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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

President Alvi launches SBP policy for disabled persons

KARACHI: The State Bank of Pakistan introduced a comprehensive policy to enhance the financial inclusion of Persons with Disabilities (PWDs) on Monday. President of Pakistan Dr Arif Alvi as chief guest launched the policy. This policy initiative aims at improving financial independence for PWDs by improving access to banking services as well as providing opportunities to contribute as bank employees. ... Read More »

Customs JIAP foils bid to smuggle heroin worth Rs9.4m

KARACHI: Collectorate of Customs Jinnah International Airport (JIAP) Karachi foiled an attempt to smuggle 940 grams of fine quality heroin. The market value of seized heroin power is Rs9.4 million in international market. According to sources, during routine checking customs team deputed at international departure lounge intercepted a passenger who belonged to KPK for checking. His luggage was already cleared ... Read More »

Karachi police foils bid to smuggle non-customs paid items

KARACHI: Police have seized non-custom paid items worth millions of rupees which were being smuggled to various cities. According to the senior superintendent of police (SSP) city, the police party in an action in Karachi’s Garden, arrested four suspects along with the non-custom paid items. The seizure of items include two non-custom paid cloths, dry fruit, spare parts of the ... Read More »

Spanish firm approaches FIA, NAB over ‘fraud’ in Green Line project

KARACHI: The much-awaited Green Line service seems to be surrounded by a financial controversy even before its launch. A European giant, which has offered its technological support and services for the project, is knocking at the doors of the country’s anti-graft and investigation institutions and has even attempted for success through diplomatic corridors with a complaint that one of the ... Read More »

Customs I&I detects tax evasion of Rs4.15b by Export Processing Zone units

KARACHI: Directorate of Customs Intelligence and Investigation (I&I) detected tax evasion of Rs4.15 billion by Export Processing Zone (EPZ) units. Sources said that after directions of Director Customs Intelligence and Investigation Khaleel Yousafani, Additional Director Rana Tasleem and Deputy Director Tauseef Gorchani conducted an exercise, which unearthed a massive evasion of Rs4.15 billion by certain KEPZ units. “The investigation conducted ... Read More »

FPCCI demands setting up of Customs Adjudication Stations across Sindh

KARACHI: Shabbir Mansha Churra, Convener of FPCCI’s Central Standing Committee on Customs has demanded to Collector of Customs Adjudication for setting up of Customs Adjustment Stations across Sindh, Especially in Sukkur. Thanks to which the traders of Sindh and Balochistan will be able to get justice at their doorsteps in a timely manner and they will not have to travel ... Read More »

Customs Preventive seizes narcotics worth Rs301m near Keti Bandar

KARACHI: Collectorate of Customs Preventive, Anti-Smuggling Organization (ASO) seized huge quantity of narcotics including methamphetamine and heroin worth Rs301 million. Sources said that information was passed through Collector Preventive Saquif Saeed to Additional Collector Umar Shafique that huge quantity of contraband narcotics will be smuggled out of the country through a foreign vessel waiting in the open sea from the ... Read More »

Mis-declaration: Appraisement East registers FIR against M/s Iftikhar Auto Store

KARACHI: Collectorate of Customs Appraisement East registered FIR against M/s Iftikhar Auto Store for mis-declaring the classification and value of imported goods to evade duty and taxes. According to sources, an information was received by Collector Fayyaz Rasool Mekan that M/s Iftikhar Auto Store is clearing brake lining friction material clutches with the connivance of clearing agent M/s Pakistan Agencies ... Read More »

SBP foreign reserves rise $2m to $16.42b

KARACHI: The State Bank of Pakistan’s (SBP) foreign exchange reserves were recorded at 16,417.3 million during the week ending on June 11, showing an increase of $4 million or 0.01%. According to the central bank, Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $23,586.5 million. Net reserves ... Read More »

Govt should allow coal unloading at Karachi Port Trust: APCMA

KARACHI: Cement-makers have asked the federal government to allow the discharge of imported coal at Karachi Port Trust (KPT) as their demurrage mounts on account of the alleged mishandling of cargo at Pakistan International Bulk Terminal (PIBT), the country’s only coal-handling terminal with a single dedicated berth at Port Qasim. According to the coal vessel lineup at PIBT, ships are ... Read More »

Banks given time to develop model for housing loans

KARACHI: The State Bank of Pakistan has directed banks to come up with their informal income proxy models operational for low-cost housing within four weeks as the process of lending for housing is still much below than the expectations of the government. “In order to facilitate low-cost housing finance applicants with informal income, the State Bank has asked banks to ... Read More »

SBP caps feeless interbank fund transfer at Rs25,000 per month

KARACHI: The State Bank of Pakistan (SBP) directed banks to continue providing free of cost digital fund transfer services to individual customers for up to Rs25,000 per month per account/wallet. However, banks may choose to set this aggregate limit at a higher amount as well. “This would allow individual customers to make as many free fund transfer transactions remaining within ... Read More »

SBP renews credit rating agencies status

  KARACHI: The State Bank of Pakistan (SBP) renewed the status of both credit rating agencies operating in Pakistan namely ‘VIS Credit Rating Company Limited (VIS)’ and ‘The Pakistan Credit Rating Agency Limited (PACRA)’ as eligible / recognized External Credit Assessment Institutions (ECAIs) for the calendar year 2021. Banks and DFIs using the standardized approach of Basel framework are allowed ... Read More »

Foreign investors laud State Bank for facilitating remittances

KARACHI: Foreign investors operating in the country have appreciated the significant improvement in the foreign exchange remittance processing time and in growing engagement of the State Bank of Pakistan (SBP) leadership with the key stakeholders. The Overseas Investors Chamber of Commerce and Industry (OICCI), released the results of their latest annual Remittance Survey 2021, conducted amongst foreign investors, who are ... Read More »

Sindh allows businesses to operate six days a week as Covid cases drop

KARACHI: The Sindh government allowed the resumption of business activities in the province for six days a week, following the National Command and Operation Centre’s (NCOC) decision in this regard. The decision was made in the meeting of the Sindh Covid-19 Task Force, headed by Chief Minister Murad Ali Ali Shah. However, the chief minister said that businesses will remain ... Read More »

Customs I&I forwards Incident Report against DHA Lahore for adjudication

KARACHI: Directorate of Customs Intelligence and Investigation (I&I) has served an Incident Report for Adjudication against Defence Housing Authority LHR Gujranwala Chapter for claiming inadmissible exemptions. Sources said that an FIR likely to be lodged against DHA Lahore in this regard. Sources further revealed  that pursuant to an information regarding inadmissible claim of exemption by Defence Housing Authority LHR Gujranwala ... Read More »

Customs Preventive registers FIR against Rana Phool for submitting forge documents

KARACHI: Collectorate of Customs Preventive has registered an FIR against Rana Phool Muhammad for trying to get refund from government exchequer through submitting forged documents. Sources said that bank official called office of Preventive Service for verification of genuineness of the impugned letter bearing the subject of “100% payment refund” on the basis of which Rana Phool Muhammad was demanding ... Read More »

M/s Sameed International Trading moves SHC for release of imported dry battery cells

KARACHI: M/s Sameed International Trading Company Private Limited has approached the Sindh High Court (SHC) and filed a constitutional petition seeking release order for imported dry battery cells seized by customs officials due to alleged higher valuation. On 12 June 2021, counsel for the petitioner stated that petitioner has imported various consignments of dry battery cells and seeks provisional release ... Read More »

Customs Court frames charge against owner of M/s Glow Industries

KARACHI: The Customs Court framed charge against suspect namely Muhammad Ali owner of M/s Glow Industries, who was nominated in first information report (FIR) for fake/ bogus input and refund of sales tax of Rs7. 819 million scam. On 11 June 2021, during the hearing, after formalities, court framed charges and called witnesses for the next date of hearing. Earlier, ... Read More »

Pakistan’s foreign exchange reserves swell to over $23.577b

KARACHI: The total liquid foreign exchange reserves of Pakistan continue to surge as total reserves reached at the highest level US$ 23,577.9 million in the week ending on June 04. According to a statement issued by the State Bank of Pakistan on Thursday, Foreign reserves held by the State Bank of Pakistan stood at US$ 16,414.9 million while Net foreign ... Read More »