March 12 layout 1

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Vol 1 Issue No. 309

Karachi, Sat March 12, 2016

LAHORE

MUHAMMAD NAWAZ www.customsbulletin.com

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ustice Shahid Waheed of the Lahore High Court sought reply from federal ministry of law on appointment of Ghulam Murtaza Bhatti as Chairman Customs Appellate Tribunal in two weeks.

Sources informed Customs Today that Asif Mehmood advocate challenged the appointment

Price Rs. 14.00

of Ghulam Murtaza Bhatti as CAT chairman. In his plea Asif Mehmood said that his appointment was made after ingnoring rules and regulations. He further prayed that Ghulam Murtaza Bhatti even not have required twenty year experience, while government did not even consult with the Chief Justice of Lahore High Court with is mandatory according to law. He prayed to Court to declare appointment of Customs Appellate Tribunal chief as null and void.

FBR initiates action against ghost employees at RTO-III

Adjudication Additional Collector Saima hears six cases

Two new laws in trade policy to enhance cotton yield: Dastagir

Sialkot Customs Collector Ahamd Reza determined to curb smuggling

Agriculture development necessary for food security of Pakistan

FBR has initiated disciplinary action against ghost employees at the RTO III | See pAge 02 |

Customs Add collector Saima heard six cases of smuggling filed by Customs | See pAge 03 |

Dastagir has said the govt is introducing laws to increase per hectare yield of cotton | See pAge 04 |

MCC Ahmad Reza has said that antismugglingcampaignwillcontinuefollowing | See pAge 12 |

Development of Agriculture value chain is imperative for the successful | See pAge 09 |

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IHC will hear case filed against FBR Saturday, March 12, 2016

National

ISLAMABAD: A single bench of the Islamabad High Court (IHC) will hear a case on Friday (today) filed against the Federal Board of Revenue (FBR) A single bench of the IHC comprising Justice Aamer Farooq would hear the tax writ petition, 615/2016, filed by M/s Al-Badar Engineering.

Raja Muhammad Iqbal would contest the case on behalf of the Federal Board of Revenue while Atif Khan will represent the appellant.

The appellant had challenged a banking court decision before the court which also involved over-charging of tax by the department.

fBr initiates action against ghost employees at rto-iii

punjab govt to form task force to avail benefits of cpec: Aysha pasha LAHORE

MUHAMMAD NAWAZ

KARACHI

AftAB cHANNA

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he Federal Board of Revenue (FBR) has initiated disciplinary action against ghost employees at the Regional Tax OfOice III. It is pertinent to mention here that the FBR had instructed the Large Taxpayers Unit LTU-I and all the Regional Tax OfOices (RTOs) to initiate stern action against those ghost employees.

Acting upon the orders, the RTO III has identiOied more than 35 ghost employees and disciplinary action has been initiated against them.

According to sources, the FBR would soon terminate all these employees after giving them a chance for justiOication.

The ghost employees who are drawing salaries from the budget without performing their duties included four inspectors, an assistant, four upper division clerks, a havaldar, nine sepoys, a notice server, a dispatch rider, four naib qasids and a sweeper. The inspectors included Mohammad Sohail Ahmed, Ghulam Abbas, Nusrat Hussain Jafri and Irfanullah Faqih. And Syed Laiq Qadri (assistant). The upper division clerks are Muhammad Anwar, Anwar Ahmed, Aijaz Ali Bhutto, Rais Anwar Kazmi while HaOiz Ahmed (havaldar). Sepoys are Abdullah, Mohammad Mukaram, Muhammad Hussain,

he Punjab government will introduce a task force for the development of industries in order to avail the benefits of China-Pak Economic Corridor (CPEC). According to details, Provincial Minister for Finance Aysha Ghaos Pasha chaired a high level meeting arranged by the Punjab government in the Civil Secretariat. The Lahore Chamber of Commerce and Industry chairman, organizer of ‘C’pack Sadiq Ur Rehman and representative of the Punjab Board of Investment and Trade, Punjab Information and Technology Board (PBIT) and other department officers of industries participated in the meeting.

Talking on the occasion, Provincial Minister for Finance Aysha Ghaos Pasha said that to secure the small industries, the progress of Small and Medium Enterprises (SME) is necessary. She added that the Punjab government will cooperate with private sector for foreign investments. Chairman Lahore Chamber of Commerce and Industries Sadiq Ur Rehmad said that the Chinese investors are showing keen interest in partnership with private sector in Pakistan, government need to re-organize the small industries and he urged the government to introduce business centers to facilitate the SMEs.

Pervez Iqbal, Muhammad Ramzan, Mohammad Rasheed, Mirza Imran Baig, Khalil Ahmed Khan, Mohammad Manzoor and Rashid Pervez.

While Akhtar Hussain (notice server), Nawaz Ali (dispatch rider), naib qasids Zaheer Qureshi, Jawaid Ali, Javed Ahmed and Imran Ahmed and sweeper Iqbal Masih.

Meanwhile, The Federal Board of Revenue FBR has allowed facility of zero rating of supply of electricity to M/s Diamond Fabrics through a Sales Tax General Order No 25 of 2016. According to Secretary IR-ST &FE, Raza Ashfaq Sheikh, in exercise of powers conferred by clause (d) of section 4 of the Sales Tax Act,

1990 read with SRO 1125(I)/2011 dated 31.12.2011, the Federal Board of Revenue is pleased to make further amendments in its Sales Tax General Order No 09 of 2007 dated 13th September 2007. The zero rating facility on supply of electricity has been granted to M/s Diamond Fabric now onward.

customs court seeks challan of rs 8m tax evasion case T

LAHORE

M iMrAN MeHAr

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he Special Federal Court of Customs Taxation and AntiSmuggling has sought challan of Rs 8 million tax evasion case.

According to details, the Federal Board of Revenue Gujranwala unearthed mega scandal of sales tax and income tax. The authorities revealed that an accused namely Fazal Hussain made huge bank transac-

tions but he never paid a single penny of tax. After conOirmation of the sources of his income and his bank transactions, the Inland Revenue of Gujranwala arrested him and found him involved in tax evasion of Rs 8 million. Earlier, the Federal Court had rejected his bail plea as well. Customs Court after hearing both parties has issued 14 days judicial remand of the accused and sent him to jail for further prosecutions. Meanwhile, The Special Court of Customs Taxation and Anti-Smug-

gling on Thursday heard 19 different cases, including pre-arrest bail pleas Oiled by suspects. Most of the cases were adjourned without any proceedings as the parties and lawyers concerned did not appear in the court. Hearing of pre-arrest bail pleas Oiled by Abid Hussain, Naveed Hussain andSaif ul rehman were adjourned for new dates. Post-arrest bail plea of Shahzad Masih in a case of drug smuggling was also scheduled for the day, which now has been adjourned for next week.

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Federal govt bans 400 imported items KARACHI: The federal government has levied regulatory duty on 400 imported items in order to reduce import bill and also banned imports of refrigerators, deep freezers, air conditioners and fans. Sources told Customs Today that the government has decided to impose regulatory duty on imported items to boost local industries and discourage foreign goods in local markets.

It is pertinent to mention here that the authorities have imposed ban on second hand foreign origin electronic goods such as the used refrigerators, deep freezers, air conditioners and fans.

iHc adjourns hearing of three tax references

Saturday March 12, 2016

National

Adjudication Additional collector Saima hears six cases

ISLAMABAD

NAeeM ULLAH tAriQ www.customsbulletin.com

he Islamabad High Court (IHC) has adjourned the hearing of three tax references involving Appellate Tribunal Inland Revenue and Customs Appellate Tribunal.

A division bench of the IHC comprising Justice Noor-Ul-Haq N Qureshi and Justice Athar Minallah heard a custom reference filed against Customs Appellate Tribunal.

The court sent the case to the office for scheduling the date of further hearing. This case was filed by M/s United Express. The appellant had challenged Customs Appellate Tribunal which it (body hearing customs related complaints) had announced in 2008.

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132 narcotics cases registered in Sindh during six months KARACHI

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indh Excise and Narcotics Departments have registered 132 cases under Narcotics Act and arrested 141 accused besides impounding 12 vehicles from different parts of the province during the last six months. This was revealed during a briefing to Sindh Minister for Excise, Taxation and Narcotics Giyan Chand Asrani. The report further informed that during the corresponding period in 4 kg heroine, 7808 kg charas, 11 kg opium, 4735 kg bhang, illicit and foreign liquor and machinery used in manufacturing liquor were also recovered, according to a press release issued here on Thursday. The minister lauded the performance of department and expressed his commitment that it was his obligation to make Sindh free from drugs and to save the youth from this menace.

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FAISALABAD

NAeeM SHeikH

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ustoms Adjudication Additional collector Saima Aftab heard six cases of smuggling Oiled by Customs Intelligence and Investigation on Thrusday.

The additional collector heard a case against Muhammad Anwar Khan allegedly involved in bringing a Hino Truck worth Rs 1.708 million into the country without payment of duty/taxes and a case against Waseem Iqbal, facing charges of smuggling of a generator worth Rs 1.27 million.

Saima Aftab also heard a case of Muniem Hakeem Umar allegedly involved in evading tax amounting to Rs 2.571 on the import of a 500 KVA generator. A case of 600 KVA generator smuggling against Farhan Saleem was also scheduled for the day and a case of Toyota Corolla car worth Rs 1.09 million against unknown accused was also heard.

There was also another case for hearing, which was Oiled by the Customs Intelligence.

Meanwhile, Additional Collector Saima Aftab has declared seizure of Hino truck as legal according to customs act 1969.

Sources informed Customs Today that Field Intelligence Unit of Khushab intercepted a Hino Ranger truck displaying No. SBA-824 (Sibi ) and asked driver of the vehicle who was identiOied as Habibur Rehman

son of Abdul Haleem to produce legal documents regarding possession of above said vehicle. But the driver of the vehicle failed to produce any documents regarding legal import and lawful possession of the said vehicle except registration book. FIU Khushab seized the vehicle and forwd the case to adjudication department.

Furthermore no one appeared to defend the case from respondent side nor any written reply has been

A case of 600 kVA generator smuggling against farhan Saleem was also scheduled for the day and a case of toyota corolla car worth rs 1.09 million against unknown accused was also heard. there was also another case for hearing, which was filed by the customs intelligence

Dc to probe viscose blended fabric import scam KARACHI

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AftAB cHANNA

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hief Collector Appraisement South Abdul Rasheed Sheikh has tasked Deputy Customs Collector Appraisement West Ghulam Nabi Kamboh to investigate the scam of import of viscose blended fabric import by various importers, particularly M/s AMI Pakistan (Private) Limited.

The Customs Appraisement West registered some 13 FIRs against several accused for importing viscose blended fabric and mis-declaring port of shipment as China instead of UAE with ulterior motive. Those nominated in the FIRs included Usman Jawad of M/s R Usman Enterprises, Faiz Ahmed of M/s Famitex, Abdul Jabbar of M/s Rose Impex, M/s AMI Pakistan (Private) Limited and Sharjeel Jamal of M/s U Trade Logistics (Private) Limited.

M/s R Usman Enterprises im-

ported nine consignments declared to contain viscose blended fabric and polyester shirting fabric from China and got them cleared through M/s U Trade Logistics (Private) Limited. While, M/s Famitex imported three consignments declared to contain textile grey fabric and textile shirting fabric and got them cleared through M/s U Trade Logistics.

M/s Rose Impex imported a consignment declared to contain textile grey fabric and got it cleared by M/s U Trade Logistics.

received from the respondent despite giving ample opportunities to be heard. Muhammad Saleem Intelligence OfOicer (IO) appeared from the prosecution side and asserted that the seized vehicle fall under the ambit of section 2(s) of the customs act 1969.

After scrutinizing whole case Additional Collector Saima Aftab issued OnO in favour of Customs Intelligence and declared the seizure of vehicle legal.

fBr officers barred from going abroad till June 30 ith the aim to achieve the budgetary targets, Federal Board of Revenue (FBR) has barred the officers from going abroad till June 30.

According to an official statement, the country’s top revenue authority has directed the respective heads of field formations not to forward leave applications to it for going abroad till the mentioned date.

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Govt aims to rebuild Pak-Iran economic cooperation: Dar Saturday, March 12, 2016

Business

ISLAMABAD: Federal Finance Minister, Ishaq Dar said that after lifting of sanctions on Iran, Pakistan was looking forward to rebuild and strengthen Pak-Iran economic cooperation. “In pursuance of the announcement made by the United Nation, the Government of Pakistan had issued notifications lifting sanctions against Iran”, Ishaq Dar said while talking to the newly-appointed Iranian Ambassador to Pakistan, Mehdi Hoonardost who called on him here. The minister assured the Iranian Ambassador of full support and cooperation for efforts aimed at promoting bilateral trade.

two new laws in trade policy to enhance cotton yield: khurram Dastagir KARACHI

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ederal Commerce Minister Khurram Dastagir Khan has said the government is introducing laws to increase per hectare yield of cotton crop and reduce dependency on fertilizers.

Addressing at the formal launch of three-day 15th International Textile Asia Exhibition being held at the Expo Centre Karachi, the minister said that two new laws have been incorporated in the new trade pol-

reserves increase by $170m to $20.52b KARACHI

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he country’s total foreign exchange reserves have increased by $170m to $20.522b by the week ended March 4. According to the latest data released by the State Bank of Pakistan (SBP), the central bank’s foreign exchange reserves increased by $157m to $15.664b during the corresponding week, compared to $15.507b in the previous week. The reserves held by commercial banks also increased to $4.858b from previous week’s level of $4.845b.

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icy, which will be announced soon, for increasing the yield of cotton crop,” he said. He said that last year cotton output was 14 million bales, but this year it witnessed a decline.

The minister said that the government is focusing to increase the output beyond 14 million bales with the aim at providing raw material to the textile mills and enable the value-added sector to convert it with Oinished goods in the form of readymade garments. He appreciated the organisers for holding the 15th international exhibition.

Dastagir said that participants of around 27 countries had established their stalls at the fair and over

550 foreign delegates would visit the event. The exhibition is the best opportunity for the value-added sector, he said, adding that such exhibitions would help boost exports.

Meanwhile, The remittances sent by the overseas Pakistanis into the country have increased by six per cent year-on-year to $12.7 billion during July-February as compared with the last year’s $12 billion of the same period. According to data released by the State Bank of Pakistan (SBP), remittances amounted to almost $1.52 billion in February 2016, which is 6.7% more than the remittances received in the preceding month. Pakistanis based in foreign

countries sent home $18.4 billion in the Oiscal year 2014-15, which translated into a YoY increase of 16.5%, SBP data shows.

InOlows from Saudi Arabia were the largest source of remittances in Jul-Feb. They amounted to $3.8 billion in the eight months, up 7.7% from the corresponding period of the last year.

Remittances received in Jul-Feb from the United Arab Emirates (UAE) increased 8% to $2.8 billion on a YoY basis. InOlows from the UAE had registered the largest increase (26.1%) from any major remittancesending country in 2014-15, SBP data shows.

SBp, ptA join hands to promote branchless banking thru mobiles KARACHI

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he State Bank of Pakistan (SBP) and Pakistan Telecommunication Authority (PTA) have joined hands to promote branchless banking through mobile devices. Addressing the 9th international mobile commerce conference ‘Mobicash Mobile Commerce 2016’, jointly organised by Total Communications and two other regulators, SBP Governor Ashraf Mahmood Wathra said that

the central bank and PTA were working jointly to enable interoperability among existing branchless banks in the country. “We are creating facilities that make Oinancial transactions possible from a branchless bank account on a mobile phone network to another one,” he said. The SBP governor said the project of enabling interoperability has reached an advanced stage. “The implementation may take more time,” he said. He said they have also developed an online application named Agentchex. This would help monitor branchless bank account agents activities and transaction ac-

tivities to avoid misuse of the funds being transferred. The aggregate network of branchless banking agents has reached almost 300,000 across Pakistan up to December 2015, he said. ‘Currently, nine branchless banking deployments are live in the market, while four banks are on pilot roll out phase,” Wathra said. Up to December 2015, over 15 million customers held branchless banking accounts. For the last three quarters, about 100 million transactions amounting up to Rs500 billion were carried out on average in each quarter in the branchless banking system.

SfD to provide $122 million for social sector development KARACHI

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audi Fund for Development (SFD) would provide US$ 122 million to Pakistan for different projects, related to health care, education, communications and housing for uplift and prosperity of general masses in the country. In this regard, Saudi Fund for Development and Economic Affairs Division signed six agreements here on Thursday. Vice Chairman SFD, Yousef Ibrahim Albassam and Secretary EAD, Tariq Bajwa signed the agreements on behalf of their respective organizations. Minister for Finance Muhammad Ishaq Dar along with the delegates of SFD also witnessed the signing ceremony. Addressing the ceremony, Finance Minister highlighted the role of Saudi financial assistance in social sector development of the Pakistan including energy generation projects to help overcome energy shortages in the country. The minister informed that SFD had provided US$ 67 million for construction of Home Economic and Management College Islamabad besides construction of Islamabad General Hospital. Ishaq Dar said that the Saudi Fund had provided US$ 20 million.

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punjab govt approves 10 development projects worth rs 6.2b LAHORE

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he Punjab government has approved 10 development schemes of various sectors with an estimated cost of Rs6.2 billion. These schemes were approved in the 30th meeting of Provincial Development Working Party (PDWP) of current fiscal year 2015-16, presided over by

P&D Board Punjab Chairman Muhammad Jahanzeb Khan.

P&D Provincial Secretary Iftikhar Ali Sahoo, members of the Planning & Development Board, provincial secretaries concerned and other senior representatives of the relevant provincial departments also attended the meeting.

According to spokesman for P&DD, the approved development schemes included: Capacity

Building of DG (M&E) for improved project monitoring and evaluation of development projects in Punjab (3rd Revision) at the cost of Rs355 million, feasibility study of 5-mini hydro power sites (PC-II) at the cost of Rs25 million, reclaiming agriculture land affected due to water logging, RY Khan at the cost of Rs1.5 billion. Besides, the government also approved management of hill torrent/flood protec-

tion of Rajanpur at the cost of Rs1.8 billion, rehabilitation of Naushera Distributary System (Revised) at the cost of Rs718.017 million, urban sewerage scheme with treatment plant, Jhelum at the cost of Rs539.592 million, providing/laying of sewerage system construction/rehabilitation of storm water channel in Choa Saiden Shah District Chakwal (Phase-I) at the cost of Rs232.805 million, improve-

ment/extension urban water supply sewerage & drainage scheme Mandi Bahauddin City at the cost of Rs345.995 million, hiring of consultant firms for capacity building of building research station and road research & material testing institute in C&W Dept (PC-II) at the cost of Rs46 million and renovation/reconstruction of Punjab Civil Secretariat Lawrence Road Campus, Lahore at the cost of Rs533.334m.

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he Economic Coordination Committee of the Cabinet extended the date for reduced withholding tax rate of 0.4 percent on banking transactions of non-Oilers up to March 15.

The committee approved the extension under section 236P of Income Tax Ordinance 2001.

The meeting was chaired by Finance Minister, Senator Mohammad Ishaq Dar where ministers for Commerce, Water and Power, Minister of State for Information Technology, Chairman Privatization Commission, concerned secretaries of ministries were also present.

The ECC directed that more consultations at inter-ministerial level on the Auto Policy be carried out and that the Policy should be brought for its (ECC) consideration in the next meeting.

The meeting thereafter received a comprehensive brieOing from Secretary Finance, Dr Waqar Masood on the current economic condition.

He informed the meeting that almost all price indices pointed to lowest inOlation in more than a decade and the average inOlation during JulyFebruary was recorded at 2.48 percet, with year-on-year inOlation at 4 percent.

The low inOlation is likely to persist as Government has passed on lower prices for the month of March to consumers as well the production outlook of agriculture appears stable, he added.

The meeting was informed that the world commodity prices outlook also pointed in the direction of stable and low prices as prices of key commodities such as sugar, wheat, rice, tea, soybean, palm oil, crude oil, urea and DAP fertilizers had all registered signiOicant reductions in the Jul-Feb period.

Likewise the Secretary said that the position of stocks of key commodities was satisfactory.

The current wheat stocks amounted to 5.1 million tons against 5.4 million tons last year while stocks of sugar were registered at 2.9 million tons against 2.5 million tons last year, the meeting was informed.

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Saturday, March 12, 2016

It was further informed in the meeting that Petroleum product stocks averaged 12 days compared to 11 days last year, with stocks of Hi Speed Diesel standing at 25 days against 23 days and stocks of petrol standing at 15 days against 9 days last year.

Large Scale Manufacturing (LSM) registered a growth of 3.9 percent during Jul-Dec 2015 as against 2.7 percent for same period last year.

Similarly, the Secretary said that the leading sectors were automobiles (32 percent), fertilizer (15 percent), chemicals (11.6 percent), rubber products (9.8 percent), pharmaceutical (6.8 percent), petroleum products (6.8 percent), non-metallic mineral products (6.7 percent), leather (1.2 percent) and textiles (1.0 percent). The meeting was informed that the generation of electricity during January 2016 was 11 percent higher than last year for the same month. Gas supply was higher by 1.5 per-

cent during January 2016 compared to the same period last year. Regarding tax revenues, the meeting was informed that the tax revenues had registered an outstanding performance as during Jul-Jan 2015-16 the FBR revenues were up by 18.4 percent.

Imports during Jul-Jan 2015-16 were down by 6.8 percent while exports were down by 11.4 percent, compared to the same period last year.

However, trade balance for the same period improved by 1 percent.

Similarly foreign exchange reserves stood at $20.52 billion, as on March 04, 2016.

The State Bank of Pakistan (SBP) reserves were $15.66 billion and commercial banks’ reserves were $4.86 billion.

The Secretary Finance further informed the meeting that the SBP reserves had fallen to $2.8 billion in February 2014 and since then they have continuously risen to $15.66 billion, indicating a net official reserves build-up of about $12.9. Remittances, despite a high base of $18.7 billion during 2014-15, have risen by 6 percent during the period Jul-Jan 2015-16, which is well within the target set for the year.

The current account for the period Jul-Jan 2015-16 stood at $2.04 as against $2.64 billion during the same period last year, showing an improved external position of the country.

Foreign Direct Investment increased by 4.6 percent during the period Jul-Jan 2015-16 compared to the same period last year.

ore hat m t d e t rial ec iniste cc dir m e r e e h t ried at int be car tions a y t c l i l u o s con to p d be shoul the Au y n c i o l l o n p leve eratio at the d i h s t n d o cc) c out an r its (e o f ting t h t mee x e broug n in the

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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

case of exorbitant wheat price

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he price of wheat flour is skyrocketing in Pakistan, registering an increase of more than 300 percent during the last 10 years.

The question is why Pakistanis are forced to buy wheat flour at exorbitant price as compared to the other parts of the world when surplus wheat is available in the government stocks. According to the Pakistan Economy Watch, the government needs to look into distortions in the market as surplus wheat worth billions of rupees is wasted away annually due to lack of proper warehouse facilities in the country, leaving the field open for hoarders and black marketers to fleece the people. According to the economy watch, a former prime minister increased the wheat price as a poly to arrest the sliding popularity of his party. The step boosted the production of the commodity, but could not ensure his victory in the elections. However, in the process, the country lost competitive edge in the international market.

Reports suggest that the government has currently around six million tonnes of wheat in its warehouses and the next crop is expected to take the stocks to 25 million tonnes. With inadequate storage capacity in the warehouses, the government either will have to export wheat or donate it.

Otherwise a loss of Rs 20 billion is imminent. The economic watch chief claims that the government has allowed $45 to $55 subsidy on export of wheat, but it proved to be a futile exercise as the government could not achieve the export target. He says that the government could only export wheat worth $3 million during 2014-15 and there is a need to change strategy to save the national exchequer from losses. Experts believe the government’s decision to increase the support price of wheat has benefited big land owners and curbed its smuggling to Afghanistan and the central Asian states, but it has given a severe blow the poor and fixed income classes in the country. The mounting speculative pressure on price has also has worked as incentive for hoarders and black marketers, changing the dynamics of the flour market. The flour price has increased by Rs500 and wheat by Rs 800 per 40kg during the last five years, increasing disproportional increase in the cost of living.

iron, gold and copper deposits in chiniot P

LAHORE

Dr AftAB AfZAL

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rime Minister Nawaz Sharif has called the discovery of the huge mineral reserves near Chiniot district in Punjab as the great treasure which could change the lot of this nation. He announced the presence of rich deposits of copper, iron and gold contrary to former Punjab chief minister Chaudhry Pervez Elahi’s claims that the iron ore found in Chiniot is not of a good quality while the gold and copper deposits have not yet been conOirmed. According to him, the government is just creating media hype about the reserves which were actually discovered 10 years

ago when he was the chief executive of the province. On another note, renowned scientist Dr Samar Mubarakmand, German consultants and Chinese Metallurgical experts claim that the quality of iron ore deposits is similar to those which are found in Brazil, Russia and India. The samples of the ore were sent to the scientiOic laboratories in Canada and Switzerland which conOirmed that the iron ore is of high quality.

According to experts, the mineral deposits found in the area are estimated to be in thousands of tons. Various studies are currently being conducted, covering an area of 28-square-kilometre. Another survey will be conducted in an area of 2,000-square-kilometre and the experts believe that a

huge quantity of mineral deposits will be ready for excavation. The geologists working in the area are recommending the government to focus on the excavating of copper which is more expensive than iron in the international market.

Copper price is $5,000 per ton as compared to $100 per ton iron in the global market. The prime minister indicated that the local and foreign investors will be invited to take part in excavation of the minerals and also set up industries in the area. A feasibility study for excavating the reserves have already been completed.

It is good omen that the chief executives of the country and province are taking keen interest in the discovery of minerals in Punjab. Pakistan is already in con-

tact with Germany and China on various technological projects and more cooperation is required to excavate the minerals in the area.

What the government needs to do is to ensure transparency in the process of awarding contracts to foreign companies. Uncertainty still shrouds the future of the world-class gold mine, Reko Diq, due to poor handling of the project by the government authorities. The government could not make any good from the gold and copper mine which has the value up to $500 billion. It should be noted that Khyber Pakhtunkhwa and the Azad Kashmir have large deposits of precious stones, but the respective governments could not produce value added goods from the raw stones.

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Bangladesh imports 49% cotton from India DHAKA: Bangladesh is highly dependent on India for cotton, the basic raw material for the textile industry, due to comparative price, shorter lead time and smooth supply. According to the latest data from Bangladesh Textile Mills Association (BTMA), Bangladesh imports 49% cotton from India to meet its demand. Last year, it imported 6.10 million bale cotton, of which 2.99 million bale or 49% came from India. “India has become the single largest source of cotton import for Bangladesh due to rapid shipment, better quality, price competitiveness and settlement of dispute in a relaxed manner,” BTMA President Tapan Choudhury said at a media briefing yesterday. “Dependency on a particular country is not good for us. We are thinking an alternative,” he said. Tapan was briefing the media on Bangladesh India Cotton Fest 2016 to be held on March 12 at Raddission Blu in the capital.

pak-tajik trade festival to promote business: envoy he Embassy of Tajikistan in Pakistan in collaboration with the Chamber of Commerce and Industry of the Republic of Tajikistan would organize a Pak-Tajik Trade and Cultural Festival 2016 from 7th-10th April 2016 in Dushanbe, Tajikistan and it was a good opportunity for Pakistani businessmen to participate in the festival to show potential of their products to Tajik customers and promote trade and exports with Tajikistan. This was said by Jononov Sherali, Ambassador of Tajikistan while addressing business community at Islamabad Chamber of Commerce and Industry. He said the

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festival would encompass exhibition of Pakistani products, briefings & seminars on opportunities by ministries/authorities, business networking gatherings, B2B meetings, cultural programs, Pak-Tajik fashion shows etc. He said Pakistani businessmen could exhibit many products in the trade festival including textiles & clothing, construction & building material, home appliance & furniture, general machinery & equipment, agricultural products & machinery, health care products & instruments, food products & processing machinery, IT products & services, sports items, leather goods, fashion & beauty products, home décor products, printing & packaging and tourism & culture. He said Tajikistan has established 4 Free Economic Zones and Pakistani investors have good potential to promote their exports to Central Asia and Europe by setting up production plants in Tajikistan. He assured that his Embassy would facilitate the businessmen in participating in the Trade and Cultural Festival 2016.—CB Report

Saturday March 12, 2016

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Agriculture development a must for food security of pakistan: envoy D

FAISALABAD

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evelopment of Agriculture value chain is imperative for the successful economic development of Pakistan. In this connection, Australia is already helping Pakistan for the processing of exotic Pakistani fruit mango while value chain related projects for other crops could also be initiated in next phase of bilateral cooperation, said Margaret Adamson High Commissioner of Australia in Pakistan.

She was addressing a meeting at Faisalabad Chamber of Commerce and Industry (FCCI) which was also attended by her spouse.

The High Commissioner said that Pakistan and Australia are both agriculture countries. Australia lacks human resource, however, it has developed value chain of its agriculture products with modern and latest technologies and it was in this context that Australia was exporting its high value agriculture products throughout the world. He also termed agriculture development necessary for the food security of Pakistan and said

that Australia has been extending Pakistan in this important sector.

He said that Australia has also developed its dairy and livestock sectors and we are ready to share our experience with Pakistani counterparts for the enhancements of its milk and meat production.

Regarding education sector, she said that Australian government was extending liberal scholarships to the Pakistani students and at the moment more than 15000 students are studying in various universities of Australia. She said that in view of speciOic need of Pakistan, Australia

can also help Pakistan in capacity building by launching short courses relating to the technical and vocational education. Margaret Adamson further said that successful economic development is directly related with the private sector. She said the role of government is only to provide regulatory framework and help private sector to contribute its role in the overall development of that country.

She said that there were also bright prospects of cooperation in the Oields of tourism, hospitality, energy, renewable energy, Information technology and research & development

B’desh for karachi, chittagong direct shipping line

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KARACHI

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igh Commissioner of People’s Republic of Bangladesh Suhrab Hossain, while underscoring the need of having direct shipping line between Karachi and Chittagong, said that initiation of direct shipping line between the two countries would not only reduce time but will also bring down the cost of transportation.

In this regard, he advised the Karachi Chamber to take up this issue with the government so that the suggestion of having direct shipping line could be considered.

Exchanging views during his farewell visit to the Karachi Chamber of Commerce and Industry (KCCI), Suhrab Hossain said that during his six years long tenure as the High Commissioner of

Bangladesh, it was his third and last visit to the largest Chamber of Pakistan. “Time has come that I have to leave Pakistan but I cannot leave this country without saying goodbye to my brothers and sisters in Karachi Chamber”, he added.

Deputy High Commissioner of Bangladesh Noor-e-Helal Saifur Rehman, Senior Vice President KCCI Zia Ahmed Khan, Vice President KCCI Muhammad Naeem Sharif, Former SVP KCCI Shamim Ahmed Firpo, Chairperson of Women Entrepreneurs Sub-Committee KCCI Ms. Durre Shahwar Nisar and KCCI Managing Committee members were present at the meeting.

Bangladeshi HC further said, “We consider Pakistan as not only a friendly but also a brotherly country.

We know each other very well and that is the beauty of our relationship.” Referring to the growth and progress witnessed by Bangladesh,

he said that when Bangladesh came to existence, nothing was available while the country’s foreign reserves were zero and it even faced severe food crisis in 1974. “Today, Bangladesh holds strong foreign reserves of US$28 billion and it is selfsufOicient in terms of food and agricultural commodities which are being exported to numerous countries”, he informed, adding that Bangladesh was the 2nd largest exporters of garments after China.

He said that no load shedding was taking place in any area of Bangladesh and it has been one of the top priorities of the government to ensure uninterrupted electricity supply to the industry and the agricultural sector which ensured progress for the country.

He pointed out that many Pakistani businessmen and industrialists were successfully doing business in Bangladesh.

projects. She also underlined the importance of Faisalabad as textile hub of Pakistan and said that local entrepreneurs should now focus on the development of fashion garments industry which can fetch billions of dollars from the Australia as well as other western countries. Earlier, Acting President Faisalabad Chamber of Commerce Syed Zia Alamdar Hussain welcomed Ms. Margaret Adamson and said that Pakistan and Australia enjoyed cordial relations and have common perception about most of the international political and economic issues.

pakistani traders should avail business opportunities in iran ran is in high demand of textiles, meat and dairy and livestock based products therefore Pakistani dealing in these sectors must avail this unmatched business opportunity.

This was revealed by the LCCI Senior Vice President Almas Hyder on his return from a six-day Iran visit. He took a 26-member delegation to Iran who visited Tehran, Sheraz, Mashhad Chambers of Commerce and Industry, Qom Free Zone and Industries located in TUS Industrial Estate, Mashhad apart from having B-2-B meetings with their Iranian counterparts and high government officials. The delegation received very warm reception in Iran. —CB Report

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Ireland police seize cocaine, benzocaine worth £60,000 Saturday March 12, 2016

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DUBLIN: Detectives in the North have seized high purity cocaine with a large quantity of benzocaine.

The cocaine has a minimum street value of £60,000. Two males aged 25 and 30 are being questioned at Musgrave Police Station as part of a joint operation between PSNI and An Garda Siochana National Drugs Unit. A 20-year-old woman and a 37-year-old man have been released on Police bail. Meanwhile, Punters who purchase illegal tobacco at Drogheda’s Bolton Square market run the risk of having their items confiscated by watching Revenue officers. The Drogheda Independent has learned that a number of people who bought cigarettes from the contraband sellers were then followed by the customs and had the purchases taken off them.

cBSA seizes 118kg cocaine at pearson Airport TORONTO

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he Canada Border Services Agency (CBSA) seized 118 kilograms of cocaine at Toronto’s Pearson Airport.

During a routine cargo examination of a plane arriving from Mexico on Jan. 17, officers found two large, wooden crates with individual cardboard boxes inside.

Upon opening one of the cardboard boxes, officers discovered a brick-shaped bundle that contained a white powder, that was identified as cocaine. Inspecting both crates, officers found a total of 100 brick-shaped bundles of cocaine, which was turned over to the RCMP. In 2015, Toronto CBSA officers made 149 cocaine seizures, totaling about 700 kilograms.

Meanwhile, Three people are facing drug charges after police

Dubai customs calls for seamless trade ubai Customs Director His Excellency Ahmed Mahboob Musabih urged freight forwarding industry players in the MENA region to move to the next level, by establishing a seamless trade corridor that allows trucks to move without barriers. He also stressed the importance of fostering a productive cooperation between Customs and nonCustoms agencies to simplify formalities and utilize latest smart IT tools in information sharing, control and inspection, so as to enable trucks to move between countries in a much faster manner, without jeopardizing the security of communities and exposing them to the risks of illicit trade. HE made these statements in his speech today (Wednesday March 9) at day 2 of the Cargo Show MENA 2016, held under the patronage of HH Sheikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.—CB Report

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seized cocaine, meth and heroin in a Regina drug bust. Police executed search warrants on the 1800 block of Scarth Street as well as residences in the 1700 block of Winnipeg Street, 1000 block of Garnet Street and the 4500 block of Delhaye Way where they found various drugs. At the residence on Scarth Street police seized a large quantity of cocaine, meth and marijuana. A large sum of money was also seized, plus weigh scales and packaging associated with drug trafficking.

In total with all four search warrants police were able to recover 17 ounces of cocaine, 19 ounces of meth, 7 ounces of marijuana and 9 grams of heroin along with $7,000 in Canadian currency.

38-year-old Ryan Andrew Robson, 39-year-old Colin Jonathan McKenzie and 24-year-old Kaitlin Stephanie Pells, all of Regina, are facing a slew of drug charges including possession for the purpose of trafficking.

US customs seizes marijuana worth $483,742 BROWNSVILLE

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S Customs and Border Protection (CBP) ofOicers assigned to the Brownsville Port of Entry this week seized a signiOicant amount of marijuana within a commercial shipment of TV stands at Veterans International Bridge Cargo Import Lot. “This is a signiOicant interception of narcotics in the cargo environment and reOlects the dedication of our frontline ofOicers at Brownsville Port of Entry to uphold our border security mission while facilitating lawful commerce,” said Port Director Petra Horne, Brownsville Port of Entry. The seizure took place on Monday, Feb. 29 at Veterans International Bridge cargo import lot when CBP ofOicers referred a 34year old male Mexican citizen driv-

Sri Lanka tourism to achieve 4.5m tourists by 2020 in revised target

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ollowing Sri Lanka failing to achieve the 2 million tourist arrival target for 2015, future targets have been amended to realistic levels, the country’s tourism chief said. A document with the revised Oigures was handed over to Prime Minister Ranil Wickremesinghe this week. “We’re targeting 2.2 million visitor arrivals for 2016 and 4.5 million for 2020,” Sri Lanka Tourism Promotions Bureau and Sri Lanka Tourism Development Authority Chairman Paddy Withana said yes-

terday at a media brieOing.

However, he said that there is even a possibility of adding 200,000 additional tourist arrivals to the 2016 target if international trends align well with Sri Lanka.

Withana noted that Sri Lanka will be looking towards China and India for growth in terms of geography, while looking for niche sector growth from sports, adventure, MICE (meetings, incentives, conventions and exhibitions) and cruise tourism.—CB Report

ing a 1993 Freightliner tractor hauling a commercial shipment of television stands for a secondary examination.

With the help of non-intrusive imaging technology, CBP ofOicers discovered 168 packages of alleged marijuana weighing 2,419 pounds hidden within the

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shipment. The marijuana has an estimated street value of $483,742.

CBP ofOicers seized the narcotics along with the truck, arrested the driver and turned the case over to Homeland Security Investigations (HSI) special agents for further investigation.

Australian fruit exports growing A recently released report in Australia shows that the future for fruit exports is looking positive; exports are expected to increase from $821 million in 2015–16 to around $900 million by 2020–21. The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES)’s Outlook 2016 agricultural commodities report states that between 2010–11 and 2014–15 the total value of fruit exports grew by $262 million to $770 million following a decade of contraction. More than 80 per cent of the value of fruit exports in 2014–15 was fresh and table grapes were the highest value

export, “having grown to $240 million from $79 million in 2010–11,” the report said. “Grape exports grew in 2014–15, despite the loss of trade to Vietnam resulting from biosecurity restrictions. Vietnam was Australia’s third-largest market in 2013–14. “Exports to China and Japan increased markedly in 2014–15, with Japan becoming an important importer of Australian grapes for the Oirst time.”

Fresh oranges, mandarins, cherries and mangoes also made the list of major fruit exports. ABARES said cherry exports in particular have shown strong growth, increasing from $15 million.—CB Report

Hk customs seizes cannabies worth Hk$186,000

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HONG KONG

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he day before yesterday, Customs arrested a 20-year-old in Kowloon City after they intercepted him and found about 1.3 kilos of suspected cannabis buds on him. The drugs have an estimated street worth of HKD186,000.

OfOicers found 14 grams of suspected cannabis on the man himself as well as 1.3 kilos distributed among 95 sealed tea bags in his travelling bag. We wonder if he got the idea from that “herbal refreshment” joke in Clueless. The man who claims to be unemployed (but who certainly is entrepreneurial) was arrested under the suspicion of trafOicking in dangerous drugs. The

investigation for this case is ongoing. The maximum penalty for drug trafOicking is life imprisonment and a Oine of HKD5 million.

Meanwhile, An investigation is under way after a customs ofOicer was found dead with a gunshot wound to the head at an airport cargo terminal yesterday. Detectives from the airport police station were looking into whether the 52-year-old shot himself

with his service gun, according to a source with knowledge of the investigation. A gunshot was heard at the Cathay PaciOic Cargo Terminal on Chun Wan Road North shortly before 1pm. The ofOicer was on duty at the time and was not acting abnormally, the source added. A colleague who heard the shot found the victim, surnamed Chan, lying unconscious on the Oloor of the male changing room.

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Russian arms export remain stable in 2015 MOSCOW: Russia arms exports remained stable in 2015, despite the sharp drop in oil prices, that has drawn economical difficulties in some of the markets Russia is active in. Russia delivered defense related exports in a total amount of US$ 5.483 billion in 2015, compared to 5.468 in 2014, the Stockholm International Peace Research Institute`s (SIPRI) arms transfer database indicates.

In 2015, India remained the biggest importer of Russian defense production, having received arms and military equipment amounted to $ 1.964 bilion. China, was the second largest customer buying a total worth of $824 million in 2015. Vietnam is placed third with totaldefense acquisition of $812 million in Russia in 2015.

Major ports see rs 3,456 cr operating profit this fiscal ajor state-owned ports recorded an operating profit of Rs 3,456.95 crore in the current fiscal up to January and several steps are being taken to modernise them, the government said today.

Observing that modernisation and upgradation of ports was an ongoing process, Shipping Minister Nitin Gadkari told the Lok Sabha that a total cargo handling target of 644.35 MTPA (million metric tonnes per annum) has been set for 13 ports, including Kandla and Paradip, for the next financial year. He said the operating profit of major ports stood at Rs 3,456.95 crore in the current financial year up to January. In 2014-15 period, the same was at Rs 3,610.50 crore. For next fiscal, Gadkari said the cargo handling target for 13 ports has been set at 644.35 MTPA, with 105 MTPA expected at Kandla Port Trust.

“During 2015-16 up to February 15, 2016, 70.56 MTPA has been added.

Ports & Shipping

LNg terminal to be built at port Bratislava

port of Lc plans to industrially expand La. 397 property lans for a new worker village in Lake Charles are moving forward, but that’s not all the Port of Lake Charles has planned. The port owns roughly 350 acres of land between La. 397 and James Sudduth Parkway.

The port’s executive director, Bill Rase, said tentatively, 50 acres of land will be dedicated to South Korean company Dongsung Finetec. They will take over the former Spartech-Polycom facility.

“That’s going to a production facility that’s going to produce insulation for the LNGs and all the products that are going to be developed in this area so that’s the first part of the puzzle,” Rase said. Approximately 100 acres will be set aside for the temporary worker village. “I think it’s in the right place. It doesn’t displace anybody,” he said. “It gives us an opportunity to house the people that are needed and when those people aren’t needed anymore, it gives us the opportunity to take the housing down.” That leaves just around 200 acres of port-owned property available for development. “We have a tremendous opportunity here to develop something that will remain long term and of course, that would always be the goal,” Raise said. Since the land is already zoned for industrial development, the port wants to attract additional industries that will set up for the long haul.—CB Report

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MONTREAL

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Around 132.95 MTPA is likely to be added during 2016-17,” the Minister said in response to a query on the additional capacity proposed to be added at various ports. As part of modernisation and upgradation of ports, Gadkari said various steps are being taken including implementation of “104 initiatives to reduce time and cost of operations in ports and benchmarked to international standards”. “30 (initiatives) have been implemented and the remaining will be implemented over various phases by 2019,” he added. To a query about Cochin Port Trust, Gadkari said there are financial viability problems and the Centre is trying to help it. He also stressed that Cochin Port should create more business, improve finances and solve their own problems.—CB Report

Saturday March 12, 2016

uebec’s minister of Maritime Affairs, Jean D’Amour, has announced a major investment in industrial port areas throughout Canada’s largest province. To help spur economic growth across 16 coastal zones in Quebec, the province plans to invest $300 million in road and rail infrastructure and port services.

The investment is part of the province’s overall maritime strat-

egy, designed to create jobs and grow businesses along Quebec’s significant coastal areas particularly the St. Lawrence River.

D’Amour said companies located close to ports experience a significant competitive advantage because of their ability to move their products quickly throughout the North American market and internationally.

The Quebec government is currently reviewing which projects to direct funds and plans to make numerous individual investment by June of this year. Along with boosting businesses along shipping channels, the funds will also sup-

port Quebec’s ports. The Port of Montreal, the largest container port in Quebec, as well as Eastern Canada, has vigorously endorsed the investment.

“We believe in the merits of the concept of industrial port areas, and we are very pleased with these major investments. Montreal is a natural, ideally suited site to implement such a concept,” Sylvie Vachon, president and CEO of the Montreal Port Authority, said. Like the Port of Montreal, ports are real engines for attracting business and there will definitely be no shortage of interest in developing business in this stimulating context.”

Hard drive shipments drop nearly 17% in 2015

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WASHINGTON

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oday we’re launching a new feature on the AnandTech Pipeline: Quarterly HDD shipments reports. Here we’ll examine HDD sales and analyze what’s behind them. Since some numbers are estimates, we recommend you to check our counting methodology in the end of the story before reading.

While no one is writing off the PC market entirely, since it’s heyday

nearly a decade ago the PC market has been in a slow decline for some time, and that decline has yet to bottom out. Sales of personal computers declined by roughly 25 – 30 million units year-over-year, hitting an eight-year low in 2015 due to economic trends, weak international currencies, and competition from tablets and smartphones in some markets.

Shipments of PC components naturally dropped alongside weak PC sales, but hard drive sales in particular have made for an interesitng

observation: for 2015, declines of HDD sales greatly outpaced the regress of the PC market.

Based on estimates from Western Digital and Seagate (see counting methodology below), the total available market of hard drives contracted by nearly 100 million units year-over-year in 2015.

Meanwhile, Global shipments of motion control products fell by 3.9% last year to $2.9bn, according to statistics released by the USbased trade group, the Motion Control & Motor Association (MCMA).

“In 2015, the motion control market experienced a modest decline from 2014 due to a slowing manufacturing sector late in the year and contractions in a few main product categories,” says the MCMA’s director of market analysis, Alex Shikany.

“Three of the Oive largest segments we track – electronic drives, AC drives, and motion controllers – decreased on a year-on-year basis (by 8.1%, 7.4% and 1.4%, respectively).

Conversely, the largest segment we track – motors – saw modest growth (of 2.6%) in 2015.”

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FBR starts investigating assets of rich individuals KARACHI: Federal Board of Revenue (FBR), expediting its drive to extend tax net, has started investigating the assets of ‘rich’ individuals to assess their incomes and bring them under the tax circle.Intelligence and Investigation-IR Director Zafar Iqbal Khan has said that the investigations of assets of doctors, sportsmen, fashion designers, professionals, politicians, frequent foreign travellers and owners of luxury vehicles have been initiated. After thorough investigations, FIR would be lodged and and arrests would be made against the tax evaders.

Saturday, March 12, 2016

CUSTOMS BULLETIN

Sialkot customs collector Ahmad reza determined to curb smuggling SIALKOT SALeeM AWAN SHeikHU www.customsbulletin.com

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odel Customs Collectorate Collector Ahmad Reza has said that anti-smuggling campaign will continue following the orders of Federal Board of Revenue (FBR) Chairman Nisar Mohammad Khan.

Talking to Customs Today, Collector Reza appreciated the efforts made by Anti-Smuggling Organisation (ASO) Incharge Assistant Collector Fahad Bashir. He added that ASO teams had tightened noose around the smugglers in the region. The collector said that the ASO busted various smuggling attempts during the last days. It impounded non-duty paid three vehicles, confiscated Indian cloth and other illegal imported items worth of millions of rupees. The teams of ASO and Customs Intelligence were working together to curb the smuggling, which is causing loss to national kitty.

The collector said that staff of Sialkot Customs was fighting tooth and nail to bring the smugglers behind the bars and also save the national economy.

rcB to collect rs 500m more taxes to overcome financial crisis RAWALPINDI

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awalpindi Cantonment Board (RCB) has announced to collect taxes worth over Rs500 million to overcome the Oinancial crunch if facing due to long pending tax collection.

RCB Chief Executive OfOicer Dr Saima Shah, while talking to journalists said, “At present, the board is facing serious Oinancial

crisis and has started the process of laying off surplus employees.”

She said that the tax inspectors of RCB have to tight noose around the defaulters who did not pay tax from 1999.

Dr Saima said that there were many people who had to pay a huge amount of taxes as they owned big plazas in the cantonment area. She said the list of defaulters was very long as many prominent businessmen fall in it.

“The RCB will collect tax from all the defaulters comes what may,” she said, adding the board had asked the defaulters to pay 25

per cent of the total due tax to avoid legal action. She said that the board had started sealing the properties of the defaulters living in the cantonment areas.

Dr Saima said that RCB had launched a drive against defaulters and no relaxation would be given to anyone. She revealed that some 3, 000 housing units were still out of the tax net of the RCB. She added that the board had formed two assessment committees to bring more units in the tax net.

CEO Dr Saima Shah said that total number of units falling in the

tax net were 66, 000. Talking about Oinancial crisis, she said that the annual budgetary deOicit of the RCB was Rs250 million. She said that the board spent Rs7.5 million to pay salaries and pensions.

The RCB administrator stated that there were 22,00 employees of the board and they had declared 850 employees in the surplus pool. She said that the board had decided to lay off the surplus employees gradually. She said that the board would however retain qualiOied and hardworking employees.

The RCB administrator stated

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

that there were 22,00 employees of the board and they had declared 850 employees in the surplus pool. She said that the board had decided to lay off the surplus employees gradually. She said that the board would however retain qualiOied and hardworking employees.

She disclosed that major Oinancial problem for the RCB was long pending dues. She said that the RCB had to pay Rs3.5 billion to management of Khanpur Dam as the due had reached to this level as the board could not pay the dam management regularly.