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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

Customs I&I foils bid to smuggle betel nuts worth Rs9.3m

KARACHI: Directorate General of Customs Intelligence and Investigation (I&I) foiled an attempt to smuggle huge quantity of betel nuts worth Rs9.3 million. Sources told that information was received at the Directorate General of Intelligence & Investigation regarding movement of huge quantity of smuggled betel nuts for its illegal sale and disposal in the open market at Karachi. In pursuance of ... Read More »

SBP issues instructions for promotion of Islamic Banking

KARACHI: Keeping in view the significant potential of Islamic Banking Windows (IBWs) in enhancing the share and outreach of Shariah compliant financial services and increase in financial inclusion, SBP has issued today revised instructions for banks to expand the scope of operations of IBWs. IBWs can now offer all types of financing products to their customers including Corporates, SMEs, agriculture, ... Read More »

SHC directs customs officials to consider request of M/s Jyoti Corporation

KARAHI: The Sindh High Court (SHC) directed collectors of customs Appraisement East/West/PMBQ to consider request of the petitioner for provisional release of its consignment strictly accordance with the law on a constitutional petition filed by M/s Jyoti Corporation seeking release order of its imported consignment of spices and nutmeg, black pepper. On 28 July 2020, a two-member bench also directed ... Read More »

Customs court approves remand of suspects in electronics goods smuggling case

KARACHI: The Customs Court approves physical remand of suspects namely Muhammad Atiq son of Muhammad Shafiq, Muhammad Arif son of Riaz Ahmed who were nominated in a case of attempting to smuggle non-duty paid contraband goods Valuing of Rs8,886,070. On 28 July 2020, investigation officer of Customs Preventive Jinnah International Airport (JIAP) produced the above mentioned suspects before the court ... Read More »

Bank holidays announced for Eid-ul-Adha

KARACHI: State Bank of Pakistan (SBP) on Monday said that the central bank will remain closed from July 31, 2020 to August 02, 2020 (Friday to Sunday) on occasion of Eid-ul-Adha. The commercial banks shall also observe the same holidays announced by the SBP on the occasion of Eid-ul-Adha. Read More »

SHC directs to release consignment imported by M/s Aamir Int’l on bank guarantee

KARACHI: A division bench of the Sindh High Court (SHC) directed collector of Customs Appraisement East/West/PMBQ to consider request of the petitioner for provisional release of its consignment strictly in accordance with the law and such progress report be furnished to this court on next date of hearing on a constitutional petition filed by M/s Aamir International seeking release order ... Read More »

M/s Saqib Leather Store moves SHC seeking release of consignment detained by customs officials

KARACHI: M/s Saqib Leather Store has approached the Sindh High Court (SHC) and filed a petition seeking release of its consignment comprising PU artificial leather/woven/non-woven detained by customs officials due to disputed valuation ruling. On 25 July 2020, counsel for the petitioner submitted in his constitutional petition that petitioner’s company is engaged in the import of the PU artificial leather/woven/non-woven ... Read More »

Customs Court directs to arrest culprits involved in contraband goods smuggling case

KARACHI: The Customs Court directed investigation officer to arrest culprits, financiers, abettors and owner, who were nominated in a case of attempting to smuggle huge quantity of contraband foreign origin goods into Pakistan. On 24 July 2020, investigation officer of Anti-Smuggling Organization submitted that on credible information, customs officials raided at cigarette market, Chati Lane, Boltan Market, Karachi. He further ... Read More »

SHC directs to consider request of M/s Vohra Chemical for provisional release of consignment

KARACHI: The Sindh High Court (SHC) directed customs officials to consider request of the M/s. Vohra Chemical for provisional release of its consignment strictly in accordance with law and such progress report be furnished to this court on next date of hearing. M/s Vohra Chemical challenged enhancement in valuation. On 23 July 2020, a two-member bench heard the matter, during ... Read More »

SBP facilitates businesses to disburse salaries before Eid-ul-Azha

KARACHI: State Bank of Pakistan (SBP) has allowed the disbursement of salaries for the month of July to be made before Eid-ul-Azha under its Rozgar Scheme. Earlier the banks were required to disburse salaries according to the cycle of salaries used by businesses, which is typically after the completion of the month. However, with Eid-ul-Azha to be observed on August ... Read More »

Customs Court approves remand of accused in contraband goods smuggling case

KARACHI: The Customs Court sent suspects namely Ch Ahmed Saqib Cheema son of Chaudhry Akber Ali and Muhammad Ramzan son of Muhammad Aslam to Central Jail Karachi on judicial remand, who were booked in a case of attempting to smuggle contraband goods. On 23 July 2020, investigation officer of customs Jinnah International Airport Karachi produced them before the court and ... Read More »

SHC seeks reply on petition seeking amendment in Import General Manifest

KARACHI: A division bench of Sindh High Court (SHC) directed deputy attorney general to submit para wise comments of behalf of chairman FBR on a petition filed by importer seeking an order for amending the Import General Manifest (IGM) in terms of section 45(2) of the customs act, 1969 read with public notice no 10/2015 east dated May 06, 2015. ... Read More »

LTU to hold e-Katcheri tomorrow

KARACHI: Large Taxpayers Unit (LTU) Karachi will hold e-Katcheri on July 24, 2020 for efficient service delivery and ensure public trust. The program has been launched in compliance with the directive of the prime minister to conduct e-Khuli Katcheri to stay in contact with the public by all available means and provide them accessible platform to raise their issues for ... Read More »

SBP conducts review of complaints from 2016 to 2019

KARACHI: The State Bank of Pakistan (SBP) is conducting a review of complaints against Banks/DFIs/MFBs from 2016 to 2019 whose objective is to gain insights on effectiveness of complaint management at banks. The review indicates that complaints against banks during past four years have increased from 774,656 in 2016 to 1,549,837 in 2019. Number and value of banking transactions have ... Read More »

Mis-declaration: Customs Court seeks progress report against M/s Habibah & M. Yousuf Enterprises

KARACHI: The Customs Court directed investigation officer of Collectorate of Customs Exports to submit progress report against Khoshi Muhammad, exporter of M/s Habibah and M. Yousuf Enterprise, booked in mega tax evasion case. On 22 July 2020, investigation officer submitted that the above mentioned exporter filed goods declaration description used garment jeans pants second hand grade quantity 24000 kg of ... Read More »

Owner moves SHC seeking release of vehicle involved in smuggling

KARACHI: Real owner of Nissan truck trailer namely Tariq Mahmood son of Muhammad Hayyat has filed a writ petition before the Sindh High Court (SHC) seeking its vehicle which was allegedly involved in smuggling of foreign origin betel nuts. On 22 July 2020, counsel for the petitioner stated that Pakistan Coast Guards raided and said vehicle was found without any ... Read More »

SBP enhances scope of renewable energy refinance scheme

KARACHI: The State Bank of Pakistan (SBP) has enhanced the scope of its Refinance Scheme for Renewable Energy by allowing financing under category III of the scheme to solar and wind based energy sale companies. In light of the feedback received from stakeholders, the size of the project established by vendor/ supplier/ energy sale company has been enhanced from 1 ... Read More »

Customs values of polyester filament yarn revised vide VR No 1457/2020

KARACHI: Directorate-General of Customs Valuation Director Shafiq Ahmad Latki has issued customs values of polyester filament yarn vide Valuation Ruling No. 1457/2020. The customs values of the polyester filament yarn were earlier determined vide Valuation Ruling No. 1438/2020 dated 7.2.2020. Representations were filed by various importers, trade association i.e. M/s Pakistan Yarn Merchants Association & Filament Yarn Merchants Association.   ... Read More »

Customs Port Qasim re-distributes work among principal appraisers, AOs

KARACHI: Collectorate of Customs Port Mohammad Bin Qasim (PMBQ) Assistant Collector Headquarters M. Wardan Ali has issued office order regarding re-distribution of work amongst the principal appraisers and appraising officers with immediate effect and until further orders:- Principal Appraiser Abdur Rashid Khan from bulk, bond, One Customs, auction, pre-refund, audit, PRV, bank guarantee and law to Group-IV, audit (Ext. & ... Read More »

Indus Motors moves SHC seeking release of consignment

KARACHI: Indus Motors Company Limited has approached the Sindh High Court (SHC) seeking declaration of entitlement of exemption certificate from payment of advance tax under section 148 of the of the income tax ordinance 2001 for the period ending on June 30, 2020 and also seeking release of its imported consignment on bank guarantee. On 21 July 2020, counsel for ... Read More »