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Sialkot Customs foils currency smuggling bid, arrests suspect

SIALKOT: Collectorate of Customs team deputed at Sialkot International Airport foiled local currency smuggling bid in a timely manner. According to the details, Collector Customs Asif Abbas received credible information about smuggling of foreign currency through the airport. He directed customs team deputed at Sialkot International Airport to enhance checking of all passengers. Customs officials intercepted a passenger Amjad Hussain ... Read More »

Customs Preventive impounds smuggled POL products from Multan Road

LAHORE: Collectorate of Customs Preventive team impounded huge quantity of smuggled POL products during intelligence based operation (IBO) from Multan Road. Sources told Customs Today that Collector Customs Preventive Ahmad Rauf received credible information about smuggling of POL products. After receiving the above said information the Collector directed Additional Collector Muhammad Ashfaq and Assistant Collector Salman Javed to enhancing patrolling ... Read More »

Customs Port Qasim surpasses revenue collection target for Nov

KARACHI: Collectorate of Customs Port Muhammad Bin Qasim (PMBQ) achieved its total revenue target for the month of November, 2019. The total collection for November, 2019 stood at Rs 53.97 billion as against the monthly target of Rs 52.91 billion, which is 102% of the assigned target and 22.91 percent higher than the Rs43.91 billion collection of November, 2018. Collectorate ... Read More »

LNG case: NAB files reference against Shahid Khaqan nine others

ISLAMABAD: The National Accountability Bureau (NAB) has on Tuesday filed a reference against nine suspects – including Shahid Khaqan Abbasi – in the Liquefied Natural Gas (LNG) import contract case in an Islamabad’s accountability court. Former finance minister Miftah Ismail has also been nominated in the reference which states that former secretary of the petroleum ministry has turned approver in ... Read More »

FBR chairman vows ‘penal action’ against income tax non-filers

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Syed Shabbar Zaidi reiterated that every person owning a car above 1000 cc and a house measuring 500 square yards or above is required to file tax returns. “FBR reiterates that every person owning a car above 1000 cc and a house measuring 500 sq. yards or above is mandatorily required to file ... Read More »

Stock market fluctuates after crossing 40,000-level

KARACHI: Pakistan’s stock market on Tuesday has been fluctuating after it stormed past the 40,000-level yesterday. The benchmark KSE 100-share Index today touched 40,444.05 points and then returned to 39,787.74 points. Yesterday, the index propelled by massive 836 points and rose to 40,124 points. According to data compiled by Bloomberg, Pakistan’s benchmark KSE-100 rose 2.1% to close at the highest ... Read More »

Economic Indicators of Fiscal Year 2019-20

ISLAMABAD: Ministry of Commerce released following economic indicators of Fiscal Year 2019-20. Fiscal deficit is down from 1.4pc of GDP to 0.7pc of GDP in 1Q (July-Sep). Goods exports in dollar value are up by 4.8pc, trade deficit down by 34.42pc in July-Nov. Exports up by 9.6pc in November 2019 & trade deficit down by 35.50pc (source; Ministry of Commerce) Current ... Read More »

Pak Rupee firms up 2 paisa against dollar in interbank

KARACHI: The Pakistani rupee on Tuesday further appreciated against the U.S. dollar in the interbank market by two paisa, and hit Rs155.25. Yesterday, the local currency recovered by 20 paisa against the greenback. Importantly, Moody’s Investors Service (“Moody’s”) has affirmed Pakistan’s local and foreign currency long-term issuer and senior unsecured debt ratings at B3 and changed the outlook to stable ... Read More »

APM Hafeez Shaikh directs FBR to simplify H-Form to clear ST refunds within week

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh has directed FBR to take input and suggestions from the textile exporters and simplify the H-Form within a week to ease and expedite the processing and payment of Sales Tax refunds to textile exporters. He gave the instruction during a meeting with the office-bearers and members ... Read More »

Pakistan submits implementation report of FATF action plan

ISLAMABAD: Pakistan has expedited efforts to come out of the grey list as the country submitted a report of its final quarter of the year to the Financial Action Task Force (FATF) authorities. According to sources, the Paris-based FATF will make an initial review of the implementation report submitted by Pakistan on December 7 for its action plan for uprooting ... Read More »

US delegation lauds govt’s economic measures

ISLAMABAD: US Deputy Assistant Secretary Asia Robert Copperworth held a meeting with Adviser to Prime Minister on Finance, Revenue Dr. Abdul Hafeez Shaikh. During the meeting, US Ambassador to Pakistan Paul Jones and Secretary Finance Naveed Kamran Baloch were also present. The US delegation lauded the measures taken by the Government to stabilize economy which paved way for reducing current ... Read More »

KPT ships movement, cargo handling report  Dec 2, 2019

KARACHI: Following were the movements of ships and cargo handling at the Karachi Port Trust (KPT) during the last 48 hours, ending at 0700 hours on Monday. SHIPS BERTHED: CSCL Sydney Container Ship Oriental Freesia Tanker CT Ace Tanker Diyala Container Ship M.T Lahore Tanker. SHIPS SAILED: Cosco Pacific ASL Fortune M.T Quetta Kota Cabar Hafnia Australia CSCL Sydney CARGO ... Read More »

Ora Developers Naguib Sawiris shows interest in PM’s housing scheme

ISLAMABAD: Ora Developers Chairman Naguib Sawiris has shared with Prime Minister Imran Khan his company’s future expansion plans in Pakistan, particularly in the real estate sector. Sawiris had met with PM Imran Khan where he was accompanied by Overseas Minister Zulfiqar Bukari and the top management of Eighteen. The meeting was themed around the multi-billion-dollar investments that Sawiris has made ... Read More »

Govt to resume talks with Qatar likely to cut LNG import

ISLAMABAD: Pakistan is considering to request Qatar to reduce its liquefied natural gas (LNG) supplies under a ‘take or pay’ long-term contract as its energy demand tumbles amid an economic slowdown. According to media, the proposal for fresh talks with Qatar had come up for discussion at a meeting of the Economic Coordination Committee (ECC) of the cabinet on November ... Read More »

Pakistan Stock Exchange crosses 40,000 points

KARACHI: Pakistan Stock Exchange (PSX) on Monday crossed 40,000 mark after a gap of around 10 months as the KSE-100 index closed at 40,122 points with a positive change of 836 points. A total of 361,655,400 shares were traded during the day, whereas the value of shares traded during the day stood at Rs 13.75 billion compared to the previous ... Read More »

Gold prices fall by Rs150 per tola

KARACHI: The Gold prices on Monday decreased by Rs150 per tola in the local market and currently trading at Rs85050. Likewise, the rate of 10 grams of yellow metal fell by Rs128 to Rs72,916. Gold prices fell on Monday as investors turned to riskier assets on signs of economic growth following reports of an expanding Chinese factory sector and as ... Read More »

KSE-100 surges 836 points amid upbeat economic outlook

KARACHI: The Pakistan Stock Exchange (PSX) opened the week with a boom as the indices rallied amid improved economic indicators. Foreign investors offloaded equities worth $8.06 million in the preceding week (November 25- 29, 2019). On the economic front, Adviser to Prime Minister on Commerce Abdul Razak Dawood stated that Pakistan’s exports rose to $2.02 billion while imports declined to ... Read More »

FBR urged to defer installation of Electronic Device System at malls

LAHORE: Progressive Group, a representative platform of traders and industrialists, has urged the Federal Board of Revenue (FBR) to defer the plan of installation of Electronic Device System (EDS) in mega malls, chain stores, cafes and restaurants by at least one year. Talking with media, Progressive Group’s President Khalid Usman, Vice President Muhammad Arshad Chaudhry and Deputy Secretary Muhammad Ejaz ... Read More »

Sialkot Customs making sincere efforts to facilitate exporters: Collector Asif Abbas  

SIALKOT: Collectorate of Customs Collector Asif Abbas Khan has sensitized the Sialkot exporters about the importance and benefits of the “Duty and Tax Remission Scheme”(DTRE). He has pledged to make all out sincere efforts to ensure the resolution of the Sialkot exporters’ DTRE related problems and difficulties amicably by taking them into confidence. He stated this while addressing the participants ... Read More »

Steps being taken to improve fisheries sector: Ali Zaidi

KARACHI: Federal Minister for Maritime Affairs, Ali Haider Zaidi has said a new fisheries policy has been prepared to meet the challenges in this sector. Talking to media on Monday, he said steps are also being taken to train fishermen properly. Earlier, addressing a ceremony in Karachi today, Federal Minister stressed the need of taking effective steps to improve fisheries ... Read More »