The federal government has officially lifted the ban on the import and export of gold, reinstating key rules governing the precious metals trade through fresh amendments issued by the Ministry of Commerce.

According to a notification released on November 21 under the Imports and Exports (Control) Act, 1950, the cabinet-approved decision restores the earlier framework for trading precious metals, jewellery, and gemstones. The government has revived the import and export mechanism under SRO 760(I)/2013 by cancelling the May-issued notification SRO 760(I)/2025, which had suspended the 2013 order amid concerns over gold smuggling.

With the new development, the previously suspended period has now been condoned, allowing exporters to benefit from the mandatory 120-day entitlement period available under the Entrustment Scheme.

Sources inside the commerce ministry revealed that the ban—imposed in May following reports of smuggling—was removed after authorities received no fresh complaints in recent months, prompting a gradual easing of restrictions.

Read More: FinMin Aurangzeb vows to deepen cooperation on fiscal governance, revenue reforms

Alongside lifting the ban, the government has introduced several technical amendments to modernize and streamline the 2013 rules. The word “Gemstones” has been removed from the short title, while clause 2(j) now updates the definition of a “passbook,” allowing exporters and importers to use either paper-based or digital versions.

In clause 3(2), the revised rider clarifies that the import of precious metals and gemstones—and the export of jewellery made from them—will continue under specified schemes. Amendments to clause 3(9) require a no-objection certificate (NOC) from the relevant additional or deputy collector of customs if a one-time change of customs station is needed due to operational issues.

Further changes under clause 4(2) now permit documents issued abroad to be apostilled under the Apostille Convention, 1961, where applicable. A new paragraph added to the export section mandates that all transactions carried out under the Entrustment Scheme must be completed through the same bank that processed the original import of precious metals, ensuring tighter oversight and consistency in trade records.