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Govt rejects news report about delay in sanctioning of posts of teaching staff

ISLAMABAD: Ministry of Finance has described as factually incorrect a news report published in a section of the press claiming that the Ministry of Finance had been using bureaucratic procedures to delay the sanction of 64 posts of teaching and non-teaching staff for federal colleges despite their approval and recommendation by the Planning Commission. In a statement, the Finance Division ... Read More »

Customs Court seeks charge sheet of cloth smuggling case

KARACHI: The Customs Court directed investigation officer to complete investigation against financiers, abettors and others including owner of 2611 rolls of assorted brand and colors of ladies and gents’ cloth worth Rs 10,623,506 smuggling case. On 8 January 2020, investigation officer submitted first information report (FIR) and informed that on an actionable information, customs officials reached at the corridors of ... Read More »

Pak Rupee depreciates by 8 paisa in interbank market

KARACHI: The exchange rate of US dollar against Pakistani rupee gained 8 paisa in interbank on Tuesday and was traded at Rs155.7 against Rs154.95 of last trading day, State Bank of Pakistan (SBP) reported. In Open Market, the local currency was traded at 154.80/155.50 per USD. The SBP further reported that in interbank the price of Euro appreciated by 9 ... Read More »

Module changes in filing MBL/HBL will be implemented by Jan 15: ADC Preventive

KARACHI: A meeting of All Pakistan Shipping Association (APSA) along with its members was held at Customs House. The meeting was presided over the Additional Collector of Customs (Preventive). The chair started by welcoming the shipping lines. Thereafter, the meeting proceeded as follow: 1. The Additional Collector of Customs (Preventive) greeted the members in the meeting and went on to ... Read More »

Pakistan Stock Exchange drops 546 points

KARACHI: After recovering some losses in the previous session, the Pakistan Stock Exchange (PSX) fell back in the grip of bears as investors took a cautious stance amid geopolitical tensions. Foreign investors remained net buyers for the second consecutive session on Tuesday, as a net inflow of $3.68 million was recorded with major buying in the cement sector (net inflow ... Read More »

CoE seeks plan to improve energy supply, reduce shortage

ISLAMABAD: The Cabinet Committee on Energy (CCoE) was held with Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh in the chair has sought a detailed plan from the Ministry of Energy to overcome the shortage of energy and improve gas supplies throughout the year. The instruction was given to the Ministry of Energy after it briefed ... Read More »

LPG terminal inaugurated in Gwadar

QUETTA: Gwadar’s first LPG (liquefied petroleum gas) Terminal was inaugurated marking the beginning of a new era of economic development in Balochistan. The terminal was inaugurated by Chinese Counsel General in Karachi Li Bijian. It started the operations with the arrival of Sahar Port, carrying 3,900 metric tons of LPG from Mascat. “Today a new era of economic development has ... Read More »

KPT shipping intelligence report Jan 8

KARACHI: The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Wednesday. ALONG SIDE (Bulk Oil Pier) OP-II Lahore D. Crude Oil PNSC 06/01/20 ALONG SIDE (East Wharves): 16/17 San Sebastian D. DAP WMA Shipcare 06/01/20 ALONG SIDE(P.I.C.T): 8/9 Coral Star D. L. Cnt. East Wind 06/01/20 ALONG SIDE(South Wharf): Berth ... Read More »

Pakistan participating in Heimtextil 2020 Trade Fair

ISLAMABAD: With the presence of 231 exhibitors, Pakistan has become the 4th largest country to participate in the Heimtextil 2020 Trade Fair that started in Frankfurt (Germany) on Tuesday, January 7. “Pakistan is the 4th largest country at the show after Germany, China and India,” said a press statement received here. The 50th edition of Heimtextil, the international trade fair ... Read More »

FBR to launch simplified tax return form for small traders

ISLAMABAD: Federal Board of Revenue (FBR) is set to launch simplified income tax return form for small retailers. According to sources, “the FBR is likely to issue the return form for small traders in pursuance to the agreement between the tax authorities and traders associations signed on October 30, 2019”.. The sources said that the FBR had finalized all the ... Read More »

COSCO vessel catches fire

KLANG: A COSCO-owned vessel TEU COSCO Pacific 062W has been forced to make an emergency port call after reportedly catching fire in the Arabian Sea. According to Maritime Bulletin, the 10,000 TEU COSCO Pacific was en route from Port Klang, Malaysia, to the Jawaharlal Nehru Port (JNPT), India, when a fire broke out in the cargo hold on January 4, ... Read More »

SHC seeks comments on petition filed by M/s H.S Engineering Services

KARACHI: The Sindh High Court (SHC) issued notices to the customs department on a constitutional petition filed by M/s H.S Engineering Services against enhancement of valuation of consignment of artificial stone sheet imported from South Korea. On 7 January, 2020, a two-member bench, headed by Justice Naimatullah Palphuto was hearing the matter. During the hearing, counsel for the petitioner stated ... Read More »

China ready to pursue ‘high-quality development’ of CPEC

BEIJING: China on Tuesday said it was ready to pursue “high-quality development” of the China-Pakistan Economic Corridor which would benefit both the countries. Chinese foreign ministry spokesperson Geng Shuang passed the comments at a press briefing while explaining the second phase of the Pakistan-China Free Trade Agreement (FTA). Geng said that the amending protocol to the FTA came into effect ... Read More »

FTO directs FBR to audit smuggled vehicles’ auctions

ISLAMABAD: The Federal Tax Ombudsman (FTO) while deciding a suo-moto case against the “irregularities” of the Federal Board of Revenue’s field formations in seizing smuggled (non-customs paid) vehicles, determining their value and conducting an auction. FTO has directed the FBR to conduct a detailed audit of auctions conducted in the last three years. The Directorate General of Customs Internal Audit ... Read More »

Finance ministry clarifies news report about debt indicators

ISLAMABAD: Ministry of Finance rejected reports published in media stating that public debt increased by Rs5678 billion during 12 months from November 2018 to November, 2019. A statement issued by the Ministry stated that federal government obtained only Rs3674 billion loan to cover account deficit from November 2018 to November 2019. During the month of November federal government’s debt was ... Read More »

ECC approves Rs3.2b to clear outstanding dues of SSGC & PSM

ISLAMABAD: Adviser to the Prime Minister on Finance, Dr. Abdul Hafeez Shaikh presided over a meeting of the Economic Coordination Committee of the Cabinet. ECC approved the Technical Supplementary Grant of Rs 1.00 billion under demand No.04-Cabinet Division for establishment of Pakistan Tourism Development Endowment Fund under Public account. ECC directed Pakistan Tourism Development Corporation to come up with their ... Read More »

Govt considering to announce federal budget 2020/2021 in May

ISLAMABAD: The government is planning to present federal budget 2020/2021 in the cabinet and the parliament in the month of May this year. The finance ministry on Wednesday issued budget call circular for the schedule of budget making process and its presentation in the parliament. The finance ministry has given tentative schedule of presenting the budget 2020/2021 in May 2020 ... Read More »

FBR issues clarification regarding taxes on import of smart phones

ISLAMABAD: The Federal Board of Revenue (FBR) on Wednesday issued a clarification that according to Government’s Digital Pakistan Initiative, the government is cognizant of the fact that local manufacturers might need some protection to provide them an even playing field in the market and to encourage local manufacturing of smart phones in Pakistan. According to the FBR, a committee under ... Read More »

Customs Preventive recovers smuggled sofa cloth worth Rs20m

LAHORE: Collectorate of Customs Preventive anti-smuggling squad recovered huge quantity of non-duty paid sofa cloth from Gowalmandi. Sources told Customs Today that Collector Customs Preventive Ahmad Rauf received credible information that huge quantity of non-duty paid cloth is dumped in a godown. He directed Additional Collector Ashfaq Ahmad Khan and Assistant Collector Salman Javed to take action. Assistant collector constituted ... Read More »

Pakistan to establish its first corporate restructuring company

] ISLAMABAD: Prime Minister Imran Khan has taken one more step towards economic development as the federal government decided to establish Pakistan’s first corporate restructuring company. According to media, the upcoming entity, Pakistan Corporate Restructuring Company Limited (PCRCL), will be established with the assistance of 10 domestic banks with an initial paid-up capital of Rs500 million. The company aims to ... Read More »