MUSCAT, AUG 15
The Ministry of Commerce, Industry and Investment Promotion has issued Ministerial Decision No. 2023/425, which regulates monetary transactions for those engaged in the sale or purchase of precious metals and valuable stones.
This decision is a continuation of two previous decisions: Ministerial Decision No. 386/2022 on providing electronic payment service to consumers and Ministerial Decision No. 412/2023 on combating hidden trade.
The purpose of this decision is to legalise monetary transactions and raise the quality of service to consumers. Electronic payments are more convenient and faster than traditional payment methods, as they can be made using a variety of technologies such as phones and smart devices.
This reduces the risk of carrying cash, which may be subject to theft. It also makes it easier to track transactions and combat financial crimes.
The national risk assessment has identified the precious metals and gemstones trading sector as a high-risk sector due to the sector’s use of cash.
This decision will help to reduce this risk by encouraging the use of electronic payments. It will also help to reduce customs evasion.
Commercial companies that violate the decision to regulate cash transactions for the sale and purchase of precious metals and valuable stones may be subject to one of the following administrative sanctions: Written warnings; Penalties not exceeding RO 500; and Suspension of the commercial register for a period not exceeding 3 months.
This decision is an important step in modernising the precious metals and gemstones trading sector in Oman. It will make the sector more transparent and efficient, and it will help to protect consumers and businesses.
Oman Observer is now on the WhatsApp channel. Click here
