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China inks framework agreement on currency swap with Georgia

BEIJING: China’s central bank announced here the other day that it had signed a framework agreement on a currency swap program with Georgian central bank. Zhou Xiaochuan, head of the People’s Bank of China (PBOC), inked the document with Giorgi Kadagidze, governor of the National Bank of Georgia, on the sidelines of the 34th Meeting of the Central Bank Governors’ ... Read More »

Gree revenue falls by 13.4% to $7.87bn

BEIJING: Gree Electric Appliances Inc, China’s leading air conditioner manufacturer, has reported a fall in revenue for the first time in six years. According to its mid-year financial report, Gree saw a 13.4-percent year-on-year slump in revenue to 50.11 billion yuan ($7.87 billion) over the six months ending June. Its net profit attributable to shareholders rose 0.5 percent to 5.72 ... Read More »

Chinese listed firms expect profit squeeze in H2

SHANGHAI: Listed companies are likely to see their profits squeezed further in the second half of the year due to possibly rising commodity prices and a lukewarm stock market, according to a report. “Higher investment returns and increasing fiscal subsidies have helped listed companies to slow a decline in profits in the first half of the year, but it’s not ... Read More »

New direct air link to boost China-New Zealand trade, people links

BEIJING:  A new direct air link between New Zealand’s main international gateway at Auckland and Shanghai, China, will boost bilateral trade and people-to-people links, air industry officials said on Monday. The launch of year-round flights by China Eastern Airlines had been strongly supported by the New Zealand government, senior vice- president of the airline, Liuwen Tian, said in a statement ... Read More »

Bank of China helps firms with low-cost financing

BEIJING: Chinese companies often face financing difficulties when they expand internationally due to the lack of information about their credit history overseas. However, this is providing several business opportunities for Bank of China Ltd, the most internationalized bank in the country, an official said. Zhu Yun, general manager of the corporate finance department of BOC’s branch in Xinjiang Uygur autonomous ... Read More »

BoC to embrace hi-tech opportunities

BEIJING: China’s banking industry will become more vigorous through technological innovation and upgrades, rather than perish with the rise of new industries, said Tian Guoli, chairman of Bank of China Ltd. “When compared with those e-commerce companies such as the one Jack Ma has built, commercial banks sound out-of-fashion and conservative. But as a commercial banker, I feel particularly impressed ... Read More »

Bangladesh imports jump by 16% to over $3bn

DHAKA: Bangladesh’s imports surged about 16 percent to over 3 billion in the first month of the 2015-16 fiscal year (July 2015-June 2016). According to statistics of the Bangladesh Bank (BB), the settlement of letters of credit (LCs), generally known as actual imports, stood at 3,437.71 million U.S. dollars in July this year compared to 2,964.69 million U.S. dollars in ... Read More »

Chief collectors, collectors, deputy collectors resume office after Eid holidays

KARACHI: Almost all the Pakistan Customs officials, including chief collectors, collectors, additional deputy collectors and deputy collectors on Monday, resumed their offices after enjoying four-day Eidul Azha holidays. Chief Collector Enforcement-South Zahid Khokhar, who celebrated Eid in Lahore, has resumed his office on the very first day, while Chief Collector Appraisement-South Rashid Sheikh also attended the office. Moreover, Collector of Model ... Read More »

Customs Intelligence seizes contraband items worth millions of rupees

LAHORE: The Customs Investigation and Intelligence Lahore has seized contraband goods, including tyres, LED TVs and cloths worth millions of rupees in two operations. The operations were conducted on the instructions of Director Customs Intelligence Saud Imran and were supervised by Additional Director Rizwan Slabat, sources said. The operations were conducted by Superintendents Nasir Minhas and Rauf Farooqi and their ... Read More »

Hyderabad ASO confiscates smuggled items worth Rs 1.4m

HYDERABAD: The Customs Anti-Smuggling Organisation (ASO) has seized contraband items worth Rs 1.4 million during different operations in Hyderabad. An ASO team, following the instructions of Collector Model Customs Collectorate Hyderabad Dr Ahmad Mujtaba Memon, conducted raids in its jurisdiction to defuse the smuggling attempts. The team has confiscated 5,000 litres of Iranian diesel, oil tanker, 90 cartons of soap, ... Read More »

Appraisement-East detects tax evasion of Rs 9.41m by M/s Fauji Meat Limited

KARACHI: The Model Customs Collectorate (MCC) Appraisement-East has detected evasion of duties/taxes to the tune of Rs 9.415 million by M/s Fauji Meat Limited on importing stainless steel sliding type doors. In this regard, Deputy Collector-III Ali Waheed Khan issued a Demand Notice No 779/KAPE-DC (III)-East/2015 directing the importer M/s Fauji Meat Limited, Rawalpindi to pay Rs 9.415 million evaded/leviable ... Read More »

Currency Smuggling: Model Ayyan’s indictment deferred again

RAWALPINDI: The indictment of model girl Ayyan Ali in currency smuggling case on Monday deferred again due to absence of customs court judge Rana Aftab Ahmed Khan. As per detail, the case was heard by duty judge Sabir Sultan during which the prosecutor pleaded to adjourn the hearing till October 5. The defence lawyer told the court that Latif Khosa ... Read More »

FBR, IBA ink accord to launch MBA in Tax Management System

KARACHI: The Federal Board of Revenue (FBR) and the Institute of Business Administration IBA-Karachi have signed an agreement to launch Master of Business Administration (MBA) in Tax Management System. The Tax Management System will enhance capacity building of the Customs and Inland Revenue Service (IRS) officials. The MBA program would commence from January 2016. The FBR has issued an office order, asking the officials to ... Read More »

Collector Jawwad Uwais asks officials to expedite tax collection efforts

KARACHI: Model Customs Collectorate (MCC) Appraisement-West Collector Jawwad Uwais Agha has urged officials to gear up their efforts to enhance tax collection. Sources said that Agha issued these directions while having meeting at the Conference Room of the MCC Appraisement West that was largely attended by additional deputy collectors, deputy collector, assistant collectors and principal appraisers. He also greeted them ... Read More »

Bid to smuggle alcohol worth Rs 20m foiled near Makran Coast

KARACHI: The Maritime Security Agency (MSA) has foiled a smuggling bid in high seas near Makran Coast. According to details, the MSA raided a boat in the high seas near Makran Coast and arrested three smugglers. The foreign origin alcohol worth Rs 20 million was recovered from them. The arrested smugglers along with boat and huge quantity of liquor were handed over ... Read More »

Sialkot ASO seizes smuggled cloth, foil paper worth Rs 2m

SIALKOT: The Customs Anti-Smuggling Organization Sialkot has seized foreign origin cloth and aluminium foil paper worth Rs 2 million. Sources told Customs Today that Assistant Collector Model Customs Collectorate Sialkot, Palwasha Saeed, received credible information regarding smuggling of foreign origin cloth and aluminium foil paper on which AC made a raiding party. The ASO team raided GT Mor and recovered ... Read More »

Customs Adjudication to hear tax evasion case against Fatima Fertilizer today‏

ISLAMABAD: The Collector Customs Adjudication will hear tax evasion case of Rs 16.071 million here on September 29 (today). According to details, Customs Post-Clearance Audit (PCA) detected tax evasion of Rs 16.071 million against Fatima Fertilizer Multan, which the company was supposed to pay as taxes on import of consignments. Fatima Fertilizer imported 22 consignments, including electricity multi-core cables, steel ... Read More »

Multan Customs cancels auction of confiscated goods, vehicles ‏

MULTAN: The Model of Customs Collectorate Multan has cancelled auction of non-duty paid vehicles and miscellaneous goods after the desperate involvement from bidders. As per details, MCC Multan disappointed from the response of bidders during the auction process of confiscated goods and vehicles .The Model of Customs Collectorate Multan presented confiscated goods amounting to Rs 10 million during auction in ... Read More »

Customs employees upset over cancellation of Eid holidays ‏

MULTAN: A majority of Customs employees from Model of Customs Collectorate Multan were upset on celebrating Eidul Azha away from their families due to FBR’s notification for cancellation of  their leaves prior to and after Eid. According to details, Additional Collector MCC Multan Ghulam Mustafa celebrated Eid away from his native home located near Lahore due to sudden cancellation of ... Read More »

Mian Fareed Mughis elected president of MCCI

MULTAN: The Multan Chamber of Commerce and Industry (MCCI) has unanimously elected the new president, senior vice-president, vice-president, corporate members, associate members and a woman member for the year of 2015-16. The executive committee of the MCCI on Monday elected Mian Fareed Mughis Sheikh as a President in the annual elections of 2015-16, and Mian Atta Shafi Tanvir Sheikh and ... Read More »

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