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Tag Archives: Karachi Region

Foreign reserves of SBP fall below $9b


KARACHI: Foreign exchange reserves of the State Bank of Pakistan (SBP) have fallen below $9 billion after three months while the private banks succeeded in maintaining their foreign reserves. In its report, the SBP announced that its reserves dropped to $8.902 billion during the week ended on August 15, 2014. Its reserves touched 10-year low at $3.18 billion in January ... Read More »

KSE rises by 200 points amid thaw in political impasse


KARACHI: Amid signs of thaw in the prevailing political impasse that have gripped Pakistan for the past one week, stocks witnessed a sharp rise on Thursday as Karachi Stock Exchange 100-index rose by 200.41 points and crossed the level of 28865.25. On the other hand, in inter-bank market, the dollar fell to Rs 100.90 as it saw a slight decline ... Read More »

FBR asked to simplify e-filing of sales tax returns


KARACHI: The Karachi Tax Bar Association (KTBA) has urged the Federal Board of Revenue (FBR) to remove certain flaws from the amended tax laws to make e-filing of sales tax returns hassle-free. Taxpayers failed to e-file their returns for July through FBR’s web-portal because of amendments in the Finance Act 2014. The tax bar pointed that it was because some ... Read More »

KCAA announces annual polls on Sept 25


KARACHI: The Karachi Customs Agents Association (KCAA) has announced date for holding of its annual general elections for the year 2014-15. According to details, the elections of Karachi Customs Agents’ Association (KCAA) would be held on September 25, upon completion of the one-year tenure of the incumbent KCAA body. KCAA General Secretary Faisal Mushtaq confirmed to Customs Today that the ... Read More »

ANF seizes 80kg heroin at Port Qasim


KARACHI: The Anti-Narcotics Force (ANF) Sindh Region claimed to have seized a big cache of fine quality heroin from a container at Port Muhammad Bin Qasim. On a tip-off, an ANF team searched the container parked at the port and found a cache of fine quality heroin — weighing 80 kilogrammes — concealed in the vehicle. According to the ANF ... Read More »

Chinese company gives buses to Gwadar schools


QUETTA: The China Overseas Port Holding Company has donated three buses to schools in the port city of Gwadar. Chinese Consul General in Karachi Ma Yoau, Gawadar Port Authority Chairman Dostain Khan Jamaldini, Provincial Education Secretary Ghulam Ali Baloch and Makran Division Commissioner Abdul Fateh attended a ceremony in which the buses were handed over to the schools. Read More »

Imran’s march on Red Zone: KSE sheds 222 points


KARACHI: The prevailing political turmoil continued to take toll on all sorts of economic activities across the country as stocks saw a huge fall as Karachi Stock Exchange-100 Index declined by more than 222.03 points and reached the level of 28,630 in today trading session. Analysts reflected that if the current political scenario prevailed, the situation in stocks would also remain ... Read More »

Recovery of Rs12.6m: Appraisement (East) gets 2nd instalment today


KARACHI: The Research and Development (R&D) Section of Model Customs Collectorate (MCC) Appraisement (East) will receive another instalment of Rs4 million on Tuesday (today) from M/s Cosmos Enterprises in a Rs12.6 million tax evasion case. The tax was evaded in the clearance of consignments consisted of panaflex sheets and other miscellaneous goods. It is to be noted that the R&D ... Read More »

Customs appraisement-West arranges seating for visitors

Sitting Arrangements

KARACHI: The Model Customs Collectorate (MCC) of Appraisement (West) taking the grievances and issues of traders’ community, importers and Customs agents into considerations has arranged proper seating arrangements in assessment halls and outside the offices of deputy collectors and assistant collectors for importers and Customs agents who turn up there for hearing of their cases. The MCC-Appraisement (West) keeping the ... Read More »

ITTMS in doldrums due to lack of funds


KARACHI: The implementation of Integrated Transit Trade Management System (ITTMS) is in the doldrums due to unavailability of funds from International donors, it has been learnt reliably. According to details, the Directorate General of Transit Trade prepared a “working paper” in connection with the execution of Integrated Transit Trade Management System (ITTMS) keeping in view the safety of cargo in ... Read More »

12.6m tax evasion: Appraisement-East gears up for recovery


KARACHI: The Research and Development (R&D) Section of Model Customs Collectorate-MCC of Appraisement (East) has geared up efforts for the arrest of accused involved in the tax evasion to tune of Rs12,600,000 in illegal clearance of panaflex sheets and other miscellaneous goods. It is to be noted that the R&D Section of MCC-Appraisement (East) has filed an FIR against M/s ... Read More »

Stagnant inflow, debt servicing shrink forex reserves


KARACHI: Foreign exchange reserves of the State Bank of Pakistan declined due to external debt servicing and no fresh inflow over the past two months. According to a State Bank report, the reserves held by the bank declined by $89 million to $9.188 billion during the week ended on Aug 8 as against $ 9.277bn in the previous week. Total ... Read More »

Mis-declaration: M/s Ziaul Haq & Sons served show cause

Show cause

KARACHI: The Customs Collectorate Additional Collector-II (Adjudication) has served importer M/s Ziaul Haq & Sons with a show-cause notice for mis-declaration of imported consignments. According to details, importer M/s Ziaul Haq cleared the consignments of cold rolled coil of prime quality, having PCT 7209.1590, weighting 3,784-kg and Tin plate sheet, having PCT 7210.1290 and 11,000-kg weightage under Section 79(1) of ... Read More »

Principal appraisers, appraisers likely to show up to FIA


KARACHI: Seven to eight principal appraisers and appraisers of Group-II of Model Customs Collectorate (MCC) Appraisement-West are likely to show up in Islamabad to explain their position to the Federal Investigation Agency (FIA) in the clearance of consignments of pharmaceutical raw-material case. The reliable sources in FBR confirmed to Customs Today that the principal appraisers and appraisers were likely to ... Read More »

Dollar at 40-day high against rupee

rupee dollar

KARACHI: After dipping more than a month, dollar crossed Rs99 rupees a dollar both in inter-bank and open market. With the beginning of Ramazan, dollar had fallen to below Rs99 and most of the time kept hovering around Rs98.50. However, for the first time in 40 days, the US currency gained strength to cross Rs99. Political uncertainty and a number ... Read More »

KSE gains 233 points, ends higher at 28304.50 mark


KARACHI: Karachi Stock Exchange (KSE) gained 233 points at the end of trading on second business day on Tuesday. Stocks tumbled over 450 points at start of the trading due to the prevailing political crisis as opposition parties have called for Azadi and Inqilab marches against the government on August 14 but shares started recovering with passage of time and ... Read More »

KSE sheds 1300 points as political unrest rages on


KARACHI: The benchmark KSE 100 index shed 1300 points due to the fears and uncertainty caused by the prevailing political unrest in the country which has shaken investors’ confidence. On Monday the Karachi Stock Exchange (KSE) opened with negative sentiment and fell over five per cent in the first two hours of the day’s trading, with the KSE-100 down 1,310 ... Read More »

Tuesday July 29 -Monday August 11, 2014

Customs Today Newspaper

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Sindh stamp duty’s collection up; Target missed


KARACHI: The Sindh government collected Rs6 billion from stamp duty during the previous fiscal year against Rs4.6 billion last year. However, the collection was Rs500 million less against the set target of Rs6.5 billion for 2013-14. The data released by the Sindh Board of Revenue (SBR) shows that the highest amount of stamp duty, Rs872 million was recorded in January, ... Read More »

Iranian POL products smuggling into Pakistan continues, FBR tells Senate


ISLAMABAD: Despite hectic efforts and introduction different strategies, the smuggling of petroleum, oil and lubricants (POL) products into Pakistan through Iran and Afghanistan borders is continued unabated. According to the FBR statement submitted to the upper house of the parliament in response to a question, the board claimed that it was very sensitive to smuggling of the Iranian POL products. ... Read More »