Sana'a: The People's Bank of China (PBOC) and the General Administration of Customs are considering amendments to existing regulations governing the import and export of gold and gold products. The aim is to streamline administrative procedures, facilitate trade, and improve the management of gold carried by individuals across borders.
According to Yemen News Agency, the PBOC stated on Sunday that the draft amendments were prepared jointly with the General Administration of Customs to update the existing regulatory framework in line with evolving economic conditions, legal requirements, and relevant policy changes.
Under the proposed rules, the provision requiring the PBOC and customs authorities to establish joint regulations governing the transfer of gold and gold products by individuals or their mailing across borders will be eliminated. The draft stipulates that these cross-border transfers will remain subject to customs control, as part of efforts to improve management mechanisms.
The amendments also aim to enhance services for businesses and the public by formalizing measures that have proven effective in practice. The People's Bank of China explained that the draft would contribute to strengthening prior oversight by clarifying the scope of customs supervision, tightening control over foreign trade companies acting as agents, and improving the framework for penalties imposed on violations.