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JEWELLERS TO FIGHT FTAF PROPOSAL OF BANNING CASH SALE/PURCHASE OF GOLD

   
   
   
   
   
 

JEWELLERS TO FIGHT FTAF PROPOSAL OF BANNING CASH SALE/PURCHASE OF GOLD

Organizations representing Jewelers community across the province on Friday urged the government not to implement the Financial Action Task Force (FATF) proposal regarding banning sale/purchase of gold through cash in Pakistan.

‘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 consent of the stakeholders,’ Jewellers said through a resolution unanimously adopted by them at a meeting of the FPCCI Regional Standing Committee on Gems & Jewellery.

Convener of the Committee and Chairman Lahore Division Sarafa & Jewellers Association (LDS&JA) Muhammad Ahmad chaired the sitting which held at the FPCCI Lahore office. Co-convener Rana Nadeem Aleem, Delawar Ali, Shafiq ul Hassan Zahoor, Abdus Samee Basit, Seth Muhammad Arshad and others also spoke on this occasion.

Speaking on this occasion participants said that gold sector in Pakistan had 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.

Convener FPCCI Regional Standing Committee Muhammad Ahmad said that proposal of levying a 15% General Sales Tax (GST) on this sector back in 1998 was foiled due to a strong movement by the Jewellers community 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 in to confidence,’ he added.

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

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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