authorization in practice? O-3 says Bangladesh Bank gives approval, against applications, to authorized gold dealers, in terms of the Gold Policy-2018 (amended)-2021.
So, step by step:
the importer is an authorized gold dealer;
the dealer applies to Bangladesh Bank;
Bangladesh Bank approves, in terms of the Gold Policy.
O-3 speaks of "gold and silver" in its first sentence, but its second sentence on approvals names only gold dealers and the Gold Policy. It doesn't say more about how silver is approved, so neither does this lesson. The details of the Gold Policy itself are outside the circular.
At the desk
Kabir is an authorized gold dealer, so Rakib explains the route under O-3: he applies to Bangladesh Bank, and Bangladesh Bank gives approval against the application in terms of the Gold Policy-2018 (amended)-2021. Sadia reminds Rakib that, under O-3, the import rests on Bangladesh Bank's approval. "No approval, no gold," she says.
Key words
Authorization
Formal permission to do something. Under O-3, importing gold and silver needs Bangladesh Bank's general or specific authorization.
Authorized gold dealer
A gold dealer authorized by Bangladesh Bank within the Gold Policy. Under O-3, Bangladesh Bank gives such dealers approval to import gold, against applications.
Gold Policy
The policy named in O-3 and O-6 as the Gold Policy-2018 (amended)-2021. Bangladesh Bank approves gold imports by authorized gold dealers in terms of it.
Read the rule as written (Para O-3)
Import of gold and silver into Bangladesh from any place outside is, therefore, subject to Bangladesh Bank's general or specific authorization. Bangladesh Bank accords approval, against applications, to authorized gold dealers in terms of the Gold Policy-2018 (amended)-2021.
Source: Bangladesh Bank, FEPD-1 Circular No. 30, 13 August 2026, Part O, paragraph 3 (page 40). The original circular is the authority.
In terms of Notification No FE-1/16-BB, dated January …
In plain words
Now Tamim's question. O-4 gives a general permission, so no application is needed.
Under Notification No. FE-1/16-BB, dated January 20, 2016 (Appendix-14), Bangladesh Bank allows an incoming passenger, whatever their resident status, to bring into Bangladesh gold or silver in bullion/ingot form, up to the prescribed limit in the Baggage Rules in force, issued under the Customs Act, 2023.
Three things to notice:
Anyone arriving can use it: a resident, a non-resident, a Bangladeshi or a foreigner.
It covers gold or silver bars and ingots.
The limit is not in this circular. It sits in the Baggage Rules, so the passenger must check those rules. The circular doesn't repeat the limit, and this lesson doesn't guess it.
At the desk
Tamim confesses his small gold bar. Shabnam smiles. "Don't panic, Tamim. O-4 gives a general permission to any incoming passenger to bring gold or silver in bullion or ingot form, up to the limit in the Baggage Rules under the Customs Act, 2023." Rakib adds that the limit itself is in the Baggage Rules, not in the circular, so Tamim should check that his bar was within it.
Key words
Incoming passenger
A traveller arriving in Bangladesh.
Baggage Rules
Rules issued under the Customs Act, 2023 on what passengers may bring in their luggage. O-4 points to them for the limit on gold and silver bars.
Appendix
A section at the end of a circular that holds forms, formats or instructions.
Read the rule as written (Para O-4)
In terms of Notification No FE-1/16-BB, dated January 20, 2016 (Appendix-14), general permission has been accorded by Bangladesh Bank allowing an incoming passenger irrespective of their resident status to bring into Bangladesh gold or silver in bullion/ingot form up to the prescribed limit in terms of the relevant Baggage Rules in force issued under Customs Act, 2023.
Source: Bangladesh Bank, FEPD-1 Circular No. 30, 13 August 2026, Part O, paragraph 4 (page 40). The original circular is the authority.
So far: under Section 2 of the FER Act, 1947, gold includes coins (legal tender or not) and bullion or ingots (refined or not), and silver includes bullion or ingots, plain rolled sheets and plates, and uncurrent coins. A 1948 notification under Section 8(1) of the FER Act bans importing these forms of gold and silver except with Bangladesh Bank's general or special permission, so imports need Bangladesh Bank's authorization; for gold, Bangladesh Bank approves applications by authorized gold dealers in terms of the Gold Policy-2018 (amended)-2021. Separately, any incoming passenger may bring gold or silver bars up to the limit in the Baggage Rules under the Customs Act, 2023.
Next: Lesson 35, Jewellery, precious stones and securities coming in, looks at what happens when the gold arrives already made into jewellery.
Check yourself
30 questions, in 3 sets of up to 10. Nobody sees your answers but you.
Set 1 of 3
O-1 says gold and silver are as defined under Section 2 of the FER Act, 1947. (O-1)
O-1: gold includes gold in the form of coin whether legal tender or not. (O-1)
False. O-1 includes gold in the form of bullion or ingot whether refined or not. (O-1)
O-1 includes silver sheets and plates which have undergone no process of manufacture subsequent to rolling. (O-1)
O-1 includes uncurrent silver coin which is not legal tender in Bangladesh or elsewhere. (O-1)
O-1: gold includes gold in the form of coin whether legal tender or not. (O-1)
O-1 names silver bullion or ingot, plain rolled sheets and plates, and uncurrent silver coins. (O-1)
O-2: Notification No. 1(2) ECS/48 was issued pursuant to sub-section (1) of Section 8 of the FER Act, 1947. (O-2)