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China sells $113.63bn of foreign exchange in Aug

BEIJING: China’s central bank and commercial banks sold a net 723.8 billion yuan (US$113.63 billion) of foreign exchange in August, by far the largest on record, highlighting how capital outflows intensified in the wake of the yuan’s devaluation last month. The previous largest outflow, in July, totalled 249.1 billion yuan. The figures are based on Reuters calculations using central bank ... Read More »

Airbus factory to create 300 jobs in port city

BEIJING: The Airbus factory in Tianjin will create 250 to 300 jobs in the port city, when its A330 completion and delivery center is operational in the fourth quarter of 2017, said a top company executive. Philippe Pezet, vice-president for human resources of Airbus Group China, said many will move over from the A320 aircraft final assembly line, with 10 ... Read More »

China to build nuclear reactor in Britian

BEIJING: Building a nuclear project in Britain with Chinese investment and technology is win-win for the two countries. British Prime Minister David Cameron is set to sign a landmark deal next month to allow China to build a nuclear reactor in Essex in the southeast of England, local media reported. The plant would be the first Chinese-designed and operated facility ... Read More »

Samsung may cut 1,000 jobs in China due to fall in sales

BEIJING: Samsung Electronics Co is likely to cut jobs in China, amid weakening smartphone sales, a local news site said here the other day. The South Korean handset giant is planning to lay off more than 1,000 employees in the world’s largest smartphone market, according to qq.com, a news portal owned by Tencent Holdings Ltd. The cut represents 9 percent ... Read More »

Kohat Customs needs more work force to realise potentials: Assistant Collector Najeeb

KOHAT: The Model Customs Collectorate Peshawar’s Kohat region could realise more revenue than the previous year, besides curbing the smuggling activities at large if it was given more work force and equipment. This was stated by Assistant Collector Najeeb Arjumand in an interview with Customs Today, saying that “Kohat Customs is the largest division of the country having customs check-posts ... Read More »

Multan Customs Intelligence confiscates tyres, alloy rims worth Rs10m

MULTAN: Customs intelligence and investigation Multan has confiscated a container comprising 999 smuggled tyres and 618 alloy rims in a coordinated effort with Dera Ghazi Khan City police on Quetta- Multan road in DG Khan on the weekend night. The confiscated items are worth Rs 10 million. As per details, DG khan police intercepted a container on Quetta road, and ... Read More »

Customs PCA detects Rs 3.6 million tax evasion by Universal Enterprises

KARACHI: The Customs Post Clearance Audit PCA-Karachi has detected tax evasion to the tune of Rs 3.6 million by M/s Universal Enterprises for availing concessionary benefits of SRO 1125(I)/2011 dated 31.12.2011 and SRO 638(I)/2005 in three consignments. The PCA-Karachi Directorate, on scrutiny/audit of import data, found that M/s Universal Enterprises imported “Privac 400ML Operation Theater System Large-Lock Connection (QTY 25000 PCS)” under ... Read More »

Customs Valuation re-determines values of I.V Cannula/I.V Catheter

KARACHI: The Directorate General of Customs Valuation determined the customs values of I.V Cannula/I.V Catheter vide Valuation Ruling No 760/2015. The customs values of I.V Cannula/I.V Catheter were determined under Section 25-A of the Customs Act, 1969 vide Valuation Ruling No 616/2013 dated 2-12-2013, followed by amendments dated 25-2-2014 and 4-3-2014 and Order-in-Revision No 05/2014 dated 27-1-2014. According to details, ... Read More »

Sialkot Customs issues Rs 485m rebate to textile, leather sectors in August

SIALKOT: The Model Customs Collectorate (MCC) Sialkot has issued Rs 485 million rebate to traders in August 2015. Official sources told that MCC Sialkot has issued almost Rs 165 million more rebate to traders as compare to the Rs 320 million issued during corresponding period of last year 2014. They said that Eid-ul-Azha was the best opportunity for leather traders ... Read More »

RTO-I seizes record of Zara Fashion Designing on tax evasion

LAHORE: The Federal Board of Revenue (FBR) Regional Tax Office-I (RTO-I) Lahore has seized the record of Zara Fashion Designing firm following the charges of tax evasion. Source said that the company was not paying sales tax despite issuance of many notices to it, therefore, the officials of RTO-I have seized all the record to check the income and to ... Read More »

Customs Adjuciation issues show cause notice in seizure case

ISLAMABAD: Deputy Collector, Collectorate of Customs (Adjudication), Islamabad Kaukab Farooq has issued a show cause notice to Asif Ali in seizure case no 06/2015. As per detail details, Customs Adjudication Kaukab Farooq issued a show cause notice vide C.No. Cus/coll/adj/1747 to Asif Ali in seizure case no 06/2015 for smuggled contents. The Customs directed Asif Ali son of Mazoor Husian ... Read More »

Customs Appellate Tribunal to resume hearing of cases tomorrow

ISLAMABAD: The Pakistan Customs Appellate Tribunal (PCAT) Chairman Ghulam Murtaza Bhatti would resume hearing cases at CAT headquarters in Islamabad tomorrow (Wednesday). The PCAT chairman, who had postponed his arrival at PCAT headquarters due to his engagements in Lahore, would hear the cases from Wednesday. Earlier he was scheduled to return to Islamabad on Tuesday from Lahore. However, his arrival was postponed ... Read More »

Customs court awards post-arrest bail to alleged currency smuggler

KARACHI: The Special Court of Customs Taxation and Anti-Smuggling on Monday granted post-arrest bail to a suspect in a currency smuggling case. Judge Syed Faiz Rasool Rashdi directed suspect Ghulam Mehdi Karani to deposit surety bond of Rs 200,000. According to the prosecution, Karani was caught with 112,500 Saudi Riyals at the Jinnah International Airport on August 29, 2015. The ... Read More »

Customs submits reply to SHC on petition challenging blocking of user’s ID on WeBOC

KARACHI: The Customs Department has submitted a reply with the Sindh High Court (SHC) on a petition of a customs bonded carrier, challenging the blocking of its Web Based One Customs (WeBOC) user ID, stating that its user ID was blocked due to its involvement in smuggling of a huge quantity of assorted foreign-origin alcohol into the country. M/s Docks (Private) Limited, through its director ... Read More »

SHC accepts accused plea for reduction in surety amount

KARACHI: The Sindh High Court (SHC) has accepted the plea of a  suspect, who is behind bars for his alleged involvement in Rs 35  billion gold smuggling scam, for reduction in the surety amount. A single bench comprising Justice Naimatullah Phulpoto directed the accused to deposit surety bond of Rs 1  million. According to sources on August 5, the Special ... Read More »

PCS hockey icon Iqbal Minhas approaches FST for regaining withdrawn ‘award’

ISLAMABAD: A Federal Board of Revenue (FBR) employ has approached the Federal Service Tribunal (FST), seeking restoration of the scale-promotion ‘award’ entitled to him in recognition of his services. The petitioner, M Iqbal Minhas, a Pakistan Customs Service (PCS) employee, submitted in the court that the post that was awarded to him in the wake of his selfless services for ... Read More »

Collector Tauseef transfers 17 officials of Faisalabad Customs

FAISALABAD: Model Customs Collectorate Faisalabad Collector Tausif Ahmed Qureshi has reshuffled as many as 17 officials, including inspectors, sepoys and clerks. According to the details, Inspector Muhammad Mansha has been posted from Faisalabad airport to Anti-Smuggling Organisation (ASO) Sargodha, while Inspector Muhammad Ramzan has been shifted from import section to ASO Faisalabad. Inspector Muhammad Faizi Raza has been transferred to ... Read More »

Customs Court tells suspected smuggler to appear within 10 days to avoid legal action

LAHORE: A Customs Court ordered an accused, Muhammad Khawar, son of Abdul Khaliq, who is allegedly involved in smuggling, to appear in the court within 10 days; otherwise he will be declared a proclaimed offender. Sources told Customs Today that Muhammad Khawar is a suspect in a smuggling case registered under the Customs Act, 1969. The Faisalabad Customs had registered ... Read More »

Tribunal reserves verdict on petitions linked to FBR 

ISLAMABAD: Out of 12, the Federal Services Tribunal (FST) has reserved decisions in two cases,  carrying complaints regarding ‘fixation of seniority’ and ‘special allowance equal to 100 percent’ filed by Federal Board of Revenue employees. The FST bench comprising of Dr Nazir Saeed and Javed Iqbal Kasi hear the cases and reserved decision with completion of arguments by both plaintiffs and ... Read More »

Bangladeshi HC stresses exchange of trade delegations

KARACHI: Suhrab Hosain, High Commissioner of Bangladesh, while expressing dissatisfaction over limited trade volume of less than $1 billion between Pakistan and Bangladesh, stressed the need to exchange trade delegations, enhance people-to-people and institutional linkages between the two countries which would help in improving the existing meager trade volume. Exchanging views with KCCI President and managing committee members during his ... Read More »