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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

SBP digitizes refinance process of Export Finance Scheme to facilitate banks & exporters

KARACHI: In a major step towards ease of doing business, State Bank of Pakistan (SBP) has digitized the process of obtaining refinance from SBP by banks under the Export Finance Scheme (EFS) for both conventional and Shariah compliant versions. Digitization of the refinance process is envisioned to effectively use technology for enhancing operational efficiency. Now EFS related cases and other ... Read More »

SHC bars customs officials from encashment of bank guarantee on petition filed by M/s Dada Dairies

KARACHI: A two-member bench of the Sindh High Court (SHC), headed by Justice Irfan Sadat Khan restrained customs officials from encashment of bank guarantee submitted by the petitioner on a constitutional petition filed by M/s Dada Dairies Private Limited On 19 January 2022, Imran Iqbal Khan advocate for petitioner and deputy attorney general of Pakistan appeared before the bench. Court ... Read More »

SHC allows petition filed by M/s Gul Ahmed & others over Stamp Duty disputed issues

KARACHI: The Sindh High Court (SHC) allowed constitutional petitions with directions that “it being declared that EPOs generated prior to or during the subsistence of the 2006 Adaptation were not covered by the Charging Section so as to be chargeable with stamp duty. Needless to say, the Petitioners may approach the Respondents for refund/adjustment of any sums paid in that ... Read More »

M/s Pakistan Agency Karachi moves SHC for restoration of license

KARACHI: A two-member bench of the Sindh High Court (SHC), headed by Justice Irfan Sadat Khan sought explanation from customs officials that why para wise comments have not been filed within the stipulated period on a constitutional petition filed by M/s Pakistan Agency Karachi On 18 January 2022, during the hearing, Syed Fauzia Murad Adeel advocate for petitioner, Javad Hussain ... Read More »

Roshan Digital Account inflows rise to $3.16b in December

KARACHI: The inflows under Roshan Digital Account rose to $3.16 billion by the end of December 2021 compared to $2.916 billion till end of November last year, according to a latest data released by the State Bank of Pakistan. The data shows that the inflows during the month of December were recorded at $244 million compared to $239 million in ... Read More »

SHC seeks reply from M/s Sajid Plastic Factory against detention of its imported consignment

KARACHI: A two-member bench of the Sindh High Court (SHC) directed customs officials to file respective para wise comments on a constitutional petition filed by M/s Sajid Plastic Factory against detention of its imported consignment of poly jinyl chloride 27700 kgs due to disputed valuation. On 18 January 2022, during the hearing, Aqeel Ahmed Khan advocate for petitioner, Kafeel Ahmed ... Read More »

ADB willing to finance multi-billion dollar loans to Pakistan

KARACHI: The Asian Development Bank (ADB) showed its willingness to finance multi-billion dollars loans to Pakistan under different instruments of Islamic banking. However, Islamabad did not make any formal request to any multilateral institutions. “The Islamic Banking has become an emerging market as the international financial institutions such as the IMF and Asian Development Bank (ADB) are taking keen interest ... Read More »

SBP directs banks to ensure timely transaction alerts

KARACHI: The State Bank of Pakistan (SBP) directed the banks to ensure timely transmission of transaction alerts. The SBP issued instructions to the banks regarding security of digital payments. The central bank previously issued these instructions on November 28, 2018. However, it expressed displeasure that many banks were not following such guidelines. The central bank in its notification of November ... Read More »

SHC disposes of petition filed by M/s Ahmed Impex & others

KARACHI: A two-member bench of the Sindh High Court (SHC), headed by Justice Irfan Sadat Khan disposed of the constitutional petition with directions filed by M/s Global Imports, M/s Ahmed Impex, M/s Pak International seeking release order for imported consignments of pet food stuff detained by customs officials due to disputed valuation. On 17 January 2022, during the hearing, Imran ... Read More »

SHC dismisses petition filed by M/s Orient Enterprises seeking re-export of goods

KARACHI: The Sindh High Court (SHC) has dismissed a constitutional petition filed by M/s Orient Enterprises seeking release order for re-exporting of imported 437 used mobile phones of different specification as frustrated cargo. On 14 January 2022, a two-member bench, headed by Justice Irfan Sadat Khan heard the matter. During the hearing, Imran Khan advocate for petitioner, Kafeel Ahmed Abbasi, ... Read More »

SHC restrains customs officials from taking action against M/s CM Pak Limited

KARACHI: The Sindh High Court (SHC) restrained customs officials from taking any adverse action against the petitioner in respect of the impugned demand notice on a constitutional petition filed by M/s CM Pak Limited and disposed of the petition with directions. On 14 January, 2022, a two-member bench, headed by Justice Ifran Sadat Khan heard the matter. Court also directed ... Read More »

Booster Dose Camp at Customs House to start functioning from Jan 17

KARACHI:  Deputy Collector Inamullah Wazir issued a circular regarding Covid-19 Booster Dose Camp at Customs House. Collectorate of Customs Enforcement successfully completed 1st and 2nd Dose of Covid-19 vaccination at Customs House Karachi, now the campaign for Booster Dose of Covid-19 will start with effect from January 17 to January 10 at Media Cell, Ground Floor, where the following categories ... Read More »

M/s Hashim Lakhani & Sons moves SHC against detention of imported consignments

KARACHI: A division bench of the Sindh High Court (SHC) issued notices to the customs department and deputy attorney general of Pakistan and directed them to make sure filing their respective para wise comments on a constitutional petition filed by M/s Hashim Lakhani & Sons, M/s Metal Global Corporation, M/s Irfan Traders, M/s Karol Pipe Industry and others. On 14 ... Read More »

SHC directs to release consignment imported by M/s Bismillah Store on bank guarantee

KARACHI: A two-member bench of the Sindh High Court (SHC) directed customs officials to release the imported consignments comprising cat & dog food after securing differential amount at shape of bank guarantee on a constitutional petition filed by M/s Bismillah Store. On 14 January 2022, a two-member bench, headed by Justice Irfan Sadat Khan heard the matter. Court also issued ... Read More »

Expatriates sent over $3bn to Roshan Digital Account

KARACHI: Minister of State for Information and Broadcasting Farrukh Habib has said that the government has made the process of inheritance certificate transparent and easy which would greatly benefit the Overseas Pakistanis. Addressing the Overseas Pakistanis Convention here he said expatriates sent more than $3 billion to Roshan Digital Account. The minister said that overseas Pakistanis were raising the voice ... Read More »

SBP wins IFN global award Best Central Bank for 2nd consecutive year

KARACHI: Islamic Finance News (IFN), an arm of REDmoney Group, Malaysia, has announced State Bank of Pakistan (SBP) as the Best Central Bank of 2021 across the world in promoting Islamic finance for the second consecutive year. The results of global voting were disclosed on Thursday. IFN Best Banks Poll is regarded as one of the prestigious accolades in the ... Read More »

SBP-held foreign exchange reserves fall $88mn, stand at $17.6bn

KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased $88 million on a weekly basis, clocking in at $17.6 billion, showed data released on Thursday. The central bank did not provide a reason for the week-on-week decline in reserves. Last week, SBP-held foreign exchange reserves were down $169 million due to external debt repayment. SBP-held foreign ... Read More »

Pakistan plans to ban cryptocurrencies as stance hardens: reports

KARACHI: The government of Pakistan and its central bank want to ban the use of cryptocurrencies, local media reported, citing a document submitted to a provincial court. The document was compiled by a committee headed by Sima Kamil, a deputy governor of the State Bank of Pakistan (SBP). Other members included representatives from the Ministry of Finance, the Securities and ... Read More »

FIA, Customs register money laundering cases against Hareem Shah

KARACHI: The Federal Investigation Agency (FIA) and Pakistan Customs authorities have registered a money laundering case against Tik Toker artiste Hareem Shah and asked the United Kingdom’s National Crime Agency (NCA) to take action. The FIA action followed Tik Toker Hareem Shah’s claim of smuggling thousands of British pounds abroad, while travelling from Jinnah International Airport (JIAP) to London without ... Read More »

Collector PMBQ Ashhad Jawwad redistributes work among additional collectors

KARACHI: Collectorate of Customs Port Mohammad Bin Qasim (PMBQ) Collector Ashhad Jawwad has issued office order for redistribution of work among following additional collectors with immediate effect and until further orders:- Haris Ansari, Additional Collector-I, assigned charge of headquarters, administration, budget & accounts, revenue statistics & analysis, assessment Group V to VII (WeBOC), CIU, MIS/import section, adjudication, (ADC level), registration ... Read More »