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Multan I&I generates Rs27.40m through auction of confiscated vehicles and & goods

MULTAN: Directorate of Customs Intelligence and Investigation (I&I) generated Rs27.40 million from auction of confiscated vehicles and miscellaneous goods. According to details, Customs Intelligence and Investigation condulted public auction of seized miscellaneous goods and vehicles in Raja Pur office near Khanewal Road. Confiscated vehicles and miscellaneous goods were seized in their different anti-smuggling actions. There were 20 smuggled vehicles of ... Read More »

Kohat Customs seizes smuggled goods, vehicle Rs6.7m

KOHAT: Collectorate of Customs Peshawar Deputy Collector Mehmood Khattak has said that the customs team deputed at Kohat Tunnel check post seized huge quantity of smuggled items along with offending vehicle worth of Rs6.7 million. Deputy Collector said that information was received by the Additional Collector Khayal Muhammad that huge quantity of smuggled goods will be transported via Kohat Tunnel ... Read More »

Five dry ports will start operations by March: Sh Rasheed

LAHORE: Federal Minister for Railways Minister Sheikh Rasheed Ahmad said on Saturday that five closed dry ports would be restored by 1st March to facilitate traders and businessmen. Inaugurating a new freight container train at Mughlapura dry port, he said that Chishtian, Kundian, Sheikhupura, Jiabagga and Mughulpura dry ports would be made operational by March 1st which would increase economic ... Read More »

Govt rebuts news report regarding $5.5b foreign borrowing

ISLAMABAD: Ministry of Finance has described as misleading and factually incorrect a news reports published in a section of press claiming that the government’s foreign borrowing increased by $5.5 billion during July-Dec 2019 period. “The contentions of the report are not only misleading, but also against the national interest as the report sends erroneous signals to the markets, which can ... Read More »

Stocks gain 126 points in volatile session

KARACHI: Pakistan Stock Exchange (PSX) witnessed another volatile trading session on Friday, with the indices shifting sides before settling in the green. The benchmark KSE-100 Index recorded its one week return at -1.23pc. On the economic front, Pakistan’s liquid foreign exchange reserves increased by $147 million to $18,271 million (as on January 17, 2020). The reserves previously stood at $18,124 ... Read More »

Pakistan-China cooperation in textile sector to focus on readymade garments

ISLAMABAD: Pakistani and Chinese experts have agreed to develop a textile cooperation framework under China Pakistan Economic Cooperation by focusing on readymade garments, man-made fiber and textile skill training. It was expressed in a one-day workshop organized by the Board of Investment (BOI) to deliberate on a diagnostic study on Pakistan’s textile sector, conducted by the National Development and Reform ... Read More »

Govt to expedite loan disbursement under Kamyab Jawan Programme

LAHORE: The federal government has decided to expedite the process for distribution of loan cheques under the Prime Minister’s Kamyab Jawan Programme for youth development. PM’s Special Assitant on Youth Affairs Usman Dar has met Punjab Chief Minister Usman Buzdar today and discussed the distribution of loans across the province under the programme within 15 days over directives of PM ... Read More »

Dollar rises four paisa against Pak rupee in inter-bank market

KARACHI: The US dollar saw a four paisa appreciation in its value against the Pakistani rupee in the interbank market at the start of the day’s trading. According to forex dealers, the greenback appreciated by four paisa and is trading at 154.65 against the local currency. A day earlier, the dollar had risen nine paisa to 154.61 from 154.52 against ... Read More »

KPT shipping intelligence report Jan 24

KARACHI: The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Friday. ALONG SIDE (Bulk Oil Pier) OP-II Khairpur D. Jet Oil Trans Maritime 24/01/20 ALONG SIDE (East Wharves): 1/2 Clearocean Mariam L. Naptha Alpine 19/01/20 2 Al Mahboobah D. Chemical Wilhelmsen 20/01/20 11/12 Maa Saleh Begum L. Clinkers Crystal Sea ... Read More »

Customs Court approves charge sheet against M/s M. Siddiq Sons & others

KARACHI: The Customs Court approved charge sheet against owners/ directors of M/s M. Siddiq Sons, M/s Nadeem Siraj & Company, M/s Babar International, M/s Glammour International, M/s ACME International and others in evasion of duty and taxes worth Rs4.074 million sales tax evasion case. On 23 January 2020, investigation officer submitted charge sheet and informed the court that the above ... Read More »

M/s Qazi & Company approaches SHC against detention of consignment

KARACHI: M/s Qazi & Company, M/s Hamza International and M/s Radium Silk Factory approached the Sindh High Court (SHC) against detention of their imported consignment comprising carbon block N330, 4000 on the unit of $ 0.67 due to disputed valuation ruling. On 23 January 2020, counsel for the importers stated that petitioners have imported a consignment of carbon block N330, ... Read More »

FBR sales tax refunds up 165pc after launch of FASTER

ISLAMABAD: After launch of Federal Board of Revenue (FBR) automated sales tax refund system FASTER, sales tax refund owed to exporters jumped 165 percent during the current fiscal year of 2019/20. The FBR deployed the automated refund system in last August to speed up release refunds to five major export-oriented sectors following withdrawal of zero-rated regime. FBR officials informed the ... Read More »

China asks Pakistan to convene 10th JCC meeting under CPEC ahead of schedule

ISLAMABAD: The Chinese government on Thursday asked Pakistan to convene the 10th Joint Cooperation Committee (JCC) meeting under the China-Pakistan Economic Corridor framework ahead of schedule in order to finalise different mega projects. According to media, the meeting of the joint committee will discuss the railways Mainline (ML-1) project of $9.2 billion, as well as other CPEC-related initiatives, before the ... Read More »

Gezhouba Group shows interest in completing K-IV water project

KARACHI: Chinese company Gezhouba Group has penned down a letter to Sindh Chief Minister Murad Ali Shah showing keen interest in completing the bulk water supply project, K-IV, in Pakistan. Company’s executive general manager Shi Yu expressed: “[We] noticed that … things are not going smoothly due to the infeasible design.” Gezhouba Group expressed the importance of the project, and ... Read More »

AC Salman Javaid assigns special duties to inspectors on Int’l Customs Day

LAHORE: Collectorate of Customs Enforcement and Compliance Assistant Collector Salman Javaid assigned special duties to following inspectors of Allama Iqbal International Airport (AIIA) on International Customs Day to be celebrated on January 26, 2020 at Wagha. Inspector M. Anwar Niazi of administration branch Inspector Zafar Iqbal Sani of Air Freight Unit (AFU) Inspector Arif Mehmood ICG (Gerry+SAPS) Inspector Intaza Shahid ... Read More »

Multan I&I seizes skimmed powder worth Rs2.5m

MULTAN: Directorate of Customs Intelligence and Investigation seized huge quantity of skimmed powder worth Rs2.5 million in their action. According to details, Assistant Director Customs Intelligence and Investigation Javed Raza received credible information that huge quantity of smuggled items transported through jurisdiction. Director Customs Intelligence Muhammad Adnan Akram alerted Customs Intelligence staff in Multan and directed them to enhance monitoring ... Read More »

Faisalabad ASO seizes non-customs paid cloth worth Rs4m

FAISALABAD: Collectorate of Customs Preventive Anti-Smuggling Organization (ASO) has seized huge quantity of foreign origin smuggled cloth worth Rs4 million from a vehicle coming from Nowshera. Sources told Customs Today that Collector Muhammad Saleem received credible information that huge quantity of foreign origin Cloth will be smuggled via GT Road Sheikhupura to Faisalabad. The Collector immediately constituted a team under ... Read More »

Bilateral trade topic revisited again by President Trump, PM Khan: US diplomat

KARACHI: Commercial Chief of US Department of Commerce Nathan Seifert, while referring to the recent meeting between US President Donald Trump and Prime Minister Imran Khan, said that bilateral trade topic was revisited again during the third visit of Pakistan’s Prime Minister to US which is very important for both the leaders. “It’s so nice to see Heads of the ... Read More »

Govt rejects news regarding 20pc drop in FDI

ISLAMABAD: Finance Division has described as factually incorrect and misleading a news item published in a section of the press claiming that the foreign direct investment flows into Pakistan had dropped by 20 per cent in 2019. In an official statement, the Finance Division has clarified that a news report published in a segment of the press has highlighted that ... Read More »

Sazgar Auto unveils Pakistan’s first electric rickshaw

ISLAMABAD: Pakistani automotive manufacturer, Sazgar Engineering Works Limited, has unveiled an electric three-wheeler rickshaw for the first time in the country. The ceremony took place at the Sazgar Car plant, situated at Sunder Road where Advisor to Prime Minister on Climate Change Malik Amin Aslam was invited as the chief guest. Malik Amin Aslam addressed to the event saying that ... Read More »