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Author Archives: M Hayat

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 »

Govt to support APCNGA in LNG import

LAHORE: Federal Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi on Monday said government will extend help to All Pakistan CNG Association (APCNGA) to realise its plan to import LNG which will mitigate energy crisis. He said that government will seriously consider allocation of gas quota to CNG stations, reduce gas loadshedding in Punjab and Sindh and stop theft ... Read More »

Customs seizes smuggled goods worth Rs 44m in July

LAHORE: Model Customs Lahore anti-smuggling department has seized smuggled goods and articles worth Rs 40 million during the month of July. According to details, the anti-smuggling department seized ladies cloth worth Rs 0.44 million, 617.28 kgs parachute fabric worth Rs 0.35 million, A/S cloth 410kgs worth Rs 0.29 million, diesel generator (3 Nos) 39KVA worth Rs 1.20 million, diesel generator ... Read More »

Abbasi made new DG Customs Training

LAHORE: Federal Board of Revenue (FBR) undertook major reshuffle at the director general level in Lahore. According to a notification, Mr. Mahboob Saqib Khan (Pakistan Customs Service/BS-20) Director General, (OPS) Directorate General of Training & Research (Customs), Lahore, has been transferred to Model Customs Collectorate, Sialkot, as Collector. While Mr. Ali Salman Abbasi (Pakistan Customs Service/BS-21) Member, Federal Board of ... Read More »

Investors exempted from customs duty, taxes to expedite energy projects

LAHORE: The Punjab government has exempted investors from customs duty, income tax and other taxes in order to expedite energy projects so that with the cooperation of China as well as local and foreign investors, the province could get rid of energy crisis. This was stated by Provincial Minister for Energy & Minerals Sher Ali Khan while addressing a delegation ... Read More »

FBR nominates 7 officials for promotion course

LAHORE: Federal Board of Revenue (FBR) has nominated seven officials of BPS-18 from Lahore for Mid Career Management Course (MCMC) for promotion to BPS-19. The officials would be upgraded from grade 18 to 19 following the successful completion of the MCMC. “The nominees of 16th MCMC at NIM Karachi, Lahore, Peshawar, Quetta and Islamabad are required to report on 16.08.2013,” ... Read More »

‘NTC not to impose anti-dumping duty on import of PSF from China’

LAHORE: All Pakistan Textile Mills Association (APTMA) Acting Chairman Wisal A. Monnoo has said the successful representation by APTMA of its case has led the National Tariff Commission (NTC) not to impose anti-dumping duty on import of Polyester Staple Fibre (PSF) from China. He has expressed the hope that the non-imposition of anti-dumping duty will have a positive impact on ... Read More »

Cell phone imports decline by 10.8pc in FY 12-13

The mobile phone imports into the country decreased by 10.8 percent during fiscal year 2012-13 over the same period of last year. The imports of mobile phones into the country during July-June (2012-13) were recorded at $613.858 million against the imports of $688.173 million during July-June (2011-12), according to the data of Pakistan Bureau of Statistics (PBS). Similarly the mobile ... Read More »