Advertisement
Categories: BusinessNews

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

Advertisement

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.

Advertisement
Zayn

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.

Recent Posts

Pakistan Enters Top 100 of Global Passport Index, Eyes Further Gains with Digital Upgrades

Pakistan’s passport has made a notable leap in global mobility rankings, entering the top 100…

35 minutes ago

International Survey Reveals Pakistanis Support Actions to Address Climate Change

An international survey conducted across 17 total countries, including Pakistan, was commissioned by the Global…

41 minutes ago

Pakistan’s first AI data center launched

Data Vault Pakistan has officially launched the country’s first AI-focused data center in Karachi, a…

45 minutes ago

Trade Development Authority of Pakistan to Represent Country at Ambiente Frankfurt 2026

Ambiente Frankfurt 2026, the world’s leading international trade fair for consumer goods, is set to…

49 minutes ago

LuckyOne Mall Launches SIMT: A Career Counseling Initiative Honoring Pakistan’s Unsung Heroes

In a powerful demonstration of purpose-driven leadership, LuckyOne Mall—one of Pakistan’s premier lifestyle destinations—has unveiled…

52 minutes ago

Over 7 million streaming accounts’ credentials were leaked in 2024: Kaspersky Report

In a new report, Kaspersky identified over 7 million compromised accounts belonging to streaming services…

56 minutes ago