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China offers full support to Pakistani business community

KARACHI: Ambassador of China in Pakistan Nong Rong along with Chinese Consul General in Karachi Li Bijian and his team visited the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Friday. The meeting took note of various subjects pertaining to economic relationship between Pakistan and China particularly in reference to China Pakistan Economic Corridor and China-Pakistan Free Trade ... Read More »

RPO Rawalpindi visits RCCI assures full support to business community

RAWALPINDI: Regional Police Officer Imran Ahmer has said that the business community is the backbone of the economy. If there is peace in the city then investors and traders will be able to do business with confidence. The role of the business community is very important in promoting economic activities. The efforts of the Rawalpindi Chamber are commendable in promoting ... Read More »

Multan I&I seizes smuggled cloth, vehicle worth Rs46.5m near Taunsa Sharif

MULTAN: Directorate of Customs Intelligence and Investigation Dera Ghazi Khan has seized large quantity of smuggled fabric cloths along with the transporting vehicle. The value of the goods is Rs41 million and value of vehicle is Rs5.5 million. Sources told Customs Today  that Directorate General of Intelligence & Investigation received information through their sources that a consignment of foreign origin ... Read More »

President Alvi signs Pakistan Single Window, Senate Secretariat Services Amendment Act 2021

ISLAMABAD: President Dr Arif Alvi signed into law called ‘Pakistan Single Window Act 2021’ and ‘Senate Secretariat Services Amendment Act 2021.’ Under the Pakistan Single Window Act, an independent institution having a Governing Council and Secretariat would be established for the facilitation of national and international trade. The new law will provide a coordinated one-window system to facilitate exports, imports ... Read More »

Customs ASO impounds Rs3186.8m smuggled goods, vehicles

LAHORE: Collectorate of Customs Enforcement and Compliance (E&C) Anti- Smuggling Organisation (ASO) has seized huge quantity of smuggled / non-duty paid goods and vehicles worth Rs3186.8 million during July, 2020 to March, 2021. Sources told Customs Today that Collector Enforcement and Compliance Basit Maqsood Abbasi anti-smuggling squad headed by Additional Collector Muteen Alam, Deputy Collector Syed Kareem Adil, Assistant Collector ... Read More »

UBG sends 40 budget proposals to federal govt

LAHORE: United Business Group (UBG) sent a set of 40 growth oriented proposals for the upcoming federal budget 2021-22 which would help the government for accelerating the pace of economic activities in wake of pandemic of coronavirus. Chairman UBG and President SAARC Chamber Iftikhar Ali  Malik briefing the  media here today after chairing core committee meeting of the group said ... Read More »

Govt appoints Asim Ahmed as new FBR chairman

ISLAMABAD: The federal government has decided to appoint Member IT Asim Ahmed as the new chairman of the Federal Board of Revenue (FBR). The new FBR chairman Asim Ahmed is from Inland Revenue and would be given the charge of tax regulatory authority upon the retirement of Javed Ghani Ghani will reach the age of superannuation probably on April 12, ... Read More »

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 »

Multan Adjudication settles 156 seizure cases involving Rs1934.556m

MULTAN:  Collectorate of Customs Adjudication Multan Camp Office has settled 156 seizure cases involving Rs1934.556 million during the month of March 2020-21. The Collectorate of Customs Adjudication Multan Camp Office has done speedy disposal of 156 different seizure cases framed by Anti-Smuggling Organization (ASO) and Directorate of Customs Intelligence and Investigation during their various actions. Customs Adjudication Multan Camp Office ... 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 »

FBR announces office timings during Ramazan

ISLAMABAD: Federal Board of Revenue (FBR) issued office timings to be observed during the holy month of Ramazan. The FBR said that as per federal government’s decision, following office timings shall be observed during the forthcoming holy month of Ramazan by the FBR Head Office and its field offices: The office timings shall be from 10:00am to 04:00pm on Mondays ... Read More »

Hammad directs FBR to hold consultative sessions with stone crushing association

ISLAMABAD: A delegation of senior members of Stone Crushing Associations, led by the Minister for Labour and Human Resource, Punjab Ansar Majeed Khan, called on the Federal Minister for Finance, Revenue, Industries and Production, Muhammad Hammad Azhar, at the Finance Division. Additional Secretary, M/o Industries and Production, Member (Operations) FBR and other senior officers participated in the meeting. The Finance ... Read More »

Over 35 bank accounts of Jahangir Tareen, family frozen

LAHORE: More than 35 bank accounts of estranged Pakistan Tehreek-i-Insaf (PTI) leader Jahangir Khan Tareen and two members of his family have been frozen over alleged involvement in the sugar scandal. Well-placed sources told that a total of 36 accounts at nine different banks were frozen. Of the frozen accounts, the PTI leader owns 14, his son 21 and his ... Read More »

KP PAC for reinvestigating financial irregularities in SMEDA

PESHAWAR: The Public Accounts Committee (PAC) of the KP Assembly expressed its concern over poor financial monitoring of public sector organisations and asked the Industries Department to re-investigate loaning irregularities in certain projects floated by Small and Medium Enterprise Development Authority (SMEDA). The observations were made during a meeting regarding disposing audit paras on fiscal anomalies in the projects of ... 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 »

FBR eyes Rs4691b revenue collection for current fiscal year

KARACHI: The Federal Board of Revenue (FBR) has been projected at Rs4,691 billion for the current fiscal year against the actual target of Rs4,963 billion. The International Monetary Fund (IMF) in its country report on Pakistan released on Thursday projected that the collection of the FBR may fall short of Rs272 billion against the actual target of the fiscal year ... Read More »

RCCI urges consultation for the upcoming budget 2021-22

RAWALPINDI: The Rawalpindi Chamber of Commerce and Industry (RCCI) that the budget for the next financial year 2021-22 should be prepared in consultation with the stakeholders. The Chamber’s recommendations should be included in the budget. In a statement, Muhammad Nasir Mirza, President RCCI said that the Pakistani economy is currently facing many challenges. “We demand that electricity and gas prices ... Read More »