SRO760 | Pakistan

The Ministry of Commerce has rescinded the suspension of Statutory Regulatory Order (SRO) 760 of 2013, which governs the trade of precious metals, allowing for the import and export of gold, it emerged on Saturday. In May, the government had enacted the 60-day import and export ban on precious metals and gemstones to stabilise its foreign exchange reserves. The restriction was also linked to the military conflict with India as a potential strategy to limit the flow of precious metals via Dubai. In a fresh SRO2198 dated November 21, the Ministry of Commerce rescinded its May directives for the ban, thereby allowing the import and export of gold and other precious metals. The ministry further said the period of suspension so far under SRO760 was “accordingly condoned, thereby enabling exporters to avail the mandatory entitlement period of 120 days under the entrustment scheme”. The entrustment scheme provides a facility for the export of jewellery against imported gold supplied as a partial advance payment, by ...