The gold jewellery export sector is governed by SRO 760(I)/2013, issued by the ministry of commerce. However, on May 6, the government suddenly suspended this SRO with immediate effect for 60 days without any intimation or interaction with the sector. The suspension notification does not provide any recourse to pending and in process ready-to-ship export consignments of more than 50 kilogrammes.
This step will lead to the cancellation of export orders, besides litigation in foreign countries. Pakistan will lose the export markets it has earned over the last 50 years and also suffer mass retrenchment of both skilled and un-skilled workers. Hundreds of factories will be closed and there will be a huge loss of foreign exchange and revenues, alongside many more adverse repercussions. We respectfully urge the government to allow held up shipments, restore the SRO forthwith and consult stakeholders before major policy reversals.
Arif Patel
Karachi
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