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SBP revises banks timing after Ramazan

KARACHI: State Bank of Pakistan (SBP) on Wednesday issued revised banks timing from May 27, 2020 after Ramazan ul Mubarak. In a notification sent to president and chief executives of all banks, development finance institutions and microfinance banks, the SBP said that the central bank will observe the following office timings till further orders: Monday to Thursday: 10:00 a.m. to ... Read More »

Govt likely to raise electricity tariff by Rs2 per unit

ISLAMABAD: The price of electricity is likely to be increased from anywhere between Rs 1.5 to Rs 2 per unit, which will put an additional burden of more than Rupees 162 billion on the people. According to details, the federal government is mulling over increasing the price of electricity which will put extra burden on the public already trapped in ... Read More »

Pakistan resumes talks with IMF for loan acquisition

ISLAMABAD: Pakistan has resumed negotiations with the International Monetary Fund (IMF) for loan acquisition and IMF’s Director Communications, Jerry Rice, has expressed hope for a positive outcome. According to details, talks between Pakistan and the International Monetary Fund (IMF) on the second economic review have started again after negotiations over the third installment were suspended last month due to coronavirus. ... Read More »

Siraj Teli for winding up lockdown, deploying Army to ensure strict adherence to SOPs

KARACHI: Chairman Businessmen Group (BMG) and former president Karachi Chamber of Commerce & Industry Siraj Kassam Teli, while urging the government to completely wind-up the lockdown so that all types of businesses and industries could restart their operations with full swing, also advised the government to deploy troops from the army whose presence and patrolling at various commercial markets would ... Read More »

RCCI urges for effective awareness drive to tackle Corona

RAWALPINDI: The Rawalpindi Chamber of Commerce and Industry (RCCI) has urged for an effective awareness drive for the prevention of Corona. The number of cases can be reduced only by strictly implementation of standard operating procedures (SOPs). In a statement, RCCI president Saboor Malik said that due to ease in partial lockdown, the common man has ignored precautionary measures. The ... Read More »

New tariff policy to reduce customs & regulatory duties: Razak Dawood

ISLAMABAD: Ministry of Commerce has evolved a comprehensive tariff policy including reducing customs and regulatory duties on raw materials and semi-finished products. The plan is being developed for budget 2020-21 in a fashion to mitigate the impact of Covid-19 and encourage import substitution of major consumer items in the country, Commerce Adviser Abdul Razak Dawood told media. He said that ... Read More »

Punjab govt finalises market timings amid lockdown

LAHORE: The Punjab government has finalised the market timings amid COVID-19 lockdown which will be coming into effect from Wednesday. The Punjab Minister for Industries, Commerce and Investment Mian Aslam Iqbal announced that pharmacies and petrol pumps will remain open for 24 hours everyday from May 27. He said that markets and shops will be allowed to continue trade activities ... Read More »

World airlines body raises alarm over bailout debts

PARIS: Heavy debts inherited from government bailouts and other fund-raising moves will delay the airline industry’s recovery from the coronavirus crisis, a trade body said on Wednesday. Global airline debts are set to rise by more than a quarter to $550 billion (£445.06 billion) by the end of the year after governments announced $123 billion in total support, the International ... Read More »

Gwadar Customs to hold auction of vehicles on June 4 at Gaddani

GWADAR: Collectorate of Customs Gwadar announced public auction of confiscated vehicles to be held on June 4, 2020 at Custom House, Gaddani. Following vehicles will be presented for auction: BMW Car, Model 2002, Chassis No. WBAGL42020DD-78677 Toyota Land Cruiser, Model 1998, Chassis No. BJ-60-020679 Toyota Land Cruiser, Model 1991, Chassis No. HZJ-770002489 Toyota Land Cruiser, Model 1985, Chassis No. BJ-61-003506 ... Read More »

Pak-India trade trough Attari-Wagah border most likely to be resumed

LAHORE: The trade between India and Afghanistan through Attari-Wagah border is most likely to be restarted after Eid-ul-Fitr holidays (from May 25 to 27) in Pakistan, sources said. “We have already got a letter from the Centre, instructing us to be prepared as the trade between the two countries will be started soon,” the sources said. The Indian government had ... Read More »

FBR suggested to review FED to save local tobacco industry

ISLAMABAD: As Pakistan continues to lose billions of rupees every year due to the alleged illicit tobacco trade, high-handedness of multinational companies and loopholes in the system, the Federal Board of Revenue (FBR) has been suggested to substantially increase federal excise duty on illegal tobacco trade, without increasing the local tobacco consumption, as it would help in generating about Rs ... Read More »

FPCCI proposes duty free import of used cars & subsequent export after repair

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has proposed duty free import of used cars and their subsequent export after repair. The apex trade body in its proposals for budget 2020/2021 said that the UAE had developed Export Processing Zone (EPZ) for duty free import of used cars, their repair and subsequent export to different countries especially ... Read More »

Customs ASO surpasses assigned revenue target despite lockdown: Collector Seema Bokhari

ISLAMABAD: Collectorate of Customs Collector Seema Raza Bokhari t has said that due to COVID19 the FBR has revised revenue collection target under head of customs duty. While talking exclusively with Customs Today she said that due to prevailing pandemic of COVID19 situation there is no economic activity shown at Islamabad dry port nor at AFU (Air Freight Unit) situated ... Read More »

Over 175 Pakistani stranded in India returned home

LAHORE: Over 175 Pakistani stranded in India returned through the Wagah border on Wednesday, customs officials said.  Upon their arrival, immigration and customs clearance and screening was carried out in accordance with anti-coronavirus measures in place, claimed officials. The border, which had been closed due to the coronavirus pandemic, was opened exclusively for their return. These Pakistani citizens had been ... Read More »

APM Hafeez Shaikh reviews report of banks, financial institutions

ISLAMABAD: A special meeting of the PM-formed Think Tank was held here during the Eid holidays with Adviser to the Prime Minister on Finance & Revenue Dr Abdul Hafeez Shaikh in the chair. All other members of the high-level group also participated in the meeting while Governor State Bank of Pakistan joined the proceedings on special invitation During the meeting, ... Read More »

Multan Customs tightens security for safety of employees & visitors

MULTAN: Collectorate of Customs Enforcement & Compliance beefed up security at Customs House to prevent any unwanted situation for safety of officers, employees, visitors and their vehicles. Multan Customs has directed to observe strict security measures in Customs House in the light of Ministry of Interior’s circular and directed them that all visitors who visit Customs House should be in ... Read More »

APL England loses 40 containers in heavy Australian seas

SYDNEY: A Singapore-flagged cargo ship lost at least 40 containers in deep waters off the coast of Sydney when they fell overboard in heavy seas, maritime officials said on Monday. The vessel, APL England, lost propulsion power while navigating heavy seas about 73 kilometers (45 miles) south east of Sydney on Sunday, on a journey from Ningbo, China, to Melbourne, ... Read More »

Pakistan witnesses increase of 126.8pc in net FDI: Razak Dawood

KARACHI: Advisor to Prime Minister on Commerce and Investment Abdul Razak Dawood has said that during first 10 months of current fiscal year (July-April), Pakistan witnessed net Foreign Direct Investment (FDI) of $ 2.281 billion as compared to US$ 1.006 billion in the corresponding period of FY2018-19 (Jul-April) showing an increase of 126.8 percent. “The country is rapidly gaining investors’ ... Read More »

Shipping companies refuse to waive demurrage & detention charges despite on-going Covid-19: Khawaja Jalaluddin Roomi

MULTAN: Shipping companies refuse to waive any detention and demurrage charges despite on-going pandemic situation and clearly defying government directives. Business community is facing shortage of liquidity due to prolonged lock-down and balance of payments has been disturbed. Global Pandemic situation caused severe threat to textile and cotton industry and situation has been deteriorating after cancellation of orders from Europe ... Read More »

FBR likely to announce changes in CNIC condition in budget 2020-21

ISLAMABAD: Federal Board of Revenue (FBR) may introduce changes in mandatory CNIC (Computerized National Identity Card) condition in the upcoming budget 2020/2021 in to facilitate registered taxpayers. At present unregistered purchasers, excluding end-consumers, of above Rs50,000 are required to provide a copy of CNIC in order bring the sales into the documented economy. The business community raised concern over the ... Read More »