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April 20, 2019

Jewellers demand govt not to ban cash purchase of gold

Business

April 20, 2019

LAHORE: Jewellers organisations from Punjab have urged the government not to implement the Financial Action Task Force (FATF) proposal regarding banning sale/purchase of gold through cash in Pakistan.

The jewellers passed a resolution unanimously on Friday at a meeting of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Regional Standing Committee on Gems and Jewellery.

“Before taking any such decision, stakeholders should be taken in to confidence as there can be many other alternates to tackle the situation. We will strongly resist any such move, rather such a move will remain impracticable without the consent of the stakeholders,” the jewellers said through the resolution.

Lahore Division Sarafa and Jewellers Association (LDS&JA) Chairman and Convener of the Committee Muhammad Ahmad chaired the sitting held at the FPCCI Lahore office.

Ahmad said the proposal of levying a 15 percent general sales tax (GST) on this sector back in 1998 was foiled due to a strong movement by jewellers under the banner of LDS&JA.

“We were right at that time and this time again we are ready to give any sacrifice in the larger interest of the nation and pay taxes, but these decisions should be taken after taking the sector into confidence,” he added.

He alleged that the present government was multiplying the hardships of this sector instead of resolving the issues and pushing this trade up. “Our whole community dealing in gems and jewellery business was in a state of shock over this proposal,” he added.

Co-convener Rana Nadeem Aleem, Delawar Ali, Shafiq ul Hassan Zahoor, Abdus Samee Basit, Seth Muhammad Arshad and others also spoke on the occasion.

Participants said gold sector in Pakistan was already hit hard because of devaluation of the national currency and increasing worth of greenback.

They said purchase of gold ornaments had just become a dream for the masses and in such a situation, unjustifiable taxes and proposals would completely ruin this business.

Jewellers from Gujranwala, Sahiwal, Sargodha, Pakpattan, Chichawatni, Toba Tek Singh, Faisalabad, Kasur, Sheikhupura, Jaranwala and other cities of the province participated the meeting.

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