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Faisalabad Customs Adjudication settles 16 cases recovering Rs 34m

FAISALABAD: The Customs Adjudication settled 16 cases of smuggling recovering Rs 34.86 million during October 2015. As per details, the cases, which were lodged by Anti-Smuggling Organisation (ASO) and Customs Intelligence and Investigation Faisalabad, have been decided in favour of the departments as the respondents remain failed to provide any legal arguments before the court. The adjudication heard cases of ... Read More »

China Customs nails down coal-smuggling racket

BEIJING: Chinese customs authorities said on Thursday that 23 people had been detained after an undercover operation to bust a multibillion yuan coal-smuggling operation that shipped 5 billion yuan worth (US$784 million) of the fuel from Vietnam. The detainees were allegedly part of a network that involved 150 people and 20 companies. They smuggled about 5.61 million tonnes of coal ... Read More »

Lenovo suffers loss of $714m

BEIJING: Lenovo Group Ltd, the world’s biggest personal computer maker, reported a net loss of $714 million on Thursday for the fiscal second quarter that ended in September, due to higher restructuring costs. Though the loss was the first for the company in the past six years, it was still narrower than the $803 million estimated by analysts. Lenovo said ... Read More »

South Korean stocks pull away 0.9% by midday, KOSPI dives 17.95pts

SEOUL: South Korean stocks traded 0.9 percent lower late Friday morning as investors trimmed their holdings, dismayed by overnight setbacks on Wall Street, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) fell 17.95 points to 1,975.41 as of 11:20 a.m. The index opened lower and the downward move accelerated, driven by institutions and foreigners who increased their selloffs ... Read More »

Tmall Singles’ Day sales rise 60%

HANGZHOU: Alibaba’s Tmall online marketplace has reported dazzling sales of 91.2 billion yuan ($14.3 billion) on this year’s Singles’ Day shopping spree on Thursday, a 60-percent rise from last year’s 51.7 billion yuan. Over 68 percent of transactions were made on wireless devices such as smartphones and tablets during China’s equivalent of Cyber Monday, Alibaba’s data showed. Cellphones became the ... Read More »

China’s new yuan loans in Oct hit $80.8bn

BEIJING: China’s new yuan-denominated lending in October hit 514 billion yuan ($80.8 billion), up 48 billion yuan from a year earlier, official data showed Thursday. M2, a broad measure of money supply that covers cash in circulation and all deposits, increased 13.5 percent year on year to 136 trillion yuan at the end of October, the People’s Bank of China ... Read More »

China fiscal revenue grows by 8.7% to $227bn in Oct

BEIJING: China’s fiscal revenue grew by 8.7 percent year on year to 1.44 trillion yuan ($227 billion) in October, the Ministry of Finance (MOF) said on Thursday. The pace slowed from 9.4 percent for September, according to a statement on the ministry’s website. “There will be great pressure on the government revenue to grow in the last two months,” the ... Read More »

China approves 237 fixed-asset investment projects in Jan-Oct

BEIJING: China’s top economic planner approved 237 fixed asset investment projects with total investment reaching 1.89 trillion yuan ($298 billion) in the first 10 months of this year, an official said Thursday. The amount represented 4.25 percent of the country’s total fixed asset investment in the same period. In October, the National Development and Reform Commission (NDRC) approved 19 projects ... Read More »

Dar expresses satisfaction over revenue collection by FBR

ISLAMABAD: The Federal Minister for Finance Senator Mohammad Ishaq Dar chaired a meeting here at the Ministry of Finance to review the progress of the Federal Board of Revenue (FBR) in achieving the revenue target set by the government. Chairman FBR Tariq Bajwa briefed the minister that there has been 22 percent increase in the revenue collection figures for October ... Read More »

Customs Preventive seizes 28,352 cell phones worth Rs 239.416m in Oct 15

KARACHI: The Model Customs Collectorate (MCC) Preventive confiscated a large number of mobile phones of various brands/names, tablets and mobile accessories worth Rs 239.416 million in October 2015, it is learnt. The official sources told Customs Today that MCC Preventive staff confiscated some 28,352 cellular phones of Samsung, Huawei, iPhones brands etc worth Rs 205,262,500 in the month of October 2015 ... Read More »

Collector Asif Jah orders Faisalabad ASO to release confiscated truck

LAHORE: Collectorate of Customs Appeals Asif Mehmood Jah has issued ONO against the order of deputy collector of Customs Appeals, ordering the customs authorities to do away with confiscation of an old truck bearing registration no. TKW-024 held by the collectorate of Customs Faisalabad. The collector of Customs Appeals has issued this order in Urdu. The collector of Appeals, in ... Read More »

Pakistan Coast Guards recover hashish worth Rs 126m

KARACHI: In a major action, the Pakistan Coast Guards foiled a bid to smuggle some 80 kilograms of fine quality hashish worth Rs 126 million on Thursday. According to a spokesman of coast guards, Major Zafar Ahmed, the Pakistan Coast Guards recovered 80 kilograms of hashish from the hidden cavity of the bus which was coming from KPK to Karachi. While ... Read More »

FBR reinstates three officials at Port Qasim

KARACHI: The Federal Board of Revenue (FBR) has issued a notification to reinstate three BS-16 officials of Port Qasim Collectorate, Customs Today has learnt. According to the notification, the FBR has restored Sarfraz Haider, principle appraiser Yaseen Khan and appraiser Mubeen Hussain. These officials were suspended in January 2015 and investigations were underway against them. Earlier, the FBR reinstated five BS-16 officials ... Read More »

FBR to impose new taxes to clear refunds

ISLAMABAD: The Federal Board of Revenue (FBR) has decided to issue Pakistan Investment Bonds or impose new taxes to clear the pending refunds of taxpayers, it is learnt here. Sources said that FBR has two options this time to clear the refunds at once. The first option is the imposition of new taxes to cover the revenue shortfall, which would ... Read More »

Ayyan Ali files acquittal appeal in LHC

LAHORE: Model Ayyan Ali has filed an appeal in Lahore High Court (LHC) for her acquittal from currency smuggling case. In her appeal she adopted the stance that customs court while ignoring the facts dismissed her plea. Now she approached LHC for her acquittal. Earlier Ayyan Ali stated in customs court that she was detained at the Islamabad airport on ... Read More »

SHC orders provisional release of Mehboob re-rolling mills consignment

KARACHI: The Sindh High Court (SHC) has ordered provisional release of a consignment of re-rollable and re-meltable scrap. A division bench of the SHC directed the importer to deposit the differential amount of duty and taxes with Nazir of the court. Mehboob Re-rolling Mills had challenged the new valuation rates of re-rollable and re-meltable scrap. Advocate Ghulam Nabi Shar, the counsel ... Read More »

Customs Adjudication issues show-cause notice in seizure case

ISLAMABAD: Collector, Collectorate of Customs Adjudication, Islamabad Muhammad Ali Raza has issued show-cause notice in seizure case no 52/2015. According to details, Collector Customs Adjudication, Islamabad Muhammad Ali Raza has issued show cause notice vide C.No. Cus/coll/adj/52/2015/44 to unknown in seizure case no 52/2015 in smuggled goods of electronics, and mobile accessories. Adjudication authority directed in above said case that ... Read More »

Faisalabad Customs Intelligence confiscates 1,560kg of garment accessories

FAISALABAD: Customs Intelligence and Investigation confiscated 1,560 kilogram of smuggled garment accessories worth Rs 350,000 involving duty/taxes amounting to Rs 217,481. As per details, Customs Intelligence received information through Director Saud Ahmad regarding the information of smuggling. The team raided the godown of M/s Gujrat Cargo Service near Railway Station Faisalabad. The customs officials asked the owner to produce the ... Read More »

IHC adjourns hearing of pleas filed against Commissioner Inland Revenue

ISLAMABAD: The Islamabad High Court (IHC) on Thursday adjourned hearing of eight writ petitions filed against Commissioner Inland Revenue, Islamabad. A single bench of the IHC comprising Justice Aamer Farooq heard the cases and adjourned further proceedings until December 7. Jaded Feeds (Private) Limited, Cider Feeds Private Limited, Islamabad Feeds Private Limited, MAP Rice Private Limited, Shifa International Hospital Limited, Sadiq ... Read More »

SHC approves pre-arrest bail of four customs officials

KARACHI: The Sindh High Court (SHC) on Thursday granted pre-arrest bail to the four customs officers accused of manhandling lawyers on the premises of the customs court. A single bench of the SHC approved the bail for Pakistan Customs’ I&P Branch’s officers, including Aijaz Ahmed Khoso, Akbar Ahmed Khan, Syed Azhar Mehdi and Zubair, against surety of Rs 50,000 each.  ... Read More »