Jan 12 layout 1

Daily on www.customsbulletin.com

Find us on

pAkiSTAn’S firST inDepTH newSpAper on cuSToMS

Daily

Vol 1 Issue No. 273

Karachi, Tue January 12, 2016

LAHORE

M HAYAT

www.customsbulletin.com

C

ustoms central region has collected Rs 10,963 million customs duty during the Nirst half of Ninancial year 2015-16.

According to details, the collectorate of Customs Lahore Appraisement collected Rs 4381 million while collectoarte of Preventive gathered

Price Rs. 14.00

Rs 3067 million during the period under review.

On the other hand, Faisilabad collectoarte collected Rs 571 million customs duty and the collectorate of Multan gathered Rs 2944 million during the period under review.

Collectively the four collectorate that come under the jurisdiction of central region collected Rs 10963 million during the six months of FY 2015.

Chairman Nisar approves appointment of CEO in PRAL board meeting

PCA detects tax evasion by M/s Bhutta International

Marvi says govt to conduct survey to register more women for BISP

Customs Intelligence confiscates items worth Rs 26 million in December

SCCI expoters pays rich tributes to victims of Army Public School

FBR Chairman Nisar Khan has chaired PRAL Private Limited Board | See pAge 02 |

The Directorate of PCA– Karachi has detected tax evasion of at least Rs 816,227 | See pAge 03 |

Minister of State and BISP Chairperson Marvi Memon has said that a survey | See pAge 04 |

The Customs Intelligence Faisalabad seized smuggled items | See pAge 12 |

M Shaban, former President, ICCI and Chairman, ICCIYoung Entrepreneurs | See pAge 09 |

2

www.customsbulletin.com

IHC postpones hearing of case filed against RTO until Jan 26 Tuesday, January 12, 2016

National

ISLAMABAD: The Islamabad High Court (IHC) on Thursday adjourned hearing of a case involving claims of realization of Rs 500 million from the Regional Tax Office (RTO). Justice Aamer Farooq of the IHC heard the case filed by M/S Huawai Technologies (Private) Limited and adjourned the hearing until January 26.

The company had made party to RTO officers, Commissioner Inland Revenue (ZoneIV) and Deputy Inland Revenue Enforcement Unit, (Zone-IV), Islamabad.

The petitioner had challenged freezing of its bank accounts containing Rs 500 which was obtained by the tax department.

chairman nisar approves appointment of ceo in prAL board meeting

ISLAMABAD

ISLAMABAD

M fAiZAn

M fAiZAn

www.customsbulletin.com

www.customsbulletin.com

eputy Collector Customs Adjudication Obaidullah has issued Order in Original (OnO) in a seizure case No. 17/2015 in favour of the customs authorities.

He ordered to seize all the goods under Customs Act 1969. According to details, Superintendent Customs Preventive received information that some foreign origin goods will be smuggled in a Mazda vehicle from Lahore to Chakwal. He constituted a raiding party which intercepted the Mazda vehicle bearing registration No. GTB-5779 near Sohawa Chowk and recovered foreign origin audio speakers, auto spare parts, ball bearings and other items. The Customs team asked the accused person to produce documents regarding the legal possession of the items but the owner of the items failed to submit the same.

After his failure, the customs team seized the items and forward the case to customs adjudication. Customs Adjudication issued a show cause notice to owner of the goods asking him to appear and explain his position but he failed to appear despite receiving reminders.

D

F

ederal Board of Revenue (FBR) Chairman Nisar Mohammad Khan has chaired Pakistan Revenue Automation (Private) Limited (PRAL) Board of Directors meeting. The meeting was held in the Conference Room of the FBR Headquarters.

Sources told Customs Today that during the meeting, decision to appoint new chief executive ofNicer and General Manager Ahmad Nawaz as acting chief executive were also approved. Besides, the chairman, Member Inland Revenue Rehmatullah Khan Wazir, Member Administration and Member Information Technology Waqar Ahmad, Member Customs Nasir Masroor, Member Inland Revenue Operation Dr. Mohammad Irshad, Member FATE Nadeem Dar, Member Strategic Planning and Reforms, spokesman of the FBR Dr. Mohammad Iqbal and Secretary Information Technology Zainul Abideen also present during the meeting.

It was also decided during the meeting that a transparent process will be adopted for appointment of the new chief executive officer. The participants of the meeting also considered legal hurdles in the appointment of new chief executive officer because a case is already

Adjudication Dc obaidullah issues ono in favour of customs

filed in the Supreme Court.

Meanwhile, Federal Board of Revenue (FBR) collected Rs1,400 billion revenue up to January 5 from the start of current fiscal year against the collections of Rs1,115 billion taxes it collected in the same period of last fiscal year, showing a growth of 19 percent, a senior official of the board said.

Member Strategic Planning Reforms and Statistics (SPR&S) and FBR Spokesman Dr Muhammad Iqbal told APP that FBR had per-

formed well in tax collection with over 19 percent increase in taxes so far as compared to same period of last fiscal year.

The FBR spokesman said, “We have made a net collection of around Rs 785 billion against the target of Rs 750 billion fixed for the second quarter October to December, 2015. He said the net collection for the first six months of current fiscal year stood at Rs 1,385 billion, showing an increase of 19 percent from the corresponding pe-

riod of the previous year. He said that FBR was determined to issue notices to those non-compliant persons, who have not filed their tax returns. During the second quarter, not only the assigned target of Rs 750 billion was achieved but Rs 35 billion was also recouped in respect of the shortfall of the previous quarter, he added.

Dr Iqbal said that the FBR’s administrative reforms were gradually leading to improvement in tax structure and revenue collection.

fBr achieves 99.6% of tax collection target: nA told T

ISLAMABAD

cuSToMS BuLLeTin reporT www.customsbulletin.com

he government has achieved 99.6 percent tax collection target during the Niscal year 2015-16. This was revealed by Parliamentary Secretary for Finance Rana Muhammad Afzal on Thursday, while replying to a question of Sheikh Salahuddin regarding the tax collection targets in the National Assembly. The parliamentary secre-

tary said that target was achieved to the extent of 99.6 per cent during July-December, 2015-16. He said the provisional collection during JulyDecember, 2015 was Rs1,385 billion against target of Rs1,390 billion. The target of FBR collection for the second quarter (Oct-December) was Rs750 billion. According to the provisional Nigures, a collection of Rs785 billion was made during this period and Rs35 billion were collected in excess of the target, he said.

Meanwhile, Federal Board of Rev-

enue (FBR) collected Rs1,400 billion revenue up to January 5 from the start of current Niscal year against the collections of Rs1,115 billion taxes it collected in the same period of last Niscal year, showing a growth of 19 percent, a senior ofNicial of the board said.

Member Strategic Planning Reforms and Statistics (SPR&S) and FBR Spokesman Dr Muhammad Iqbal told APP that FBR had performed well in tax collection with over 19 percent increase in taxes so

far as compared to same period of last Niscal year.

The FBR spokesman said, “We have made a net collection of around Rs 785 billion against the target of Rs 750 billion Nixed for the second quarter October to December, 2015. He said the net collection for the Nirst six months of current Niscal year stood at Rs 1,385 billion, showing an increase of 19 percent from the corresponding period of the previous year. He said that FBR was determined to issue notices to

those non-compliant persons, who have not Niled their tax returns. During the second quarter, not only the assigned target of Rs 750 billion was achieved but Rs 35 billion was also recouped in respect of the shortfall of the previous quarter, he added.

Dr Iqbal said that the FBR’s administrative reforms were gradually leading to improvement in tax structure and revenue collection. The reforms, he said, would continue to address the issue of tax compliance and administration.

3

www.customsbulletin.com

FIA arrests human trafficker from Lahore LAHORE: The Federal Investigation Agency (FIA) has arrested two human traffickers with passports, driving licenses and other documents in separate raids. An FIA team raided Rahat Bakers in Saddar area and arrested accused Yasir Qayum , who reportedly hailed from Muzaffarabad district.

The FIA personnel, during another raid, nabbed Haq Nawaz with 19 passports and five fake driving licenses. The accused, who is allegedly involved in human smuggling, belongs to Nowshera Kalan. FIA has arrested 7 human traffickers from Punjab within one week including 2 red book culprits.

nAB arrests suspect involved in rs 16 billion DHA scam

Tuesday January 12, 2016

National

pcA detects tax evasion by M/s Bhutta international

LAHORE

M iMrAn MeHAr

www.customsbulletin.com

he National accountability Bureau (NAB) has arrested suspect involved in a fraud case of the Defence Housing Authority (DHA). According to the NAB spokesperson, the suspect has been arrested on the allegations of corruption, cheating public at large and misappropriation of funds. The accused Hammad Arshad, owner of Globco (Private) Limited, offered his services and agreement with DHA EME Lahore but he failed to do so. He had failed to acquire land measuring 25,000 canals. Accuser’s company was assigned the task to develop land and to acquire as well but within the given time they acquired land measuring 13013 canals only.

T

govt to withdraw tax exemptions of rs 330 billion KARACHI

wAQAr AHMeD AnSAri www.customsbulletin.com

he federal government has decided to withdraw tax exemptions which were allowed by SRO amounting to Rs 330 billion in three years.

Sources told Customs Today that this measure will help Federal Board of Reenue (FBR) to enhance its revenues collection ratio.

Sources said that after withdrawal of these exemptions, percentage of tax to GDP ratio will also increase.

Sources said that Rs 75 billion tax exemptions will be withdrawn in fiscal year 2016-17, and 2017-18.

These tax exemptions were Rs 477 in Fiscal Year 2013-14 which will decrease gradually and would stood at Rs 148 billion. Government has decided to broaden tax base and will take every possible measure in this regard.

T

KARACHI

AfTAB cHAnnA

www.customsbulletin.com

T

he Directorate of Post Clearance Audit – Karachi has detected tax evasion of at least Rs 816,227 by M/s Bhutta International on import of Indoor SMD panel ceiling light and SMD Soft Lamp Strip in Rolls. The PCA has also issued an audit observation under Section 26 and 32 of the Customs Act, 1969.

The PCA, while scrutinizing import data, found that imported items declared to be “Indoor SMD panel ceiling light and SMD Soft Lamp Strip in Rolls” claimed beneNits of Fifth Schedule, Sixth Schedule. The import was made through Customs Appraisement West.

The exemptions are only available to SMD, LEDs with or without ballast with Nittings and Nixtures for promotion of the renewable energy technologies as per notiNication mentioned above. Whereas, clause 77 part-IV Second Schedule of Income Tax Ordinance, 2001 is more restrictive and allows exemption to items with dedicated use of renewable source of energy which includes sources like solar and wind power only. The examination staff in their examination report has not conNirmed that the imported LED Lights are for solar or wind energy use. It appears from the examination report that the imported items are for general use as these are op-

erative / works under alternating current (AC) of voltage ranges 110220 volts which is the normal thermal / hydral power sources normally produced and used in Pakistan. The images scanned by the examination staff and examination report shows goods are operative at voltage as 100 – 240 volts.

It is an undeniable proof that the imported goods are not meant for to work / operate with the renewable energy sources like Solar Energy or

The pcA, while scrutinizing import data, found that imported items declared to be “indoor SMD panel ceiling light and SMD Soft Lamp Strip in rolls” claimed benefits of fifth Schedule, Sixth Schedule.

The import was made through customs Appraisement west.

rTo-ii collects arrears of rs 660m in six months LAHORE

MuHAMMAD nAwAZ www.customsbulletin.com

T

he Regional Tax OfNice-II (RTO-II) of the Federal Board of Revenue (FBR) has collected arrears of Rs 660 million during the Nirst six months of Ninancial year 2015-16.

Sources told Customs Today that

the RTO-II collected Rs 660 million under the head of income tax and sales tax arrears.

Source said that Chief Commissioner Rukhasana Yasmeen ordered his staff to work hard to achieve financial target set for Fiscal Year 2015-16. She assigned different tasks to every department in this regard. Sources said that chief commissioner is quite optimistic that RTO-II will definitely achieve revenue collection target for Fiscal Year 2015-16

Wind Energy. Further it transpires that the imported goods operate on alternating current (AC) voltage rather than on direct current (DC) which is used / and operate in the renewable energy technologies.

Therefore, the concessions under the claimed notiNications are not available to the subject imports.

There, the PCA has instructed the importer M/s Bhutta International to pay the evaded/short paid amount at the earliest.

Revenue officers directed to expedite tax collection argodha Division Commissioner Capt (r) Muhammad Asif has directed all the four DCOs and revenue officers of Sargodha to expedite the recovery of taxes and government dues to achieve the target. While chairing a meeting of the Divisional Revenue Committee, he said that it was the prime duty of the revenue officer to collect govet charges on priority to achieve recovery target. —CB Report

S

4

www.customsbulletin.com

Potato growers advised to cultivate crops by 31st Tuesday, January 12, 2016

Business

FAISALABAD: The growers have been advised to complete cultivation of potato crops

by January 31 to get bumper yield.

Spokesman of the Agriculture Extension Department told here Sunday that potato is used largely in Pakistan because it is a rich source of proteins, carbohydrates, potassium and sodium etc.

The farmers should cultivate approved varieties of potato over maximum space because its production not only plays a pivotal role in meeting the food requirements of the people but it is help the growers in mitigating his financial issues, he said.

kSe-100 index closes in red after decline of 238 points KARACHI

cuSToMS BuLLeTin reporT www.customsbulletin.com

A

s the bearish trend continued, the Karachi Stock Exchange (KSE) 100 index dropped another 238.44 points to close at 32296.41 points level on the Nirst trading day.

The stocks recorded the highest trading level of 3255.21 points and lowest level of 32290.31 points, with the volume of 51,904,350

coal, firewood prices hike over low gas pressure

shares, having Rs3.909 billion value.

As many as 332 companies were active; of which 108 advanced, 201 declined and 23 remained unchanged.

The three top traded companies were K-Electric Ltd with a volume of 6,714,000 and price per share of 7.29, TRG Pak Ltd with a volume 6,365,500 of price per share of 31.88, and Bank of Punjab with a volume 4,436,500 of price per share of 8.68. The top three gainers were Bata Pakistan with price per share 3300, Hinopak Motors with price per share of 1126.37 and Sapphire Fiber with price per share of 689.95.

The top three losers were Pak-

cuSToMS BuLLeTin reporT www.customsbulletin.com

he prices of firewood and coal has hiked after low gas pressure being witnessed in different areas of the federal capital.

A resident of F-8 sector, Mushtaq Ahmed said the sale of firewood and coal had increased for last few days as temperature dropped. He said that most of the hotels also started using firewood and coal for cooking due to low gas pressure.

T

ISLAMABAD

cuSToMS BuLLeTin reporT www.customsbulletin.com

QUETTA

cuSToMS BuLLeTin reporT www.customsbulletin.com

M

inister of State and Benazir Income Support Programme (BISP) Chairperson Marvi Memon has said that a survey is being conduct across the country to register more deserving women to make them beneNiciaries of PISP. She was speaking at the launch

ederal Minister for Planning and Development Ahsan Iqbal has said that around $36 billion out of total $46 billion China-Pakistan Economic Corridor would be invested in the energy sector by private companies of China.

Talking to a private news channel, he said the government was ensuring conducive economic environment in the country, which was vital for sustained foreign investment.

The minister said all the reservations of Balochistan’s parliamentary parties regarding the western route of CPEC had been removed and the provincial government had also assured its full support for the completion of the project. Ahsan Iqbal said the CPEC would link the backward areas of Balochistan with the rest of the country and bring prosperity there. Development projects were being executed in the province on priority, he added. He said the government was determined to accomplish the project as it was a game changer for the country and the region. Replying to a question, he said not a single penny of federal government was being spent on the Orange Line Train project in Punjab.

F istan Tobacco with price per share of 1163.52, Siemes Pak with price per share of 840.76 and Millat Tractors with price per share of 524.35.

Earlier, on last trading day (Friday) during last week, the KSE-110 index plunged 147.65 points to close at 32534.85 points level.

Marvi says govt to conduct survey to register more women for BiSp

ISLAMABAD

$36b out of $46b cpec project to be used in energy sector: Ahsan

of “BeneNiciaries Outreach and Communication Strategy of BISP” and addressing separate meetings and ceremonies at MPAs Hostel Balochistan Assembly, Quetta Chamber of Commerce and Industries and Balochistan Chamber of Small Industries and Traders. The BISP ceremony held at MPAs Hostel, Balochistan Assembly was also attended by Balochistan Chief Minister Nawab Sanaullah Khan Zehri, senior ofNicials and a large number of BISP women beneNiciary and other people. “Prime Minister Nawaz Sharif has directed to register all poor and needy women

of Balochistan province with BISP in order to make them beneNiciary of the program and to eliminate poverty,” she said. The BISP, she said, was going to conduct nationwide survey 2016 to register maximum number of women with the program. The survey would be completed by 2018 and the women who were not getting beneNit from the BISP, would become beneNiciary of it soon. “Prime Minister Nawaz Sharif and Federal Finance Minister Ishaq Dar have been giving special attention towards development of Balochistan.

pakistan, canada can boost trade to $2b in short span LAHORE

A

cuSToMS BuLLeTin reporT www.customsbulletin.com

delegation of Legislative Assembly of Ontario, Canada, led

by Patrick Brown, has called on All Pakistan Business Forum President Ibrahim Qureshi and discussed ways to boost trade ties between the two countries.

Patrick Brown said that Pakistan and Canada can get mutual beneNit

through cooperation in energy, fertilizer, education and agriculture Nields and a little sector-speciNic effort could enhance bilateral trade volume to at least $2 billion in a short span of time. Brown pointed out that there were around 350,000 Pakistan origin Canadians in Ontario and now the third and fourth generation were taking their place as productive members of society in a wide variety of professions, businesses and vocations. Many such Canadians

feel strongly about contributing to the betterment of the people of Pakistan. This group is also a natural bridge in promoting commerce and trade between the two countries. He identiNied several areas including power, fertilizer, education and the agriculture sector for cooperation.

With consistent efforts these areas could attract investment and technical know-how from Canada to Pakistan while Canadian business could beneNit signiNicantly from a large and

growing middle class of consumers in Pakistan. Among others, the delegation included Salma Ataullah Jan (Canadian Senator of Pakistani origin), President of Canada Pakistan Business Council (CPBC) Samir Dossal and acting High Commissioner Andrew Turner. On this occasion, All Pakistan Business Forum (APBF) and Canada-Pakistan Business Council agreed to enhance trade and investment in Pakistan through joint ventures. Highlighting the impor-

tance of cooperation, APBF President Ibrahim Qureshi observed that there were a number of sectors that had a huge potential for cooperation, adding livestock and agriculture were the two areas in which cooperation could beneNit both countries. Ibrahim Qureshi said that the visit of Canadian delegation would help explore such business opportunities where people from both the countries could jointly start business ventures.

www.customsbulletin.com

ADVERTISEMENT

5

6

www.customsbulletin.com

7

Tuesday, January 12, 2016

www.customsbulletin.com

KARACHI AfTAB cHAnnA www.customsbulletin.com

T

he Federal Tax Ombudsman, Abdur Rauf Chaudhry, has advised Federal Board of Revenue (FBR) Chairman Nisar Muhammad to reconsider the unbridled powers given to the Directorate General Intelligence and Investigations. “Over the last one year, there have been a number of complaints Niled in this ofNice against excesses committed by Intelligence and Investigations Directorate General while conducting

inquiries on some information about tax fraud/evasion�, according to FTO who issued a detailed judgement disposing of the complaint Niled by M/s Master Tiles & Ceramic Industries Limited. According to details of the judgement, M/s Master Tiles and Ceramic Industries Niled a Complaint No 53/ISD/IT(39)648/2015 with FTO Secretariat against the DG Intelligence and Investigations FBR. The complainant, a private limited company dealing in manufacturing of tiles/ceramics, is aggrieved at alleged maladministration committed by the respondent ofNicials by resorting to

defamation/viliNication campaign of the complainant and initiating proceedings which were allegedly out of jurisdiction. The complaint was sent for comments to Secretary, Revenue Division, in terms of Section 10(4) of the FTO Ordinance 2000. In response, the FBR submitted its comments vide letter dated 8-6-2015.

Additional Director Intelligence and Investigation Intelligence and Invesigations Inland Revenue Lahore received information about a 100 kanals farm house in Bahria Town Lahore owned by the three directors of the complainant company, purchased for Rs 250 million. It was found that three residential houses were built on this farm by these directors of the company at a cost of approx Rs 423.60 million. The inquiry conducted by the concerned ofNicers revealed that these concerned ofNicers revealed that these properties were not declared in the wealth/reconciliation statements of the three directors.

During the inquiry proceedings, wealth statements were revised twice-Nirst on 7.1.15 and then on 1.3.15 for tax years 2009 to 2015. The departmental ofNices claimed to have discovered substantial difference/discrepencies in the declared and revised wealth/reconciliation statements. While explaining the discrepencies it was claimed by the Directors that an amount of Rs 230.3 million was gifted to three Directors by two persons namely Muhammad Khurram Taj and Muhammad Humayun Khan. They were not related to them and were alleged by the respondents to be benami bank account holders of the company. It has also been alleged by the Directorate Intelligence and Investigations that these two donors were actually employees of the company who had no independent Ninancial means to run separate business of billions of rupees. The departmental ofNicers issued notices to the complainant company stating that sale transaction appearing in the alleged benami bank accounts of these two persons amounting to over 10 billion were actually undeclared/concealed sales of M/s Master Tiles and Ceramic Industries Ltd.

8

www.customsbulletin.com

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

problems of tractor industry

T

he farming sector is in trouble so are the industries associated with it. Cotton yield has reached the lowest ebb during the current fiscal year and the country has to turn towards India to import cotton and run textile industry. The tractor industry is also in trouble due to crisis in the farming sector. According to newspaper reports, contribution of tax from tractor industry was Rs 6 billion last year but it is expected to drop below Rs 2 billion this year due to drying up demand for tractors and their spare parts. At least Rs 4 billion drop in tax collection indicate how the industry is fighting for its survival.

According to an official of the Pakistan Association of Automotive Parts and Accessories Manufacturers, the ongoing crisis will take its toll on the tractors industry, causing a loss of 67 percent in terms of tax revenue. The industrial sector in the world is heading forward, but it is in back gear in this country. Pakistan has developed tractor industry in the region and new demands can be created if the government and the private sector go in tandem. African countries can be a huge market for Pakistani tractors if little efforts are made. At least the country has to excel in one sector to build the economy on modern lines. A workforce of at least 50,000 people is engaged in this industry which produces 500 units per year. The number of people indirectly involved in the business is almost half a million but loss of crops and falling prices of yields have reduced purchasing power of the farmer community.

Consequently, a drop in sale has lowered tractor production. The federal government has recently announced Kisan package but no funds have been allocated for the farmers to purchase tractors. The subsidy schemes announced by the Punjab and Sindh governments have either been sidelined or cancelled. Unfortunately, there is a little coordination between the federal and the provincial governments on the matter of farming community.

Experts believe inconsistent and short-term strategies of the government can be blamed for the ongoing crisis. The government frequently changes tax laws while loans are extended to farmers at very high markup rate, plunging the farmers into more chaos.

Taxpayers deserve respect W LAHORE

Dr AfTAB AfZAL

www.customstoday.com

hen it comes to public life, it is difNicult to differentiate between a businessman who honestly believes in paying all his tax liabilities and the other who enjoys all facilities of life in this country but does not pay any tax. There is no speciNic protocol for the honest taxpayers and they are often looked with suspicions as if they are criminals of this nation. The element of respect for the taxpayers is missing and this should be an area of concern for the government authorities. The taxpayers need to be honoured and respected at airports; police stations and every other

place that mattes. However, not all the non-Nilers are criminals either. There are millions of small and medium level businessmen, traders and manufacturers who want to pay tax, but they are afraid of coming into tax net due to some black sheep within the tax hierarchy. Corruption does exist in every government department and corruption cannot be controlled by orders or requests, but with implementation of a foolproof mechanism.

The government has recently introduced the voluntary tax compliance scheme for registration of non-Nilers as its last ditch effort to broaden the tax net and improve revenue collection in the country.

It is important to note that business activities always Nind their

ways to go ahead despite hurdles and the government decision to give tax amnesty to non-Nilers is the best possible option in the given situation. The voluntary tax compliance scheme will leave a positive impact not on the business and economy, but will also enhance revenue collection at the government level. The scheme will also pave the way for documentation of the informal economy by allowing non-Nilers to regularize their undeclared assets up to Rs 50 million against the payment of just one percent tax. Other countries also announce tax amnesty schemes not only to increase tax revenues, but also to stop capital Nlight. The government should also take measures to stop harassment of the business community by sev-

eral federal and provincial authorities. According to international agencies, tax rules and regulations are frequently changed in Pakistan which can also be a reason for tax evasion as complicated tax system discourages potential taxpayers to come into the tax net.

Businessmen need a congenial environment, free of coarsen and exploitation, for business activities and when they are pressured, the businesses of money laundering and smuggling Nlourish. A working coordination between businessmen and government ofNicials is necessary for the payment of taxes. The tax-to-GDP ratio in Pakistan is the lowest in the region and the voluntary tax compliance scheme is the right step in the right direction in this situation.

9

www.customsbulletin.com

Businessmen laud tax amnesty scheme ISLAMABAD: The United International Group Sunday lauded the tax amnesty scheme for non-taxpayers which will help the government raise Rs50 billion. The government had addressed the issue of traders who were not willing to be filers after the announcement of 0.6 percent withholding tax, United International Group Chairman Mian Shahid said, in a statement on Sunday. He said that the tax relief scheme was long awaited by the business community for which the business community is thankful as such decisions will bring a revolution in economy. He said that this was an important measure for broadening the tax net by ensuring contribution by the evaders and that many other countries also followed such schemes for enhancing their tax revenue. After the implementation of the tax relief scheme, the income of the exchequer as well as the tax net would increase as this scheme would provide a level playing field to the business community and new investment would flourish.

kcci demands clarification over arrest of AkD Securities’ top executives resident of the Karachi Chamber of Commerce and Industry (KCCI) Younus Muhammad Bashir, while expressing deep concern over the arrest of two top executives of AKD Securities Limited by Federal Investigation Agency (FIA), stated that the business and industrial community of Karachi is deeply shocked over this incident and it was not acceptable at any cost. In a statement issued, President KCCI demanded that the FIA must clarify its action against the CEO and CFO of AKD Securities, which has been taken on the basis of a research report prepared by

P

the AKD Securities. How could a Brokerage House be held responsible for the ups and downs in trading of shares, he asked, adding that it was highly unfair to arrest the executives of AKD Securities on the basis of a report which predicted appreciation in shares of a particular company but on the contrary, these shares depreciated which is not an unusual incident as it can happen in anytime in any stock exchange around the world. He mentioned that AKD Securities’ executives have been picked up in the case of EOBI’s share trading wherein as many as 40 buyers and sellers were involved who sold and purchased EOBI shares while the main accused in EOBI scam have never been arrested.

Younus Bashir stated that it was a sheer act of harassment against the business and industrial community of Karachi which is not acceptable at any cost as such arrests are made to disturb of the business and industrial community of Karachi. —CB Report

Tuesday January 12, 2016

Chambers

Shaban khalid takes over as president of cAYe-Asia M

ISLAMABAD

cuSToMS BuLLeTin reporT www.customsbulletin.com

Shaban Khalid, former President, Islamabad Chamber of Commerce and Industry and Chairman, ICCI Young Entrepreneurs Forum has taken over the charge as President, Commonwealth Alliance of Young Entrepreneurs-Asia (CAYE-Asia) from 1st January for the year 2016. He was unanimously elected for this position during the 4th CAYE-Asia Summit held in Putrajaya, Malaysia from 30th October to 1st November 2015. ICCI Young Entrepreneurs would host the next CAYE-Asia Summit at Islamabad in 2016.

After taking over charge, Shaban Khalid vowed that as President CAYE-Asia, he would focus on promoting entrepreneurship culture in the youth of the country as well as the Commonwealth member nations. He said he would make efforts to promote Pakistan’s economic interests in member countries of CAYE-Asia. He said CAYE-Asia member nations have huge potential to enhance intra-regional trade and he would play positive role to further

strengthen linkages between the young entrepreneurs of these countries for boosting regional trade.

Congratulating Shaban Khalid on taking over the Presidency of CAYEAsia, Atif Ikram Sheikh, President, Islamabad Chamber of Commerce and Industry said that he should use this platform to promote a soft image of Pakistan in the member na-

tions. He said China-Pakistan Economic Corridor was destined to create lot of business and investment opportunities and Shaban Khalid should use this platform to bring young investors of CAYE-Asia member nations to Pakistan to explore prospects of investment and joint ventures in CPEC projects.

Commonwealth Alliance of

icci hails 4-year tax amnesty scheme for traders

T

ISLAMABAD

cuSToMS BuLLeTin reporT www.customsbulletin.com

he Islamabad Chamber of Commerce and Industry (ICCI) has welcomed the fouryear tax amnesty scheme announced by the Prime Minister Nawaz Sharif for traders and termed it a good move as it would help in broadening the tax net and improving the tax revenue of the country.

ICCI President Atif Ikram Sheikh, Senior Vice President Sheikh Pervez Ahmed and Vice President Sheikh Abdul Waheed said that one of the main reasons of tax evasion in Pakistan was a complicated tax system, which discouraged many potential taxpayers from coming into the tax net. They hoped that voluntary tax compliance scheme would have a positive impact as it

would encourage documentation of informal economy by allowing the non-filing traders to regularize their undeclared working capital of up to Rs 50 million by paying a nominal tax of 1 percent for the tax year 2015.

They said 0.6 percent withholding tax on banking transactions had become a highly controversial issue between traders and the government and hoped that this scheme would end the deadlock over this issue. They said it was a good opportunity for non-Niling traders to come forward and take full advantage of this amnesty by becoming regular taxpayer as government has addressed their grievances.

Atif Ikram Sheikh said some other countries have also announced such amnesty schemes for increasing tax revenue and added that considering the prevailing trend of low tax revenue collection,

it was a good measure for broadening the tax net because it would ensure tax contribution by many new taxpayers. He said the scheme of regularizing undeclared working capital of up to Rs 50 million at the rate of one percent tax was also good in the sense that it would discourage unhealthy trends like money laundering and whitening money through havala etc.

He said currently there were hardly one million taxpayers out of a population of over 190 million and this scheme was expected to bring millions of new taxpayers into the tax net leading to improvement in country’s tax-to-GDP ratio. He said another good advantage of this scheme was that the traders availing themselves of it would be exempted from audit for four years and stressed that non-Nilers should take maximum beneNit of this scheme by paying tax dues.

Young Entrepreneurs-Asia (CAYEAsia) was formed in 2011 comprising of member organisations from eight Commonwealth Asia countries including Brunei, Bangladesh, India, Pakistan, Malaysia, Maldives, Singapore and Sri Lanka. The alliance has now grown to include Nepal as an observer state and its model has been replicated in the Caribbean and East Africa as well.

The young entrepreneurs of member nations gather every year at the annual summit to network, share ideas, build business linkages and learn from the experiences of each other. The summit brings together industry leaders and dynamic entrepreneurs from across the Commonwealth nations who are making signiNicant impact in the region, particularly through jobs creation. Since its establishment, CAYEAsia is now recognised as a best practice model in the Commonwealth due to its unique ‘networks of networks’ structure. The forum helps in promoting interactions in young entrepreneurs and contributes to lift economic growth as well as youth employment in the member nations.

Social media best way to promote business he speakers, trainers and the stakeholders, stressed the need for promoting social media marketing and termed it an effective way to promote business in the global market. Small and Medium Enterprises Development Authority (SMEDA), organized a day-long training program for the Sialkot based SMEs on “Social Media Marketing, tools, strategies and benefits” at Sialkot Chamber of Commerce and Industry (SCCI) here. Addressing the participants, the senior trainers Shafqat Jillani, Muhammad Faizan Akbar and Fouzan Muhammad said that Social Media is one of the most efficient means of marketing products and services in today’s highly interactive and competitive markets.—CB Report

T

10

www.customsbulletin.com

2 French nationals arrested for smuggling gold Tuesday January 12, 2016

World

MUMBAI: The Air Intelligence Unit of the Mumbai Customs arrested two French nationals for smuggling gold at the international airport in Mumbai. “We have arrested a couple Mohamed Hassain and his wife Djany Mohamed and recovered 2606 grams of gold worth Rs. 60.88 lakhs from them,” Customs Commissioner A P S Suri told PTI. The duo had arrived here from Dubai via Bahrain.

Customs sleuths recovered a 1 kg gold bar, five gold bars of 100 grams each, two crude gold chain, five crude gold bangles, a necklace, a gold chain and two rings from them.

“The bars were concealed in the ladies hand bag,” Mr Suri said adding that sleuths also recovered 10 cartons of cigarettes.

Hong kong customs seizes 18kg ivory products at airport

Malaysian police nab two culprits with ganja TAIPING

cuSToMS BuLLeTin reporT www.customsbulletin.com

HONG KONG

cuSToMS BuLLeTin reporT www.customsbulletin.com

P

A

uthorities have arrested an airline passenger on Sunday after Ninding 18 kilograms of ivory products in his luggage.

The 25-year-old man was detained after he Nlew into the city from Harare, Zimbabwe via Dubai.

Customs ofNicials intercepted the man amid suspicion that he was carrying prohibited items. A search of his belongings led to the dramatic ivory seizure.

According to a government statement, the ivory had been concealed in a pair of underpants and a tailormade vest. The conNiscated items were said to be worth HK$180,000.

The items were handed over to the Agriculture, Fisheries and Conservation Department for further investigation. Under the Protection of Endangered Species of Animals and

Bangladesh customs seizes gold worth Tk25 million ustoms officials have seized 50 gold bars, weighing 5kg, at Hazrat Shahjalal International Airport in Dhaka.

The gold bars were seized from a Regent Airways flight number RX0787 on Tuesday evening.

Readul Islam, assistant commissioner of Dhaka Customs House, told the Dhaka Tribune that the custom officials caught one suspected after the arrival of flight of Regent Airways from Chittagong around 8:30pm and found gold bars in his shoes.

The arrestee is Jasimuddin, 40 hailed from Chittagong.

Readul said: “The bars weigh 100 gram each. The estimated price of the gold is Tk2.5 crore.”

The legal procedure would be taken in this connection soon, the official said. —CB Report

C

Plants Ordinance, any person found guilty of importing products related to an endangered species is liable to a Nine of up to HK$5 million and a jail term of up to two years.

Meanwhile, Hong Kong Customs yesterday seized a total of about 3 kilograms of suspected methamphetamine and 477 grams of suspected ketamine at two land boundary control points and Mong Kok, and arrested a man and two women.

The total market value of the drugs was about $1,009,000.

Customs ofNicers intercepted an incoming male passenger at Lok Ma Chau Spur Line Control Point yesterday afternoon and found about 2kg of methamphetamine in the cans he carried. Later, Customs ofNicers intercepted an incoming female passenger at Lo Wu Control Point in the evening and found 477g of suspected ketamine on her.

cattle smuggling increasing along indo-Bangla border

S

muggling of cattle-heads has been increasing along the IndoBangladesh border in the Dhubri sector since the past few months. It is reported that the smugglers smuggle cattle-heads by using the riverine path of the Brahmaputra river in Mankachar-Sukhchar areas under South Salmara subdivision.

The smugglers carry cattle-heads through trucks along the NH-31 through the Assam-Bangladesh border at Boxirhat. They even drive

away cattle through the interior routes of the Assam-Bangladesh border at night to avoid checking by the police. Though the BSF engaged in the border sometimes manage to seize the cattle at the time of crossing the border, but they often fail to arrest the smugglers as they Nlee from the scene under the cover of darkness. People of the border district alleged that there was a nexus between the smugglers and the antisocial elements.—CB Report

olice arrested two people, a 24-year-old youth and a 62year-old woman, and recovered 513 g of ganja from them in a house in Taman Kaya, Taiping here today. Taiping district police chief ACP Harith Kam Abdullah said they acted on a tip off, and raided the house at 3am.

51 plastic packets containing drugs worth RM1,500, two motorcycles and RM1,088 in cash were also seized. The case is being investigated under Section 39B of the Dangerous Drug Act 1952.

Meanwhile, Two suspected drug trafNickers were arrested by police near Kampung Temir in Hulu Terengganu after a high-speed chase from Kampung Renik in Besut, yesterday. The couple were found with a toy pistol, several types of drugs

customs seizes 2.4 tonnes of cocaine from cargo

O

ver 2 tonnes of cocaine was seized from a cargo ship in northern France, making it the largest haul ever in the country.

2.4 tonnes of cocaine was seized by customs officials on Thursday in Boulogne-sur-Mer, Le Figaro reported, citing government and judiciary sources. The drugs were brought in a ship travelling from Colombia and destined for Gdansk in Poland.

This is a record amount in metropolitan France.

“The ship was intercepted on

uAe police seize Dh49k in fake currency

T

RAS AL KHAIMAH

cuSToMS BuLLeTin reporT www.customsbulletin.com

he Criminal Investigation Department of Ras Al Khaimah Police said on Tuesday it foiled attempts to distribute counterfeit money. Two suspects were arrested and Dh49,000 in fake currency was seized.

Colonel Abdullah El Munkis , Director of the CID of Ras Al Khaimah Police, said that the incident came to light when a person transferred funds from one exchange house in RAK and the exchange employee discovered the money was counterfeit. Police were tipped off about illegal activities being carried out by the suspects and allegations that a number of people had been cheated.

worth RM4,500, as well as RM2,275 cash believed to be proceeds from their drug dealings. Among the narcotics seized were 188 stimulant pills, Eramin pills, a packet of heroin and a packet of syabu. District police chief Deputy Superintendent Hussin Deraman said both suspects were taken to the Kuala Berang police station for further investigation and will be remanded in court today.

“The 32-year-old male suspect from Kampung Pauh, here had previous convictions for drugs. His partner, a 27-year-old woman from Kampung Tanjung Putat, Hulu Terengganu, was detained for drug abuse last year,” he said. Hussin said the suspects in their car had tried to escape a police patrol in Besut at 3am. They were eventually stopped with the aid of two other patrol cars from the Kuala Berang police station. “Both are being investigated under Section 39A(1) of the Dangerous Drug At 1952 and two cases under Section 12(2) of the same Act for possessing the drugs.

Police formed a team to investigate the issue and managed to verify the accuracy of the information and identiNied the suspects and their whereabouts. The police raided one suspect’s premises and discovered fake currency, the other suspect was arrested while he attempted to Nlee the country. The suspects initially denied that the counterfeit money belonged to them and said that it

Thursday at 18:30 in the open sea and was brought to the docks in Boulogne-Sur-Mer where the search operation began.

The drug was hidden behind a metal partition,” said Finance Minister Michel Sapin.

Sapin said that the coastguard of the French customs office called the haul “the most important ever carried out in metropolitcan France to date”.

According to Sapin’s statement, the drug’s illicit cargo had a value of up to 50 million euros. —CB Report

belonged to someone else. Later they told police that they had managed to convince many people that they could double their money and make them rich in a short time.

The suspects were planning to collect huge amounts of cash and Nlee the country.

The suspects confessed to their crime and the case was referred to the public prosecution.

11

www.customsbulletin.com

2-in-1 PC shipments to see growth in 2016 OTTAWA: A bulk carrier called the Vigorous is the first ocean-going vessel to reach the Port of Montreal without a stopover in 2016.

The Vigorous left from Sohar, Oman, on Nov. 30 and crossed the Montreal port’s downstream limits at 5:21 Friday morning.

The ship’s captain will receive the gold-headed cane award, which has been presented since 1840 to the captain of the first vessel to arrive each year.

In early years the award was a top hat, but it was changed to reflect the tastes of the period around 1880. Captain Jun Eric Alio Dalipe will accept the award from the Montreal port authority during a ceremony on Monday.

port of Stockton sees record in ship traffic ort of Stockton officials expected 2015 to be a record year for shipping traffic, with a total of 247 ship arrivals through New Year’s Eve, compared to 230 ship arrivals in 2014, the previous all-time record.

Port Director Richard Aschieris said Monday that cargo volume will be down slightly, to 3.87 million metric tons in 2015, from 2014’s 4.11 million metric tons. But that reflects a change in the mix of cargo being moved through Stockton.

“As things change, as demands change for cargo, what we’re handling is always changing,” he said.

For example, coal exports, which have been the leading tonnage cargo this year and last, slipped to an expected 1.07 million metric tons in 2015 from 1.74 million metric tons in 2014.

And Aschieris expects, based on discussions with cargo carriers, that coal exports may disappear entirely in 2016 because of shifts in global demand and

P

first crude oil shipment exports from uS

WASHINGTON

cuSToMS BuLLeTin reporT www.customsbulletin.com

T

monetary exchange rates.

“It’s too expensive on the international markets,” he said. “The value of the dollar is so high, other places in the world can provide coal at half to a third of the cost (of U.S. coal).”

But that’s not necessarily a bad thing, as Aschieris sees other types of cargo picking up in demand and overall maritime activity at the port holding up.

“I am very pleased that we have diversified away from coal and seen other products are moving up,” he said.

“There are actually more jobs being produced out there because we are handling products that require more manpower.” One example of that is the increase in steel products, which came in at No. 4 for cargo volume in 2015 at nearly 298,000 metric tons. In 2014, it was not among the port’s top-five cargoes.—CB Report

Ports & Shipping

he Nirst crude oil shipment exported from the United States, after a 40 year ban, left from Corpus Christi, Texas last Thursday. NuStar Energy and ConocoPhillips loaded a vessel with light crude oil pumped from the Eagle Ford Shale of South Texas at NuStar’s North Beach Terminal at Port Corpus Christi. The crude is to be sold to the international trading

company Vitol.

“Infrastructure improvements at Port Corpus Christi have placed our port in a unique position as a critical component in the export of U.S. crude and condensate.

Port Corpus Christi’s deep draft ship channel and strategic location to some of the largest production areas in the US provides a secure and competitive supply chain to markets worldwide,” John LaRue, Port Corpus Christi Executive Director, said in a statement. “Future capital improvements including deepening the ship channel will accommodate larger vessels that are required to cost effectively supply

US crude oil to global markets.”

As a result of the federal government’s repeal of the 40-year ban on the export of crude oil, via the last government omnibus spending bill, crude oil shipments are free to leave the country now.

Meanwhile, Port of Stockton ofNicials expected 2015 to be a record year for shipping trafNic, with a total of 247 ship arrivals through New Year’s Eve, compared to 230 ship arrivals in 2014, the previous all-time record. Port Director Richard Aschieris said Monday that cargo volume will be down slightly, to 3.87 million metric tons in 2015, from 2014’s 4.11 million metric tons.

Tuesday January 12, 2016

MSc restarts service to enter iran port ran’s media reported on Saturday that the Swiss shipping line MSC has started calling at the country’s southern ports after a hiatus of six years. Iran reported that an MSC container ship has docked at Shahid Rajaie port in the Persian Gulf coastal city of Bandar Abbas.

Ehrahim Idani, the director general of Ports and Maritime Organization of Hormozgan Province, has told the news agency that the ship has a capacity of 1,162 TEU (twenty-foot equivalent unit) and has arrived from Shanghai, China.

Idani added that MSC – which is currently the world’s second largest shipping company – is planning to have its container ships visit Shahid Rajaie port every week in the near future.

The official further emphasized that a total of 17 international shipping lines are today operating in Bandar Abbas. He said the warm welcome by the companies to call at Shahid Rajaei is a result of certain privileges that they can benefit from at the port.Some of those privileges, he said, include volume-based discounts, speedy loading and un-loading operations, as well as efficient bunkering services.

According to the official, about 0.7 million tons of goods have been transshipped from Shahid Rajaei port during a period of eight months starting March 2015.—CB Report

I

china shipbuilder goes bankrupt as industry slows

A BEIJING

cuSToMS BuLLeTin reporT www.customsbulletin.com

court in the eastern province of Zhejiang said it recently accepted a bankruptcy case involving a state-owned shipbuilder, the Nirst government-backed company to go under amid an industry slowdown. Zhoushan Intermediate People’s Court said it accepted a petition Niled by Zhejiang Shipping Group regarding the bankruptcy of a subsidiary called Zhoushan Wuzhou

Ship Repairing & Building Co. Ltd. The court said it had frozen the assets of Wuzhou Ship Repairing & Building, which was founded in 2001. The shipbuilder had debts of 911 million yuan and total assets of 534 million yuan as of September 30 this year, its Ninancial report showed. Wuzhou Ship Repairing & Building started having Ninancial difNiculties last year, a person with knowledge of the matter said. Its parent gave it huge amounts of money only to see the situation worsen this year, the source said.

Wuzhou Ship Repairing & Building is the Nirst state-owned Nirm to go bankrupt since the shipbuilding industry started slowing last year.

A privately owned company, Mingde Heavy Industry Group, went under on July 31. Other state-owned shipbuilders have indicated they are in trouble. Sainty Marine Corp. Ltd. and Wuhu Shipyard Co. Ltd. have both said in December they are on the verge of bankruptcy.

Rongsheng Heavy Industries Group, once the country’s largest shipbuilder, stopped production, the

private company said in March.

Other private Nirms in the industry that are in trouble include Jiangsu Eastern Heavy Industries Co. Ltd., Zhejiang Judger Shipbuilding Co. Ltd. and Zhejiang Zhenghe Shipbuilding Co. Ltd. The shipbuilding industry has seen orders from abroad decline in 2015. Chinese shipbuilders have seen orders for new vessels fall sharply over the Nirst three quarters of the year, said Li Yanqing, a researcher at China Shipbuilding Industry Corp.

12

www.customsbulletin.com

FBR seizes petrol worth Rs 1.11b from July 2013 to Sept 2015 KARACHI: The Federal Board of Revenue (FBR) in joint operations with law enforcement agencies confiscated 15,119,000 litres of Iranian petrol worth Rs 1,116 million from July 2013 to September 2015.

The FBR seized 4,437,647 litres of Iranian petrol worth Rs 352 million during fiscal year 2013-14, while 7,602,055 litres worth Rs 571 million was held during financial year 2014-15. On the other hand, the department seized 379,628 litres of petrol worth Rs 193 million during first quarter (July-September) of fiscal year 2015-16.

Tuesday, January 12, 2016

CUSTOMS BULLETIN

customs intelligence confiscates items worth rs 26 million in December FAISALABAD nAeeM SHeikH

www.customsbulletin.com

T

he Customs Intelligence and Investigation Faisalabad seized smuggled items and non-duty paid vehicles worth Rs 26.093 million involving duty/taxes amounting to Rs 19.81 million during December 2105.

The Customs Intelligence under the supervision of Additional Director Azmat Tahira conducted various raid in the region to curb the smuggling and registered 16 cases against the accused persons, while Nield investigation unit (FIU) Khushab made four cases. Customs intelligence impounded 5 vehicles including mini truck bearing Registration No. FDW-8345, mini truck No. FSD07-2639, Toyota Hilux pick up No. LOT-2870, tractor No. MIB-6105 and a trailer bearing Registration No. JU-5778, which were being used for transportation of the smuggled goods. The value of vehicles was estimated at Rs 9.7 million. Meanwhile, it has conNiscated contraband goods, including foreign origin generator of 150KVA capacity, used generator of 15KVA capacity, cotton for bed sheets, Indian cotton cloth.

Antiques smuggling: Judge reserves verdict on 3 suspects’ bail pleas KARACHI

MuHAMMAD YouSAf www.customsbulletin.com

T

he Special Court of Customs Taxation and AntiSmuggling reserved its verdict on bail pleas of three suspects involved in a case pertaining to the smuggling of antiques worth $10 million out of the country.

Judge Syed Faiz Rasool Rashdi reserved the verdict on

bail applications after hearing arguments from both sides. He said that he would announce the verdict during the course of the day but it was not pronounced.

Raheel Shakeel, Muhammad Javed and Faisal, who are behind bars moved the bail applications, seeking their release.

According to the prosecution, on December 17, 2015, the Customs Preventive staff intercepted four passengers identified as Raheel Shakeel, Muhammad Javed and Irfan Ahmed and Faisal Jamal along with their

collective baggage comprising 11 packages. The examination of their baggage was conducted after completion of all legal formalities but nothing objectionable was recovered from nine packages, however, examination of two wooden boxes led to recovery of very old articles of metals, statues, stone leaves, pottery statues, bengals, said to be precious metal studded with stones and iron blades etc belonging to very old age and prehistoric era and it was firmly believed that these items may fall within the specification of

antiques.

Therefore, both the wooden boxes were detained for examination and expert opinion as well as valuation by the Archaelogical Department, Government of Sindh, Karachi. Subsequently, a letter No P-12/2015-JIAP dated 17-122015 was sent to the Director Archaeological Department, Government of Sindh at Karachi for physical examination of the objects and expert opinion with regard to the status, confirmation and valuation etc.

A team of three experts of

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

Archeology Department visited International Departure, JIAP on 18-12-2015 and conducted examination of the said objects and finally superintendent, culture department, National Museum of Pakistan, Government of Sindh Karachi submitted its report vide letter No 20/6/2015 (Custom)-1095 dated 18-12-2015 whereby, it has been confirmed that the said items are of antiquity and belonged to the pre-historic era, worth about 10 million dollars, thus falls within the purview of Antiques Act, 1975.