March 3 layout 1

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Daily

Vol 1 Issue No. 305

Karachi, Thu March 3, 2016

KARACHI

AFTAB CHANNA

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ederal Board of Revenue (FBR) Chairman Nisar Mohammad Khan says that the board has achieved 18 percent growth in overall tax collections in the nine months of the current Niscal year.

“The FBR has been given a target of Rs 3.104 trillion revenue collection for the Niscal year 2015-16. And in

the six months, the FBR is some 5 percent behind the set target. We are on track to achieve revenue collection target by the end of year,” Chairman Nisar Mohammad Khan added. He stated this while inaugurating the Large Taxpayers Unit-II (LTU-II) at Karachi that was recently established to broaden the tax net and the overall collection. Furthermore, the FBR chairman said that the taxto-GDP ratio last year was 0.3 percent, however this year it has increased to 0.8 percent. He added that

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there are one million return Nilers that could be increased by simplifying the return procedure. Meanwhile, Federal Board of Revenue (FBR) Chairman Nisar Muhammad Khan has called a meeting on March 17 at the FBR headquarters to discuss ways and means to expand tax net. Chief commissioners and commissioners of Broadening of Tax Base (BTB), a wing of the FBR, will attend the meeting and present their suggestions and recommendations to bring nontaxpayers into tax net.

Collector Arslan meets RPO Wasal seeking assistance against smugglers

Quetta Customs recovers smuggled goods worth Rs 340m in two months

Public money being spent only on uplift projects: Shahbaz

Customs seizes Rani Juice, chocolates worth Rs 10 million

IG Police assures to resolve security issues in business areas

On the directives of the FBR,the MCC has decided to take help of police | See pAge 02 |

Customs Intelligence Quetta recovered smuggled items worth Rs 340 m | See pAge 03 |

CM Shahbaz has said that every single penny of public money is being spent only | See pAge 04 |

The Customs authorities have seized illegally imported Rani Juice, chocolates | See pAge 12 |

A delegation of ICCI led by its President Atif Ikram called on IGP, ICT and apprised | See pAge 09 |

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IHC dismisses petition filed against LTU official Thursday, March 3, 2016

National

ISLAMABAD: A single bench of Islamabad High Court dismissed a petition filed against LTU officer.

IHC Judge, Justice Aamer Farooq heard the tax reference filed by Wi-Tribe Pakistan Limited and dismissed it for non-prosecution. The case was filed against assistant commissioner of Large Taxpayer’s Unit (LTU). Meanwhile, a division bench of IHC adjourned hearing of cases filed by Large Taxpayer’s Unit (LTU). IHC division bench comprising of Justice Noor-Ul-Haq N Qureshi and Justice Athar Minallah adjourned hearing of tax references filed by LTU officers, Commissioner of Income Tax against M/s Economic Fuels Private limited and Muhammad Khalid Randhawa who was the named respondent on part of Shoukat and Sons Limited.

Collector Arslan meets rpo wasal seeking assistance against smugglers

Adjudication issues show cause to owner of non-duty paid vehicle ISLAMABAD

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ISLAMABAD

m FAiZAN

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n the directives of the Federal Board of Revenue, the Model Customs Collectorate has decided to take help of police and other law enforcement agencies in anti-smuggling drive.

Islamabad Customs Collector Dr. Arslan Subuctageen held a meeting with Rawalpindi Region Police OfNicer Wasal Fakhar and sought assistance against the smugglers. The RPO has assured full support of police to the Pakistan Customs.

The RPO has also nominated focal persons at all police stations and their contact numbers have also been given to the Customs ofNicials for better coordination.

Collector Arslan also asked the RPO to direct the police officer for informing the customs officials if they caught any smuggler during road checking, as it will prove helpful for eliminating the smuggling.

The police officials have been directed to play their role against the smuggling.

Meanwhile, The Directorate of Customs Intelligence and Investigation and Model Customs Collectorate at Sost Dry Port has conNiscated 29 consignments of Chinese origin, including steel billets imported by M/S Five Star Trading Company. The duty and taxes al-

dditional Collector Adjudication Rashid Habib has issued show a cause notice to the owner of the vehicle on behalf of Customs Intelligence and Investigation authorities whose vehicle was nabbed in the parking aras of excise and taxation office located in Sector H-9 Islamabad.

Sources informed Customs Today that in their notice Customs authorities advised the owner to produce legal documents regarding possession of vehicle.

Sources informed the “Applied For” was pasted instead of registeration number plate on the vehicle. Customs Intelligence authorities seized the vehicle and forwarded its chassis number and other equipments for foresenic test. The foresenic test shows that chassis are not tempered. But when customs authorities checked all the record of vehicle with sales record of auctioned vehicle they find nothing.

Customs authorities submitted a seizure report about vehicle to police stations and also certified that this vehicle is imported in Pakistan without any procedure. Collector Adjudication in notice warned the owner to produce legal documents regarding possession of vehicle failing which ex-patriate decision will be taken against him.

legedly evaded on the import of goods amount to Rs 14.93 million.

All legal formalities have been completed in this regard and notice has been issued to all concerned under section 171. According to the details, information was received through the Rawalpindi Customs Intelligence that M/S Five Star imported steel billets of as-

sorted size from China and attempted to evade duty/taxes payable thereon by mis-declaring the weight of the consignments. On which Customs North Chief Collector Sarwat Tahira Habib was requested for joint examination of the 29 consignments of the imported billets lying at dry port, Sost. The chief collector granted permission

for joint examination. A team comprising Customs Intelligence Superintendent Zahoor Ahmed Mughal, Gilgit Customs Superintendent Sohail Ahmed Qureshi, Deputy Superintendent Farrukh Azim Satti, Intelligence OfNicer Abdul Munir, and Inspector Iqbal Gondal conducted joint examination of 29 consignments of steel billets.

Faisalabad ASo seizes smuggled LeD TV worth rs 477,466 T

FAISALABAD

NAeem SHeikH

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he Customs Anti-Smuggling Organization (ASO) has conNiscated smuggled LED TV of Sony brand worth Rs 477,466 involving duty/taxes amounting to Rs 207,070 during an action ASO Deputy Collector Muhammad Falik Shair received information regarding the smuggling attempt on which he formed a team

comprising Superintendent Muhammad Javed Mehmood, Deputy Superintendent Sardar Muhammad, Inspector Masood Saeed Chohan, Abdul Jabbar, and sepoys HaNiz Naseer Ahmed, Muhammad Ashraf and Naeemullah to foil the smuggling bid. The ASO team raided near Motorway Chowk Sargodha Road, Faisalabad and intercepted a bus bearing Registration No. LES-083116. The team recovered a smuggled LED TV from the bus and seized it as the driver named Imtiaz

Qureshi and owner namely as Muhammad Wahab could not produce documents regarding its legal import. The seizure report has been submitted to the adjudication department for further legally process.

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 identiNied 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 received from the respondent despite giving ample opportunities to be heard. Muhammad Saleem Intelligence OfNicer (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.

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Rs 10.6b smuggling: Customs Court approves bail plea of accused LAHORE: The Special Federal Court of Customs taxation and Anti Smuggling Lahore has approved bail plea of the accused Saeedul Haq who was arrested from Gujranwala in smuggling case.

According to sources of Customs Today accused Saeedul Haq was arrested by the Customs Intelligence Gujranwala who recovered huge quantity of smuggled goods from a truck which was being unloaded at his warehouse in nearby area of Gujranwala city.

Customs Intelligence recovered clothes, shoes and other relevant items from the truck number IDT 3267.

FBr starts audit of banking transanctions from Feb 29

Thursday March 3, 2016

National

Quetta Customs recovers smuggled goods worth rs 340m in two months

KARACHI

wAQAr AHmeD ANSAri www.customsbulletin.com

ederal Board of Revenue (FBR) authorities started audit of those persons who made huge bank transactions. This audit is started from February 29.

Sources of FBR informed Customs Today that FBR already finalized the data of such persons who are alraedy selected for audit. Sources said that during the audit FBR authorities will examine whether the account holder paid the real tax or not. Sources revealed that those found involved in tax evasion will have to face tough penalities.It is pertinent to mention here that FBR collected data of 10,00,00 persons on February 15 for this purpose.

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FiA arrests five notorious human traffickers LAHOR

m imrAN meHAr

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he Federal Investigation Agency has speed up its crackdown against human smugglers and their agents in Lahore and all over the country. According to sources of Customs Today during two days on Sunday and Monday FIA in different action has nabbed five notorious human smugglers. On a tip-off, the FIA conducted a raid at a hideout and arrested two suspected human traffickers identified as Ashiq Muhammad and Sharif Faisal. In another action FIA booked alleged trafficker from nearby area of Lahore identified as Khuram Munir, while Rizwan Talat, Muhammad Saleem and Mazhar Hayat were also booked in different actions. The FIA raiding team also recovered dozens of fake passports, national identity cards, fake visa stickers and other important traveling documents from the alleged human traffickers’ possession.

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KARACHI

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irectorate of Customs Intelligence and Investigation Quetta recovered smuggled items worth Rs 340 millions during two months of current year.

Sources informed Customs Today that all these items were seized during the months of January and February, 2016. Seven accused persons were also taken into custody during crackdown against smuggling.

Seized items includes Iranian diesel, petrol, plastic crush, generators, narcotics, foreign origin cloth, nonduty paid cigarettes, dry fruits, illegal number plates of vehicles, and other items. Sources said that Director General Customs Intelligence during a meeting directed all concerned departments to speed up their efforts to curb smuggling activities in the region.

Meanwhile, Collector Customs Collectorate Export Saifuddin Junejo has asked the authorities concerned to ensure the smooth working scenario within the Collectorate, so that the exporters would not face any issue in their export consignments.

Sources informed Customs Today that a delegation of exporters recently held a meeting with the Collector Export in his ofNice and informed him about the issues being faced by them during export of the consignments.

The sources informed Customs

Today that the exporters’ delegation lodged a complaint about the delay in clearance of consignments

by Customs authorities and hindrances in issuance of rebate claims. The Collector Export nominated the Deputy Collector Wasif Malik as the focal person in connection to address the problems being faced by the exporters.

Meanwhile, Customs Collectorate Gwadar recovered a huge quantity of smuggled goods dur-

Seven accused persons were also taken into custody during crackdown against smuggling. Seized items includes iranian diesel, petrol, plastic crush, generators, narcotics, foreign origin cloth, non-duty paid cigarettes, dry fruits, illegal number plates of vehicles, and other items

Addl Collector rashid directs to seize Toyota mark ii ISLAMABAD

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m FAiZAN

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dditional Collector Adjudication Rashid Habib has issued Order-in-Original No. 41 and directed to seize Toyota Corolla Mark-II model 2001 which was sold by Afghan Consulate-General Peshawar to a Pakistani citizen Syed Hamza Rizvi.

Sources informed Customs Today

that above said vehicle was sold to Syed Hamza Rizvi without getting sale permission letter and the Customs NOC. Sources said that Toyota Mark II was seized by the Customs authorities upon a tip-off in H-9 sector of Islamabad. Driver of the vehicle provided documents related to diplomatic vehicle no. Cc-01-53 and GDs No ptor-HC-8087 which shows that the vehicle belong to third secretary of Aghan Consulate Abdul Bashir Wahidi. Pakistani foreign ofNice ofNicials also conNirmed that the

vehicle is owned by Afghan diplomat who already left Pakistan and sold this vehicle to a Pakistani citizen illegally. Afghan diplomat used his diplomaic immunity illegally.

Sources said that now Customs Adjudication issued Ninal show cause notice to owner of the vehicle directing him to appear, but during last four hearing he failed to appear even in single hearing. Keeping in view all this situation Additional Collector directed authorities to seize vehicle in favour of federation.

ing the first 20 days of February.

The market value of these items is Rs 38.6 millions. Sources told Customs Today that eight accused were taken into custody during seizure of these items. The items which were seized in the first week of February include 86,000 liters of smuggled Iranian diesel, 1,000 bundles of non-duty paid cigarettes and 25 kilograms of hashish.While during the second week of February.

Quetta Customs recovers huge quantity of hashish irectorate-General Customs Intelligence and Investigations Quetta, in the collaboration with the Frontier Corps, has seized a huge quantity of hashish. Sources informed Customs Today that the Customs intelligence received information regarding smuggling attempts. The Customs antismuggling team, with support of the Frontier Corps, intercepted a passenger coach which was coming from Quetta.

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Inflation surged to 4.02% in Feb ISLAMABAD: The annual inflation of the country increased to 4.02 percent in February as compared to same month of the year 2015.

On month-on-month basis, the inflation measured through Consumer Price Index (CPI) fell by 0.25 percent in February as compared to January, 2016, Chief Statistician, Pakistan Bureau of Statistics (PBS) Asif Bajwa told the newsmen here on Tuesday. He said the main cause of decrease in inflation rate was fall of food items’ prices, as only one important item (sugar 4.33 percent) measured by the PBS witnessed increase during the month as compared to the previous month.

Thursday, March 3, 2016

Business

pSX gains 264pts to take tally to 31773 level KARACHI

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he stocks Wednesday witnessed huge trading in cement sector, which took the KSE-100 index to 31772.90 points level after gaining 263.79 points at closing. The stocks recorded the highest trading level of 31876.82 points and lowest level of 31509.11 points, with the volume of 160 million shares, having about Rs11 billion value. As many as 320 companies were active; of which 190 advanced, 114 declined and 16 remained unchanged.

Cement was the top traded sector

CNg price reduced by rs 6-7 per kg ISLAMABAD

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he prices of gas at CNG stations being run on re-gasified LNG (RLNG) throughout Punjab zone are being reduced by Rs 6 to Rs7 per kilogramme. All Pakistan CNG Association central leader Ghiyas Paracha said, “If the government reduced the prices of petrol to Rs 69 per litre from the existing Rs71.7 per litre then CNG would be about 30 percent cheaper than gasoline.”. The existing price of CNG in Punjab is around Rs 55.40 and Rs 7 reduction will bring it down to around 48.

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with 34,638,000 volume, while commercial banks remained second with 22,166,200 volume.

The three top traded companies were TRG Pak Ltd with a volume of 14,441,500and price per share of 25.45 (1.21), Fauji Cement with a vol-

ume 9,174,000 of price per share of 40.76 (1.56), and DGK Cement with a volume 8,951,400 of price per share of 165.44 (7.87). The top three gainers were Unilever Foods with price per share 5790 (220), Nestle Pakwith price per share of 6845 (61.33)

and Mari Petroleum price per share of 640.02 (30.47). The top three losers were Pak Tobacco with price per share of 1172 (-61.35), Philip Morris Pak with price per share of 1790 (17.14) and Hinopak Motor per share of 1008.55 (-13.80). Earlier, the bullish trend entered another day as the Pakistan Stock Exchange (PSX) added 250.73 points to reach 31759.84 points level. The growing trend continued till midday as the stocks gained massive 323.53 points to reach 31832.64 points level On Tuesday, the PSX benchmark KSE100 index remained volatile but buying in the later half helped it close up 139.60 points at 31,509.11. Hub Power Company Limited (HUBC) was the top loser in the index shedding only – 0.99%.

public money being spent only on uplift projects: Shahbaz LAHORE

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hief Minister Shahbaz Sharif has said that every single penny of public money is being spent only on the development projects. Talking to members of National Assembly belonging to various districts, the CM said that the PML-N government is implementing the policy of transparency and billions of rupees have been saved in public

welfare projects, which are now being spent on projects of progress and prosperity of the citizens. The chief minister said transparency and supremacy of merit have become the hallmark of Punjab government.

Shahbaz said the government has laid the foundation of a new culture by completing development projects with transparency, quality and speed. He said had this policy of standard, merit and transparency been followed in the implementation of projects during the last 68 years, the situation

of the country would have been different.

The chief minister has said that availability of potable water is the basic right of every citizen and keeping in view this fact, the Punjab government is implementing a big programme under which water filtration plants will be set up throughout the province. He said that besides supply of drinking water, improvement of sewerage system, capacity-building of WASA and use of modern technology for waste water treatment is the need of the hour.

railways to unveil engineering diplomas, degrees ISLAMABAD

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akistan Railways will introduce engineering diplomas and degrees in educational institutes for achieving self-sufficiency in the important sector of the communication. “The efforts in this regard were being made by the present government,” an official in the Ministry of Railways told APP. He said there were no regular specified training courses for the Railway employees abroad, however, on basis of regional cooperation, some sponsored courses were offered from time to time. The ministry was considering sending technical staff abroad on training on its own expenses so that the required skills could be attained during this year, he added.

He said the present government had now targeted upgradation of 21 railway stations at a cost of Rs.1956 million during next three years.

“Modernization and beautification of the stations will be exemplary,” he added. The government, he said, was utilizing all available resources to make Pakistan Railways a modern and reliable mean of travelling.

Pakistan Railways had brought a paradigm shift in the policy of the procurement of rolling stock discouraging import as completely built units (CBU), he added.

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Telecom investments cross $2.67 billion mark ISLAMABAD

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he telecom sector investments, including proceeds from 3G/4G spectrum auction and further contributions from operators in infrastructure, have crossed $ 2.67 billion.

The launch of 3G/4G (mobile broadband services) was a success story as within a short span its com-

mercial launch, broadband subscribers have crossed 26 million and the broadband penetration has gone up from less than 3 % to over 15 %.

Sources at Ministry of Information Technology and Telecommunications (MoIT) on Tuesday said introduction of 3G/4G (mobile broadband) has not only brought telecom sector at par with developed countries in terms of modern telecom services but also created more avenues of employment. The

Nields include e-commerce, e-health, e-education, IT applications, content development and home-based businesses etc. across Pakistan.

The sources said as per World Bank studies 10 % increase in highspeed Internet connections boosts annual Gross Domestic Product (GDP) growth by 1.38 % point and considering the exponential rise in mobile broadband users (3G/4G), it is expected that the introduction of this technology would have a very positive

impact on economic growth in the country. They said already IT exports have risen by 41% in 2014-15 as compared to previous year, content and software development is also gaining signiNicant momentum and soon will get status of sub-sector within IT sector. The connectivity of broadband through 3G/4G services has resulted in expansion of Ninancial services web and e-commerce related activities particularly in relation to women which constitutes 51 % of the popu-

lation, the sources said. Meanwhile, The government has reduced prices of petroleum products by Rs8.48 per litre. The Oil & Gas Regulatory Authority (Ogra) had proposed to the Ninance ministry that petrol prices be reduced by Rs 8.48 per litre, bringing it down from Rs 71.25 to Rs 62.77 per litre. High-speed diesel price has been cut by Rs 4.67 per litre from Rs 75.79 to Rs 71.12. Light diesel oil price has been cut by Rs 1.97 per litre from Rs 39.94 to Rs 37.97.

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ederal Finance Minister Ishaq Dar has extended the deadline of Voluntary Tax Compliance Scheme till March 15.

Dar, in the presence of traders, also announced to increase the rate of withholding tax on banking transactions valuing over Rs50,000 from 0.3% to 0.4% to compel the traders to come in the tax net.

The standard withholding tax rate enforced from July was 0.6% that the government halved to appease the traders. During Nirst seven months of the Niscal year, the government collected Rs13.2 billion by charging 0.3% on bank transactions from those who did not come in the tax net. The government’s decision to extend the last date for Niling income tax returns for the current Niscal year for traders and all other segments has resulted in a violation of Income Tax Rules. The government has not yet closed the process of accepting income tax returns for the current Niscal year against the original deadline of September 2015.

Dar refused to give an estimate as to how many of the traders would opt for the scheme in the next 15 days, saying, “I cannot give a number but the representatives of the traders say this

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Thursday, March 3, 2016

time it will be a decent Nigure.”

Dar said by the last date, less than 2,500 people availed the scheme and paid Rs220 million in taxes. FBR Chairman Nisar Mohammad said that the majority of about 2,200 people were those who Niled the income tax returns for the Nirst time. The FBR collected Rs1,814 billion during Nirst eight months (July-February) of this Niscal year, leaving Rs291 billion balance that it will have to collect in March to meet IMF’s condition for the third quarter of the Niscal year.

Meanwhile, The current export Ninance rate 3.5 percent is the lowest in a decade and it had been lowered to ensure the availability of affordable Ninance for the export sector. As result, the position of availability of affordable Ninance for the export sector has improved signiNicantly. Sources at the Finance Ministry told Customs Today on Monday that the State Bank of Pakistan (SBP) also reduced the discount rate to 6 percent in a bid to improve the availability of Ninance for the export sector.

The source said that government had taken a number of steps to increase the exports of the country, including the concessionary Ninancing, duty free import of raw material under temporary importation scheme/Duty Tax Remission on Exports (DTRE), concessions in duty/taxes on import of machinery and raw material of priority export sectors. “The initiatives inter-alia included,

concessionary Ninancing, subsidy on cost of plant and machinery, establishment of EXIM Bank, Services Trade Development Council, Trade in Services Wing, Trade Dispute Resolution Organization, Pakistan Land Port Authority and Leather Export Promotion Council” the source observed.

te tax ra g n i d hol t d with as 0.6% tha r a d n a se uly w The st appea rom J o f t d d e e c halv enfor even ment n r e first s v g o n g i r e u e D th ear, th ders. y a l r t a c e s on th the fi 2 billi f . o 3 1 s h s ted r mont collec t bank n e % on nm r 3 . e not 0 v o g g o did gin r h a w h c e by thos from t s n o i t c tax ne transa ome in the c

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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

Halal food market

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akistan’s share is only around $28 million or just 0.5 percent of the total global halal food trade. A quarter of the world population is Muslim and Pakistan ranks 18th in the index of the halal meat production with a capacity to produce 650,402 tons chicken meat, 73,000 tons buffalo meat, 70,600 tons cattle meat, 270,000 tons goat meat and 154,000 tons sheep meat per year. According to an official of the Federation of Pakistan Chambers of Commerce and Industry, more than 80 percent of the world halal trade is dominated by non-Muslim countries. The National Assembly has recently passed a bill to set up the Pakistan Halal Authority to ensure supply of halal food to the people.

Pakistanis use 100 percent halal food items and the country has the potential to enter the global halal food industry but its share in the $2.3 trillion halal food market is negligible. The authority will be tasked to set halal food standards to fully utilize the country’s potentials.

The awareness of halal products had increased among Muslim nations with advent of Internet, mobile phone and other technological advances. Halal products are a symbol of healthy, wholesome and hygienic food and has growing popularity even in the non-Muslim individuals. According to a report of the Global Islamic Economy, the worldwide spending on halal food and lifestyle products can rise 10.8 percent per year until 2019 and will increase the international halal food trade to $3.7 trillion. Despite the low per capita income, Pakistan with a population of around 180 million is itself one of the largest market of halal food and products from nonMuslim countries, such as Australia and China are easily available in its super stores. At present, Canada, Indonesia, India, Malaysia, Philippines, Thailand, New Zealand and US are the leading halal food suppliers in the world while Australia, Brazil and France are the biggest halal chicken exporters in the Middle East.

The problem with the Pakistani policymakers is that they forget the local food requirements in their quest to enhance exports. Pakistanis also deserve halal food at competitive rates and they should not be denied of this right.

However, specific cattle farms and food processing zones can be established only for export purpose.

Bailout package for leather industry T

LAHORE

Dr AFTAB AFZAL

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he leather industry contributes Nive percent to the gross domestic product and about seven percent to the total export earnings whereas about 200,000 workforce is engaged with the sector in the country.

Pakistan is a major producer of leather products, includingfootwear, garments, gloves, shoes and other miscellaneous goods.

At least 2,500 tanneries and footwear manufacturing units are operational in Karachi, Lahore, Sialkot and Kasur as the leather sector is the second most dynamic after textiles and 90 percent of the leather products are exported,

earning precious foreign exchange for the country. According to an ofNicial of the Pakistan Tanners Association, leather exports of the country has been hovering around $1.196 billion for the last Nive years whereas leather export of China has increased by 19 percent, India by 63 percent and Bangladesh by 73.58 percent during the period. Bangladesh is even taking over the Pakistani markets in European Union and elsewhere and is now earning more than $1.12 billion a year.

The Export Development Fund has now approved projects worth Rs 1 billion to arrest the declining exports, including development of a tannery zone in Sialkot at a cost of Rs400 million. The Environmental Protection Agency is man-

dated with supervising and implementing the projects with technical and Ninancial assistance of the United Nations Industrial Development Organization. The international buyers were wary of the environmental issues in Pakistan, especially water pollution, caused by the tannery industry. The projects will address their concerns to a large extent.

The board has also allocated Rs530 million to hold road shows in Kazakhstan, Kyrgyzstan, Uzbekistan and Tajikistan. The Pakistani products in the pharmaceutical, textile, sports, surgical goods, agricultural products and auto parts will also be showcased in the shows to be held in May. The Central Asian Republics are a potential market for the Pakistani

products, but the Pakistani business community has failed to grab its due share. However, Pakistan has edge over India and Bangladesh to enhance its exports to the landlocked countries due to advantage of regional connectivity projects. The road shows will provide an opportunity to the private sectors of the Central Asian States to establish businessto-business contacts with their counterparts in Pakistan and get quality products at competitive prices. The main thrust of the government should be to put our own house in order. The Trade Development Authority, Export Development Fund, ports, and shipping and airports authorities should work in tandem to facilitate export promotion activities.

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Iran, South Korea seal €5b deal TEHRAN: Iran said on Sunday that it had signed a basic agreement with South Korea to attract funds worth a total value of €5 billion for its development projects. The agreement was signed between Iran’s Finance Minister Ali Tayyeb-Nia and the visiting South Korean Minister of Trade, Industry and Energy Joo Hyunghwan. Tayyeb-Nia told reporters that similar agreements have been previously signed with South Korea including one with the country’s Exim Bank to provide a total of €8 billion to Iran to implement its development projects. The Iranian minister further emphasized that South Korea is expected to provide Iran with loans worth a total of $15 billion based on the agreements that have been sealed so far.

Tayyeb-Nia also said Minister Joo had told him that South Korean wants to invest in Iran’s auto industry as well as its tourism sector and its oil and gas projects.

SCCi lauds govt for establishing ‘Common effluent Treatment plant’ he Sialkot Chamber of Commerce and Industry (SCCI) has hailed the federal government for approving a grant of Rs 400 million from Export Development Fund (EDF) for the installation of Common Effluent Treatment Plant in Sialkot Tanner Zone.

SCCI President Mansur Ahmed termed it a very positive step by the government, saying this grant would help the Sialkot exporters in the early completion of the Sialkot Tannery Zone project, an important initiative for improving environment.

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The SCCI President revealed that the relocation of all the 274 small, medium and big sized tanneries from Sialkot city to the Sialkot Tannery zone as part of climate change adaptation is crucial but the project could not be completed without the installation of Water treatment Plant there. He elaborated that the total cost for installation of the Common Effluent Treatment Plant is Rs. 1.13 billion, saying that Rs. 370 million have already been approved for the said project under UNIDO-GEF project. President SCCI stated that the working on the plant would start as soon as the approved grant is provided by the government. He said that the Tannery zone project would be instrumental in resolving the environmental issues created by the disposal of hazardous chemicals from tanneries and would also address the environmental concerns of international buyers to enhance procurement orders from Pakistan.—CB Report

Thursday March 3, 2016

Chambers

ig assures traders of resolving security issues in business areas A

ISLAMABAD

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delegation of Islamabad Chamber of Commerce and Industry led by its President Atif Ikram Sheikh called on Muhammad Khalid Khattak, Inspector General of Police, ICT and apprised him of the security related issues of the business community.

Addressing the delegation, Muhammad Khalid Khattak, IGP ICT said that businessmen were playing an important role in the development of economy and all possible efforts would be made to improve the security arrangements in markets, commercial centers and industrial areas. He said that business community would be given representation in Police Reconciliation Committees to work jointly for improving law and order situation in the federal capital.

The IGP ICT directed the SSP Saddar to ensure close liaison with business community for improving the security in business areas. He said that trade unions should arrange security cameras in markets that would help the police in

overcoming security problems. He said business community and philanthropists should come forward to cooperate in running the Police Lines Hospital for providing better healthcare services to the police force. He said ratio of motorbike accidents was high in the federal capital and separate lanes would be arranged for the safety of motorbikes. He assured that he would try to visit ICCI in the Nirst week of March to consult with business

community for ensuring foolproof security arrangements in business centres and the city.

Speaking on the occasion, Atif Ikram Sheikh, President, Islamabad Chamber of Commerce and Industry appreciated the efforts of police for improving law and order situation in Islamabad. He said a safe and secured environment was key requirement for the growth of business and investment activities and better presence of police in com-

Dairy, livestock can be driving force for economy

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LAHORE

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he Lahore Chamber of Commerce and Industry urged the private sector to shift its focus towards the livestock sector which has the immense potential to work as driving force for the national economy. The LCCI President Sheikh Muhammad Arshad, Senior Vice President Almas Hyder and Vice President Nasir Saeed said that livestock accounts for around 11.4% for the GDP and its value is higher than all the agricultural products including major, minor and fruits and vegetables.

They said that a little focus towards this important sector and public-private partnership could yield miraculous results.

They said that appetite for Pakistani meat is strong in both domes-

tic and export markets. They said that exports of live animals should be marginalized and only meat be exported to get maximum beneNits.

They said that 15% milk is wasted in transportation requiring instant remedies. More chillers on farmlands need to be established, these can operate through join ownership of farmers. They said that the chillers should be operated on noproNit-no-loss basis through interest free loan from the state, returnable in Nive years time.

The LCCI office-bearers said that poultry meat accounts for around 25% of domestic food requirements. The major means to cut cost in poultry is through reducing all import items involved in industry to zero level. They said that local research institutes are required to develop lair-chick farms and establish hatcheries within the vicinities of broiler

farms in order to cut the cost of transportation and to keep the overall cost minimal in domestic market. They said that livestock is the main industry that can be used for poverty alleviation in rural areas. They said that the unused land provided to the farmers for livestock and the animal refuse and dun used for producing biomass, the fuel for generating electricity. They said that this electricity in rural areas can help manage the chiller for milk and at later stage can help freeze meat for exports.

“In order to root out rural poverty it is recommended to provide 5 buffaloes, 10 goats and 3 acres to widows in each village.

Once these are in place poverty reduction will be ensured and at the same time can provide milk, meat and biomass for the power projects in villages”, they added.

mercial and industrial areas would enable entrepreneurs to run business activities with conNidence.

He said business and industrial areas were needed to be covered with security cameras that would provide a better sense of security to the businessmen. He said representation of business community in Police Reconciliation Committees would contribute positively to curbing the crimes and improving security.

Quetta commissioner meets traders for VTCS ommissioner Sahibzada Abdul Mateen Khan, along with other Regional Tax Office’s officers met with the office-bearers of Chamber of Small Traders & Industry to apprise them about the benefits of the Voluntary Tax Compliance Scheme (VTCS) for traders. Chamber’s President Wali Muhammad and Sr Vice President Haji Baseer Khan welcomed the Commissioner and his colleagues and expressed deep interest in the VTCS. Wali hoped that the small traders of Quetta will benefit deeply from this scheme, adding that he would convince them to avail the facilities of the scheme. Later, the chamber officebearers presented shield to Commissioner Sahibzada Abdul Mateen and QCCI President Haji Jumma Khan.—CB Report

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Sri Lanka’s exports fall 5.6% from 2014 Thursday March 3, 2016

World

COLOMBO: Sri Lanka’s exports fell 5.6 percent from a year earlier to 10,504 million dollars and imports fell 2.5 percent to 18.9 billion US dollars, with the trade gap rising marginally to 8,430 million US dollars, central bank data showed. Central Bank’s head of economic research K M M Siriwardene, said oil imports fell 41.3 percent to 2.6 billion US dollars but non-oil imports rose 9.6 percent to 15,235 million dollars.

In late 2015 and early 2016 oil prices were sharply cut putting more money in the hands of people to import non-oil goods. Interest rates were also low, allowing credit fuelled purchases like car imports.

Vehicles imports, which rose 51 percent to 1,359 billion US dollars has slowed in January 2016, Siriwardene said.

malaysian police seize 414,000 yaba pills KUALA LUMPUR

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ome 414,000 Yaba pills were seized following a raid in Rantau Panjang, Kelantan, said Tan Sri Khalid Abu Bakar.

The Inspector-General of Police tweeted that 14 people, including Nive Thai nationals, were detained in the raid by Bukit Aman’s Special Tactical Intelligence Narcotics Group (STING) on Monday.

“Congratulations to STING and the Narcotics Criminal Investigation Department (NCID) for the success in nabbing the 14 suspects and seizing the drugs. “Go PDRM go,” he tweeted here the other day.

The NCID, especially STING, has been aggressive in the war against the drug menace. Last year alone, the department nabbed 182,787 people and seized a total of RM238.87mil in drugs. Among

Canadian police seize heroin, meth and cocaine hree people are facing drug charges after police 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.—CB Report

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those arrested were 22 drug lords.

Meanwhile, Customs ofNicers have arrested a woman from South Africa at the KL International Airport and foiled an attempt to smuggle into the country 3.11kg of cocaine valued at RM622,000 in chocolate tins. KLIA Customs director Datuk Chik Omar Chik Lim said today the 28-year-old woman was held after she Nlew in from Dubai on Sunday and was waiting to board a Nlight to Kota Baru.

The woman, suspected to be a drug mule, had the drugs in four of nine chocolate tins in her cabin luggage, he told a press conference at the KLIA Customs Complex.

“A scan of the luggage showed suspicios-looking objects,” he said, adding that an inspection revealed 166 packets of cocaine wrapped like chocolate. The four tins containing the cocaine had been placed below the Nive containing chocolate, he added. Chik Omar said the woman, who was unemployed, was on her maiden visit to Malaysia.

Hong kong police seize Hk$750,000 worth of drugs

HONG KONG

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our suspected drug trafNickers were arrested and more than 4.5kg of illegal drugs

ST engineering’s revenue falls by 3.1% to $6.33 billion

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erospace and defence conglomerate Singapore Technologies Engineering (ST Engineering) saw weak results from its shipbuilding business, offset somewhat by strong results from its electronics sector and a stronger United States dollar.

Net profit for the full year dipped 0.5 per cent to $529 million, while revenue fell 3.1 per cent to $6.33 billion for the 12 months to Dec 31, from the same period a year earlier.

Lower revenue from the marine sector was mainly offset by higher revenue from the electronics and other sectors, said the Nirm yesterday. Turnover from the aerospace sector grew 1 per cent to $2.09 billion, thanks to more revenue in Singapore-dollar terms from a stronger US dollar, and more maintenance programmes in the engineering and materials services business. This was partly offset by lower revenue from the aircraft maintenance and modiNication business.—CB Report

with an estimated street value of HK$750,000 conNiscated in four separate cases across the city on Wednesday night. The four Hongkongers, aged between 28 and 38, were picked up in Mong Kok, Kwai Chung, Sha Tin and Tseung Kwan O over a period of three hours.

The drugs seized were crystal

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meth, also known as Ice, and ketamine. The Nirst suspect – a 38-yearold man – was nabbed at about 7.45pm on Wednesday when ofNicers intercepted him on Portland Street, Mong Kok and found 500 grams of what appeared to be Ice on him. At about 9.15pm, anti-triad ofNicers from the Eastern police district intercepted a 32-year-old man in a Kwai Fuk Road car park in Kwai Chung as he got out of his vehicle.

Police found 3.5kg of what was suspected to be ketamine on him and in his car. The haul had an estimated street value of HK$480,000.

In the third case, police found a man, 28, acting suspicious and intercepted him for a stop and search on Sha Tin Centre Street, Sha Tin at 9.30pm. OfNicers seized 350 grams of what appeared to be ketamine in a bag he was carrying. About an hour later, police arrested a 28-yearold man and conNiscated 350 grams of what appeared to be ketamine at Ming Tak Estate in Tseung Kwan O.

Abu Dhabi inflation up 3.2% in Jan

he Abu Dhabi Statistics Centre released the following January consumer price data for the Gulf Arab emirate on Monday, changing the base year for the data series to 2014 from 2007, which had the effect of lowering the inflation rate sharply. The change in the base year reduced the weighting of housing and utilities in the consumer basket to 31.2 percent from 37.9 percent, among other changes.

This had the effect of lowering the inflation rate. In December, using the 2007 base year, consumer prices rose 0.4 percent month-on-

month and 5.2 percent year-onyear, according to Reuters calculations. In January, prices of housing and utilities jumped 8.2 percent while food and beverage prices increased 1.1 percent, the statistics centre said. Meanwhile, Praemium, provider of varied financial solutions to the wealth management industry worldwide, has moved to Dubai with the support of Dubai Investment Development Agency, or Dubai FDI, an agency of the Department of Economic Development and business services provider, Capital International Group.—CB Report

Bangladesh to invest $1.0b in Bhutan hydropowe

B DHAKA

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angladesh is weighing a deal with Bhutan to invest around US$1.0 billion in hydropower in the landlocked country to re-import the electricity, ofNicials said. It’s part of a regional power trade.

The International Finance Cor-

poration (IFC), an enterprise of the World Bank Group, has already assured the government of Ninancing regional power trade involving Bangladesh, India, Nepal and Bhutan. The Power Division under the Ministry of Power, Energy and Mineral Resources (MPEMR) is currently examining the memorandum of understanding (MoU) with Bhutan. “We are now working on

the draft of the MoU sent by Bhutan,” a senior Power Division ofNicial told the FE Sunday.

The Ninal draft would be sent back to Bhutan after necessary changes before inking the proposed deal, he said. Once the MoU is inked, the two governments could start work on speciNic agenda to expedite import of electricity from the hydropower-rich Himalayan country,

said the ofNicial. Bangladesh has already completed preliminary talks with Bhutan as well as neighbouring India to facilitate import of hydroelectricity crossing over Indian territories. Currently, India has electricity connectivity with Bhutan.

India has invested in hydropower project in Bhutan before importing electricity. Bangladesh is set to follow suit, said an ofNicial.

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US preliminary steel imports rise 10% in Jan WASHINGTON: Based on preliminary Census Bureau data, the American Iron and Steel Institute (AISI) reported today that the U.S. imported a total of 2,577,000 net tons (NT) of steel in January 2016, including 2,217,000net tons (NT) of finished steel (up 10.0% and 8.8%, respectively, vs. December final data). Year-to-date total and finished steel imports are 2,577,000 and 2,217,000 net tons (NT), respectively, down 41% and 38% respectively, vs. the same period in 2015.

Finished steel import market share was estimated at 26% in January. Key finished steel products with a significant import increase in January this year compared to December 2015.

Container volumes grow 7% in Jan ontainer volumes at major ports jumped 7% in January this year on a year on year comparison says the recent data by Indian Ports Association (IPA). Among various regions, South-based ports showed healthu volumes. Ports at Chennai, Tuticorin and Vizag recorded 6%, 26% and 39% respectively on a year on year comparison. According to a report by Axis Securities, “Aggregate cargo volume at major ports grew 5% YoY in Jan (up 3.4% YTD), which was driven by 23% growth in Iron ore and 9% rise in Coal volumes, while fertilizer volumes declined 23%.” The report states, ” While near term growth for Container Corporation (CCRI) and Gateway Distriparks (GDPL) may remain muted, we are optimistic on their medium term growth prospects given healthy expansion plans across strategic locations. We have a BUY rating on (a) Navkar (TP of Rs255; implied P/E of ~22x FY17E EPS), (b) GDPL (SoTP-based TP of Rs295) and HOLD rating on CCRI (TP of Rs 1,160;

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22x FY17E EPS).” Meanwhile, Adani Ports and Special Economic Zone Ltd, India’s biggest private port operator, is looking to complete its “string of pearls” ports strategy by plugging gaps that remain in a few coastal states. In addition, the company is also eyeing overseas acquisitions. The company, part of billionaire Gautam Adani-led infrastructure conglomerate Adani Group, is actively looking at acquisitions, two company executives said, adding that chief executive officer Karan Adani is leading the drive. Karan is Gautam Adani’s son and took charge of Adani Ports on 1 January. In India, the company is looking to expand its presence in Maharashtra and West Bengal. In overseas markets, the company is scouting for port opportunities in Sri Lanka.—CB Report

Ports & Shipping

Federal govt to reconnect railway with sea ports

Thursday March 3, 2016

indian ports sector to get benefit from several govt plans ndian ports sector plays vital role in fastening the country’s trade and economic growth as Indian ports handles around 95% of nation’s merchandised export-import trade and stands at 16th spot among the maritime countries. Increased import of energy, containerization of export and import cargo and fertilizer agro commodities will continue to grow the cargo volumes at Indian ports.

There are 12 Major Ports & 187 Minor/Intermediate ports along the 7,517 kms long coast line of the country. The major ports in the country are Kolkata, Haldia, Paradip, Vishakapatnam, Chennai, Ennore, KandlaTuticorin, Cochin, V.O.Chidambaranar, New Mangalore, Mormugao, Jawaharlal Nehru at Nhava and Mumbai.

Between FY07- FY15, cargo traffic grew at CAGR 2.9 per cent Over FY0715. Cargo traffic during FY15 for solid, liquid, and container cargo was 273, 188.9, and 119.4 MMT, respectively.

Solid included Iron ore (2.8%), Coal (20.4%), Fertilizer (2.8%) and other cargo (20.9%). Other cargo in Solid includes fertiliser raw material (dry) and food-grains. Liquid include; petroleum, oil and lubricants.

Other cargo in Solid includes fertiliser raw material (dry) and food-grains.

Liquid include; petroleum, oil and lubricants.—CB Report

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LAGOS

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he Minister of Transportation, Mr Rotimi Amaechi has said that the Federal Government will re-connect the country’s railway with the sea ports in a bid to boost economic activities.

Amaechi said this during a meeting he had with port professionals on Monday in Lagos.

The minister said President Muhamadu Buhari’s resolve to diversify the economy had brought to the

front burner the need to implement the inter-modal means of transportation in the country. “We expect that before June or July, we should begin the process or we should start the construction of the Lagos-Kano, and possibly the Lagos-Calabar railway. “If those two contracts commence, then we expect that they would generate employment (and) economic activity would improve.

“And we say that all of these must terminate at the sea ports, so anybody can import from any particular place in time. “You can import from Warri Sea Port; you can import from Port Harcourt sea port; you can import or export from Calabar sea port or any

of the sea ports. “In terminating the railway, we are going to terminate one at Apapa and another one at Tin Can to encourage inter-modal means of transportation.’’ The minister gave the assurance that appropriate measures would be taken to ensure that the country received the right amount of revenue from the system.

“We also want to know how much is coming in and how much is being spent.’’ “Nobody is expected to spend more than the budget has been approved for you so that we save money for the economy.’’ Amaechi, therefore, urged Nigerians to be patient with the Federal Government as its works assiduously to revive the economy.

Congestion at ports hindering work of customs

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WASHINGTON

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he Customs Division of the Ghana Revenue Authority (GRA) says its ofNicials at the country’s ports are unable to conduct exhaustive physical examination of goods arriving at the ports due to congestion.

According to the Commissioner of the division, Mr John Vianney Kuudamnuru, whereas the ban on the importation of certain products are

still in place, congestion within the port space has made it difNicult for ofNicials to fully unload containers for a comprehensive physical examination to ensure those products are not allowed into the market space.

“Because there are no sufNicient spaces to unload an entire container, our ofNicers, in doing the physical examination, may only bring out a few items for viewing on the assumption that the items are legal products that ought to be allowed into the market space,” Mr Vianney said. He indicated that importers of

products such as frozen turkey tails, for instance, would conceal them in the container by covering them with large quantities of frozen chicken to deceive ofNicials to believe that the entire consignment was frozen chicken. Importers of used clothing, mattresses and pirated textiles, Mr Vianney said, had also adopted similar strategies by diverting them to neighbouring countries where the products were allowed, and then cart them, using the services of smaller boat operators, to coastal communities such as Ada in the

Greater Accra Region and parts of the Volta Region, from where they unload them for onward transportation to the various market centres. He made the disclosures during an interaction with members of the Media Network of the ECOWAS Community Development Programme (ECOWAS CDP) in Accra last Saturday. He made the disclosures during an interaction with members of the Media Network of the ECOWAS Community Development Programme (ECOWAS CDP) in Accra last Saturday.

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Faisalabad RTO Zone-I collects Rs 393m in 3 weeks of February FAISALABAD: The Regional Tax Office (RTO) Zone-I of the Federal Board of Revenue (FBR) has collected Rs 393.49 million under the head of sales tax during the first three weeks of February, 2016.

The zone-I has collected Rs 372.31 million net sales tax during the said period, besides recovering Rs 21.18 million arrears from the taxpayers, Commissiner Muhammad Azam said.

He added that unit-I of the zone has collected Rs 92.65 million, unit-II Rs 71.88 million and unit-III collected Rs 207.78 million.

Thursday, March 3, 2016

CUSTOMS BULLETIN

Customs seizes rani Juice, chocolates worth rs 10 million LAHORE m HAYAT

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he Customs authorities have seized illegally imported Rani Juice, chocolates and polyester worth Rs 10 million, ofNicial sources said.

Sources told Customs Today that the customs authorities intercepted a container which was coming from Karachi loaded with illegal juice, chocolates and other illegal items.

They added that the owner of the container was a trader who was later identiNied as Ilyas and he was going to dump the illegal juice and chocolates in the Lahore markets. It was added that the Customs authorities seized the items near Shahdara after the owner failed to produce import documents. The sources said that the Customs authorities registered a case and started investigations. Meanwhile, THE Customs Preventive’s Anti-Smuggling Organisation (ASO) has seized smuggled LED TVs, auto parts worth millions of rupees near Mayo Hospital, sources told Customs Today. The sources said that the ASO intercepted two buses loaded with smuggled dish receivers, auto parts and other illegally goods and seized the items.

Finmin for availability of affordable finance for export sector ISLAMABAD

m ArSHAD

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he current export Ninance rate 3.5 percent is the lowest in a decade and it had been lowered to ensure the availability of affordable Ninance for the export sector. As result, the position of availability of affordable Ninance for the export sector has improved signiNicantly.

Sources at the Finance Ministry

told Customs Today on Monday that the State Bank of Pakistan (SBP) also reduced the discount rate to 6 percent in a bid to improve the availability of Ninance for the export sector.

The source said that government had taken a number of steps to increase the exports of the country, including the concessionary Ninancing, duty free import of raw material under temporary importation scheme/Duty Tax Remission on Exports (DTRE), concessions in duty/taxes on import of machinery and raw material of priority export sectors.

“The initiatives inter-alia included, concessionary Ninancing, subsidy on cost of plant and machinery, establishment of EXIM Bank, Services Trade Development Council, Trade in Services Wing, Trade Dispute Resolution Organization, Pakistan Land Port Authority and Leather Export Promotion Council” the source observed.

The government is trying to get better market access for the local businesses in international markets by concluding Free Trade Agreements (FTAs) and Preferential Trade Agreements (PTAs) with different countries through active

trade diplomacy, the source added In this regard, the source said that bilateral free trade agreements with China, Sri Lanka, Malaysia, and PTA with Iran, Mauritius and Indonesia were already in place. The opportunity of zerorated market access in European Union market under GSP Plus scheme has provided a Nillip to our exports to our largest market.

Resultantly, the source said that there had been a rise of 21 percent was witnessed in Pakistan’s exports to European Union in 2014, which translated into an additional export of $1.3 billion.

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

Moreover, government is in the process of negotiating trade agreements with Thailand and Turkey.

In order to fulfill long awaited demand for reducing cost of doing business, government also reduced electricity tariff by Rs 3 for the industrial units with effect from fist day of the current year 2016.

In order to fulfill long awaited demand for reducing cost of doing business, government also reduced electricity tariff by Rs 3 for the industrial units with effect from fist day of the current year 2016.