ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Monday imposed a temporary ban of 30 days on the import of gold both under SRO 760 and its commercial imports under Import Policy Order 2013.
The decision has been taken in a meeting chaired by Federal Minister for Finance Senator Ishaq Dar.
The finance minister said credible reports have indicated in the wake of steep increase in duty on import of gold in a neighboring country there has been a surge in its smuggling activity.
The ECC decision will help curb smugglers activities without effecting the legitimate demand supply position of gold in the country. The exports, however, will continue without any restriction.
The issue of gold smuggling and consequent pressure on open forex market were agitated by the foreign exchange companies in recent meetings with the finance minister both in Karachi and a follow up meeting at Islamabad.
Federal Minister for National Food Security and Research Sikandar Bosan, Federal Minister for Industries and Production Ghulam Murtaza Jatoi, Federal Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi, Federal Minister for Commerce Khurram Dastagir, Minister of State for Information Technology Ms Anusha Rehman, Chairman Privativation Commission Zubair Umar, Chairman Board of Investment Muftah Ismail and senior officials of government attended the meeting.
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