Karachi, January 18, 2024 – Pakistan Customs has ramped up its efforts to combat smuggling by announcing that it will now instantly confiscate currency, gold, or precious stones upon their discovery during anti-smuggling operations.
This stern approach is part of the updated Customs Act, 1969 for the tax year 2024, which grants customs authorities the power to impose penalties and seize illicit goods.
Under the revised legislation, if smuggled or prohibited goods include currency, gold, silver, platinum, or precious stones in any form, they will be liable to immediate confiscation. The individuals involved in such offenses will face penalties and potential imprisonment, escalating with the value of the confiscated items.
The penalties are structured as follows:
(a) Up to US $10,000: If the value of the currency or goods is up to US $10,000 or its equivalent in other denominations, a penalty not exceeding the value of the goods will be imposed. Upon conviction by a Special Judge, the individual shall further be liable to imprisonment for a term not exceeding two years.
(b) US $10,001 to US $20,000: For goods valued between US $10,001 and US $20,000 (both inclusive) or equivalent, a penalty not exceeding two times the value of the goods will be imposed. The convicted individual may face imprisonment for a term not exceeding three years, with a minimum sentence of two years.
(c) US $20,001 to US $50,000: Goods valued between US $20,001 and US $50,000 (both inclusive) or equivalent will incur a penalty not exceeding three times the value of the goods. Conviction by a Special Judge may lead to imprisonment for a term not exceeding five years, with a minimum sentence of two and a half years.
(d) US $50,001 to US $100,000: For goods valued between US $50,001 and US $100,000 (both inclusive) or equivalent, a penalty not exceeding four times the value of the goods will be imposed. The individual may face imprisonment for a term not exceeding ten years, with a minimum sentence of three years.
(e) Exceeding US $100,000: If the value of the currency or goods exceeds US $100,000 or its equivalent, a penalty not exceeding five times the value of the goods will be imposed. Upon conviction by a Special Judge, the individual may face imprisonment for a term not exceeding fourteen years, with a minimum sentence of five years. Additionally, movable and immovable assets and property may be subject to forfeiture in accordance with section 187 of the Customs Act, 1969.
These stringent measures underscore the government’s commitment to curb smuggling activities and safeguard the country’s economic interests. Pakistan Customs is likely to intensify its vigilance and enforcement to ensure the effective implementation of these measures and deter potential smugglers.
