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Author Archives: CT Report

Trade deficit widens to $17.3b in July – February

ISLAMABAD: Pakistan’s trade deficit widened by 9 percent or $17.3 billion during first eight months (July – February) 2020/2021 of the current fiscal due to surge in import bill for the period, according to provisional data released by the ministry of commerce. The trade deficit widened to 17.3 billion during first eight months of the current fiscal year as compared ... Read More »

CDNS receives Rs29b new investments

ISLAMABAD: Central Directorate of National Savings (CDNS) has received Rs29 billion new investments by February 28, through registered Premium Prize Bonds of Rs40,000 and Rs25000 introduced by the institution. The CDNS has introduced the new registered Premium Prize Bonds after the termination of both major Prize bonds of Rs40,000 and Rs25000. This initiative documentation of the country’s economy, senior official ... Read More »

Gold price declines Rs1900 to Rs104,200 per tola

ISLAMABAD: The price of 24 karat per tola gold decreased by Rs 1900 on Thursday and was sold at Rs 104,200. The price of ten gram 24 karat gold also decreased by Rs1629 and was traded at Rs89,335 The price of per tola silver decreased by Rs10 and was sold at Rs1350 against its sale at Rs1360 while that of ... Read More »

Quetta I&I seizes smuggled goods worth Rs79m during IBOs

QUETTA: Directorate of Customs Intelligence and Investigation I(I&I) has seized huge quantity of smuggled goods during two Intelligence Based Operations (IBOs) and lodged two separate FIRs against accused persons. Sources told that Director Muhammad Ismail received credible information about smuggling of goods. He immediately directed Deputy Director Amjad Hussain Rajpar to enhance vigilance on the suspected routes. A team comprising ... Read More »

PSX witnesses bearish trend a day after Senate elections: Report

KARACHI: Senate outcome sent some shivering signals to investors where selling spree hit the deck wiping about 2 percent of 100 index where dozens of companies shares finished at low marks, dealers said. The KSE-100 index marked a bloodbath session today after the senate election results, where against odds the opposition party emerged victorious on the key senate seats. “Investors ... Read More »

PYMA urged govt to allow duty-free yarn import from India

KARACHI: Hanif Lakhany, Senior Vice Chairman Pakistan Yarn Merchants Association(PYMA) and Vice Chairman Farhan Ashrafi, has expressed deep concern over the unavailability of cotton yarn and the price reaching an all-time high, asked the government to immediately allow duty-free import of yarn & cotton from other countries, including India to save the textile industry from collapse and the export orders ... Read More »

Additional Collector Mahek Majid orders staff not to avail leave without approval

LAHORE: Collectorate of Customs Appraisement and Facilitation Additional Collector Mahek Majeed issued office order directing staff members not to any leave without prior approval from Competent Authority. The office order read as “it has been observed with great concern by the Competent Authority that the staff member of Customs Appraisement and Facilitation Lahore have been proceeded on leave without their ... Read More »

Cutlery exports increased 28.64pc

ISLAMABAD: Cutlery exports during first seven months of fiscal year 2020-21 grew by 28.64 per cent as compared to the exports of the corresponding period of last year. During the period from July 20 to January 21, cutlery worth US$ 70,307 thousand exported as compared to worth US$ 54,653 thousand of same period of last year. According the data released ... Read More »

Speakers at RCCI VITF urge to revive SAARC

RAWALPINDI: The Rawalpindi Chamber of Commerce and Industry (RCCI) organized Virtual International Trade Forum (Chapter SAARC) here. The purpose of the trade forum was to make the business community aware of trade and export opportunities in SAARC countries. The forum was attended by President Mohammad Nasir Mirza, Senior Vice President Osman Ashraf, Vice President Shahraiz A Malik, Chairman regional trade ... Read More »

FBR appoints Dr. M. Ali Khan as chairman of Benami Adjudicating Authority

ISLAMABAD: The government has appointed Dr. Muhammad Ali Khan as chairman of Benami Adjudicating Authority under the Benami Transactions (Prohibition) Act, 2017. The Federal Board of Revenue (FBR)  issued the notification for the posting. Dr. Muhammad Ali Khan, is a BS-22 officer of Inland Revenue Service (IRS) and was posted as Member (Admin Pool), FBR HQ Islamabad. The FBR also ... Read More »

Taxpayers to get active status after surcharge payment: FBR

ISLAMABAD: Federal Board of Revenue (FBR) advised late filers to pay surcharge to appear on the Active Taxpayers List (ATL) for tax year 2020. The FBR a day earlier issued the ATL for tax year 2020. The total number of active taxpayers for the tax year 2020 is 2.18 million. However, according to the FBR received 2.63 million income tax ... Read More »

PTA issues mobile device manufacturing regulations

ISLAMABAD: Pakistan Telecommunication Authority (PTA) has said it has issued Mobile Device Manufacturing (MDM) regulations and has started receiving applications for mobile device manufacturing. In a statement, PTA said that the implementation of the authority’s Device Identification, Registration and Blocking System (DRIBS) in 2019 had resulted in significant increase in legal import of mobile devices and establishment of over 33 ... Read More »

Appeal to PM: An insight to ensure voluntary tax compliance

 Mir Abdullah Haroon It is a widespread belief that our people are obsessed with standing out and protocols hence, the mainstream VIP culture.  Although cognizant but one fails to conceive the extent to which this addiction exceeds to. My father working as the Protocol Officer to the Prime Minister had the first-hand experience to have a glimpse of how this ... Read More »

Pak rupee touches one-year high against US dollar

KARACHI: Pakistani rupee extended gains against the United States (US) dollar at the start of Wednesday’s trading in the inter-bank market, touching a one-year high, reported ARY News. According to foreign currency dealers, the local currency appreciated by 38 paisa to 157.47 against the greenback. Yesterday, the dollar had closed at Rs157.85. Economic analysts say the rupee appreciation is a ... Read More »

Pakistan’s imports increases by $2.085b: Razak Dawood

ISLAMABAD: Adviser to Prime Minister for Commerce and Investment, Abdul Razak Dawood said that Pakistan’s imports increased by $ 2.085 billion during July to February 2021 as compared to the same period in last Fiscal Year 2020. The Ministry of Commerce (MOC) had conducted a preliminary analysis of this increase in import , the adviser said this on his official ... Read More »

FBR extends pre-arrival customs clearance facility to five airlines

ISLAMABAD: Federal Board of Revenue (FBR) said that it has extended the pre-arrival custom clearance facility to five airlines. A FBR spokesman on a pilot project on customs clearance in the Sky that was started with Qatar Airways has now been rolled out to five other airlines. Urgent shipments on Turkish Airlines, Fly Dubai, Air Arabia and YTO cargo are ... Read More »

Bangladesh HC visits RCCI, assure full cooperation for promoting bilateral trade ties

RAWALPINDI:  High Commissioner of Bangladesh H.E. Ruhul Alam Siddique  visited the Rawalpindi Chamber of Commerce and Industry (RCCI) here on Tuesday. President Mohamamd Nasir Mirza, Senior Vice President Osman Ashraf, Vice President Shahraiz A Malik, former presidents, members of the executive committee and chamber members were also present on the occasion. Talking to the President of the Chamber Nasir Mirza, ... Read More »

FBR directs Multan Customs to deploy staff for monitoring of dry port gates

MULTAN: The Federal Board of Revenue (FBR) has directed Collector Customs Enforcement & Compliance (E&C) Multan to deploy relevant staff from Enforcement may be transferred/posted into Appraisement as the function of monitoring of gates of dry ports and Custom border stations has been given to Customs Appraisement Faisalabad. Collectorate of Customs Enforcement & Compliance (E&C) Multan was performing the responsibility ... Read More »

FBR devises mechanism for release of consignments stuck-up at Karachi ports

ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday devised a mechanism for release of imported goods of FATA/PATA residents stuck-up at Karachi ports. A meeting was held under the Chairmanship of the FBR chairman with Inland Revenue-Operations and Customs Operations Wings to sort out the issues of imported goods of FATA/PATA residents stuck-up at Karachi Ports, Consumption/Installation Certificates, Postdated Cheques ... Read More »

South Punjab exporters express dismay over unnecessary delay in grounding of export shipments at PICT

MULTAN: South Punjab exporters and Customs Clearing agents are upset over the unnecessary delay in the grounding and examination of export consignments at Pakistan International Container Terminal (PICT). South Punjab renowned exporter Mian Israr Ahmad Awan informed Customs Today that whenever import consignments were delayed the importers had to pay demurrage charges but in case of exports if the container ... Read More »