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PM Imran sacks Petroleum Minister Ghulam Sarwar Khan in cabinet reshuffle

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ISLAMABAD: Prime Minister Imran Khan on Thursday dismissed Petroleum Minister Ghulam Sarwar Khan over unsatisfactory performance hours after Finance Minister Asad Umar announced to step down from his post, according to media reports. The sources have said that the premier is expected to appoint a federal minister, and there will also be changes in the minister of revenue and commerce. ... Read More »

I&I lodges FIR against suspects in boostin/somatotropin injections smuggling case

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KARACHI: Directorate of Customs Intelligence & Investigation lodged first information report against suspects namely Sadruddin son of Babu Din, Ms. Sayed Aziza, Ms. Sadick Fathima Bibi, Hammad and others, who were involved in a case of attempting to smuggle contraband 11,140 boostin/somatotropin injections (foreign origin). On April 15, 2019, investigation officer submitted FIR before the court and informed that on ... Read More »

Appraisement East lodges FIR against M/s Zulfiqar Traders in mis-declaration case

Tax Evasion

KARACHI: The Customs Court directed investigation officer to complete investigation against suspect namely Zulfiqar, proprietor of M/s Zulfiqar Traders, who was involved in mis-declaration of description, quantity and import of banned items in the garb of new and used miscellaneous items, besides evasion of duties and taxes to the tune of Rs3,775,631. On April 15, 2019, investigation officer informed that ... Read More »

Punjab govt slaps Rs21b tax on Orange Line project

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LAHORE: The Punjab Revenue Authority has imposed taxes amounting to Rs21 billion on the Orange Line Metro Train project, according to media reports. According to details, the Punjab Mass Transit Authority has issued a show cause notice for payment of Rs12.9 billion sales tax on the metro project, while the Lahore Development Authority has also issued a show cause notice ... Read More »

Major changes in federal cabinet, bureaucracy on the cards

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ISLAMABAD: A major reshuffle is on the cards in the federal cabinet and bureaucracy, sources privy to the development said on Monday. “Major changes are expected in the Ministry of Finance and the Federal Board of Revenue,” the sources said. “A reshuffle is expected in the Ministry of Finance after talks with the International Monetary Fund (IMF) conclude,” they further ... Read More »

Qatar can benefit from investing in tourism, energy sectors: Bakhtiar

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ISLAMABAD: Federal Minister for Planning, Development and Reform Makhdoom Khusro Bakhtiar Tourism, energy and infrastructure sectors of Pakistan offer massive investment potential and Qatar can benefit from investing in these areas. While talking to a Qatari delegation, headed by Qatar Investments Department Head and Qatar Regional Investment Fund Head Sheikh Faisal Bin Thani Al Thani on Monday, the minister reiterated ... Read More »

Zardari’s close aide Owais Muzaffar arrested in Dubai

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ISLAMABAD: Asif Ali Zardari’s close aide and former provincial lawmaker Owais Muzaffar was arrested from Dubai, according to media on Tuesday. Muzaffar, alias Tapi, has been arrested for his involvement in a case pertaining to money laundering of billions through fictitious bank accounts. Asif Ali Zardari, Faryal Talpur, Omni Group’s Anwar Majeed and his son Abdul Ghani Majeed, former Pakistan ... Read More »

Portugal’s EDP could create Latam JV with China Three Gorges if takeover bid fails – sources

LONDON/SAO PAULO: Portugal’s Energia de Portugal EDP could propose a joint venture with China Three Gorges (CTG) allowing CTG to expand its foothold in Brazil and Latin America if the Chinese power giant’s bid to take over EDP fails, people familiar with the matter said. CTG, EDP’s main shareholder with a 23 percent stake, is among Chinese state-backed companies that ... Read More »

Customs Court awards jail term & imposed fine on accused involved in smuggling

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LAHORE: The Special Federal Court of Customs Taxation and Anti-Smuggling has sentenced accused Mohammad Nawaz to one month jail and also imposed penalty of Rs5 million who is involved in smuggling of foreign currency from Pakistan to Saudi Arabia. According to details special judge of customs court Khaqan Babar on Tuesday sentenced an accused currency smuggling case and announced jail ... Read More »

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Qasim Ali Shah approaches IHC seeking pre-arrest bail

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ISLAMABAD: Former Sindh chief minister Murad Ali Shah on Monday filed a petition in the Islamabad High Court (IHC) seeking pre-arrest interim bail. The former provincial chief minister in his petition stated that the National Accountability Bureau (NAB) has summoned him on March 27 and he fears that he will be arrested. Shah requested the IHC to order NAB to ... Read More »

ASO recovers narcotics worth of Rs35m from Toyota Land Cruiser

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ISLAMABAD: Collectorte of Customs, Anti-Smuggling Organization (ASO) seized 490 kilograms of narcotics along with carrier vehicle worth of Rs35 million. Sources told Customs Today that Collector Seema Raza Bokhari received an information that narcotics would be smuggled from Khyber Pakhtoon Khawa to Punjab through a white Toyota Land Cruiser (Lexus). She directed the Additional Collector Ashfaq Khan who immediately constituted ... Read More »

Provision of conducive business environment govt top priority: President Alvi

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LAHORE: President of Pakistan Arif Alvi has said that provision of conducive business environment is one of the top priorities of the government. He said that government is also focusing on poverty alleviation, environmental protection, investment in human resources, SME sector and particularly on agriculture. He was speaking at the LCCI Ambassadors Dinner – 2019. The LCCI President Almas Hyder ... Read More »

Red tape blamed for delay in release of $2.3b by World Bank

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ISLAMABAD: More than $2.3 billion disbursement by the World Bank committed for the current fiscal year has been held up due to bureaucratic hurdles as the government banks on short-term loans from friendly countries to meet its foreign exchange needs. A senior government official told media that 27 development projects under the federal and provincial governments were not getting the ... Read More »

Rupee drops to record low of 139.25 against US dollar

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KARACHI: The escalation in tension on Pakistan-India border weighed on economies of the two neighbouring nuclear-armed nations as their currencies and stocks dipped, while gold surged on Wednesday. In case of Pakistan, the rupee closed at a record low of 139.25 to the US dollar in the inter-bank market and gold hit an all-time high of Rs70,000 per tola (11.66 ... Read More »

Ministry of Finance approves amendments in SRO. 1265(I)/2018

amendments

ISLAMABAD: Ministry of Finance, Economic Affairs, Revenue and Statistics Additional Secretary Dr. Jawwad Owais Agha has issued SRO. 190(I)/2019 for amendments in SRO. 1265(I)/2018 dated 16th October, 2018. Read More »

FBR withdraws 2pc RD imposed on import of ferrous & non-ferrous waste

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ISLAMABAD: Federal Board of Revenue (FBR) has withdrawn the 25 percent regulatory duty imposed on the import of ferrous and nonferrous waste, lead unwrought, lead scarf, copper waste, lead sheet, wires, lead powder and lead plates under the Duty & Tax Remission scheme and Manufacturing Bond scheme, it is learnt here. Official sources told Customs Today that FBR with consultation ... Read More »

BRINDEX-30 closed on lower side on 22,496.36 points with negative change

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KARACHI: BRINDEX-30 closed on the lower side on Monday at 22,496.36 points with a negative change of -430.86 and volume of 86,388,700 shares. High and Low were 22,993.38 and 22,448.65 respectively. Of 30 companies traded, 1 were up, 29 were down and 0 was unchanged. Total volume traded in the market was 134,413,960 shares. Total companies traded were 340 of ... Read More »

NAB authorises inquiry against Sohail Shams in demurrage mega scam case

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KARACHI: NAB Regional Board authorized inquiry against CEO of United Marine Agency Sohail Shams and management of KMTC in a mega detention scam worth billions. Sources said these officials of shipping lines and their agents with the help of some senior customs officials are robbing businessmen to the tune of Rs 15 billion per year. Innocent importers of Pakistan get ... Read More »

Malaysian company to invest $100m annually in Pakistan

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ISLAMABAD: Malaysian company edotco has offered annual investment of $100 million in Pakistan in a bid to lay a strong foundation for the launch of 5G telecom technology in the country. “So far, we have invested $100 million and are ready to make investment of $50 million each year,” announced Suresh Sidhu, Chief Executive Officer of the Edotco Group, while ... Read More »