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Vol 1 Issue No. 301

Karachi, Thu February 25, 2016

LAHORE

M HAYAT

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hief Collector of Customs Samaira Nazir Tuesday held Pirst revenue review meeting with collectors of central region.

Collector of Customs Lahore Preventive ZulPiqar Younis, Collector of Customs Lahore Appraisement Muhamamd Sadiq, Collector of Customs Faisalabad Ch ZulPiqar, Collector of Customs Multan Sarfraz Warraich and other related ofPicers briefed the chief collector upon the revenue collection of their

Price Rs. 14.00

respective collectorates and updated her about the policies to meet the target.

The sources said that the chief collector expressed her satisfaction on the working of the collectorates and revenue collection and also motivated the collectors and ofPicers to achieve the Pinancial year’s target. The collectors assured the chief about their efforts for not only meeting but exceeding the Pinancial year’s targets. Meanwhile, Collector Sarfraz Ahmad Warraich attended the meeting of the Chief Collector Samaira Nazir held at her ofPice at Model Customs Collectorate Lahore on Tuesday. Four Collectors from Multan, Faisalabad and Lahore were present here on Tuesday. The agenda of the meeting was to discuss the revenue measures for future in the third and fourth quarter of the economic year.

ASO confiscates items worth Rs 273m in 7 months of FY2015-16

DG Imtiaz Ahmad to coordinate with FC, police, to curb smuggling in KPK

Work on IP gas pipeline to start by year-end: Shahid Khaqan Abbasi

Faisalabad Customs Intelligence impounds trailer, Indian polyester

Efforts underway to bring down street crimes: Mushtaq Maher

ASO seized contraband items worth Rs 273.49 million during the period July-Jan | See pAge 02 |

Inordertostep-upcoordinatedeffortagainst smuggling,DGwillsoonholdmeetings | See pAge 03 |

AbbasiyesterdaysaidworkonIran-Pakistan pipelinewouldstartbytheend | See pAge 04 |

CustomsIntelligencehasconfiscated14,080 kilogramofIndianpolyesterworthRs5.56m | See pAge 12 |

AIG Karachi Police Mushtaq has said that controlling street crimes was a serious | See pAge 09 |

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IHC adjourns cases against Customs Tribunal, IR Tribunal Thursday, February 25, 2016

National

ISLAMABAD: The Islamabad High Court (IHC) on Tuesday adjourned hearing of couple of tax references filed against Customs Appellate Tribunal and Appellate Tribunal Inland Revenue.

IHC division bench, comprising Justice Noor Ul Haq N Qureshi and Justice Athar Minallha heard the cases filed and dated in office for setting new date of initiating arguments.

M/S United Express had approached the court against Customs Appellate Tribunal, and M/S Pak Telecom Mobile Limited had filed petition against Appellate Tribunal Inland Revenue (ATIR).

ASo confiscates items worth rs 273m in 7 months of fY 2015-16

Appraisementeast arrest man for smuggling acetic anhydride KARACHI

MuBeen HuSSAin

LAHORE

M HAYAT

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he Model Customs Collectorate Preventive’s AntiSmuggling Organization (ASO) seized contraband items worth Rs 273.49 million during the period July-January of current fiscal year 2015-2016 against confiscating items worth Rs 235.578 million during corresponding period of last year 2014-15.

According to the details, the ASO registered an increase of Rs 37.92 million as compared to the corresponding period of the last year.

The ASO smuggled/non-duty paid vehicles including Toyota Camary Car, Honda Accord Car, Toyota Coaster Coach, Toyota Vitz Car and Toyota Land Cruiser along with auto parts, cloth and other miscellanies goods during the month of January, 2016 valuing at Rs 21.652 million. Meanwhile, The Model Customs Collectorate Preventive’s Anti-Smuggling Organization (ASO) seized contraband items worth Rs 273.49 million during the period July-January of current fiscal year 2015-2016 against confiscating items worth Rs 235.578 million during corresponding period of last year 2014-15.

According to the details, the ASO registered an increase of Rs 37.92 million as compared to the corre-

he Model Customs Collectorate Appraisement-East’s Research and Development (R&D) Section shifted a culprit Ali Qureshi involved in illegal clearance of prohibited acetic anhydride to an undisclosed place for interrogation.

Research and Development (R&D) Section arrested Ali Qureshi following the revelations made by three accused Tariq Sadiq, Afan Razzaq and Noshad Azam those were arrested earlier. According to the details, the R&D Section seized the consignment of lethal acetic anhydrate during a raid at the godown located in SITE area which was imported from the United Arab Emirates in the garb of 700 gallons of windshield washer fluid. Officials said that the R&D Section has investigated the case from different angles and aspects in order to arrest the entire team involved in the import of prohibited chemical. It is pertinent to mention that Customs authorities have already arrested the importer who imported the consignment. The officials further informed this scribe that several more arrest would be made in upcoming days, as the Federal Board of Revenue (FBR) is keen to probe the case and to unveil the culprits who are behind such heinous act.

sponding period of the last year.

The ASO smuggled/non-duty paid vehicles including Toyota Camary Car, Honda Accord Car, Toyota Coaster Coach, Toyota Vitz Car and Toyota Land Cruiser along with auto parts, cloth and other miscellanies goods during the month of January, 2016 valuing at Rs 21.652 million.Meanwhile, Customs Anti-

Smuggling Lahore seized Rs 20 million smuggled goods and articles from Manga Mandi, sources told Customs Today on Tuesday.

According to details the AntiNarcotics Force intercepted the trucks loaded with contraband goods. The ASO took the possession of the trucks from ANF and brought them Lahore.

The sources said that the trucks were dumped with imported cloths, electrical sewing machines, tyres and 268 cartons of cigarettes.

However, the sources said that owners were having GDs of all the goods except cigarettes. Sources said that cigarettes will be seized while all other items will be released.

unaudited financial matters of kpT annoy nA committee T

ISLAMABAD

M ArSHAD

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he National Assembly Standing Committee on Ports and Shipping, Monday, expressed serious concerns over not conducting external audit of Karachi Port Trust (KPT) for last Pive years.

As per Karachi Port Trust Act, 1886 and amended in 2002, KPT is required to conduct external audit every year. Therefore, the NA com-

mittee formed a sub-committee under the supervision of Chaudhary Tariq Bashir Gheema to look into the matter and Pix responsibility for transgression of law.

“The sub-committee will report back to main committee in one month time,” Committee Chairman Syed Ghulam Mustafa Shah told this scribe. The NA committee met in Karachi to scrutinse the budgetary proposals of the Ministry of Ports and Shipping relating to the Public Sector Development Program

(PSDP) for upcoming Piscal year as well as to discuss the land dispute related issues of the Karachi Port Trust (KPT). In this regard, Ghulam Mustafa Shah told that during discussion, a disclosure was made that Pinancial management and Piscal arrangements of KPT had not been audited for last Pive years.

“Therefore, committee expressed its annoyance over this state of affairs of the KPT and formed a subcommittee to look into the matter with clear directions to Pix respon-

sibility on KPT ofPicers who avoided or blocked external audit of KPT,” he said. He further said that the subcommittee would prepare its report in one month’s time and report back to main committee and on the basis of report the main committee would forward recommendations to the National Assembly. To a question about the committee’s decision about the budgetary proposals of the Ministry of Ports and Shipping and attached departments, Shah said that committee approved the

budgetary proposals moved by the ministry. Documents available with this scribe reveal that Port Qasim Authority (PQA) prepared budgetary estimates of over Rs 246 billion for the Piscal year 2016-17. These estimates have been given for two ongoing and one proposed projects.

PSDP proposals have been presented to parent ministry of Ports and Shipping and ministry will move these proposals to the parliamentary committees for reviewing and approval.

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Karachi Excise seals properties of tax evaders KARACHI: The property tax section of the Excise and Taxation Department has sealed private factories and godowns located at side areas of the city for evading tax. The authorities have set March 5 as the deadline for paying tax. Talking to Customs Today, Property Tax Section Incharge Shabir Soomro said that the department has sealed two rice godowns and a knitwear factory after issuing multiple notices to their owners for two years. He said that more than eight notices were issued to the owners of godowns and factory, but they avoided to pay tax. It is necessary to note that during property tax survey, the owners of the godowns and companies have assured to pay past tax liabilities within fifteen days.

excise seizes, releases Land cruiser owned by kpk chief minister

Thursday February 25, 2016

National

Dg imtiaz Ahmad to coordinate with fc, police, to curb smuggling in kp

LAHORE

M iMrAn MeHAr

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he motor branch of the Excise and Taxation Department on Tuesday nabbed a vehicle which was owned by Chief Minister of Khyber Pukhtunkhawa. Sources told Customs Today that the motor branch officials intercepted a vehicle with fake number plate at a checkpoint in Defense Housing Authority Phase-V. The person driving the car introduced himself as driver of KPK chief minister while Pervez Khattak’s son was also sitting beside him in the car, according to the officials. Sources also told that the vehicle was released later due to intervention of a top KPK bureaucrat who told them that the vehicle was owned by CM Khattak.

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Sialkot customs starting 15-day awarness programme SIALKOT

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odel Customs Collectorate Additional Collector Waheed Anwar said that the Customs Department has made a plan to start a programme for creating awareness of customs laws, rules and regulations among people. He said this programme will be introduced only for exporters, importers and custom clearing agents, adding that a 15-day programme has been planned. He further said that programme will be offered free of cost and single penny will not be charged from the participants. This programme will definitely benefit the business community and bring ease for them while handling the issues related to the import and export, he said. The additional collector said that all exporters,importers and customs agents should participate in the programme.

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PESHAWAR

nADir kHAn

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n order to step-up coordinated effort against smuggling, Director General Intelligence and Investigation will soon hold meetings with the Inspector General (FC) and Inspector General (Police), Khyber Pakhtonkhawa for seeking assistance in anti-smuggling operations.

Sources informed Customs Today that it has been decided in a meeting held at Directorate General of Intelligence and Investigation –FBR chaired by Director-General Intelligence and Investigation Imtiaz Ahmed to formulate strategy for effective and coordinated anti-smuggling operations.

Reliable sources said that Director General Imtiaz Ahmed and Chief Collector would also remain in contact with IG Islamabad, IG Punjab and IG Motorways to seek their operational support.

The meeting nominated Collector Peshawar as the ‘focal person’ for conducting all anti-smuggling activities in Peshawar region. Moreover, Director Intelligence and Investigation Peshawar will share information with the concerned formations regarding vehicles being used in the smuggling of goods within two days.

Regional Directorates Intelligence and Investigation (Preventive) would also follow a similar joint anti-smuggling strategy to curb smuggling ac-

tivities in their respective jurisdictions and share contact numbers of focal persons and other staff for joint operations and sharing of information. They will identify points in their jurisdictions as done by Customs Peshawar. Regional focal persons at the level of additional directors/additional collectors will be notiPied in coordination with the concerned collector/director. In case any smuggling target is missed at any check point, information will be relayed to all con-

collector peshawar as the ‘focal person’ for conducting all antismuggling activities in peshawar region. Moreover, Director intelligence and investigation peshawar will share information with the concerned formations regarding vehicles being used in the smuggling of goods within two days

ishrat, Tariq Huda inaugurate phase-ii of Dinshaw road KARACHI

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S r kHAn

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indh Governor Dr Ishrat-ulEbad Khan along with the Customs Preventive Collector Syed Muhammad Tariq Huda yesterday inaugurated the phase-II of Eduljee Dinshaw Road Project at Old Custom House.

According to details, the ‘Charya Chowk’ located near Lyari area

would be converted into ‘Pursukoon Chowk’ under the said project and a proper road along with gates would be constructed from Benazir Sport Complex to ‘Pursukoon Chowk’.

Speaking to media, Sindh Governor Dr Ishrat-ul-Ebad Khan said that the peace was being restored in Karachi by the efforts of Rangers, Police and other law enforcing agencies, adding that the development pace in Karachi would now be expedited. The Sindh Governor further said that the Eduljee Dinshaw Road

has its historical importance and it is good to see its revival glory.

Speaking at the occasion, Collector Tariq Huda said that the second phase of Eduljee Dinshaw Road would be completed in six months.

Replying to a query, the collector said that the estimated cost of completion of the project was around Rs 80 million. It is pertinent to mention here that the Pirst phase of Eduljee Dishaw Road was completed in the month of December-2015 with the cost of Rs 60 million.

cerned focal persons of the areas of jurisdiction. The meeting decided that smuggled goods would to be apprehended without any compromise.

It is pertinent to mention here that the meeting decided that all collectorates and regional directorates to hold meetings with local transporters associations and send them a clear message that no offending vehicle belonging to these transport companies would be spared if found involved in smuggling activities.

Multan customs impound mini bus worth rs 3m he Customs Anti-Smuggling Organization (ASO) impounded a non-duty paid mini bus worth Rs 3 million during an action in the Multan city. Customs had issued a list of vehicles, which are being used on the forged import documents.

The ASO teams were striving to trace the vehicles and getting success in an action it has impounded a mini bus from a workshop.

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SBP asks banks to check misuse of forex KARACHI: The State Bank of Pakistan (SBP) has reiterated its doubt over the possible use of the banking sector for money laundering, terrorist financing and illegal transfer of funds. “It is reiterated that authorised dealers must ensure strict observance of all applicable instructions, including regulations or guidelines issued by the SBP while opening and maintaining foreign currency accounts,” the State Bank said in a circular issued on Tuesday. In pursuance of the Anti-Money Laundering Act, 2010, reporting entities including authorised dealers are under obligation to conduct Customer Due Diligence (CDD) and maintain record of transactions.

Thursday, February 25, 2016

Business

pSX gains 222 points, up 0.73% to end in green zone KARACHI

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he Karachi Stock Exchange benchmark 100-index gained 222.10 points or 0.73 percent to reach 30786.60 points and volume of 85,224,570 shares on Wednesday.

On Tuesday, benchmark 100-index lost 113.18 points to reach 30564.50 points and volume of 172,840,640 shares. High and low were 30898.30 and 30474.37 respectively. Total volume traded in the market was

fBr urged to consult business community

85,224,570 shares. On Monday, PSX resumed its downward trend as the index fell well below the barrier of 31,000. The bourse was down contrary to trend in regional markets where the Chinese Market closed up 2.20%. Global prices of crude oil were also on the raise with Brent Crude inched up above $34. Earlier Haroon Askari, Deputy Managing Director, Pakistan Stock Exchange (PSX) said that stock exchange was a great platform to raise capital for business expansion and growth. “Raising capital from the capital market was more benePicial for the private sector as it also increased the value of equity capital of well-performing companies,”

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akistan Industrial and Traders Associations Front (PIAF) demanded of the Federal Board of Revenue (FBR) to revamp and modernize its tax dispute resolution mechanism in consultation with business community.

Talking to media persons, the PIAF Chairman Irfan Iqbal Sheikh welcomed the FBR’s initiative of seeking proposals from business community.

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ederal Petroleum Minister Shahid Khaqan Abbasi yesterday said work on Iran-Pakistan pipeline would start by the end of the year and that he was going to visit Tehran next month. “It will take some time as we have yet to Pind a Pinancier and contractor for the project,” Petroleum and Natural Resources Minister Shahid Khaqan Abbasi said, addressing a press conference. Replying to a

LAHORE

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unjab Chief Minister Shahbaz Sharif has said that Exim Bank of China has announced the releasing the loan for Orange Line.

However, he said that it was jurisdiction of the court to hear the petitioner challenging the project, according to a handout. In a TV interview, Shahbaz said that announcement of loan by the Chinese bank was an expression of confidence in the transparency of Nawaz Sharif government. He said the critics of project want to hinder development.

He said that the opponents, in fact, are making joke with the need of common persones. He said that those travelling by airplanes and luxury vehicles were unaware of public needs. He said the PTI, PPP and Q-League are opposing the poor people. The CM said that at the end of 2017, more than two and a half lakh people will travel daily on completion of orange line metro train. He said that one and a half lakh people travel daily by metro bus. He said that the number of passengers will further increase due to shifting of passengers of metro bus to metro train near MAO Collage. Shahbaz said that the announcement of release of loan by Exim Bank is a clear proof to deep love of China.

P he said in a presentation to the business community during a seminar on

the formation of PSX and its benePits, especially for small investors.

work on ip gas pipeline to start by year-end: khaqan Abbasi

LAHORE

chinese bank releases loan for metro train: cM

query regarding the gas pipeline project, the minister said, “Earlier, I was planning to go to Iran in February, but it was not materialised due to the LNG deal. Replying to another query about including India in the proposed IranPakistan pipeline, the minister said, “Now it is Pakistan-speciPic. ” However, the minister said if India wanted to join it, another pipeline project would have to be started for the purpose. He said gas theft in KP was causing a loss of Rs 8 billion to the country and the provincial government was not doing anything to stop it despite several requests. In reply to a query

about the gas losses in the other provinces, the minister said there were the losses in all the provinces, but in the villages of Karak, there was massive and open gas theft. The provincial government was doing nothing to stop the gas theft, he said, adding even the KP chief minister had shown his inability to control it. Shahid Khaqan Abbasi categorically rejected Pakistan Tehreek-e-Insaf chief Imran Khan’s claim that non-issuance of noobjection certiPicate (NOC) to Hycarbex American Energy Inc to undertake oil and gas exploration in KP was causing a loss of billions of rupees.

petroleum import drops by 37.91 % in seven months ISLAMABAD

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he slump in petroleum prices in international oil market has helped the country to considerably reduce its oil import bill besides saving the precious foreign exchange. Petroleum group imports in the country during Pirst seven months of current Pinancial year witnessed a sharp decline of 37.91 per-

cent as compared to the imports of corresponding period of last Pinancial year. During the period from JulyJanuary, 2015-16, petroleum group import in the country was recorded at US$ 4.663 billion as compared to US$ 7.509 billion of same period of last year, said data released by Pakistan Bureau of Statistics. Meanwhile, the petroleum products worth US$ 3.081 billion were imported during last seven months of current Pinancial year as compared to the imports

of US$ 4.685 billion of corresponding period of last Pinancial year, the data reveled. In last seven months, about 3,365,987 metric tons of petroleum products imported in the country to fulPill the domestic requirements of the commodity as compared to the import of 3,736,697 metric tons imported in same period of last year, it added. The data reveled that petroleum crude import in the country also recorded negative growth of 44.01 percent in its import during

the period under review as crude petroleum import came down from 3,736,697 metric tons during JulyJanuary, 2014-15 to 3,765,987 in July-January, 2015-16. On month-onmonth basis, the petroleum group import in the country also registered negative growth as it was decreased by 14.31 percent in month of January, 2016 as compared to same month of last Pinancial year. During January, 2016 petroleum group import was recorded at US$ 482.474 million as

compared to imports of US$ 582.718 million of January, 2015, the data added. Meanwhile, during last month (January), 1,229,052 metric tons of petroleum products worth US$ 337.007 million imported as compared to 598,626 metric tons valuing US$ 380.410 million imported during last Pinancial year. During month of January, 2016, petroleum crude import witnessed sharp decrease of 42.25 percent as compared to same month of last Pinancial year.

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ember Customs Nasir Masroor Ahmad, Tuesday, said that arrangements made for the export of the perishable goods in Pakistani currency to Afghanistan on Pilling of regular shipping bills without requirement of E-Form.

Perishable products include fruits, vegetables, dairy products, meat and others and required measures have been taken at Chaman and Torkham Customs points� he said while talking to reporters here after meeting of the Senate Finance Committee.

He said that Senate Committee had recommended permission to Pakistani exporters and importers from Afghanistan on Pakistani currency on the pattern the permission had been granted to traders from Khyber Pukhtunkhwa.

He said that Ministry of Commerce (MoC) issued an SRO which stated that MoC amended the Export Policy Order 2013 and allowed ex-

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Thursday, February 25, 2016

ports of perishable goods against Pak Rupee.

The notiPication further said that such goods would not be entitled to: zero rating of sales tax on taxable goods; rebate of central excise duty; and payment of drawback of customs duty.

He said that FBR was making efforts to establish electronic data sharing connectivity with Afghanistan at both Torkham and Chaman border points to ensure transit of Afghan goods into Afghanistan and to check their smuggling or dumping in Pakistan. However, he said that it would take some time, but it was the ultimate solution to the smuggling and consumption of Afghan transit goods in Pakistan.

To a question he said that Customs department was quite vigilant of the issue and was making all out efforts to check smuggling from both Afghanistan and Iran into the country because it was damaging the local industry as well as inPlicting loss of billions of rupees to the national exchequer in terms of revenue as well as unemployment for local labour force.

Commenting about obligations of his department, he said that all policy matters, rules, reg-

ulations, interpretation of relevant laws and perform all allied functions, relating to customs, including exemptions, duty drawbacks, rebates, changes, modifications customs tariff and judicial and legal issues fell in the jurisdiction of Customs Department.

e mitte m o c e at n at Sen missio r h t e p d i d de He sa mmen orters and o c e r had ni exp nistan on a t s i k to pa Afgha the m o r f ters cy on impor ani curren ion had t iss pakis perm e from h t rn aders r t o patte t ed a grant khtunkhw been r pu khybe

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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

Trade within D-8 countries

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ccording to newspaper reports, a group of eight developing nations, which include Indonesia, Iran, Malaysia, Nigeria, Pakistan, Turkey, Bangladesh and Egypt, is ready to implement preferential trade agreement from July 1 this year to give impetus to intratrade activities. The group, formed in 1997, is officially named as D-8 and the proposed treaty will not only increase intra-trade within the member states up to 20 percent, but will also open the vistas of investment.

The trade volume of the groupis likely to reach $500 billion by the end of 2018. The D8 member countries are also ready to enhance collaboration and cooperation in various fields and will maintain active liaison within the customs departments to encourage legal trade. The customs officials of the member states are likely to meet within three months to develop a standard operating system and devise rules for the implementation of the free trade agreement.

So far, the member states are focusing on the ratification of the agreement and for the resolution of rules of origin issue.

A meeting of the supervisory committee has been tasked to complete its working on a document for the settlement of disputes and to encourage the member states to ratify the preferential trade agreement and give incentives to the private sector to develop business-to-business contacts. The promotion of trade within the group will be beneficial for all the member states as they will not only have to reduce their reliance on the Western markets but will also have to curtail their trade volume with newly emerged industrial giant China. Under the agreement, the member countries will provide concessions on tariff lines and Islamabad has sent its concessionary list to the D-8 secretariat.

Experts believe that the preferential trade agreement will eventually pave the way for signing of a free trade agreement among D-8 countries. The current trade volume within the D-8 countries is very small and needs to be enhanced. The total exports of Pakistan to D-8 member states remained $1.602 billion against imports of $3.67 billion in 2014-15.

Pakistan’s trade volume with its neighbouring country Iran is $30 million, Turkey $309.2 million, Bangladesh $697.6 million, Indonesia $143.2 million, Malaysia $205.1 million, Egypt $150.9 million and Nigeria $66.7 million.

pM’s initiatives to increase exports A

LAHORE

Dr AfTAB AfZAL

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ccording to newspaper reports, Prime Minister Nawaz Sharif has declared zero-rated tax regime for the export sector from July 1 to help overcome liquidity crunch and bring transparency to the payment procedure of refund claims.

The Federal Board of Revenue currently charges tax on raw material whether it is imported or local made. However, once it is established that the product made of the raw material has been exported, the tax amount is refunded. A delegation of businessmen met the prime minister and demanded zero-rating regime as

the board had introduced the similar policy Pive years ago for textile, sports, leather,carpet and surgical sectors. The board later withdrew the concession on the ground that some manufacturers were involved in selling products in the domestic market. Exporters regret that Rs 200 million are still lying with the department and a procedure should have to be evolved for disbursement of the claims. The total impact of zerorating will be up to Rs 10 billion.

Unfortunately, the export sector of the country has been showing bleak performance for the last six months and exports fell in double digits during period. Reportedly some exportersin textile sector are opting for selling their products in the local market

which not only affected the volume of exports, but also the government revenues in terms of concessions availed on the raw material. However, the issue of refund claims needs to be resolved through mutual understanding of the government and the business community. Experts believe that the clearance of Rs200 billion will also help reduce the share of taxes to provinces under the divisible pool. Meanwhile, Commerce Minister Khurram Dastgir has claimed that the country’s exportshave crossed $25billionmark for the Pirst time in the economic history of Pakistan.

According to him, the decline in exports during 2014-15was due to decline in the global prices ofcotton, leather products and bas-

mati rice.

He says that the government has banned the export of livestock and has earned $210.5 million through export of meat. The government should note that the nation has the right to purchase edibles of their choice in the country.

One fails to understand why the best quality fruit, vegetable, rice and other commodities are allowed to be sold at cheap prices in distant lands whereas these commodities can be sold at best prices at home. Instead of focusing on the export of food items, the government should encourage the export of consumer items and Pinished products. There is also need to promote regional trade rather than banking its exports on the distant countries.

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Terex revenues fall 10.5% in 2015 WASHINGTON: US-based equipment manufacturer Terex has recorded revenues of US$ 6.543.1 billion – a decrease of -10.5% from the $ 7.308.9 recorded in 2014. The company’s reported income was $ 355.3 million for 2015, compared to the $ 423.1 million in 2014. Earnings before interest, taxes, depreciation and amortization (EBITDA) also dropped to $ 478.1 million 2015, from $ 629.5 million in 2014.

The company said that it is cautious of the China market “slowing”, among other things, but is confident that restructuring actions and new product development will help control any potential danger.

John Garrison, president and CEO, said, “Global economic volatility has made our customers more cautious overall, resulting in fourth quarter order activity that was below expectations in most business segments and product categories.

Businessmen hail pTA among D-8 countries tif Ikram Sheikh President, Sheikh Pervez Ahmed Senior Vice President and Sheikh Abdul Waheed Vice President, Islamabad Chamber of Commerce and Industry have welcomed the much-awaited agreement among D8 countries for implementing the Preferential Trade Agreement (PTA) from July 1, 2016. They termed it a highly positive development as it would improve Pakistan’s trade prospects, give boost to trade among these countries and uplift living standards of their people.

They said that D-8 countries have huge potential to enhance cooperation in

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many areas and promote intra-trade as they have a combined population of about 1 billion people with a combined national income of about US$ 3.7 trillion. However, they said these countries were conducting only 7% of their total international trade among themselves which was not encouraging. They said the volume of current trade among D-8 countries was around US$ 120 billion and hoped that implementation of PTA would pave way for taking this figure upto US$ 500 billion by the end of 2018 as pledged by these countries. They stressed that to achieve this target, it was necessary that D-8 countries should focus on facilitating their private sectors in developing stronger cooperation and forging closer business linkages as it will help businessmen in exploring untapped areas of collaborations. They underscored the need of eliminating all barriers to trade and investment among D-8 countries in order to accelerate trade, investment and joint ventures activities.—CB Report

Thursday February 25, 2016

Chambers

efforts underway to bring down street crimes: Mushtaq Maher A

KARACHI

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dditional Inspector General of Karachi Police Mushtaq Ahmed Maher has said that controlling street crimes was a serious challenge but efforts were underway and strategies have been devised which would result in bringing down the street crimes in the next couple of months.

Exchanging views during his visit to Karachi Chamber of Commerce and Industry (KCCI), Additional IG added that police department in association with NGOs has carried out a detailed research in which it has been identiPied that majority of the incidents pertaining to street crimes happen during trafPic jams at peak hours from 5:00PM to 10:30PM. To minimize street crimes during trafPic jams, the police ofPicers will try their level best to ensure smooth Plow of trafPic during peak hours which would help in drastically improving the situation, he added. Businessmen Group Chairman and former president KCCI Siraj Kassam Teli, KCCI President Younus Muhammad Bashir, Senior

Vice President Zia Ahmed Khan, Vice President Muhammad Naeem Sharif, former president Iftikhar Ahmed Vohra and KCCI Managing Committee members were present at the meeting.

Additional IG said that it was the responsibility of police to control street crimes which will be done by the department at any cost and if needed, they will seek assistance from Rangers and NGOs with a view to provide relief to Karachiites.

Commenting on the progress of Karachi Operation and referring to the concerns expressed by Siraj Kassam Teli over recurrence of crimes

on completion of Karachi operation after two or three years, Mushtaq Maher said that the Karachi Operation has resulted in improving the security situation of the city by effectively dealing with major crimes and they have Pinalized blueprints for three years and Pive years which focus on equipping the police department to such an extent that they become capable enough to maintain peace across the city without any assistance. “A realization about the signiPicance of Karachi city and its role in economic prosperity of the entire country has developed amongst various state institutions and the gen-

Traders asked to explore russian market

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ISLAMABAD

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ussia was a huge market for Pakistani products as it was among top 10 economies of the world with annual imports of over US$ 175 billion, but Pakistan’s share of trade with Russia was 0.06 percent of its total trade which was quite negligible and Pakistani businessmen should step up efforts to explore Russian market for promoting trade and exports, observed Qazi M. Khalilulllah, Pakistan’s Ambassador-designate to Russian Federation while exchanging views with business community at Islamabad Chamber of Commerce and Industry.

He said Russia was a major importer of food products which accounted for 13 percent of its total imports and Pakistan has good opportunity to promote export of its

food products to Russia by improving their quality and ensuring compliance of sanitary and phytosanitary standards. He said Russia held annual International Food Exhibition “WorldFood Moscow: and this year’s exhibition would be held in September 2016. It was a good opportunity for Pakistani food exporters to participate in this Expo and explore export potential for Pakistani fruits and vegetables, Pish and seafood, meat and poultry and other products.

He said Pakistani textiles, pharmaceuticals, surgical instruments, cosmetics, leather goods, plastic and many other products could Pind good market in Russia. He suggested that Pakistani businessmen should consider setting up a certiPication agency to improve the quality and standards of their products at par with international requirements which would help them in boosting exports. He

said ICCI should take a delegation to Russia and assured that he would extend all possible facilitation services to connect them with right counterparts in Russia. In his welcome address, Atif Ikram Sheikh, President, Islamabad Chamber of Commerce and Industry said that Pakistan-Russia bilateral trade of around US$ 350400 million did not rePlect the real potential of both countries and more efforts were needed to improve it.

He said Russia was still an explored market for our businessmen and Pakistan Embassy in Russia should help in identifying potential markets for Pakistani products. He said government should cooperate in establishing warehouses in Russia to display Pakistani products which would help in promoting exports with Russia. He said Russian technology and machinery could help in modernizing Pakistan’s industry and Embassy should facilitate in such efforts.

eral consensus is that there is no going back from Karachi Operation which if stops would result in a disastrous situation”, he added. He informed that the police department was currently looking at the possibility of making biometric veriPication mandatory for purchase of cellular phones as biometric veriPication proved very successful in registration of SIMs. If biometric veriPication is made mandatory for registration of newly purchased phones as well, it would dePinitely help in dealing with sale of snatched phones and bring down crimes pertaining to phone snatching.

Lcci urges govt to establish ‘punjab Steel Mills’ xecutive Committee Member of the Lahore Chamber of Commerce and Industry Raja Adeel Ashfaq has urged the Punjab government to establish “Punjab Steel Mills” at provincial level and use Rajwana iron reserves as raw material.

In a statement issued here, Raja Adeel Ashfaq lamented on closer of Pakistan Steel Mills and termed it a national loss.

He said that at present precious foreign exchange is being spent on annual import of 1.5 to 2 million tons hot rolled, cold rold and galvanized steel. Raja Adeel Ashfaq said that establishment of “Punjab Steel Mills” with the help of Rajwana iron reserves would give oxygen to the national economy.—CB Report

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Nigeria president in Saudi Arabia for oil meeting Thursday February 25, 2016

World

RIYADH: The leader of Africa’s number one oil producer was in Saudi Arabia Tuesday, with analysts forecasting his country’s eventual support for an output freeze to stabilise prices.

Nigerian President Muhammadu Buhari is to meet King Salman before travelling on to Qatar. The official Saudi Press Agency reported late Monday that Buhari had landed in Riyadh, where the governor, Prince Faisal bin Abdulaziz, welcomed him.

It gave no details of the expected discussions. Buhari arrived the week after Saudi Arabia and Russia agreed in Doha to stick to January production levels if others followed. The potential output freeze aims to stabilise a market in which prices have fallen to their lowest levels in nearly 13 years.

40kg drugs seized in S china drug factory bust BEIJING

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olice in south China’s Guangxi Zhuang Autonomous Region have uncovered a drug production and distribution ring, with six suspects detained and 40 kilograms of drugs seized. Five suspects, including two with the surname He, have been charged and another, identiPied as Chen, has been detained for consuming controlled substances, according to a drug enforcement ofPicer with Lingshan County Public Security Bureau on Sunday. Ecstasy, ketamine, methamphetamine and nimetazepam were seized by police at the production site in Fujiulang Village of Lingshan County on Feb. 16, the ofPicer said. The ring was well organized with each gang member assigned a particular role. The investigation continues.

Turkish investors inject $400m into rwanda nvestments by Turkey in Rwanda total $400 million and over 20 investment projects are already operational, just in the past three years.

Rwanda received $3.1 billion in local and foreign investment inflows over the period, with Turkey contributing 13 per cent of that amount.

The biggest investment project from Turkey is a $335 million peat energy project by Hakan Mining, which is expected to produce up to 100MW. Other investments are in schools, hotels, agricultural processing and construction.

“Over the past few years, we have seen a surge in Turkish investments in the country. We are committed to boosting trade relations between our two countries,” said Innocent Bajiji, the division manager monitoring investment promotions and implementation at the Rwanda Development Board.—CB Report

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Meanwhile, Beijing police have busted a tax fraud case involving more than three billion yuan ($460 million) and 1,500 Pirms across 29 provinces and cities.

A police ofPicer from Haidian district said that 20 suspects in the gang were caught during a joint operation by tax and police departments in November last year.

Last October, Haidian police received a report from the state tax department that a trade company was suspected of purchasing and selling VAT invoices worth around 200 million yuan each month. Tax ofPicials then discovered many similar Pirms in Beijing.

Police found the gang established shelf companies with no business activities, cheated the invoices from tax bureau, and made proPits by selling them to Pirms which wanted to inPlate their VAT invoices to get increased tax rebates.

The case has caused losses of more than 500 million yuan in tax revenues.

customs seizes $4.65M in fake $100 bills at airport

TEXAS

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Vietnamese couple’s inability to keep its story straight resulted in U.S. Customs and

19,000 cigarettes seized at Dublin Airport

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he smuggled Marlboro brand cigarettes were uncovered when detector dog, Lottie, was drawn to the suitcase of a Moldovan man. He had arrived on a Plight from Chisnau via Istanbul.

The contraband cigarettes have a retail value of €9,500 euro, representing a loss to the Exchequer of around €7,000. A man appeared in court earlier charged in connection with the find. He was remanded in custody to appear in court again on Tuesday.

Meanwhile, Heroin and cocaine with an estimated street value of half a million euro has been seized during a raid on a house in west Dublin. A 24-year-old man was arrested at the scene in Clondalkin and is being questioned about drug trafPicking. Investigating gardai said they recovered 3kg of heroin and 1kg of cocaine during the planned search on Tuesday evening. The raid was part of an operation targeting west Dublin drug trafPicking gangs, they said.—CB Report

Border Protection agents seizing $4.65 million in funny money from the travelers at Detroit Metro Airport on Friday, the agency said in a release Wednesday. “The couple attempted to import the counterfeit U.S. $100 bills and Vietnamese Dong into the United States to be offered as burnt-offerings to the deceased,

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as often practiced in certain Asian cultures,” the release explained.

Customs encountered the couple on Friday when they arrived at Metro Airport from South Korea. When the couple made conPlicting statements about how much money they were carrying in excess of $10,000, their luggage was examined. “A secondary search of their luggage resulted in the discovery of 93 bundles of counterfeit U.S. $100 bills and 32 bundles of counterfeit Vietnamese Dong,” the statement said. It was not immediately known how much money the counterfeit Dong came out to, said Customs spokesman Ken Hammond. The U.S. Secret Service, which is sworn to Pight the counterfeiting of American currency in addition to the job it is best known for, protecting the president of the United States has custody of the funny money. “Hell money,” as it is called, is meant to resemble legal tender, and is common in the Vietnamese culture, Hammond said.

Swiss re-posts $4.6b profit in 2015

wiss Re said on Tuesday group Chief Executive Michel Lies would retire and be replaced by the head of its reinsurance business on July 1, as it posted a 31 percent rise in 2015 net income. In full-year results, Zurich-based Swiss Re said net proPit for 2015 was $4.6 billion, compared with the average estimate of $4.57 billion in a Reuters poll of 11 analysts. Swiss Re posted a $938 proPit for the fourth quarter. Meanwhile, Swatch posted a 21-percentdrop in its annual net proPit here the other day, as the world’s biggest watch group was slammed by a strong Swiss franc and a struggling

timepiece sector. Last year, the Swiss watchmaker saw its net proPit plummet to 1.1 billion francs ($1.08 billion), dropping by more than a Pifth from 2014, when it reported its weakest annual result in Pive years.

The company meanwhile said its operating proPit slipped three percent to 8.4 billion francs last year, blaming especially “the ongoing unfavourable currency situation versus the still massively overvalued Swiss franc.”

The value of the Swiss franc ballooned after the Swiss central bank in January 2015 suddenly stopped artiPicially trying to hold down its value against the euro.—CB Report

Demerit system to check errant customs agents

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PUTRAJAYA

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new system for keeping tabs on Customs agents will see them earning demerit points every time they commit an offence like tax evasion to the wrong use of codes among others.

The Customs Department is in-

troducing the demerit system to ensure better compliance among agents. Its director-general Datuk Seri Khazali Ahmad said Customs agents who accumulated 20 demerit points could have their licences revoked if they failed to provide satisfactory reasons for their offences.

The system will come into effect on April 1. “This system will allow us to evaluate the performance of

our agents in a fairer and more systematic way. “It will also help us to identify agents who have a habit of committing offences. The system will guide them to improve and if they do not, we will suspend or revoke their licences,” he said.

Khazali said agents who reached 20 demerit points would be issued a show-cause letter. “Should they fail to give a satisfactory explanation,

they could get their licence suspended or even revoked,” said Khazali at a new policy compliance seminar for Customs agents here.

Among the common offences committed by Customs agents are under-valuation of goods and wrong use of codes. He said that out of the existing 2,600 Customs agents, about 70 had been punished in the past for those offences.

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Nepal inflation hits 7-year high of 12.1% KATHMANDU: As a result of Tarai strikes and disruption of trade routes, inflation rate reached nearly seven year high of 12.1 percent in mid-January, Nepal Rastra Bank (NRB) said on Sunday. This is the first time the rate has crossed 12 percent since midJune 2009. Nara Bahadur Thapa, chief of NRB’s research department, said the supply disruption created a gap between demand and supply, resulting in price hikes. The four-and-half-month blockade not only disrupted imports, but also the delivery of goods within the country due to fuel shortages.Most of the food items witnessed double-digit price rise in mid-January, with the prices of pulses and cooking oil skyrocketing buy 46.9 percent and 31.3 percent, respectively.

nickel shipments stop by new Madagascar levy he Madagascan arm of Sherritt International said on Thursday containers carrying nickel had been prevented from leaving the island’s Toamasina Port due to new regulations, and unless the situation changed the mine could only stay open for a week.

The $7 billion Ambatovy mining project, 40 percent owned and operated by Sherritt, has been hit by record low nickel prices and management has been forced to lay off more than 1,000 of its workforce over the past year.

Ambatovy said in a statement it was seeking a meeting with Madagascan President Hery Rajaonarimampianina to discuss new Advance Cargo Declaration (ACD) regulations, which levy a $100 fee on every shipping container, as it believes it should not be applied to Ambatovy. Ambatovy said that due to enforcement of the ACD regulation introduced by the transport ministry, it was also unable to ship spare parts and raw materials, limiting its cash

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flow. “The blocking of containers at the port means that Ambatovy has no income and cash flows, already very low and affected by the nickel price, the lowest in history, is increasingly critical,” Ambatovy said in a statement.

“Ambatovy can only survive for a week in the current circumstances.” Ambatovy, Madagascar’s biggest foreign direct investment and one of the world’s largest nickel and cobalt plants, added the implementation of ACD represented “additional and unexpected costs of several million dollars over the duration of the project.” If the government does not instruct shipping companies to accept Ambatovy cargo without implementing ADC, Ambatovy said it “would be forced to take drastic measures before the end of next week.”—CB Report

Ports & Shipping

Mechanisation perks increase non-major ports

WASHINGTON

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ith increased focus on mechanisation and efPiciency, private-owned non-major ports in the country are eating into the market share of government-owned major ports. In the last three years, the share of major ports in total cargo has declined continuously, while that of non-major ports has been increasing. As a result, capacity utilisation of nonmajor ports was better than their

counterparts.

Experts said frustrated with growing delays at some of the major ports, shippers and ocean carriers were looking for alternative port options. Data show non-major ports increased their share in country’s total seaborne trade to 44.75 per cent in 2014-15, from 42.90 per cent in the previous year.

Also, cargo volumes reached 470.87 million tonne (mt), up from 417.22 mt in 2013-14. That translates into a 12.85 per cent growth in 2014-15 over the previous financial year.

On the other hand, the overall market share of major public ports

declined from 57.10 per cent in 2013-14 to 55.25 per cent in 201415. Cargo volumes stood at 581.34 mt in 2014-15 compared with 555.49 mt in the previous year, a growth of 4.7 per cent. India has 12 publicly-owned major ports.

Speaking to Business Standard, K Ravichandran, senior vice-president and co-head, corporate ratings, Icra, said, “Non-major ports have been more successful in attracting cargo as they are perceived to be more business-oriented, customerfriendly and more efPicient. This has been largely due to lower levels of regulatory and Pinancial controls compared with major ports.”

Thursday February 25, 2016

indiana ports set shipping record in 2015 he Ports of Indiana handled more than 12.2 million tons of cargo in 2015, surpassing 2014’s record volume by nearly 18 percent. This was the first time annual shipments exceeded 12 million tons in the port authority’s 54-year history, and the total was more than 1.8 million tons more than the previous year’s record.

Shipments of coal, steel, bulk commodities and ethanol-related products helped drive significant increases in annual cargo volumes at the three Ohio River and Lake Michigan ports.

Coal volumes increased 69 percent, while ethanol shipments more than doubled, and dried distillers grains increased 64 percent from 2014.

There also were significant increases in shipments of steel, up 18 percent; cement, up 17 percent; soy products, up 4 percent; and limestone, up 12 percent.

“Our port companies and stevedores who attract cargo to our ports did a tremendous job in 2015,” said Ports of Indiana CEO Rich Cooper. “They’ve become masterful in leveraging Indiana’s ports’ year-round maritime access to world markets, as well as connections to multiple Class I railroads and major highways and interstates. Their business performance in this uncertain economy is highly commendable, particularly in the coal and steel sectors.”

On the Ohio River, the Port of IndianaMount Vernon set a new annual shipping record in 2015.—CB Report

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ZTe secures over 30% of global 4g shipments in 2015

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WASHINGTON

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TE, a major international provider of telecommunications, enterprise and consumer technology solutions for the mobile internet, today announced that in 2015, ZTE’s wireless sector witnessed a year-on-year sales growth of more than 30%, with remarkable achievements in market pattern, market size, and market share.

In 2015, ZTE continued to grow

steadily in the global 4G market, and saw breakthroughs in major countries and high-end operators. Compared with the mass shipments in 2014, ZTE shipped 25% more 4G products and accounted for over 30% of the global market in 2015, becoming the equipment provider with the fastest 4G business growth for three years in a row.

Furthermore, ZTE disrupted the global wireless market pattern in 2015 by penetrating 40 new markets, acquiring more market share in Western Europe, Asia-PaciPic,

Latin America, and South Asia, and strengthening its partnerships with tier1 operators. At the end of 2015, ZTE’s wireless sector had signed more than 240 LTE/EPC (long-term evolution / evolved packet core) commercial contracts worldwide and entered 80% of the countries that have invested in 4G networks.

With innovative technical solutions and unique differentiation strategies, ZTE’s 4G products have stood out among competitors as one of the best LTE commercial networks which has achieved excellent results

in many third-party evaluation tests.

Examples include the Hutchison Drei Austria network, which was named the best network in Austria in a third-party evaluation test; the U Mobile (Malaysia) network, which was recognized as the fastest network in Malaysia. To adapt to core network (CN) virtualization, ZTE has teamed up with many tier1 operators and partners globally for NFV (network function virtualisation) point of care (PoC) tests that demonstrated the outstanding performance of ZTE’s NFV solutions.

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Sialkot FIA arrest five human traffickers SIALKOT: The Federal Investigation Agency (FIA) has nabbed five human traffickers-cum-proclaimed offenders during a raid.

Reportedly, FIA Deputy Director Khalid Anees conducted raids in Sialkot, Gujrat and Hafizabad along with his team and nabbed five human traffickers named Kashif, Zamir Bajwa, Nawaz, Iltaf Hussian, Tajammal Fiaz and Mansab.

These human traffickers were involved in illegal human trafficking from long time.

Thursday, February 25, 2016

CUSTOMS BULLETIN

faisalabad customs intelligence impounds trailer, indian polyester worth rs 9.5m FAISALABAD nAeeM SHeikH

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he Customs Intelligence and Investigation has conPiscated 14,080 kilogram of Indian polyester worth Rs 5.56 million and impounded a container worth Rs 4 million, which was being used for the transportation of the smuggled item.

The duty/taxes involved in this case are estimated at Rs 1.34 million.

Following the directions of Customs Intelligence Director Saud Imran, a team intercepted the trailer bearing Registration No. TLH-277 near Jaranwala Toll Plaza and recovered polyester. The ofPicials asked the driver namely Noor Muhammad to produce the documents showing legal import of the items. He only provided a copy of GD No. LARP-HC8428. As perusal of the GD, it was revealed that importer namely M/s N.N International had got clearance of 251 bales of 100 percent polyester from Prem Nagar Dry Port Lahore. As per the GD, the container was in transit from Chinese Port Guangzhou to Karachi Port Qasim and it was exported from Pakistan International Containers Terminal to Jebel Ali. After Pinding the discrepancies, the

Customs Intelligence impounded the trailer under Section 2(s) 16, 32, 32A, 157(2), 178 of the Customs Act, 1969

read with Section 3(1)3 of Import and Export Control Act 1950. The team comprising Superintendent

Muhammad RaPiq, Senior Intelligence OfPicer Zahid Saleem Mirza, Intelligence OfPicer Farzand Ali and Se-

poys Mukhtar Ahmad, Muhammad Iqbal and Muhammad RaPique participated in the raid.

Haroon Akhatar addresses session on tax amnesty scheme FAISALABAD

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pecial Assistant to Prime Minister on Revenue Haroon Akhtar Khan said business friendly government of PMLN intends to facilitate the small traders by offering immunity to their bank accounts under Voluntary Tax Compliance Scheme (VTCS) 2016 from that of smugglers, drug barons and corrupt

maPia and in this connection a new bill is being Ploated to conPiscate all “Be-nami” bank accounts in the country. He was addressing an awareness session on VTCS at Faisalabad Chamber of Commerce and Industry (FCCI) which was also attended by Mian Muhammad Adrees former President Federation of Pakistan Chambers of commerce and Industry (FPCCI) and Mohsin Nadeem President All Pakistan Tax Bar Association.

He said that all macroeconomic indicators are positive and government has been striving hard to make Pakistan economically

strong and prosperous. He said that despite various hurdles, government has successfully reigned in the challenges of load shedding, inPlation and availability of capital. He said that government has also resolved the gas issue as LNG is available at a comparatively cheaper rate. “Government has completed one LNG terminal while four are in the different stages of completion. Similarly, government was laying gas pipeline from Iran to Pakistan while another line will be laid between Tajikistan, Afghanistan, Pakistan and India to cater to our future needs. These

mega projects would make Pakistan energy surplus country within next Pive years, he added.

He further stated that $46 billion Chinese investment will also bring prosperity in this region in addition to generating much needed economic activity and helping Pakistan to attain the desired 7 percent growth rate of GDP. He said that according to his personal opinion, we should concentrate on exports to earn prosperity and in this connection PM has decided to en-cash the macroeconomic stability earned during the last two and a half year. In this

Published by M S Raza Off# 42, 3rd Flr Gull Plaza M.A Road Karachi, Printed by Dhoom Printing Building No RY/A, 11/6,11/7, Mashoor Mahal,off I.I. Chundrigar Road, Karachi

connection, PM will himself announce a special incentive package for the exporters very soon.

As regards small traders, he said that he has tried his optimum best to facilitate this class in VTC Scheme. He said that almost all demands made by the genuine business leaders have been included in this scheme. More facilities would also be provided to the business community but they should isolate themselves from the black sheep who have generated wealth from illegal activities and have become undue burden on the national kitty.