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Author Archives: CT Report

China offers full support to Pakistani business community

KARACHI: Ambassador of China in Pakistan Nong Rong along with Chinese Consul General in Karachi Li Bijian and his team visited the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Friday. The meeting took note of various subjects pertaining to economic relationship between Pakistan and China particularly in reference to China Pakistan Economic Corridor and China-Pakistan Free Trade ... Read More »

RPO Rawalpindi visits RCCI assures full support to business community

RAWALPINDI: Regional Police Officer Imran Ahmer has said that the business community is the backbone of the economy. If there is peace in the city then investors and traders will be able to do business with confidence. The role of the business community is very important in promoting economic activities. The efforts of the Rawalpindi Chamber are commendable in promoting ... Read More »

Multan I&I seizes smuggled cloth, vehicle worth Rs46.5m near Taunsa Sharif

MULTAN: Directorate of Customs Intelligence and Investigation Dera Ghazi Khan has seized large quantity of smuggled fabric cloths along with the transporting vehicle. The value of the goods is Rs41 million and value of vehicle is Rs5.5 million. Sources told Customs Today  that Directorate General of Intelligence & Investigation received information through their sources that a consignment of foreign origin ... Read More »

President Alvi signs Pakistan Single Window, Senate Secretariat Services Amendment Act 2021

ISLAMABAD: President Dr Arif Alvi signed into law called ‘Pakistan Single Window Act 2021’ and ‘Senate Secretariat Services Amendment Act 2021.’ Under the Pakistan Single Window Act, an independent institution having a Governing Council and Secretariat would be established for the facilitation of national and international trade. The new law will provide a coordinated one-window system to facilitate exports, imports ... Read More »

Govt appoints Asim Ahmed as new FBR chairman

ISLAMABAD: The federal government has decided to appoint Member IT Asim Ahmed as the new chairman of the Federal Board of Revenue (FBR). The new FBR chairman Asim Ahmed is from Inland Revenue and would be given the charge of tax regulatory authority upon the retirement of Javed Ghani Ghani will reach the age of superannuation probably on April 12, ... Read More »

Collector Fawad Shah’s Customs Exports foils bid to smuggle Ketamine worth Rs80m to USA

KARACHI: Under the supervision of Collector Syed Fawad Ali Shah, Collectorate of Customs Exports Port Mohammad Bin Qasim (PMBQ) foiled an attempt to smuggle 52.6kgs of psychotropic drug Ketamine concealed in an export consignment of LED bulbs destined for Brooklyn, New York, USA. The approximate value of seized Ketamine is Rs 80 million in international market. Chief Collector Enforcement and ... Read More »

Customs I&I recovers smuggled items at Super Highway

KARACHI: Directorate of Customs Intelligence and Investigation (I&I) team recovered smuggled items in a raid at the Superhighway bus stop. Sources told Customs Today that Customs Intelligence and Investigation officials in a joint raid at Superhighway bus stop recovered a large haul of smuggled items worth millions of rupees. Following the raid, the owners of the bus step recorded their ... Read More »

Multan Adjudication settles 156 seizure cases involving Rs1934.556m

MULTAN:  Collectorate of Customs Adjudication Multan Camp Office has settled 156 seizure cases involving Rs1934.556 million during the month of March 2020-21. The Collectorate of Customs Adjudication Multan Camp Office has done speedy disposal of 156 different seizure cases framed by Anti-Smuggling Organization (ASO) and Directorate of Customs Intelligence and Investigation during their various actions. Customs Adjudication Multan Camp Office ... Read More »

SBP to retain two-year history of borrowers’ default, delayed payments

KARACHI: State Bank of Pakistan (SBP) on Friday announced that it will retain credit history of defaulters and delayed payments in Electronic Credit Information Bureau (eCIB) from July 01, 2021. Currently, the eCIB report reflects negative/overdue information for consumer/individual borrowers’ for one year. Electronic Credit Information Bureau (eCIB ) of SBP collects and collates credit data on borrowers from its ... Read More »

FBR announces office timings during Ramazan

ISLAMABAD: Federal Board of Revenue (FBR) issued office timings to be observed during the holy month of Ramazan. The FBR said that as per federal government’s decision, following office timings shall be observed during the forthcoming holy month of Ramazan by the FBR Head Office and its field offices: The office timings shall be from 10:00am to 04:00pm on Mondays ... Read More »

Hammad directs FBR to hold consultative sessions with stone crushing association

ISLAMABAD: A delegation of senior members of Stone Crushing Associations, led by the Minister for Labour and Human Resource, Punjab Ansar Majeed Khan, called on the Federal Minister for Finance, Revenue, Industries and Production, Muhammad Hammad Azhar, at the Finance Division. Additional Secretary, M/o Industries and Production, Member (Operations) FBR and other senior officers participated in the meeting. The Finance ... Read More »

Asim Ahmed likely to be appointed as new FBR chairman: sources

ISLAMABAD: The federal government has decided to appoint Member IT Asim Ahmed as the new chairman of the Federal Board of Revenue (FBR). According to sources, Asim Ahmed, who is from Inland Revenue, would be given the charge of tax regulatory authority upon the retirement of Javed Ghani Ghani will reach the age of superannuation probably on April 12, 2021, ... Read More »

Over 35 bank accounts of Jahangir Tareen, family frozen

LAHORE: More than 35 bank accounts of estranged Pakistan Tehreek-i-Insaf (PTI) leader Jahangir Khan Tareen and two members of his family have been frozen over alleged involvement in the sugar scandal. Well-placed sources told that a total of 36 accounts at nine different banks were frozen. Of the frozen accounts, the PTI leader owns 14, his son 21 and his ... Read More »

KP PAC for reinvestigating financial irregularities in SMEDA

PESHAWAR: The Public Accounts Committee (PAC) of the KP Assembly expressed its concern over poor financial monitoring of public sector organisations and asked the Industries Department to re-investigate loaning irregularities in certain projects floated by Small and Medium Enterprise Development Authority (SMEDA). The observations were made during a meeting regarding disposing audit paras on fiscal anomalies in the projects of ... Read More »

SBP forex reserves fall $146m

KARACHI: The foreign exchange reserves held by the central bank fell 1.06 per cent on a weekly basis, according to data released by the State Bank of Pakistan (SBP). On April 2, the foreign currency reserves held by the SBP were recorded at $13,527.2 million, down $146 million compared with $13,673 million in the previous week. According to the central ... Read More »

FBR eyes Rs4691b revenue collection for current fiscal year

KARACHI: The Federal Board of Revenue (FBR) has been projected at Rs4,691 billion for the current fiscal year against the actual target of Rs4,963 billion. The International Monetary Fund (IMF) in its country report on Pakistan released on Thursday projected that the collection of the FBR may fall short of Rs272 billion against the actual target of the fiscal year ... Read More »

RCCI urges consultation for the upcoming budget 2021-22

RAWALPINDI: The Rawalpindi Chamber of Commerce and Industry (RCCI) that the budget for the next financial year 2021-22 should be prepared in consultation with the stakeholders. The Chamber’s recommendations should be included in the budget. In a statement, Muhammad Nasir Mirza, President RCCI said that the Pakistani economy is currently facing many challenges. “We demand that electricity and gas prices ... Read More »

FBR likely to reintroduce track & trace system for tobacco products by June 2021

ISLAMABAD: Federal Board of Revenue (FBR) may reintroduce track and trace system for tobacco products by end-June 2021 with a new strategy after a higher court declared the earlier system invalid. According to report on Pakistan issued by the International Monetary Fund (IMF) the Pakistan authorities through Letter of Intent (LOI) pledged to reintroduce the track and trace system by ... Read More »

Confidence of Pakistani consumers on economy below global average: survey

ISLAMABAD: A survey has shown that the confidence of Pakistani consumers in the country’s economy has declined and is below the global average recorded. IPSOS in its recent survey on the global consumer confidence index revealed that the Pakistani consumers are not only dissatisfied with future investment but are also expressing no-confidence in important purchases. Besides this, the majority of ... Read More »

Pakistan generates $2.5b via Eurobonds: MoF

ISLAMABAD: Pakistan has raised $2.5 billion through a multi-tranche transaction of dollar-denominated Eurobonds as it entered the international capital market after a gap of over three years, according to finance ministry officials. The transaction generated great interest as leading global investors from Asia, Middle East, Europe and the US participated in the global investor calls and the order book, said ... Read More »