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 jewelery across the country. The decision comes after the approval of the federal cabinet after which the commerce ministry issued an official notification.
According to the announcement, the previously suspended Regulatory Order (SRO) for international trade in gold 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 changes regarding trade in precious metals and jewellery. Although the specific details of these changes were not revealed in the announcement, officials said they are designed to streamline the import and export process and align it with international trade practices.
Read: Gold prices are falling in the domestic, global markets
The government’s decision is also expected to have wider implications for the economy, as gold is a major commodity in Pakistan’s trade portfolio. By facilitating smoother trading procedures, the authorities aim to promote 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 at Tarbela. This disclosure was made by Hanif Gohar, Chairman of Air Karachi and former Senior Vice President of 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 pay the country’s foreign debt and the matter had already been brought to the attention of the Special Investment Facilitation Board and the Governor of the State Bank of Pakistan.
Gohar stated that contact had been established with Australian and Canadian drilling companies to explore the reserves. “As soon as we receive directives from the prime minister, the process of extracting gold from Tarbela’s land will begin,” he said.
