ISLAMABAD: The Federal Board of Revenue categorically declared to Model Customs Collectorates (MCCs) that there was no restriction on export of gold jewellery and exporters should fulfil export obligations required under SRO 760(I)/2003. The board elaborated that the import and export of gold, gold jewellery and gemstones be regulated as par the instructions of the Commerce Ministry.
It is to be mentioned that the Cabinet’s Economic Coordination Committee (ECC) decided banning imports of gold under SRO 760(I)/2013 for a period of 30 days in its meeting on January 20. The ECC also decided that import under Sr. No 16 of Part-II of Annex-B of Import Policy Order, 2013 will be suspended for the same period. The ECC directed the FBR to instruct the collectorates to implement the decision. It also asked the Trade Development Authority of Pakistan (TDAP) not to issue any import authorisation during the period. However, it declared that there was no restriction on export of gold jewellery and advised the TDAP to strictly monitor export obligations and ensure that all exporters must fulfil their export obligations under Sr. No 11 of the SRO 760(I)/2003.
The ECC took the decision on the request of Foreign Exchange Companies that gold smuggling and its subsequent pressure on open forex market had resulted in rupee depreciation in meetings with the Finance Minister in Karachi and a follow-up meeting.