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Gold prices go up Rs450 to Rs109,300 per tola

ISLAMABAD: The price of 24 karat per tola gold increased by Rs450 and was sold at Rs109,300 on Tuesday against its sale at Rs108,850 the previous day, Karachi Sarafa and Jewellers Group reported. The price of 10 gram 24 karat also increased by Rs386 and was sold at Rs93,707 against its sale at Rs93,321 while the prices of 10 gram ... Read More »

Flour Mills Association announces to go on strike from June 24

KARACHI: Pakistan Flour Mills Association (PFMA) on Tuesday announced to go on strike from June 24. Flour Mills Association Chairman said that flour mills across the country will be closed from June 24 and will go on strike indefinitely from June 30 against turnover and sales taxes imposed by the government. Asim Raza Ahmed also urged the government to withdraw ... Read More »

USD rises by 49 paisa to reach almost 3.5 month high

KARACHI: The exchange rate of US Dollar increased by 49 paisa in the on Tuesday against Pakistani rupee, reaching about 3.5 months high. As per details, greenback was being traded at around 158 rupees on second business day of week compared to previous closing of Rs156.89. In last 50 days, dollar has risen by 5.72 rupees as on March 1, ... 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 »

Tarin directs food ministry to invite bids for wheat, sugar imports

ISLAMABAD: Finance Minister Shaukat Tarin directed food ministry to initiate international procurement drive of wheat and sugar through public, private and government-to-government arrangements. Addressing a National Price Monitoring Committee’s (NPMC) meeting, Tarin directed officials to work out modalities to maintain strategic reserves of sugar and wheat to ensure smooth supply at affordable prices during the upcoming financial year. “Government is ... Read More »

Beneficiaries to get additional amount under Indexation Policy approved by ECC

ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet approved the Indexation Policy for Cash Transfer and allowed Benazir Income Support Program (BISP) to adopt the institutional mechanism for periodic update of regular cash transfer benefits to Ehsaas Kafalat Beneficiaries of BISP. The request in this regard was made by the Poverty Alleviation & Social Safety Division, according to press ... Read More »

No withholding tax on cash withdrawal from July 1

ISLAMABAD: Banks shall not collect/deduct withholding tax on cash withdrawal from July 01, 2021 subject to approval of the Finance Bill by the National Assembly. The Finance Bill 2021 proposed abolishing levy of withholding tax on cash withdrawals from banking system. The withholding tax on cash withdrawal was imposed through Finance Act, 2005 in order to bring persons having taxable ... Read More »

Collector Muneeza Majeed redistributes workload among additional, deputy & assistant collectors

MULTAN: Collectorate of Customs Enforcement & Compliance (E&C) Multan redistributed tasks among additional collectors, assistant collectors and deputy collectors. Multan Customs Collector Muneeza Majeed has assigned different tasks to Additional Collectors, Deputy Collector and Assistant Collectors along with other officials in order to streamline Collectorate’s workload. Additional Collector-I Asdaq Afzal Sensera has been given responsibilities of ASO Bahawalpur /Multan Division. ... Read More »

7pc tax will curb growth of nascent e-commerce platforms

LAHORE: Experts have urged the government to withdraw the proposed general sales tax (GST) on e-commerce marketplaces, saying it would dwarf the growth of the nascent market. Speaking to media persons, Daraz Group Global CFO Kiran Faruqi said, “In the federal finance bill 2021, we as an online marketplace have seen several constructive developments, however, there have been certain changes ... Read More »

Customs PCA showing outstanding performance despite shortage of staff: Additional Director Nisar Phularwal

ISLAMABAD: Additional Director Post Clearance Audit (PCA) North Nisar Ahmad Phularwal has said that performance of the PCA has been suffering due to lack of staff. The Additional Director North PCA (Post Clearance Audit) Nisar Ahmad Phularwal said while talking with Customs Today during an exclusive talk, he said that PCA have  much importance in whole world “  wherever there ... Read More »

Rawalpindi I&I seizes narcotics worth Rs6m near Islamabad Motorway

  ISLAMABAD:  Directorate of Customs Intelligence and Investigation (I&I) Rawalpindi has seized 21 kilogram of chars worth Rs6 million. According to details it was informed by sources of Directorate of Customs (I&I) Intelligence and Investigation Rawalpindi that huge quantity of narcotics will be smuggled via motorway, following the information Director I&I Asghar Khan constituted a  squad under the supervision of ... Read More »

FATF meets to review Pakistan’s performance over key actions

ISLAMABAD: A five-day meeting of the Financial Action Task Force has started in which Pakistan s performance will be reviewed on June 23. Pakistan has submitted a progress report on all 27-point action plan. The FATF is satisfied with Pakistan’s performance so far in achieving the targets. Pakistan has made progress on all 27 targets and its report was submitted ... Read More »

FBR directs Faisalabad Adjudication for closure of operative bank account

MULTAN: The Federal Board of Revenue (FBR) has directed Collectorate of Customs Adjudication Faisalabad for the closure of operative bank accounts in National Bank of Pakistan. The Federal Board of Revenue Secretary (Tariff-II) and Member CPF Islamabad Dr. Koukab Farooq directed Collectorate of Customs Adjudication (Faisalabad) for the closure of operative bank accounts in National Bank. The Collectorate of Customs ... 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 »

Collector Irfan Javed’s Quetta Customs seizes narcotics worth Rs110m

QUETTA: Collectorate of Customs Enforcement and Compliance (E&C) team has foiled an attempt to smuggle narcotics and seized large quantity of opium and charas. The value of the seized goods is Rs110 million. According to sources, Chief Collector Baluchistan Gul Rehman has directed field formations to launch a crackdown the movement of smuggled goods including narcotics and diesel. Collector Irfan ... Read More »

Pak Rupee ends down by 62 paisas against USD

KARACHI: The Pak Rupee depreciated by 62 paisas against the dollar on Monday due to higher demand for import and corporate payments. The rupee ended at Rs157.51 to the dollar from last Friday’s closing of Rs156.89 in the interbank foreign exchange market. Currency experts said that due to first day of the week the demand for the foreign currency was ... 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 »

LHC disposes of petition of Shehbaz’s mills against FBR notice

  LAHORE: The Lahore High Court (LHC) on Monday disposed of a petition filed by PML-N President Shehbaz Sharif’s sugar mills challenging a tax audit notice of the Federal Board of Revenue (FBR). A bench of the high court directed the petitioner, Ramzan Sugar Mills, to approach the relevant forum for redressal of grievance. The court questioned how could the ... Read More »

Pilot project of chilli farming completes under CPEC: Asim Bajwa

ISLAMABAD: Chairman China Pakistan Economic Corridor (CPEC) Authority, Lt. Gen (retd) Asim Saleem Bajwa said the pilot project of Chilli farms in the country had been completed with cooperation of the Chinese agricultural experts. “Pilot project of Chilli Farm with100 acres is completed,” he said in his tweet, adding that in the next phase, as many as 3000 acres of ... Read More »

FBR to seize goods without brand licensing

ISLAMABAD: Brand licensing has been proposed to make mandatory for manufacturers of specified goods. In failure to comply with it is proposed the Federal Board of Revenue (FBR) should be empowered to confiscate such items. Sources said that licensing of brand name has been proposed to make mandatory through an amendment to Sales Tax Act, 1990. The Finance Bill, 2021 ... Read More »