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Customs court approves bail of suspect in contraband goods smuggling case

KARACHI: The Customs Court granted after arrest bail to suspect namely Shahzad son of Muhammad Hashim and directed him to make sure his appearance on next date of hearing or otherwise, who was arrested in a case of attempting to smuggle non duty paid foreign origin betel nuts. On 3 September 2020, investigation officer of MCC Enforcement & Compliance appeared ... Read More »

International tenders for ML-1 on Sept 12, announces minister

LAHORE: Railways Minister Sheikh Rasheed Ahmad said that international tenders for Mainline-1 (ML-1) project would be issued on September 12. Addressing a press conference, he said that an amount of Rs10 billion had been received for Karachi Circular Railways’ (KCR) rehabilitation and restoration, adding that the railways had completed an 11-kilometre track so far. Phase one involving the single track ... Read More »

NPMC meeting held to discuss price trend of essential food items

ISLAMABAD: National Price Monitoring Committee (NPMC) meeting was held under the chairmanship of Special Finance Secretary here at Finance Division to discuss the price trend of essential food items. The meeting was attended by representatives from the provincial governments, Islamabad Capital Territory, Ministries of Industries, Commerce, Law and Justice, Planning, Development & Special Initiatives, National Food Security & Research, Inter ... Read More »

SEPA stops unauthorized sintered iron ore plant in Malir

KARACHI: The Sindh Environmental Protection Agency (SEPA) stopped the environmentally unauthorized sintered iron ore plant at district Malir near Gagghar Phattak area. According to information, a district Malir monitoring team of SEPA found that an environmental hazard producing plant operational in vicinity of Ghagghar Phattak area, without obtaining any NoC from the provincial environmental regulator in such non environmental friendly ... Read More »

Pakistan Customs impounds 16 luxury vehicles imported by foreign diplomats

LAHORE: Pakistan Customs seized nine very expensive vehicles that were imported by foreign diplomats — including an ambassador — but were in the use of private persons during the last three weeks, sources stated. Mercedes Benz, Lexus LX570, BMW X7 series, Land Cruiser ZX, Nissan XTrail, Toyota Crown and others  were imported duty-free by availing diplomatic exemptions and handed over ... Read More »

SPI inflation increases 0.8 pc

ISLAMABAD: The Sensitive price Indicator (SPI) based weekly inflation for the week ended on September 03, for the combined consumption group, witnessed increase of 0.80 percent as compared to the previous week. The SPI for the week under review in the above mentioned group was recorded at 136.11 points against 135.03 points registered in the previous week, according to the ... Read More »

PQA achieved first ever handling of 10 million tons of coal

KARACHI: Port Qasim Authority (PQA) through state-of-the-art coal and clinker handling terminal during last 15 months has achieved the first ever handling of 10 million tons of coal. According to 2 Years Performance Report issued by the government, PQA is the second deep sea industrial-cum commercial port operating under landlord concept. First time in the history of PQA vessels of ... Read More »

Oil falls 3pc, heads for weekly drop on demand concerns

NEW YORK: Oil prices fell more than 3pc on Friday, headed for their biggest weekly decline since June as concern around a slow economic recovery from the Covid-19 pandemic added to worries about weak oil demand. Brent crude LCOc1, the international benchmark, dropped $1.45, or 3.3pc, to $42.62 a barrel by 12:39 p.m. EDT (1639 GMT). US West Texas Intermediate ... Read More »

TikTok announces partnership with Pakistani digital ad agency

KARACHI: Video-sharing mobile application TikTok has announced a partnership with Pakistani digital ad agency Jack of Digital under which the latter will be the former’s advertising sales partner in Pakistan. “The partnership framework will enable advertisers in Pakistan to utilize the full potential of the platform. They will provide local payment solutions and work with advertisers to enhance their knowledge ... Read More »

Multan Customs seizes NDP vehicles & goods worth Rs550.14 m in August

MULTAN: Collectorate of Customs Enforcement & Compliance has seized non-customs paid vehicles and goods worth Rs550.14 million during anti-smuggling actions in August. Sources told Customs Today that Multan Customs has carried out various crackdowns against smuggled goods to curb smuggling in the jurisdiction. Multan customs anti-smuggling staff has thwarted several attempts of smuggling on the basis of credible information. Multan ... Read More »

FBR transfers 136 PCS officers of BS-16 with immediate effect

ISLAMABAD: Federal Board of Revenue (FBR) has issued notification for transfer and posting of following BS-16 officials of customs department with immediate effect and until further orders:- Malik Mohammad Javed Iqbal, Superintendent transferred from MCC, Sialkot to MCC, AIIAP, Lahore. Habib Hussain Bhatti, Superintendent transferred from MCC, Sialkot to MCC (A&F), Lahore. Muhammad Sharif Wattoo, Inspector, transferred from MCC Sialkot ... Read More »

Taking white collar crimes cases to logical conclusion NAB top priority: Justice Javed Iqbal

ISLAMABAD: Justice Javed Iqbal, Chairman National Accountability Bureau (NAB) has said that taking mega corruption white collar crimes cases to logical conclusion is the top most priority of the NAB. NAB is the focal anti corruption institution of Pakistan under United Nations Convention against Corruption (UNCAC) which has already been ratified by Pakistan with United Nations. International Economic Forum, Transparency ... Read More »

SHC restrains customs officials from taking action against M/s Atlas Honda

KARACHI: The Sindh High Court (SHC) directed customs officials that they shall not pass any final adverse order pursuant to impugned show cause notice till next date of hearing on a constitutional petition filed by M/s Atlas Honda Limited against issuing another show cause notice dated August 20, 2020 for recovery of allegedly sales tax, income tax etc. On 4 ... Read More »

FBR excludes taxpayers having turnover below Rs100m from collection & deduction of WHT

ISLAMABAD: Federal Board of Revenue (FBR) has excluded taxpayers having turnover below Rs100 million from mandatory collection and deduction of withholding tax. The FBR issued Income Tax Circular No. 03 of 2020 a day earlier to explain changes made to Income Tax Ordinance, 2001 through Finance Act, 2020. The FBR said that in order to promote ease of doing business, ... Read More »

M/s Majeed & Sons Steel approaches SHC seeking refund of security amount

KARACHI: M/s Majeed & Sons Steel Pvt Ltd approached the Sindh High Court (SHC) and filed a petition seeking restraining order for misapplying the provisions of section 19A read with section 33 of the customs act, 1969 and release of security amount deposited provisionally in respect of the goods declarations. On 4 September 2020, counsel for the petitioner submitted that ... Read More »

KP to provide interest-free loans to govt employees

PESHAWAR: The Khyber Pakhtunkhwa (KP) government has decided to provide interest-free loans to government employees. As per details, the loan can be acquired by a government employee for purchasing of a house, car, motorcycle or bicycles. The government employees from Grade 1 to 17, having a minimum service period of five years and a maximum of 10 years, will be ... Read More »

Punjab govt approves Rawalpindi Ring Road project

LAHORE: Punjab Chief Minister, Usman Buzdar, has given the approval to start work on Rawalpindi Ring Road project under Public-Private Partnership. Addressing a meeting in Lahore on Saturday, the chief minister said that the provincial government will provide all possible support and facilities for completion of Ring Road project. A comprehensive business model is also being prepared for the promotion ... Read More »

Trade deficit shrinks 8.32pc in two months

ISLAMABAD: The country’s trade deficit witnessed reduction of 8.32 percent during the first two months of current fiscal year (2020-21) as compared to the deficit of the corresponding period of last year. The deficit during July-August (2020-21) was recorded at $3.382 billion as compared to the deficit of $3.689 billion, showing decline of 8.32 percent, according to the latest data ... Read More »

Pak Rupee appreciates by 27 paisas against USD on improved inflows

KARACHI: The Pak Rupee appreciated by 27 paisas against dollar on Friday owing to increase in foreign exchange reserves of the country, dealers said. The rupee ended at Rs165.77 to the dollar from previous day’s closing of Rs166.04 interbank foreign exchange market. Currency experts said inflows of export receipts and workers remittances helped the local unit to recover the value. ... Read More »

KPT shipping movements report September 4

KARACHI: Following were the Movements of Ships at Karachi Port Trust (KPT) during last 24 hours, ending at 0700 hours on Friday. SHIPS BERTHED: Nordmerkur Tanker Vasi Moon Container Ship Asavari Tanker Doric Breeze Tanker Cosco America Container Ship Ever Ursula Container Ship MSC Hina Container Ship SHIPS SAILED: Hyundai Jakarta Bow Tribute Genius Star XL Greenwich Bridge EXPECTED SAILING ... Read More »