Pakistan has lifted the ban on the import and export of gold, restoring the rules governing precious metals trade and introducing fresh amendments, the commerce ministry announced this week.
The restriction, imposed in May after reports of large-scale smuggling, has been eased after authorities reported no new complaints in recent months, according to local media.
“The import of precious metals and gemstones and export of jewelry made up of precious metals, gemstones, or a combination thereof shall be allowed,” the commerce ministry said in its notification, outlining the updated regulations.
It added that “all the transactions under the Entrustment Scheme shall be processed exclusively through the same bank, export of jewelry from the same bank that processed or handled the corresponding import of precious metals.”
Gold and currency smuggling have long posed a severe challenge to Pakistan’s economy, draining foreign exchange reserves, distorting market prices, and fueling the undocumented sector.
To counter these issues, authorities have stepped up enforcement in recent years through coordinated action involving customs, intelligence, and law enforcement agencies.
These measures have included stricter border monitoring, enhanced data-sharing, tighter oversight of currency exchanges, and targeted operations against cartels. The government has also advanced efforts to digitize financial transactions.
Pakistan’s latest notification introduces several technical amendments to the 2013 order governing the import and export of precious metals. The short title has been revised by removing the word ‘Gemstones, and the definition of ‘passbook’ has been updated to explicitly include both paper and digital formats.
Clause 3(2) has been rewritten to clearly state that the import of precious metals and gemstones, and the export of jewellery made from them, is permitted under approved schemes. Clause 4(2) now allows import documents issued abroad to be apostilled under the Apostille Convention, 1961, wherever applicable.
Further procedural changes have been made to improve operational clarity. Clause 3(9) now provides that, in cases of operational constraints, traders may secure a one-time change of customs station by obtaining a no-objection certificate from the relevant additional or deputy collector of customs.
The revisions also reinforce that transactions under the Entrustment Scheme must be processed exclusively through the same bank that handled the corresponding import of precious metals. These clause-by-clause amendments aim to tighten oversight while restoring lawful trade channels.
While crackdowns have yielded some progress, experts note that lasting reforms and stronger inter-agency cooperation remain essential to dismantle entrenched smuggling networks and safeguard economic stability.
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