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Tag Archives: Karachi Region

Midday: Bull run continues as KSE-100 index gains 302 points

KARACHI: The Karachi Stock Exchange KSE-100 index on Wednesday continued its buoyant mood and added to its gains, taking the points tally to 302 or 1.3 percent to reach 29,562 in the midday trading. The market opened with positive sentiments and kept on marching upward amid flurry of hectic politicking in the federal capital to end the weeks-long standoff. Though ... Read More »

PICT assures FPCCI of tackling congestion at terminal

KARACHI: Pakistan International Container Terminal (PICT) Chief Executive Officer Zafar Iqbal Awan has assured the FPCCI delegation of taking all necessary measures to ease congestion at the terminal. The delegation, comprising FPCCI Standing Committee on Customs members and led by its Chairman Saqib Fayyaz Magoon, called on the PICT CEO here. Later, Mr Magoon informed that the FPCCI delegation held ... Read More »

Attack on JIAP: Importers without recourse to get back paid duty, tax amount

KARACHI: The terrorists’ attack on Karachi airport on the night of June 9 last, has not only resulted in the destruction of imported goods worth billions of rupees but have also left hundreds of importers without any recourse to get back over Rs69 million paid in head of customs duty and tax to the Sindh government for the goods they ... Read More »

Amends made to valuation ruling of auto-parts

KARACHI: The Customs Valuation has made a number of amendments to the Valuation Ruling No.661/2014 after a thorough examination and threadbare discussion with stakeholders. According to a letter No Misc/22/2009-VIIIA/7445 dated August 29, issued by Customs Director (Valuation) Abdul Rashid Sheikh, the Customs values of various replacement auto-parts were determined vide Valuation Ruling No.661/2014 dated March 3, 2014 and amendments ... Read More »

Midday: KSE firms gains, up 485 points amid stiff politicking

KARACHI: The Karachi Stock Exchange’s benchmark KSE-100 on Tuesday consolidated its upward march and gained 485 points or 1.70 percent to reach 28979.47 in the midday trading, defying the prevailing bleak political scenario triggered by the ongoing sit-ins and subsequent police-protesters clashes at Red Zone in the federal capital. Despite gloom and doom prevailed across the political spectrum, the KSE-100 ... Read More »

Opening: Stocks shrug off overnight loses, gain 364 points amid flurry of speculations

KARACHI: Despite the gloom and doom prevailing across the political spectrum and persisting standoff, the Karachi Stock Exchange KSE-100 index shrugged off overnight losses and started the day with a positive note, gaining 364 points or 1.28 percent to cross 28858.77 in early trading on Tuesday. The market seems to have been responded to the optimism fuelled by hopes pinned ... Read More »

Tuesday Sept 2 – Monday Sept 08, 2014

Customs Today News Paper

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Vehicle amnesty scam: FBR seeks replies from delinquent officers by Sep 10

KARACHI: The Federal Board of Revenue (FBR) has directed the customs officers, who were charged for corruption in vehicle amnesty scheme, to submit their replies by September 10, 2014. FBR Member Administration Shahid Jatoi has charge-sheeted 25 officers from BPS-17 to BPS-20, including Dr Zulfiqar Malik, the then collector appraisement, Sarfaraz Warraich, the then collector at Sambrial and Dr Naeem ... Read More »

Midday: KSE loses 297 points as political heat rises further

KARACHI: The three-week-long tumultuous political situation and use of brute force to quell the protesters by police for second consecutive day took its toll on the stocks as Karachi Stock Exchange KSE 100-index lost 297.03 points or 1.04 percent to fall to 28,270.71 in midday trading on Monday. The market opened on a depressing note over political turmoil and straight ... Read More »

Midday: KSE-100 index cheers up at hope for end to political impasse

KARACHI: The stocks was buoyed up by the hope for an apparent end to the prevailing political impasses as Karachi Stock Exchange 100 index bounced back with an increase of 886 points to reach 28660.37 in the midday trading on Friday. Sentiments at the market were high at the opening of the day as it gained more than one thousand ... Read More »

Forex reserves stand at $13b

KARACHI: The total liquid foreign reserves of the country stand at $13.58106 billion, said State Bank of Pakistan (SBP). According to the SBP weekly report, the foreign reserves held by State Bank on August 22, amounted to $8.55404 billion and the net foreign reserves held by other banks were $5.02702 billion. Over last week, SBP’s liquid foreign exchange reserves decreased ... Read More »

Midday: Stocks plunge 433 points as political stalemate persists

KARACHI: The bears continue its rampage in Karachi Stock Exchange (KSE) as benchmark 100-Index shed 433 points and plummeted to 27378.67 in midday trading on Thursday. The KSE has dropped more than 1,400 points in past 3 days due to the political deadlock persisted in the capital city Islamabad where PTI’s Imran Khan and PAT Chief Tahirul Qadri are not backing ... Read More »

Appraisement (East) moves to regulate partial shipments of machinery

KARACHI: The Model Customs Collectorate (MCC) Appraisement (East) has finalised procedure for regulating partial shipments of plants and machinery in case of project imports, it has been learnt. According to details, the Collectorate has taken the step to effectively monitor partial imports of machinery and equipment as provided by the Fifth Schedule of the Customs Act, 1969. The Collectorate has ... Read More »

Wildlife trafficking: Customs tribunal slashes fine on accused

KARACHI: The Customs appellate tribunal reduced 75 percent of the fine imposed on five wildlife smugglers charged with illegally sending out 67 consignments of banned species of rose-ringed parakeet between April 2008 and January 2010. Similarly, the tribunal also slashed 60 percent of the fine imposed on three clearing agents for aiding and abetting the wildlife traffickers in smuggling of ... Read More »

Increase in revenue linked to broadening tax base

KARACHI: The government wants to generate more revenue, but it avoids widening tax base that is said to barely cover 0.30 per cent of the population, said former Karachi Tax Bar Association (KTBA) president Anwar Kashif Mumtaz. He was addressing a seminar by the KTBA on “Finance Act 2014” and attended by tax practitioners and consultants in great number. He ... Read More »

Dollar reaches Rs103.30 as rupee continues to nosedive

KARACHI: The US dollar gained 63 paisa in the inter-bank currency exchange on Monday, reaching Rs 103.30 mark as uncertainty continues to prevail on the political horizon in the country. The experts blame the current political situation for frailty of rupee and fear that it may further depreciate if the situation did not return to normalcy. Earlier, currency experts had ... Read More »

Imran, Qadri sit-ins: A mixed week for KSE 100-index

KARACHI: A war of nerve between bulls and bears had been continuing at the Karachi Stock Exchange for the entire previous week as the KSE 100-index jolted many a time owing to Azadi and Inqilab marches led by Imran Khan, the chief of Pakistani Tehreek-e-Insaf (PT) and Dr Tahirul Qadri, the chief of Pakistan Awami Tehreek (PAT) in the federal ... Read More »

Current Account deficit rises to $454m

KARACHI: The current account deficit of the country rose in the first month of the current fiscal year as compared to July last year and June 2014. According to the State Bank of Pakistan, the current account deficit on July 15 was $454 million, much higher than $125 million last year. Despite very high remittances of about $16 billion, the ... Read More »

Local market brimming with smuggled Iranian tiles

KARACHI: The local industry has expressed great concern over the heavy influx of Iranian tiles and has urged the government to take effective measures to check the inflow of smuggled tiles which are not only depriving the exchequer of revenue but also posing a great threat to the local industry. According to the All-Pakistan Ceramic Tiles Manufacturers Association (APCTMA), it ... Read More »

Appraisement-East clarifies procedure for prior examination

KARACHI: Model Customs Collectorate (MCC) Appraisement (East) Collector Najeebur Rehman Abbasi, through a public notice no 4/2014 (A), clarified procedure for prior examination permission to owner/authorized clearing agent under 1st provision to Sub-Section(1) of the Section 79 of Customs Act, 1969. According to details, the MCC-Appraisement (East), to facilitate trade and streamline procedure with regard to permission to owner (or ... Read More »