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Forex reserves stand at $8.017bn

LAHORE: Total liquid foreign exchange reserves of the country stand at $ 8.017 billion, State Bank of Pakistan’s weekly report revealed. According to SBP’s weekly statement, the foreign exchange reserves held by State Bank on January 31, 2014 amounted $ 3,182 million. The net foreign exchange reserves held by banks other than SBP were $ 4,835 million. Read More »

Govt to take foreign reserves to double digits by March: Dar

ISLAMABAD: Finance Minister Senator Ishaq Dar reiterated his government’s resolve to increase foreign exchange reserves of the country to double digits by March and $16 billion by the end of the current year. He claimed that several international financial institutions and banks were now approaching Pakistani government which reflected their confidence in the economic policies of the Pakistani government. Finance ... Read More »

FBR rejects cut in customs duty on gold import

ISLAMABAD: Federal Board of Revenue (FBR) has rejected to reduce customs duty on import of gold because the matter is under purview of Parliament. This was the upshot of a second meeting of the committee on gems and jewellery constituted by the Prime Minister. Additional Secretary Industries and Production, Khizar Hayat Khan, presided over the meeting and reviewed the decisions ... Read More »

Fire engulfs launches at Fishery

KARACHI: A huge fishing launch caught fire at Fishery in Karachi. It also engulfed the other launches while destroying at least one other launch completely. According to sources, second degree fire erupted in a fishing launch and destroyed the entire vessel. Nine fire brigades made efforts to control the blaze and to safeguard the other launches present at the site. ... Read More »

Private sector can pull the country out of economic crisis: PIAF

LAHORE: Pakistan Industrial & Traders Associations Front (PIAF) Chairman Malik Tahir Javed while congratulating Pak Business Express on completion of two years, has said that success of this venture is an ample proof that private sector has the ability to put economy back on rail by turning loss making enterprises into profitable ones. In a statement issued here, Malik Tahir ... Read More »

Dubai customs seizes counterfeit documents

DUBAI: Customs officials in Dubai have blocked two separate attempts to smuggle 28 fake documents, including 25 visas, and three passports, at the Dubai International Airport. A senior customs official said that smuggling of 25 fake visas was intercepted with the arrest of a passenger coming from an Asian country, while three forged African passports were seized in another smuggling bid. ... Read More »

Release of refund claims to textile exporters on the cards

FAISALABAD: Regional Tax Office (RTO) has accelerated efforts for disbursement of pending refund claims of textile exporters, said Shaukat Mahmood Chief Commissioner Inland Revenue Faisalabad during a meeting at Pakistan Textile Exporters Association (PTEA). Speaking on the occasion, The Chief Commissioner said that textile exporters were playing important role in strengthening the economy while textile sector was the mainstay of ... Read More »

Nato/Isaf transit cargo: Processing, clearance only under WeBOC

KARACHI: The Directorate General Transit Trade, Customs House Karachi has announced that processing and clearance of US/Isaf/Nato transit cargo will only be carried out under the Web-Based Customs Computerised System (WeBOC) and all their ‘transit Goods Declarations (GDs)’ shall be filed under this system. The Directorate has also notified that the Afghan importers or their authorised customs clearing agents shall ... Read More »

Smuggling makes headway at the cost of our livelihoods: Lashari

LAHORE: With the passage of time smuggling is progressing which has dangerously ruined the economic health of the country and the government has failed to arrest the menace completely. This was stated by Lahore Chamber of Commerce and Industry President Sohail Lashari while exclusively talking to Customs Today here. The president said that smuggling has been gaining momentum ever since ... Read More »

Pakistan attaches great importance to ties with UAE: Dar

ISLAMABAD: Federal Minister for Finance Ishaq Dar has said that Pakistan cherished close friendly ties with the people and leadership of the United Arab Emirates (UAE). Talking to Deputy Ruler of Dubai and UAE Minister of Finance and Industry Sheikh Hamdan bin Rashid Al Maktoum, Dar said the foundation of the close and fraternal relations between the brotherly countries was ... Read More »

ANF seizes heroin worth millions of rupees from container

KARACHI: Anti Narcotics Force recovered and seized high quality heroin worth millions of rupees from a container during an operation at Karachi Sea Port. The heroin was hidden very skillfully in cartons of kinnow. The heroin was being smuggled to Malaysia by two culprits who are arrested. A case has been registered against them and investigation is underway. Further arrests ... Read More »

Asad shows contentment on tax collection so far

ISLAMABAD: FBR Official Spokesperson Shahid Hussain Asad said that there should be 5 per cent annual economic growth where there is 10 per cent inflation. Keeping this in view the tax collection is remarkable. While talking to Customs Today, he informed that there is 34% growth in collection of income tax; 17% growth in collection of sales tax; 4% growth ... Read More »

PR planning dry port at Havelian

LAHORE: Pakistan Railways Minister Khwaja Saad Rafique has said that the ministry is planning to set up a new dry port at Havelian for containers with the consent of Chinese government. “A dry port is being planned at Havelian for holding containers with the cooperation of the Chinese government and about 2 million tonnes of goods per year could be ... Read More »

Refund payments: FBR suggests issuance of Rs58b bonds to banks

ISLAMABAD: The Federal Board of Revenue has proposed to the Ministry of Finance to issue investment bonds to banks worth amounting to Rs58 billion for settlement of huge amount of outstanding refund payments during 2013-14. The FBR has drafted the proposal for consideration by Finance Minister Ishaq Dar but the ministry has not taken any decision so far. The FBR ... Read More »

Customs Valuation dept re-determines values of chocolates

KARACHI: The Directorate General of Customs Valuation has re-determined the customs values of chocolates (HS Code 1806.3100,1806.3200, 1806.9000) through Valuation Ruling No. 636/2014 under section 25-A of the Customs Act, 1969 which supersedes the previous Valuation Rulings No. 508/2012 and 529/2012. According to details, the customs value of Toblerone (Milk) 35 grams from all origins having Pakistan Customs Tariff (PCT) ... Read More »

CA firms consent to pay ST on services to SRB

KARACHI: The Chartered Accountants have agreed to pay sales tax on services to Sindh Revenue Board (SRB) and withdrawn the petition filed against the levy of tax on services in Sindh High Court. As per details, five top Chartered Accountants firms had moved the SHC against the Sindh government decision to collect sales tax on services. In the petition, the ... Read More »

Raana Ahmed gets additional charge of Pral CEO

ISLAMABAD: Federal Board of Revenue Member Information Technology Raana Ahmed has been given additional charge of CEO Pakistan Revenue Automation Limited (Pral) while existing Pral CEO Imtiaz Ahmad Khan has been made General Manager. The decision was made at the Board of Directors meeting of Pral chaired by FBR Chairman Tariq Bajwa at FBR House. According to details, the FBR ... Read More »

KPT playing vital role in strengthening economy

LAHORE: Chairman Karachi Port Trust (KPT), Rear Admiral (Retired), Azhar Hayat has said that the KPT is playing a vital role in strengthening country’s economy. He said that efficiency of KPT has been improved due to privatization of two terminals. Law enforcement agencies were cooperating in the recovery of illegally occupied lands of the port. There were some difficulties in dealing with the land grabbers ... Read More »

German pizza in Switzerland: Customs clearance first

BERNE: German and Swiss food lovers were enjoying a flourishing trade in Italian food delivery, but customs officials in Switzerland finally noticed and are putting a stop to it. According to local media, ordering a Margherita pizza for delivery in some Swiss border towns near Germany cost between 13.50 and 15 Swiss francs, or between $14.94 and $16.60. But Swiss customers ... Read More »

Adjudication Collectorate decides 80pc of cases in 10-12 days

KARACHI: There is no backlog of cases at the Collectorate of Adjudication as the department has timely and efficiently summoned the parties concerned (importers and exporters) and settled down their issues. A senior officer of the Adjudication Collectorate told this to Customs Today while requesting anonymity here. He said that cases had been decided speedily and efficiently after the introduction ... Read More »