Temporary ban of 30 days imposed on Gold Import to check smuggling and speculation in currency

Temporary ban of 30 days imposed on Gold Import to check smuggling and speculation in currency

The ECC in its meeting held under the chairmanship of Federal Minister for Finance Senator Mohammad Ishaq Dar at the Prime Minister’s Office today decided to impose a temporary ban of 30 days on the import of gold both under SRO 760 and its commercial imports under Import Policy Order 2013.

The Finance Minister said that credible reports have indicated that in the wake of steep increase in duty on import of gold in a neighboring country their has been a surge in its smuggling activity.

The ECC decision will help curb smugglers activities without effecting the legitimate demand supply position of gold in the country. The exports, however, will continue without any restriction.

The issue of gold smuggling and consequent pressure on open forex market were agitated by the Foreign Exchange Companies in recent meetings with the Finance Minister both in Karachi and a follow up meeting at Islamabad.

The matter was accordingly placed before the ECC for its consideration.

The meeting was attended by Federal Minister for National Food Security and Research Mr. Sikandar Bosan, Federal Minister for Industries and Production Mr. Ghulam Murtaza Jatoi, Federal Minister for Petroleum and Natural Resources Mr. Shahid Khaqan Abbasi, Federal Minister for Commerce Mr. Khurram Dastagir, Minister of State for Information Technology Ms. Anusha Rehman, Chairman Privatization Commission Mr. Zubair Umar, Chairman Board of Investment Mr. Muftah Ismail and senior officials of government.