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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

M/s Iqra Textiles moves SHC for assessment of imported consignments

KARACHI: M/s Iqra Textiles has approached the Sindh High Court (SHC) and filed a constitutional petition seeking order for assessment of imported consignments of textiles fabric seized by customs officials. On June 28 2021, counsel for the petitioner stated that during the course of business, petitioner imported consignments of textile fabrics and after arrival of the consignments, the petitioner has ... Read More »

Mobile & internet banking transactions grow more than double during 3Q of FY21: SBP

KARACHI: The value of mobile banking, internet banking and e-commerce transactions all more than doubled during the third quarter of 2020/2021 when compared with the same period last year, State Bank of Pakistan (SBP) said on Monday. Encouragingly, the number of internet and mobile banking users has also been increasing significantly, up 30.5 percent and 20.3 percent respectively during Q3FY21 ... Read More »

All out efforts being made to somehow control rising street crimes: DIG East Saqib Memon

KARACHI: DIG East Saqib Inam Memon, in response to deep concerns expressed over rising street crimes all over the city, stated that keeping in view Karachi’s population and the dimensions of this city, it was really a challenging task to deal with the menace of street crimes but all out efforts were being made to somehow control rising street crimes ... Read More »

Customs Court directs IO to arrest culprits in smuggling of contraband goods case

KARACHI: The Customs Court directed investigation officer (IO) to arrest owners, partners, associates, financiers, masterminds, who were allegedly involved in smuggling huge quantities of contraband goods into Pakistan for illegal sale in the local market. On 26 June 2021, investigation officer of Intelligence & Investigation-FBR submitted that on actionable information, customs officials raided at Boltan Market Opposite Yousaf Plaza, M.A ... Read More »

SHC seeks comments on petition filed by M/s Khafid Garments for delisting from blacklist

KARACHI: The Sindh High Court (SHC) directed customs officials and deputy attorney general of Pakistan to make sure filing their respective para wise comments on a constitutional petition filed by importers including M/s Khafid Garments blacklisting its company and seized five consignments of the petitioner comprising fabrics. On 25 June 2021, during the hearing, counsel for M/s Khafid Garments argued ... Read More »

Customs PCA detects huge scam relating to diplomatic warehouses worth Rs3b

KARACHI: Directorate of Post Clearance Audit (PCA) Customs has deteced scam relating to diplomatic bonded warehouses, wherein the government exchequer was inflicted a loss of Rs3.0 billion. Additional Director Post Clearance Audit (PCA), Islamabad Talib Hussain in his statement to Federal Investigation Agency (FIA) claimed that Director Nadeem Hussain had colluded with the culprits and turned liquor seizure case into ... Read More »

47pc growth seen in Pakistan’s IT exports from July-May in FY2020-21: SBP

KARACHI: A 47 percent increase was witness in Pakistan’s information technology exports, going up to $1.9 billion from July-May in fiscal year 2020-21, according to data released by the State Bank of Pakistan. The central bank data showed IT exports increased 59% year-on-year to $200 million in May. The exports were $126 million in May last year. Telecommunications, computer and ... Read More »

Customs Court seeks progress report against M/s Zubair Steel & others in money laundering case

KARACHI: The Customs Court directed investigation officer to complete investigation and submit progress report against owners/ proprietor/ partners/ beneficiaries of M/s Zubair Steel, owners/ proprietor/ partners/ beneficiaries of M/s Balochistan Engineering Works Ltd, owners/ proprietor/ partners/ beneficiaries of M/s Royal Impex Pvt Ltd, owners/ proprietor/ partners/ beneficiaries of M/s Steel Vision Pvt Ltd and owners/ proprietor/ partners/ beneficiaries of M/s ... Read More »

SHC sought comments on petition filed by M/s Sayyed Engineering Limited against SCN

KARACHI: A two-member bench of the Sindh High Court (SHC) issued notices to the customs department and deputy attorney general of Pakistan directing them to file their comments on a constitutional petition filed by importer against issuing a show cause notice issued by Collector of Customs Adjudication-II on account of alleged mis-declaration On 24 June 2021, counsel for M/s Sayyed ... Read More »

SBP forex reserves fall $311m to $16.1b

KARACHI: The State Bank of Pakistan’s (SBP) foreign exchange reserves fell 1.89% on a weekly basis, data released by the central bank. The foreign currency reserves held by the central bank were recorded at $16.106 billion on June 18, showing a decrease of $311 million compared with $16.4 billion in the previous week. Overall liquid foreign currency reserves held by ... Read More »

Tax evasion: Customs PMBQ submits FIR against M/s Jass Brothers & others

KARACHI: Collectorate of Customs Appraisement and Facilitation Port Muhammad Bin Qasim (PMBQ) has submitted first information report (FIR) before the customs court against Basharat Ali, owner of M/s A.H International, Shafeeq Ahmed, owner of M/s Shafiq & Sons, Aqeel Ahmed, clearing agent, proprietor of M/s Jass Brothers and others, who were involved for illegal removal of into-bond goods by evading ... Read More »

SHC seeks comments from customs officials on petition filed by M/s Atlas Pakistan Limited

KARACHI: A two-member bench of the Sindh High Court (SHC) directed customs officials to filer respective para wise comments on a constitutional petition filed by M/s Atlas Pakistan Limited for return/ refund bank guarantee/ pay order submitted by the petitioner on provisional release of imported consignment of equipment namely PDA-8G starter System with accessories S/N 4900 LE USA. On 23 ... Read More »

M/s N.R Enterprises moves SHC seeking renewal of license for clearing agent

KARACHI: M/s N.R Enterprises has approached the Sindh High Court (SHC) and filed a constitutional petition seeking renewal of customs clearing license which was not renewed due to lodging FIRs against the petitioner by licensing authority. On 23 June 2021, counsel for the petitioner stated that petitioner is partner of M/s N.R Enterprises, customs clearing agency and since 2006 is ... Read More »

Customs Court approves progress report against M/s Royal Impex & others in tax evasion case

KARACHI: The Customs Court has approved progress report against proprietor/ owners/ partner of M/s Royal Impex and others who were involved in mega tax evasion scam. On 23 June 2021, investigation officer of Intelligence & Investigation-FBR submitted progress report against the above mentioned suspects and informed the court that during the investigation, it was revealed that above mentioned  suspects and ... Read More »

Foreigners buy debt worth $925m in FY21: SBP

KARACHI: Foreign investors parked $925.28 million in local currency debt securities in this fiscal year (July-June), mostly in pursuit of higher yields, State Bank of Pakistan (SBP) data showed. The appetite for Pakistan’s debt securities showed signs of recovery as the combined inflows in the Market Treasury Bills (MTBs) and Pakistan Investment Bonds (PIBs) from the foreign investors were higher ... Read More »

ITC chief highlights significance of SMEs in sustainable economic development

KARACHI: Chief of Sector & Enterprise Competitiveness, International Trade Center (ITC) Robert Skidmore has said that in order to ensure sustainable economic development, it was really essential to support and work closely with Small and Medium Enterprises (SMEs) as it was these SMEs which cover 70 percent of global economy, create jobs and help solve the governments’ problems. Speaking at ... Read More »

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 »