In order to prevent money laundering, the FBR has made it mandatory to keep a record of buying and selling jewelry for five years.
The Federal Board of Revenue (FBR), sources said that new guidelines have been issued for those trading in precious stones and metals.
According to the guidelines issued, the record of buying and selling jewelery worth more than Rs 2 million must be kept for five years.
However, those who do not have records will be prosecuted for Money Laundering and Subversive Financing Act.
According to sources, the law will not apply to those who buy or sell jewelery worth less than Rs 2 million.
Sources said that the purpose of this law is to prevent money laundering from the trade of precious stones and metals. However, this step has been taken by the FBR to implement the terms of the Financial Action Task Force.
