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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

Pakistan extends closure of airspace till July 12

KARACHI: Pakistan’s airspace will remain closed for all transit flights till July 12, the Civil Aviation Authority (CAA) said on Friday. Pakistan had closed its airspace following escalating tensions with India till June 28. However, the airspace closure for over-flight and transit flights has now been extended for another 15 days. Indian planes will not be allowed to use Pakistani ... Read More »

SBP, NBP & NIFT branches to remain functional on Saturday & Sunday

KARACHI: Chief Collector of Customs Appraisement South Additional Collector Naveed Abbas Memon issued notification stating that all Customs Collectorate falling Appraisement South will remain open till 10 pm. on Saturday June 29th and Sunday June 30th till 12 pm for collection of duty and taxes. The notification further stated that collector Appraisement East shall coordinate with management of the State ... Read More »

‘Govt must take action against PQA’s Asad Chandna & QICT’s Junaid Zamir for collecting exorbitant charges’

MULTAN: Illegal Clearance of contraband items and collection of exorbitant demurrage and detention charges from importers with the active connivance of corrupt officials like Port Qasim Authority’s chairman Asad Rafi Chandna and QICT CEO Junaid Zamir is a big question mark on the integrity of maritime affairs ministry. Federal Government must take stern action against these officials to protect the ... Read More »

Foreign exchange reserves stand $14.351b

KARACHI: The total liquid foreign reserves of the country stand at dollars 14.351 billion, said the State Bank of Pakistan (SBP). SBP’s weekly statement issued here on Thursday said that on June 2, the foreign reserves held by the State Bank amounted to $7,282.1 million and the net foreign reserves with the Commercial Banks were $ 7,069.2 million. During the ... Read More »

Customs values of three wheelers cargo loaders in CKD/SKD condition & parts revised

KARACHI: Directorate-General Customs Valuation Director Shafique Ahmad Latki revised customs values of “three wheelers cargo loaders” in CDK/SKD conditions and parts/components through Valuation Ruling No 1378/2019. According to the details, representations were received from M/s Ohad Motors (Private) Limited, Lahore and M/s. Pak Star Automobile (Private) Limited, Lahore regarding the determination of customs values of three wheelers cargo loaders in ... Read More »

M/s Hansika Enterprises approaches SHC seeking release order of imported toilet soap consignments

KARACHI: Ajit Kumar, proprietor of M/s Hansika Enterprises approached the Sindh High Court (SHC) seeking restraining order from carrying out final assessment of the consignments of toilet soap imported by the petitioner on the basis of the Valuation Ruling No 1360 of 2019 dated 04/04/2019. On June 26, 2019, counsel for the petitioner stated that petitioner is engaged in the ... Read More »

Customs Court admits challan of betel nuts smuggling case

KARACHI: The Customs Court approved interim charge sheet against suspects namely Ali Baksh son of Paendy Khan Baloch and Muhammad Hamid son of Haji Jumma Khan, who were involved in a case of attempting to smuggle non-duty paid 8410 kilograms betel nuts. On June 26, 2019, investigation officer of customs preventive submitted interim charge sheet and informed the court that ... Read More »

M/s Modern Terminal Operator moves SHC against lodging of FIR

KARACHI: M/s Modern Terminal Operator approached the Sindh High Court (SHC) for quashment of first information report (FIR) registered by collector of customs Port Muhammad Bin Qasim for illegal clearance of PVC scrap. On June 25, 2019, counsel for the petitioner stated in his constitutional petition that collector of customs PMBQ registered a first information report against M/s Elysium Corporation ... Read More »

Customs Court approves bail of suspects in betel nuts smuggling case

KARACHI: The Customs Court granted after arrest bail to suspects namely Amanullah son of Faiz Ullah and Saifullah son of Faizal Kareem, who were booked in a case of attempting to smuggle non-duty paid 6360 kgs betel nuts. On June 25, 2019, court granted their bail directing them to appear before the court on next date of hearing without fail ... Read More »

Food exports decline 4pc to $4272m during 11 months

KARACHI: The food exports from the country witnessed decreased of 4.61 percent by going down to $4272.750 million during the first 11 months of the ongoing fiscal year compared to the exports of $4479.357 million during the corresponding period of fiscal year 2017-18, Pakistan Bureau of Statistics (PBS) reported. The food commodities that contributed in negative growth of food group ... Read More »

SBP issues directives to banks for Assets Declaration Ordinance 2019

KARACHI: The State Bank of Pakistan (SBP) on Wednesday issued directives to all banks to incline their operations to newly issued Assets Declaration Ordinance-2019. In a notification to the president and CEOs of all banks, the State Bank said that the ordinance has been promulgated with a view to provide for voluntary declaration of undisclosed assets, sales and expenditures, for ... Read More »

Customs JIAP busts narcotics worth 10.77m

KARACHI: The staff of the Drug Enforcement Cell (DEC) deputed at Customs Collectorate Jinnah International Airport (JIAP) has thwarted another smuggling attempt of narcotics worth Rs10.77 million to a foreign country. According to the details, on a tip-off by higher authorities, the staff of the Drug Enforcement Cell (DEC) posted at Customs Collectorate Jinnah International Airport (JIAP) beefed up the ... Read More »

PQA, SECP keep mum over dangerous developments at QICT

KARACHI: The Qasim International Containers Terminal (QICT) has violated the agreement with Port Qasim Authority (PQA) by appointing Indian officials at key posts through a foreign holding company without the approval of the Ministry of Interior (MoI). Securities and Exchange Commission of Pakistan (SECP) and PQA chairman Asad Rafi Chandna also failed to take any action against QICT senior officials ... Read More »

State Bank of Pakistan bans sale of Rs40,000 prize bond

KARACHI: The State Bank of Pakistan has banned the sale of old Rs40,000 prize bonds from today (Tuesday). The expiry date for enchantments of these bonds is March 31, 2020 after that the bonds will become useless since they would no longer be included in draws. The SBP has also directed banks to stop selling old and unregistered Rs40,000 prize ... Read More »

SHC approves bail of Sharjeel Memon in corruption case

KARACHI: The Sindh High Court (SHC) on Tuesday granted former Sindh information minister Sharjeel Memon bail in Rs5.76 billion corruption case and ordered his name be placed on the Exit Control List (ECL). The court had reserved its verdict in the previous hearing in a bail plea filed by Memon. During today’s hearing, the court ordered Memon to submit Rs5 ... Read More »

SHC directs to release consignment imported by M/s Torghar Enterprises

KARACHI: The Sindh High Court (SHC) directed customs officials that request of the petitioner for provisional release of the consignment subject to securing the disputed amount of duty and taxes before the concerned collectorate in the shape of pay order/ bank guarantee shall be considered in accordance with law and compliance report be furnished before this court on next date ... Read More »

Customs Court approves challan of betel nuts & mobile phones smuggling case

KARACHI: The Customs Court issued non-bail able warrants against absconding suspect namely Muhammad Siddiq son of Sultan Muhammad, who was booked in a case of attempting to smuggle non-duty paid betel nuts, foreign origin mobile phones. On June 24, 2019, investigation officer submitted interim charge sheet against the above mentioned suspect and informed the court that an information was received ... Read More »

Uploading of bank registered contract & LC declared mandatory while filing GDs

KARACHI: Collectorate of Customs Exports  Port Mohammad Bin Qasim Deputy Collector Shaoukat Hayat issued office order no: 21 dated 2019. The letter further stated that in terms of paragraph 3 of the Export Policy Order 2016 dated 18.4.2016 read with section 155 M of the Customs Act, 1969 and Foreign Exchange Rules and Regulations notified by the State Bank of ... Read More »

SHC declares SCN mandatory before taking any adverse action

KARACHI: The Sindh High Court (SHC) directed petitioner to submit goods declaration before the concerned collector of customs who shall process the same strictly in accordance with law, whereas, in case of any mis-declaration, respondents shall issue proper show cause notice to the petitioner before taking any adverse action, including registration of FIR on petition filed by M/s Sawhney Associates. ... Read More »

Customs Court awards jail term to suspects in injections, mobile phones smuggling case

KARACHI: The Customs Court convicted suspects namely Zeeshan Ali Awan son of Sikandar Ali and Muhammad Aamir son of Sain Muhammad Sohail for six months and Rs500,000 fine, who were booked in a case of attempting to smuggle 10,000 Boostin/somatotropin injections and mobile phones. On June 22, 2019, above mentioned suspects appeared before the court along with their counsel and ... Read More »