Federal government removes restrictions on gold trade

Federal Cabinet approves reinstatement of key trade regulations

The federal government has officially lifted the ban on the import and export of gold, a move aimed at facilitating trade in precious metals and jewelry across the country. The decision comes following the approval of the federal cabinet, after which the Ministry of Commerce issued an official notification.

According to the notification, the previously suspended Statutory Regulatory Order (SRO) governing the international trade of gold has been reinstated. This reinstatement allows businesses and traders involved in the gold sector to resume import and export activities under the updated regulatory framework.

In addition to lifting the ban, the government has introduced several amendments concerning the trade of precious metals and jewelry. While the specific details of these amendments were not disclosed in the notification, officials said they are designed to streamline the import and export process and align it with international trade practices.

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The government’s decision is also expected to have wider implications for the economy, as gold is a significant commodity in Pakistan’s trade portfolio. By facilitating smoother trade procedures, authorities aim to encourage legal and regulated trade, curb smuggling, and ensure that the precious metals market operates transparently.

Earlier this month, gold reserves worth $636 billion were discovered at Tarbela. This revelation was made by Hanif Gohar, Chairman of Air Karachi and former senior vice president of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), during a conversation at the Karachi Press Club.

He said that the gold reserves found in Tarbela were sufficient to pay off the country's foreign debt and the matter had already been brought to the attention of the Special Investment Facilitation Council and the State Bank of Pakistan governor.

Gohar stated that contact had been established with Australian and Canadian drilling companies for the exploration of the reserves. "As soon as we receive directives from the prime minister, the process of extracting gold from Tarbela's soil will begin," he said.