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 21st, 2014.
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ