Seven gold shops face legal action for non-compliance

The Monitoring and Steering Committee on Gold and Currency Market released a statement on 2 April that seven gold outlets and refineries were found to violate the directives and guidelines stipulated under the existing laws.
The committee formed the combined special inspection teams under the guidance of the Central Bank of Myanmar (CBM) and went on the inspection tours to the gold shops in Yangon and Mandalay regions. Some shops failed to comply with the guidelines for the precious metal (gold) traders, including not having a valid gold trading registration.
Those seven shops are Maung Kain Gold and Jewellery, New Tai Sin goldsmith, Khayan Thongwa Gold and Jewellery in Yangon Region and Shwe Sin Win gold refinery, Shwe Minthar goldsmith, Man Sabai Gold and Jewellery and Myanmar Shwe Gold and Jewellery in Mandalay Region.
They faced suspension of businesses from 2 April and other necessary action in accordance with the rules.
The committee is working together with the department concerned and law enforcement agencies to inspect and take action against those unscrupulous dealers attempting to manipulate the market by misleading the information to spark public concerns and those who are involved in the verbal deal. — NN/EM