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DGTT determines its top most priorities

KARACHI: Directorate General of Transit Trade (DGTT) has determined its top most priorities and challenges in order to facilitate trade, importers and other stakeholders, it is learnt here. According to a senior officer, the directorate is determined to play its role to complete the roll-out of pending WeBOC modules, installation of trackers on reverse, loose and bulk cargo, installation of ... Read More »

R&D Section of MCC-Appraisement (East) recovers Rs23m in Feb

KARACHI: The Research and Development (R&D) Section of the Model Customs Collectorate of Appraisement-East has recovered Rs 23,256,795 in the month of February by detecting 37 cases of tax evasion, mis-declaration and under-invoicing. R&D Section of MCC-Appraisement (East) has detected cases of incorrect classification, incorrect application of valuation rulings, non-implementation of valuation guideline, non-application of Scan prices, inadmissible concession of ... Read More »

Importers, customs agents served notices over under-invoicing

KARACHI: Under-invoicing by importers and customs agents has been detected on import of used cars which are older than three years. This has been revealed by the recovery department of Model Customs Collectorate of Appraisement-West during the audit of clearance documents of used imported cars which are more than three years old. The department has issued demand notices to the ... Read More »

‘Mystery’ of sudden rise in forex reserves yet to be unfolded

KARACHI: Net foreign exchange reserves with State Bank of Pakistan (SBP) rose by $1.03 billion during the second and third weeks of the outgoing month which provided the much-needed vigor to strength rupee against dollar. The current drastic appreciation in rupee against the dollar is largely due to the increase in the net foreign exchange reserves with SBP. However, one ... Read More »

MCC-Appraisement (East) surpasses revenue target in Feb

KARACHI: Model Customs Collectorate of Appraisement-East under the dynamic leadership of Chief Collector-Appraisement (South) Nasir Masroor Ahmed and the Collector MCC-Appraisement (East) Najeeb-ur-Rehman Abbasi has surpassed the target by Rs 2,214.5 million set by the Federal Board of Revenue (FBR) for the month of February. According to details, MCC-Appraisement (East) has collected a revenue of Rs 13, 944.91 million all ... Read More »

Expats remittances rise by 11pc in 8 months

KARACHI: Remittances sent by overseas Pakistani surged by 10.95 percent to the amount of $10.245053 billion in the first eight months (July to February) of the current fiscal year, against $9.234077 billion during the same period of last fiscal year, said a SBP statement here. The inflow of remittances in July- February FY14 from Saudi Arabia, United Arab Emirates ( ... Read More »

Dollar plunges below Rs98, price of POL must lower down

KARACHI: The Pakistani rupee hit eight-month high on Wednesday against the dollar, trading below the key psychological 100-to-a-dollar level. Dollar further plunged to Rs97.90 in interbank and Rs98.00 in the open market during the day, witnessing Rs2.40 decease in the open market.  Foreign currency dealers said that the rupee maintained its upward journey for the second consecutive day both in ... Read More »

Significant modules of Transit Trade not yet rolled out in WeBOC

KARACHI: Directorate of Reforms and Automation (R&A) is striving hard to roll-out the most significant modules of transit trade in Web Based One Customs (WeBOC), computerised system, it is learnt here. The FBR sources informed Customs Today that the Directorate of Reforms and Automation has asked for completing the upgradation of transit trade remaining modules in WeBOC, computerised system by ... Read More »

Trade deficit narrows: Exports up by 18pc in February

ISLAMABAD: Pakistani exports witnessed a tangible increase to the figure of 18 percent in February against the corresponding month of the last year, declared Pakistan Bureau of Statistics (PBS). The growth in imports was recorded at 6.4 percent in February against the corresponding period of the previous year. Due to exceptional growth in exports, the trade deficit contracted in February ... Read More »

Others opposed: APTMA advocates 5pc duty on yarn import

KARACHI: All Pakistan Textile Mills Association (APTMA) Chairman Yasin Siddik vehemently demanded the imposition of a 5 percent import duty on cotton yarn, saying that huge imports of cotton yarn, especially from India, have been adversely affecting local industry. He claimed that the APTMA had already approached the government to tackle the issue and, adding that as soon as Pakistan ... Read More »

Aug 12–Feb 14: DGTR of Customs holds 224 events

KARACHI: Directorate General of Training and Research (DGTR) of Customs has organised 224 different courses and seminars during the period from August, 2012 to February, 2014 in which 2,465 participants, including customs officials and representatives of private sectors, attended the programmes. Details show that the DGTR of Pakistan Customs has organised seminars and workshops on different topics including smuggling activities ... Read More »

MCC-Appraisement West starts series of auctions at different terminals

KARACHI: On the directives of the Collector Muhammad Saleem, Model Customs Collectorate of Appraisement (West) has started auctioning of leftover/fresh general cargo and vehicles at different terminals as per schedule in the month of March. The first auction of leftover/fresh general cargo and vehicles started on March 3, scheduled to end on March 11 at West Wharf. Similarly, another auction ... Read More »

Customs values of Industrial roller chains, sodium lauryl ether sulphate issued

KARACHI: Directorate General of Customs Valuation has determined the customs values of Industrial roller chains and Sodium Lauryl Ether Sulphate first time ever, through the Valuation Rulings No. 641/2014 and 642/2014 respectively under Section 25-A of the Customs Act, 1969. Customs value of Industrial roller chains from China having Pakistan Customs Tariff (PCT) code 7315.1190 and proposed PCT code for ... Read More »

FBR mulls over to give DGTR a status of varsity

KARACHI: Federal Board of Revenue is mulling over to give Directorate General of Training and Research (DGTR), a status of University, it is learnt here. The FBR sources informed Customs Today that the Board is taking the said consideration in its agenda that proper training, diploma and short courses should be initiated for the customs agents, importers, exporters and other ... Read More »

MCC Appraisement West to hold 12 auctions during March

KARACHI: The Collector of Model Customs Collectorate of Appraisement (West), Muhammad Saleem has termed the current month of March as crucial for revenue generation in order to attain the desirable target during the fiscal year of 2013-14. He expressed these views while talking to Customs Today. On the occasion, Collector MCC-Appraisement (West) informed this scribe that the collectorate has arranged ... Read More »

MCC Appraisement (West) assigns work to officers

KARACHI: Model Customs Collectorate of Appraisement (West) has assigned work among Assistant Collectors and Deputy Collectors of the collectorate with immediate effect and until further orders. The officers include: Deputy Collector Muhammad Nayyar Shafiq – R&D, AIB, Post Release Verification (PRV) Cell, FTA Cell, ADRC, MIS–I, IT Division. Deputy Collector Noman Khan – Group-VI (Ch.84-85), HQ-I, (Estt/Admn, Confidential, CHO, Transport Section), MIS ... Read More »

WeBOC to be implemented at KPT, East, West Wharves

KARACHI: Federal Board of Revenue is going to launch Web-Based One Customs (WeBOC), computerised system including Electronic Data Integrated (EDI) based on customs clearance at Karachi Port Trust (KPT), East Wharf and West Wharf during the current month, it is learn here. Sources in Pakistan Customs informed Customs Today that FBR has issued clear directives to the officers concerned of ... Read More »

WeBOC modules: Youswani directs timely upgradation

KARACHI: Project Director of the Directorate of Reforms and Automation, Majid Youswani has directed the entire team of the directorate to ensure the early upgradation of the remaining modules in WeBOC, Web Based One Customs computerised system. Sources in the Directorate of Reforms and Automation informed Customs Today that the upgradation of some modules including gifts and samples, abatement of ... Read More »

Rupee strengthens, expected to gain value further

KARACHI: The rupee ended higher at 102.85/102.95 against the dollar compared to previous close of 103.30/103.35 a day earlier. Overnight rates in the money market rose to 9.90% from Thursday’s close of 9.00%. Heavy debt repayments to the International Monetary Fund (IMF) had dented the central bank’s reserves, which had declined significantly, putting pressure on the rupee. However reserves are stable ... Read More »

Rupee strengthens to 103.5 against US dollar

KARACHI: Pakistani rupee has gained value against the US dollar in both the inter-bank and open markets ending at 103.5 to the dollar indicating that the rupee is gaining faster than the market expectations which pushed investors to sell their holdings. The selling volumes doubled in last two days in the open market. Currency dealers said the sellers got nervous ... Read More »