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Vol 1 Issue No. 293

Karachi, Fri February 12, 2016

ISLAMABAD

M ARSHAD

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aqar Ahmad, a BS-21 ofRicer of Inland Revenue Service, has assumed the charge of the post of Director General, Directorate General of Internal Audit (IR), Islamabad.

The ofRicer, pursuing the Board’s NotiRication No. 0305-IR-I/2016 dated 06.08.2016, relinquished the charge of the post Member (Administration), Federal Board of Revenue

Price Rs. 14.00

(HQ), Islamabad, with effect from February 08.

Waqar Ahmad also served as Chief Commissioner Inland Revenue at Regional Tax OfRice, Lahore; Chief Commissioner-IR, Regional Tax OfRice, Gujranwala and Chief, Inland Revenue Operations, Federal Board of Revenue, GoP. His duties were to supervise application of tax law and implementation of revenue measures and to look after the taxpayers issues.

The ofRicer did LLB (Hons), Law form University of London (2008–2013), got CertiRicate in Advance Management from National University of Singapore (2008– 2008), got CertiRicate in Transfer Pricing from OECD Multilateral Tax Center, Ankara, Turkey (2009).

Traders hail Dr Subuctageen’s appointment as Islamabad collector

NA committee to scrutinise MoC’s budgetary proposals for FY 2016-17

World Bank President addresses IBA students in Karachi

Dr Asif Jah paid rich tributes for attaining Sitar-e-Imtiaz

Pak markets always very profitable for business: Malaysian envoy

FPCCI,ICCI congratulated the Dr Arslan on his appointment as collector of Islamabad | See pAge 02 |

The NA Standing Committee on Commerce will scrutinize the budgetary | See pAge 03 |

An interaction between Pakistan’s university students and Dr. JimYong Kim | See pAge 04 |

Customs officers paid glowing tributes to Collector of Customs Appeal Dr Asif Jah | See pAge 12 |

MalaysianHighCommissionerDr.Hasrulhas saidthatMalaysiaand Pak are potential | See pAge 09 |

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IHC adjourns hearing of cases filed against ATIR Friday, February 12, 2016

National

ISLAMABAD: The Islamabad High Court (IHC) on Wednesday adjourned the hearing of cases filed against Appellate Tribunal Inland Revenue (ATIR).

A division bench of the IHC comprising Justice Noorul Haq N Qureshi and Justice Athar Minallah heard two customs references and directed the office to set their next date of hearing. The bench also directed the counsels in cases to ensure their presence on important hearing of next date.

The court issued these directions in cases filed by M/s United Express and M/s Pakistan Tobacco Company Limited.

traders hail Dr Subuctageen’s appointment as islamabad collector

Quetta customs intelligence seizes dried fruit, vehicle worth Rs 4m KARACHI

wAQAR AHMeD AnSARi

ISLAMABAD

M fAiZAn

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he Federation of Pakistan Chamber of Commerce and Industry (FPCCI), and Islamabad Chamber of Commerce and Industry (ICCI) congratulated the Dr Arslan Subuctageen on his appointment as collector of Islamabad Model Customs Collectorate.

A delegation of businessmen held a meeting with the newly appointed Collector Subuctageen where they termed his appointment as a good step by the Federal Board of Revenue (FBR), besides assuring him of traders’ full support.

The members of chambers also hoped that the relation between traders and Islamabad Customs will strengthen and the problems of the community will be resolved amicably. The delegation consisting of FPCCI President Abdul Rauf Alam, ICCI President Atif Akram Sheikh, FPCCI former president Zubair Tufail, ICCI former president Khalid Javaid, Tariq Sadiq, Mian Akram Farid, Muzamil Hussain Sabri, Ishtiaq Qureshi and Chaudhary Khalid Mehmood met to the collector.

On the occasion, Additional Collector Abdul Waheed Marwat and Assistant Collector Headquarters Sadia Usman were also present.

FPCCI president presented a Rlowers bouquet to the collector,

he Customs Intelligence and Investigation, Quetta seized huge quantity of smuggled dried fruits, besides impounding a truck being used for the transportation of smuggled items worth Rs 4 million.

Following the directions of Quetta Customs Intelligence Director Iqbal Bhawana, a team intercepted a Mazda Truck at Chaman road and recovered two thousand kilogram American almond, one thousand kgs apricot from the truck.

The team asked the driver to produce the documents showing the legal import of the item but he remained failed therefore, the officials confiscated the items under customs laws. Meanwhile, the Customs Intelligence also confiscated over 60 illegal number plates from a yellow cab while searching the vehicle thoroughly. The cases have been lodged against the accused persons separately.

Meanwhile, Directorate General Customs Intelligence and Investigation recovered a huge quantity of smuggled Iranian diesel and tyres during a crackdown. Sources told Customs Today that Director-General Customs Intelligence and Investigation Imtiaz Ahmad Khan received secret information regarding some smuggling attempts.

while ICCI president offered an honorary shield to him.

The FPCCI president said that Dr. Subuctageen is an honest person, adding that the traders will feel comfort while working with his as he has been serving at Islam-

abad Customs as deputy collector and additional collector. He further said that the increasing business activities will boost the revenue collection. Saarc Chamber Pakistan Chapter Coordinator Malik Sohail talking to Customs Today said that

the collector has been remained cooperative with the businessmen in the past. He said that some suggestions regarding the import and export have been put forward on which the collector has given positive response.

ipR suggests workable path towards economic progress T

LAHORE

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he country’s renowned economic watchdog, in his latest report, has suggested workable path towards economic growth and sustainable stabilisation.

The report is the brainchild of Humayun Akhtar Khan, the chairman of Institute for Policy Reforms (IPR) and former commerce minister. The document recognises im-

provement in economic stability under an IMF programme. Balance of payments, Riscal deRicit, and inRlation are under control. Government must now focus on growth, while ensuring robust stability. Identifying increase in investment as the key to job creation and economic activity, the report proposes a doable growth strategy for immediate implementation. An expansionary monetary policy would lead the economy out of the morass of the past eight years. The growth strat-

egy centres on three key areas: export increase, industrial revival, and public investment.

Despite stagnant exports, the Rupee has remained overvalued.

The high value of the rupee came at a most inopportune time of slowdown in world trade. In fact, this was when many developing countries lowered the value of their currencies. This has placed our exporters at a disadvantage. The report sees the rupee overvalued by about 20%.

To revive industry, which too has seen unusual slowdown in recent years, IPR recommends long-term project Rinancing at Rixed rates. Currently, banks do not have the incentive to do so. At present, they use SBP loans (through OMO) to buy government paper and beneRit from the interest rate arbitrage. SBP may introduce incentives for banks to set up a window for private capital investment. In the past, DFIs performed this performed this function.

This one measure could help greatly

industrial revival.

Public investment is the best means to expand jobs and boost growth. Scarce public investment has been a chronic problem in Pakistan. In addition, the inadequate funds available are often used for prestige projects without the desired economic impact. IPR recommends increase of the public programme to at least 5% of GDP. Currently, it stands at 3.8%. This increase will also provide additional funds needed for CPEC.

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Customs Appraisement to conduct auction on Feb 22 LAHORE: The Pakistan Customs has announced auction of seized goods and vehicles on February 22 here at Mughalpura Dry Port Lahore.

As per details, the impounded cars, spare parts and other goods will be presented for the auction on ‘as it is basis’. Interested parties and persons will be allowed to watch and check the goods presented for auction two days before the date of auction.

Customs auctioneer Muhammad Akram has issued directions that any person who want to participate in auction of vehicles and other goods should bring his national identity card with him on the day of auction.

SRB suspends registeration of Saima enterprises over tax evasion

Friday February 12, 2016

National

nA committee to scrutinise Moc’s budgetary proposals for fY 2016-17

KARACHI

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indh Revenue Board (SRB) suspended the sales tax registeration of M/s. Saima Enterprises. The company is still failed to deposit monthly sales statement. According to a notification issued by Sindh Revenue Board M/s.

Saima Enterprises is liable to pay Rs 2.2 million under the head of sales tax from June 2014 to February 2015. The above said company avoiding to clear outstanding dues of sales tax. Now SRB warns the company if it will not clear the outstanding dues till February 18, the authorities will cancelled its registeration on permanent basis. It is pertinent to mention here that Sindh Revenue Board authorities already cancelled the registeration of three companies.

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Shortage of staff: cAt to hear cases twice a week LAHORE

MuHAMMAD nAwAZ www.customsbulletin.com

ue to shortage of members, the Customs Appellate Tribunal has fixed only two days: Monday and Tuesday, a week to hear the cases.

As per details, two posts of technical and judicial members are vacant that is why it is difficult to hear the cases on daily basis.

Currently, two special benches comprising Chairman Ghulam Murtaza Bhatti, Technical Member Khwaja Omer Mehdi and Judicial Member Omer Arshad Hakeem are working. It is pertaining to mention here that Technical Member Khawaja Omer Mehdi has to work for both benches for hearing the cases. The two posts were gone vacant after the promotion of Ghulam Murtaza Bhatti and resignation of Imran Tariq.

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ISLAMABAD

M ARSHAD

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he National Assembly Standing Committee on Commerce will scrutinize the budgetary proposals relating to the Public Sector Development Program of the Ministry of Commerce and its attached departments for the Riscal year 2016-17 today.

Similarly, the committee will also discuss Pakistan’s bilateral trading arrangements with Afghanistan and Iran. A well-placed source at Ministry of Commerce (MoC) told Customs Today that an important meeting has been convened to ponder over the burning issues related to the ministry. The source said that total volume of PSDP of Ministry of Commerce and related departments was Rs 876.6 million in the current budget for the Riscal year 2015-16.

An amount of Rs 351.285 million is Rixed for purchase of equipments, furnishing, curriculum development and training of Pakistan School of Fashion Design, Lahore.

An amount of Rs 24.337 million has been allocated for restructuring of Pakistan Institute of Trade and Development (PITAD), Islamabad.

Rs 500 million were Rixed for upgradation of Expo Centre Peshawar.

According to Chairman Committee the issue of measures taken by the MoC for promotion of exports will also come under discussion. On this issue, MoC had moved a brief to

the committee secretariat which states that MoC had taken a number of steps for exports promotion.

These measures include the establishment of leather export promotion council, establishment of services export development council, strengthening women chamber of commerce, up-gradation of rice inspection labs, export promotion campaigns for agro-processed products as well as marketing development assistance for regional

the source said that total volume of pSDp of Ministry of commerce and related departments was Rs 876.6 million in the current budget for the fiscal year 2015-16. An amount of Rs 351.285 million is fixed for purchase of equipments, furnishing, curriculum development and training of pakistan School of fashion Design, Lahore

Anf recovers 11.4kg heroin, 107kg hashish LAHORE

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he Anti-Narcotic Force (ANF) has recovered 118kg drugs, including 11.4kg heroin and 107kg hashish and arrested six alleged drug trafRickers besides impounding a vehicle during the countrywide raids.

The Karachi ANF team, on pursuance of information, raided a house situated in Pakhtoonabad Manghoo Peer and seized 100kg hashish. An accused, namely Sabir Khan, was also apprehended during the operation. As per initial reports, the place was being used as a narcotics den.

The Rawalpindi ANF captured a mini truck registered No LWN-2876 near Tarnol, GT Road. The search of the truck led to seizure of 4kg heroin and 6kg hashish. Two per-

sons on board identiRied as Alam Zeb, resident of Chakwal, and Rizwan, resident of Nowshera, were taken into custody.

The ANF, while carrying out an operation in Dera Ghazi Khan, held two local drug suppliers namely Fahim and Muhammad Hanif along with 4.4kg heroin and 1kg hashish.

The ANF airport team detained a passenger named Sharjeel Ahmed, resident of Mandi Bahauddin, at Peshawar Airport and recovered 3kg heroin hidden in his trolley bag.

countries.

Similarly, on the issue of Pakistan’s bilateral trading arrangements with Afghanistan and Iran, the MoC is of the stance that it has been fully engaged with the relevant departments of either country for further easing trade activities.

A spokesperson to MoC, told Customs Today Ministry was making all out efforts to facilitate exporters and importers residing in bordering areas with Afghanistan and Iran.

Rto-iii collects Rs 85,502 million in January he Regional Tax Office III (RTOIII) has collected Rs 85,502 million tax in January for the fiscal year 2015-16. Talking to Customs Today, Additional Commissioner RTO-III Mustafa Khanzada said that RTO-III has recovered Rs 83,401 million under the head of income tax and Rs 1,902 million as sales tax, while the RTO-III recovered Rs 199 million as federal excise duty.

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PIA reduces fares on domestic, international flights Friday, February 12, 2016

Business

ISLAMABAD: Pakistan International Airlines (PIA) has slashed its fares on domestic and major international flights, including Umra fares, with immediate effect.

Decision to this effect has been taken to stabilize unrealistic hike in fares and to facilitate its valued customers, PIA’ Spokesman Danyal Gilani said in a statement issued here Wednesday. The Spokesman further said that fares on KarachiIslamabad-Karachi and Karachi-Lahore-Karachi would now be starting from Rs. 7,500 while return tickets for Umra would start from Rs 54,500 for passengers from Lahore/Islamabad and Rs 44,500 for passengers from Karachi.

pSX loses 32,000 mark after shedding 324pts KARACHI

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fter observing Rluctuation in early trading, the Pakistan Stock Exchange (PSX) Thursday went to negative zone shedding massive 324.05 points losing 32,000 psychological mark and dropped to 31820.54 points level at closing. The stocks recorded the highest trading level of 32205.46 points and lowest level of 31782.55 points, with the volume of 113 million shares, having about Rs7 billion value. As many as 330 companies were active; of which 80 advanced, 229 declined and 21 remained un-

pakistan, Qatar seal $16b Lng deal DOHA

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akistan and Qatar have signed a $16 billion liquefied natural gas (LNG) deal for 16 years. Petroleum Minister Shahid Khaqan Abbasi and Qatargas Board of Directors Chairman Saad Sherida signed the agreement on behalf of their respective countries in Doha, while Prime Minister Nawaz Sharif and Emir of Qatar Sheikh Tamim bin Hamad bin Khalifa al Thani also witnessed the ceremony.

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changed. Commercial banks was the top traded sector with 13,594,800 volume, while reRinery remained second with 11,782,600 volume.

The three top traded companies were Byco Petroleum with a volume of 10,813,500 and price per share of 18.27 (-0.06), TRG Pak Ltd with a volume 5,803,500 of price per share of 27.23 (-0.51), andTPL Trakker Ltd with a volume 5,068,500 of price per share of 12.93 (0.31). The top three gainers were Exide (PAK) with price per share 794 (18), Mari Petroleum with price per share of 672.37 (17.54) and JDW Sugar price per share of 340.11 (10.11).

The top three losers were RaRhan Maize with price per share of 7700 (400), Hinopak Motor with price per share of 1082.17 (-56.95) and Ferozsons (Lab) share of 900.22 (-

47.37). Earlier, the PSX opened with positive note, adding 25.96 points to reach 32205.46 points level in early trading. The stocks witnessed Rluctuation in trading and remained in negative zone till midday as KSE-100

index shed -16.65 points to drop to 32127.94 points level. On Wednesday, the stocks continued its downward trajectory as the PSX benchmark index shed another 299.61 points to close at 32,144.59 points.

world Bank president addresses iBA students in karachi KARACHI

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n interaction between Pakistan’s university students and Dr. Jim Yong Kim, President of the World Bank Group, took place at the IBA City Campus.

The event was streamed to 75 Pakistani universities and an international audience. This forum was a joint initiative of the World Bank and Government of Pakistan.

Extending a warm welcome to Dr.

Jim Yong Kim Dr. Ishrat Husain, the Dean and Director of IBA, stated it was a great pleasure to welcome Dr. Jim at IBA, who decided to interact with the students of Pakistan despite his busy schedule.

He communicated the three factors which IBA has decided to focus on as the oldest business school outside of North America and pointed out that IBA wants to promote upward social mobility and work towards eliminating poverty, reach out to the underprivileged students in remote areas of Pakistan through initiatives like National Talent Hunt

Programme, where we groom the students and pay for their tuition fees at IBA and many other universities have now started to model this initiative of ours, which is very fruitful for social upliftment.

He said that the IBA has made it compulsory for its students to do a social internship at social welfare organizations so that the students are exposed to how the underprivileged lead their lives thus sensitizing them to poverty and encouraging them to give back to the society and contribute towards eliminating poverty.

kp govt hands over 6 hydel projects of 719Mw to fwo PESHAWAR

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ith the aim to overcome power shortage in the province, the Khyber Pakhtunkhwa government has announced to give six 719MW hydel power projects to Frontier Work Organisation (FWO) for efficient implementation. The announcement was made in a high-level meeting convened to discuss hydel and communication projects in the province at Khyber Pakhtunkhwa House Islamabad. PTI Chairman Imran Khan, KP Chief Minister Pervez Khattak, Provincial Minister for Energy Muhammad Atif Khan, Chief Secretary Amjad Ali Khan, FWO DG Major General Muhammad Afzal and high-ups of energy, PEDO and communication departments attended the meeting. The meeting also discussed hydel generation schemes and proposed Chamkani to Badaber bypass road project (Southern bypass) in detail. DG FWO informed the meeting that the Chinese government had agreed for provision of financial assistance for the implementation of Swat Express Highway and six hydel projects in Khyber Pakhtunkhwa. The chief minister on this occasion directed to handover Balakot, Bata Kondi, Naran, Ghorband, Shagokas and nandihar hydel power projects to FWO for implementation under the prescribed rules.

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pakistan world’s third cheapest country on cost of living index ISLAMABAD

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akistan is the world’s third cheapest country after India and Nepal, said a new global report. The report on the cost of living index for the year 2015 was conducted by Numbeo, the world’s largest database of user contributed data about cities and countries. The study ranked Switzerland as the

costliest country to live in. The Numbeo provides current and timely information on world living conditions including cost of living, housing indicators, health care, trafRic, crime, and pollution.

The report showed that efforts of Pakistan’s current government have started yielding results and prices of essential items are coming down, contrary to rising international trend. Tunisia, Algeria, Moldova, Egypt, Macedonia, Syria,

Colombia, Bangladesh, Indonesia, Georgia, Morocco and Philippines are behind Pakistan. Whereas, Norway, Venezuela and Iceland are costliest countries after Switzerland.

The Numbeo issued the index after assessing transportation costs involved including one-way tickets, monthly passes, taxi fares, petrol prices and other costs such as running a car besides, meal prices of expensive, mid-range and inexpensive restaurants along with prices

of coffee products and water. The utilities assessed involved electricity, heating, water, and the Internet.

Meanwhile, The US government has announced to support Pakistan’s energy sector and launched a $3 million multi-agency technical assistance programme for this purpose.

US Department of Energy Assistant Secretary for International Affairs Jonathan Elkind has joined Pakistan’s Ministry of Planning, Development and Reforms, the Ministry Water and

Power, and the Ministry of Petroleum and Natural Resources to announce the programme. The three-year programme, conducted in partnership with the US Agency for International Development, will bring experts from the Department of Energy national laboratories together with Pakistani experts to develop strategies and resources for integrated energy planning, energy efRiciency, and promoting private investment in renewable energy and integration.“

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ISLAMABAD M ARSHAD www.customsbulletin.com

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ederal Board of Revenue (FBR) aptly resolved almost all the reservations and objections of the International Monetary Fund (IMF) in recently concluded talks for 10th review of Extended Funds Facility (EFF) programme.

Pakistan and the IMF concluded these talks on the third of the current month, February, in Dubai. FBR Strategic Planning, Reforms and Statistics Member Dr Muhammad Iqbal led a twomember team of the FBR in both technical and policy-level negotiations.

Sharing his experience in talks with Customs Today, Dr Iqbal was of the view that IMF team had some reservations about the FBR. “IMF showed objection towards the recently announced Voluntary Tax Compliance Scheme amid fear that it would be used for whitening of black money,” he said, adding, “We made it clear to the IMF that the scheme would neither be used for tax amnesty nor for whitening of black money.”

“It will be a major tool in the hands of the FBR for widening the tax base by bringing more and more traders into the tax net,” he said, adding that with logical and rational arguments, IMF members were convinced of our point of view.

Moreover, Dr Muhammad Iqbal said that the IMF’s other objection was about possibility of

achieving the revenue collection target by the FBR. “These reservations were based on reduced exports, lowered commodity and petroleum products’ prices and lower production of cotton, but we turned all reservations down by presenting full statistics before the IMF team, showing the increasing trend in the revenue collection during the last few months,” he said.

To a question about the environment of the talks, Dr Iqbal said that environment was quite friendly and cordial because the IMF representatives did not thrust any solution or option at us, as they just sought proposed option with practicable measures for the resolution of issues. However, at some stages the environment became a little bit sour, but it was overcome amicably just because of the fact that neither side remained sticking up to its stance on any subject, he observed.

The talks were held in such a smooth way and all issues were resolved so amicably that FBR Chairman Nisar Muhammad Khan, who joined the talks later, did not have to face any burden or pressure during the talks, Dr Iqbal said, adding that it was just because of the fact that we had addressed almost every objection of the IMF team on almost all issues pertaining to the FBR. He said that once the technical-level talks

were over, the policy-level talks became easy f us. Therefore, after successfully conducting tal at both stages, we were able to give good news our team of negotiators.

He said that the team of the FBR was optimis about chances of successful talks on the basis positive indicators related to our economy, li enhanced volume of foreign exchange reserv conRidence showed by international i vestment organisations in Pakistan as w as keen interests showed by China a other countries’ investors in r cent investment conferences.

at aid th s l a b as ad iq hamm objection w u M r D er ng f’s oth y of achievi M i e h t et ilit possib lection targ t u o b s l a nue co reservation e v e r , se the . “ the ced exports R B f e redu by th nd ed on s a b dity a nd o e m m wer ces a ed co lower roducts’ pri n f cotto eum p petrol roduction o p lower

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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

eDitoRiAL

perils of emerging debt trap

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ccording to newspaper reports, the economic managers of the country are unprepared to face the emerging situation in next few months as the external debts would be touching $70.2 billion mark by the end of the current fiscal year from $66.457 billion in September last year. The International Monitory Fund has warned that Pakistan’s debt-to-GDP ratio will reach 65 percent mark in few months contrary to the government’s claim that the ratio has dropped from 64 percent in 2013 to 59.1 percent in October 2015. Pakistan can borrow from international donor agencies only to a specific limit and once it reaches a breaking point, it will no longer be able to get foreign loans. Finance Minister Ishaq Dar and his team are apparently working on adhoc measures to pass the tenure of the present government without facing economic catastrophe. The government issued its first bonds in April 2014, raising $2 billion and avoiding the risk of default.

The IMF also came to its rescue but on the condition that the government will introduce structural reforms in economic and financial sectors. The fund also expected that the government will restructure the loss-making public sector enterprises, including Pakistan Steel and the Pakistan International Airline. The political party, which came to power with a slogan that it will break the begging bowl, has pushed the country into a vicious debt trap.

The economy of Pakistan survived around three years from 1947 to 1951 without getting any foreign assistance. Once the Pakistani prime minister of the time visited the United States, the government started signing loan agreements with world donor agencies including World Bank and the IMF. It received $121 million from 1951 to 1955 and the debt has been piling up since then.

By December 1969, the external debt of the country stood at $2.7 billion which reached $3 billion by December 1971. The external debt of the country jumped from $2.7 billion in December 1969 to over $70.2 billion in February 2016, showing a whopping 2,354 percent increase during the last 47 years. The government is still looking for the loans from foreign donors and has failed to maintain financial discipline.

next tranche of iMf loan T

LAHORE

DR AftAB AfZAL

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he International Monetary Fund is set to release $497 million to Pakistan as part of a three-year economic bailout package approved in 2013.The donor agency expected the country to introduce reforms in energy sector and get rid of the loss-making public sector organizations.

The government had approached the donor agency soon after coming to power for a $6.6 billion bailout plan, which was granted on the condition that the government will restructure energy and taxation sectors. From January 26 to February 4, the IMF ofRicials reviewed the economic perform-

ance of the country and the next tranche is awaiting the approval of the IMF Management and the Executive Board. Meanwhile, all eyes are set on the emerging foreign investment in Pakistan, the China Pakistan Economic Corridor, reforms in the energy sector, and real GDP growth rate at 4.5 percent for the Rinancial year 2015-16. The country is expected to become a hub of business and trade activities after the economic corridor is extended to the central Asian states.

As a matter of fact, poor cotton yield, falling exports, energy crisis and political unrest have slowed down the growth prospects of the country.However, the IMF mission and the Pakistani officials reached a staff-

level agreement on the completion of the tenth review under the Extended Fund Facility arrangement. The reports of discussions between the two sides revealed a startling fact that Pakistan has failed to improve its financial affairs and the government, which had promised to break the begging bowl, has been desperately looking for funds at the cost of the national economy.

The foreign exchange reserves of the country once reached $21 billion mark, but on the behest of borrowed money and not on the base of the real economic growth. It is even unfortunate that the government wants to take the certificate of good governance from the donor agencies which extended the loans money

with their specific agenda.

There is no denying the fact that the government sometime has to take unpopular decisions, but the interests of the country should reign supreme. The country should not be made hostage to the colonial powers of the modern era which offer funds with dictations. The government should concentrate on steps which help boost the economy and industrial growth as unrealistic tax targets, high electricity and gas tariffs and unfavourable business conditions are severely affecting the economic development of the country. Prime Minister Nawaz Sharif himself is a businessman and he can understand the problems of the business community more than anyone else.

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Moscow airports lose $76m from flight bans MOSCOW: Financial losses for Moscow’s airports from Russia’s ban on flights to Turkey, Egypt and Ukraine amount to 6 billion rubles ($76 million), according to Domodedovo Airport’s acting director Denis Nuzhdin, the Interfax news agency reported Tuesday. The biggest loss — more than 3 billion rubles — resulted from restrictions on flights to Turkey, Nuzhdin said. The ban on flights to Egypt cost Moscow airports 2.3 billion rubles ($29 million) and another 690 million rubles ($8.7 million) was lost due to the suspension of flights to Ukraine, Nuzhdin added. Flights between Russia and Ukraine were halted in October amid a standoff over Moscow’s actions in eastern Ukraine.

In November, Russia imposed a ban on all passenger flights to Egypt after a Russian plane was brought down by a terrorist bomb over the Sinai Peninsula.

Mega infrastructural projects incomplete due to shortage of bricks: fcci ontinuous strike of brick kiln owners has created shortage of bricks coupled with increase in its rate while the cartelization of cement manufacturers have become a stumbling block in the reduction of construction material after the historic cut in the oil price in the international market.

In a statement issued here, Syed Zia Alamdar Hussain Senior Vice President Faisalabad Chamber of Commerce and Industry (FCCI) said that the rate of 1000 bricks prior to the strike was Rs 6800 which is now

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soaring at Rs 8000. It is a major setback to the construction sector as many mega infra structural projects are laying incomplete only due to the non availability of bricks etc.

Similarly the construction industry was expecting a visible decrease in the price of cement, sand, crush and iron bar after the decrease in oil prices in the international market but the cartelization has stopped dissemination of the fruits of reduction in oil prices.

He said that the cement manufacturers have created artificial shortage to maintain the existing price in the local market which otherwise must have depreciate 25% of its existing price.

Moreover, the imported iron bar is available at a lower price while local products are costlier which has disturbed the natural equilibrium of the prices of imported and locally manufactured products.—CB Report

Friday February 12, 2016

Chambers

pakistan markets always very profitable for business: Malaysian envoy M LAHORE

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alaysian High Commissioner Dr. Hasrul Sani Mujtabar has said that Malaysia and Pakistan are potential markets and there is a lot of scope to enhance two-way trade.

He was talking to the LCCI Senior Vice President Almas Hyder and Vice President Nasir Saeed here at the Lahore Chamber of Commerce and Industry. Former LCCI ofRicebearers and Executive Committee Members were also present on the occasion. The High Commissioner urged Pakistani businessmen to be more aggressive in terms of business activities in Malaysia to compete with other competitive markets in this era of globalization. He advised the Pakistani business community to actively participate in international conventions scheduled to be held in Malaysia in forthcoming months. “Pakistan is a very potential market,” the High Commissioner said, adding that doing business in country like Pakistan is always very proRitable.

The LCCI Senior Vice President

Almas Hyder said that Pakistan and Malaysia are members of OIC and the Commonwealth. Both countries have been maintaining excellent diplomatic relations with each other since 1957. He said that Malaysia has attained remarkable growth in almost all Rields of life and has become a role model for many Islamic countries to follow.

Almas Hyder said that Malaysia has set a unique benchmark by way of successfully launching its own

model of ‘modernization with indigenization. He said that technological base of Malaysia is strong which was resulted due to enhancing the quality of technical and vocational education. “We must avail the opportunities of knowledge sharing and streamlining our education system with the help of Malaysian experts”, the LCCI Senior Vice President added.

He said that Malaysia and Pakistan signed a Free Trade Agree-

tomblin urged to sign Ag 'sunshine bill'

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WASHINGTON

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he U.S. Chamber Institute for Legal Reform is pushing Gov. Earl Ray Tomblin to sign legislation providing transparency to how the state Attorney General's ofRice operates.

ILR President Lisa A. Rickard applauded the state Legislature for passing House Bill 4007, which promotes transparency and limits contingency fees when the AG's ofRice hires outside private plaintiffs’ lawyers. The measure has passed both houses of the Legislature, and it awaits Tomblin's signature. The House approved a Senate amendment to the measure on Feb. 9, and it was sent to Tomblin then. A spokesman for Tomblin said the ofRice hadn't ofRicially received the bill as of Feb. 10 and declined comment

until the bill was received.

“We commend the West Virginia legislature for acting to reform the practice of awarding contingency fee contracts to outside plaintiffs’ lawyers," Rickard said in a press release. "Such schemes enrich lawyers at the expense of taxpayers and raise concerns about ‘pay-to-play,’ conRlicts of interest, the use of a public entity for personal gain, and fairness in prosecutions."

Rickard said West Virginia can join 13 states – Alabama, Arizona, Arkansas, Florida, Indiana, Iowa, Louisiana, Mississippi, Nevada, North Carolina, Ohio, Utah and Wisconsin – that recently have taken action to limit outside contingency fee counsel arrangements by state attorneys general.

“We commend House Judiciary Chair John Shott, Senate Judiciary Chair Charlie Trump, and Delegate Matthew Rohrbach for their tireless

leadership on this issue, and thank Attorney General Patrick Morrissey for his support of the legislation and thoughtful input in the process," Rickard said.

"We urge Governor Tomblin to swiftly sign this bill into law.” ILR, which owns The West Virginia Record, seeks to promote civil justice reform through legislative, political, judicial, and educational activities at the national, state, and local levels.

Meanwhile, Egypt’s annual urban consumer inflation fell to 10.1 percent in January from 11.1 percent the previous month, the country’s statistics agency CAMPAS said on Wednesday. The decrease came after the country raised interest rates by 50 basis points in December citing inflationary pressure. In November, Egypt’s government said it would control prices of certain essential goods.

ment in January 2008 but it has yet to prove useful to both of us. We already have the platform which must be utilized for a win-win situation.

Talking about declining trade trend between two countries, Almas Hyder said that we need to take immediate steps to regain that level of bilateral which went as high as $2.97 billion in 2011. In 2014, the level of bilateral trade further dipped to $1.51 billion from dollar 2.12 billion in 2013. The balance of trade has been in favour of Malaysia and over the last Rive years this gap is constantly closing. He said that main reason of this fall was drastic decrease in import of palm oil from Malaysia which used to be around dollar 2.12 billion in 2011 and by 2014 it contracted to dollar half a billion. He said that Pakistan’s exports to Malaysia have been ranging in between dollar 200-240 million during 2011 to 2014. There must be some advantage given to Pakistan of the said FTA. He said that Pakistan produces good quality and affordable agricultural products. For example Pakistani rice, oranges and mangoes are in great demand in Malaysian markets.

Bulgaria’s budget deficit declines in 2015 ulgaria’s budget deficit for 2015 stood at 2.9 percent of the projected gross domestic product (GDP), while in 2014 the figure was 3.7 percent, officials said Wednesday.

State budget revenues in 2015 reached 32.2 billion lev (some 18.5 billion U.S. dollars) and grew by 9.5 percent compared to 2014, while spending increased by 6.8 percent year-on-year to 34.7 trillion lev, the Government Information Service said in a press release.

As a share of GDP, revenues under the consolidated fiscal program increased from 35.2 percent of GDP in 2014, to 37.5 percent of GDP in 2015, the government said.—CB Report

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Turkey’s banking sector grows 18% in 2015 Friday February 12, 2016

World

ANKARA: Turkey’s banking sector grew by 18 percent last year, with lenders’ overall balance sheet size reaching 2.3 trillion Turkish Liras, according to the Banks Association of Turkey (TBB). Adjusted for exchange rate differences, growth stood at 11 percent. However, the sector’s total assets decreased by 6 percent in dollar terms, falling to $808 billion. Some 62 percent of bank assets and 55 percent of bank resources were held in liras, meaning that the share of lira assets and resources in balance sheets also fell in 2015 compared to 2014. The ratio of the banking sector’s balance sheet growth to GDP increased by six points in 2015, reaching 121 percent. Meanwhile, by growing 20 percent in nominal terms and 15 percent in fixed exchange rates, Turkish banks’ credit stock reached 1.5 billion liras.

cBSA seizes over 14kg meth in Southern Alberta OTTAWA

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anada Border Service Agency (CBSA) found 14.5 kilograms of suspected meth after a routine secondary inspection of a vehicle. The sport utility vehicle had inconsistencies in the rocker panels and was subsequently dismantled by the CBSA where they found the suspicious packages.

Season Turax, 40, of Calgary was subsequently charged by RCMP with three counts of importation and possession for the purpose of trafRicking under the Controlled Drugs and Substances Act, and smuggling under the Customs Act. Meanwhile, Canada’s trade deRicit with the world narrowed to

indian customs arrests man in gold smuggling case man has been arrested for allegedly trying to smuggle gold worth Rs.2.84 crore at Indira Gandhi International Airport (IGIA) here. The accused was intercepted on Monday by customs officials after his arrival from Singapore. “During his personal check, officials recovered 10 kgs of gold concealed in special cavities made in shoes worn by him,” said Vinayak Azaad, Additional Commissioner of the Customs at IGIA. The passenger has been arrested, Azaad said, adding that it is one of the biggest seizures of gold from an individual in the recent past. The value of the seized gold is assessed to be Rs.2.84 crore, as per the prevailing market rate.

Meanwhile, The customs air intelligence unit (AIU) at Mumbai airport intercepted a passenger for smuggling gold. —CB Report

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Can$585 million (US$424 million) in December, as both exports and imports saw double-digit increases in some sectors, the government statistical agency said Friday.

Analysts had forecast a substantial deRicit in line with the previous month’s nearly Can$1.6 billion (US$1.2 billion) shortfall.

According to Statistics Canada, exports increased 3.9 percent in December while imports were up 1.6 percent.

Exports of aircrafts were up 64 percent in the month, while exports of unwrought precious metals and precious metal alloys rose 33 percent, the agency said. Exports of consumer goods, led by pharmaceutical products, as well as passenger cars and light trucks were also up. Partially offsetting these gains was a decline in exports of copper ores and concentrates.

uS customs seizes 86 pounds of cocaine worth $1m FAJARDO

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S Customs and Border Protection (CBP) and U.S. Immigration and Customs Enforcement (ICE) Homeland Security Investigations (HSI ) seized 86 pounds (39 kilos) of cocaine found here the other day concealed inside the hull of a 26 foot boat. The estimated value of the cocaine is $1 million. “Our collective effort and resolve is key to secure the Caribbean borders from attempts to smuggle narcotics into the region,” stated Johnny Morales, Director of Air Operations at the CBP Caribbean Air and Marine Branch.

A CBP Air and Marine Operation Interceptor vessel along with HSI agents held for inspection a vessel that was towed from Culebra at the Puerto Chico Marina. During the in-

philippines police seize 3kg shabu worth p10 million

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olice arrested seven persons and seized three kilos of methamphetamine hydrochloride, or “shabu,” worth P10 million in a buy-bust operation led by the National Capital RegionCriminal Investigation and Detection Group in Binondo, Manila Tuesday night.

CIDG spokesperson Chief Inspector Elizabeth Jasmin said the suspects were collared at Epitome Flowershop located at Pacific Centre Room, 809-B, Quintin Paredes

Street. The recent coup is the latest in a series of operations by the newly formed Anti-Illegal Drug Group AIDG of the Philippine National Police, in cooperation with the Philippine Drug Enforcement Agency, one of which led to the arrest of Marine Lieutenant Colonel Ferdinand Marcelino, a former PDEA official, and Chinese national Yan Yin Shou in Sta. Cruz, Manila.

This operation saw the PDEA also seizing almost P400 million worth of shabu. —CB Report

spection a CBP K-9 alerted of the presence of narcotics inside the boat. A CBP Field Operations X-ray inspection of the boat revealed a hidden compartment within the hull and under the starboard deck area, where 46 brick shaped objects were found. A powdery substance tested positive to

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cocaine. HSI special agents assumed custody of the boat and contraband for further investigation. CBP has the legal authority to conduct border searches of persons, merchandise or conveyances that cross or are about to cross an international border – without a warrant or probable cause.

S Africa plans platinum economic zone ith 70% of platinum being produced in South Africa, the government is working towards opening a new industry-based special economic zone in North West, to look into beneRiciation.

This is according to Trade and Industry Minister Rob Davies, who participated in an investment dialogue held under the theme “Driving competitiveness and ensuring growth and stability”, hosted by Brand South Africa, at the Mining Indaba in Cape Town, yesterday.

The restructuring of the Chinese economy had led to its growth slowing down, which had resulted

in a slump in the prices of commodity such as gold, platinum, iron ore and coal.

This had affected many markets, including South Africa, a producer and exporter of minerals.

After the slump, South Africa could no longer afford to see itself just as a producer and exporter of mineral resources, Davies said. The special economic zone board would soon make a recommendation on the exact location of the zone.

“We are supporting quite a number of our projects. There is quite a lot of work that has been done in the country already. —CB Report

uS customs seizes $39m worth of replica sports items

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ays before the Rirst player stepped onto the Rield for Super Bowl 50 on Sunday, US Homeland Security-led efforts had already seized 450,000 counterfeit sports items, according to a release issued earlier this week.

The search efforts, headed by Homeland Security Investigations ofRicials, had seized counterfeit goods worth an estimated $39 million. US Customs and Border Protection ofRicials released an image of some seized goods, including rings, on its Instagram page: Agents from Homeland Security, CBP, local law-enforcement ofRicials, and business representatives “seized fake jerseys, hats,

cell-phone accessories and thousands of other bogus items prepared to be sold to unsuspecting consumers” by retail outlets and other vendors, according to the release.

“Criminals selling counterfeit goods often use big events like the Super Bowl to trick consumers into buying high-priced, low-quality fakes. Not only do these criminal networks ripoff consumers, they have real conse-

quences on the American economy,” said David Hirschmann, president and CEO of the US Chamber of Commerce’s Global Intellectual Property Center. Operation Team Player, which began after last year’s Super Bowl, has also led to 41 arrests and 35 convictions. “Make no bones about it, this is smuggling,” Intellectual Property Rights (IPR) Center Director Bruce Foucart told ABC News.

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Russia to launch regular mail train to China MOSCOW: Russian Post, the national postal operator of the country, on Tuesday announced that it plans to launch a regular mail train between Moscow and Beijing as part of the efforts to develop Russia’s mail delivery service. “A mail train consisting of 18 special mail cars instead of cars hitched to passenger trains will circulate between Moscow and Beijing,” Dmitry Strashnov, chief executive of Russian Post, was quoted

by RIA Novosti news agency as saying. Strashnov said his company and Russian Railways are jointly developing a “powerful and reliable logistics route” between Europe and Asia, to connect China-proposed initiatives on the construction of the Silk Road Economic Belt and the 21st Century Maritime Silk Road.

port of Hong kong container throughput decreased in 2015

Ports & Shipping

Associated British ports invests to expand Scottish ports

port of oakland plans for imminent end of 2nd largest terminal he Port of Oakland will likely spend at least $1.5 million redirecting shipping containers to other terminals after its second-largest terminal operator abruptly announced it was ceasing operations last month and filed for bankruptcy protection, port officials said Tueaday.

The port is asking its governing board to approve a $1.5 million transition assistance program that would go to participating terminals keeping night and weekend hours to accommodate the increased volume once the Outer Harbor terminal closes.

The operator of an adjacent terminal, TraPac, is in the final stages of taking over two berths at Outer Harbor that would also help take on the burden of global terminal operator Ports America’s sudden departure, according to the port.

While it will take Ports America until late in March to complete its wind-down of operations in Oakland, according to court filings the terminal will cease loading and unloading containers by Feb. 19.

The transition comes after Ports America announced on Jan. 19 that it was halting its operations in Oakland to focus on other West Coast ports. On Feb. 1, Outer Harbor LLC a joint venture between a Ports America subsidiary and Terminal Investment LLC that ran the Oakland terminal filed for Chapter 11 bankruptcy protection.—CB Report

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he container throughput of Port of Hong Kong decreased with 9.5% in 2015, amounting to 20.11 million TEU. The main factors for the bad annual report continue to be the global financial crisis and delay of the Chinese economy. In particular, the transshipment of containers through Kwai Tsing, which is the largest container terminal in Hong Kong, totaled to 15.57 million TEU in 2015, which represent a decrease of 11.5% in comparison with the prior year. The handling of containers for import through the terminal amounted to 8.02 million TEU, representing a decrease of 11.1%, while the handling of containers for export amounted to 7.55 million TEU, representing a decrease of 11,8%. On

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the other port terminals were handled 4.54 million TEU, which is 2.1% less than 2014. The negative dynamics of containers handled at Port of Hong Kong was recorded throughout the year. The largest fluctuation on yearon-year base was recorded in October 2015, when the container turnover decreased with 18.8% yoy, while the smallest was recorded in February 2015, when the container turnover decreased with 2.7%. In December 2015 the container terminals in the Port of Hong Kong handled totally 1.59 million TEU, which represent a decrease of 10.6% yoy. The container throughput of the largest terminal Kwai Tsing amounted to 1.25 million TEU (10.9%). Port of Hong Kong, located by the South China Sea, is a deepwater seaport dominated by trade in containerised manufactured products, and to a lesser extent raw materials and passengers.—CB Report

Friday February 12, 2016

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ssociated British Ports (ABP) has acquired 3.1 acres of commercial property strategically located adjacent to the Port of Ayr, as part of plans to expand its Scottish ports.

ABP has obtained the industrial site from local company Bricktrain which currently houses 14 tenants.

The acquired site is expected to provide room for expansion with addi-

tional ofRice and warehouse units to be made available for rent.

Ayr port manager and Ayrshire Chamber of Commerce president Stuart Cresswell said: “This property will provide the Port of Ayr with a mix of industrial space for local businesses, as well as a range of Rlexibly-sized ofRice units on York Street, all of which are within close proximity to the port.” ABP had invested an amount of over £3.7m over the last four years, on the Port of Ayr which witnessed the construction of Ailsa Craig. Port of Ayr with ABP’s other Scottish port, Troon, accounts for about £40m

contribution to the Scottish economy annually and is said to generate 500 UK employment opportunities.

ABP Port of Ayr contributes to Scottish Agriculture and the Scottish Whisky industry by procuring imports of almost 200,000t of agribulks annually. “This property will provide the Port of Ayr with a mix of industrial space for local businesses, as well as a range of Rlexibly-sized ofRice units on York Street, all of which are within close proximity to the port.” The port is said to be a key component of the Scottish open cast mining industry, handling large volumes of coal each year.

china’s slowdown to continue hurting Malaysian exports

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he unlikely rebound in Chinese demand will continue to weigh on Malaysia’s export performance this year, but a possible recovery in commodity prices over the next few months may provide some relief. BIMB Securities Research expects the Malaysian economy to stagnate this year, but is optimistic that commodity prices could recover in the next few months, help-

ing the country’s exports.

“The still fragile growth outlook in advanced economies, coupled with downside growth risks from emerging markets, imply further uptick in global demand and hence exports could be very modest.

“We however remain hopeful of positive exports growth in the next few months, taking cue from a lower base for oil prices and not forgetting positive lift from the ringgit weakness,” it said in a report.

Malaysia’s trade balance dipped to RM8bil in December from a

RM12.2bil high in October, partly due to the slowdown in China’s economy. Export value increased by only 1.4% year-on-year to RM68.3bil in December, compared with a 6.3% increase in November, while imports increased by 3.2% to RM60.3bil after growing 9.1% the previous month.

As a result, the trade surplus for December fell RM916.2mil or 10.3% to RM8bil. Month-on-month, exports saw a 1% growth from RM67.6bil, while imports rose RM2.9bil or 5.1% from RM57.4bil.

In seasonally adjusted terms, however, exports fell 2.2% while imports dropped 2.9%.

The research house said Malaysia’s export growth had largely been affected by slower shipments of oil products. “December’s exports earnings figures again showed sluggish earnings from liquefied natural gas (LNG), reflecting the trend from November’s data, while electronics and electrical products – Malaysia’s mainstay exports – showed positive growth,” it said.

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Faisalabad RTO’s Zone-III collects Rs 89.4m as sales tax FAISALABAD: RTO Zone-III Commissioner Aftab Alam said that his zone has collected Rs 89.46m under the head of sales tax during January 2016. He elaborated that zone-III’s unit-I generated Rs 43.28m, unit-II collected Rs 41.95 million and unit-III has collected Rs 2.49m, while the unit-IV has collected Rs 1.73m. It may be mentioned here that all the units are subordinate to the Zone-III. Commissioner Aftab Alam said that the Faisalabad RTO was working hard to collect more revenue in order to meet the yearly target, adding that all measures will be taken to recover taxes from the defaulters.

Friday, February 12, 2016

CUSTOMS BULLETIN

Dr Asif Jah paid rich tributes for attaining Sitara-e-imtiaz LAHORE M HAYAt

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ustoms ofRicers and staff paid glowing tributes to Collector of Customs Appeal Dr Asif Jah for receiving Sitara-eImtiaz in recognition of his untiring services for the rehabilitation of ailing humanity across the country.

In a special reception given by the Customs Union in honour of Dr Asif Jah, the customs ofRicers and staff acknowledged the fact that Dr Asif Jah has gloriRied name of the customs service by serving the needy people.

Speaking on the occasion, Chief Collector of Customs Rozi Khan Burki said that he has spent a very short time with Dr Asif and found him multi-talented and individual of diversiRied qualities.

He said that Dr. Jah has not only made meritorious contributions to the restoration of people hit hard by the natural calamities all across the country but also performed well professionally.

Collector of Customs Appraisement Lahore Muhamamd Sadiq said that recognition of Dr Asif Jah’s social services by the government was

praiseworthy.

He said that Jah’s services for the humanity has caused the customs

services seem more splendid for which the department is indebted to him and his family that supported

him through every thick and thin for the cause of social work. Director Customs Intelligence Saud Imran said

that Dr Asif Jah has devoted important part of his life to serve his fellow beings which is commendable reality.

faisalabad Adjudication recovers Rs 36.5m in January SIALKOT

ZAfAR MALik

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he mega project of Sialkot international airport, a dream of Sialkot exporters which came true, was now in dire need of having advanced and developed roads infrastructure in its surroundings, for ensuring the easy access of the people to this airport.

Almost ball the main and link

roads leading to the Sialkot international airport are dilapidating and have been presenting a look of very miserable situation, besides, adding into the miseries and grievances of the travelling people. Undoubtedly, the grand mega project of Sialkot international airport is surrounded by the dilapidating roads and this airport was now in dire need of a developed roads infrastructure in its surroundings as well.

The trendy Sialkot exporters had made their old dream of having an international airport at Sialkot as true by establishing

Sialkot international airport on self help basis in 2007, but almost all the link and main roads in surroundings of this airport had not yet been constructed, as promised by the federal and provincial governments, due to which the people have to suffer from great ordeal while travelling on these dilapidating roads towards Sialkot airport.

The main Daska-Sambrial Road, the Kulluwal-Jethikey-Airport Road, Sialkot-Gohadpur-Airport Road, Head Marala-Saidpur Road, the roads of Bajwat villages linking to Sialkot airport are dilapidating

for the last several years.

The people from Pasrur, Badiana, Chawinda, Zafarwal, Shakargarh, Narowal, Gujranwala, Wazirabad, Gujrat and surrounding areas have to suffer from great ordeal for reaching to Sialkot airport while travelling on 35 KMs long dilapidating main SialkotPasrur Road.

The Sialkot exporters have also expressed grave concern over this miserable situation of the roads leading to the Sialkot international airport, saying that the Punjab government still remains unable to fulfill its promises re-

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garding the construction of the said roads.

They said that the said dilapidating roads with three to four feet deep ditches everywhere on these roads often present the scene of the ponds of stagnant sewage water and rainy water creating hurdles for the travelling people.

The exporters added that the miserable condition of these roads was getting worst from bad day by day here and this situation was also eclipsing the beauty of the Sialkot airport, besides, giving a bad impression to everyone, in this regard.