ISLAMABAD: Commerce Ministry said on Thursday that an Inter-Ministerial Committee (IMC) has been constituted to manage quota to be allocated to jewellers for import of gold.
Commerce Ministry shared its position with a Sub-Committee of Senate Standing Committee on Commerce, which met to discuss the issue of import of gold to discourage its smuggling into the country. Ministry of Commerce is in process of amending the SRO in consultation with the stakeholders for the issues identified by the exporters of jewellery.
The Sub-Committee headed by Senator Fida Muhammad was briefed that IPO 2022 allows import of gold in bulk on the condition that the importer arranges his/ her own foreign exchange for the purpose. Gold importers have complained that the condition is ambiguous thus practically restricting the import of gold.
The Sub-Committee raised different questions during the meeting which were responded by the officials of Commerce Ministry.
According to Commerce Ministry, to streamline the procedure an Inter-Ministerial Committee was constituted with members from Ministry of Commerce, TDAP, SBP and FBR to manage quota allocations.