Gold and silver worth billions of rupees, seized by customs authorities across Pakistan, were not deposited with the State Bank of Pakistan as required under the law, official sources told ProPakistani.
Instead, the confiscated precious metals remained stored for years in lockers at various customs collectorates.
Sources said the Federal Board of Revenue (FBR) has issued fresh directives to all Customs enforcement formations, including airport collectorates, to compile and submit comprehensive details of seized gold and silver currently in their custody. Due to the failure to deposit these assets with the central bank on first priority, the seized precious metals were neither reflected in the country’s foreign exchange reserves nor credited to the national exchequer.
Officials further disclosed that negligence by certain customs formations has led to reports of tampering and possible replacement of gold and silver stored in lockers. Acting on the instructions of Member Customs Operations Syed Shakeel Shah, all field formations have begun consolidating records of seized precious metals.
As part of the process, the Customs Enforcement Collectorate Peshawar has already deposited gold worth approximately Rs. 1.5 billion with the central bank.
Under existing laws, customs authorities are required to take custody of seized gold, have it laboratory-tested, and immediately deposit it with SBP, sources added.
Even every single uneducated person can tell why they never deposited. But here is our genius minds sitting in fbr. Well done for kept sleeping for more than a decade.
Thbaks god they got Senses.. thisnwa happening under imran khan ruled area
It might have reached to PLANTERS & Planted govt., personal pockets.
Nothing new ……