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Two fraud accused appointed National Bank of Pakistan directors

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LAHORE: In a shocking development, the government has appointed two directors to the board of the National Bank of Pakistan (NBP), who are allegedly facing trials for fraud of billions of rupees. Reportedly, Imam Bakhsh Baloch, who has been appointed as director of the National Bank of Pakistan board by the government, is allegedly facing a whooping Rs2.5b fraud in ... Read More »

PSX, VIS & PCIC holds seminar to promote cross border investments

A sign of the Pakistan Stock Exchange is seen on its building in Karachi, Pakistan January 11, 2016. REUTERS/Akhtar Soomro/File Photo

KARACHI: VIS Credit Rating Company (VIS) in collaboration with Pakistan Stock Exchange Limited (PSX) and Pak China Investment Company Limited (PCIC) organized an event on Saturday to celebrate collaboration between VIS and China Chengxin International Credit Rating Company Limited (CCXI). The theme of the event was to facilitate cross border investments into Pakistan and promote informed investment decision making along ... Read More »

Budget to be announced not earlier than May 24: Hafeez Shaikh

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ISLAMABAD: Newly-appointed Adviser to Prime Minister on Finance, Revenue and Economics Affairs Division Dr Abdul Hafeez Shaikh revealed that he had already spoken to finance ministry officials regarding the budget for the next fiscal year. He expressed these views in his first interaction with the media since being appointed the prime minister’s adviser on finance, revenue and economic affairs. Speaking ... Read More »

Indus Motor raises prices of various models from April 20

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KARACHI: Indus Motor Company (IMC) has raised prices of various models by Rs65,000-307,000 effective from April 20. After the hike, the new rates of Toyota Corolla XLI, XLI AT, GLI and GLI AT will be Rs2.109 million, Rs2.184m, Rs2.364m and Rs2.439m, respectively – each higher by Rs65,000. Meanwhile, the price of Altis 1.6 has gone up by Rs100,000 to Rs2.674m, ... Read More »

ML-1 project to create 150,000 job opportunities: Sheikh Rasheed

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BEIJING: Railways Minister Sheikh Rasheed said on Saturday that the Main Line – One (ML-I) project will help in creating job opportunities in the country and a preliminary agreement between Pakistan and China will be signed during the upcoming visit of Prime Minister Imran Khan to Beijing., Radio Pakistan reported. The minister said that the project will provide 150,000 job ... Read More »

Ghulam Sarwar Khan accepts to take charge as aviation minister

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ISLAMABAD: Ghulam Sarwar Khan has accepted Prime Minister Imran Khan’s decision to change his ministry as part of the federal cabinet reshuffle, sources said on Saturday. Ghulam Sarwar will take charge as aviation minister on Monday or Tuesday, the sources said. “After two holidays, I will go the aviation ministry and start work,” the sources quoted the federal minister as ... Read More »

Abdul Hafeez Sheikh takes charge as finance adviser

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ISLAMABAD: Newly-appointed adviser on finance Dr Abdul Hafeez Sheikh took charge of his post on Saturday. The finance adviser will also have the charge of Revenue and Economic Affairs Division. Sheikh’s designation will be at par with that of a federal minister. Sheikh, a Pakistani political economist of international repute with over 30 years of experience, has served as the ... Read More »

Customs Intelligence Lahore transfers 8 officials

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LAHORE: Directorate of Customs Intelligence and Investigation Lahore transferred 8 officials with immediate effect. The officials include principal appraiser Amjad Akhtar Bukhari, appraiser Saqin Nazir Khan, appraiser Muhammad Ijaz Cheema, inspector Amjad Khan, intelligence officers Khawaja Zia, Muhammad Sohail Murtaza, Hina Fayyaz and KPO Bilal Ahmad Khan.   Read More »

Yarn exports falls 24pc: APTMA

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LAHORE: A competitive and viable domestic textile industry is in the larger interest of the country’s economy, said All Pakistan Textile Mills Association (Aptma) Chairman Syed Ali Ahsan. Talking to media, he said the present government announced and implemented initiatives to ensure regionally competitive energy, both electricity and gas, for five zero-rated sectors. Ahsan said the industry, all across the ... Read More »

Accountability Court judge asks NAB to expedite work on Aleem Khan case

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LAHORE: An accountability court on Saturday extended Pakistan Tehreek-i-Insaf (PTI) leader Aleem Khan’s judicial remand till April 30 in a case pertaining to his offshore companies and alleged possession of assets beyond his known sources of income. Though he extended the remand, Accountability Court Judge Saeed Najmul Hassan, who presided over the hearing, did not seem keen to do so, ... Read More »

Ex-ACE DG Hussain Asghar recommended as deputy chairman of NAB

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ISLAMABAD: National Accountability Bureau (NAB) Chairman on Saturday in a summary forwarded to President Arif Alvi, recommended the appointment of Hussain Asghar as the deputy chairman of the bureau In this regard, the president will approve his appointment after reviewing the summary. Asghar is the former Director General of the Anti-Corruption Establishment (ACE) in Punjab, and performed his duties from ... Read More »

OGRA to hike fines on OMCs due to violation of law: Uzma Adil

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ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) is planning to revise upwards the amount of fine on oil marketing companies (OMCs) and refineries for violating rules. At present, Ogra can impose fines of up to Rs10 million on the OMCs and refineries which flout the law. “The amount of fine imposed on oil marketing companies and refineries is low ... Read More »

NAB Court approves remand of ex-secy Shahid Rafi till April 22

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ISLAMABAD: An accountability court on Saturday handed over former federal secretary Shahid Rafi to the National Accountability Bureau (NAB) on physical remand till April 22 (Monday) in a rental power case. NAB officials produced the arrested accused before the accountability court and demanded his physical remand for interrogation. The court granted physical remand of Rafi until Monday and directed the ... Read More »

Mobile phone imports declined by 7.6pc due to enhancement in CD

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LAHORE: Following increase in customs duty on mobile phones, imports in the country have witnessed a major decline of 7.6% during the first nine months (July to March) of the current fiscal year 2018-19. Talking with Customs Today, Vice-President of Lahore Chamber of Commerce and Industry (LCCI) Kashif Anwar has said that that the government has increased customs duty on mobile ... Read More »

Hyderabad I&I impounds NDP Land Crusier near Maji Hospital

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HYDERABAD: Directorate of Customs Intelligence & Investigation impounded a non-duty paid vehicle, Toyota Land Cruiser white colour during an action on Maji Hospital Latifabad. Sources told Customs Today that Director Sadiqullah Khan received information regarding the usage of non-duty paid vehicles. He formed a team under the supervision of Deputy Director Shah Faisal Sahu, which also included Superintendent Tariq Rafique, ... Read More »

Customs JIAP foils bid to smuggle foreign currency to Thailand

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KARACHI: Customs Collectorate of Preventive team deputed at Jinnah International Airport foiled smuggling of foreign currency as well as gold worth millions of rupees and arrested three culprits. According to the details, on the tip off by higher authorities, Deputy Collector Customs, Jinnah International Airport (JIAP) team posted at International Departure intercepted a passenger namely Israr Muhammad and inquired regarding the ... Read More »

SHC seeks reply on petition seeking release of detained vehicles

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KARACHI: The Sindh High Court (SHC) directed customs department to file para wise comments on a constitutional petition filed by Javad Akhtar and Fida Hussain Brohi seeking their Toyota Hiace vehicles seized by customs authorities due to alleged smuggling and evasion of duty and taxes. On April 19, 2019, a two-member bench, headed by Justice Aqeel Ahmed Abbasi was hearing ... Read More »

Customs Court approves judicial remand of accused in Ajinomoto smuggling case

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KARACHI: The Customs Court sent suspects namely Ghulam Qadir son of Muhammad Ishaq to Central Jail on judicial remand, who was booked in a case of attempting to smuggle non-duty paid 10250 kgs monosodium glutamate Dabang brand Chinese salt Ajinomoto. On April 19, 2019, investigation officer produced the above-mentioned suspect before the court and informed that on an actionable information, ... Read More »

Ex-Air Chief urges businessmen to capitalize on investment opportunities in aviation industry

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ISLAMABAD: Sohail Aman, former Chief of Air Staff said that aviation industry offered great investment potential to private sector and called upon the business community to fully capitalize on these investment opportunity to improve their business prospects. He said this while addressing the business community at Islamabad Chamber of Commerce & Industry. Sohail Aman said that aviation industry needed parts, ... Read More »

Foreign envoys visits Rawal Int’l Expo 2019

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RAWALPINDI: The Ambassadors of different countries including Ukraine, Sri Lanka, Jordan and UAE paid a visit to the Rawal International Expo 2019 organised by Rawalpindi Chamber of Commerce and Industry (RCCI) at Ayub National Park Rawalpindi. Volodymyr Lakomov, Ambassador of Ukraine, UAE Hamad Obaid Alzaabi, Sri Lanka Noordeen Mohamed Shaheid and Jordan envoy Ibrahim Yali Mohammad while visiting different stalls, ... Read More »