ECC bans gold import, temporarily

ISLAMABAD:

The Economic Coordination Committee (ECC) on Monday decided to impose a 30-day temporary ban on the import of gold in the wake of a steep increase in duty on import of the yellow metal in a neighbouring country.

The ECC – in its meeting held at the Prime Minister’s Office under the chair of Federal Minister for Finance Ishaq Dar – 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, said a press statement.

The finance minister said credible reports indicated that in the wake of a steep increase in duty on import of gold in a neighbouring country there was a surge in its smuggling activity.

“The ECC decision will help curb smugglers’ activities without affecting the legitimate demand-supply position of gold in the country. The exports, however, will continue without any restriction,” the statement said.

Published in The Express Tribune, January 21^st, 2014.