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Pakistan sets kinnow export target at 300,000 tons

LAHORE: Export of Kinnow from Pakistan has just commenced and an export target of 300,000 metric ton has been set for the current season which is expected to generate valuable foreign exchange of US$ 19.5 million. Of the anticipated Kinnow production of 2.2 million ton, around 15-20 % would be exported. According to Waheed Ahmed , Patron-in-Chief All Pakistan Fruit ... Read More »

Gold price drops by Rs750 per tola

LAHORE: The price of gold has taken a record leap on Saturday, and decreased by Rs750 per tola. According to details, gold prices in markets of Lahore, Karachi, Islamabad, Multan, Peshawar, Quetta, Faisalabad, Multan, Sukkur, Hyderabad and others decreased further to Rs750, after which the price of gold per tola stands at Rs84,500. On Dec 5, the price of 24 ... Read More »

FBR prepares draft of fixed tax legislation for shopkeepers

ISLAMABAD: Federal Board of Revenue (FBR) have prepared draft of the Fixed Tax law to be enforced on the traders across the country. According to sources, a legislation draft for recovery of tax from small shopkeepers has been prepared. Small shopkeepers would have to pay tax twice in an year, as suggested in the draft of legislation. The Federal Board ... Read More »

FBR starts crackdown against benami assets in Punjab

LAHORE: Federal Bureau of Revenue (FBR) launched crackdown against benami (undeclared) properties and vehicles in Punjab province. According to sources these raids were carried out in Lahore and Faisalabad areas of the province to confiscate undeclared properties and vehicles. “Properties worth Rs 150 million were confiscated in Faisalabad,” said the inspector without elaborating the number of properties. He further said that ... Read More »

A weekly review: Stocks end on bullish note by gaining 1,445 points

KARACHI: The stock market during the outgoing week recorded appreciable gains dictated by the Moody’s rating which not only upgraded the country’s outlook but also showed confidence in the banking sector regime, helping the index to gain by almost four percent. Index closed on a positive note for the sixth consecutive week as the benchmark KSE 100-share Index gained massive ... Read More »

Govt notifies 11 paisa per unit increase in power tariff

ISLAMABAD: The government has notified an increase of 11 paisa per unit in electricity prices in a bid to apply a uniform tariff to all categories of consumers, except for domestic consumers. The tariff increase has been notified on account of periodic tariff adjustment for the first-quarter (Jul-Sept) of fiscal year 2019-20, as determined and recommended by the National Electric ... Read More »

NAB summons Senate Deputy Chairman Saleem Mandviwalla on Dec 9

RAWALPINDI: The National Accountability Bureau (NAB) Rawalpindi has summoned Senate Deputy Chairman Saleem Mandviwalla on December 9. Saleem Mandviwalla – Pakistan Peoples Party (PPP) leader – has been directed to appear before the anti-graft body for investigation regarding fake bank accounts. On the other hand, an accountability court in Sukkur has extended the judicial remand of another senior PPP leader ... Read More »

Communication ministry generates extra revenue Rs24.42b in last 15 months

ISLAMABAD: The revenue of the Communication ministry has increased by 62 per cent in last 15 months. The ministry while revealing its performance of 15 months in a report issued here on Saturday, said that it has generated Rs.24.42 billion to its revenue, while Rs 11.90 billion were received on account of embezzlement of funds in the mega project. “The ... Read More »

Weekly review: Rupee extends upward trend against dollar

KARACHI: The rupee strengthened further against the dollar during the outgoing week. According to a weekly report, the rupee appreciated 17 paisas to end at 155.06 against the greenback, when compared with last week’s closing of 155.23 in the inter-bank market. In the open market, the rupee gained 50 paisas to finish at 155.60 against last week’s closing of 155.60 ... Read More »

NTC seeks exemption from 8pc turnover tax

ISLAMABAD: National Telecommunication Corporation (NTC) has approached the government, seeking exemption from 8% minimum tax on turnover. The Ministry of Information Technology and Telecommunication, in its request, informed the government that NTC was established under Section 41 of the Pakistan Telecommunication Re-Organisation Act 1996 in order to provide telecommunication services to the armed forces, defence projects, federal government, provincial governments ... Read More »

Govt to set up border markets in border areas with Afghanistan, Iran

ISLAMABAD: The federal government has decided to establish border markets in the border areas with Afghanistan and Iran. In this regard, the premier has tasked the commerce ministry to complete necessary requirements for the establishment of border market as the markets will facilitate dwellers of the entire region to perform trade. Sources told the media that the matter of forming ... Read More »

Hyderabad Customs I&I foils various smuggling attempts during November  

HYDERABAD: Directorate Customs Intelligence & Investigation impounded smuggled items contraband items, cigarette, gutka, cloths, auto parts scrape, tyres, and other miscellaneous goods worth millions of rupees during different  successful operations during month of November 2019. Sources told Customs Today that Director I&I Dr. Sadiqullah Khan directed his staff to use all available resources to curb smuggling attempts in the region. The I&I ... Read More »

FBR will issue procedure to document non-duty paid FMCG

ISLAMABAD: Federal Board of Revenue (FBR) will issue procedure for documenting smuggled and non-duty paid fast moving consumer goods (FMCG). In a tweet on Saturday, FBR Chairman Syed Shabbar Zaidi said that the FBR was working in developing a ‘expeditious settlement’ of ‘non duty paid’ fast moving consumer goods available in the market. He said that the tax machinery would ... Read More »

M/s Humayun Chemicals approaches SHC against detention of consignment

KARACHI: M/s Humayun Chemicals approached the Sindh High Court (SHC) and filed a petition against detention of its consignment of monoethylene and challenging enhancement of valuation under the garb of valuation ruling no 1311/2018. On 6 December  2019, counsel for the petitioner stated that petitioner has imported a consignment comprising of monoethylene and on unit value of $0.66 and on ... Read More »

ANF foils heroin smuggling bid at JIAP

KARACHI: The Anti-Narcotics Force (ANF) on Saturday foiled a bid of smuggling heroin abroad from the Jinnah International Airport Karachi. A ccording to ANF spokesperson, officials recovered heroin worth Rs5.5million while checking a passenger at Karachi airport. The accused was flying to Doha via Bangkok from the Jinnah traffic international airport. Meanwhile, in another raid, the ANF arrest two suspects ... Read More »

Customs Court awards jail term to proprietor of M/s Famous Computer & Mobile Services

KARACHI: The Customs Court awarded one month imprisonment and fine of Rs200,000 to suspect namely Zeeshan Iqbal, proprietor of M/s Famous Computer & Mobile Services who was booked in money laundering case. On 6 December 2019, court announced verdict and mentions that “ in view of findings and after evaluation of evidence adduced by the prosecution, as discussed, the charge ... Read More »

Pakistan submits report comprising answers to FATF’s remaining 22 action plans

ISLAMABAD: Pakistan submitted a report comprising answers to 22 questions to the Financial Action Task Force (FATF). According to media, the report details Pakistan’s actions against the groups the United Nations has listed as terrorist organisations as well as sentences handed to them by the courts. Prepared by the representatives of the ministries of foreign affairs, interior, and finance, Securities ... Read More »

FBR to start implementation of accord with traders from next week: Shabbar Zaidi

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi has said that FBR will start process of implementation of agreement with traders from next week. The FBR chairman in a tweet said that “FBR is pleased to announce that process of implementation of agreement with traders will start next week. Committees represented by the traders of each/market, covering the whole ... Read More »

Rs702b recovered from corrupt elements in one year: NAB

ISLAMABAD: In a record achievement, the National Accountability Bureau (NAB) has recovered Rs702 billion looted money  from corrupt elements during the past 12 months. According to the officials of anti-graft watchdog, NAB has recovered over Rs5 billion form the plunders of national wealth through plea bargain. The officials noted that 141 people were taken into custody on corrupting charges during ... Read More »

US dollar shows depreciation against the PKR in interbank market

KARACHI: The US dollar (USD) after lingering past the Pakistan Rupee (PKR) in the past month lost its value and showed a slight decrease in interbank market. The greenback registered a depreciation of 5 paisa against the Pakistani Rupee at the start of trading for the day. The current value of the dollar against the rupee stands at Rs 155.04 ... Read More »