The federal government has officially lifted the ban on the import and export of gold, a move aimed at facilitating trade in precious metals and jewelry across the country. The decision comes after the approval of the federal cabinet, following which the Ministry of Commerce issued an official notification.
According to the notification, the previously suspended Statutory Regulatory Order (SRO) governing international gold trade has been reinstated. This restoration allows companies and traders involved in the gold sector to resume import and export activities under the updated regulatory framework.
In addition to lifting the ban, the government has introduced several amendments relating to the trade in precious metals and jewellery. While the specific details of these amendments were not revealed in the notification, officials said they are designed to streamline the import and export process and align it with international trade practices.
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The government’s decision is also expected to have broader implications for the economy as gold is an important commodity in Pakistan’s trade portfolio. By facilitating smoother trading 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 found in Tarbela were sufficient to repay the country’s foreign debt and the matter had already been brought to the attention 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 to explore the reserves. “As soon as we receive instructions from the prime minister, the process of extracting gold from the soil of Tarbela will begin,” he said.
