LAHORE - Organisations representing jewellers’ community across the province on Friday urged the government not to implement the FATF proposal of banning sale/purchase of gold through cash. “Before taking any such decision, stakeholders should be taken on board as there can be many other alternates to tackle the situation. We will resist such impracticable move,” jewellers said through a resolution unanimously adopted 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. Co-convener Rana Nadeem Aleem, Delawar Ali, Shafiq ul Hassan Zahoor, Abdus Samee Basit, Seth Muhammad Arshad shared their viewpoints.

The 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. 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. Such decisions should be taken after taking the sector in to confidence,” he added.