Sunday , March 29 2020
Breaking News
Home / Latest News (page 10)

Latest News

News updates
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

Trade, current deficits witness decline as remittances rise in 2019-20

KARACHI: The current account and trade deficits have witnessed a massive decline during the first eight months of the ongoing fiscal year 2019-20 as compared to the same period of the previous year. According to the details shared by the State Bank of Pakistan (SBP), the current account deficit witnessed a 71 percent decline during the first eight months and ... Read More »

Moody’s lowers Pakistan’s growth forecast to 2.5pc

ISLAMABAD: Moody’s Investor Service lowered its forecast for Pakistan growth rate at 2.5 per cent for the current fiscal year owing to Covid-19 even though it said risks for the entire Asia-Pacific (APAC) region were generally on the downside. In December 2019, the New York-based rating agency had projected Pakistan’s growth rate at 2.9pc for the current year. This coincided ... Read More »

FBR withdraws valuation of sugar for collection of sales tax

ISLAMABAD: Federal Board of Revenue (FBR) has withdrawn valuation of sugar for the purpose of sales tax collection in order to ensure clearance at prevalent international rates. The FBR issued SRO 233(I)/2020 dated March 18, 2020 to amend SRO 812(I)/2016 dated September 02, 2016. The FBR had fixed valuation at $725 per metric ton through previous notification. However, the prices ... Read More »

SHC seeks reply on petition filed by M/s Al-Muntaqim Int’l against detention of consignment

KARACHI: The Sindh High Court (SHC) directed customs officials to file their para wise comments on a constitutional petition filed by proprietor Sajid Iqbal of M/s Al-Muntaqim International Services against detention of imported consignment of 289 cartons of textile material laces, yarn and some machine parts, etc. On March 18, 2020, a two-member bench, headed by Justice Aqeel Ahmed Abbasi ... Read More »

Japan initiates for importing skilled manpower from Pakistan: Envoy

ISLAMABAD: The Japanese government has initiated process of importing skilled manpower from Pakistan in 14 different sectors aimed to providing employment opportunities for Pakistanis labor force, Minister and Deputy Head of Mission, Embassy of Japan in Pakistan Yusuke Shindo said. Sharing strategy and action plan with APP here Thursday, he said that application have been invited from skilled Pakistanis, who ... Read More »

Pharmaceutical goods’ export increase 7.21pc in 8 months

ISLAMABAD, Mar 19 (APP):The export of pharmaceutical goods from the country witness an increase of 7.21 percent during the first eight months of current financial year (2019-20) as compared to the export of corresponding period of last year. The pharmaceutical exports were recorded at US $149.540 million during July-February (2019-20) as against the export of US $139.487 million during July-February ... Read More »

Customs Court approves remand of suspects in contraband goods smuggling case

KARACHI: The Customs Court approved physical remand of suspect Muhammad Khalid Bhimla, Muhammad Ali and Shahzad and sent them back to customs department who were involved in a case of attempting to smuggle HP laptop etc. On 18 March 2020, investigation officer of Customs Preventive submitted first information report and also produced the above mentioned suspects before the court and ... Read More »

Flour crisis likely in Karachi as wheat prices go up

KARACHI: Following the consistent increase in the number of coronavirus cases in Sindh, the provincial capital Karachi is likely to face flour crisis as wheat prices went up after a halt in supplies from the open market. Karachiites flocked towards retail shops and wholesale markets to purchase and stock flour sacks inside homes amid fear of coronavirus that has increased ... Read More »

Textile exports increase by 5.30pc during eight months of FY2019-20

LAHORE: Textile exports of the country during first eight months of current financial year (2019-20) grew by 5.30 per cent as compared to the corresponding period of last year. During the period from July- February 2019-20, textile products worth US $ 9,373,400 million were exported against US $ 8,901,495 million during the same period of last year. According to the ... Read More »

US dollar gains Rs1 in interbank market

ISLAMABAD: The exchange rate of US Dollar against Pakistani rupee jumped up by Rs1 in interbank on Wednesday and traded at Rs158.52 against Rs158.42 on last trading day, State Bank of Pakistan (SBP) reported. The SBP further reported that in interbank, the price of Euro depreciated by Rs2.13 and traded at Rs173.75 against the last closing of Rs175.88 on last ... Read More »

Finance division will extend full support in resolving accountant’s issues

ISLAMABAD: A delegation of All Pakistan Audit and Accounts Association (Combined) met the Special Secretary Finance Omar Hamid Khan on their request to highlight issues on account of promotions and increase in salary / allowances. The following issues were discussed:- i 120% increase in salaries, which includes 100% increase in salary plus 20% secretariat allowance. Ii  Long pending promotions of ... Read More »

RCCI terms the policy rate cut as “discouraging”

RAWALPINDI: The Rawalpindi Chamber of Commerce and Industry (RCCI) has termed the policy rate cut as “discouraging” urging the government to announce a special economic aid package keeping in view the threat of a coronavirus outbreak. The coronavirus pandemic had triggered a slowdown in the economy all over the world. “A bigger interest rate cut would have provided stimulus to ... Read More »

Chinese firm develops kit detecting novel coronavirus in 15 minutes

OSAKA: A Chinese firm has developed a test kit that can detect the new coronavirus that causes COVID-19 in 15 minutes, far quicker than the current method, a media report said. Textile and chemical product-maker Kurabo Industries has announced that from next week it will begin selling test kits developed by its Chinese partner. The kit, which uses a small ... Read More »

KPT shipping intelligence report March 18

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-I Quetta D.Crude Oil PNSC 16/03/20 OP-II Hafnia Europe D. Mogas Alpine 17/03/20 ALONG SIDE (East Wharves): 1 Sc Taipei D. Chemical Alpine 15/03/20 14/15 Grace L. Clinkers Green PAK 17/03/20 ALONG SIDE(P.I.C.T): 6/7 ... Read More »

Exports increase 22.68 pc to Rs2,439m in eight months

ISLAMABAD: The exports from the country, in rupee term, surged by 22.68 percent during the first eight months of the current fiscal year compared to the corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported. The exports from the country during July-January (2019-20) were recorded at Rs. 2,439,949 million against the exports of Rs. 1,988,938 million during July-January ... Read More »

SECP issues guidelines for businesses to counter cyber crimes

ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has issued guidelines on cybersecurity framework for the Insurance sector, in order to make the information technology systems of insurance companies and their partners secure and resilient. Cyber risk presents an evolving challenge for the insurance sector due to growing interconnectedness, said SECP in a statement. “Insurance companies gather, store, and maintain ... Read More »

SC allows Arshad Malik to remain CEO of PIA

ISLAMABAD: The Supreme Court of Pakistan on Wednesday allowed Arshad Malik to remain Chief Executive Officer(CEO) of Pakistan International Airlines, a private TV channel reported. Arshad Malik joined PIA in 2018 and undertook many steps to upgrade PIA. It is pertinent to mention Arshad Malik served Pakistan Air Force for over 40 years and rose to the rank of Air ... Read More »

PSX plunges 6.38pc to 6-month low after bearish start

KARACHI: The Pakistan Stock Exchange once again started on a negative note on Wednesday, with the benchmark KSE-100 index losing 2,080 points, or 6.38%, by the halfway mark of the trading session to reach 30,616 points. Earlier in the day, trading activity was halted for 45 minutes after the index registered a decline of 5%, which is the trigger for ... Read More »

Lahore to Sialkot Motorway to be opened today

LAHORE: National Highway Authority has announced to open the Lahore–Sialkot M-11 Motorway today (Wednesday). According to details, the distance between Lahore to Sialkot will be reduced from two hour and thirty minutes to only fifty minutes after the opening of the motorway. This step will help to boost the development activities in the region.   Read More »

Multan Preventive to hold auction of confiscated vehicles & goods

MULTAN: Collectorate of Customs Preventive will hold auction of confiscated goods and vehicles lying at the State Warehouse on 18th March (today). According to details, Customs Preventive has announced auction of March for selling of confiscated vehicles and miscellaneous goods and displayed auction banners outside Multan Customs House to attract buyers. The auction will be held in the Multan Dry ... Read More »