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Intel Corp invests $60m in drone maker

BEIJING: Intel Corp has poured more than $60 million into Yuneec International Co, a Shanghai-based drone and aerospace company, as a broad range of technology companies investigate the possible commercial uses of unmanned aircraft. Venture capitalists and companies are investing in drone technology on the expectation that unmanned aerial vehicles will prove beneficial for consumers and industrial customers. Amazon.com Inc ... Read More »

Shanghai Pengxin may buy 2 cattle farms in Australia for $720m

BEIJING: Chinese conglomerate Shanghai Pengxin Group Co Ltd is set to become the largest farmland owner in Australia if it is successful in the acquisitions of two cattle farms for A$1 billion ($720 million). The Shanghai-based company has placed separate offers for Consolidated Pastoral Co and S Kidman & Co Ltd, two of the country’s largest beef producers, according to ... Read More »

China Ocean Shipping profit to hit $296m in H1

BEIJING: China Ocean Shipping (Group) Co remained profitable during the first six months of this year, with net profit attributable to the shareholders reaching 1.897 billion yuan ($296 million), a 183.31 percent increase over the corresponding period a year earlier, according to interim results released by China’s largest liner here the other day. Despite the slowdown in global economic growth ... Read More »

Customs foils bid to launder Rs 8mn at Jinnah airport

KARACHI: Pakistan Customs has foiled a bid to launder money to the tune of Rs 8 million from Jinnah International Airport Karachi. According to details, the officials of the Model Customs Collectorate-Preventive intercepted two passengers namely Rehmat Khan and Ali Karani on the basis of profiling. These passengers were going to Dubai. While body search, the customs officials recovered Rs ... Read More »

Afghan transit reverse-commercial cargo to be on WeBOC

KARACHI: The Pakistan Customs is bringing the Afghan Transit reverse-commercial cargo on the Web-based One Customs (WeBOC) to ensure transparency in the entire process. Besides, the WeBOC system would help track the containers by just entering the specified codes. The officials at the Directorate of Reforms and Automation told Customs Today that the process had also been completed. However, the ... Read More »

Court defers verdict in gold smuggling case

KARACHI: The judgment in a long–drawn gold smuggling case was deferred as the judge of the Special Court of Customs Taxation and Anti-Smuggling was on leave. The court office has set September 17, 2015 for the pronouncement of the judgment. Earlier on, August 9, 2015, Judge Syed Faiz Rasool Rashdi had reserved the judgment after hearing final arguments from both sides ... Read More »

Customs Multan blacklists firm for any public proposal

MULTAN: The Model of Customs Collectorate Multan has blacklisted a firm for two years on the directions of the Finance Division. The Finance Division purchased CCTV system from M/S Olive International (Pvt) Limited at Jinnah Avenue Blue  Area Islamabad on less than one year warranty. During the warranty period, the cable converter and LED of the system were gone out ... Read More »

Customs to install trackers on US reverse cargo containers

KARACHI: The Pakistan Customs has decided to install trackers on the containers of the United States reverse cargo aimed at ensuring that the containers and goods do not get pilfered on the way to Afghanistan. The sources told Customs Today that the Customs would soon start installing chips on the containers of the US reverse cargo in a view to avoid ... Read More »

FBR to bring officials to table avoiding inquiries against black sheep

ISLAMABAD: The Federal Board of Revenue (FBR) is considering taking disciplinary action against the officials who are not conducting inquiries against their subordinates following the directions of the department. Sources told that field formation high-ups concerned were when asked to kick off investigation against the officials after the complaints received by department against them regarding corruption and misuse of powers, but they ... Read More »

Customs Adjudication issues notice to suspect for appearing in court

ISLAMABAD: The Customs Adjudication Islamabad has issued a show-cause notice to alleged smuggler involved in smuggling of 810 kg of fabric. According to the details, the anti-smuggling wing of Directorate of Customs Investigation and Intelligence Rawalpindi has impounded a passenger bus bearing Registration No. LZV-0090 coming from Peshawar following the charges of smuggling of cloth. The Customs Intelligence also lodged ... Read More »

Release of Afghan Transit Cargo: SHC directs Customs court o decide case in four months

KARACHI: The Sindh High Court (SHC) has directed the Special Customs and Taxation Court to expeditiously proceed with trial in a case pertaining to fraudulent release of Afghan Transit Cargo and ensure that the case is decided preferably within four months. The directives came on the petition filed by Shaukat Gul, Muhammad Ali, Imran Ali and Luqman Khan who were ... Read More »

Peshawar Adjudication orders release of vehicle after payment of fine

ISLAMABAD: Additional Collector Customs Adjudication Peshawar Karam Elahi has issued orders for the release of impounded trailer and Dumper Truck loaded with edible items after payment of 20 percent of the value of seized goods for each as fine. The additional collector issued Order-in-Original (ONO) 41/ 2015 was issued in this regard. The Customs Investigation and Intelligence Peshawar had impounded ... Read More »

Mianwali ASO impounds Toyota Hilux worth Rs 1.27m

FAISALABAD: The Customs Anti-Smuggling Organization (ASO) Mianwali has impounded a non-duty paid vehicle, Toyota Hilux Surf worth Rs 1.27 million involving duty/taxes amounting to Rs 877,406. ASO Mianwali which falls in Jurisdiction of Model Customs Collectorate Faisalabad Additional Collector Muhammad Asim Awan received credible information regarding the smuggled vehicle and formed a team to hold the vehicle. The ASO team ... Read More »

Govt urged to focus on early completion of Gwadar port

ISLAMABAD: Chairman Parliamentary Standing Committee on Ports and Shipping, Syed Ghulam Mustafa Shah, has urged the Pakistan Muslim League Nawaz (PML-N) government to sustain timely funding for scheduled completion of Gwadar port. Expressing concerns over unsolicited forces endeavors to sabotage region’s key trading port, the chairman extended full support to the government, stating that with the Chinese cooperation and Pakistan ... Read More »

FBR to restore circle tax offices of RTO Multan soon‏

MULTAN: The Federal Board of Revenue (FBR) will restore the circle office of the Regional Tax Office in Multan City for the collection of taxes from October 1, 2015. According to details, Central Secretary Federal Revenue Alliance Tahir Khakwani told Customs Today that the FBR is going to reinstate the circle tax offices located in the jurisdiction of Regional Tax Office ... Read More »

Customs seizes electronics goods worth Rs 2 million in separate incidents

ISLAMABAD: Directorate General Customs Intelligence and Investigation Rawalpindi has seized smuggled electronics and ladies cloth worth Rs 2 million. Sources told Customs Today that the Directorate General Customs Intelligence and Investigation Rawalpindi has seized Rs 2 million of smuggled goods having duty taxes of Rs 1 million during anti-smuggling drive. The seized goods include 148 kilograms of ladies cloth worth Rs 1.2 ... Read More »

ASO Faisalabad seizes smuggled art silk cloth

FAISALABAD: The Anti Smuggling Organization ( ASO) seized smuggled cloth in Faisalabad. The market value of seized cloth is Rs 4.38 million involving duty and taxes amounting to Rs 79,600. Sources told Customs Today, Collector Customs MCC Faisalabad Tauseef Ahmed Qureshi received a credible information regarding smuggling of silk art cloth. After receiving the information Collector Tauseef Ahmed Qureshi  constituted a special ... Read More »

PCA sends contravention report against Osama Fertilizers

KARACHI: Directorate of Post Clearance Audit (PCA) has sent a contravention report against Osama Fertilizers for evading tax of Rs 25 million. The above said company also used SRO for illegal means. Sources told Customs Today that from year 2012 to 2012, Osama Fertilizers cleared 37 consignments from MCC Appraisement East, West, Port Qasim and Preventive Collectorate. Through these consignments ... Read More »

Steel Mills Association demands refund of claims

KARACHI: The Steel Mills Association has demanded the government refund their outstanding dues amounting to millions of rupees. Vice chairman of association told Customs Today that Federal Board of Revenue is liable to pay them refunds of sales tax and withholding tax. He  said that bullet and iron rods and being imported from China on very less rates and this ... Read More »

NLC not handing-over locomotives to Railways

LAHORE: National Logistic Cell (NLC) and Pakistan Railways (PR) join hands for the revival of freight trains operations but failed in achieving the required results. Sources told Customs Today that National Logistic Cell and Pakistan Railways signed an agreement for supply of ten locomotives of NLC to Pakistan Railways on twelve years lease enabling Pakistan Railways to run more freight ... Read More »