ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has imposed a 30-day ban on import of gold to check smuggling and speculation in currency, however the exports will continue without any restriction.
The decision was taken at a meeting of the committee with the federal minister for finance Ishaq Dar in the chair at the Prime Minister’s Office in Islamabad.
The import of gold under SRO 760 and its commercial imports under Import Policy Order 2013 will remain banned.
The finance minister said that there had been surge in the smuggling of gold in wake of steep increase in duty on its import in a neighboring country. He said that the ban will help curb smugglers activities without effecting the legitimate demand supply position of gold in the country.
