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pAkiSTAN’S FirST iNDepTH NewSpAper oN CuSTomS
Daily
Vol 1 Issue No. 159
Karachi, Thu August 13, 2015
KARACHI
AFTAB CHANNA
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he Directorate General of Internal Audit-Customs has detected at least Rs 6.438 billion short recovery/revenue leakages during Oiscal year 2014-15 made by unscrupulous elements
Price Rs. 14.00
through Model Customs Collectorate Appraisement-West, East and Port Muhammad Bin Qasim. In FY 2014-15, the Internal Audit ofOicials have prepared a total of 97 audit reports and some 431 audit observations for the pointing out the revenue leakages and short recovery of the customs Oield formation/collectorates. According to data, available with the Customs Today, the directorate of internal audit detected revenue leakages of Rs 979.872 million in July 2014 with 18 audit reports and 86 audit observations; Rs 478.662 million with 7 audit reports and 50 audit observations in August 2014; Rs 145.930 million.
Multan Customs Intelligence confiscates items worth Rs 3.75m
Multan ASO confiscates 1,036 cell phones, 40,392 memory
Pakistan is gateway for trade, energy and oil: PM
Hyderabad ASO impounds Toyota Jimny worth Rs 1.2m
Pakistan, Romania should focus on enhancing trade ties: Sabri
The Customs Investigation Multan has seized the smuggled goods | See pAge 02 |
The Customs ASO Multan has seized 1,036 sets of new cell phones | See pAge 03 |
PM Nawaz Sharif Tuesday said Pakistan was a gateway of trade | See pAge 04 |
The (ASO) has impounded a non-duty paid unregistered vehicleRs 1.2 million | See pAge 03 |
Muhammad Shakeel Munir, senior vice president of the ICCI hosted | See pAge 09 |
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Govt should take measures to resolve SITE industries issues Thursday, August 13, 2015
National
KARACHI: Chairman SITE Association of Industries Javed Balwani has said that the government is continuously ignoring SITE industry. He said, “We are already getting low gas pressure while govt announced two days of gas suspension for SITE industrial sector. Talking to Customs Today, he said that on Sunday “we have to close our industrial units for three days due to suspension of gas pressure.” Javed Balwani further said that SITE industrial area is the oldest industrial site of Pakistan but this industrial estate is dying day by day due to ignorance of the government.
Faisalabad ASo seizes smuggled chemicals, vehicle worth rs 11.7m
FBr decides to re-audit main factories of gujranwala SIALKOT
ZAFAr mALik
FAISALABAD
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NAeem SHeikH
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he Customs Anti-Smuggling Organization (ASO) Faisalabad has seized a consignment comprising vinyl acetate, sodium sulphate, asumin-cescamas worth Rs 9.404 million involving duty/taxes amounting to Rs 4.7 million, besides impounding a trailer being used for the transportation of the non-duty paid items worth Rs 2.3 million As per details, ASO team following the directions of Collector Model Custom Collectorate Faisalabad, Tauseef Ahamed Qureshi, conducted a raid near Jhang Road, Faisalabad. The team intercepted a Nissan Trailer bearing Registration No. TLF-556 loaded with container No. CCLU-795023-9. The ASO team while searching the container, recovered 3,040 kilogram vinyl acetate, 7500 kg of sodium sulphate and 20,000 kg of asunmin-c-escamas and asked the driver to produce documents showing the legal import of the vehicle, but he remained failed to do so. On which ofOicials conOiscated the items and trailer under the prevailing customs law and served notice upon the accused persons namely Muhammad Sajjad Akbar, Jamil Iqbal of Sajid Goods Transport Company. ASO team comprising Super-
he Federal Board of Revenue (FBR) has decided to re-audit all the main factories, industrial units, trade and business centers for ensuring the maximum recovery of the taxes from them after removing flaws. Sources said that tax net will be expanded to bring the maximum people under the tax net in Gujranwala Division. According to the senior FBR officials, the re-audit of the main factories, industrial units, trade and business centers in Gujranwala Division would start within the next couple of days.Meanwhile, the local traders have moved to the local lawyers and have hired their services to avert this re-auditing process. The traders have also provided the details of their bank accounts, in this regard. This major step of re-auditing was being taken by the FBR Gujranwala authorities after receiving the official targets of expanding the tax net, bringing maximum people under tax net and ensuring maximum tax collection. The said targets have been given by the FBR Headquarters Islamabad with the clear directions of early compliance on these directions regarding achieving the targets as well.
intendent Zahid Bukhari, Inspector Mehmood Ahmad Dogar, Muhammad Naeem, HaOiz Nisar Ahmad and others participated in the operation. Meanwhile, The Model Customs Collectorate (MCC) Faisalabad has collected Rs 250.354 million in wake of taxes during first month of current fiscal year 2015-16, however it has not been assigned revenue target by the Federal
Board of Revenue so far. As per details, Faisalabad Customs has collected Rs 220.012 million under the head of sales tax, Rs 12.474 million as income tax and Rs 9.868 million in terms of customs duty during the said period. Meanwhile, the Anti-Smuggling Organisation Faisalabad which covers Jhang, Mianwali, Sara-eMuhajir, Sargodha and Faisalabad,
has confiscated contraband items including non-duty paid vehicle worth Rs 22.86 million during July, 2015. ASO Faisalabad impounded as many as 13 vehicles including Hino Truck, Toyota Hiace Van, Toyota Land Cruiser, Toyota Hiace Ambulance, Toyota Hilux Surf, Toyota Premio, Toyota Vitz and others valued at Rs 11.25 million.
FBR Project Secretary Khalid Jamil visits Multan Customs House MULTAN
imrAN ALi
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ederal Board of Revenue (FBR) Secretary Project Khalid Jamil has visited the Customs House Multan along with Secretary Finance Project in order to measure the remaining renovation work of the newly-
constructed building at the Model of Customs Collectorate Multan. The model of Customs Collectorate Multan new building was inaugurated few months ago and the various sections of the offices were shifted to the newly built building after its completion. Secretary Project Federal Board of Revenue Khalid Jamil visited the building to evaluate the quality of construction work at the newly built building of the Multan House.
Secretary Project Federal Board of Revenue inspects the construction work done at the Customs House Multan along with technical wing of Federal Board of Revenue including civil and mechanical engineers during the evaluation of work at the Customs. The newly constructed building of Customs House comprised of four floors at the Model of Customs Collectorate Multan which was inaugurated by Chairman
Federal Board of Revenue Tariq Bajwa in the last September along with Collector Sarfraz Ahmad Warraich in a notable event at the Customs house. Newly constructed building of the Customs House Multan has centrally airconditioned environment and state of the art facilities. Meanwhile, Deputy Collector Customs Adjudication will hear 20 seizures cases of different nature (today) Wednesday. Sources told Customs Today
that all these cases were formed by Customs Intelligence and Investigations and Anti-Smuggling Organization. The seizure cases includes seizure of foreign origin tyres, Indian origin Gutka ,Corolla vehicle, imported liquor and others miscellaneous goods/items. Deputy Collector Customs Adjudication Saima Ayyaz will hear all the seizure today at the Customs Adjudication for the conclusion of cases.
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DC Adjudication will hear 20 seizure cases today. MULTAN: Deputy Collector Customs Adjudication will hear 20 seizures cases of different nature (today) Wednesday.Sources told Customs Today that all these cases were formed by Customs Intelligence and Investigations and Anti-Smuggling Organization.The seizure cases includes seizure of foreign origin tyres, Indian origin Gutka ,Corolla vehicle, imported liquor and others miscellaneous goods/items. Deputy Collector Customs Adjudication Saima Ayyaz will hear all the seizure today at the Customs Adjudication for the conclusion of cases.
Tax practitioners for taxing incomes not turnovers LAHORE
Thursday August 13, 2015
National
Hyderabad ASo impounds Toyota Jimny worth rs 1.2m
m HAYAT
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ithholding tax of 0. 3 percent on all banking transitions is violation of basic human rights and the government should withdraw it at once, besides income should be taxed not turnovers. Lahore Tax Bar Association General Secretary Qamar Uz Zaman made this demand while talking to Customs Today. He said that the government needs to make Federal Board of Revenue (FBR) workforce functional instead of making the organized sector like banking crippled by imposing taxes. He added that this is very easy route to deduct tax on banking transaction and also not the right way to collect revenues.
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e-filing made compulsory for salaried class KARACHI
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ow all salaried people, having taxable income, will have to file their tax returns online as Federal Board of Revenue (FBR) has made it compulsory through SRO 791(I)/2015. The country’s top revenue authority has amended the Income Tax Ordinance, 2001 for this purpose. The SRO is applicable for the tax year 2015 and the last date for e-filing is August 31, 2015. Earlier, the law required a person earning Rs500,000 per year to file tax return electronically. While salaried persons under threshold for income tax payment, ie Rs400,000 were also required to file returns, but it was not mandatory through e-filing. According to Tax Reform Commission report, around 881,262 total returns were filed in tax year 2013, out of which salary returns were 235,117.
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HYDERABAD
ASLAm QureSHi
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he Customs Anti-Smuggling Organisation (ASO) has impounded a non-duty paid unregistered vehicle, Suzuki Jimny approximately worth Rs 1.2 million during the raid in Hyderabad. According to the details, ASO team following instructions of Collector Model Customs Collectorate (MCC) Hyderabad Dr Ahmed Mujtaba Memon under the supervision of Additional Collector Omer ShaOique conducted raid to hold the unregistered vehicle. The ASO team comprising Inspector Waqar Ahmed Baig and other intercepted the vehicle 7number Latifaabad in Hyderabad. The ofOicial asked the driver to produce any documents showing the legal possession and import of the vehicle. But he could not show any documents on which customs impounded the vehicle following the prevailing customs laws. Meanwhile, The Customs AntiSmuggling Organisation (ASO) has seized 495 kilograms smuggled gutka worth Rs 2.3 million involving duty/taxes amounting to Rs 1.2 million in an operation. Following a tip-off received through Model Customs Collectorate Hyderabad Collector Dr Ahmed Mujtaba Memon, the ASO team conducted raid at Hyderabad Railways Station to foil the smug-
gling bid. Under the supervision Additional Collector Omer ShaOique, ASO team comprising Inspector Waqar Ahmed Baig, ShaOi Mohammad Jamali and others conducted search operation of Khyber Mail train and recovered 495 kg of smuggled gutka being smuggled from Rahem Yar Khan to Hyderabad. Official said that after making the seizure report the confiscated
(ASo) has impounded a non-duty paid unregistered vehicle, Suzuki Jimny approximately worth rs 1.2 million during the raid in Hyderabad.
Customs Tribunal hears seven cases on Tuesday
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ustoms Appellate Tribunal Bench-II comprising Member Judicial Omer Arshad Hakeem and Member Technical Imran Tariq heard seven cases yesterday (Tuesday), while no case had been decided. The divisional bench heard cases including Star Link versus Customs Lahore, Mughal Steel Iron versus Customs Lahore, Space World
Trader versus Customs Valuation Lahore, Directorate Lahore versus Nirvana House, Muhammad RaOique vesus Directorate Multan unit Dera Ghazi khan. Tribunal also heard Maple leaf versus Faisalabad Customs and Outsight versus Lahore Customs’ cases. It is important to mention here that only bench-II is working these days as the members of bench-I are on summer vacations until August 15. Meanwhile, Customs Appellate
Tribunal, Lahore has set aside the decision of Customs Adjudication Faisalabad by accepting the appeal of the truck owner, Inamullah Khan. The appellant Inamullah Khan from South Waziristan had Oiled the case in Customs Appellate Tribunal against the Order-in-Original (ONO) passed by additional collector of Customs Adjudication Faisalabad, and additional director of Directorate General of Intelligence and Investigation Multan.
contraband item would be deposited to the state ware house in Hyderabad. Meanwhile, Additional Collector MCC Hyderabad, Omer ShaOique while talking to Customs Today said that department was striving to increase the surveillance of suspects in the region as more check posts has been established to foiled the smuggling bids.
Customs officials of BS-18 to attend mCmC training stablishment Division has notified nominations of BS-18 officers for BS-20 mid career management course of the Pakistan Customs. According to details, the BS-18 officers of Pakistan Customs Service (PCS) nominated for MCMC include Ms Sadia Sadaf, Rizwan Mehmood, Zubair Shah, Tahir Abbas, Yousuf Ali Khan Magsi, and Kamran Ali Rana.
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Rs 20 billion allocated under MDGS: NA told Thursday, August 13, 2015
Business
ISLAMABAD: State Minister for Parliamentary Affairs Sheikh Aftab Ahmed Tuesday informed National Assembly the government has allocated Rs 20 billion to carry out development activities in constituencies of parliamentarians under implementation of Millennium Development Goals (MDGs). Responding to a calling attention notice moved by Shania Rehmani, Naseema and Aisha Syed regarding allocation of development funds to women ligislators, he said the amount would be spent on the schemes identified by parliamentarians.
pakistan is gateway to trade, energy and oil: pm MINSK
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rime Minister Muhammad Nawaz Sharif Tuesday said Pakistan was a gateway of trade and energy between its northern, eastern and western neighbours, connecting the regions through trade routes, oil and gas pipelines, and power transmission lines. “We have the necessary infrastructure in place, as well as the
remittances up by 0.86% to $1.6b in July KARACHI
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he country recorded 0.86 per cent increase in remittances as the overseas Pakistanis sent $1663.61 million in the month of July as compared with $1649.39 million of the same period in the previous year. The country wise details for the month of July 2015 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $474.42 million.
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manpower. The need of the hour is to improve connectivity and efOiciency by spreading a network of roads, railways and telecommunications.” He was addressing an event where he was conferred the title of Honourable Professor at the prestigious Belarusian State University. The event was attended by a large number of members of the faculty, academicians and students. In a talk delivered to the students after Rector Sergey V. Ablameyko donned him with a gown and conferred on him the title of Honouray Professor, the Prime Minister said Pakistan was a country of nearly
200 million people with a rich pool of young talented human resource, vast, but relatively untapped natural endowments, including mineral resources and sea ports at economically attractive locations. He said Pakistan was situated at the conOluence of the ancient silk routes – the cusp of Central, South and West Asia which makes it a potential major hub of regional economic activity. “We are determined to exploit this enormous potential,” he said. The Prime Minister who is here on a three-day ofOicial visit to meet the top Belarusian leadership and ink a number of important agreements laying the foundation for
govt finalising 1,000mw electricity import from iran ISLAMABAD
a strong bilateral relationship, said he felt “truly honoured” to be invited to the most prestigious University in Belarus. He said Pakistan considers peace and enhancement of regional trade essential for regional prosperity, and mentioned the PakistanChina Economic Corridor, which, he said would change the dynamics of the region, especially with its connectivity projects. “Our region also has ample opportunities of cooperation in the Oield of energy. We can all reap harvest from various energy projects in the region such as CASA1000 and the Turkmenistan, Afghanistan, Pakistan, India (TAPI) gas pipeline project.”
mCB Bank’s profit surges by 14.1% to rs 13.5 billion in six months KARACHI
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CB Bank has posted Rs13.5 billion proOit in the Oirst six months of calendar year 2015, showing 14.1% growth against the last year. According to the bank’s Oinancial accounts, MCB Bank reported a net proOit of Rs5.4 billion in the second quarter (April-June), which reOlects
a year-on-year decrease of 11.1%. On a sequential basis, however, the quarterly decrease in MCB Bank’s
proOitability was more pronounced, as its earnings plunged almost 30% in the April-June period.
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ran has once again offered 3000MW electricity to Pakistan after its nuclear deal with the world powers, while Islamabad is finalising the import of 1000MW from Tehran. Iranian Ambassador Ali Raza called on Ministry of Water and Power Secretary Mohammad Younus Dagha in this regard and decided to undertake feasibility studies to add more provisions of electricity for this mutual cooperation. According to announcement made by Ministry of Water and Power, a Pakistan’s high-level delegation will visit Iran for negotiating Power Purchase Agreement (PPA) for 1000 megawatt. Both the country were discussing provision of 1000MW electricity provision but they remained unable to finalise the deal in the wake of economic sanctions imposed by the United Nations and other western allies of USA.The Secretary Water and Power while acknowledging the Iranian offer for export of electricity to Pakistan, said that both the countries are already working on the proposal and modalities for 1000MW are in its final stages. He said that this phase could be readily executed.
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Pakistan food, mango festival in Riyadh on August 14 ISLAMABAD
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he Embassy of Pakistan will host a three-day food and mango festival in Riyadh which will be inaugurated on August 14 by Ambassador
Manzoor ul Haq to mark Pakistan’s Independence Day as well as celebrate their food culture. Waseem Hayat Bajwa, commercial attache at the Pakistan Embassy said the embassy is organizing the 4th Food and Mango Festival at local hotel in Riyadh from August 14 to Aug 16, Arab News reported on Tuesday. “This year the beginning of
the festival has a special signiOicance as it is opening as part of our Independence Day celebrations to mark the special occasion with festivity, where taste meets culture with authentic Olavors,” Bajwa said. He said that the successive Pakistani envoy’s proactive approach and vision to do something for the country have made this food festival a huge success every year.
He said that the food festival will have special cuisines of all the four Pakistani provinces with live barbecue, Saji and Biryani stalls in addition to the Inter-Continental buffet with the Pakistani mango sweet pavilion, special mango stall, jalebi and kulOi. Music and rafOle draws will also be a signiOicant feature on all the three days of the food and mango festival.
He further said that the event is open for three days subject to tickets with restricted tickets for Oirst two days. He said the tickets are available on a Oirst-come Oirstserve basis and interested parties may contact Head of Chancery and Commercial and Welfare Sections at the Pakistan embassy. Meanwhile, Mansour Al Mosaid, a Saudi company,
Tuesday bought the National Power Construction Company (NPCC) for Rs2.49 billion by claiming the highest bidding for the privatisation of the national entity. Privatisation Commission Chairman Muhammad Zubair said that other organizations including Pakistan International Airlines (PIA) and Steel Mills would also be privatised in coming months.
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he Federal Board of Revenue (FBR) has announced August 31 as last date for the salaried persons and September 30 for non-salaried persons to Oile their tax returns. OfOicial said that the deadlines for Oiling the tax returns are for all existing and new tax Oilers. He said the FBR was committed to broadening the tax net for strengthening of the national economy and to enhance tax to GDP ratio. The ofOicial said that FBR had collected Rs 140 billion during Oirst month of current Oiscal year 2015-16. He said the amount is six percent extra as compared to the previous year as the FBR collected Rs 133 billion in July last year. The performance of FBR is very encouraging in the start of current Oiscal year and Oigures shows six per cent increase in collection of taxes, he added. He said that FBR was aiming to issue the notices to those non-compliant persons, who have not returned their tax Oiles. He said that the FBR’s administrative reforms were gradually leading to improvement in tax structure and revenue collection. The reforms will continue for addressing
Thursday, August 13, 2015
the issue of tax compliance and administration, he said. The persons drawing annual salaries ranging from Rs 400,000 to Rs 500,000 per year have to Oile their tax returns. However, those are drawing annual salary less than Rs 400,000 are exempted from Oiling returns. However, the FBR Spokesman said the government directed all chief commissioners of Regional Tax ofOice to accelerate the efforts for the broadening of tax base. Meanwhile, ISLAMABAD: A delegation of the Government Committee, led by Prime Minister’s Special Assistant on Revenues Haroon Akhtar Khan, MNA Abdul Mannan and Federal Board of Revenue (FBR) Chairman, has called on the representatives of the local business community at the Rawalpindi Chamber of Commerce and Industry (RCC&I). From FBR senior Member Shahid Hussain Asad, Member Facilitation Nadeem Dar, Chief Commissioner RTO Rawalpindi and his team, Chief Policy Abdul Hameed Memon, and Zubair Tufail from the Pakistan Federation of Chambers and Industry were also part of the delegation of the committee, formed by the government to discuss issues raised by the business community on matters of 0.3 per cent withholding tax on banking transactions. Asad Mashadi and Mian Humayun Parvez, sen-
ior vice president, and Younis Dar, senior member, represented business community. The business representatives initially expressed their reservations on being taxed on their bank transactions. However, Prime Minister’s Special Assistant Haroon Akhtar and FBR Chairman Tariq Bajwa dispelled their apprehensions on many counts. The traders were content to learn that retailers will no longer be subjected to voluntary sales tax registration even if their sales cross the Rs5 million mark. Mian Abdul Mannan MNA said that this was the result of the government’s earlier discussions with the business community and is proof of the government’s intentions to facilitate the business environment. Sheikh Muhammad Siddique from Rawalpindi traders suggested that the government should prioritise one sector and announce the concessions it is willing to accord to it. This will build the conOidence of the business community and ease the settlement of other issues sooner. Other prominent businessmen like Sheikh Nasim, Shamim Ahmed, Sheikh M Arif, Z Haroon china market, Small Chamber President Afzal Kahut, Saddar Association President Sh Hafeez, and Nawaz ex-president RCC&I Bakhtawari and Ch Iqbal also spoke on the issues that may arise from
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Founder & Chairman Zulfiqar Ali Editor rahil Yasin editor@customsbulletin.com.pk For advertising & subscription marketing@customsbulletin.com.pk www.customsbulletin.com Phones: 042-35781643-4, Fax: 042-35781645 Address: 627, Siddiq Trade Centre, Gulberg, Lahore
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world Bank’s cautious indications orld Bank official Sri Mulyani Indrawati, during her recent visit to Pakistan, counted various challenges facing the country and opportunities it offers to the local and foreign investors. When she emphasized that the performance of the Pakistani economy needs to be improved,she also assessed the unexploited economic potentials of Pakistan as its growth rate has been the only half that of India and China for the last two decades. According to her, if the current rate of growth continues, the Chinese economy will be 100 times larger than Pakistan and Indian economy will be a whopping 40 times.She says that Pakistan has the vast water and river endowment, thousands of mile coastline and reservoirs of natural resourceswhereas an estimated 40 million middle class can be functionalized as a powerful engine for economic growth.The present government has achieved macroeconomic stabilityduring its tenure in the office while foreign remittances have reached $18 billion per annum that is the equivalent to 6.5 percent of the country’s GDP and the largest source of foreign exchange after exports. The economy proved itself resilient in the face of floods, extreme weather conditions and earthquake.She also says that Pakistan needs to utilize its people in a better wayand exploit the benefits of its geographical location.Pakistan is the 6th most populous country in the world with half of its population younger than 24. If the current rate of growth continues, Pakistan’s population will exceed 300 million by 2050. The private sector needs to be encouraged to absorb 1.5 million young people who reach the working age every year. There is a need to encourage women to participate in economic development of the country as only 25 percent of women work professionally, which is far below than those are in most of the developing nations.The World Development Report on Gender and Development shows that greater gender equality can enhance productivity and improves the pace of development. As a matter of fact, theWorld Bank official has the freedom of expression to enjoy in Pakistan and look into the economy through the lenses of a financial expert, but it is unfortunate for Pakistan that a permanent enemy lives in its neighbourhood. The SARRC was a good forum to integrate the regional economies, but it became hostage to the hegemony of one country. However, there is a need to put our own house in order. Our enemy is smart and wicket, but our people should avoid playing in its hands. The prime example is the construction of Kalabagh Dam which can ensure prosperity in this country, but is openly being opposed by those who are on the payroll of Indian agencies.
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oscillating between hopes and despairs T
LAHORE
Dr AFTAB AFZAL
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he IMF has projected 4.5 percent growth in the Pakistani economy during the current Oiscal year, thanks to macroeconomic stability, improvement in electricity supply and fall in the petroleum prices in the international market. According to Harald Finger, an ofOicial of the International Monetary Fund (IMF), the economy of Pakistan is improving and inOlation has been dropped to 1.8 percent in July. Pakistan is seeks IMF waiver on two counts – the government missed the target of Oiscal deOicit by 0.4 percent against the budgetary target of 4.9 percent during the last Oiscal year. A statement issued by the Finance Ministry says that the government achieved a Oiscal deOicit of 5.3 percent of the GDP for 201415, but was unable to achieve Rs 1,865
billion ceiling target on net budgetary borrowing from the State Bank by the end of June this year. In a press release, the IMF says that Pakistan continued to implement the economic programme. The country has missed some targets but achieved those with a signiOicant margin which were related to monetary policy. At the end of June 2015, the government missed the performance criteria on the budget deOicit and borrowing from the SBP with a small margin. Pakistan needs to enhance exports, attract local and foreign investment and create jobs to curtail unemployment. Structural changes in the system and reforms should be the priority areas, but the government is facing challenges in its efforts to enhance tax net. The government also needs to restructure lossmaking public enterprises through strategic partnerships with the private sector. According to the IMF, the government should advance the energy sector reforms,
Internation al Monetary Fund (IMF), the economy of Pakistan is improving and inflation has been dropped to 1.8 percent in July.
improve business environment and expand coverage of the vulnerable segment of society. A decisive action, involving the ofOicial and private partnership will help strengthen the economy as Pakistan has the potential to emerge as dynamic and progressive economy in the world. No doubt the country’s economy is improving despite all odds, but the IMF conditions are pushing the life of citizens from bad to worse. According to Finance Minister Ishaq Dar, Pakistan and the IMF have completed negotiations on the eighth review, which will lead to release of ninth tranche of over $500 million under the $6.64 billion Extended Fund Facility program. The talks between Pakistan and the donor agency concluded in Dubai a couple of days ago. Though the macroeconomic situation has been improved during the last two years, all hopes are on the construction of China Pakistan Economic Corridor (CPEC) to further boost economic activities.
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RCCI to hold exhibitions in US, Nepal, Tajikistan RAWALPINDI: Rawalpindi Chamber of Commerce and Industry (RCCI) will organize exhibitions in the United States, Nepal and Tajikistan for introducing Pakistani products. The first exhibition titled ‘Made in Pakistan’ would be held in Houston (United States) on August 21- 24, second in Nepal on October 5-10 and third in Tajikistan from October 16-19, RCCI President Syed Asad Mashhadi told APP Wednesday.“The purpose of holding exhibitions is to attract foreign companies to purchase Pakistani products or to place orders for enhancing business relations,” he added.
Pak-Belarus businessmen to discuss mutual cooperation prospects usinessmen of Belarus and Pakistan will discuss cooperation prospects in Minsk on Tuesday, the Belarusian Chamber of Commerce and Industry said. The Belarusian-Pakistani Business Forum is included into the programme of the meeting of the Belarusian-Pakistani Business Council and bilateral talks with Pakistani business circles. It is expected that Prime Minister Nawaz Sharif will take part in the opening of the business forum, Belarusian news agency ‘BelTA’ reported on Monday. Businessmen of the two countries will get an opportunity to discuss trade and economic cooperation as well as the ways to expand cooperation and implement joint projects in the most promising areas. Pakistani companies are interested in establishing business ties with Belarusian companies in the chemical and textile sectors, and industry (cotton, fabric and materials sales), mechanical engineering.
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Trade deficit further widens to 35pc he country’s trade deficit has further widened to 35 per cent till July 2015 as exports contracted almost 17 per cent in the first month as compared to nominal growth in imports. According to the figures released by the Pakistan Bureau of Statistics (PBS), receipts from exports slipped below $1.6 billion in July – as much as 19.6% or $325 million less than the receipts in the comparative period of last year. As against contraction in exports, imports saw a growth of over 4% as payments against goods increased to $3.4 billion – $131 million more than the payments made in July last year. Resultantly, the trade deficit in the first month of the new fiscal year 2015-16 widened 34.6% to $1.8 billion.
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Thursday August 13, 2015
Chambers
pakistan, romania should focus on enhancing trade ties: Sabri ISLAMABAD
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uhammad Shakeel Munir, senior vice president of the Islamabad Chamber of Commerce and Industry hosted a farewell dinner in honour of Dragos Cosmin LUCA, deputy Head of Mission of Romania and his spouse. Muzzamil Hussain Sabri president, M. Ashfaq Hussain Chatha vice president, Islamabad Chamber of Commerce and Industry, Khalid Javed and Mian Shaukat Masud former presidents ICCI, Emilion Ion, Ambassador of Romania, Fernando Heredia Noguer, Charge D’Affairs of Spain, Wijayanthi Edirisinghe, Charge D’Affairs of Sri Linka, Liu, First Secretary of China and others were also present at the occasion. Addressing the event, Muzzamil Hussain Sabri, President, Islamabad Chamber of Commerce and Industry, said that Pakistan and Romania should focus on enhancing bilateral trade and economic
relations as both countries have good potential to promote cooperation in many areas. He said Pakistan and Roman have good scope to promote col-
laboration, especially in agriculture, alternate energy and information technology. He said both countries should focus on facilitating connectivity be-
tween their private sectors so that businessmen of Pakistan and Romania could be able to explore all untapped areas of mutually beneOicial cooperation.
SAARC countries show interest to import bio-remediation technology
Tevta graduates to get rs 500m interest-free loans
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ISLAMABAD
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he SAARC member countries have shown interest to import bio-remediation technology from Pakistan to utilize sewerage water for irrigation purposes and cope with future water scarcity challenges. Delegates from SAARC member countries including Afghanistan, the Maldives, Nepal, Sri Lanka, Bhutan and Bangladesh attended a detailed briefing at the National Agriculture Research Center (NARC) on “Pakistan Bio-remediation Model, Prospects and Replication in SAARC Countries,” on Monday. Pakistan has already developed bio-remediation model
for wastewater treatment for irrigation at NARC. The delegates included Director Information, MoIAF, Afghanistan, Gh. Rabbani Haqiqatpal, Member Director, Fisheries, BARC, Bangladesh, Dr. Md Kabir Ikramul Haque, Program Director, ICS, Ministry of Agriculture Bhutan, Deputy Minister Fisheries and Agriculture, Maldives, Mohamed Shareef, Chief Communication, Ministry of Agriculture Nepal, IP Rijal, Director, HORDI, Sri Lanka, Dr. Memal Fonseka, Director SAC, Dhaka, SM Bokthiar and Senior Program Specialist (NRM), SAC Dhaka, Dr. Tayan Raj Gurung. Prior to the briefing, the delegates visited the bio-remediation site in the center, where Director Bio-Remediation Institute, Dr.
Yousuf Riaz gave them detailed presentation on this technology. The NARC scientists have replicated the bio-remediation technology in other parts of the country including the Capital, Islamabad, where a project has been set up at Rose and Jasmine Garden to purify the waster sewerage water. Chairing the meeting of the delegates, Chairman Pakistan Agricultural Research Council, Dr. Iftikhar Ahmad said that the SAARC countries have great potential to cooperate with each other for the development of agriculture sector. He said that Pakistan was ready to share research and technology with the member countries to help them develop their agriculture on modern lines and also expressed the hope that all the member countries.
he Board of Technical Education & Vocational Training Authority (Tevta) decided to disburse Rs500 million to 8,000 Tevta pass-outs through Akhuwat foundation’s self-employment scheme. According to the scheme, the Tevta pass outs will be able to get interest-free loan from 50 thousands to Rs0.1 million in selected districts during the current financial year and after successful launching of this scheme. The decision was taken in Tevta Board meeting chaired by its Chairman Irfan Qaiser Shaikh and attended by Board Members Syed Yawar Ali, Cah. Hamid Malhi, Rehmat Ullah Javed, Muhammad Ismail Khurram, Ayub Sabir Izhar, Nilopher Sikandar, Executive Director Akhuwat Dr Amjad Saqib.
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Swissport sells to Chinese group worth CHF2.73b Thursday August 13, 2015
World Malaysia, Indonesia Customs foil attempt to smuggle 5kg meth ndonesian and Malaysian Customs Offices have foiled an attempt to smuggle 5 kilograms of crystallize methamphetamine worth more than Rp 6 billion (US$442,600) into Indonesia. The meth was found in an unnamed boat seized by the joint patrol team of Indonesian and Malaysian Customs and Excise Offices in Riau here the other day. The team also arrested five people on board, including two passengers, who were suspected of carrying the meth from Malaysia. “They carry the meth from Malaysia by hitching on an unregistered boat,” a local official, Agus Wahyono, said. Meanwhile, The Kuala Lumpur International Airport (KLIA) Customs Department foiled several attempts to smuggle dangerous substances into the country with the seizure of RM3mil worth of drugs in five days. KLIA Customs director Datuk Chik Omar Chik Lim said three foreign nationals were also apprehended between Aug 3 and Aug 8 in two separate arrests. In the first case, Customs personnel uncovered 2.548kg worth of ketamine stashed alongside nine packets of macaroni in an unclaimed box which arrived from Lagos, Nigeria on July 29. Chik Omar said Customs officers seized the unclaimed parcel at 3pm on Aug 3 after failed attempts to reach the contact number supplied on the box.
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BERN: The Zurich-based airport luggage handler Swissport has been sold to the HNA Group, owner of China’s fourth-largest airline, for CHF2.73 billion ($2.8 billion). PAI Partners, the owners of Swissport, concluded the deal with the Haikou-based group which owns the Chinese airline company Hainan airlines. The HNA Group joined the Fortune Global 500 List for the first time this month with an annual revenue of around $25.6 billion and assets worth almost $80 billion. PAI Partners had acquired Swissport in 2010 for $900 million.
Hong kong police seize 530 marijuana plants, 38kg cannabis HONG KONG
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ong Kong police arrested three people and closed a marijuana growing operation in the New Territories here the other day, their third in a fortnight. OfOicers seized 530 marijuana plants along with 3.5kg of cannabis buds, as well as plant-cultivation equipment from the three-storey grow house in Pat Heung. The plants were capable of producing 38kg of cannabis, estimated to be worth HK$5 million, police said. The buds they seized had an estimated street value of HK$580,000. OfOicers from the force’s Narcotics Bureau began investigating the grow house after receiving a tip.
OfOicers arrested a 48-year-old man during the Monday afternoon raid on the house at Ngau Keng Tsuen off Kam Sheung Road. “Plants were housed in bedrooms that were Oitted with solar lights and a ventilation system,” a police source said. “All the windows were closed and covered to prevent outsiders from looking into the house.” The source said the plants were in different sizes and some were fully grown. “We are still investigating how long the illegal farm had been in operation and whether the Oinished products are for local consumption,” he said. In a follow-up raid in Wong Tai Sin, police arrested a man, 53, and a woman, 51, in connection with the case. The two men were charged last night for cultivating cannabis plants, and one of them, the 48-year-old, also faces an illegal immigration
charge. Both will appear at Tuen Mun Court today. The site is about 3.5km away from a village house in Lo Uk Tsuen off Kam Tin Road where police arrested two suspected triad members and conOiscated 276 cannabis plants on July 30. OfOicers
Swiss banks settle tax evasion probe with US T BERN
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he US tax evasion investigation fundamentally changed Swiss banking, the symbolic centre of which is at Paradeplatz in Zurich, home to Credit Suisse and UBS. Three further Swiss banks have come to an agreement with the
United States authorities over clients who evaded US taxes by using Swiss bank accounts. The Oinancial institutions include the Banque Cantonale du Jura (BCJ), the private bank Reichmuth & Co and the Banca Intermobiliare di Investimenti e Gestione (Suisse). The foundation for the agreements was the programme that Swiss banks signed up to with the US Department of
Justice in August 2013. It separated banks into different categories depending on the level of US tax evasion believed to exist within their accounts. Banks such as UBS and Credit Suisse were in category one, the three banks involved in this latest deal are all category two. The biggest Oine will be paid by Bank Reichmuth, with a bill of $2.6 million (CHF2.55 million).
Singapore’s CNB seizes 2.3kg heroin, 1.8kg ‘ice’
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total of 2.3kg of heroin and 1.8kg of ‘Ice’ were seized by the Central Narcotics Bureau (CNB) in two separate operations here the other day. The CNB said in a press release today 11 Singaporeans were arrested, two of whom are suspected drug syndicate leaders. In the Oirst operation, a 38-year-
old Singaporean man, suspected to be a drug syndicate leader, and a 22-year-old Singaporean woman suspected to be his accomplice were arrested in a unit at Yung Kuang Road. About 1kg of heroin, ‘Ice’, drug-taking paraphernalia and S$3,550 cash were seized, said the CNB. Further investigations led to the arrest of a suspected drug trafOicker, a 42-year-old Singaporean man. OfOicers seized more than 1kg of heroin, about 85g of cannabis, 72g of ‘Ice’ and 13 Erimin-5 tablets
there, said the CNB. In the second operation, CNB ofOicers mounted an operation in the vicinity of Compassvale Lane and arrested two suspected drug trafOickers and four clients, all Singaporean men aged between 18 and 31. A suspected accomplice, a 21-year-old Singaporean woman, was also arrested. The suspected syndicate leader, a 29-year-old Singaporean man, was arrested in Jurong West after follow up investigations. About 1.8 kg of ‘Ice’, worth
about S$324, 000, was seized. “This drug syndicate was suspected to be receiving the drugs from overseas, by mail. The suspected drug trafOickers would then repack the ‘Ice’ for sale in Singapore,” said the CNB. Investigations into the two cases are still ongoing. The Misuse of Drugs Act provides for the death penalty if the amount of diamorphine (pure heroin) trafOicked exceeds 15g, and if the amount of methamphetamine trafOicked exceeds 250g.
seized another 64 cannabis plants from a house rented by one of the two suspects off Lung Kwu Tan Road in Tuen Mun on the same day. Police are investigating whether the three growing operations were controlled by the same syndicate.
Bangladesh imports up 0.43% in June DHAKA
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he country’s import expenditure in terms of LC (letter of credit) settlement rose slightly by 0.43% in June compared to the same month of the last year, according to the Bangladesh Bank data released yesterday. The LC value stood at $3.12bn in June compared to $3.11bn in the same month last year. Import growth of year-on-year basis was negative 6.29% in May and 1.23% in April, according to the central bank data. Bangladesh Bank in its recent monetary policy expected 14% growth in imports and 7.5% in exports. At the end of the last fiscal year 2015, the current account deficit stood at $1.63bn while the nation enjoyed surpluses over the fiscal years of 2013 through 2014. It indicates the growing demand for capacity building and more productivity in the economy since more than.
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Bangladesh’s foreign exchange records $25.46b in July DHAKA: Bangladesh’s foreign exchange reserves hit a record $25.46 billion at the end of July, the central bank said on Monday, fuelled by steady exports and remittances. The slower pace of import growth, on the back of a fall in global commodities prices, also helped to boost reserves about 19 per cent over the corresponding period last year. The reserves are sufficient for seven months of imports. Bangladesh’s exports in the fiscal year that ended in June rose 3.35 per cent from a year earlier, to $31 billion, led by strong garment sales, even though the pivotal industry has suffered a string of fatal factory accidents.
Federal Employment Minister Abetz quizzed on Hutchison ports dispute ederal Employment Minister Eric Abetz says text messages and emails are the preferred method of communicating in an agreement between maritime workers and port company Hutchison. SENATOR Abetz was asked in parliament on Monday whether he supported the right of Hutchison, which is in a dispute with port workers, to sack employees via a late night text message last Thursday. The minister said the company and workers should “treat each other with respect and due consideration”, but noted the Hutchison enterprise bargaining agreement suggested email and texts as the preferred communication method.
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kpT shipping intelligence report he Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Tuesday. ALONG SIDE (Bulk Oil Pier): Berth No Ship Working Agent Berthing Date OP-I Lahore D. Crude Oil PNSC 09/08/15 OP-III Maersk Mizushima D. Petrol Alpine 10/08/15 ALONG SIDE (East Wharves): 1/2 Silver Star D. Meal Coastal 30/07/15 2/3 Amazing D. Meal Coastal 25/07/15 4 Aysenaz S D. Meal Coastal 06/08/15 5 Nord Setouchi D. Coal Wilhelmsen 10/08/15 10/11 Bed Ford Castle D. Steel Project-Sh. 10/08/15 11/12 Dynasty Xia D. Steel Sinopak 10/08/15 12/13 Seacon 8 D. Dap WMA Shipcare 07/08/15.
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Ports & Shipping Thursday August 13, 2015
ocean rig impairment hits Dryships with $1.44b loss
S. Port of Brownsville opened the new 600-foot marine cargo dock and storage yard, expected to make the port more competitive with domestic and foreign ports in the Gulf region. The USD 27.5 million project, of which USD 12 million was provided by the U.S. Department of Transportation (DOT) through its Transportation Investment Generating Economic Recovery (TIGER) competitive infrastructure grant program, is expected to increase cargo capacity and efficiency and help to mitigate congestion in port operations. The Port of Brownsville matched funds for road, lighting and other improvements. ”The Department is proud that this TIGER Grant is strongly supporting the Port of Brownsville’s rise as a regional and international trade hub,” said U.S. Transportation Secretary Anthony Foxx. ”Guaranteed funding is essential for Brownsville and communities across the country so that projects like this one can be built – helping the country remain strong and competitive today and into the future.” According to the Port of Brownsville, the port generates USD 2 billion in economic activity annually for the state of Texas, and more than.
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econsolidating Ocean Rig has cost Dryships $1.35bn, which is chieOly responsible for the $1.44bn net loss the NASDAQ company recorded in its Oinancial results for the second-quarter 2015. The company made a net loss of $5.6m during the same period last year. On July 30, Dryships agreed to exchange the outstanding $80m it borrowed under a $120m loan facility for 17,777,778 of its shares in Ocean Rig. In May, DryShips agreed to partially exchange $40m borrowed by the company from the same loan for 4,444,444 of its shares in Ocean Rig. Ocean Rig’s board of directors in July opted to suspend the company’s quarterly dividend until offshore drilling market conditions improve. The huge loss is not good news for the Athens-based company, which has just 73 days (until October 12) to restore its stock price to above $1.00 per share or face losing its listing on the NASDAQ Global Select Market. At the time of writing, the company’s stock is trading at $0.507 per share – way down on $2.79 per share a year ago. “Dryships’ second quarter results
US Port of Brownsville opens new 600-foot marine cargo dock, storage yard
were burdened with one-off noncash losses mainly associated with the deconsolidation of Ocean Rig. More recently, our stake in Ocean Rig has fallen even further as a result of the settlement of the $120m promissory note by means of shares of Ocean Rig,” George Economou (pictured), chairman and CEO of Dryships, said. “Following the consummation of the transaction, Dryships will continue to remain the largest single shareholder in Ocean Rig with an approximately 40% direct ownership. Meanwhile, Deconsolidating Ocean Rig has cost Dryships
$1.35bn, which is chieOly responsible for the $1.44bn net loss the NASDAQ company recorded in its Oinancial results for the second-quarter 2015. The company made a net loss of $5.6m during the same period last year. On July 30, Dryships agreed to exchange the outstanding $80m it borrowed under a $120m loan facility for 17,777,778 of its shares in Ocean Rig. In May, DryShips agreed to partially exchange $40m borrowed by the company from the same loan for 4,444,444 of its shares in Ocean Rig. Ocean Rig’s board of directors in July opted to suspend the company’s.
iCTSi shows lower profit despite surge in revenue MANILA
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anila-based port operator International Container Terminal Services, Inc. (ICTSI) improved its throughput and revenue in the Oirst half of 2015, but its net proOit was down 1% due to one-off gains and charges from its operations in Asia and South America. ICTSI’s net proOit for 1HFY2015 was USD 100.4 million, as compared to USD 101.7 million net proOit in 1HFY2014. The port operator recorded USD
552.1 million gross revenue in 1HFY2015, an increase of eight percent over the USD 510.3 million reported for the same period last year. ICTSI handled consolidated volume of 3,888,130 twenty-foot equivalent units (TEUs) in the Oirst six months of 2015, nine percent more than the 3,566,023 TEUs handled in the same period in 2014. The increase in volume was mainly due to the continuing volume ramp-up at Contecon Manzanillo S.A. (CMSA) in Manzanillo, Mexico and Operadora Portuaria Centroamericana, S.A. de C.V. (OPC) in Puerto Cortez, Honduras; new shipping line contracts and services at Pakistan International Con-
tainer Terminal (PICT) in Karachi, Pakistan; increased demand for services at Subic Bay International Terminal Corp. (SBITC) in Subic Bay, Philippines; favorable impact of consolidation at Yantai International Container Terminal (YICT) in Yantai China; and the contribution of the company’s new terminal, ICTSI Iraq, in Basra, Iraq which began commercial operation in November 2014. This, however, was partially offset by lower storage and break-bulk revenues combined with the 29 percent depreciation of the Brazilian Reais (BRL) against the US dollar at Tecon Suape S.A (TSSA) in Recife, Brazil; the discontinued vessel calls by two major
shipping lines as a result of continuing labor disruption at ICTSI Oregon, Inc. in Portland, Oregon, USA; weaker short-sea trade and reduced vessel calls at Baltic Container Terminal (BCT) in Gdynia, Poland; and slow economic activity coupled with the 23 percent depreciation of the Euro against the US dollar at Madagascar International Container Terminal Services, Ltd. (MICTSL) in Toamasina, Madagascar. The company’s eight key terminal operations in Manila, Brazil, Poland, Madagascar, China, Ecuador, Pakistan and Honduras, which accounted for 77 percent of the group’s consolidated volume in the Oirst half of 2015.
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NAB arrests accused in Rs 80m embezzlement ISLAMABAD: The National Accountability Bureau (NAB) Lahore on Tuesday arrested Ali Usman Ch. principal accused and Chief Executive Officer (CEO) of Ali Usman Securities, Lahore in a case of more than Rs 80 million. NAB Lahore in the same case has already arrested Qasim Zia, EX-MPA, and Usman Saeed, Directors of Ali Usman Securities, Lahore yesterday, said a press release issued here. The accused persons were doing business of stock brokerage firm at Lahore Stock Exchange.
Thursday, August 13, 2015
CUSTOMS BULLETIN
TCS smuggling case: Customs ordered to submit charge-sheet in 10 days KARACHI
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he Special Customs and Taxation Court has directed the customs ofOicer, investigating a case pertaining to alleged smuggling of electronic gadgets by TCS employees, to submit the charge sheet within 10 days. Judge Syed Faiz Rasool Rashdi adjourned the hearing of case until September 8. According to the prosecution, the customs authorities had recovered a huge quantity of electronic gadgets, including costly mobile phones, watches, memory cards and USBs worth Rs 20 million from a TCS Van. It was alleged that these gadgets were illegally smuggled into the country without payment of duties and taxes. Subsequently an FIR was registered against six suspect employees of TCS under the customs laws. At the outset, the counsel for the accused submitted that his clients were not involved in smuggling of gadgets as they were transporting the consignment on behalf of shippers and the courier cannot be asked to produce the import documents. He requested the court to adjourn the case enabling him to pro-
duce the copy of the judgments passed by the Lahore and Rawalpindi Customs Court in the cases of same nature in which they acquitted the TCS employees.
He further prayed to the court to direct intelligence ofOicer to submit Oinal charge-sheet at the earliest so that he could know the role assigned to the suspect employees in alleged smug-
gling of goods. The judge observed that earlier on June 22, the court had directed the ofOicer to submit chargesheet within 15 days but he failed to comply with its order. When asked
why he failed to obey its order, IO Arif Maqsood asked the judge to give some time to complete the charge-sheet The court directed the IO to submit challan within ten days.
Faisalabad Customs Intelligence seizes smuggled items worth Rs 16m in July
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he Customs Investigation and Intelligence Faisalabad, and Field Investigation Unit of Khushab have collectively seized contraband items worth Rs 16.108 million involving duty/taxes amounting to Rs 11.791 million in July, 2015. Both departments fall in the jurisdictions of Additional Director Customs Intelligence Faisalabad, Muhammad Ismail. Customs Intelligence teams following the instructions of the additional director conducted various raids in their respective regions to foil the smuggling bids.During the said period, FIU Khushab con-
Oiscated Indian red chillies, gunny bags, besides impounding a truck bearing Registration No. RIL-4285, while the value of total conOiscated items was estimated to Rs 4.016 million involving duty/taxes to the tune of Rs 2.221 million. Meanwhile, Customs Intelligence Faisalabad clutched smuggled items including compressor of Kaeser Brand, 150 KVA generator, ceramic tiles, Hino Truck, Mini Truck and Mazda Titan Truck frame valued at Rs 12.092 million involving duty/taxes amounting to Rs 9.57 million during Oirst month (July) of current Oiscal year 2015-16. However, the raids were carried out in different areas including Shiekhpura Road, motorway, Sargodha Road, Jhang Road, local markets of Faisalabad and in different areas of Khushab.
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