Gold and Metals Trading

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Based on sophisticated multi-dimensional infrastructure and state-of-the-art technology, PMEX offers a complete suite of services i. PMEX was formed in and started its operations in May offering a diverse range of domestic and international products across multiple asset classes.

PMEX is a demutualized exchange and the shareholding is completely institution based. We value a culture of merit, inclusion and equality where everyone is offered a level playing field to flourish regardless of their gender, family background, ethnicity, religion or any other prejudice. Speaking up for the betterment of the organization is encouraged at all levels as it leads to transparency and fosters participation and a sense of ownership gold and silver trading in pakistan all gold and silver trading in pakistan team gold and silver trading in pakistan. At PMEX, we firmly believe that a collective decision is a better decision.

Trust is the foundation of any relationship. Integrity to us is strengthening the trust of our stakeholders by ensuring that all stakeholders are treated equally and fairly. We therefore abide by the highest standards of ethics and veracity. We gold and silver trading in pakistan that we are accountable to our stakeholders and therefore must remain transparent at all times.

Our commitment to transparency and openness is vital for our success. Therefore, when it comes to doing business, we go the extra mile to be eminent. We welcome feedback, not only from our team members, but also from our business partners. Imagination is the essence of human spirit and is perhaps the most precious gift of nature to mankind.

We believe that imagination is the foundation of creativity therefore there should be no bounds when it comes to broadening the horizon. In line with this perspective, we encourage and appreciate out-of-the-box thinking and unconventional solutions making the impossible possible.

With the convergence of IT and telecommunication, geographical boundaries are losing relevance when it comes to foreign trade and investment. As the world is becoming a global village, business landscape has radically changed from competition to complementing each other and exploiting the comparative advantage.

This requires greater interaction with business players both regionally and globally through trade associations. Fully cognizant of this fact, PMEX gold and silver trading in pakistan acquired membership of leading global associations. By actively participating at these forums, PMEX is not only keeping itself abreast of the new developments and policy issues affecting the business but also learning from the experiences of other members countries.

At present, the Exchange is a member of the following international associations. The AFM promotes and encourages the establishment of new derivative and related markets and organizes international conferences in order to promote communication among members. Attaining this eminence allows the Exchange to play a proactive role in the formation of policies of the Association and represent Pakistan on its various bodies. Futures Industry Association FIA is a leading trade organization for the futures, options and cleared swaps markets worldwide.

The mission of this Association is to support open, transparent and competitive markets, protect and enhance the integrity of the financial system, and promote high standards of professional conduct. Its members includes exchanges, clearing houses and trading firms from more than 25 countries as well as technology vendors, lawyers and other professionals serving the industry.

The membership enables PMEX to participate at a global platform, network with industry peers, discuss common issues, exchange ideas and learn from the experiences of other member exchanges. PMEX is committed to developing strategic ties with international exchanges to explore new business opportunities and adopting best practices.

Moreover, PMEX in association with the these exchanges will consider hosting joint events such as conferences, seminars and workshops with the common objective of improving the knowledge of capital markets in their respective countries.

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Procedure in general According to this procedure export of gold jewelry shall be allowed by air, parcel post, courier services and by sea, as accompanied or unaccompanied baggage. Export of gold jewelry shall be made according to the usual Form "E" procedure of the State Bank of Pakistan. The sale proceeds of gold jewelry and gemstones exported under any provision of Export and Import procedure of Gold, Gold Jewelry and Gemstones Order, , shall be appropriated either wholly in foreign exchange through normal banking channels or partly in the form of gold up to one hundred per cent weight of gold content of jewelry exported including wastage, and gemstones, and partly in foreign exchange for value addition.

Clearance of Customs authorities shall be required for export and import of gold jewelry and gemstones, for this purpose following procedure shall be adopted. Export of gold jewelry shall be allowed with minimum value addition as follows:. Wastage of Gold Gold wastage or manufacturing loss in the production of gold jewelry shall be allowed to the exporters as exporters.

Value Addition Export of gold jewelry shall be allowed with minimum value addition as provided in clause c of para 8, given below:. Duties and Taxes Import of gold and gemstones under all schemes shall be exempt from normal import tariffs. The import of other raw materials, tools, machinery and equipment under import of gold and gemstones against export of jewelry or import entitlement shall be allowed free of customs duties and advance income tax. In case an exporter uses duty-paid raw materials procured from the market, duty drawback shall be admissible according to the standard duty drawback system in force.

Sales Tax on export of Gold Jewelry and Gemstones is zero-rated. An exporter can claim refund of Sales Tax paid on raw material inputs. Advance Tax at the rate of. A conversion table including twenty-four carats gold into lesser karatage prepared for the bank and Customs. The procedure for imports comprises of following three processes: Arrival of Goods at Customs Port 2. Filing and Examination of Bills of Entry 3. Assessment of customs duty. It may be noted that now there is no need to obtain import and export license from the Trade Development Authority of Pakistan.

For Exporters For Importers. As a result it has become a common practice to engage a clearing agency in fulfilling the requirements and procedures of the customs departments, as well as clearance of consignments. However a part of the negative perception relates to the low awareness level about the compliance requirements for import procedure. It can be divided into two major segments. First appraisal, where the goods are physically verified and customs duty is assessed and second appraisal where the actual or final duty is calculated and levied upon the importer.

Shipments may be received at either the Sea, Air port or Dry port declared by the customs authorities as customs ports, customs air port and land customs station; the procedure for clearance is same for every customs station. Arrival of the Goods at Customs Ports The Central Board of Revenue off and on declares the customs ports comprising of sea, land and air ports for the purposes of clearance of goods.

The customs clearance process starts with the arrival of cargo ship, plane or other carrier of goods in the country on the designated sea, land and air ports. Upon arrival of the goods at the customs port, the port authorities issue the Import General Manifest IGM to each shipment. It is a number indicating the serial of the shipment arrived during the year. Upon receipt of the IGM the consignment is further indexed to allow for a systematic reference of all goods received.

After issuing this number, the shipment is off loaded and sent back to port warehouse. In the case of land customs station i. Upon arrival of the off loaded goods, the clearance process starts. Normally at this point a clearing agency is engaged by the importer to facilitate the process of customs clearance and to reduce interface with the customs officials.