Government bans import of duty-free gold for 30-days

Published: July 30, 2013
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ECC said the ban is temporary. PHOTO: FILE

ECC said the ban is temporary. PHOTO: FILE

ISLAMABAD: The Economic Coordination Committee (ECC) on Tuesday at the Prime Minister Office announced a ban on the import of gold for a month.

In a meeting presided by the federal finance minister Ishaq Dar, the economic decision-making body said that the import of duty-free gold is being banned temporarily.

The move will affect certain schemes put in place by the government whereby exporters of value added gold jewellery could import gold without paying any duty on the condition that it would then be re-exported.

However, amidst reports of the duty-free gold being smuggled to India the government has decided to impose a temporary ban to re-examine the operation of the schemes, ECC said.

The Committee said that in recent months the import of gold in Pakistan had seen an enormous surge which was abnormal.

During January to June 2013, Rs92.070 billion worth of gold was imported as compared to the Rs19.132billion worth of imports for the same period in 2012.

Indian press reports had also indicated that the instances of smuggled gold being caught had increased by 365% in April-June 2013 as compared to the same period last year.

Export of livestock banned

The ECC also imposed a ban on the export of live animals in order to encourage the export of processed meat.

The committee also decided that it would export 30,000 tons of wheat to Iran, in exchange of which Iran would provide electricity.

Earlier, it was reported by Radio Pakistan that the ECC had also approved the import of 30,000 tons of sugar from Iran.

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Reader Comments (7)

  • Cheema
    Jul 30, 2013 - 7:58PM

    The ban on livestock export does not have any effect what so ever. It only increase the prices of Bribery of Border Police and my friend who is also an Exporter of Livestock was telling me that Border Police and Frontier Corps rates in KPK and on Torkham Border increase from Rs 50 Per animal to around 150 Rs per Animal otherwise they permit all animals to go through the border until you pay them the Approved Bribery rates.Recommend

  • ;-)chief
    Jul 30, 2013 - 8:59PM

    Must need of approval from LeJ……..

    Recommend

  • SANAA
    Jul 31, 2013 - 12:10AM

    Hahaha :
    What an Indian Pupput Typo Mistake Tribune???
    “During January to June 2013, Rs92.070 billion worth of gold was imported as compared to the Rs19.132billion worth of imports for the same period in 2013.”
    LOL 2012 instead of 2013!!!!!!!! Change your Typo. In every article Trebone got at least one mistake…….

    Recommend

  • Nadir
    Jul 31, 2013 - 12:28AM

    Gold is a strategic asset and must be appreciated.

    Recommend

  • Abbas
    Jul 31, 2013 - 12:39AM

    Thanks Mr Finance Minster for creating a future price hike of Gold. How can u neglect the interests of your very own business community :)
    Actually people should not expect anything good from this Govt.

    Recommend

  • Jul 31, 2013 - 7:16AM

    Dawood Ibrahim’s reaction to this news: “That’s cute”.

    Recommend

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