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Karachi

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

SHC seeks remarks on petition filed by M/s A&S Express for release of imported goods

KARACHI: The Sindh High Court (SHC) directed customs authorities to file their respective para wise comments on a constitutional petition filed by M/s A&S Express seeking release order for imported consignment of hydraulic parts boosters, hydraulic c/b master cylinder, hydraulic pump cartridge, hydraulic turbo kits, hydraulic turbo diaphragm worth of US$ 27420 from China. On 9 December 2020, during the ... Read More »

Tax evasion: Customs Court to frame charge against CEO, Directors of M/s Burshane LPG Pakistan on Jan 22

KARACHI: The Customs Court fixed 22 Jan 2020 as date for framing charge against suspects namely Asad Alam Niazi CEO of M/s Burshane LPG Pakistan Limited Company and its directors namely Saifee Zakiruddin, D. T Sethna and Hamdia Fatin Niazi, who were nominated in mega tax evasion and money laundering scam amounting over Rs1.77 billion. On 12 December 2020, during ... Read More »

DG Valuation revises customs values of gypsum board, gypsum tiles, fiber cement board vide VR No 1501/2020

KARACHI: Directorate of General Valuation, Director Shafiq Ahmad Latki has issued customs values gypsum board, gypsum tiles, fiber cement board and fiber cement corrugated sheet vide valuation ruling no. 1501 dated 10.12.2020. Earlier customs values of gypsum board, gypsum tiles, fiber cement board and fiber cement corrugated sheet were determined vide Valuation Ruling No 1363 dated 26.4.2019.   Read More »

Customs Court approves after arrest bail of suspects in goods smuggling case

KARACHI: The Customs Court granted after arrest bail to suspects namely suspects namely Altaf Ahmed son o Abdul Ghafoor and Muhammad Israr son of Muhammad Ibrahim and directed them to appear before the court for next date of hearing, suspects were nominated in first information report (FIR) for smuggling of non-duty paid goods into Pakistan and losses the government exchequer ... Read More »

Governor SBP Reza Baqir appointed as Deputy Chairman of IFCB

KARACHI: The Islamic Financial Services Board (IFSB) Council in its 37th meeting, held on 10th December 2020, appointed Governor State Bank of Pakistan, Dr. Reza Baqir, as the Deputy Chairman of the Council for the year 2021. IFSB Council is the highest level policy making body comprising of the Central Bank Governors and heads of the leading regulatory and supervisory ... Read More »

SHC dismisses SCRA filed by Collector Customs PMBQ against M/s M J Industries

KARACHI: A division bench of the Sindh High Court (SHC) has dismissed special customs reference application filed by Collector of Customs Port Muhammad Bin Qasim challenging impugned judgment dated March 09, 2019 passed by Customs Appellate Tribunal, Bench-II, Karachi in favor of M/s M J Industries. According to the details order passed a division bench, headed by Justice Aqil Ahmed ... Read More »

Foreign exchange reserves increase by $160m

KARACHI: The liquid foreign exchange reserves of the country have increased by $160 million to $20.402 billion by week ended December 04, 2020, State Bank of Pakistan (SBP) said. The foreign exchange reserves of the country were at $20.242 billion by week ended November 27, 2020. During the week ended December 04, 2020, SBP received $359 million from multilateral/bilateral sources ... Read More »

SHC seeks comments on petition filed by M/s Raim Enterprises against detention of imported consignments

KARACHI: A division bench of the Sindh High Court (SHC) directed customs officials to make sure filing their para wise comments on a constitutional petition filed by M/s Raim Enterprises against detention of its imported consignments of canned pie filling topping assorted type quantity of 15, 993 kg from USA. On 8 December 2020, during the hearing, counsel for the ... Read More »

Customs Court acquits representatives of M/s M.A Impex & M/s Toheed Brothers in mis-declaration scam

KARACHI: The Customs Court approved application under section 265-K Cr.P.C and acquitted suspects namely Muhammad Umair, Muhammad Toheed Malik and Hammad Khan, who were nominated in first information report for mis-declaration of description, HS Code/ quantity, weight and value. On 9 December 2020, court released the judgment, according to which court observes that “there is no probability of the convocation ... Read More »

Customs Preventive seizes smuggled betel nut, processing machines worth Rs20m

KARACHI: Collectorate of Customs Preventive Anti-Smuggling Organization (ASO) recovered huge quantity of smuggled betel nut along with other goods in North Karachi. Sources told that Collector Saquif Saeed received credible information about illegal manufacturing of betel nuts. He immediately directed Additional Collector Haroon Malik to take necessary measures in this regard. Customs anti-smuggling squad headed by Superintendent Iftikhar Hasan raided ... Read More »

Govt halts sale of Rs25,000 denomination prize bonds

KARACHI: The government has stopped the sale of prize bonds of Rs25,000 denomination with immediate effect and the same shall not be encashed / redeemed after May 31, 2021, State Bank of Pakistan (SBP) said on Thursday. The SBP said that the finance ministry had already issued instructions in this regard a day earlier. The ministry also announced the issuance ... Read More »

Rs40,000 premium prize bonds investment records 21pc growth

KARACHI: Investment in premium Rs40,000 prize bonds has seen a growth of 21% to Rs20.54 billion by the end of October 2020, compared with Rs16.93 billion in the same period of the last fiscal year, according to Central Directorate of National Savings (CDNS) data. The premium prize bonds were launched by the government close to three-and-a-half years ago in April ... Read More »

Customs Court frames charge against suspect booked in contraband goods smuggling case

KARACHI: The Customs Court framed charge against suspect namely Waseem Imtiaz Ali son of Imtiaz Ali, owner of contraband goods, who was booked in smuggling of 17, 105 kg foreign origin Katha worth Rs17,105,000 and 2820 kilogams of Wangsa Kristal Palm Fat worth Rs212,064. On 8 December 2020, above mentioned suspect appeared before the court along with his counsel and ... Read More »

SHC issues notices to OGRA, SSGC over gas shortage

KARACHI: The Sindh High Court (SHC) issued notices to Oil and Gas Regulatory Authority (OGRA), Sui Southern Gas Company (SSGC) and others on a petition of against the shortage and closure of gas in the province. The petitioner stated that Punjab is producing 4pc, Balochistan 19pc and KP only 9pc, while Sindh produces 68pc of the total gas consumed by ... Read More »

SBP extends date for Rs40,000 prize bonds withdrawal up to Dec 30

KARACHI: State Bank of Pakistan (SBP) on Tuesday announced extension in date for encashment, replacement and conversion of unregistered Rs40,000 denomination prize bonds. The SBP said that the date for withdrawal of the prize bonds had been extended up to December 30, 2021. The central bank said that the Finance Division, Government of Pakistan has extended the last date for ... Read More »

M/s Fast Track Projects & Logistics moves SHC against demand notice for additional security guarantee of US$0.5m

KARACHI: M/s Fast Track Projects & Logistics Private Limited has approached the Sindh High Court (SHC) and filed a constitutional petition against demand notice for required an additional security guarantee of US$ 0.5 million by Deputy Collector Bonds  Port Muhammad Bin Qasim. On 7 December 2020, counsel for the petitioner stated that Deputy Collector Bonds MCC Port Muhammad Bin Qasim ... Read More »

Customs Court approves bail to suspects booked in diesel smuggling via deep sea

KARACHI: The Customs Court granted after-arrest bail to suspects namely Syed Umer, Noor Muhammad Khan, Rahat Khan, Farman Ali, Momin Khan, Aziz Khan, Zahid Rehmat and Wajid Ali, who were nominated in a case of smuggling of 40,000 liter diesel oil via deep sea. On 7 December 2020, counsel for the accused appeared before the court and moved bail applications ... Read More »

Customs I&I foils attempt to smuggle betel nuts from Sakran to Karachi

KARACHI: Directorate of Customs Intelligence and Investigation (I&I) has seized huge quantity of smuggled betel nuts. Sources told that Directorate of Customs Intelligence and Investigation (I&I) Director Yaqoob Mako received credible information regarding smuggling of betel nuts from Sakran to Karachi. He immediately directed Additional Director Rana Tasleem to take necessary measures to thwart any attempt of smuggling. Deputy Director ... Read More »

Namaz-e-Janaza of late Siraj Teli at Masjid-e-Saheem on Dec 10

KARACHI: The spokesman of Karachi Chamber of Commerce & Industry (KCCI) said that t Namaz-e-Janaza of late Siraj Kassam Teli (SI), Chairman Businessmen Group, former President KCCI & Director Pakistan Beverage Limited (Pepsi Cola), who passed away in Dubai on Tuesday, December 8th, 2020 due to cardiac arrest, will be held on Thursday, 10th December 2020 at 10:00AM at Masjid ... Read More »

Banks to observe extended working hours today to facilitate taxpayers

KARACHI: State Bank of Pakistan (SBP) directed banks to observe extended banking hours on December 08, 2020 for facilitating taxpayers in payment of duty and taxes. It is worth mentioning that the December 08, 2020 is last date for filing annual return of income for tax year 2020 and taxpayers will need banking services to pay their challans for completing ... Read More »