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Customs officials foil smuggling bids, seize bike chains, cloth

MULTAN: The Customs Intelligence and Investigation has thwarted attempts to smuggle motorcycle chains and cloths worth more than Rs1.1 million in separate incidents. As per details, the Customs Intelligence and Investigation intercepted a truck loaded with scrap. However upon search, the officials found 2,250 imported motorcycle chains and 60 branded tyres under the scrap. The made-in-China chains were weighing 2,215 ... Read More »

Customs to auction impounded vehicles on August 27

MULTAN: The Customs Intelligence and Investigation has announced the date for holding an auction of the vehicles lying in its warehouse and it will be held on August 27 (Wednesday). More than 10 motor vehicles will be put up for auction which includes different models of Toyota Corolla, Hiace van, Fielder, Titan Mazda and Hilux Surf. A large number of ... Read More »

Customs Healthcare Society distributes Rs 500m relief goods among IDPs

PESHAWAR: The Customs Healthcare Society (CHS) distributed relief goods including food items worth Rs 500 million among the internally displaced people (IDPs) of North Waziristan Agency. Dr Asif Mahmood Jah, Customs Collector Peshawar and President of the Customs Healthcare Society, told Customs Today that the society would not let the IDPs in the lurch in their hour of need. The ... Read More »

KSE drops 352 points amid Imran, Qadri sit-ins

KARACHI: The Karachi Stock Exchange (KSE) 100-index dropped 352.41 points on Monday to stand at 28519.34 points on the first day of the new business week because of Imran Khan and Tahirul Qadri’s sit-ins, demanding resignation of Prime Minister Nawaz Sharif. The stock market opened at 28871.7 points after two days of closure on the weekend. During the whole day ... Read More »

Clearing agents dissatisfied with incumbent KCAA body

KARACHI: The clearing agents have expressed their dis-satisfaction over the performance of recent body of Karachi Customs Agents Association (KCAA). Sharing their views with Customs Today, they alleged that the incumbent office-bearers of KCAA throughout the year adopted the policy of nepotism and favoritism. They were of the view that the KCAA office-bearers even did not raise their voice in ... Read More »

Customs investigates Q-Mobile tax evasion on 2.4m smartphones

MULTAN: Collector Model Customs Collectorate Sarfaraz Warriach said that investigation has been launched against Q-Mobile company which imported 2.4 million mobiles in 2013-14 at a cost of Rs 14.90 billion but paid customs duty of Rs 250 on each set instead of Rs 500. As per details, these mobiles were imported under the banner of Allied Electronics Private Limited and ... Read More »

PTI, PAT sit-ins causing Rs 150b per day loss to economy

ISLAMABAD: The ongoing long marches and sit-ins have been causing financial losses to the tune of Rs 150 billion, on daily basis, to national economy besides rendering a large number of daily-wagers jobless. According to Trade Development Authority Pakistan (TDAP) Chief Executive SM Munir, Azadi march of Tehreek-e-Insaf and Inqilab march of Pakistan Awami Tehreek (PAT) were adversely affecting the ... Read More »

Customs Intelligence unearths multi-million rupees tax evasion scam

LAHORE: The Customs Intelligence and Investigation has unearthed a scandal involving tax and duty evasion to the tune of millions of rupees and has seized 14 containers. Official sources said that Customs Intelligence and Investigation Director General Lutfullah Virk was tipped off about a gang involved in the unlawful unloading of heavy duty imported goods with replacement of low duty ... Read More »

Sialkot Dry Port Chairman urges dialogue, condemns road blockade

LAHORE: Sialkot Dry Port Chairman Muhammad Ishaq Butt has demanded all the political parties resolve the political issues through dialogue in the larger interest of the country. He said that political unrest in the federal capital had affected the exports from Sialkot Dry Port as all roads from Sialkot to Islamabad were blocked. “Exports have decreased by 30 percent during ... Read More »

Imran, Qadri sit-ins: A mixed week for KSE 100-index

KARACHI: A war of nerve between bulls and bears had been continuing at the Karachi Stock Exchange for the entire previous week as the KSE 100-index jolted many a time owing to Azadi and Inqilab marches led by Imran Khan, the chief of Pakistani Tehreek-e-Insaf (PT) and Dr Tahirul Qadri, the chief of Pakistan Awami Tehreek (PAT) in the federal ... Read More »

70 teams formed to recover Rs 1.6b in Gujranwala region

SIALKOT: As many as 70 special recovery teams of Excise  and Taxation Department have started special campaign to recover Rs. 1.6 billion from the tax defaulters in Gujranwala Division’s all the six districts including Sialkot, Narowal, Gujrat, Mandi Bahaud Din and Hafizabad. According to the senior officials, the E&T Department will recover Rs.14.3 million as excise duty, Rs. 87.5 million ... Read More »

Customs to destroy contraband in 15 containers at PICT  

KARACHI: The Collector, Model Customs Collectorate of Appraisement (East) Najeeb-ur-Rehman Abbasi through a public order has given approval to the authorities concerned of Pakistan Customs-FBR for destruction of contraband/expired seized goods at PICT. According to the details, all arrangements have been finalized by Customs authorities and goods would be destroyed next week. When contacted, Additional Collector-PICT Muhammad Tahir confirmed that ... Read More »

Trade union chief announces sit-ins against Imran, Qadri

ISLAMABAD: Ajmal Baloch, the president of All Pakistan Trade Union, has announced sit-ins in front of Pakistan Tehreek-e-Insaf Chairman Imran Khan’s house in Bani Gala and Minhajul Quran offices in protest against their sit-ins in Islamabad. Talking to Customs Today, Ajmal Baloch, said that representatives of the business community will take part in the sit-ins. He said that these two ... Read More »

Azadi, Inqilab marches still hamper trade activities in twin cities

ISLAMABAD: The effects of sit-ins and marches have started diminishing in the twin cities of Islamabad and Rawalpindi, but trade activities could not be fully recovered as the participants of the Azadi and Inqilab marches are still in the Red Zone. According to eye-witnesses, CNG, petrol pumps and markets in twin cities have now been opened after a weeklong closure ... Read More »

Imran, Qadri sit-ins: Traders demand compensation for losses

ISLAMABAD: Traders and industrialists in the twin cities of Islamabad and Rawalpindi have decided to write a letter to the government to seek compensation for their losses due the Azadi and Inqilab marches. Islamabad Chamber of Commerce and Industry (ICCI) President Shaban Khalid, while talking to Customs Today, said that business community is in favour of electoral reforms and eradication of ... Read More »

Current Account deficit rises to $454m

KARACHI: The current account deficit of the country rose in the first month of the current fiscal year as compared to July last year and June 2014. According to the State Bank of Pakistan, the current account deficit on July 15 was $454 million, much higher than $125 million last year. Despite very high remittances of about $16 billion, the ... Read More »

Cotton year in India and Pakistan

India has declared 2014 as the cotton year and has set an ambitious target of producing nearly 40 million bales or 6.74 million tonne of cotton, making it the biggest cotton producing country in the world. India will grow cotton on 28 million acres of land replacing China which is the biggest cotton producing country in the world by now. ... Read More »

Local market brimming with smuggled Iranian tiles

KARACHI: The local industry has expressed great concern over the heavy influx of Iranian tiles and has urged the government to take effective measures to check the inflow of smuggled tiles which are not only depriving the exchequer of revenue but also posing a great threat to the local industry. According to the All-Pakistan Ceramic Tiles Manufacturers Association (APCTMA), it ... Read More »

American Business Council seeks early end to political crisis

KARACHI: The ongoing political impasse will only add further uncertainty to the future outlook of the businesses, hence a speedy resolution is imperative to alleviate the growing concerns of the business community. This was expressed by the participants of American Business Council (ABC) in the roundtable meeting of the year. The participants said that the first half of FY 2014 ... Read More »

Gold sheds Rs 90 per tola as dollar gains strength in world market

LAHORE: Gold prices closed lower on Friday in the local markets as the precious metal suffered losses in the global trading at the hands of a rising dollar. After witnessing a decrease of Rs 90 per tola (11.644 grams), gold prices for 24 karat closed at Rs 49,090 as compared to Thursday rates of Rs 4,9100 in city gold markets. ... Read More »