Police show how to buy and sell gold bars to avoid being fined

According to Thu Duc City Police, people need to clearly understand the regulations on gold trading activities and regulations on buying and selling gold bars in order to both comply with regulations, limit risks and prevent violations of the law.

Police recommend that people only buy and sell SJC gold bars at credit institutions and businesses licensed by the State Bank to buy and sell gold bars.

Gold trading enterprises (gold jewelry, fine arts) that are not licensed to trade in gold bars and conduct gold bar trading in violation of regulations will be punished according to Decree No. 88/2019/ND-CP dated November 14, 2019.

Police recommend that people only buy and sell SJC gold bars at credit institutions and businesses licensed by the State Bank.

Thu Duc City Police also informed that businesses operating in the production of gold jewelry such as buying and selling gold jewelry and gold bars must strictly comply with regulations on operating licenses.

At the same time, businesses must have a certificate of material eligibility and a safe business plan, a business license to buy and sell gold bars, invoices, product origin, product quality and publicly listed prices.

“Businesses must operate in compliance with legal regulations, not only as a responsibility, but also to prevent and limit the risk of violations due to crimes related to counterfeiting, smuggling and tax evasion,” Thu Duc City Police stated.

According to the police, gold is an asset that fluctuates and is associated with many market factors, so people need to consider and be cautious when buying gold to avoid risks. At the same time, it is necessary to spread the correct implementation of regulations on gold trading.

In particular, Bank branches, transaction offices, and businesses in the area that are licensed to buy and sell gold bars must strengthen coordination with units under the Thu Duc City Police to implement protection plans to ensure handling of situations related to order.

“People are required to comply with regulations not to buy and sell gold bars at locations that are not licensed to buy and sell gold bars. In addition, be aware that buying gold for others causes unnecessary disorder, potentially violating the law on speculation and price manipulation, affecting interests,” Thu Duc City Police added.

According to Ho Chi Minh City Law

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