1,500 gold shop owners seek licence

A total of 1,500 gold shop owners in Yangon Region have applied for a gem trading licence, the Yangon Region Gold Entrepreneurs Association.

About 1,000 of them have already obtained their licence, and there will be many more to come.

At present, the deadline for seeking a trading licence has been removed. Applicants need to provide a statement showing the 25 per cent deposit of the total assets of the business at a bank. Transaction receipts must show a specific quantity of gold.

Applicants must provide a recommendation letter from the respective township’s Department of General Administration, a police clearance certificate, a recommendation letter from the Myanmar Gold Entrepreneurs Association or YGEA, mentioning that individuals are members of the respective gold associations, tax clearance certificate and business licence granted by the respective municipal office.

The Ministry of Natural Resources and Environmental Conservation stated that gold shop owners will face legal actions under Section 5 of the Essential Supplies and Services Law if they fail to obtain a licence and execute gold transactions per the rules and regulations. — ASH/KK