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UK to support internationalization of yuan

BEIJING: Britian will support the internationalization of the yuan and strengthen financial ties with China despite the recent volatility in the Chinese stock market, Lord Mayor of the City of London Alan Yarrow said ahead of his trip to China here the other day. Yarrow, who will lead a business delegation on a 10-day trip to China, suggested the recent ... Read More »

China vehicles sale falls 3% to 1.66 m units in Aug

BEIJING: Things are looking grim for China’s auto market, as sales have slipped for four months in a row compared with the same period last year. Vehicles sold in August stood at 1.66 million units, a 3 percent fall year-on-year, according to the Chinese Association of Automobile Manufacturers. “We have seen monthly sales fall year-on-year from May,” said Chen Shihua, ... Read More »

India’s Vizury bets on Chinese market

BEIJING: Vizury, an Indian big data marketing company, brought a new product to the Chinese market to help brands increase their efficiency in securing customers and personalizing their marketing solutions. The Bangalore-headquartered company recently announced in China the launch of Vizury Engage, a solution that combines the power of predictive analytics and personalization,offering brands a one-stop solution to engage users ... Read More »

China’s steel output rises 1.7%

BEIJING: China’s steel output climbed in August from a month earlier, shrugging off government-ordered shutdowns and increasing concerns that excess production in the world’s biggest supplier is swelling a global glut. Output of crude steel rose 1.7 percent to 66.94 million metric tons, according to data from the National Bureau of Statistics. While production was up from July, it fell ... Read More »

China commodities production weak as economy slows

BEIJING: China’s output of key industrial commodities including coal and steel weakened in August, as government measures to cut smog ahead of World War Two commemorations further cut production already lowered by a slowing economy. Growth in China’s investment and factory output missed forecasts in the month, pointing to a further cooling in the world’s second-largest economy that will likely ... Read More »

Oman inks trade agreement with China to enhance cooperation

MUSCAT: The ninth round of the strategic consultations between the foreign ministries of the Sultanate and the People’s Republic of China was held in Muscat on Friday. The Omani side was led by Sayyid Badr bin Hamad bin Hamoud Al Busaidi, secretary general of the Foreign Ministry, while the Chinese side was led by Zhang Ming, vice minister of foreign ... Read More »

Customs Intelligence seizes goods worth Rs 223 million in August

ISLAMABAD: Directorate General Customs Intelligence and Investigation Islamabad has seized Rs 223 million smuggled goods and registered 121 cases against the smugglers while arrested nine suspects during August 2015. Deputy Director headquarter Khaldunul Haq told Customs Today that during the course of anti-smuggling activities in August 2015, Directorate General Customs Intelligence and Investigation Islamabad seized smuggled goods worth Rs 223 million from different ... Read More »

Pak, China Customs ink MoU to setup Electronic Data Interchange

KARACHI: Pakistan Customs and the China Customs have signed an agreement to establish Electronic Data Interchange (EDI) aimed at reducing the incidences of revenue losses/under invoicing. The sources told Customs Today that the Pakistan Customs, after the agreement was signed in China, procured software/machines for the EDI establishment. The EDI would help access trade documents on real time basis from ... Read More »

Customs seizes Rs 10.25m smuggled auto-parts, tyres

LAHORE: Customs Intelligence and Investigations has impounded smuggled tyres and auto parts worth Rs 10.25 million, official sources told Customs Today here. The sources added that on the information of Director Saud Imran, the Custom authorities intercepted a truck which was coming from Peshawar on Multan Road and seized the truck loaded with smuggled motor-bike parts and tyres. The sources further revealed ... Read More »

Customs court seeks challan in Rs 5.62m tax evasion case

KARACHI: The Special Court of Customs Taxation and Anti-Smuggling has directed the investigation officer to submit challan in a case pertaining to import of dutiable goods of Indian origin in the guise of used cloths that caused Rs 5.62 million loss to the national exchequer. Judge Syed Faiz Rasool Rashdi directed the accused persons to cooperate in investigation when the ... Read More »

Smuggling of electronic gadgets: Court confirms interim bails of TCS employees

KARACHI: The Special Court of Customs Taxation and Anti-Smuggling has confirmed the interim bails granted to six employees of the TCS who were booked for their alleged involvement in smuggling of electronic gadgets. Judge Syed Faiz Rasool Rashdi pronounced the verdict after hearing arguments from prosecution and defence sides. According to the prosecution, the customs authorities recovered a huge quantity ... Read More »

IR-Intelligence probing assets of former EOBI chairman Zafar Gondal

ISLAMABAD: The Federal Board of Revenue’s (FBR) Directorate of Inland Revenue-Intelligence and Investigation has started investigations to know about the sources of assets made by former Employees Old-Age Benefit Institution (EOBI) chairman Zafar Gondal and former owner of Safa Gold Mall Islamabad Abdul Qayyum Qureshi following the judgement of the Supreme Court in the EOBI case. Sources said that the ... Read More »

Customs’ Licensing Committee refuses to renew TPL Trakker’s license

KARACHI: Pakistan Customs’ Licensing Committee has refused to renew the license of M/s TPL Trakker Limited and directed the company to give a detailed report/ presentation on the performance since it was given licence in 2012, Customs Today learnt. In this regard, a meeting of the Licensing Committee was recently held at the Custom House with Chairman, Directorate General Transit ... Read More »

Sumeera Sheikh made new SA to central region chief collector

LAHORE: Additional Collector of Customs Sumeera Sheikh has taken the charge as SA to Chief Collector of Customs central region, sources told Customs Today. According to the sources Sumeera Sheikh serving as additional director at the Post Clearance Audit in the Lahore Customs House. Following Additional Collector Customs Mehreen Nasim, SA to chief collectors of Customs Central Region Rozi Khan Burki ... Read More »

ATIR chairman demands privileges as of higher courts judges

ISLAMABAD: Appellate Tribunal Inland Revenue (ATIR) Chairman Javid Iqbal has demanded the federal government provide him the benefits and privileges as entitled to judges of the higher courts. Talking to the Customs Today, the chairman argued for similar benefits as of higher courts judges, stating that the eligibility criterion to recruit ATIR chairman and judicial member was identical to the applicants ... Read More »

SHC seeks Customs comments on valuation ruling of toilet soaps

KARACHI: Several importers of toilet soaps have approached the Sindh High Court (SHC), challenging the Valuation Ruling No. 737/2015 under which the customs authorities are determining the value of toilet soaps. M/s Abdullah and Company, M/s ARG Enterprises, Fahad Enterprises, and M/s Ashraf Traders approached the court naming the Secretary Revenue Division, Collector of Customs Appraisement-East, Director General of Valuation ... Read More »

Smuggling of Iranian petrol: Court grants physical remand of six accused

KARACHI: The Special Court of Customs Taxation and Anti-Smuggling granted Pakistan Customs five-day physical remand of six accused in a case pertaining to the sale of smuggled Iranian POL products. Pakistan Customs’ Directorate of Intelligence and Investigation’s officer Atif Shuja produced six accused before the judge and sought their physical remand for five days for interrogation. According to the official ... Read More »

FBR introduces new system for clearance through ‘Border Customs Stations’

MULTAN: The Federal Board of Revenue (FBR) has introduced a new system of imports and exports of goods through” Border Customs Stations”. Sources told Customs Today the that FBR  recently issued notification under SRO 840/2015 (I) Rules, governing imports and exports at Border Customs Stations. The Model of Customs Collectorate Multan also received the notification regarding new procedure for the clearance of ... Read More »

Trade of vegetables resumes through Wagah Border

LAHORE: Trade between Pakistan and India has started again and fresh vegetables are being imported by Pakistani traders. According to Customs officials of Wagah Land Freight Unit, Pakistan has started importing fresh vegetables and fruits from India after a long break of four months. Every month, Pakistan imports huge quantity of tomatoes from India and during last week Pakistan imported 15 ... Read More »

Court orders NAB to return wallet, mobile phone of Qasim Zia

LAHORE: Accountability Court of Lahore has ordered NAB to return documents, wallet and mobile phone of Qasim Zia who is on judicial remand. A petition was moved by son of PPP leader Qasim Zia that wallet and mobile phone of his father is in NAB custody which is illegal. He requested the court that these items should be returned to him. ... Read More »