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Supreme Court rejects bail plea of drug smuggler

LAHORE: Supreme Court of Pakistan rejected bail application of a drug smuggler Atta Ullah and ordered to trial Court that complete the trial against the accused person within one and half month. According to details two member bench of Supreme Court Lahore registry comprising Justice Ijaz Ahmed Chudhary and Justice Omer Atta Bandyal starts hearing the case of drug smuggler ... Read More »

Customs deploys 20 employees at Benazir Int’l Airport to facilitate pilgrims

ISLAMABAD: At least 20 extra customs employees are deployed for the haj operation 2015 at Benazir International Airport Islamabad. Deputy Director Headquarter Model Customs Collectorate Islamabad Yawar Nawaz told Customs Today that 20 customs employees are deployed at the airport to facilitate the intending hajis. He told said that the customs officials are deployed in three shifts so they could smoothly perform ... Read More »

Transactions through cheques slip by Rs 8.0785 trillion in July: SBP

KARACHI: The State Bank of Pakistan has confirmed that after the introduction of withholding tax, transactions through cheques remained limited by account holders, as the total transactions through cheques slipped by Rs 8.0785 trillion in July. Account holders limited their banking transactions through cheque, avoiding FBR charges. Bank deposits by account holders also dropped during this period, keeping in view ... Read More »

Trade activities will remain suspended at Wagah Border for two days due to Defence of Pakistan Day

LAHORE: Trade between Pakistan and India through land freight unit Wagah Border will remain suspended for two days because of the Pakistan Defence Day. The Land Freight Unit will remain closed on September 5 (Saturday) and September 6 (Sunday). No truck will cross the international border during these two days. Trade volume between two rival neighboring countries is already very low ... Read More »

Traders’ boycott bank transactions, stage protest against levy of WHT

LAHORE: Traders in the provincial capital of Punjab once again stage protest against imposition of withholding tax on banking transactions and chanted slogans against government. On Friday at the call of All Pakistan Anjuman-e-Tajran Pakistan traders boycott their dealing with banks to record their protest against above mentioned tax. While addressing to the protestors in front of Punjab Assembly hall ... Read More »

FBR ITMember Raana Ahmed chairs meeting on IRIS

LAHORE: The Federal Board of Revenue (FBR), Member Information Technology (IT) Raana Ahmed has held a meeting on Integrated Risk Information System (IRIS) module in Regional Tax Office (RTO-II) Lahore. During the meeting, the IT Member apprised all officers of Regional Tax Office-II of the implementation of IRIS module. She said now taxpayers will file their tax returns online in which ... Read More »

Tax employees body unhappy over delay in inspectors’ promotions

LAHORE: All Pakistan Tax Employees Association, Inspectors of Inland Revenues, has expressed disappointment on the stay order against their promotions of Inspectors Inland Revenue by the auditors of the Inland Revenue from the Islamabad High Court. The Inland Revenue Inspectors submitted the Annual Confidential Reports (ACRs) to Federal Board of Revenue for promotions of senior inspectors, who already serves the department ... Read More »

Customs Adjudication-II tells importer to pay evaded taxes, duties worth Rs 1.64 million

KARACHI: The Collectorate of Customs Adjudication-II has issued an Order-in-Original against M/s Al Madina Traders for evading taxes/duties worth Rs 1.64 million by taking undue benefits under SRO 1125(I)/2011 dated 31.12.2011. According to details, the Directorate of Post Clearance Audit, Customs Karachi, while scrutinizing the data of importers relating of claiming of admissible/inadmissible concessions in taxes, found that the importer had illegally ... Read More »

China to import crude oil from Russia to ensure supply security

BEIJING: Buying crude oil from Russia allows China to ensure security of supply as cooperation between the two countries is likely “to gain new momentum,” China National Petroleum Corp. Chairman Wang Yilin said Friday. Speaking on the sidelines of the Russian 1st Eastern Economic Forum in Vladivostok, Yilin said that while China was looking to diversify its crude oil sources, ... Read More »

China crude steel production continues to decline: NDRC

BEIJING: China’s crude steel output continued to decline after recording its first half-year drop in two decades, the latest data from the country’s top economic planner showed. Crude steel production dipped 1.8 percent year on year to 476 million tons in the first seven months of 2015, compared with a 2.7 percent increase in the same period of last year, ... Read More »

Iron ore exports to China from Port Hedland hit record high

BEIJING: Iron ore exports to China from Australia’s Port Hedland climbed to a record last month as suppliers increased output through the world’s largest bulk-export terminal. Shipments rose 15 percent to 33.9 million metric tons from 29.5 million tons in July and compared with 32 million tons a year earlier, according to data from the Pilbara Ports Authority. Total iron ... Read More »

Swire Shipping upgrades Asia-Pacific services

BEIJING: Swire Shipping has upgraded its multipurpose liner service coverage in the Asia-Pacific region. The company’s dedicated Trans-Tasman service operating between New Zealand and Australia will be enhanced to provide a 15-day frequency, and 12 additional Brisbane calls will be offered by a direct service from New Zealand. Swire Shipping’s weekly liner service from Brisbane to Lae, Papua New Guinea ... Read More »

Chinese shipping giant Cosco orders two new 319,000 dwt VLCC newbuildings

BEIJING: China’s Cosco (Dalian) has ordered two new 319,000-dwt VLCCs to be built at Dalian COSCO KHI Ship Engineering Co (DACKS). The contract value was reported today at $92m per vessel, both of which are scheduled for delivery in 2018.The order brings the company’s orderbook up to 12 VLCCs, plus five 76,000-dwt LR1 product tankers and three 50,000-dwt chemical/product tankers. Read More »

Chinese ship carrying cement strikes reef, sinks off Ningbo-Zhoushan Port

BEIJING: Chinese ship Zhe Pu 01833 sank after suddenly losing power and striking a reef while approaching Ningbo-Zhoushan Port. The vessel was travelling from Taizhou loaded with 300 tonnes of cement, and headed through the Xiashimen channel when it struck the reef around 7am, and had to call for immediate assistance. A rescue ship from Ningbo Port arrived by 7:30am ... Read More »

Beirut airport customs foils attempt to smuggle drugs

DHAKA: Customs at Beirut’s Rafik Hariri International Airport foiled an attempt by a Swedish national to smuggle a large quantity of narcotics into Lebanon. Sources said customs intercept a Swedish national at airport and take him for investigation. After checking it was found that man was carrying illegal drugs to smuggle them into Lebanon. Customs has registered the case against ... Read More »

Customs arrests 3 in charge of assaulting officials

DHAKA: Rapid Action Battalion (Rab) yesterday arrested three persons on charge of assaulting some customs officials and snatching goods from a cargo village at Hazrat Shahjalal International Airport on August 10. Tipped-off, a team of Rab-1 arrested the trio — Badrul Alam Shyamol, 37, Fakhrul Alam Prince, 33, and Asifuzzaman Papon, 33, — in the capital’s Mirpur, said Lt Col ... Read More »

Bangladesh customs helps in arrest of 3 for looting goods at airport

DHAKA: Rapid Action Battalion (RAB) on Wednesday arrested three people, including the chief accused, in connection with looting goods from Hazrat Shahjalal International Airport. The detainees are chief accused Badrul Alam alias Shyamol, his younger brothers, Foysal Alam alias Prince, and Papon. The RAB said the trio were detained from the city’s Mirpur area. RAB-1 commander Lieutenant Colonel Tuhin Mohammad ... Read More »

Bangladesh customs seizes Tk5.05b gold, foreign currency

DHAKA: Customs Intelligence Department has seized gold, foreign currency, electrical equipment and drugs worth Tk 5.05 billion and around 27,489 cartons of foreign cigarettes from various entry points into the country during the last 25 months. This is an almost ten-fold rise over the seizures over nine years, during which they seized contraband worth a mere Tk 540 million and ... Read More »

Saudi Arabia arrests 1,300 drug smugglers in past 6 months

RIYADH: More than 1,300 suspected drug smugglers have been arrested in Saudi Arabia in the past six months, officials have said. The suspects include 453 Saudis and 853 foreigners belonging to 35 nationalities, local media said, quoting Ministry of Interior spokesman Mansour Al Turki. Two suspected drug smugglers were killed and nine others injured during various security operations. One security ... Read More »

Finance ministry still calculating volume of smuggled Iranian oil

TEHRAN: The Finance Ministry has expressed helplessness in giving precise market size of smuggled Iranian Oil and the economic losses suffered there-from on account of numerous reasons. A well placed source at Finance Ministry told Pakistan Observe here on Wednesday that the Finance Ministry has named two main reasons in this regard; the nature of smuggling and lack of verifiable ... Read More »