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Pakistan’s first in-depth newspaper that presents balanced news reports, analysis and reviews regarding Customs, Federal Board of Revenue (FBR) and Sales/Income Tax Departments beside covering import and export sectors comprehensively. Up-to-the-minute news bulletins regarding Customs and FBR departments are also displayed regularly on both website and face book for the interest of common people

Habibullah, Junaid, Aruna CEOs of QICT, Maersk, shipping a ‘mafia’ in COVID disaster?

KARACHI: Traders Associations, Importers and Customs Agents are demanding waiver of demurrages, detention and port charges to avoid the economic system from further collapse as ‘shipping mafia’ and private terminals are said to be looting the nation due to non-implementation of existing laws. Importers are demanding 100% waiver of demurrage and detention charges and extension in free time till the ... Read More »

SHC directs to release consignment of monohydrate on bank guarantee

KARACHI: The Sindh High Court (SHC) directed customs officials to release the consignment comprising monohydrate on bank guarantee on a petition filed by M/s Alamgir and M/s Hamza Enterprises against detention of their consignment by customs officials On 4 April 2020, a two-member bench, headed by Justice Aqeel Ahmed Abbasi also issued notices and directed them to file their respective ... Read More »

SHC approves after arrest bail of suspects in HSD oil smuggling case

KARACHI: The Sindh High Court (SHC) granted after arrest bail of 7 suspects namely Muhammad Ishaq, Muhammad Yousuf, Imran-ur-Rahman, Shahbaz Khan, Maaz Bin Jawad, Muhammad Junaid and Syed Tariq Ali Shah who are booked in a case of attempting to smuggle non-duty paid HSD oil other contraband goods. On April 4, 2020, a single bench granted them after arrest bail ... Read More »

Coronavirus: SBP helpline available to facilitate banking customers

KARACHI: State Bank of Pakistan (SBP) has taken additional measures to facilitate bank customers that are faced with extraordinary challenges arising out of COVID-19 situation in the country. They can now approach SBP through its helpline service in case their queries or complaints are not being responded by banks. SBP has taken notice of phone calls to banks’ customers by ... Read More »

Pakistan’s forex reserves slump 12pc in just weeks amid coronavirus outbreak

ISLAMABAD: Pakistan’s foreign exchanges reserves plunged more than 12 percent or $1.6 billion over just three weeks in March as the coronavirus outbreak roiled global financial markets, the latest data from the central bank showed. As on March 27, forex reserves totalled $11.2 billion, down from $12.8 billion as on March 6. Pakistan last year had entered into a programme ... Read More »

Customs Enforcement directs shipping lines to extend waiver of delay, detention charges

KARACHI: Collectorate of Customs Enforcement and Compliance directed shipping companies and shipping agents to extend waiver of delay and detention charges during lockdown to contain coronavirus. According to sources Collectorate of Customs Enforcement & Compliance issued instructions to chairman All Pakistan Shipping Association and chairman Pakistan Ship Agents Association to allow free time to importers. The customs authorities said that ... Read More »

SHC restrains FBR from any adverse action against Engro Vopak Terminal Limited

KARACHI: The Sindh High Court (SHC) restrained high officials of Federal Board of Revenue from taking any coercive action against the petitioner on a petition filed by Engro Vopak Terminal Limited against issuing show cause notice for imposing super tax. On 3 April2020, during the hearing of petition, a two-member bench, headed by Justice Aqeel Ahmed Abbasi issued notices to ... Read More »

Importer moves SHC seeking order for set aside FIR

KARACHI: An importer has approached the Sindh High Court (SHC) against lodging first information report (FIR) for allegedly smuggling of mobile phones and electronics goods challenging filing of first information report (FIR). On 3 April 2020, counsel for the accused namely Muhammad Naveed moved a petition and argued that his client came from abroad and imported different types of mobile ... Read More »

KCCI asks Sindh govt to discontinue SRB’s tax collection for next four to six months

KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Agha Shahab Ahmed Khan has requested Chief Minister Sindh to devise some kind of an effective mechanism for providing immediate relief to the perturbed businessmen and industrialists by directing Sindh Revenue Board (SRB) to discontinue collection of all types of taxes including Services Tax and other levies. The same has been ... Read More »

SHC bars customs officials from action against M/s Volory Impex

KARACHI: The Sindh High Court (SHC) directed customs officials to strictly act as per law on a petition filed by customs agents, who have been booked in two separates first information reports (FIRs) for submitting fake, forged two pay orders. On 31 March 2020, during the hearing of petition, a two-member bench also directed customs officials to submit their comments ... Read More »

Director I&I Irfan Javed seizes crystal meth worth Rs1.6b with Naval Intelligence’s help

KARACHI: On the directions of Director Irfan Javed, Customs Intelligence and Investigation in coordination of Naval Intelligence Pakistan Navy seized 100 kilograms of crystal meth (ice) worth Rs1.6 billion in international market. According to the details, Director Irfan Javed received credible information that ice was being smuggled from coast of Karachi, joint surveillance was mounted by Customs Intelligence & Investigation ... Read More »

Govt to float tender for Karachi Green Line buses purchase next month

KARACHI: In the latest developments, the federal government has decided to issue tender next month for the purchase of Karachi Green Line project buses. As per details, the Sindh Infrastructure Development Company Limited (SIDCL), a federally-run entity has summoned a meeting on April 9 to discuss matters pertaining to the Karachi Green Line BRT project. Sources said around 80 buses ... Read More »

Import bill falls by 21pc during March

KARACHI: The import bill of the country has declined by 21 percent in March 2020 over the previous month owing to lockdown to contain coronavirus pandemic. The import bill was at $3.3 billion in March 2020 as compared with $4.185 billion in February 2020, according to data released by Pakistan Bureau of Statistics (PBS) on Friday. Similarly, the pandemic also ... Read More »

Coronavirus to reduce Pakistan’s GDP for FY 2020: Moody’s

KARACHI: State Bank of Pakistan (SBP) cut its policy rate 150 basis points to 11%, reduced banks’ capital conservation buffers (CCB) 100 basis points to 1.5%, relaxed terms for new and existing loans and announced other forbearance measures to increase banks’ cushion against the economic effects of coronavirus, stated the Moody’s report. “We expect the measures to mitigate banks’ asset-quality ... Read More »

Consumption of domestic cement declined by 16.70pc in March

KARACHI: As expected Coronavirus had its impact on domestic consumption that declined by 16.70 percent in March while the exports grew at lowest pace of 5.27 percent as the global markets are equally under pressure due to the same reason. According to the data of APCMA in March, the industry despatched 3.721 million tons of cement that was 14.26 percent ... Read More »

Habibullah, Junaid, Aruna CEOs of QICT, Maersk looting nation on coronavirus tragedy?

KARACHI: CEOs and high-ups of Qasim International Containers Terminal (QICT) and Maersk Pakistan (Pvt) Ltd including Habibullah Khan, Junaid Zamir and Aruna Hussain are allegedly looting the nation on coronavirus tragedy. In line with section 14 A of the Customs Act 1969, the Ministry of Maritime Affairs has reportedly decided to waive port demurrages and extend free time at ports ... Read More »

SBP allows deferred payments on consumer loans for one year

KARACHI: State Bank of Pakistan (SBP) has allowed deferred payments on consumer loans for one year. Borrowers availing consumer finance (auto, housing, personal loans, credit card) and who were regular on their payments up till 31 Dec 19 can request banks to defer principal amount for 1 year without any fee or increase in markup. They will continue to service ... Read More »

SHC approves pre-arrest bail of M/s Mashallah Steel owner in tax evasion case

KARACHI: Aurangzeb Hashmi, owner of M/s Mashallah Steel approached the Sindh High Court (SHC) seeking pre-arrest bail in a case registered by commissioner Inland Revenue, Zone-I Corporate being owner of unregistered steel re-rolling mill and supplying of finished taxable goods without payment of sales tax and income tax. On 1 April 2020, a single bench heard the matter and granted ... Read More »

Lockdown: Ports getting clogged due to piling up of containers

KARACHI: The coronavirus-led lockdown has led to a piling up of import containers at the ports as importers have been unable to furnish essential documents to get their consignments cleared because of transportation difficulties. An official at the Port Qasim told media that the importers were not filing goods declarations (GDs) because they did not have the transport available take ... Read More »

Shipping activity at Port Qasim on March 31

KARACHI: Shipping activity remained active at the Port where six ships, Aga Memnon, Kota Naked, MSC Noa, Pacific Honor, Tiger Winter and Gas log Chelsea carrying Containers, Coal, Chemicals and LNG were allotted berths at Qasim International Container Terminal, Pakistan International Bulk Terminal, Multi-Purpose Terminal and Engro Elengy Terminal respectively on Monday. A total of ten ships were eoccupied at ... Read More »