The federal government lifted the ban on the import and export of gold by restoring the suspended rules governing precious metals trade and issuing fresh amendments, a Ministry of Commerce notification said on Thursday.
The commerce ministry issued notification on November 21 under the Imports and Exports (Control) Act, 1950, following approval from the cabinet.
According to the notification, the government has reinstated the import and export of precious metals, jewellery, and gemstones under SRO 760(I)/2013 by rescinding the previous notification SRO 760(I)/2025 issued in May, which had suspended the 2013 order amid complaints of gold smuggling.
The period of suspension has been condoned, thereby enabling exporters to avail the mandatory 120-day entitlement period under the Entrustment Scheme.
Sources said the ban on gold imports and exports, imposed in May this year after reports of smuggling, was eased after no fresh complaints had been received in recent months.
Several technical changes have been introduced to the 2013 order. In the short title, the word “Gemstones” has been removed, while the definition of “passbook” in clause 2(j) has been updated to explicitly allow either paper or digital passbooks.
In clause 3(2), the rider clause has been substituted to clarify that “the import of precious metals and gemstones and export of jewellery made up of precious metals, gemstones or a combination thereof” shall be allowed under specified schemes.
Clause 3(9) has been amended to provide that, in the event of operational constraints, a no-objection certificate from the respective additional or deputy collector of customs will be required to allow a one-time change of customs station.
Under clause 4(2), on the import side, documents issued abroad may now also be apostilled under the Apostille Convention, 1961, where applicable. On the export proceeds side, a new paragraph stipulates that all transactions under the Entrustment Scheme must be processed exclusively through the same bank that handled the corresponding import of precious metals, ensuring exports are routed through that bank.