Saturday , February 27 2021
Breaking News
Home / Karachi

Karachi

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

Aruna Hussain, Soren Skou, Maersk mega scandal case: Importers demand special body to save them from blackmail

KARACHI: Importers have called for setting up a special committee to ensure the implementation of laws to save them from the extortion, blackmail and exploitation of Aruna Hussain, Soren Skou and other officials of Maersk in a mega scandal of illegal collection of demurrage and detention charges. Office-bearers of top chambers of commerce and industry have expressed their grave concern ... Read More »

Mis-declaration: Customs Court approves charge sheet against M/s Amir & Co and others

KARACHI: The Customs Court submitted charge sheet against owner/ partners of M/s Amir & Co and others, who were nominated in a case for mis-declaration and concealment of actual description, specifications and constituent material to deceive application of correct assessable value. On 26 February 2021, during the hearing, investigation officer of Customs Appraisement & Facilitation Port Muhammad Bin Qasim Karachi ... Read More »

SHC dismisses SCRAs filed by Collector of Customs against M/s Dream Garments & others

KARACHI: A division bench of the Sindh High Court (SHC) dismissed special customs reference applications as being time barred filed the Collector of Customs against M/s Dream Garments and others challenging impugned order dated Dec 17, 2013 passed by the Customs Appellate Tribunal at Karachi. On 24 February 2021 court released detailed order, according to which, court observes in its ... Read More »

DG Valuations revises customs values on import of iron & steel scrap

KARACHI: The Directorate General of Customs Valuation, Karachi, has upward revised customs values on the import of iron and steel scrap. In this connection, the directorate has issued a valuation ruling. According to the ruling, in exercise of the powers conferred under Section 2S-A of the Customs Act, 1969, the Customs values of Iron and Steel Scrap (remeltable/HMS scrap/shredded scrap/re-rollable ... Read More »

Customs Court grants bail to owners of more than 70 outlets/ petrol pumps in selling smuggled Iranian HSD

KARACHI: The Customs Court granted bail to owners of different outlets/ petrol pumps all over the Province of Sindh in more than 70 cases, who were nominated in the first information report (FIR) for purchase and sale of smuggled Iranian Petroleum products. On 23 February 2021, during the hearing, all accused persons appeared before the court along with their counsels ... Read More »

SHC rejects plaint filed by Pakistan Petroleum against SCN

KARACHI: A single bench of the Sindh High Court (SHC) rejected plaints filed by Pakistan Petroleum Limited against issuing of show cause notice under section 172(5) of the Income Tax Ordinance, 2001, requiring the Plaintiff to show cause why it should not be declared a representative of a non-resident company under section 172(3) of the Ordinance for tax year 2103 ... Read More »

SBP foreign reserves surge $19m to $12.9b

KARACHI: The foreign exchange reserves in the country have witnessed an increase of US$19 million in the week ending on February 19. According to the data released by the central bank, net reserves held by the SBP stood at $12,908 million. Overall liquid foreign reserves held by the country stood at US$ 20.041 billion as of February 19, 2021. Net ... Read More »

M/s Digicom Trading & others found entitled to avail benefit of amnesty scheme. SHC

KARACHI: A two-member bench of the Sindh High Court (SHC) comprising Justice Junaid Ghaffar and Justice Agha Faisal released detailed judgment and declared that M/s Digicom Trading Private Limited and others are found entitled to avail benefit of amnesty scheme as per order dated 3.6.2019 which has attained finality; but is only confined to the imposition of the fine which ... Read More »

Customs court approves charge sheet in contraband goods smuggling case

KARACHI: The Customs Court approved interim charge sheet against suspects namely Asghar Khan son of Abdul Ghaffar and Shah Jahan son of Rahmat Shah, who were arrested in the first information report (FIR) for smuggling of contraband goods into Pakistan. On 23 February 2021, investigation officer submitted interim charge sheet against the above mentioned suspects and informed the court that ... Read More »

SBP allows five days forward sale, purchase of foreign exchange against export proceeds

KARACHI: The State Bank of Pakistan (SBP) on Wednesday allowed five days forward sales and purchase of foreign exchange against export proceeds in order to facilitate managing exchange rate risks associated with realization of export proceeds. The SBP issued following two circulars in this regard. Five Days Forward Sale Facility against Export of Permissible Foreign Currency Notes The SBP invited ... Read More »

M/s Continental Tea challenges STGO 103/2019 & STGO 104/2019 in SHC

KARACHI: A division bench of the Sindh High Court (SHC) directed customs officials to make sure filing their para wise comments on next date of hearing on a constitutional petition filed by Zahid Fida Paracha sole proprietor of M/s Continental Tea challenging STGO 103/2019 and STGO 104/2019, enhancement of duty and taxes on import of raw/ unblended tea. On 19 ... Read More »

Legal departments of FBR, IR major cause for delay despite stay orders: SHC

KARACHI: A two-member bench, headed by Justice Junaid Ghaffar and Justice Agha Faisal issues notices the Chairman FBR, as well as Member IR (Operations) and Member Legal FBR and informed them that no comments have been filed in most of the petitions by their concerned departments which is causing delay and is impediment in early disposal of such cases. On ... Read More »

Aruna Hussain, Soren Skou, Maersk Rs610 billion scam case: NAB to probe ‘robbing’ of importers

KARACHI: The National Accountability Bureau (NAB) has decided to investigate extortion of huge amounts from importers in the name of demurrage and detention charges. According to a newspaper report, importers are being forced to pay huge amounts on each consignment on one pretext or the other and the NAB has decided to probe it. The latest development has come after ... Read More »

FBR chairman Javed Ghani directs to depute additional staff for smooth clearance of consignment

KARACHI: Federal Board of Revenue (FBR) Chairman Mohammad Javed Ghani has assured the customs clearing agents of expeditious consignment clearance by deputing additional staff at the customs station. In a statement, Karachi Customs Agents Association (KCAA) said that in order to resolve certain issues relating to exports and imports the delegation of the association led by its President Wasiq Hussain ... Read More »

M/s Bed & Blanket challenges VR 1436/2020 in SHC

KARACHI: A two-member of The Sindh High Court (SHC) directed customs officials to make sure filing their respective para wise comments for next date of hearing on a constitutional petition filed by Bed & Blanket Private Limited against out final assessment of the consignments of finished blankets being imported by the petitioner on the basis of the valuation ruling no ... Read More »

Current account deficit reduced to US$229m in January, announces SBP

KARACHI: The State Bank of Pakistan (SBP)  announced that the current account deficit has reduced to US$229 million in January 2021 from US$652 million last month. Taking to Twitter, the SBP said that for the first seven months of the fiscal year 2020-21, the current account surplus is $912 million, a significant turnaround from the deficit of $2,544million during the ... Read More »

Customs Court grants bail to suspects in contraband goods smuggling case

KARACHI: The Customs Court granted bail to suspects namely Abdul Wahab son of Abdul Rehman Soomro and Ali Akbar son of Muhammad Usman against the surety of Rs200,000 each and directed them to appear before the court on next date of hearing, who were nominated in first information report (FIR) including owner/ partner of M/s Sas Pvt Ltd, owner/ partner ... Read More »

Customs Preventive submits FIR against M/s Shaheen Oil Mills for smuggling of contraband goods

KARACHI: The Customs Court directed the investigation officer to complete investigation and submit a progress report against the owner of M/s Shaheen Oil Mills, who was nominated in the first information report (FIR) for smuggling of huge quantities of contraband goods. On February 20 2021, during the hearing, investigation officer submitted that on a secret information, officials of the Anti-Smuggling ... Read More »

SHC dismisses petitions filed by M/s Ashfaq Brothers & others against SCNs for recovery of duty & taxes

KARACHI: A two-member bench of the Sindh High Court (SHC) comprising Justice Muhammad Junaid Ghaffar & Justice Agha Faisal dismissed constitutional petition filed by M/s Ashfaq Brothers and others against issuing of show cause notices for recovery of duty and taxes in terms of Section 32(3) of the Customs Act, 1969, details judgment has been released on Feb 20, 2021. ... Read More »

German envoy advises exporters to make good use of human capital, develop industries, produce high-value products

KARACHI: Consul General of Germany Holger Ziegeler has said that although Pakistani exporters have been sending mostly textile, leather and some other products to Germany but they must make good use of human capital, develop industries and produce high-value products for more exports to Germany and other countries. Exchanging views at a meeting during his visit to the Karachi Chamber ... Read More »