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FBR detects $5m worth of under-invoicing in IT imports

ISLAMABAD: The Federal Board of Revenue (FBR) detected over $5 million worth of under-invoicing in IT imports after the Senate Standing Committee on Commerce and Textile pointed out irregularities in the imports. Briefing the Senate Standing Committee on Commerce and Textile FBR Member Customs Operations Jawwad Agha said a few dealers and importers resorted to manipulation of the receipts to ... Read More »

Pakistan-China forms body to explore financial package for ML-1: Envoy

ISLAMABAD: Chinese ambassador to Pakistan Yao Jing has said that China and Pakistan had constituted a joint committee to explore financing modalities and find appropriate financial package for the mega Main Line (ML-1) railway project. Addressing media persons here on Wednesday night, the envoy said that due to huge financial implication, the project was facing little delays however it would ... Read More »

Irregularities worth Rs11.82b revealed in NTDC

LAHORE: Irregularities worth Rs 11.82 billion have been revealed in the National Transmission and Despatch Company (NTDC) as per special audit report. According to details, contracts were given to favorite companies and overpayments of Rs 3 billion were made. The NTDC suffered loss of Rs 19.50 crore in Neelum-Jhelum transmission line contract. GST fund worth Rs 4.10 billion was not ... Read More »

FIA arrests accused involved in illegal access to remittance information of ABL

RAWALPINDI: Federal Investigation Agency (FIA) cyber crime circle arrested accused Mohammad Arslan who is involved in illegal unlawful and unauthorized access to the remittance information of Allied Bank Limited (ABL). According to the details, consequent upon conclusion of Enquiry No: RE-716/2019, it transpired that Muhammad Arslan son of Muhammad Mukhtar having CNIC No. 61101-9556148-7 is involved in illegal, unlawful and ... Read More »

Govt paid off over $10b debt in first year, Hammad Azhar tells Senate

ISLAMABAD: Federal Minister for Economic Affairs Hammad Azhar said the government aims to bring fiscal deficit down to four per cent in the next one or two years. Speaking in the Senate during the question hour, he said the incumbent government’s fiscal deficit for the first quarter of current fiscal year remained well within the target. Hammad Azhar said the ... Read More »

Customs Preventive impounds trailer loaded with NDP smart phones & auto parts worth Rs8m

PESHAWAR: Collectorate of Customs Preventive impounded a trailer loaded with non-duty paid smart phones, auto spare parts and foreign origin clothes in Khyber district. Collector Customs Asif Saeed Khan lauded assistant collector Sajid Khan for supervision intelligence base operation (IBO) on tip off. The Collector directed the customs preventive team to eliminate every risk of smuggling non duty paid goods. ... Read More »

SHC directs to arrange visas for India for importing medicines

KARACHI: The Sindh High Court (SHC) directed ministry for foreign affairs Government of Pakistan to arrange visas and other necessary documents for inspection of pharmaceutical manufacturing companies in India on a petition filed by several pharmaceutical importers companies against delay of several tips of medicines. On 16 January 2020, a two-member bench, headed by Justice Muhammad Ali Mazhar was hearing ... Read More »

Court extends Khursheed Shah’s judicial remand for 17 days

SUKKUR: Accountability court on Friday has extended judicial remand of PPP leader Khursheed Shah for 17 days in assets beyond income case. During the hearing, the court has allowed National Accountability Bureau (NAB) to investigate the accused regarding the case and directed to re-produce him on February 3. The anti-graft watchdog’s questionnaire based on 10 queries has also been handed ... Read More »

Completion of projects under PSDP govt’s top priority: Asad Umar

RAWALPINDI: Minister for Planning and Development Asad Umar has said that the government’s top priority is the early completion of projects under the Public Sector Development Projects (PSDP). The present government spent a huge amount of Rs75 billion on development schemes in the month of December 2019 alone under the PSDP. In the previous six months this expenditure was around ... Read More »

NAB approves filing references against Nawaz Sharif, Zardari & Yousaf Raza Gillani

ISLAMABAD: The National Accoutability Bureau (NAB) on Thursday has approved the filing of references against Nawaz Sharif, Asilf Ali Zardari and Yousaf Raza Gillani over allegations of distributing Toshakhana’s luxury cars among themselves. According to the details, NAB chairman Justice Javed Iqbal presided over a meeting of the executive board which discussed the matter pertaining to the misuse of Toshakhana ... Read More »

Pakistan gained investments worth $1.8b in six months: SBP

KARACHI: In a statement by the spokesperson of State Bank of Pakistan on Thursday, it was announced that the rate of investment in the country saw an increase of 68 percent from July till December. The statement further read that foreign investment in Pakistan was recorded at 1.34 billion dollars in the past six months. The performance of the Pakistan ... Read More »

SHC extends Ziaul Hassan Lanjar interim bail

KARACHI: Sindh High Court (SHC) has extended interim bail of former Sindh minister for law Ziaul Hassan Lanjar in a case pertaining to assets beyond means . On 16 January 2020, SHC summoned report on next hearing pertaining to filing reference. Ex Sindh minister appeared in the SHC. NAB law officer said that investigation is complete against Ziaul Hassan Lanjar ... Read More »

PSX KSE-100 gains 72 points in volatile session

KARACHI: Investors of the Pakistan Stock Exchange (PSX) witnessed another jittery session on Thursday, as the indices shifted positions before helping the KSE-100 Index end slightly positive. Foreign investors ended as net buyers on Wednesday with a net inflow of $2.21 million. The benchmark KSE-100 Index slipped to its intraday low at 42,805.73 after losing 187.30 points. It then managed ... Read More »

Acting Chairperson Nausheen Javed Amjad appreciates services of Fazal Yazdani

ISLAMABAD: Federal Board of Revenue (FBR) Acting Chairman Nausheen Javed Amjad appreciated the services of retiring Member Legal & Accounting Customs Fazal Yazdani Khan. According to the details ,the Federal Board of Revenue (FBR) has acknowledged and appreciated the services of retiring Member Legal & Accounting Customs Fazal Yazdani Khan at the Board Council Meeting. All the members of FBR ... Read More »

KPT shipping intelligence report Jan 16

  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 Tectus D. Mogas GAC 15/01/20 ALONG SIDE (East Wharves): 1 Chemroute Brilliant L. Ethanol East Wind 16/01/20 2 Oriental Marguerite L. Ethanol East Wind 15/01/20 10/11 Ksl Qingyang D. Gen.Cargo Sea Hawks ... Read More »

FBR starts crackdown against tax evaders

  ISLAMABAD: Federal Board of Revenue (FBR) directed field formation for the enforcement of systematic raids on tax evaders and non-compliant persons across the country. FBR Director-General I&I Inland Revenue Dr Bashirullah Khan said that “all field formations of the Intelligence and Investigation (I&I) Directorate have been instructed to come out of hibernation and freely combat the menace of tax ... Read More »

KSE-100 gains pace slowly

KARACHI: The Pakistan Stock Exchange (PSX) on Thursday after a brief open in the negative recovered slowly, and the benchmark KSE-100 Share Index reached 43,126.85 points after gaining 133.82 or 0.31% at 11.39am. Selling pressure gained pace just before midday and profit-booking is likely to persist throughout the day. Earlier, the Index declined by 49.80 points or 0.12%, and hit ... Read More »

China keen to import edibles from Pakistan: Envoy

  ISLAMABAD: Chinese Ambassador to Pakistan Yao Jing Wednesday said China was keen to import meat, potato, onion, mango and cherry from Pakistan. He called on Federal Minister for National Food Security and Research Makhdoom Khusro Bakhtiar and expressed his confidence on him as former Minister for Planning and Development, viz a viz his contribution towards the expansion of phase-II ... Read More »

ADC Preventive transfers 1 superintendent, 18 inspectors

  LAHORE: Collectorate of Customs (Enforcement and Compliance) Additional Collector Mohammad Saeed Wattoo issued orders for transfer and posting of following officers with immediate effect and until further orders:- Superintendent Riasat Ali Javaid from headquarters to recovery branch Inspector Muhammad Moazzam Khan from State Warehouse, TNB to ASO Inspector Waheed Iqbal Bhatti from Headquarters to I&P Inspector Abdul Rashid from ... Read More »

Customs ASO seizes 54 bottles of foreign origin liquor

ISLAMABAD: Collectorate of Customs Anti-Smuggling Organization (ASO) squad seized A 54 foreign origin Absolute Vodka and Sumernof Vodka bottles including offending vehicle. Talking with Customs Today Collector Seema Raza said after receiving credible information about smuggling of liquor, an anti-smuggling squad was constituted under the supervision of Superintendent Malik Abid Hussai. The anti-smuggling squad established a check post near Tramri ... Read More »