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Pak Rupee falls against US dollar as market resumes after Eidul Fitr holidays

KARACHI: The Pak Rupee fell by Rs1.07 against dollar on Thursday as trading resumed after long holidays due to Eid-ul-Fitr. The rupee closed at Rs161.99 to the dollar from previous closing of Rs160.92 on May 21, 2020 in interbank foreign exchange market. Currency experts said that the deterioration in rupee value was due to higher demand for import and corporate ... Read More »

FBR considering increase in penalty for violating tax laws

ISLAMABAD: Federal Board of Revenue (FBR) considering massive rise in monetary penalty for violating general provisions of income tax laws. According to sources in Federal Board of Revenue (FBR), the Large Taxpayers Unit (LTU) Karachi had submitted its proposals for budget 2020/2021 and suggested increase in fine and penalties to Rs50,000 from present penal amount of Rs5,000. The LTU Karachi ... Read More »

Bears dominate as KSE-100 slides 141 points

KARACHI: Indices of the Pakistan Stock Exchange (PSX) displayed a lacklustre performance on Thursday, following the resumption of trade activities after a week-long break. According to market analysts, the benchmark KSE-100 Index started the day on negative note mainly on the back of international crude prices, which slipped overnight to trade near $31.5 per bbl — approximately 4pc down from ... Read More »

Exporters secure huge orders for masks from US, Canada, Europe

ISLAMABAD: Adviser to Prime Minister on Commerce and Investment Abdul Razak Dawood revealed on Thursday he has received information that some exporters have obtained large orders for face masks from the international market. “I have received information that some exporters have obtained large orders for face masks from US, Canada and Europe. This is a major breakthrough and I congratulate ... Read More »

Collector Mohsin Rafiq assigns additional work to Syed Ittrat Hussain

LAHORE: Collectorate of Customs Appraisement & Facilitation Additional Collector Headquarters Asdaq Afzal Sensera hass assigned additional work to Deputy Collector Syed Ittrat Hussain. According to circular no: admn/app-HQ/2016/2020 dated 28.5.2020  read as “Syed Ittrat Hussain, Deputy Collector is hereby assigned the following work in addition to his current assignments with immediate effect and till further orders:- Headquarters, correspondence with chief ... Read More »

Customs ASO seizes smuggled tyres, Indian goods, fabric during different raids

KARACHI: Collectorate of Customs Anti-Smuggling Organization (ASO) seized huge quantity of non-duty paid tyres and fabric during anti-smuggling drive. According to sources after assuming the charge Member Customs Operations Tariq Huda directed all field formations to expedite efforts to curb smuggling attempts. After these directions Chief Collector Saifuddin Junejo directed Collector Preventive Saquif Saeed to enhance vigilance and patrolling to ... Read More »

RCCI pin high hopes on business friendly budget

RAWALPINDI: The Rawalpindi Chamber of Commerce and Industry (RCCI) has welcomes the release of refunds by the FBR. RCCI President Saboor Malik in a statement said that the refunds would help in retaining jobs and meet the liquidity shortages. He hoped that those who have not yet been given sales tax and income tax refunds would also be released soon. ... Read More »

Punjab govt to allow reopening of restaurants

LAHORE: The cabinet committee meeting on coronavirus convened on the direction of Chief Minister Punjab has decided to allow reopening of restaurants in the province. According to sources, the Punjab government has recommended the federal government to reopen restaurants. The recommendation will be submitted to the National Coordination Committee for final approval. It was also decided in the meeting that ... Read More »

Hafeez Shaikh asks business community to come up with budget proposals

ISLAMABAD: A group of traders and industrialists on Wednesday called on Adviser to Prime Minister on Finance Abdul Hafeez Shaikh and apprised him of the economic crisis faced by the large scale manufacturing sector amid ongoing coronavirus lockdown. Advisor Commerce and Minister Industries were also present in the meeting apart from Dr. Ishrat Husain, Finance Secretary and Chairperson FBR who ... Read More »

Shipping companies should waive demurrage & detention charges to revive sick industry: MCCI President Sheikh Fazal Elahi

MULTAN: Shipping Companies should waive demurrage and detention charges for the revival of sick industry and government should provide relief to importers and exporters through waiver of shipping charges. Business community of South Punjab is facing severe hardships due to unfair demurrage and detention charges from shipping companies and terminal operators and businessmen are passing through difficult phase due to ... Read More »

SBP revises banks timing after Ramazan

KARACHI: State Bank of Pakistan (SBP) on Wednesday issued revised banks timing from May 27, 2020 after Ramazan ul Mubarak. In a notification sent to president and chief executives of all banks, development finance institutions and microfinance banks, the SBP said that the central bank will observe the following office timings till further orders: Monday to Thursday: 10:00 a.m. to ... Read More »

KN95 face mask prices to jump double to Rs 700 due to blocking and recall of all its imports

KARACHI: Price of KN95 face masks can be increased in upcoming days due to blockage of its supply by Customs, recalling of all the consignments previously cleared without DRAP NOC and rise in demand of face masks due to Coronavirus disaster. Collector Irfan-ur Rehman’s timely intervention proved successful to halt ‘smuggling’ of face masks as these consignments of influential people ... Read More »

Gwadar Customs torches narcotics worth Rs700m in May: Collector Tahir Qureshi

ISLAMABAD: Collectorate of Customs Gwadar Collector Dr. Tahir Qureshi, has said that after a halt due to COVID19 Pandemic, the Iran border has now opened and clearance of essential food commodities is taking place with a special schedule and timing issued by Ministry of Interior (MOI), in coordination with Frontier Corpse (FC) Baluchistan, district administrations of the Panjgur, Gwadar and ... Read More »

Govt likely to raise electricity tariff by Rs2 per unit

ISLAMABAD: The price of electricity is likely to be increased from anywhere between Rs 1.5 to Rs 2 per unit, which will put an additional burden of more than Rupees 162 billion on the people. According to details, the federal government is mulling over increasing the price of electricity which will put extra burden on the public already trapped in ... Read More »

Pakistan resumes talks with IMF for loan acquisition

ISLAMABAD: Pakistan has resumed negotiations with the International Monetary Fund (IMF) for loan acquisition and IMF’s Director Communications, Jerry Rice, has expressed hope for a positive outcome. According to details, talks between Pakistan and the International Monetary Fund (IMF) on the second economic review have started again after negotiations over the third installment were suspended last month due to coronavirus. ... Read More »

Siraj Teli for winding up lockdown, deploying Army to ensure strict adherence to SOPs

KARACHI: Chairman Businessmen Group (BMG) and former president Karachi Chamber of Commerce & Industry Siraj Kassam Teli, while urging the government to completely wind-up the lockdown so that all types of businesses and industries could restart their operations with full swing, also advised the government to deploy troops from the army whose presence and patrolling at various commercial markets would ... Read More »

RCCI urges for effective awareness drive to tackle Corona

RAWALPINDI: The Rawalpindi Chamber of Commerce and Industry (RCCI) has urged for an effective awareness drive for the prevention of Corona. The number of cases can be reduced only by strictly implementation of standard operating procedures (SOPs). In a statement, RCCI president Saboor Malik said that due to ease in partial lockdown, the common man has ignored precautionary measures. The ... Read More »

New tariff policy to reduce customs & regulatory duties: Razak Dawood

ISLAMABAD: Ministry of Commerce has evolved a comprehensive tariff policy including reducing customs and regulatory duties on raw materials and semi-finished products. The plan is being developed for budget 2020-21 in a fashion to mitigate the impact of Covid-19 and encourage import substitution of major consumer items in the country, Commerce Adviser Abdul Razak Dawood told media. He said that ... Read More »

Punjab govt finalises market timings amid lockdown

LAHORE: The Punjab government has finalised the market timings amid COVID-19 lockdown which will be coming into effect from Wednesday. The Punjab Minister for Industries, Commerce and Investment Mian Aslam Iqbal announced that pharmacies and petrol pumps will remain open for 24 hours everyday from May 27. He said that markets and shops will be allowed to continue trade activities ... Read More »

Gwadar Customs to hold auction of vehicles on June 4 at Gaddani

GWADAR: Collectorate of Customs Gwadar announced public auction of confiscated vehicles to be held on June 4, 2020 at Custom House, Gaddani. Following vehicles will be presented for auction: BMW Car, Model 2002, Chassis No. WBAGL42020DD-78677 Toyota Land Cruiser, Model 1998, Chassis No. BJ-60-020679 Toyota Land Cruiser, Model 1991, Chassis No. HZJ-770002489 Toyota Land Cruiser, Model 1985, Chassis No. BJ-61-003506 ... Read More »