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FBR urged to withdraw SRO 924

FBR urged to withdraw SRO 924

LAHORE: Sarafa Jewellers Association while expressing its deep reservations on SRO 924 has urged the Federal Board of Revenue (FBR) to withdraw it immediately.

Chairman Muhammad Ahmad said that the Jewellers community is all out with the present government’s efforts to pull the country out of crisis being seen in wake of FATF conditionalties.

Nevertheless, he said that zargar (jewellery manufacturers) are law abiding citizens who could not even think to indulge in any lawful activity. In most of the cases it is a family business and more than 75 percent jewellers are working in rural areas.

Similarly, in most of the cases they have regular customers. Majority of them used gold by the customers to sell them made Jewellery and charge nominal making on these ornaments only. So the conditions of screening and COD procedures may result in losing their permanent customers.

Likewise, Majority of the jewellers are not literate and are unable to abide by the harsh conditions prescribed in the said SRO, which on default lead to heavy penalties and imprisonment under AML and TF laws.

Just a few of them may be involved in cash transactions equivalent to or more than two million hence it is not obligatory on their part to get registration of Designated Non-Financial Business (DNFB) and comply with the conditions of above-mentioned SRO.

He demanded that suitable steps should be taken by the Ministry of Commerce to formalize commercial import of precious metals and stones.

He also called issuance of necessary notification to desist FBR officers to visit and ask Jewellers for DNFBP registration and compliance of conditions which are not meant for them as explained above.