ISLAMABAD (Kashmir English): The Economic Coordination Committee (ECC) of the Cabinet has approved restoration of international gold trade, while a decision regarding vehicle import was postponed.
In a meeting chaired by the Finance Minister on Friday, the Ministry of Commerce proposed that vehicles should only be imported from the country where the sender resides, to prevent misuse of the schemes.
The Federal Board of Revenue (FBR) argued that the proposal would make imports impossible for most Pakistanis, as they live in countries with left-hand drive vehicles.
The Ministry of Industries proposed that the “gift” and “personal baggage” schemes be abolished, while only the “transfer of residence” scheme be retained.
The Ministry of Commerce had recommended strict conditions to prevent misuse of all three schemes while retaining them, including a minimum stay of three years abroad, a non-transferring period of one year for the vehicle, and mandatory overseas registration before import.
The ECC directed the Ministry of Commerce to re-consult with all relevant institutions and resubmit the proposed amendments.
Import and export of gold, precious metals
On the other hand, the ECC approved the restoration of the existing framework for the import and export of gold, precious metals, and jewelry with transparency and an automated system.
The meeting also approved various supplementary grants for the Ministry of Defence Production, Ministry of Interior, and Election Commission of Pakistan.
