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Ramzan mills case: NAB court extends Hamza Shahbaz’s judicial remand till Dec 23

LAHORE: Accountability court on Thursday has extended judicial remand of Opposition Leader in Punjab Assembly Hamza Shahbaz in Ramzan Sugar Mills case till December 23. According to details, strict security arrangements were made on the occasion to avoid any untoward incident. Earlier, the court had allowed the National Accountability Bureau (NAB) to interrogate Pakistan Muslim League-Nawaz (PML-N) senior politician Hamza ... Read More »

FBR deploys teams at 20 sugar mills for monitoring of production, supplies

ISLAMABAD: Federal Board of Revenue (FBR) has deployed teams of Inland Revenue at 20 sugar mills to monitor production and supply to detect tax evasion. The Inland Revenue (IR) officers have been deployed at the premises of sugar mills under Section 40B of Sales Tax Act, 1990 for the monitoring of stock, production and supply. Sources told that Large Taxpayers ... Read More »

Switzerland to exchange bank data with Pakistan

BERN: In a key development over the issue of the wealth stashed to abroad, the Swiss parliament has approved the automatic exchange of bank data to 18 more countries including Pakistan from year 2021, according to a media report. The Swiss Senate followed the House of Representative’s lead and approved a new batch of countries for automatic exchange of financial ... Read More »

Importers move SHC challenging Valuation Ruling No 1015/2017

KARACHI: The Sindh High Court (SHC) directed customs officials and deputy attorney general to file their para wise comments on a constitutional petition filed by M/s Nusrat Corporation and M/s Kashif Associates seeking release order of imported consignment comprising of citric acid anhydrous on unit value of $0.595. On 11 December 2019, a two-member bench headed by Justice Aqeel Ahmed ... Read More »

NAB summons Khawaja Asif on Dec 18

ISLAMABAD: National Accountability Bureau (NAB) Rawalpindi Chapter on Thursday summoned former federal minister and Pakistan Muslim League-Nawaz (PML-N) leader Khawaja Asif in case pertaining to the assets beyond income on December 18. According to a notice issued on Thursday, Khawaja Asif has been asked to bring along his and family members assets and account details. On the other hand, anti-graft ... Read More »

FBR issues 2257 tax notices to defaulters of agri income tax

MULTAN: Federal Board of Revenue (FBR), Regional Tax Office (RTO) has issued notices 2257 tax notices to defaulters who did not submit agricultural income tax after verification. Assistant Commissioner Shahzad Khan has issued agricultural income tax notices to 2257 landowners across the district. Assistant Commissioner told Customs Today that we will start the assessment of agricultural income tax after December ... Read More »

Customs Court directs to complete probe against M/s Voroly Impex, M/s Welcome Services

KARACHI: The Customs Court directed investigation officer of Appraisement East to submit charge sheet in another case against Muhammad Saleem, owner/ proprietor of M/s Voroly Impex, Abdul Razzaq, proprietor of M/s Welcome Services, Muhammad Junaid of M/s Welcome Services and others who are booked for import with active connivance of his clearing agent deposited fake/ forged/ bogus pay orders as ... Read More »

JS Global submits PAI to acquire up to 45.03pc shares of Next Capital

KARACHI: JS Global Capital Limited, on behalf of its clients or acquirers, has submitted a Public Announcement of Intention (PAI) to acquire up to 45.03pc shares (20,264,344 shares) of Next Capital Limited. In a letter sent to the Pakistan Stock Exchange (PSX), JS Global Capital Limited stated, “On behalf of our clients, Muhammad Najam Ali, Mrs Hanna Khan and Muhammad ... Read More »

Pak-UK Business Conference concludes on a high note

RAWALPINDI: The Rawalpindi Chamber of Commerce (RCCI) organized third Pak-UK Trade and Investment Conference in the UK city of Birmingham. Addressing the concluding session of the conference, President RCCI Saboor Malik, said that both Pakistan and UK has historical relations and our relations are based on mutual respect. The major aim of this conference was to attract foreign direct investment ... Read More »

SHC disposes of plea against sale, manufacture of ‘faulty bomb detectors’

KARACHI: A two-member bench of the Sindh High Court (SHC), comprising Justice Mazhar and Justice Agha Faisal disposed of the plea pertaining to the manufacture and sale of Khoji, an allegedly defective bomb detector, by the Airport Security Force (ASF). The ASF submitted its reply before the court. The plea maintained that ASF has made a bomb detector named Khoji, ... Read More »

Gold imports decreased by 6.72pc in 4 months of current FY 2019-20

ISLAMABAD: The gold imports into the country decreased by 6.72 percent during the first four months of the current financial year (2019-20) as compared to the corresponding period of last year. Pakistan imported gold worth $5.647 million during July-October (2019-20) compared to the imports of $6.054 million during July-October (2018-19), showing negative growth of 6.72 percent, according to the Pakistan ... Read More »

NAB executive board approves new corruption inquiries

ISLAMABAD: The executive board of the National Accountability Bureau has approved new corruption inquiries during a meeting held under the chair of NAB chairman Justice (r) Javed Iqbal. The NAB executive board has given the approval to open an investigation against officers of the anti-corruption establishment (ACE) Karachi. Moreover, the anti-corruption watchdog ordered separate inquiries against Sindh revenue department over ... Read More »

Accountability court orders to freeze assets of Shehbaz Sharif family

LAHORE: An accountability court on Wednesday ordered to freeze properties of former Punjab CM and Pakistan Muslim League Nawaz (PML-N) President Shehbaz Sharif and his family members. The National Accountability Bureau (NAB) had filed a petition seeking to freeze properties belonging to Shehbaz Sharif and his family members. The court, in its verdict, directed concerned authorities to freeze all assets ... Read More »

Russian involvement in railways sector mutually beneficial:  Hammad Azhar

ISLAMABAD: Federal Minister for Economic Affairs Hammad Azhar on Wednesday said that Russian involvement in development projects will be mutually beneficial for both Russia and Pakistan. Addressing a press conference along with Russian Trade Minister Denis Valentinovich Hammad Azhar specifically highlighted cooperation in the railway sector. “Russia is exporting [railways] equipment to European countries. On the other hand, Pakistan’s workshops ... Read More »

Bullish trend in PSX as 100-index touches 40,801 points

KARACHI: Pakistan Stock Exchange (PSX) continued a bullish trend on Wednesday as the KSE-100 index gained 138 points. The index is currently trading at 40,801 points. The market is seems to be stablizing as the investors are getting trust to invest in the PSX due to positive policies of the Pakistan Tehrek-e-Insaf government. Earlier, Advisor to Prime Minister on Finance, ... Read More »

Karachi Port Trust ships movement, cargo handling report Dec 10

KARACHI: Following were the movements of ships and cargo handling at the Karachi Port Trust (KPT) during the last 24 hours, ending at 0700 hours on Tuesday. SHIPS BERTHED: Kota Karim Container Ship Orient Pluto General Cargo Cosco Japan Container Ship Altonia Container Ship Coral Star Container Ship Cosco Hong Kong Container Ship E M Sapphire General Cargo Ningbo Express ... Read More »

Director I&I Irfan Javed recovers Rs221.7m duty, taxes from M/s OGDCL

KARACHI: Under the supervision of Director Irfan Javed Directorate-General of Customs Intelligence & Investigation (I&I) recovered Rs221,715,659/- (Rs221.7 million) on evaded by M/s Oil & Gas Development Company Limited (OGDCL) on import of seamless pipes imported vide GD No. KEWB-HC-2414 dated 5.12.2019. According to the details, in pursuance of an information of undue claim of exemption under SRO 678(I)/2004, dated ... Read More »

ADB sees stabilization in Pakistan’s economy this year

MANILA: The Asian Development Bank (ADB) expects stabilization of Pakistan’s economy in current fiscal year while predicting slower growth than expected for developing nations of Asia. In its Asian Development Outlook Supplement, the Manila-based lender assesses slower growth in Asia this year and next, citing weakening domestic investment due to external factors such as the U.S.-China trade war for its ... Read More »

Multan Adjudication decides 43 seizure cases worth Rs.38.225m

MULTAN: Customs Adjudication Multan Camp Office decides 32 seizure cases of worth Rs38.225 million during the month of November 2019-20. According to the details, Customs Adjudication has conducted hearing of different seizure cases during November 2019-20. Customs Adjudication collector, additional collector and deputy collector conducted trial of these seizure cases according to their authorized power to adjudicate cases as per ... Read More »

IHC grants bail to former president Asif Ali Zardari on medical grounds

ISLAMABAD: A special bench of the Islamabad High Court on Wednesday approved the bail of former president Asif Ali Zardari on medical grounds. The former president was asked to submit surety bonds worth Rs10 million in order to get bail. Last week, the IHC had admitted a bail plea filed by the former president seeking bail on medical grounds in ... Read More »