Gold and Silver Worth Billions Not Deposited with SBP

Gold and silver worth billions of rupees, seized by customs authorities across Pakistan, have not been deposited with the State Bank of Pakistan (SBP) as mandated by law, according to official sources cited by ProPakistani.

Instead of being transferred to the central bank, the confiscated precious metals have reportedly remained stored for years in lockers at various customs collectorates. This failure to deposit the assets has resulted in these valuable reserves neither being reflected in the country’s foreign exchange reserves nor credited to the national exchequer.Gold Prices Rise Sharply Across Pakistan

The Federal Board of Revenue (FBR) has recently issued directives to all customs enforcement units, including airport collectorates, to compile and submit detailed records of seized gold and silver currently held in their custody. This move comes amid concerns over negligence and possible tampering with the stored metals.

Officials disclosed that some customs formations have shown negligence that led to reports of tampering and possible replacement of the seized gold and silver. Acting on instructions from Member Customs Operations Syed Shakeel Shah, all field formations have started consolidating records of these precious metals.

As part of this process, the Customs Enforcement Collectorate in Peshawar has already deposited gold valued at approximately Rs. 1.5 billion with the State Bank of Pakistan.

Under existing laws, customs authorities are required to take custody of seized gold, have it laboratory-tested, and immediately deposit it with the SBP. The ongoing failure to comply with these regulations has raised serious concerns about the management and accountability of seized assets.

The issue has sparked criticism from various quarters, with public comments highlighting the prolonged inaction by the FBR and customs officials over more than a decade.