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Author Archives: CT Report

FPCCI VP Khurram Aijaz rebukes shipping lines for not giving relief on detention charges

KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) lambasted shipping lines for not giving any relief to importers and traders on detention charges, and dubbed their claims as untrue. FPCCI Vice President Khurram Aijaz said international trade had almost shut down and there were no export shipments from Pakistan. “There is no export to USA or Europe, ... Read More »

Investigation of customs scam at Torkham station takes new turn

ISLAMABAD: A major customs scandal at Torkham border station has taken new turn as Afghan authorities confirmed to Pakistani side that certificate of origin in case of 378 consignments of apple were found fake. Prime Minister Imran Khan had already assigned to probe alleged scandal of clearing vehicles without payment of duty and taxes at Torkham border station to Federal ... Read More »

Regulatory restrictions under gift, baggage schemes drop car imports: SBP

KARACHI: The State Bank of Pakistan (SBP) has said that the regulatory restrictions on car imports under the gift and baggage schemes continued to dent Completely Built Unit (CBU) imports. “As a result, overall transport imports fell to a 10-year low in first half (July – December) 2019/2020,” according to SBP report on Pakistan Economy issued on Tuesday. The central ... Read More »

SBP expands incentive scheme for exchange companies to promote home remittances

KARACHI: State Bank of Pakistan (SBP) on Wednesday expanded incentive scheme for exchange companies for promoting home remittances through formal channels. The SBP previously on December 06, 2019 introduced the incentive scheme on which exchange companies were allowed market expenses reimbursement of Re. 1 per each incremental US dollar mobilized over 15 percent growth. The SBP in this regard decided ... Read More »

Industries failing to adopt SOPs to be sealed

ISLAMABAD: Special Assistant to Prime Minister on Youth Affairs, Usman Dar on Wednesday said, industries which failed to adopt standard operating procedures (SOPs) to be sealed across the country. Usman Dar said this in his meeting with the president Chamber of Commerce and Industries, who called on him to discuss situation arising from the lockdown. The SAPM said Prime Minister ... Read More »

SECP shuts registration offices, facilitation centers amid coronavirus outbreak

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Tuesday shut Companies Registration Offices (CROs) and facilitation centers till further instructions as preventive measures against coronavirus disease (COVID-19). The regulator in a circular No. 13/2020 dated April 14, 2020 said that the current outbreak of on Tuesday coronavirus disease (COVID-19) in a substantial number of countries and the evolving ... Read More »

Pakistan’s exports to decline by $3b owing to coronavirus: Razak Dawood

ISLAMABAD: Adviser to Prime Minister on Commerce Abdul Razak Dawood on Wednesday said that the State Bank of Pakistan (SBP) has called for deferring debt payments to one year, however, the commercial banks were not cooperating with the business community in this regard. “Commercial banks want more guarantees on the matter,” he said while briefing the National Assembly’s Standing Committee ... Read More »

No Ramzan bazaars in Punjab this year

LAHORE: Punjab Chief Minister Sardar Usman Buzdar has recommended that Ramzan bazaars should not be set up anywhere in the province this year due to the current situation of COVID-19. The message was delivered by Food Minister Abdul Aleem Khan while presiding over a high level meeting of the Punjab Cabinet Committee on Wednesday which was attended by senior members ... Read More »

Funds available in PD account of traders can be utilized for upfront payment of duty, taxes: KCAA  

KARACHI: Karachi Customs Agents Association (KCAA) announced that due to hard work and assiduous efforts of KCAA, a long outstanding issue which became a hindrance between customs agents and traders regarding upfront payment of duty and taxes from PD account of traders which eliminates the role of custom agent from the Goods Declaration (GDs) has now been resolved. KCAA initiated ... Read More »

Govt prepares ordinance to provide tax relief to construction sector

ISLAMABAD: The federal government has prepared a tax ordinance to provide tax relaxation to the construction sector, according to media reports on Wednesday. According to details, those who have been proven guilty of making black money and committing money laundering will not get any benefit from the scheme. Furthermore, those who availed the 2018 tax amnesty scheme and public office ... Read More »

FBR decides to shun paperwork over corona virus pandemic

ISLAMABAD: Federal Board of Revenue (FBR) has decided to shun use of paper-related work at its offices over fears of corona virus spread. In a series of messages posted on FBR’s official Twitter account, it said that in view of the prevailing corona virus outbreak, the FBR has taken necessary precautions to limit the spread of the virus. “For this ... Read More »

Traders’ problems to be addressed during lockdown

LAHORE: Provincial Industries and Trade Minister Mian Aslam Iqabl on Tuesday held a meeting with representative delegation of traders and assured them of addressing their problems due to lockdown. During the meeting held at Civil Secretariat, the traders delegation apprised the minister about the problems they were facing in the wake of lockdown. They said that businesses were affected owing ... Read More »

Gold reaches all-time high of Rs100,400 per tola

KARACHI: The gold price reached an all-time high of Rs100,400 in Pakistani markets on Tuesday, the All Sindh Saraf and Jewellers Association (ASSJA) announced. This is the first time that the gold price has crossed over Rs100,000 in the country’s history as the precious metal witnessed an increase of Rs700 per tola in its price on Tuesday. The prices compiled ... Read More »

Traders in Sindh, KP, Balochistan announce resumption of business from April 15

KARACHI: The business community in Karachi said that they will resume operations from April 15 and that the traders would follow preventive measures. Addressing a press conference, a representative of the Karachi’s trader community said: “We cannot afford the imposed restrictions anymore.” “The businessmen have paid their employees a month’s salary but will we unable to do so if the ... Read More »

NAB to contribute Rs4.6m in PM’s Corona Relief Fund

ISLAMABAD: The National Accountability Bureau (NAB) officers/ officials on Tuesday decided to donate Rs. 4.6 million in Corona Relief Fund announced by Prime Minister to fight against COVID-19. According to NAB spokesman, all officers of Grade 20 or above would donate their three-day salary, while all officers from Grade 17 to 19 would donate two-day salary and officials of Grade1 ... Read More »

PSX gains 190 points on improved investors sentiments

KARACHI: The equity market gained 190 points on Tuesday owing to improved sentiments of investors. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 31,223 points as against 31,033 points showing an increase of 190 points. Analysts at Arif Habib Limited the market traded in the positive zone for most part of the session, despite international crude oil ... Read More »

KPT shipping intelligence report April 14

KARACHI:The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Tuesday. ALONG SIDE (Bulk Oil Pier) OP-II Haruna Express D. Mogas East Wind 13/04/20 ALONG SIDE (East Wharves): 1 Bay Yasu D. Chemical Alpine 14/04/20 4/5 Diavolezza D. Cannola Alpine 02/04/20 10/11 Aisha Sarwar L. Clinkers Crystal Sea 11/04/20 14/15 Great ... Read More »

Pak Rupee falls by 12 paisas on import payment demand

KARACHI: The Pak Rupee fell by 12 paisas against dollar on Tuesday owing to higher demand of the foreign currency for import payment, dealers said. The rupee ended at Rs166.95 to the dollar from previous day’s closing of Rs166.83 in interbank foreign exchange market. The currency dealers said that the rupee was remained under pressure due to higher demand of ... Read More »

FBR issues refunds of Rs51.5b through FASTER

ISLAMABAD: The Federal Board of Revenue has Issues refunds of Rs51.5 billion through FASTER. According to press note, the FBR has released the latest information relating to the issuance of Refunds through FASTER (Fully Automated Sales Tax E-Refund System). As per record, since July 2019, a total of refunds amounting to Rs64.5 billion were claimed through FASTR System. Out of ... Read More »

Federal cabinet approves extension in lockdown till April 30

ISLAMABAD: Federal cabinet meeting chaired by Prime Minister Imran Khan on Tuesday approved extension in countrywide lockdown to mitigate coronavirus crisis. The cabinet has decided to extend lockdown till 30th April across Pakistan. According to sources, the government has decided to open skills related businesses after which tailors, electricians, mechanics, plumbers and barbers will be allowed to work. The government ... Read More »