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.
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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