The Ministry of Commerce, Industry and Investment Promotion (MoCIIP) has issued a decision to regulate monetary transactions for those engaged in buying and selling of precious metals and stones.
With the aim of regulating cash transactions and raising the quality of service to the consumers, the decision aims to expedite transactions through electronic payment as it saves time of customers and also hassles. Different technologies such as phones and smart devices can be used for transactions, which add a high degree of security, and lowers the risks of carrying money that may be subject to theft.
It also becomes easy for merchants to keep track of accounts, audit them, and track sales, while controlling expenditures.
In addition, the National Risk Assessment considered the precious metals and stones trading sector to be one of the high-risk sectors due to its intensive monetary dealings. Such a decision will reduce this risk, as well as customs evasion.
And if commercial companies violate to abide by the law, the Ministry of Commerce, Industry and Investment Promotion may impose one of the administrative penalties, which is a written warning or an administrative fine not exceeding OMR500, or suspending the commercial register for a period not exceeding 3 months.