Pakistani jewellers are unhappy as the country has decided to strictly monitor the purchase and selling of gold.
The State Bank’s Financial Monitoring Unit and the FBR’s Special Anti-Money Laundering Financing Unit have been activated, while the FIA has reportedly started inquiring about transactions are different centres.
The merchants are being asked about their investment and purchase, and authorities have started questioning them. As a result, they have called a meeting in Lahore on July 9 to decide their course of action.
Reports suggest that the step has been taken on the conditions set by the FATF. The body has placed Pakistan on its grey list and the only way out is for the country to curb money laundering and terror financing.
Earlier, Pakistan had restricted the buying and selling of prize bonds in unconventional ways and now has turned its eye towards gold. It has taken steps to regularize the industry.
Black money worth millions of rupees can be transferred to gold or bonds and kept in houses, offices, or elsewhere. The ownership of bonds and gold jewellery cannot be determined. Prize bonds, gold, and jewellery can also be used to finance terrorism.
According to FBR sources, gold and jewellery worth millions are traded every day in domestic markets but no sales or income tax are paid on this. It is necessary for the country to being the income of such a large sector into its tax net.
Merchants worried
Goldsmiths and investors across the country are worried because of the steps taken by the government.
Mithadar Sarafa Market and Sardar Sarafa Market held an emergency meeting. After online consultation, they decided to call a meeting in Lahore which would be attended by Sarafa leaders from all over the country.
Haroon Rasheed Chand, the president of All Sindh Sarafa Jewellers Association, said that small gold shops are being asked to register for sales tax and it is not possible.
Jewellers are also being forced to inform about the transactions of gold and jewels worth Rs2 million or more. These measures are causing severe difficulties for the jewelers, he remarked.
We have called a meeting to discuss the measures and chalk out a plan, Chand added.
from SAMAA https://ift.tt/3xpCkJW
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