Government Plans Crackdown on Gold Smuggling

Web DeskSeptember 15, 2023
Government Plans Crackdown on Gold Smuggling

The caretaker government in Pakistan is taking significant steps to combat gold smuggling and tax evasion related to the precious metal.

A comprehensive plan has been devised to target individuals involved in gold smuggling and to bring dealers of gold into the tax system. Additionally, the government is planning to introduce a computerized system for the sale and purchase of gold.

These regulatory measures serve a dual purpose. They not only enhance the government’s tax revenue collection but also provide transparency and protection for gold buyers.

Also Read: Gold Price Steady After Two-Day Gain of Rs. 9,600 Per Tola

Law enforcement agencies are set to initiate a crackdown against gold smuggling, with a dedicated task force composed of officials from law enforcement and intelligence agencies leading the efforts. The task force has already prepared lists of gold smugglers who will be prosecuted according to the law.

It’s worth noting that gold prices in Pakistan experienced a significant weekly decline recently, with prices dropping by nearly Rs. 30,000 per tola. However, prices have rebounded in recent days. These measures aim to curb illegal gold activities and promote compliance within the gold market.

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