Oman Ministerial Decision No. 425/2023 On Regulating Cash Transactions of Practitioners of the Activity of Selling and Buying Precious Metals and Valuable Gemstones
Based on the Regulation of the State Administrative Apparatus issued by Oman Sultani Decree No. 75/2020;
Oman Sultani Decree No. 97/2020 amending the name of the Ministry of Commerce and Industry to become Ministry of Commerce, Industry and Investment Promotion, determining its competences and approving its Organisational Structure; and
Based on the public interest requirements,
The following has been decided:
Article 1
Institutions and companies that engage in the activity of selling and buying precious metals and valuable gemstones shall undertake to use electronic payment methods, cheques or bank transfers when carrying out any commercial transaction - such as selling and buying precious metals and valuable gemstones - with a value estimated at OMR (5,000) five thousand and more, or its equivalent in other currencies.
Article 2
In the event that institutions and companies that engage in the activity of selling and buying precious metals and valuable gemstones violate the provisions of this Decision, the Ministry of Trade, Industry and Investment Promotion may impose one of the following administrative penalties: