Gold and silver worth billions of rupees seized by customs authorities across Pakistan were not deposited with the State Bank of Pakistan as required by law, official sources told ProPakistani.
Instead of being transferred to the central bank, the confiscated precious metals remained stored for years in lockers at different customs collectorates across the country.
Sources said the Federal Board of Revenue has now issued fresh instructions to all Customs enforcement formations, including airport collectorates, to compile and submit complete details of seized gold and silver currently in their custody. Due to the failure to deposit these assets with the State Bank on priority, the seized metals were not reflected in the country’s foreign exchange reserves and were not credited to the national exchequer.
Officials revealed that negligence by some customs formations has led to reports of tampering and possible replacement of gold and silver kept in lockers. On the directions of Member Customs Operations Syed Shakeel Shah, field formations have started consolidating records of all seized precious metals.
As part of this process, the Customs Enforcement Collectorate Peshawar has already deposited gold worth around Rs. 1.5 billion with the State Bank.
According to existing laws, customs authorities are required to take custody of seized gold, conduct laboratory testing, and immediately deposit it with the State Bank of Pakistan. Sources said the recent directives aim to ensure compliance with these legal requirements and improve transparency in handling confiscated assets.
