Govt decides to lift ban on gold import, export

The government has decided to lift the ban on the import and export of gold, sources in the Ministry of Commerce said on Monday.

According to ministry officials, a summary proposing the removal of the restrictions will soon be sent to the Economic Coordination Committee (ECC) for approval.

The ban on gold trade was initially imposed in May this year following complaints of large-scale smuggling, the sources said. However, they added that no such complaints have been received in recent months, prompting the government to reconsider the restrictions.

Officials believe the move aims to revive legitimate gold trade and stabilize the domestic jewellery and bullion markets, which have been affected by the import-export curbs.

The final decision is expected after the ECC reviews the commerce ministry’s proposal.