Govt Asked To Allow Import Of Gold Legally To Discourage Smuggling.

ISLAMABAD -- Senate Standing Committee on Commerce on Wednesday asked the government to allow the import of gold legally to discourage its smuggling.

A meeting of the Senate Standing Committee on Commerce was held under the chairmanship of Senator Zeeshan Khanzada at Parliament House. The meeting commenced with a briefing on the issue of gold imports in the country. Senator Anwar-ul-Haq Kakar said that about 80 tons of gold is consumed in the Pakistani market and all this gold is smuggled into Pakistan. The State Bank of Pakistan (SBP) also does not allow foreign exchange for gold imports. He added that we should allow import of gold legally. 'Even if the government does not allow it, gold is still being smuggled, so why not allow it to be imported legally. It will also benefit the country in terms of taxes said Senator Kakar. Federal Minister for Commerce Syed Naveed Qamar said that a lot of work has been done regarding gold. It also comes in a luxury item list so it is temporarily banned. But the import ban is an emergency measure that is to be lifted soon. He added that the trade imbalance and current account deficit figures were worrisome. Naveed Qamar assured that the issue of gold import would be resolved within a month.

The committee also considered the issue of containers stranded at the port due to import ban. Naveed Qamar said that we will settle the tax issues with the owners of the trapped containers as soon as possible and release them. Senator Fida Mohammad pointed out that (gur) and sugar are considered in the same category and expressed his concerns over the export ban on Gur. Naveed Qamar informed the committee that meetings of the Sugar Policy Board have been scheduled. This issue will be taken up in these meetings. Considering the availability of sugar in the country, a decision will be taken regarding export. The Commerce Secretary agreed with Senator Fida Mohammad that the issue of Gur and Sugar should be dealt with...