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Customs Court seeks reply on bail of clearing agent of M/s Rawandi & Brothers

KARACHI: The Customs Court issued notices to customs department on a pre-arrest bail application filed by Behram Khan son of Haji Hayat Khan, partner of M/s Rawandi & Brothers clearing agent who was booked in a case of attempting to smuggle contraband goods. On 28 January 2020, counsel for the accused argued according to the prosecution M/s TPL Tracker Private ... Read More »

Talks with IMF for third tranche of $450m to begin from Feb 3

ISLAMABAD: Pakistan and the International Monetary Fund (IMF) will hold talks starting from Feb. 3 for disbursement of third tranche of about $450 million under the $6 billion Extended Fund Facility (EFF) finalised in May last year. The IMF delegation will perform quarterly review (from October till December) of the economy in the current fiscal year FY20. The global moneylender ... Read More »

Turkmenistan agrees to review TAPI gas price

ISLAMABAD: Turkmenistan has expressed its willingness to revisit the gas price of Turkmenistan-Afghanistan-Pakistan-India (TAPI) Gas Pipeline Project and the Pakistani government has constituted a five-member Price Negation Committee (PNC) to negotiate with Turkmenistan in this regard. Earlier this month, the Petroleum Division had proposed the federal cabinet’s Economic Coordination Committee (ECC) that the gas price of TAPI, which was agreed ... Read More »

M/s Mian Shafiq Business Int’l moves SHC against enhancement of valuation of goods

KARACHI: M/s Mian Shafiq Business International has approached the Sindh High Court (SHC) and filed a petition against enhancement of valuation of its imported consignment of assorted tyres and tube with flaps of various sizes, specifications, designs & patterns from China. On 28 January 2020, counsel for the petitioner stated that in normal course of business, the petitioner imported a ... Read More »

Customs AIIA deputy collector transfers inspectors, sepoys

LAHORE: Collectorate of Customs Allama Iqbal International Airport (AIIA) Deputy Collector Asma Bashir issued order for transfer and posting of following inspectors and sepoys with immediate effect and until further orders: Inspector Rauf Ahmad is transferred from export branch to MCD branch. Inspector Waheed-uz-Zaman is transferred from recovery and ICG Gate Gerry’s & SAPS to export branch. Inspector Arshad  Hussain ... Read More »

Multan Customs seizes consignment of coconuts & almonds worth Rs4m

MULTAN: Customs Anti-Smuggling Organization seized the huge quantity of foreign origin consignment of Coconuts and almonds loaded on a truck from Multan. According to details, collector Customs Preventive received credible information source that huge quantity of will be transported through Dera Ghazi Khan Region. Deputy Collector Maqbool Ahmed Baloch formed special team of Anti-Smuggling Organization comprises Inspector Umair Ahmed and ... Read More »

Assets case: SHC adjourns hearing of bail plea of Khursheed Shah, others

SUKKUR: The Sindh High Court (SHC) has adjourned the hearing of bail petition filed Khursheed Shah and others in assets beyond income case till February 10. A double bench of SHC heard the bail petition filed by Khursheed Shah and other persons nominated in the assets beyond income case. All of the nominees except Khursheed Shah had sought pre-arrest bail ... Read More »

Mianwali ASO impounds smuggled ceramic tiles

FAISALABAD: Collectorate of Customs Anti-Smuggling Organization (ASO) Mianwali recovered non customs paid foreign origin smuggled ceramic tiles worth Rs2.3 million. Sources told Customs Today that Collector Muhammad Saleem has directed ASO Mianwali to start crackdown against smuggled goods. Customs ASO enhanced the monitoring and patrolling of suspected routes in the territory for curbing menace of smuggled goods. Mianwali Customs formed ... Read More »

Gold price sheds Rs150, traded at Rs91,400 per tola

KARACHI:  The per tola price of 24 karat gold depreciated by Rs150 on Tuesday and was traded at Rs91,400 as compared to Rs91,550 on last trading day, Karachi Sarafa Association reported. Likewise, the price of 10 gram gold witnessed decrease of Rs129 and was traded at Rs78,361 against last closing of Rs78,490. The price of silver remained stable and was ... Read More »

Stock market retreats amid absence of triggers

KARACHI: The Pakistan Stock Exchange (PSX) on Tuesday has been retreating over uncertainty after “serious reservations on the proposed New Brokers Regime (NBR)” were raised by PSX Stockbrokers Association (PSA), as stated in a letter to the Securities and Exchange Commission of Pakistan (SECP). The KSE-100 index has remained volatile in the early half of the day amid weak trading ... Read More »

State Bank keeps policy rate unchanged at 13.25pc

KARACHI: The State Bank of Pakistan has decided to keep the interest rate unchanged at 13.25 percent, saying supply side inflation continued to exert pressure on the economy. State Bank Governor Reza Baqir said that when the monetary policy committee had decided the interest rate in July, inflation stood at 8.4 percent. “A few months after that, inflation rate kept ... Read More »

CPEC offers opportunity to enhance Pakistan’s agri sector

ISLAMABAD: As the second phase of the China–Pakistan Economic Corridor (CPEC) begins, substantial emphasis needs be laid on the development of the agriculture sector in Pakistan, which offers huge prospects of growth, according to experts. The message emerged from a policy dialogue on ‘National Agriculture and Food Security in Pakistan’, which was held at Institute of Policy Studies (IPS) here ... Read More »

FBR seeks details of persons from education institutions paying annual fee above Rs200,000

ISLAMABAD: Federal Board of Revenue (FBR) has directed educational institutions to provide details of persons paying annual fee above Rs200,000 in next three days. Sources told that educational institutions including schools, colleges, universities, tuition centers, technical institutions etc. had been asked to provide details of parents or individuals paying annual fee above Rs200,000 by January 31, 2020. The educational institutions ... Read More »

Economic freedom of Pakistan improves: Heritage Foundation

ISLAMABAD: Pakistan’s economic freedom overall score has improved by 0.6 percent with higher scores for judicial effectiveness and property rights outpacing modest performance in monetary freedom and fiscal health. According to a report compiled by Washington-based Heritage Foundation, Pakistan’s economic freedom score is 55 and its economy is the 131st freest in the 2019 index. Pakistan is ranked 32nd among ... Read More »

Customs I&I facing space shortage for seized items & vehicles

LAHORE: Directorate of Customs Intelligence and Investigation (I&I) facing short of place for parking the seized goods and items. The place in the Customs I&I office has gone insufficient to park further confiscated items and vehicles as the cases of the goods and vehicles impounded by Customs Intelligence and Investigation have taken long time. Over five containers are parked outside ... Read More »

FBR detecting immovable property sales & purchase to check fair market values

ISLAMABAD: Federal Board of Revenue (FBR) is monitoring transactions of immovable properties to check sales and purchases on fair market value. The sources told that the FBR had reduced the withholding tax rate to one percent from July 1, 2019 to be collected from purchaser of immovable properties. However, this rate should be two percent in case the buyer is ... Read More »

Footwear exports increase 17pc in 1H of FY2019-20

ISLAMABAD: The footwear exports from the country witnessed increase of 17.75 percent during the first half of current financial year (2019-20) compared to the corresponding period of last year, the latest data of Pakistan Bureau of Statistics (PBS) revealed. Pakistan exported footwear worth $67.404 million during July-December (2019-20) against the exports of $57.244 million during July-December (2018-19), showing a growth ... Read More »

FBR to take stern action against non-filers

ISLAMABAD: Federal Board of Revenue (FBR) on Monday warned persons having taxable income to file their annual returns for tax year 2019 otherwise tax authorities will initiate legal proceedings. The FBR issued reminder for persons having taxable income but so far unable to file their annual returns for tax year 2019. The FBR said that the last date for filing ... Read More »

FBR to take action against 210 employees for taking BISP benefit

ISLAMABAD: The Federal Bureau of Revenue (FBR) has initiated a stern disciplinary action against as many as 196 of its employees who had been benefitting from the Benazir Income Support Programme (BISP) assistance meant for the poor. According to media, around 210 FBR officials (from grade 1 to 16) had received cash stipends under the BISP. Most of them received ... Read More »

KCCI deeply concerned over hardships faced by allottees, members of Bahria Town

KARACHI: Acting President Karachi Chamber of Commerce & Industry (KCCI) Arshad Islam and Chairman of Karachi Chamber’s Housing, Construction & Real Estate Subcommittee Asif Sumsum have underscored that any issue pertaining to additional charges or irregularities in the Bahria Town project have to be amicably resolved as it was not just a matter of grave concerns for the real estate ... Read More »