Pakistan has introduced significant reforms in the import and export framework for precious metals and gemstones especially gold.
The Ministry of Commerce has officially lifted the ban on the import and export of gold, issuing a new notification that reverses the restrictions previously in place.
According to the ministry, permission for the import and export of precious metals, gemstones, and jewellery would now be granted under the relevant regulatory schemes. The decision is expected to provide considerable ease to traders as well as ordinary citizens. Experts say the reforms will enhance transparency in the market and promote safer and more secure financial transactions.
The Ministry of Commerce has also withdrawn the 2013 notification that had imposed limits on the import and export of gold and other precious commodities. Under the amended rules, importers will be required to provide all necessary documentation, while exporters must ensure that earnings from exports are brought back to Pakistan through the same bank that handled the original import.
In case of operational difficulties, traders would be allowed to change their designated customs station once, subject to approval from the relevant customs officer. This flexibility is expected to streamline processes and reduce logistical challenges.
Experts believe that removing the import ban will make gold and gemstones more easily available in the domestic market. Mandatory documentation for both import and export will help curb illegal or counterfeit trade and enhance overall transparency. Additionally, the option to change customs stations is expected to reduce operational bottlenecks and ensure timely delivery of goods.
