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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

QICT, Maersk case: Customs Dept. not able to implement law, NAB asked to intervene

KARACHI: Traders, Importers and Customs Agents said FBR and Customs Department miserably failed to implement the existing laws regarding demurrage and detention charges as companies like DP World / Qasim International Containers Terminal (QICT) and Maersk Pakistan (Pvt) Ltd have become a ‘shipping mafia’, only working to take benefit of these difficult times and looting the nation on Covid-19 disaster. ... Read More »

Customs Preventive impounds Brown heroin near Mochko  

KARACHI: Collectorate of Custom Preventive Anti Smuggling Organization (ASO) has busted huge quantity of smuggled narcotics worth in a successful raid. According to the detail, after directions of Collector Saqif Saeed, anti-smuggling squad beefed up the surveillance at the check point of Mochko to nab the smugglers. During the strict checking ASO intercepted a Suzuki Hi roof and directed its ... Read More »

SHC directs to release consignment of M/s Zong on bank guarantee

KARACHI: The Sindh High Court (SHC) directed customs officials to release the consignment comprising telecommunication goods on bank guarantee on a petition filed by CMPak Limited (Zong Telecommunication Company) against detention of its imported consignment due to enhancement of valuation. On 13 April 2020, order came, when a two-member bench, headed by Justice Aqeel Ahmed Abbasi was hearing the matter, ... Read More »

Owner of M/s Nagina Supari files petition to obtain pre-arrest bail

KARACHI: Abdul Ghani Ronja, owner of M/s Nagina Supari Factory has approached the customs court and filed petition for pre-arrest bail under section 498 of criminal procedure code, who was booked in a case of attempting to smuggle 38,400 kilograms crushed betel nuts and 750 kilograms sodium cyclamate CP grade (wweetener) made in Indonesia. On 11 April2020, counsel for the ... Read More »

FPCCI lambastes shipping lines on detention charges

KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has reacted to the claims of shipping lines that they would suffer loss if detention charges were waived, and dubbed their claims as untrue. FPCCI Vice President Khurran Aijaz said international trade had almost shut down and there were no export shipments from Pakistan. “There is no export to ... Read More »

Karachi 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 are facing difficulties to submit essential documents to get their consignments cleared because of transportation problems. An official at the Port Qasim said that the importers were not filing goods declarations – a document that initiates the assessment and clearance process – ... Read More »

SBP allows loan at 4 percent to active taxpayers for salaries payment

KARACHI: The State Bank of Pakistan (SBP) on Friday introduced a soft loan scheme at four percent for persons appeared on Active Taxpayers List (ATL) for payment of salaries and wages to their employees during financial challenges of lockdown to contain coronavirus spread. However, this loan scheme is available at 5 percent to persons not appeared on ATL. The ATL ... Read More »

Pakistan Int’l Pvt Ltd moves SHC challenging tax notice issued by FBR

KARACHI: Pakistan International Private Limited (PIPL) has approached the Sindh High Court (SHC) against issuing of show cause notice the Federal Board of Revenue to pay Rs778,906,242 for tax year 2014. On 10 April 2020, counsel for the petitioner stated in his constitutional petition that petitioner always fulfills all the legal formalities according with law and never has been nominated ... Read More »

National Refinery extends suspension of production activities

KARACHI: The National Refinery Limited on Friday announced that it had decided to continue with the temporary shutdown of production until the situation improves, informed the  company in a statement to the Pakistan Stock Exchange. The company further said it is doing so in pursuant to the extended lockdown situation and reduced demand for petroleum products. The National Refinery Limited ... Read More »

NAB Court grants Shahid Khaqan Abbasi exemption for appearance in PSO case

KARACHI: National Accountability Court approved exemption petition filed by former prime minister Shahid Khaqan Abbasi and former secretary petroleum, who were booked in NAB reference for misusing authority for making appointment of ex-MD Pakistan State Oil in violation of rules that caused a loss of Rs138.86 million to national kitty. On 10 April 2020, Khowaja Naveed Ahmed, senior counsel appeared ... Read More »

Chief Collector Wasif Memon reviews safety measures at Customs House

KARACHI: Collectorate of Customs Enforcement and Facilitation Chief Collector Wasif Memon presided over a meeting to review measures against coronavirus. The meeting was also attended by collectors and additional collectors and other relevant officials. During the meeting it was decided that the State Bank of Pakistan will be approached to facilitate e-payment of duty and taxes, while WeBOC module would ... Read More »

SHC directs to release consignment of galvanized steel coils on bank guarantee

KARACHI: The Sindh High Court (SHC) directed customs officials to release the consignment of galvanized steel coils of secondary quality on bank guarantee on a constitutional petition filed by importer Naveed Tahir against detention of his consignment due to disputed valuation. On 8 April 2020 a two-member bench, headed by Justice Aqeel Ahmed also issued notices to customs officials and ... Read More »

M/s Office World approaches SHC seeking release order of its consignment

KARACHI: M/s Office World approached the Sindh High Court (SHC) and filed a constitutional petition seeking release order of its imported consignment of knitted pile, woven furnishing fabrics and others goods which was seized by customs officials due to disputed valuation. On 8 April 2020, counsel for the petitioner stated in his constitutional petition that petitioner is engage and deals ... Read More »

Raids on textile units: Industrialists demand finalisation of SOPs on priority basis

KARACHI: Industrialists have slammed the Sindh authorities a day after two textile units in Karachi were sealed and owners arrested on violation of lockdown orders. On Tuesday, police raided two facilities owned by M/s Yunus Textile Mills Limited and M/s Alkaram Textile Mills Pvt. Ltd in the metropolis and arrested, the owners, as well as top administrative officers for defying ... Read More »

SBP injects Rs347b into market

KARACHI: State Bank of Pakistan (SBP) on Thursday injected Rs347 billion into money market for eight days as reverse repo purchase through its open market operation. Eight bids of Rs355 billion were received, of which 7 of Rs 347 billion were accepted. The rate of return accepted is 11.01 percent per annum, said SBP press release. Read More »

Zong moves SHC against detention of its imported consignment

KARACHI: CMPak Limited (Zong) has approached the Sindh High Court (SHC) and filed a petition against detention of its imported consignment of telecommunication goods due to enhancement of valuation. On 7 April 2020, counsel for the petitioner stated that petitioner is a public limited company which is a licensed telecommunication operator headquartered in Islamabad offering various telecommunication services nationwide including ... Read More »

Customs House closed after employee diagnosed with COVID-19

KARACHI: Sindh health department decided to close Customs House after an employee at PRAL Data Center is diagnosed with COVID-19. According to sources, the employee Imran Khan is the first person at Customs House who tested positive with the virus. Health department after closing entire Customs House immediately started fumigation. Sources told that all officials were ordered to work online ... Read More »

SHC directs to release consignment imported by M/s S.U. Enterprises

KARACHI: The Sindh High Court (SHC) directed customs officials to release the consignment of imported chlorinated paraffin plastoil on bank guarantee on petition challenging valuation ruling no 1352/2019 for enhancement of valuation. On 7 April 2020, a two-member bench, headed by Justice Aqeel Ahmed Abbasi also directed them to file their respective para wise comments on next date of hearing. ... Read More »

SBP generates Rs458.8b from T-bill auction

KARACHI: The State Bank of Pakistan (SBP) has reported that the government raised Rs458.8 billion through T-bills, against the auction target of Rs500 billion. The SBP conducted the auction for the sale of 3-month, 6-month and 12-month Government of Pakistan Market Treasury Bills (MTBs) and received bids amounting to over Rs1,914 billion. Bids worth Rs466.9 billion were received for 3-month ... Read More »

Remittances inflow to suffer slowdown due to COVIC-19 pandemic

KARACHI: The remittance outflows too will bear the brunt especially for countries dependent on them including Pakistan. As per Bloomberg, millions of job losses and border closures since the outbreak of the COVID-19 pandemic have led the annual flow of global remittances to contract by $690 billion, which comes at a time when many economies need hard currency more than ... Read More »