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Pakistan’s first in-depth newspaper that presents balanced news reports, analysis and reviews regarding Customs, Federal Board of Revenue (FBR) and Sales/Income Tax Departments beside covering import and export sectors comprehensively. Up-to-the-minute news bulletins regarding Customs and FBR departments are also displayed regularly on both website and face book for the interest of common people

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 »

SHC seeks reply on petition filed by M/s Specialty Chemicals Industries Private Limited against detention of consignment

KARACHI: The Sindh High Court (SHC) has sought para wise comments on a constitutional petition filed by M/s Specialty Chemical Industries Private Limited against enhancement of valuation of imported consignments of rubber from US$ 270 to US$ 380 per metric ton. On 9 April 2021, a two-member bench, headed by Muhammad Junaid Ghaffar heard the matter, during the hearing, court ... 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 »

SHC restores reference applications filed by Appraisement East against several importers

KARACHI: The Sindh High Court (SHC) has restored reference applications filed by Collector of Customs, MCC Appraisement East against M/s Hi-Tech Impex & another, M/s. Faisal International & others, M/s. Ali Enterprises & another and others importers. On 9 April 2021, a two-member bench, comprising Justice Muhammad Junaid Ghaffar and Justice Agha Faisal released detailed judgment. Court observed in its ... 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 »

M/s Chanar Energy moves SHC seeking exemption from duty & taxes on consignment of bagasse based boiler

KARACHI: M/s Chanar Energy Limited has approached the Sindh High Court (SHC) and filed a constitutional petition against demanding duty and taxes on imported consignment of bagasse based boiler of 110 bar pressure allegedly exempted from duty and taxes under CGO NO 11/207. On 7 April 2021, counsel for the petitioner stated that petitioner whilst acting the course of its ... Read More »

Gwadar free zone starts operations as Pakistan Customs clears first consignment

KARACHI: Gwadar Free Zone has become practically operational with the first consignment clearance by Pakistan Customs, a statement said. According to the statement, Pakistan Customs has facilitated the clearance of the first import cum export consignment by M/s. HK Sun Corporation limited, which will be further processed in Gwadar Free Zone established under China CPEC and later on items will ... Read More »

SHC seeks reply on petition filed by M/s Shahid Majid & Sons against detention of consignments of electrolytic tin plate

KARACHI: the Sindh High Court (SHC) directed customs officials to make sure filing their para wise comments on a constitutional petition filed by M/s Shahid Majid & Sons against enhancement of valuation of imported consignments pertaining to electrolytic tin plate of secondary quality. On 7 April 2021, counsel for the petitioner argued that directorate general of customs valuation issued a ... Read More »

M/s Quick Deal moves SHC for restoration of ID/ license of customs clearing agent

KARACHI: M/s Quick Deal has approached the Sindh High Court (SHC) and filed a constitutional petition seeking restoration of its ID/ license which was blocked by customs officials due to lodging first information report (FIR) against the petitioner. On 6 April 2021, counsel for the petitioner stated that petitioner is the proprietor of M/s Quick Deal customs clearing and forwarding ... Read More »

PRGMEA appeals PM for yarn producers’ forensic audit to break cotton cartel

KARACHI: The Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) has made an appeal to Prime Minister Imran Khan to pass directives for the forensic audit of the yarn producers to break cartel of cotton mafia in line with the actions taken by the PTI government against sugar lobby because cotton mafia has so far proved to be larger than ... Read More »

M/s D & D Logistics moves SHC seeking release order for detained HSD, oil tanker

KARACHI: M/s D & D Logistics Private Limited has approached the Sindh High Court (SHC) and filed a constitutional petition seeking release order for 50,000-liters diesel along with Hino oil tanker which was detained four year ago. On 6 April 2021, counsel for the petitioner stated that staff of Customs Preventive Karachi intercepted a Hino oil tanker bearing registration number ... Read More »

Tax evasion of Rs9.324m: Customs Court approves progress report against M/s MAJ Corporation & others

KARACHI: The Customs Court approved a progress report against Mohsin Ali Jalbani, owner of M/s MAJ Corporation and others, for commission of tax fraud by falsifying sales tax invoices amounting to Rs. 9.324 million. On 6 April 2021, investigation officer of Zone-IV, Regional Tax Office-I, Karachi submitted progress report and informed the court that a credible information received that M/s ... Read More »

SBP unveils ambitious third 5-year Strategic Plan for Islamic Banking Industry

KARACHI: State Bank of Pakistan (SBP) unveiled its third five-year Strategic Plan for the Islamic Banking Industry. The strategic plan has set headline targets for Islamic banking industry to be achieved by 2025, said a statement. The strategic plan included 30 percent share in both assets and deposits of overall banking industry, 35 percent share in branch network of overall ... Read More »

Banks likely to accept container detention, demurrage charges

KARACHI: The State Bank of Pakistan (SBP) has issued draft amendment to Foreign Exchange Manual under which banks may be allowed to accept container detention charges and demurrage charges in order to facilitate trade in payments. The SBP issued the draft amendments and invite stakeholders’ comments before finalizing the foreign exchange manual. According to the draft amendments made to 14 ... Read More »

Customs Court approves bail to owner of M/s Friends Enterprises in bogus input & refund of sales tax fraud case

KARACHI: The Customs Court granted bail to suspect namely Muhammad Jawaid owner of M/s Friends Enterprises and directed him to appear before the court for next date of hearing or otherwise, who was nominated in first information report (FIR) for fake/ bogus input and refund of sales tax amounting to Rs681,275 and Rs962,030. On 3 April 2021, during the hearing, ... Read More »

M/s Khyber Traders moves SHC against enhancement of valuation of body spray consignment  

KARACHI: M/s Khyber Traders has approached the Sindh High Court (SHC) and filed a constitutional petition against enhancement of valuation of imported consignment of body spray 150ml, EDT 1ml & advertisement material. On 5 April 2021, counsel for the petitioner stated that in the normal course of business, the petitioner is being active importer, exporter wholesaler & distributors company, the ... Read More »

Director Dr. Sadiqullah Khan’s Hyderabad I&I impounds smuggled fabric, vehicle worth Rs35.5m near Kashmore

HYDERABAD: Under the supervision of Director Customs Intelligence and Investigation Dr. Sadiqullah Khan, Directorate of Customs Intelligence and Investigation (I&I) team foiled an attempt to smuggle huge quantity of foreign origin fabric from Quetta. The market value of seized fabric is approximately Rs30 million and that vehicle is Rs5.5 million. According to the details, Customs Intelligence and Investigation Director Sadiqullah ... Read More »

Customs PMBQ posts 3.71pc growth in revenue collection

KARACHI: Collectorate of Customs Port Mohammad bin Qasim  (PMBQ) collected revenue of Rs512.13 billion during nine months (July-March 2020-21), which is 3.71 percent higher than the revenue of Rs493.77 billion collected in the same period last year fiscal year. The Collectorate also surpassed the assigned revenue collection target for the period under review. According to the details, during the month ... Read More »

Policies in Pakistan’s favour to be implemented despite IMF aid: Dr Reza Baqir

KARACHI: Policies in Pakistan’s favour would be implemented despite aid from the International Monetary Fund (IMF), State Bank of Pakistan (SBP) Governor Dr Reza Baqir said. Speaking in a private channel programme “Naya Pakistan”, Dr Baqir said Pakistan’s economy has been faring better during the third coronavirus wave than the first two. “There’s growth in various sectors, including cement and ... Read More »