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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 Court returns charge sheet & releases suspect in betel nuts smuggling case

KARACHI: The Customs Court directed jail authority to release suspect namely Nadeem Ahmed son of Noor Bux, who was imprisoned for allegedly smuggling 16,000 kilograms crushed betel nuts valuing of Rs8,000,000. On August 17, 2019, a big development came when Aqil Ahmed, senior lawyer appeared before the court on behalf of said arrested suspect and argued that betel nuts items ... Read More »

Appraisement West distributes work among deputy, assistant collectors

KARACHI: Collectorate of Customs Appraisement West Additional Collector Muhammad Saeed Wattoo issued office order for distribution of work amongst eight deputy and assistant collectors with immediate effect : Read More »

Banking system witnesses withdrawal of Rs711b during July

KARACHI: The banking system has witnessed massive withdrawal of an amount around Rs711 billion during July 2019 after reaching record high deposits by end of June 2019. According to State Bank of Pakistan (SBP) the total deposits of banking system declined to Rs13,747 billion by end of July 2019 as compared with record level of Rs14,458 billion by end of ... Read More »

Govt to introduce new shipping policy next week: Ali Zaidi

KARACHI: Federal Minister for Maritime Affairs Syed Ali Haider Zaidi has said that the Economic Coordination Committee (ECC) has approved the new shipping policy, which would strengthen the shipping sector and benefit exporters, Federal Minister for Maritime Affairs Ali Zaidi said. “I will hold a press conference next week to share the details of the new policy,” the minister said ... Read More »

Customs Preventive to hold auction of 24 impounded vehicles tomorrow

KARACHI: Collectorate of Customs Preventive has announced to hold auction of impounded vehicles on August 20, 2019 (tomorrow) at Anti-Smuggling Organization (ASO) Headquarters, NMB Wharf, Ghass Bandar, East Wharf, Karachi. Following vehicles will be presented for auction: Used Toyota Lexus Car, Reg No. UC-868 -Model-2006-(As per seat Belt), Chassis: JTHBG 963905034702 / Engine EMH-3 GR-FE158467 – 3485 cc. Used Toyota ... Read More »

Govt all set to introduce dollar certificates

KARACHI: With an aim of reducing buying and selling of U.S. dollars, the government has prepared to introduce dollar certificates in which the investment will be made in rupees and profit will be paid every 6 months. According to media, the certificates will be sold at the currency exchange rate of the same day and the profit will be generated ... Read More »

Commerce ministry extends date for submitting DLTL claims

KARACHI: The ministry of commerce has extended the last date for submission /resubmission of claims of Drawback of local Taxes and Levies (DLTL). The State Bank of Pakistan (SBP) on Monday informed banks that the commerce ministry extended the date for claiming DLTL. The central bank said that in terms of Commerce Division, Ministry of Commerce & Textile’s letter F.No. ... Read More »

Foreign exchange reserves increase to $15.577b

KARACHI: After receiving inflows of US$500 million from the Asian Development Bank (ADB), the country’s total liquid foreign reserves held by the country stood at US$15,577.5 million as on August 09, 2019, State Bank of Pakistan (SBP) reported Saturday. The foreign reserves held by the State Bank of Pakistan stood at US$8,264.4 million while the net foreign reserves held by ... Read More »

NEPRA to investigate K-Electric over electrocution deaths during monsoon rains

KARACHI: The National Electric Power Regulatory Authority (NEPRA) has launch a probe against K-Electric to determine if the power distribution company violated any laws causing fatal accidents or prolonged power outages during recent monsoon rains in Karachi. In a press release issued on Saturday, the regulatory body said several fatal and accidents occurred due to electrocution in Karachi during the ... Read More »

ANF recovers heroin from courier parcel

KARACHI: The Anti- Narcotics Force (ANF) Sindh Clifton Police Station here on Saturday intercepted a parcel at courier service office and recovered 890 grams of heroin. The drugs were concealed tactfully in 7 cartons and the parcel was booked from Karachi by Kashif Khan son of Momin Khan which was to be received by Ahmed Khan in UK, said a ... Read More »

Hyderabad Directorate of Customs Intelligence takes lead in IBOs: Director Dr. Sadiqullah Khan

HYDERABAD: Director Customs Intelligence & Investigation Dr Sadiqullah Khan said that intelligence based operations (IBOs) of directorate I&I (customs) regional are in full swing. The Directorate in its focus on anti smuggling activities has  strategized  the  use  of  effective intelligence  coupled  with  coordination with other agencies  which resulted in meaningful seizures. During an exclusive interview with  Customs Today,  Dr. Sadiqullah ... Read More »

AEDB starts 50 MW wind power in Jamshoro

KARACHI: Alternative Energy Development Board (AEDB) has executed the Implementation Agreement (IA) with Master Green Energy Limited (MGEL) for their 50 MW wind power project in Jamshoro, Sindh. Dr Rana Abdul Jabbar Khan has signed the IA with MGEL on behalf of the President, soon after taking over the charge of the post of Chief Executive Officer, AEDB. MGEL will ... Read More »

SHC seeks comments on petition filed by M/s National Enterprises against recovery notice

KARACHI: The Sindh High Court (SHC) called comments from customs officials and deputy attorney general directing them to make ensure to filing their comments on a constitutional petition filed by M/s National Enterprises against notice for recovery of Rs17.294 million which is outstanding in respect of consignments of surgical equipment (shunts, perforators/ external drainage monitoring system) imported and cleared by ... Read More »

Customs Court seeks challan against M/s M.M Trading Co and others

KARACHI: The Customs Court directed Collectorate of Appraisement East to complete investigation against Mehmood Iqbal, owner of M/s M.M Trading Co and others who are booked in a case of attempting to evade duties and taxes on the tune of Rs40,097,627. On August 10, 2019, investigation officer submitted that credible information was received that the above mentioned importer and others ... Read More »

Investment in saving certificates posts 19pc growth

KARACHI: The investment in saving certificates has registered 19 percent growth to increase Rs2,217 billion in the last fiscal year owing to better rate of interest and safe investment avenue. The data released by State Bank of Pakistan (SBP) revealed that the investment increased to Rs2217 billion by June 2019 as compared with Rs1865 billion by end of same month ... Read More »

Overseas Pakistanis face problems in payment of duty

KARACHI: The fluctuating value of the rupee and changes in duties and taxes have posed serious problems to overseas Pakistanis in sending remittances back home and receiving clearance for vehicles and other goods. According to the details, in order to put an end to the trouble faced by the overseas Pakistanis, a proposal has been floated for payment of the ... Read More »

StanChart expects lower inflation, no further hike in policy rate

KARACHI: The State Bank of Pakistan (SBP) has delivered broadly in line with the Standard Chartered Bank’s expectations so far in the current tightening cycle. In the last Monetary Policy Committee meeting in July, the SBP said interest rate adjustments from “previously accumulated imbalances” were complete and that future monetary policy decisions would be data-dependent. “We recently lowered our non-consensus ... Read More »

China gifts 3 cargo scanning machines to Customs JIAP

KARACHI: Consulate General of the People’s Republic of China hands over cargo scanning machines to Model Customs Collectorate Jinnah International Airport (JIAP). According to the details, the Consulate General of the People’s Republic of China handed over three Cargo Scanning Machines to the Customs Collectorate (MCC) Jinnah International Airport (JIAP) Karachi. These machines are given as gift by the Chinese ... Read More »

SBP issues fresh currency notes for Eid-ul-Azha

KARACHI: The State Bank of Pakistan (SBP), through 16 field offices of its subsidiary SBP Banking Services Corporation (SBP BSC), issued fresh banknotes of various denominations aggregating to Rs284 billion, including Rs274 billion via commercial banks and Rs10 billion via cash counters of SBP BSC, during days leading to Eid-ul-Azha. Out of the total notes issued to commercial banks, Rs12 ... Read More »

Appraisement East distributes work among 13 appraising officers

KARACHI:  Collectorate of Customs Appraisement East Deputy Collector Muhammad Arslan Majeed Rana issued notification for distribution of work among following appraising officers with immediate effect and until further orders:   Read More »