ISLAMABAD – The gold imports during first eight months of current fiscal year surged by 48.2 per cent as against the same period of last year. About 2,645 kilogram of gold worth of $143.633 million was imported during the period under review as compared to the import of 1,805 kg valuing $96.917 million during same period of last year (2011-12).

All Sindh Sarafa Association President Haroon Rasheed Chand when contacted attributed the increase in gold imports into the country mainly  to the decrease in the international gold price which is witnessing declining trend since September 2012 when its price touched the highest level of $1795 per ounce. Whereas the gold price on Thursday hit the lowest of $1539 per ounce. In the local market the price has also gone down to Rs. 58700 per tola.

Haroon Rasheed Chand who is also known as Baba-e-Gold said that the legal gold imports can be increased by over cent per cent if the government reduce the tax rate on imports of the gold which would ultimately boost country’s economy.

He said when the tax on the import of gold was only half dollar per tola, the daily volume of gold import was over 300 kg.  According to PBS, on month on month basis, the gold imports in Feb 2013, registered an increase of 503pc and 66.02pc when compared to the imports in Feb 2012 and Jan 2013 respectively.  Gold imports in February 2013 stood at $20.251 million against the imports of $3.356 million and $12.199 million in February 2012 and January 2013 respectively.  The overall imports of metal group, registered an increase of 13.84pc during July-Feb (2012-13) against the same period of last year.

The metal imports in to the country during the period under review were recorded at $2.075 billion against imports of $1.823 billion during same period of last year.