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Customs Court adjourns 17 cases on Saturday, grants bail to smuggling suspect

LAHORE: In the Special Federal Court of Customs Taxation and Anti-Smuggling, at least 17 cases were scheduled on Saturday. In the special court of Customs Taxation and Anti smuggling, a total 17 cases were heard in which court proceeded on many cases while few were adjourned without any development. Customs Court also granted a bail in a case of alleged ... Read More »

11 MNAs not allowed to participate in Speaker’s election

ISLAMABAD: At least 11 members of the National Assembly (NA) will not participate in voting for the election the speaker as they have not submitted their tax returns and their memberships were suspended. According to details, eleven MNAs include Muhammad Khan Sherani, Ameen Faheem, Rasheed Gudail, Kanwar Naveed, Sajid Nawaz, Mohsin Shahnawaz, Shafaat Hatat, Salman Haneef, Moeen Watto, Diwan Aashiq and Sultan Mehmood. Their ... Read More »

ASF seizes over two kilograms gold at Lahore Airport

LAHORE: The Airport Security Force (ASF) has seized more than two kilograms gold worth of over Rs 10 million at the Lahore Airport. According to details, the ASF arrested the accused named Rai Omer who was trying to smuggle two kilogrammes and 170 grams gold from Lahore to Sharja. The accused has been checked after international search counter processing machine indicated ... Read More »

PRA’s Ayesha Ranjha seals famous fashion brand HSY

LAHORE: The Punjab Revenue Authority (PRA) has sealed a famous fashion brand outlet Hassan Shehryar Yasin (HSY) for evasion of sales tax. Talking to Customs Today, PRA Additional Commissioner Ayesha Ranjha said that HSY was evading sales tax despite the fact that a number of notices were sent to it. Therefore, a team under her supervision sealed an outlet of the brand on Saturday. ... Read More »

Customs confiscates 80kgs hashish worth millions of rupees

KARACHI: Directorate Customs Intelligence and Investigation (I and I) Quetta has confiscated 80 kilograms of hashish worth millions of rupees. According to the details, Director Customs Investigation Iqbal Bhuwana got information about a suspected vehicle loaded with drugs. Following the information, the Customs officials stopped a Mini Truck on Chaman Road and and confiscated 80 kilograms of hashish and arrested the accused driver ... Read More »

Customs Court extends judicial remand of alleged Smuggler

LAHORE: The Federal Court of Customs Taxation and Anti-Smuggling has extended judicial remand of accused Muhammad Rasheed for third time. According to details, Muhammad Rasheed was arrested by the Customs Intelligence in a smuggling case and was produced before the court where the court again extended his remand. The court has extended his judicial remand for 14 days. On Saturday after completion of his second judicial ... Read More »

FBR introduces E-Form to facilitate exporters

ISLAMABAD: The Federal Board of Revenue (FBR) has provided the facility for the exporters’ introducing electronic E-Form in computerized clearance system V-Book. According to sources, the FBR has also issued circular for the awareness of exporters in this regard. According to the circular, exporters can get electronic E-Form from any bank. Earlier, exporters have provided limited time opportunity to submit application ... Read More »

Faisalabad Customs confiscates smuggled items worth Rs 17.38m

FAISALABAD: The Faisalabad Customs Intelligence and Investigation (I and I) has confiscated items worth Rs 17.38 million in October. The Directorate of Customs Investigation Faisalabad has seized smuggled goods worth Rs 17.38 million from different areas in its jurisdiction, including Faisalabad, Sargodha, and FIU Khoushab city during October, 2015. Talking to Customs Today, Customs Intelligence Additional Director Azmat Tahira stated that confiscated ... Read More »

RTO-III issues notices to 3,800 defaulters

KARACHI: The Regional Tax Office-three (RTO-III) has issued notices to 3,800 tax defaulters. Talking to Customs Today, Additional Commissioner RTO-III Malik Mumtaz said that the RTO-III has prepared a list of around 1,800 new taxpayers and has sent notices to them while 2,000 notices served to old taxpayers. He further said that RTO-III has started inquiries to bring new taxpayers in ... Read More »

Chief Minister hosts dinner in honor of international seminar participants

LAHORE: Punjab Chief Minister Muhammad Shahbaz Sharif hosted a dinner in honor of participants of international seminar held in connection with business opportunities in Punjab, here on second day of Seminar. Chief Minister and investors exchanged views regarding promotion of investment on the occasion. Chinese Ambassador Sun Weidong, Turk Ambassador Sadiq Babur Girgin, Speaker Punjab Assembly, Provincial Ministers, senior officials ... Read More »

Ishaq Dar reviews arrangements for Urs congregation of Daata Ganj Bakhsh

LAHORE: Finance Minister Mohammad Ishaq Dar here on Saturday chaired a meeting of Religious Purpose Committee of Daata Darbar to review arrangements of the 972nd Urs congregation of Hazrat Daata sahib. He impressed upon all officials of the Auqaf Department, provincial police, local administration and the Daata Darbar management to ensure quality arrangements for all the events including the national ... Read More »

China’s CPI likely to increase 1.5% in Oct 2015

BEIJING: China’s Consumer Price Index (CPI) in October is likely to increase 1.5 percent from the same month’s figure last year, slightly less than the 1.6 percent recorded in September, according to an industry report. The official CPI for October is due to be released by the National Bureau of Statistics (NBS) on the coming Tuesday.  Annual CPI growth will ... Read More »

Korea, China ranked 6th in world’s economy

BEIJING: While Korea and China are increasing their proportions in the world’s economy, Japan is losing ground in the IT sector, one of its major industries. It is expected that Japan will continue to suffer from a slump in exports and the manufacturing industry. Statistical data released by the International Monetary Fund (IMF) on Nov. 5 says that Korea accounted ... Read More »

Iranian wheat imports touch 1.529m tonnes in H1

TEHRAN: Iran imported 1.529 million tons of wheat valued at $440 million in the first half of the current Iranian calendar year (March 21-Septemebr 22), according to the Iran Customs Administration. Of the imported wheat, 290,000 tons worth $86 million was imported from India, Turkey and China. Iran’s state grain buying agency, the Government Trading Corporation (GTC), said on Tuesday ... Read More »

China facilitates Customs & settlement services with Vietnam

BEIJING: As China enjoys booming business with Vietnam, the government is working on improving services to enhance border trade. He Weiwei went to a border trade zone in Dongxing city, in Guangxi Zhuang Autonomous Region, to see what services are being offered. This is the Dongxing border trade zone, located near the Beilun River separating China and Vietnam. Boats are ... Read More »

Tongfang Guoxin plans to pour nearly $15bn into giant memory chip factory

BEIJING: A state-owned Chinese company said yesterday that it plans to pour nearly US$15 billion into a giant memory chip factory, as China seeks to create homegrown semiconductor champions to reduce reliance on foreign technology. Tongfang Guoxin Electronics Co aims to invest 93.8 billion yuan (US$14.8 billion) in the plant, it said in a filing with the Shenzhen Stock Exchange. ... Read More »

Nicaragua greenlights $50b canal project to China’s HKND Group

BEIJING: Nicaragua has given the green light to HKND Group, a privately held Chinese company, to start work on an ambitious $50 billion inter-ocean canal project. In 2013, the Nicaraguan government awarded the canal project to HKND. The scope of work includes construction and administration of the canal, as well as six associated works for an estimated cost of $50 ... Read More »

Alibaba signs deal to acquire Youku Tudou

HANGZHOU: China’s Internet conglomerate Alibaba announced Friday that it has signed an agreement with Youku Tudou Inc on an all-cash offer to acquire the rest of the country’s most popular online video streaming website. Alibaba currently owns 18.3 percent of the outstanding shares of Youku after a strategic investment in April 2014. It would buy the rest for $27.6 per ... Read More »

Maserati recalls 319 vehicles in China due to defective wiring

BEIJING: The quality watchdog on Friday announced that Italian luxury car maker Maserati has recalled 319 vehicles on the Chinese mainland due to defective wiring. The recall includes Maserati Quattroporte V8 models produced between March 22, 2013 and October 11, 2014, the General Administration of Quality Supervision, Inspection and Quarantine said in a statement. The statement said defects in the ... Read More »

China, Nepal Customs improve border arrangements to boost trade

BEIJING: Customs officials from Nepal and China have agreed to operate border points more effectively, Nepali officials have said. Immigration authorities are to make arrangements for allowing Nepalese traders, trucks and drivers in Kerung, the Chinese border market that connects Nepal’s Rasuwa district, said the officials. Kerung is the border point through which Nepal has been importing fuel from China. ... Read More »