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Author Archives: M Hayat

FPCCI rejects increase in electricity, petroleum prices

LAHORE: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Tuesday rejected sharp increase in prices of electricity and petroleum products terming it a cruel decision which will break the back of masses already reeling under inflation. Government has taken electricity out of the reach of the common man under pressure from IMF which cannot be accepted as ... Read More »

APBF urges govt to revise export policy

LAHORE: All Pakistan Business Forum (APBF) urged the government to take business community on board in preparing policies to enhance exports so that fast widening trade deficit could be diminished. The APBF Executive Committee met here with its chairman Nabeel Hashmi in the chair and attended by President Rashid Mehr, Senior Vice President Imtiaz Rastgar, Yaqoob Izhar, Munir Bana and ... Read More »

Customs Houses to remain open on Saturday

LAHORE: Model Customs Collectorates will remain open on Saturday and observe normal working hours on Saturday September 28. However, on Monday September 30 the offices will remain open till 2000 hours in order to facilitate trade and industry in getting their cargo cleared for imports/exports and payment of taxes and duties, according to a notification. Federal Board of Revenue (FBR) ... Read More »

Anti-smuggling scout seizes generator, 125 bags of plastic raw material

LAHORE: The anti-smuggling scout Thursday impounded 125 bags of plastic raw material and a 100KV generator. Official sources said that Customs Inspector Sikandar Bajwa and his team during two separate raids seized plastic raw material worth Rs0.9 million and a generator worth Rs0.8 million. The sources said that the scout raided on two different Mazda trucks at Sagian Pull and ... Read More »

Body formed to probe missing containers case: Kamran Michael

LAHORE: Federal Minister for Ports and Shipping Kamran Michael said that no container can be taken out from any port without clearance by the Customs authorities. Talking to media persons at the Lahore Press Club recently, he said that a committee had been formed to probe into the matter of missing containers and its report would be made public. The ... Read More »

FTO to hold workshop on challenges of Ombudsmanship

LAHORE: Federal Tax Ombudsman (FTO) Abdur Rauf Chaudhry will conduct a two-day workshop on challenges of Ombudsmanship on Wednesday (September 25). FTO Abdur Rauf Chaudhry will inaugurate the workshop while participants of the workshop will discuss the problems. A way-out would also be discussed to overcome the challenges faced by the FTO in resolving the problems of taxpayers. Read More »

FBR Chairman reviews performance: Lahore collected Rs1.49b till Sept 15

LAHORE: FBR Chairman Tariq Bajwa held a high level strategic planning meeting with key Customs officials to review performance of Lahore region regarding revenue collection and anti-smuggling. The chairman held meeting with 40 officials of Customs including Chief Collector Lutfullah Virk, Lahore Collector of Customs Junaid Akram, Collector of Customs Multan Touseef Ahmad Qureshi, Collector of Customs Faisalabad Muhammad Zahid ... Read More »

Customs Agents vow total support to PIAF-Founder Alliance in LCCI elections

LAHORE: Lahore Customs Agents Association (LCAA) has announced its unconditional support for the PIAF-Founders Alliance in Lahore Chamber of Commerce and Industry (LCCI) election 2013-14. “The Customs Agents have been extending its full supports to the PIAF-Founders Alliance for the last ten years and this time also the agents will do their best to make the alliance victorious in the ... Read More »

Rupee will get stable soon, claims SBP governor

LAHORE: Consistent depreciation in value of rupees against dollar is not because of the IMF but it is driven by market sentiment and rupees will get stable soon. State Bank of Pakistan (SBP) Governor Yaseen Anwar claimed this while delivering a speech on ‘Strengthening Institutional Ties for Increasing SME’s Access to Finance’ at the 7th Pakistan SME Conference 2013. He ... Read More »

Liquid foreign reserves cross $10b

LAHORE: The total liquid foreign reserves held by the country stood at $ 10,374.5 million on September 13, 2013. Giving the break-up of the foreign reserves position, a statement of the State Bank of Pakistan (SBP) issued on Thursday said that foreign reserves held by the State Bank of Pakistan stood at $  5,118.3 million while net foreign reserves held ... Read More »

DG I&I appreciates performance of Lahore Customs officials

LAHORE: Director General of Intelligence and Investigation Muhammad Riaz Khan visited Lahore Dry Ports and regional headquarters of Directorate General of Intelligence and Investigation during his two-day tour to the city. Official sources said that the DG visited Lahore regional headquarters and was presented performance review. The sources said the DG instructed the staff including Director Najeeb ur Rehman Abbasi ... Read More »

Remittances up by 7pc

LAHORE: Overseas Pakistanis remitted $2637.27 million in first two months (July & August) of the current fiscal year. It shows a growth of 7.05 percent as compared to $2463.69 million received during the same period of last fiscal year, said a statement by State Bank of Pakistan. The inflow of remittances in July-August from Saudi Arabia, UAE, USA, UK, GCC ... Read More »

SBP raises discount rate up to 9.5pc

LAHORE: State Bank of Pakistan has increased the discount rate by 50 basis points for two months. Addressing a press conference on Friday afternoon, Governor State Bank of Pakistan Yaseen Anwar said the discount rate is being raised to 9.5 percent, from earlier rate of 9 percent. Increase of 50 basis points in the discount rate would lead to a ... Read More »

Anti-smuggling wing confiscates 512 computer LCDs

LAHORE: Lahore Model Customs Collectorate anti-smuggling wing on Wednesday seized at least 512 non-duty paid Computer LCDs at Faizpur Interchange. Official source said that a team of anti-smuggling wing on a tip-off raided a Mazda truck and confiscated 512 computer LCDs worth Rs 25 lakh market value. Source said that LCDs were being smuggled from Peshawar to a Lahore market. ... Read More »

LSE downs by 31.85 points

LAHORE: Bearish trend prevailed in Lahore Stock Exchange on Monday as it shed 31.85 points. The LSE-25 index opened with 4619.20 and closed at 4587.35 points. The market’s overall situation also did not correspond to an upward trend as it remained at 5.181 million shares to close against previous turnover of 6.258 million shares, showing a downward slide  of 1.076 ... Read More »

Lahore Customs Agents launch strike

LAHORE: Lahore Customs Agents Association has decided to go on complete strike today at all stations in order to express solidarity with the Karachi Customs Agents Association. The decision was taken in an emergent meeting of the body. Lahore Customs Agents Association Chairman M Amjad Chaudhry and President Agha Iftikhar said that FIRs were registered against Customs Agents in Karachi ... Read More »

Smuggled goods worth Rs 3.5 seized

LAHORE: Anti-smuggling scout number 1 seized miscellaneous goods worth Rs 3.5 million. Customs Anti-smuggling scout number 1 on a tip-off raided a truck full of various smuggled items including Aluminum Foil Paper 680 kgs, 2200 boxes of Indian bangles, auto parts and miscellaneous goods worth Rs 3.5 millions. Official sources said the scout raided the truck at Faizpur Interchange and ... Read More »

FBR transfers grade-18 officer

LAHORE: Federal Board of Revenue (FBR) has transferred Syed Hassan Sardar (IRS/BS-18) from DCIR, Regional Tax Office-II, Lahore and posted as Secretary, FBR (Hq) Islamabad, a notification said. The officer will continue drawing performance allowance as per the previous terms and conditions at the new place of posting. The officer is requested to relinquish/assume charge, using online HRMS facility made ... Read More »

FBR seizes PESS bank accounts, recovers Rs55m unpaid tax liability

LAHORE: Federal Board of Revenue (FBR) has seized 10 accounts of Punjab Employees Social Security (PESS) and recovered Rs55 million tax liabilities. According to details, PESS owed Rs75 million as tax liabilities from 2003 to 2006 and did not pay taxes. During this period, the Board had been corresponding with PESS to recover the payable tax amount, a source revealed. ... Read More »

DOT producing trained customs force: Mehboob Saqib Khan

LAHORE: Directorate General of Training & Research (Customs) Lahore is relatively an unglamorous wing of the Customs Department but those who know about the working of this organization say that the DOT Customs is the heart and soul of the whole Department and provides it with the kind of trained manpower which produces results. This is the directorate which provides ... Read More »