Wednesday , March 22 2017
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Pakistan’s first in-depth newspaper that presents balanced news reports, analysis and reviews regarding Customs, Federal Board of Revenue (FBR) and Sales/Income Tax Departments beside covering import and export sectors comprehensively. Up-to-the-minute news bulletins regarding Customs and FBR departments are also displayed regularly on both website and face book for the interest of common people

SSB personnel seize huge quantity of drugs in Jogbani


KHATMANDU: The state, it seems, is gradually turning into a narcotics zone owing to prohibition imposed in Bihar on April 5 last year. The 56th battalion of Sashastra Seema Bal (SSB) on Monday seized huge quantity of drugs, including 8,496 tablets of Spasmo Proxyvon Plus, 1,000 tablets of Nitrosun, 350 bottles of Corex syrup, 495 bottles of Parvo Cof and ... Read More »

FDI commitment rises 24.3%


KHATMANDU: In what could be considered an improving investment climate in the country, the Department of Industry granted approval to 199 joint venture projects with the foreign direct investment (FDI) commitment of Rs 8.41 billion in the first seven months of this fiscal, that is, from mid-July to mid-February. According to the monthly report by Nepal Rastra Bank titled ‘Current ... Read More »

Nepal international trade fair 2017 kicks off


KHATMANDU: Prime Minister Pushpa Kamal Dahal has vowed to expedite the process to construct an international standard exhibition hall in Chobhar, Kathmandu, at the earliest. With this commitment from the prime minister, the long-planned construction of an exhibition hall in Chobhar is likely to gain momentum. Inaugurating the sixth edition of Nepal International Trade Fair 2017, which kicked off in ... Read More »

Foreign exchange facility from hotels illegal: CB


KHATMANDU: It has long been an open secret that star hotels provided foreign exchange facility to the tourists. But very recently one four-star hotel faced action from the Nepal Rastra Bank (NRB) on charge of violating the foreign exchange regulation. “While hotels can accept payment for providing service in foreign currency and return excess amount in local currency, they are ... Read More »

Hotel occupancy rate rebounds to 60%


KHATMANDU: The country’s hotel occupancy rate has improved in the spring season (March to May) for the first time after the earthquake of April 25, 2015, along with the rise in the inflow of tourists. Tourist standard hotels have been operating at 60 per cent occupancy rate, according to Hotel Association Nepal (HAN), an umbrella body of tourist standard hotels ... Read More »

Car market crash leaves Nepal crying for cash


KHATMANDU: The sight is unusual. Hundreds of brand new cars from Maruti Altos to Hyundai Cretas all imported from India are gathering dust at the Birgunj Customs yard in Nepal. A central bank-imposed credit squeeze has not just hit the auto sector but killed the golden goose for the government, which was raking it in with levies running as high ... Read More »

Indian national arrested in Nepal for drug smuggling


KHATMANDU: An Indian national involved in cross-border drug smuggling was arrested in Nepal today with five kilogrammes of hashish. Sheikh Saddam, who apparently was heading to Kolkata, was arrested by a team of Armed Police Force (APF) from Birgunj of Parsa district bordering India. Sheikh told the security agency that he was a drug mule and was ferrying the consignment ... Read More »

NEA to import 50MW additional power


KHATMANDU: Nepal Electricity Authority (NEA) is preparing to import an additional 50MW electricity from India via recently-built Kataiya-Kushwaha cross-border transmission line. For the purpose, the authority will soon write a letter to India’s NTPC Vidyut Vyapar Nigam (NVVN) to initiate the process of signing power purchase agreement (PPA). “We will dispatch the letter to NVVN within a couple of days,” ... Read More »

Gang bringing drugs to Bengaluru from Nepal busted


KHATMANDU: In a major breakthrough, Mico Layout police busted a drug peddling gang with the arrest of four members, including a person from Nepal. Charas and marijuana worth Rs 27 lakh have been seized from them. The arrested are Ashok Bahadur (21), native of Nepal, Bijay Singh (30), resident of HSR Layout, Nizamuddin (25), resident of N S Palya, BTM ... Read More »

Cars gather dust at customs as sales fall


KHATMANDU: More than 3,000 brand new vehicles imported from India have gathered dust at parking yard of the Birgunj Customs Office, as sales of automobiles have dropped after banks and financial institutions started tightening disbursement of auto loans. These vehicles, ranging from cars and sports utility vehicles (SUVs) to vans, mostly bound for Kathmandu, have been sitting in the yard ... Read More »

Sikkim man held with 11kg charas in Kullu


KHATMANDU: A 34-year-old man from Sikkim, who was residing in Parbati valley, was arrested by Kullu police on Tuesday night and 11kg charas was seized from his possession.This is third big catch this month by Kullu police under its special campaign against smugglers. According to sources, ‘Malana cream’ fetches over Rs 5 lakh/kg in the international market. Still, there is ... Read More »

Service tax waived for cargo bound for Nepal


KHATMANDU: The decision to scrap 4.5% service tax on ocean freight for consignments transshipped from Visakhapatnam and Kolkata ports as the third country imports to Nepal will benefit the trading community of the Himalayan country. The service tax imposed in June last year was withdrawn vide the Ministry of Finance TRU Circular No.204/2/2017 dated February 16 with immediate effect on ... Read More »

Rubble Master sees 27% turnover increase in 2016


KHATMANDU: Rubble Master, with U.S. headquarters in Valparaiso, Indiana, is currently represented by 70 sales partners throughout the world. “We have managed to grow our business activities, particularly in Asia and Australia, thanks to some new dealers with strong local ties,” reports Gerald Hanisch, CEO a Rubble Master. Around 170 mobile crushers were shipped from Linz, Austria, in 2016, with ... Read More »

Japan extends support to improve water supply in Pokhara


KATHMANDU: The Japan government has agreed to extend Rs 4.529 billion (Japanese Yen 4.813 billion) grant assistance to the Nepal government for the Project for Improvement of Water Supply in Pokhara under the grant assistance scheme in Japan’s Fiscal Year 2016, the Ministry of Finance has stated. The Project aims to improve water supply services in Pokhara Sub-Metropolitan City and ... Read More »

India to expand customs snoop network, to post man in US,Nepal


KHATMANDU: Customs intelligence officers will be posted by India in four countries, including the US and Singapore, to check trade-related frauds and black money transactions. The Directorate of Revenue Intelligence (DRI), the lead agency to check customs frauds and smuggling, has decided to post officers at India’s Mission in New York (US), Singapore, Brussels (Belgium) and in Nepal’s Birgunj. The ... Read More »

Bangladesh to invest $1b in Nepal’s power sector


KATHMANDU: Bangladesh has shown a keen interest to invest in Nepal’s hydropower sector. According to Mashfee Binte Shams, the ambassador of Bangladesh to Nepal, Bangladesh is ready to invest US$ 1 billion in Nepal. “Bangladesh is open to pursue every possible collaboration in the power sector, be it investment or power trade between the two countries,” she said at an ... Read More »

Nepal Rastra Bank, State Bank of Pakistan inks accord


KARACHI: The central banks of Pakistan and Nepal signed an agreement to cooperate in the field of supervision and exchange of supervisory information under Basel Core Principles for Effective Banking Supervision, a statement said. A memorandum of understanding (MoU) was signed between the State Bank of Pakistan (SBP) and the Nepal Rastra Bank – the central bank of Nepal. Syed ... Read More »

Nepal offers to host BIMSTEC Summit towards year-end


KATHMANDU: Nepal proposed to host the fourth summit of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) towards the end of 2017. As Chair of the regional grouping, it is Nepal’s turn to host the summit. Nepal has offered to host the summit in October or November and the exact date will be circulated to the ... Read More »

Telia denies owing tax in Nepal for Ncell sale


KHATMANDU: Telia Company has commented on an edition of investigative TV programme ‘Uppdrag Granskning’ due to air on 08 February concerning the sale of its stake in Ncell to Axiata of Malaysia in April 2016. It said it is confident that it was right to pay tax on the deal in Norway, where the Telia subsidiary selling the company was ... Read More »

Indian national arrested for drug smuggling


KHATMANDU: An Indian national involved in cross-border drug smuggling was arrested in Nepal today with five kilogrammes of hashish. Sheikh Saddam, who apparently was heading to Kolkata, was arrested by a team of Armed Police Force (APF) from Birgunj of Parsa district bordering India. Sheikh told the security agency that he was a drug mule and was ferrying the consignment ... Read More »