The federal government has officially lifted the ban on the import and export of gold, a move aimed at facilitating the trade of precious metals and jewelry across the country. The decision follows the approval of the federal cabinet, after which the Ministry of Commerce issued an official notification.
According to the notification, the statutory regulatory order (SRO) governing international gold trade, previously suspended, has been reinstated. This reinstatement allows companies and traders involved in the gold sector to resume their import and export activities within the updated regulatory framework.
In addition to lifting the ban, the government introduced several amendments regarding the trade in precious metals and jewelry. Although specific details of these changes were not disclosed in the notification, officials said they were aimed at streamlining the import and export process and aligning 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 an important commodity in Pakistan’s trade portfolio. By facilitating 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 in 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 the gold reserves discovered in Tarbela were sufficient to repay the country’s external debt and the matter had already been brought to the notice of the Special Investment Facilitation Council and the Governor of the State Bank of Pakistan.
Gohar said contacts had been made with Australian and Canadian drilling companies for exploration of the reserves. “As soon as we receive the directives from the Prime Minister, the process of extracting gold from the soil of Tarbela will begin,” he said.
