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IMF says Pakistan’s reform programme on track, approves $452m second tranche

ISLAMABAD: The International Monetary Fund (IMF) on Thursday approved Pakistan’s second tranche of $452 million under the $6 billion Extended Fund Facility (EFF), and said Pakistan’s programme was on track and had started to bear fruit, but warned that risks remain. The approval came after the executive board of IMF completed the first review of Pakistan’s economic performance under the ... Read More »

Customs authorities carrying out multiple checking of imported goods

LAHORE: Traders of Progressive Group (TPG) has drawn attention of the Lahore Chamber of Commerce and Industry President Irfan Iqbal Sheikh, what it said unjustified checking of imported goods by the customs authorities during transportation and impounding imported items after breaking locks of closed shops at night. It urged the LCCI chief to take up the issue with the authorities ... Read More »

KPT handles largest ever container vessel COSCO Belgium

KARACHI: Karachi Port Trust (KPT) has achieved another milestone while handling a giant container vessel COSCO Belgium at its SAPT terminal in South Wharf of Karachi Port. According to the details, a largest ever vessel handled for the very first time at Karachi Port Trust (KPT) with length overall (LOA) of 366 meters, highest gross registered tonnage (GRT) of 153,666 ... Read More »

Exports posts 4.8pc growth in five months of current FY

ISLAMABAD: Readymade garments exports from the country during first five months of current financial year increased by 13.19% as compared the exports of the corresponding period of last year. Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh in a tweet said “Robust export growth is vital for industrial expansion & job creation. In 5 months ... Read More »

New shipping policy will play vital role for development: Ali Zaidi

ISLAMABAD: Federal Minister for Maritime Affairs Ali Haider Zaidi on Friday said that he has recommended registration of ships by 2030. Ali Zaidi, in his latest statement to media, revealed that the ministry is going to make major announcements in its new shipping policy. He expressed hopes that the shipping industry will play an important role in the development of ... Read More »

SHC seeks comments on petition filed by M/s TF Industries

KARACHI: The Sindh High Court (SHC) directing customs officials to make sure to file their respective para wise comments on a petition filed by M/s TF Industries against enhancement of valuation of imported non-woven fabrics from at the rate of $1.80/ per kg to $2.10 per kg by Collector of Customs Appraisement East and West. On 19 December 2019, a ... Read More »

Customs Adjudication taking steps to deliver speedy justice to traders: Deputy Collector Abdul Mueed Kanjoo

MULTAN: Collectorate of Customs Adjudication is committed to ensure speedy justice to traders and facilitate them while sticking to the rule of law and justice. Customs Adjudication is disposing seizure cases on merit through fair trial of presented evidences. Customs Adjudication Multan Camp Office has shown exceptional performance by disposing record number of seizure cases after completion of their legal ... Read More »

Assistant Collector Appraisement distributes workload among 16 employees

MULTAN: Customs Collectorate of Appraisement Faisalabad Assistant Collector Beenish Rasheed distributed workload among the employees of Dry Port with immediate effect. The Collectorate of Customs Appraisement has distributed workload among 16 employees including appraiser, inspectors, upper division clerk, lower division clerk and sepoys in order to get better results. Assistant Collector Multan Dry Port Beenish Rasheed has assigned responsibilities of ... Read More »

Customs Preventive detains smuggled Indian origin consignment of medicine

KARACHI: Collectorate of Customs Preventive apprehended Indian origin second consignment during last two days. According to the details, the consignment of medicine was smuggled from India which was busted after getting authentic information from Collector Customs Preventive Saqib Saeed. During the raid conducted at gowdon located on 4th floor of the Oden Center near Regal Chowk Saddar, smuggled Indian origin ... Read More »

Sharjeel Memon seeks pre-arrest bail from SHC

KARACHI: Former Sindh minister Sharjeel Memon has filed bail petition in the Sindh High Court (SHC), fearing his arrest after opening new inquiries against him by the National Accountability Bureau (NAB). Sharjeel Memon, in his petition, stated that two references are already under proceedings again him and it came into his knowledge that the anti-corruption watchdog is now holding a ... Read More »

Customs Court approves charge sheet of HSD oil smuggling case

KARACHI: The Customs Court approved charge sheet against suspect namely Muhammad Nadeem son of Muhammad Essa who was nominated in a case of attempting to smuggle 60,000 liters high speed diesel valuing of Rs7,680,000 approximately. On 18 December 2019, investigation officer submitted charge sheet against abovementioned suspect and informed the court that on actionable information, customs officials intercepted a Hino ... Read More »

Multan Customs generates Rs.22.943m through auction of vehicles & goods

MULTAN: Collectorate of Customs Preventive generated Rs.22.9430 million through the public auction of confiscated goods and vehicles lying at the State ware House. According to details, Multan Customs Collectorate held auction for the disposal of confiscated vehicles and miscellaneous goods and it had done publicity about auction to attract bidders. The auction of confiscated vehicles and miscellaneous goods were carried ... Read More »

Gold price continues to rise in local market

KARACHI: Gold prices in the local market on Thursday edged up by Rs200 to Rs85,350 per tola, according to media. The rate of 10 grams of yellow metal also increased by Rs172 to Rs73,174. Meanwhile, in international market gold eased on Thursday as optimism surrounding U.S.-China trade ties offset support from political uncertainty stemming from the U.S. House of Representatives’ ... Read More »

Pakistan to develop innovation-driven economy: Chinese scholar

BEIJING: Since took office, Prime Minister Imran Khan has given great importance to the development of education as it is the foundation for the development of science and technology. Now, the prime minister has put forward two important concepts about Pakistan’s economic development, namely, “knowledge-driven economy” and “innovation-driven economy”. This shows that Prime Minister Imran Khan has great vision and ... Read More »

PetroChina offers lowest price for supply of LNG cargo

ISLAMABAD: PetroChina International Singapore has offered the lowest commercial price in a Liquefied Natural Gas (LNG) tender floated by Pakistan LNG Limited (PLL) for the supply of LNG cargo to Pakistan in the month of February 2020. According to media, an evaluation report issued by PLL, four international commodity supplier including Gunvor Singapore, Trafigura Pte Limited, SOCAR Trading (UK) Limited ... Read More »

KPT shipping intelligence report Dec 19

KARACHI:The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Thursday. ALONG SIDE (Bulk Oil Pier) OP-II Silver Carolyn D. Mogas GAC 18/12/19 ALONG SIDE (East Wharves): 1/2 Vinalines Glory L. Naptha Alpine 16/12/19 11/12 Jia Yue L. Clinkers Crystal Sea 17/12/19 13/14 Porthos D. Gen.Cargo Sea Hawks 16/12/19 16/17 Szczecin ... Read More »

More time required to reduce interest rate: SBP Governor Reza Baqir

FAISALABAD: The governor of the State Bank of Pakistan (SBP), Dr Reza Baqir, has hinted that more time will be required for making a reduction in the interest rate of the country, ARY News reported on Thursday. Reza Baqir, while addressing an event of the central bank in Faisalabad, however, said that improvements are being witnessed in the stock market ... Read More »

Customs Port Qasim seizes Indian origin Unilever Dove body cream

KARACHI: Collectorate of Customs Port Qasim has apprehended huge quantity of Indian origin body Cream worth millions of rupees. According to the details, during the action against Indian origin imported goods various cases have been made by Customs Collectorate of Port Muhammad Bin Qasim. In most recent case was made pertains to the attempt against import of Indian origin Dove ... Read More »

FBR decides to impose penalties on non-compliant retailers

ISLAMABAD: The Federal Board of Revenue (FBR) could impose penalties on big retailers if they would continue to fail in installing automated point-of-sale system (POS) at their outlets for real-time sales documentation. The sources said the retailers would not be entitled to adjustment of input tax and adjustable input tax for the entire tax period would be reduced by 15 ... Read More »

All out efforts will be made to redress genuine grievances of businessmen: Mumtaz Ali Shah

KARACHI: Chief Secretary Sindh Syed Mumtaz Ali Shah has assured the delegation of business community that all-out efforts would be made to redress the genuine grievances of the business community on top priority. This he said while presiding over a meeting of 28 members “Industrial Liaison Committee (ILC)”, which was constituted by the Sindh Government under the chairmanship of chief ... Read More »