Wednesday, June 19, 2024

Karachi: First Gold Trading Company Launched to Curb Speculation, Boost Revenue

Karachi welcomes the inauguration of the first formal company for gold trading, poised to generate Rs2.5 trillion for the national exchequer, aiming to regulate a market prone to speculation and black marketing.In Pakistan, gold trading lacks regulation, leading to speculative practices, tax evasion, and under/over-invoicing.

The new company integrates online and physical trading with the national tax agency, aiming to curb such practices.

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Chairman Muhammad Shahid Zakariya highlights plans for 2300 gold labs and 820 franchises nationwide, projecting a significant revenue boost of Rs2500 billion within five years.

The company will provide daily gold rates in collaboration with Pakistan Mercantile Exchange Company (PMEX), replacing traditional rate-release practices.

Government intervention, supported by agencies like FIA and FBR, targets speculation and black marketing, signaling a crackdown on illicit activities in the gold market.

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Zain is a dynamic business student with a passion for technology that goes beyond the classroom. When he's not immersed in his studies, Zain can be found playing with the latest gadgets, fueled by a genuine curiosity for emerging tech trends. His love for technology extends to his avid reading habits, where he stays updated on the latest advancements and breakthroughs in the tech world. Despite his academic focus, Zain is also an outdoor enthusiast, always ready for an adventure. With several years of experience in writing news, Zain brings a unique blend of business acumen, tech-savviness, and journalistic expertise to any discussion or project.

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