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USA, China, UK top three destinations of Pakistani exports: SBP

ISLAMABAD: The United States of America (USA) remained the top export destinations of the Pakistani products during the eleven months of current financial year (2019-20), followed by China and United Kingdom (UK). The total exports to the USA during July-May (2019-20) were recorded at US $ 3588.819 million against the exports of US $ 3727.390 million during July-May (2018-19), showing ... Read More »

RCCI virtual Rawal Expo

RAWALPINDI: A delegation of Rawalpindi Chamber of Commerce and Industry (RCCI) called on Federal Minister for Planning, Development and Special Measures Asad Umar yesterday. The delegation comprised of President Saboor Malik,  group leader and former president Sohail Altaf, Senior Vice President Nosherwan Khalil, Vice President Hamza Sarosh, Chairman Expo Rawal Expo Nasir Mirza and Chairman Regional Trade Khurshid Berlas. The ... Read More »

Multan Appraisement withdraws attachment notice against M/s Khan Enterprises

MULTAN: Collectorate of Customs Appraisement Faisalabad has withdrawn the attachment notice against M/s Khan Enterprises after payment of due taxes. According to details, Assistant Collector Customs Recovery Appraisement & Facilitation Customs House Jamrud Road Peshawar has requested  Customs Collectorate Appraisement to block their shipment for the recovery of due taxes. Assistant Collector Customs Recovery has written letter to all field ... Read More »

Collector AIIA Azmat Tahira distributes workload among deputy & assistant collectors

LAHORE: Allama Iqbal International Airport Collector Customs Azmat Tahira has distributed workload among deputy and Assitent Collectors. As per details Asma Bashir has been assigned duties at HQ, Investigation & Prosecution (IP), General Post Office (GPO) and others. Zanib Mehmood, deputy collector will see matters relating to auction, adjudication and recoveries. Fizan Badar, deputy collector will supervise R&D, Appellate tribunal, ... Read More »

Pak Rupee weakens by 23 paisas against USD on demand for import payments

KARACHI: The Pak Rupee weakened by 23 paisas on Tuesday owing to demand for import and corporate payments. The rupee ended at Rs166.95 to the dollar from previous day’s closing Rs166.72 in interbank foreign exchange market. Currency experts said that due to enhanced economic activities after ease in lockdown the importers were seen active to purchase currency for foreign buying. ... Read More »

Javed Ghani assumes charge of FBR chairman

ISLAMABAD: Muhammad Javed Ghani has assumed additional charge of chairman Federal Board of Revenue (FBR) on Tuesday after removal of Ms. Nausheen Javed Amjad from the post of FBR chairperson. A notification issued by the FBR, Muhammad Javed Ghani, an officer of Pakistan Customs Service BS-22 assumed the additional charge of the post of chairman FBR on July 07, 2020. ... Read More »

Domestic cement consumption declines 1pc in 2019-20

LAHORE: After posting decrease for three consecutive months, cement despatches increased by 29.94 percent in June 2020 to 4.623 million tons from 3.557 million tons in June 2019, ending the fiscal year 2019-20 on a positive note. According to the data released by All Pakistan Cement Manufacturers Association (APCMA), the domestic cement uptake increased by a massive 19.63 percent to ... Read More »

COVID-19: SBP enhances scope of refinance facility to support health sector

KARACHI: The State Bank of Pakistan (SBP) announced it had enhanced its coronavirus-related concessional loan facility to cover manufacturers of protective gears and equipment and medical facility with an expansion plan under the scheme. The central bank said the scheme now allows manufacturers of protective gears and equipment, including items such as masks, dresses, testing kits, hospital beds and ventilators ... Read More »

FBR to pay refunds worth Rs100b through supplementary grants

ISLAMABAD: The Federal Bureau of Revenue (FBR) said it will be paying Rs100 billion refunds through supplementary grants in a bid to inflate its revenue collection for last fiscal year. For the first time in the country’s history, such an ‘innovation’ was made to show that the FBR achieved growth of just over 4 percent. FBR high-ups argued that the ... Read More »

PM Imran Khan forms body to facilitate construction sector, housing projects

ISLAMABAD: Prime Minister Imran Khan on Monday formed a 13-member national coordination committee to facilitate the construction sector and low-cost housing projects. The convener of the committee would be Chairman Naya Pakistan Housing and Development Authority while officials from housing, planning division, energy, petroleum, and law departments of the federal government would also be a part of it. Deputy Governor ... Read More »

PTCL approaches SHC against demand & recovery notice

KARACHI: Pakistan Telecommunication Corporation Limited (PTCL) has approached the Sindh High Court (SHC) against demand & recovery notice and seeking stay order for adverse action against recovery notice. On 6 July 2020, counsel for the petitioner stated in his petition that petitioner is a public limited company which is engaged in providing telecommunication services across Pakistan. He submitted that the ... Read More »

 Pakistan’s deficit in services trade narrows 41.6pc to $2.7b

ISLAMABAD: Pakistan’s services’ exports declined by 16.72pc YoY to $389.99 million in May 2020, as against $468.27 in May last year. According to data released by the Pakistan Bureau of Statistics (PBS), the country’s services’ exports have taken a significant hit following the imposition of countrywide lockdown in March to contain the pandemic. On a cumulative basis, services’ exports during ... Read More »

Karachi loadshedding crisis: NEPRA to hold public hearing on July 10

ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) announced on to hold a public hearing on July 10 as the persistent load-shedding crisis continues to test Karachiites’ patience in the sweltering heat. The authority said it would hold a public hearing via the mobile app Zoom due to the coronavirus pandemic. Citizens can be a part of the hearing by ... Read More »

SRB revises sales tax jurisdiction of commissioners

KARACHI: Sindh Revenue Board (SRB) on Monday revised jurisdiction of commissioners with effect from July 06, 2020. Following is the revised jurisdiction of commissioners: Commissioner-I Unit 2: Hotels, motels and Guest Houses; restaurants; marriage halls and lawns; caterers; clubs and race clubs; event management services and exhibition services; out-door photographers and videographers; indoor sports and game center: vehicle parking and ... Read More »

Razak lauds exporters’ ‘good performance’ amid pandemic

ISLAMABAD: Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood congratulated exporters on “good performance” despite the “very challenging” situation caused by Covid-19. “I want to congratulate all our exporters on the good performance in 2019-20, in spite of the very challenging situation caused by Covid,” he said in a Twitter statement. The PM aide said the ... Read More »

Customs Court approves charge sheet against suspects in tyres smuggling case

KARACHI: The Customs Court approves charge sheet against arrested suspects namely Najibullah son of Abdul Khaliq and Wahid Jan son of Mula Jan, who were booked in a case of attempting to smuggle non-duty paid foreign origin tyres etc. On 3 July 2020, investigation officer submittedcharge sheet against the above mentioned suspects and informed that on  credible information, customs officials ... Read More »

NAB decides to take steps to arrest fugitives and notorious accused

ISLAMABAD: A meeting of National Accountability Bureau (NAB) was held at NAB headquarters under the chairmanship of Justice Javed Iqbal Chairman NAB. Deputy chairman, Prosecutor General Accountability, Director General Operations and other senior officers of NAB were present, while all Director Generals attended the meeting via video link. The meeting reviewed the overall performance of NAB. Speaking on the occasion, ... Read More »

CPEC: Pakistan, China ink agreement of $1.5b Azad Pattan Hydel Power Project

ISLAMABAD: Pakistan and China signed an agreement for the construction of $1.5 billion Azad Pattan Hydel Power Project, Chairman CPEC Authority Asim Saleem Bajwa said on Monday. Prime Minister Imran Khan witnessed the signing ceremony. Addressing the ceremony, the prime minister said the China-Pakistan Economic Corridor (CPEC) project will prove to be a milestone in the country’s development and prosperity. ... Read More »

KCCI urges govt. to end KE’s monopoly

KARACHI: Chairman Businessmen Group (BMG) & Former President Karachi Chamber of Commerce & Industry (KCCI) Siraj Kassam Teli, while strongly criticizing K-Electric over excessive load shedding and its failure to ensure uninterrupted electricity supply since 2005 when KESC was privatized, stated that as KE’s agreement is going to expire in 2023, the next agreement has to be prudently drafted in ... Read More »

114 Indian nationals to be repatriated via Wagah border on July 9

LAHORE: 114 Indian nationals stuck in Pakistan owing to the coronavirus pandemic will return to their homeland via the Wagah bordering crossing on July 9. The Ministry of Interior has written a letter to the director general of the Punjab Rangers apprising him of the Indian citizens’ homeward journey through the Wagah border on foot. It instructed that the government-prescribed ... Read More »