Tuesday , June 18 2019
Breaking News
Home / Breaking News / Appraisement-East gears up effort to earn Rs 500m from auction
Appraisement-East gears up effort to earn Rs 500m from auction

Appraisement-East gears up effort to earn Rs 500m from auction

KARACHI: The Model Customs Collectorate of Appraisement-East gears up to earn stuck-up revenue of Rs 500 million from auction scheduled for December 29 at Ghasbandar, East Wharf Karachi.

Talking to Customs Today, sources in the collectorate said that December 25 deadline, given to hundreds of importers to clear their goods by the customs authorities, is over and the massive auction would help the collectorate collect substantial revenue.

A total of 11 auctions have already been held during December. All of the auctions were held in Karachi except the one at Rawalpindi by Directorate of Intelligence and Investigation, FBR.

Auctions by customs authorities followed an upward trend since the current fiscal year begun on July 1. Only one auction was held in July and August while there two auctions in September, 5 in October, 10 in November while there would be 11 auctions this month, including the two on December 29 and 30.

The clearance deadline followed by auction would not only help customs earn additional revenue, but it would also create free space to store seized goods at the Karachi Port.