Muscat: The Ministry of Commerce, Industry and Investment Promotion (MoCIIP) in Oman has introduced new guidelines to regulate monetary transactions for those engaged in buying and selling of precious metals and stones.
The decision aims to expedite transactions through electronic payment. Different technologies such as phones and smart devices can be used for transactions.
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Violators will face one of the administrative penalties, which is a written warning or an administrative fine not exceeding OMR 500, or suspending the commercial register for a period not exceeding 3 months.
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