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Customs I&I shows outstanding performance from July to Nov

KARACHI: Under the supervision of Director Irfan Javed, Directorate-General of Customs Intelligence and Investigation (I&I) showed significant performance from July to November, 2019. According to the details, the performance of the Directorate General Customs Intelligence and Investigation showed a considerable improvement in both its anti-smuggling and enforcement functions. A comparative statement reflecting the performance in both areas viz-a-viz performance during ... Read More »

Steps being taken to avoid wrong use of Afgan Transit Trade: FBR chairman

KARACHI: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi has said that steps are being taken to improve economy in this regards measures have also been decided for the finance act. According to the details, addressing to the participants of the event held at the Institute of Chartered Accountant of Pakistan, the Chairman o said that zero rated facility has ... Read More »

Circular debt will be eliminated by next year: Hafeez Shaikh

ISLAMABAD: Advisor to the Prime Minister on Finance & Revenue Dr. Hafeez Shaikh met with leading anchorpersons of electronic media and briefed them about the economic performance of the government in the first quarter of the current Fiscal Year-2019-20. The Advisor to the Prime Minister on Finance & Revenue informed them about the precarious economic situation left by the previous ... Read More »

IFC supports Super Six wind projects to spur renewable energy

ISLAMABAD: IFC, a member of the World Bank Group, has led the financing of a first-of-its-kind program to build six wind power projects in Pakistan, named the Super Six, with a total investment of US$450 million, to help deliver cleaner, cheaper power to meet the country’s critical demand for energy and reduce reliance on expensive imported fossil fuels. Adviser to ... Read More »

FBR to speed up crackdown against banned outfits

ISLAMABAD: The Federal Board of Revenue (FBR) has decided to intensify its efforts against over 2,600 individuals/assets of banned organisations. According to media, FBR would be ensuring effective implementation of Targeted Financial Sanctions (TFS) against the assets of 1,267 and 1,373 designated people and entities associated with banned organisations. To bridge the gaps identified by Asia Pacific Joint Group (APJG) ... Read More »

FBR transfers 123 BS-16 officials from Customs Preventive to Customs AIIA

ISLAMABAD: Federal Board of Revenue issued notification for transfer and posting of 123 officials of BS-16 from Collectorate of Customs Preventive Lahore to Customs Collectorate Allama Iqbal International Airport with immediate effect. The notification read “consequent upon creation of separate new Collectorate of Customs Allama Iqbal International Airport (AIIA), Lahore vide FBR’s SRO No. 753(I)2019 dated 5.7.2019, the sanctioned/ working ... Read More »

FBR I&I takes action against three business units in Gujranwala

LAHORE: In continuation of a drive against un-registered persons involved in making taxable supplies who are liable to be registered under the Sales Tax Act, 1990, the Directorate of Intelligence and Investigation-Inland Revenue, Lahore has carried out action under Section 38 and 40 of the Sales Tax Act, 1990 after obtaining search warrants from the Area Magistrate against the manufacturing/business ... Read More »

Khusro Bakhtiar inaugurates 300MW coal power plant in Gwadar

GWADAR: Federal Minister for Planning, Development and Reform Khusro Bakhtiar inaugurated the 300 Megawatt coal power plant in Gwadar, according to media. Vice Chairman National Development and Reform Commission (NDRC) Ning Jizhe, Chairman Senate Sadiq Sanjrani, senior officials and Chinese delegation members were also present on the occasion. Speaking on the occasion, Minister for Planning said that benefits of CPEC ... Read More »

PHMA chairman Salamat Ali demand state bank to review export policy

FAISALABAD: To facilitate the exporters in respect to their increasing need of export refinancing, it is imperative that the State Bank of Pakistan should consider reallocation upward revision of sanction limits to the Authorized Banks.” This was stated by Chaudhry Salamat Ali, Central Chairman, Pakistan Hosiery Manufacturers & Exporters Association (PHMA). In his letter to Dr Reza Baqir, Governor, State ... Read More »

NAB strictly follows its policy of indiscriminate accountability: chairman

SUKKUR: The National Accountability Bureau (NAB) chairman Justice (retd) Javed Iqbal said on Thursday that the institution is strictly following the policy of indiscriminate accountability, according to media. This, he said during his visit to the office of NAB Sukkur today where he reviewed the progress of the investigation into important corruption cases. Javed Iqbal, while addressing an event, said ... Read More »

Customs Court extends remand of suspects booked in Samsung UDH TV smuggling

KARACHI: The customs court extended physical remand of suspects namely Manzoor Ahmed, Riaz Ahmed and sent them back to customs luck-up, who were nominated in a case of attempting to smuggle Samsung UDH TV sets, foreign origin fabric etc. On October 30, 2019, investigation officer produced above mentioned suspects before the court that on a credible information, customs officials intercepted ... Read More »

Pak envoy to UN Munir Akram calls on APM Hafeez Shaikh

ISLAMABAD: Pakistan Ambassador to United Nations Munir Akram held a meeting with Prime Minister’s Advisor on Revenue and Finance Dr. Abdul Hafeez Shaikh. During the meeting with Munir Akram, APM Hafeez Shaikh apprised him about the economic measures taken by current government for strengthening Pakistan’s economy and its positive results which are bearing fruit. He told that during first quarter ... Read More »

Assets case: Khurshid Shah produced before NAB court

SUKKUR: National Accountability Bureau (NAB) on Tuesday has produced Pakistan People’s Party (PPP) leader Khurshid Shah before the accountability court in assets beyond income case. According to details, the officials of anti-corruption watchdog has requested the court for extension in Shah’s physical remand. Earlier on October 1, former Opposition Leader in National Assembly (NA) Khurshid Shah was remanded into NAB ... Read More »

Technical assistance of Germany will help to strengthen ties between two countries: Hammad Azhar

ISLAMABAD: Federal Minister for Economic Affairs Muhammad Hammad Azhar witnessed the signing ceremony of technical cooperation agreement with the Government of Federal Republic of Germany. Secretary Economic Affairs Division Noor Ahmed and Ambassador of Germany to Pakistan Bernhard Stephan Schlagheck signed an agreement for technical assistance under the Pakistan-Germany Development Programme worth Euro 23.4 million equivalent to PKR3.9 billion. Technical ... Read More »

All issues of traders will be solved 100pc: NAB chairman

ISLAMABAD: National Accountability Bureau (NAB) Chairman Justice (r) Javed Iqbal has said the allegations levelled by traders on the accountability watchdog were unjustified. Addressing a press conference i, Iqbal said NAB will never take unfriendly steps against businessmen. “We are struggling to provide a good environment for the businessmen in the country.” “NAB does not formulate business policies,” he said. ... Read More »

PIEDMC decides to expedite work on new business parks

  LAHORE: The Punjab Industrial Estates Development and Management Company (PIEDMC) has decided to expedite work on new business parks across the province to ensure access of entrepreneurs to developed industrial land — the shortage of which is one of the major impediments to attracting fresh private investment and export growth. According to media, as part of its new strategy ... Read More »

Customs Court seeks charge sheet against M/s Al-Aswed and others

KARACHI: The Customs Court directed investigation officer of Collectorate of Appraisement East to complete investigation and submit charge sheet against Imran Haroon son of Haroon, owner of M/s Al-Aswed Associates, Qaiser Abbas clearing agent of M/s Ali Co, Muhammad Idress clearing forwarding agent, Muhammad Ali, Muhammad Ahsan and others involved in a case of attempting to clear restricted goods through ... Read More »

Customs Court seeks charge sheet against M/s Al-Aswed and others

KARACHI: The Customs Court directed investigation officer of Collectorate of Appraisement East to complete investigation and submit charge sheet against Imran Haroon son of Haroon, owner of M/s Al-Aswed Associates, Qaiser Abbas son of Muhammad Salman, clearing agent of M/s Ali Co, Muhammad Idress son of Yousaf, clearing forwarding agent, Muhammad Ali, Muhammad Ahsan and others who are involved in ... Read More »

Appraisement East registers two more FIRs against M/s Al-Aswed Associates

KARACHI: Collectorate of Customs Appraisement East has lodged two separate FIRs against a number of accused for attempting to clear banned and restricted goods through mis-declaring the description, PCT heading and quantity of the imported goods. According to sources, information was received that M/s Al Aswed Associates imported consignments declared to contain shippers load, count & seal used cloth manifested ... Read More »

Dollar declines against PKR, dips to Rs158.59 in interbank market

KARACHI: The US dollar on Tuesday depreciated by three paisa against the Pakistani rupee and hit Rs158.59 in the interbank market. On the other hand, the rupee lost its value by 10 paisa against the US dollar and hit Rs159 in the open market. Ahead of Eidul Azha, Pakistan received higher remittance inflows from overseas Pakistanis in the first month ... Read More »