Karachi, May 7, 2025 – In a decisive move to tighten regulatory control over the gold trade, the Federal Board of Revenue (FBR) on Wednesday sealed a prominent jewelry shop located on Karachi’s Tariq Road for failing to comply with Point of Sale (POS) integration requirements. The action, carried out by Regional Tax Office (RTO)–I Karachi, is part of a wider crackdown targeting non-compliant jewelers across Pakistan. According to FBR officials, the sealed jewelry outlet had failed to install the mandatory POS system, which is a critical tool for documenting sales transactions and ensuring proper tax reporting. Jewelry shops, especially those dealing in gold and other precious items, are legally required to connect their sales systems to the FBR’s network, allowing real-time monitoring of their transactions. The FBR has ramped up enforcement following an unprecedented 47% rise in gold prices over the current fiscal year. The price of 24-karat gold per Tola surged from Rs241,700 in July 2024 to Rs356,100 by May 6, 2025, raising concerns that many dealers may be facilitating undocumented transactions for profit or money laundering purposes. FBR sources confirmed that this enforcement initiative is part of a broader strategy to monitor high-risk financial activities in Pakistan’s gold and jewelry sector. Authorities believe that the spike in prices has triggered the liquidation of undeclared gold holdings, potentially contributing to financial crimes. To combat this, the FBR is strictly enforcing Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) laws. Jewelry businesses, classified as Designated Non-Financial Businesses and Professions (DNFBPs), must now comply with enhanced due diligence protocols under the AML Act 2010 and FBR’s 2020 AML/CFT…