Billions of rupees in gold and silver seized by customs across Pakistan were not deposited with the State Bank of Pakistan (SBP) as required by law, according to ProPakistani.

Instead, the precious metals remained in lockers at various customs collectorates for years, keeping them out of the country’s foreign exchange reserves and the national exchequer.

Following the lapse, the Federal Board of Revenue (FBR) has directed all customs enforcement units, including airport collectorates, to submit detailed records of seized gold and silver in their custody.

Reports indicate negligence in some formations, including possible tampering and replacement of stored metals. Acting on instructions from Member Customs Operations Syed Shakeel Shah, field offices have begun consolidating records.

The Customs Enforcement Collectorate Peshawar has already deposited gold worth around Rs 1.5 billion with SBP.

Under existing law, customs must take custody of seized gold, have it tested, and immediately deposit it with SBP.