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Export of gold jewelery from Pakistan suspended, risk of cancellation of orders worth millions of dollars


KARACHI: Exports of gold jewelery from Pakistan have been suspended, threatening to cancel orders worth millions of dollars.

According to the details, due to the abolition of SRO, the export of gold jewelery from Pakistan has been suspended, and the risk of cancellation of orders worth crores of dollars has increased.

Chairman Pakistan Gems and Jewelers Habib-ur-Rehman says that FBR has removed SRO 760 from V-Bak, export orders at airports have stopped due to termination of SRO.

He said that more than 20 kg of gold belonging to 4 exporters has been stuck at Karachi Airport for 15 days, and the customs authorities are demanding Rs 30 lakh tax to clear one kg of gold.

Habib-ur-Rehman said that more than 70 kg of gold ornaments are exported from Pakistan per month, SRO provides tax exemption under 760 scheme of gold ornaments, termination of this facility will have to pay heavy taxes.

In this regard, a letter has been sent by the Pakistan Gem and Jewelers Traders and Merchants Association to Chairman FBR, in which the risk of cancellation of orders worth millions of dollars has been informed in the current situation.

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