FBR Directs Customs to Report Billions in Undeposited Gold and Silver
A major financial oversight has come to light after official sources revealed that gold and silver worth billions of rupees, seized by customs authorities across Pakistan, were not deposited with the State Bank of Pakistan (SBP) as required by law.
This issue has raised serious concerns regarding transparency, accountability, and financial management within enforcement institutions.
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In this detailed article, we explain what happened, why the gold and silver were not deposited, legal requirements, potential financial impact, and what actions authorities are taking now.
What Happened? Gold & Silver Worth Billions Not Deposited
According to official sources, large quantities of seized gold and silver remained stored in lockers at various customs collectorates instead of being transferred to:
State Bank of Pakistan
Under existing laws, seized precious metals must be:
- Taken into official custody
- Laboratory-tested
- Immediately deposited with SBP
However, this legal procedure was reportedly not followed in many cases.
Why Is This a Serious Issue?
The failure to deposit seized gold and silver has several serious implications:
- Not reflected in foreign exchange reserves
- Not credited to the national exchequer
- Weak financial transparency
- Risk of tampering or mismanagement
When gold is not deposited in the central bank, it does not contribute to national reserves or strengthen the country’s financial position.
Legal Requirement for Seized Gold
Under customs laws, once precious metals are seized:
- They must be documented properly
- Sent for purity testing
- Deposited with the central bank
The legal framework ensures:
- Proper accounting
- National reserve protection
- Audit transparency
Failure to follow these procedures violates financial discipline standards.
Role of FBR in the Investigation
The Federal Board of Revenue (FBR) has reportedly issued fresh directives to customs formations nationwide.
These directives require:
- Submission of complete records
- Details of all seized gold and silver
- Immediate compliance with deposit procedures
Authorities are now consolidating data from:
- Airport collectorates
- Border customs offices
- Enforcement formations
Reports of Tampering & Replacement
One of the most alarming disclosures includes:
- Reports of tampering
- Possible replacement of seized gold
- Locker mismanagement
Such allegations highlight the risks of storing high-value assets for extended periods without central oversight.
Financial experts warn that improper storage increases:
- Corruption risks
- Loss of national assets
- Legal complications
Customs Enforcement Response
Following instructions from Member Customs Operations Syed Shakeel Shah, enforcement formations have begun:
- Reviewing old seizure cases
- Verifying inventory records
- Initiating deposits with SBP
For example, the Customs Enforcement Collectorate Peshawar has reportedly deposited gold worth approximately Rs. 1.5 billion with the central bank.
This indicates that corrective action has begun.
Impact on Pakistan’s Foreign Exchange Reserves
Gold is a strategic financial asset.
When deposited in the State Bank:
- It strengthens foreign exchange reserves
- Improves economic stability
- Supports currency confidence
Since the seized gold was not deposited:
- It was not reflected in official reserve data
- The country’s financial position appeared weaker than it could have been
In times of economic pressure, gold reserves play a crucial stabilizing role.
How Gold Seizures Usually Happen
Customs authorities seize gold and silver through:
- Airport inspections
- Anti-smuggling operations
- Border checkpoints
- Intelligence-based raids
Gold smuggling remains a persistent issue in Pakistan due to:
- Price differences
- Tax policies
- International market fluctuations
Seized gold becomes government property once legal procedures are completed.
Governance & Accountability Concerns
This development raises serious governance questions:
- Why were deposits delayed?
- Was there a monitoring failure?
- Were audit systems effective?
- Who is responsible for oversight?
Transparency in public financial management is essential for maintaining public trust.
Possible Financial Value of Undeposited Gold
Although exact figures are still being compiled, reports suggest:
- Billions of rupees worth of gold and silver
- Stored for years
- Not credited to the treasury
Even small quantities of gold can significantly impact reserve strength.
Government’s Next Steps
Authorities are expected to:
- Complete inventory verification
- Deposit all seized precious metals
- Strengthen monitoring systems
- Conduct internal audits
- Introduce stricter compliance measures
Improved compliance could prevent similar incidents in the future.
Why This Matters for Pakistan’s Economy
Pakistan’s economy faces:
- Currency volatility
- Trade deficit pressures
- Foreign exchange challenges
Proper management of national assets like gold can:
- Improve investor confidence
- Strengthen financial credibility
- Support economic recovery
Transparent asset management is key for sustainable growth.
Public Reaction & Financial Sector Concerns
Financial analysts and business circles have expressed concern over:
- Delayed asset accounting
- Risk management weaknesses
- Institutional accountability
Public institutions must ensure strict compliance with financial laws.
Conclusion
The revelation that billions in seized gold and silver never reached the State Bank of Pakistan highlights serious administrative and financial management concerns.
While corrective measures have begun, this incident underscores the importance of:
- Transparent accounting
- Strong oversight mechanisms
- Timely asset transfer
- Institutional accountability
Proper deposit of seized assets is not only a legal requirement but also essential for strengthening Pakistan’s economic foundation.
