March 4 layout 1

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Vol 1 Issue No. 306

Karachi, Fri March 4, 2016

KARACHI

AFTAB CHANNA

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he Model Customs Collectorate App ra i s e m e n t - E a s t has collected Rs 20.592 billion under the head of duty/taxes during February of the current Riscal year.

According to the statistics available with Customs Today, the Appraisement-

East collected Rs 7.048 billion under the head of customs duty, Rs 10.264 billion under the head of sales tax, Rs 3.22 billion as income tax and Rs 60 million under head of federal excise duty during the said period.

Significantly, it collected Rs 1.286 million on the last working day of February 2016 i.e. February 29 that include Rs 462 million under the head of customs duty; Rs 612 million under

Price Rs. 14.00

head of sales tax, Rs 207 million as income tax and Rs 5 million under the head of federal excise duty.

At all, the Appraisement-East collected Rs 195, 410 million since August 1 to February 29, 2016 that includes Rs 61,672 million under head of customs duty; Rs 100,603 million as sales tax; Rs 32,213 million as income tax and Rs 922 million under head of federal excise duty.

PCA files appeal against clearance of Getz Pharma in tax evasion case

Faisalabad Intelligence seizes auto parts, truck worth Rs 1.9 million

Turkmen investors want to invest in Pak’s medicine, marble, sports

Multan Customs Intelligence impounds vehicle, diesel worth Rs 6m

ICCI, IPO organizes awareness session on intellectual property rights

The Customs PCA has filed an appeal before a bench of the Customs | See pAge 02 |

Customs Intelligence has impounded a mini truck and used auto parts | See pAge 03 |

TheTurkmen investors have shown their keen interest to invest in several Pakistani | See pAge 04 |

The Customs Intelligence has seized 35,000 liters of high speed diesel | See pAge 12 |

ICCI in collaboration with IPO Pakistan organized an awareness session IPRs | See pAge 09 |

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Islamabad High Court to hear two tax cases Friday, March 4, 2016

National

ISLAMABAD: The Islamabad High Court (IHC) will hear two vital tax matters on Thursday (today) involving claims worth Rs 50.3 million and Rs 9.3 million under the heads of income tax and federal excise duty, respectively.

A single bench of the IHC comprising Justice Aamer Farooq would hear both cases. The income tax matter was filed by M/s Huawai Technologies (Private) Limted against Commissioner Inland Revenue. Deputy Commissioner Inland Revenue was also made party in the case pleading the court to set aside the show-cause notice thereafter the FBR recovered Rs 50.3 million under the head of income tax.

pCA files appeal against clearance of getz pharma in tax evasion case

FBr acquits five customs officials of corruption charges KARACHI

AFTAB CHANNA

KARACHI

AFTAB CHANNA

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he Customs Post Clearance Audit (PCA) has Riled an appeal before a bench of the Customs Appellate Tribunal against Order-in-Original passed by Collector of Customs Adjudication Karachi clearing the M/s Getz Pharma from tax evasion of Rs 3.135 million.

The appeal has been Riled under section 194 – A of the Customs Act, 1969 against OnO No 352/2015-16 dated 28.12.2015 passed by Collector Adjudication-I Karachi.

According to brief facts of the case, M/s Getz Pharma (Private) Limited imported consignments of “Esomerprazole Pellets” under PCT Heading 2933.3990 through Customs Preventive, Custom House.

And the importer had illegally availed the beneRit of concessionary rate of customs duty and income tax under the aforesaid notiRication.

Hence, the importer M/s Getz Pharma violated the provisions of Section 32(1)(2) and (3-A) of the Customs Act, 1969, Sections 3(1), section 3, 6, 7 read with section 34 of Sales Tax Act 1990 and Income Tax Ordinance 2001 punishable under clauses (1), (9) and 14 of section 156(1) of the Customs Act, 1969 punishable under section 33(5) and section 7-A of the Sales Tax Act 1990 read with chapter X of the Sales Tax

he Federal Board of Revenue (FBR) has acquitted at least five officials of the Customs Collectorate Port Muhammad Bin Qasim of corruption charges.

The officials, who were acquitted, include Principal Appraiser Safdar Abbas, Appraiser Ghulam Yasin, Appraiser Raja Waseem Ahmad, Examiner Ali Murad and Examiner Habibullah. “Whereas disciplinary proceedings, under Government Servants (Efficiency & Discipline) Rules, 1973 were initiated against BS-16 officials of Model Customs Collectorate Port Muhammad Bin Qasim Karachi vide Charge Sheet No 10(22)/2014-Cust-III dated 20.11.2014”, according to Qasim Khan Khattak, Secretary Mgt Customs-III. “Muhammad Tahir, Additional Collector BS-19, Model Customs Collectorate of Appraisement East Karachi was appointed as Inquiry Officer to conduct inquiry into the charges leveled against the above officials.

According to inquiry reports submitted by the inquiry officer, the charges leveled against the accused officials have not been established”, it added.

Special procedure Rules 2007 (special procedures for payment of sales tax by the importers ) and punishable under the relevant provisions of Income Tax Ordinance 2001.

In the appeal, the PCA has prayed that Appellate Tribunal may please set aside the impugned OnO No 352/2015-16 dated 28.12.2015 passed by Collector of Customs Ad-

judication-I, the aforementioned summary of the case may kindly be decided in afRirmative under sub-section (5) of Section 196 of the Customs Act, 1969 and grant any other/or better relief as may be deemed appropriate in the circumstances of the case. Meanwhile, Customs Collectorate AppraisementWest has collected Rs 20.883 billion

taxes and duties under various heads during February 2016. According to statistics available with Customs Today, the Appraisement-West collected Rs 7,804 million under the head of customs duty, Rs 9,274 million under the head of sales tax, Rs 3,674 million as income tax and Rs 131 million under head of federal excise duty during February 2016.

intelligence agencies start probe against corrupt officials S

SIALKOT

SALLem AwAN SHeikHu www.customsbulletin.com

pecial teams of intelligence agencies have been formed to collect details of the movable and immovable properties, side businesses, number of vehicles and bank accounts of the government ofRicials, especially the ofRicials of the Revenue Department.

The agencies will collect the record of ofRicials of different de-

partments, including town administrations, Customs, the Federal Board of Revenue (FBR), highways, Excise and Taxation, Irrigation Department, Gepco, SNGPL and Food Department in Gujranwala Division.

According to the senior ofRicials, the corrupt ofRicials and employees of these departments have become millionaire by earning money and wealth through unfair means. Several inquiries were already being conducted by the Anti-Corruption Establishment (ACE) and the Fed-

eral Investigation Agency (FIA).

The intelligence agencies are also getting the complete ofRicial data of these high proRile inquiries, besides, compiling the separate lists of the corrupt ofRicials and other employees of these departments here.

Most of these corrupt ofRicials have got their properties registered in the name of their wives and other family members, while several corrupt have their properties under their own ownership. Meanwhile, The Federal Board of Revenue (FBR) is seek-

ing details of new vehicles and properties from the government departments whereas notices are issued to 2,500 people for recovery of taxes.

Sources told Customs Today that the FBR has written letters to the Excise and Taxation Department, Revenue Department, administrations of private housing societies and sought details of owners who purchased new vehicles, commercial plazas, markets, shops, marriage halls, godowns, factories and agricultural land. Sources said that the government has directed

the FBR to take steps to bring more people under the tax net and use all resources for this purpose. Sources said that those people who purchased new vehicles and properties have to declare their source of income. Sources told that the FBR issued tax recovery notices amounting to Rs 20 million to 2500 people in Gujranwala Region who were indicated by FBR. FBR mentioned in notices that said defaulters must pay their taxes before June 30, 2016 otherwise their properties will be sealed.

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Sindh Excise launches operation against property tax defaulters KARACHI: The property tax section of the Sindh Excise and Taxation Department has launched an operation against property tax defaulters.

Sources told Customs Today that the property tax section has recovered Rs 20 million from district Gharbi and central in the first two months of the current year and more than Rs 40 million is expected to be recovered from different areas of district Malir and Liyari in the ongoing month.

It is pertinent to mention here that the Excise Department has issued notices to two private schools in Garden area to clear their outstanding dues until March 25.

islamabad High Court adjourns hearing of cases involving ATir

Friday March 4, 2016

National

Faisalabad intelligence seizes auto parts, truck worth rs 1.9m

ISLAMABAD

NAeem uLLAH TAriQ www.customsbulletin.com

he Islamabad High Court on Wednesday adjourned the hearing of cases involving Appellate Tribunal Inland Revenue (ATIR) and others. A division bench of the IHC comprising of Justice Noorul Haq N Qureshi and Justice Athar Minallah heard the cases and adjourned the same to different dates.

A case filed Commissioner Inland Revenue against Appellate Tribunal Inland Revenue was adjourned till last week of March. The bench also adjourned five references filed

by Hub Power Company. These references were filed against LTU officer Commissioner Inland Revenue.

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rTo-ii receives 215 returns, collects rs 25.4m to date LAHOR

muHAmmAD NAwAZ www.customsbulletin.com

he Regional Tax Office-II (RTOII) of the Federal Board of Revenue (FBR) has received 215 tax returns amounting to Rs 25.4 million under Voluntary Tax Compliance Scheme (VTCS) until March 2, 2016.

By the March 1, 2016, it collected 132 returns amounting to Rs 17 million. Officials said that nontaxpayers have only 12 days to take benefit of the scheme, adding that non-taxpayers will have to face stern action after the expiry of extended deadline for filing tax returns.

He further said that business community was showing interest in the scheme as in starting 15 days, RTO-II collected only three tax returns, adding that now number of tax returns is standing at 215.

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FAISALABAD

NAeem SHeikH

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he Customs Intelligence and Investigation has impounded a mini truck and used auto parts, including rear axle and front axle of heavy-duty vehicles worth Rs 1.98 million involving duty/taxes amounting to Rs 793,750. The staff of Customs Intelligence intercepted a Shehzor mini truck bearing registration No. SGN-8677 near Chenab Nagar Toll Plaza Sargodha Road. The officials asked the driver named Muhammad Ijaz and owners of the items named Irfan Siddique and Muhammad Shakeel to show documents regarding the legal import but they failed to do the same. After the legal formalities, the vehicle and items were impounded Section 157 of Customs Act, 1969 and the case has been sent to adjudication for further legal action.

The intelligence team comprising Senior Intelligence Officer Muhammad Tahir Iqbal, Intelligence Officer Muhammad Mansoor Nasir, Sepoy Muhammad Naeem Niazi, Sajjad Ahmed and Mukhtar Ahmed participated in the raid.

Meanwhile, The Directorate of Customs Intelligence and Investigation has confiscated 200 bags of foreign origin coconut worth Rs 1.7 million involving duty/taxes amounting to Rs 946,084.

Following the instructions of

Additional Director Azmat Tahira, the intelligence team raided Haji Sadar Goods on Jhang Road Faisalabad and recovered a huge quantity of coconut. The team asked the owner named Waqas Munir to show documents regarding the legal import of the items. But, he failed to show the documents on which the smuggled items were seized under Section 168 of the Customs Act, 1969 punishable under Section 156 (1) 90. Tt was

The staff of Customs intelligence intercepted a Shehzor mini truck bearing registration No. SgN-8677 near Chenab Nagar Toll plaza Sargodha road.

The officials asked the driver named muhammad ijaz and owners of the items named irfan Siddique and muhammad Shakeel to show documents regarding the legal import but they failed to do the same

pCA detects tax evasion of rs 340m in February KARACHI

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AFTAB CHANNA

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he Customs Directorate of Post Clearance Audit has detected evasion of taxes/duties to the tune of Rs 340 million in February 2016. According to sources, Directorate of the PCA under the supervision of Director Gul Rehman detected 43 cases of tax/duties evasion in one month.

Among the cases, the audit contravention report of 11 cases has been issued while audit observations of another 32 cases was also issued and the importers who brought loss to the national exchequer were asked to pay the short paid amount, sources added.

“There are cases of short mis-declaration of classiRication of coated calcium carbonate, misuse of sixth schedule, under valuation of tyres and tubes with or without Rlaps from India, non-application of valu-

ation ruling, misuse of SRO 659(I)/2007, mis-declaration of classiRication of sulphur bentonite and misuse of SRO 549(I)/2008”.

The countries where the consignments were imported include China, Korea Republic, Vietnam, European Union, India, United Kingdom, United Arab Emirates, Oman, Turkey and Thailand. In the month of January 2016, Directorate of PCA Karachi had detected some 48 cases of tax/duties evasion amounting to Rs 531.147 million.

clear that the goods were brought into Pakistan illegally by evading duty and taxes. The Customs Intelligence team comprising Senior Intelligence Officer Zahid Saleem Mirza, Intelligence Officer Mian Muhammad Yousaf, Sepoy Zulafqar Ali Awan, Shoukat Hayat and Allah Bakhsh participated in the raids.The seizure report along with other relevant documents has been submitted to Customs Adjudication.

FiA arrests two suspects involved in smuggling he Cyber Crime Circle (CCC) of the Federal Investigation Agency (FIA) claimed on Wednesday that it has arrested two suspects allegedly are involved in smuggling of Rs 130 million.

According to an FIA spokesman, a team of the FIA conducted a raid at Allama Iqbal International Airport and arrested Hafiz Shabbir Ahmad and Haji Muhammad Liaquat and recovered Rs 130 million from their possession.

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150,000 cubic meters gas: First LNG ship arrives at Port Qasim Friday, March 4, 2016

Business

KARACHI: The first ship with a load of 150,000 cubic meters of super chilled fuel has arrived at Port Qasim after the Pak-Qatar liquefied natural gas (LNG) agreement.

The Q-Flex LNG ship from Qatar is the largest of the 20 LNG ships to have docked at the Elengy LNG terminal and one of the largest ships to have arrived at Port Qasim. The ship is the first LNG ship to have arrived under the 15-year Pak-Qatar agreement. The process of re-gasification has also started.

Qatar is the largest producer and supplier of LNG in the world with around 31 percent market share. Qatar also operates a large fleet of over 60 LNG ships

pSX gains 440pts, up 1.38% to end in green zone KARACHI

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he Karachi Stock Exchange benchmark 100-index gained 439.63 points or 1.38 percent to reach 32212.53 points and volume of 58,644,520 shares on Thursday. On 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. On Tuesday, the PSX benchmark KSE-100 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)

CCp slaps rs 100m fine on poultry association ISLAMABAD

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he anti-trust watchdog has slapped a fine of Rs100 million on the Pakistan Poultry Association (PPA) for illegally fixing the prices of eggs and chicken meat. The penalty comes amid challenges to the Competition Commission of Pakistan’s (CCP) authority as the violator seems to be exploiting weaknesses of the legal system to avoid payments.

It was for the second time in the last five and a half years when the CCP found the poultry association.

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was the top loser in the index shedding only – 0.99%. KSE All Share settled at 21,812.27 with 97.34 points positive. High and low were 32234.51 and 31772.90 respectively. Total volume traded in the market was 58,644,520 shares.

Although prices of crude oil in the international markets remained stable, the oil and gas exploration sector witnessed proRit taking.

The ‘divestment committee’ formed by the Securities and Exchange Commission of Pakistan

(SECP) has been given six months to sell the strategic 40pc shares that have been lying in the blocked account. Originally, the stock exchanges had to Rind a ‘strategic buyer’ that met stringent criteria within 119 days. That period expired in August 2014. The regulator then extended the date to August 2015, but things seemed to have stayed put on the matter. The SECP said in a statement issued earlier: “It is expected that post-integration, the PSX will be able to attract global strategic investors and Rinancial institutions and form technological partnerships, to fulRil the objectives of integration, become a major regional investment hub and play its due role in the development of national economy.”

Turkmen investors want to invest in medicine, marble, sports, agri sectors LAHORE

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he Turkmen investors have shown their keen interest to invest in several Pakistani sectors including medicine, pharmaceutical, marble, sports and agriculture, said Ambassador of Turkmenistan to Pakistan Atadjan Movlamov. Atadjan Movlamov stated this during his visit to Board of Investment where he met State Minister of State/BOI Chairman Dr

Miftah Ismail and Secretary Iftikhar Babar and discussed the preparations about the proposed one day visit of Turkmenistan president along with his business delegation and to organise a business forum on the sideline of the president’s visit.

Dr Miftah informed the Turkmanistan ambassador that laws of investment have been tailored to safeguard and ensure protection of investments in Pakistan. He said that the foreign investment is fully protected under the Foreign Private Investment (Promotion and Protection) Act, 1976 and Reforms

Protection Act 1992. The BOI secretary highlighted the investment opportunities available in Pakistan like repatriation of 100 percent proRit, dividend and franchise fee is allowed and all sector of the economy are opened to investor. He said that the LPG import from Turkmenistan is also one of the potential areas for development of trade and investment in Pakistan adding that the investment is also fully protected as per laws. BOI Chairman Dr Miftah Ismail informed the Turkmenistan ambassador that Board of Investment is planning to invite the business.

marine battalion deployed to secure gwadar ISLAMABAD

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he government has increased security in Gwadar port city as Pakistan Navy has been deployed in the city. According to the sources in the Ministry of Ports and Shipping, a special Marine Battalion has been deployed to secure the sea links and ships in the deep sea port. The special service group (SSG) and Pak-Marines have also been trained to conduct special operations on land, sea and air. Similarly, the government has stepped up security measures in the port city in order to protect the investors. According to the plans, digital cameras equipped with FID, Automatic Number Plate Reader and Laser Cameras are being installed in the port city. The deep sea Gwadar port was built by China and the government of Pakistan has handed over the port operations to a state-run Chinese company. Since China and Pakistan are investing billions of dollars to connect the port with China, security measures are being enhanced to cope with the future challenges. Located on the mouth of key international sea routes leading through the Persian Gulf from where 17,500 oil tankers and 7,300 cargo ships pass every year and with peculiar geostrategic environment in the northern tip of Arabia Sea the Pakistan Navy is under process of rapid restructuring and overall.

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Dairy farmers agree to fix fresh milk price at rs 80 per litre KARACHI

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ollowing a successful round of talks with Commissioner Karachi, Asif Haider Shah, representatives of Dairy Farm Association have agreed to Rix the retail price of fresh milk at Rs80 per litre.

The negotiations among Commissioner Karachi, representatives of daily farms, Deputy Commission-

ers and other ofRicials concerned continued for 14 hours at Commissioner OfRice and ended at 6:00 a.m. on Thursday.

Following prolonged successful dialogues, dairy association members agreed to Rix the retail price of fresh milk at Rs80 per litre. A notiRication has also been issued in this regard early morning.

Talking to media, Asif Haider said the milk price is Rixed with the consensus of all the members and

hoped it would not be violated.

Dairy Farmers announced on Tuesday to increase milk prices by Rs6. At present the milk was being supplied at Rs84 to Rs85 per litre, whereas the actual rate prescribed by the government is Rs70 per litre.

Meanwhile, High Commissioner of Bangladesh Suhrab Hossain has underscored the need for having a direct shipping line between Karachi and Chittagong, adding such a move would not only save time

but would also bring down the cost of transportation. He advised the Karachi Chamber of Commerce and Industry (KCCI) to take up the suggestion with the government so that it could see light of the day. Exchanging views during his farewell visit to the KCCI, Hossain said that during his six-year tenure as a High Commissioner, it was his third and last visit to the largest chamber of Pakistan. “Time has come that I leave Pakistan, but I cannot leave

this country without saying goodbye to my brothers and sisters in KCCI,” the HC said. He further said, “We consider Pakistan as not only a friendly but also a brotherly country.

We know each other very well and this is the beauty of our relationship.” Referring to the growth and progress, witnessed by Bangladesh, he said that when Bangladesh came into existence, the country’s foreign reserves were zero, and it even faced severe food crisis in 1974.

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ollector Customs Multan Sarfraz Ahmad Warriach has said that the Anti-Smuggling Organization (ASO) has seized 12 vehicles of different models during February.

In an exclusive interview with Customs Today, he said that the seizures were made in collaboration with others federal and provincial law enforcement agencies, including local police and border military police. Warriah said that the seized vehicles, include Toyota Fielders cars, Toyota Vitz, Toyota Hiace, Hino truck and Toyota Coaster van etc. The market value of the seized vehicles is Rs 13.15 million.

Answering a question, he said that the ASO seized 58 smuggled vehicles worth Rs 61.35 million during the current Riscal year. He revealed that a majority of the vehicles were seized in Dera Ghazi Khan and Taunsa.

In reply to another question, Collector Warriach said the Multan ASO already enhanced their enforcement and surveillance to curb smuggling in the area. He told that smuggling is damaging our economy and the ASO

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Friday, March 4, 2016

is Righting against smuggling activities to prevent illegal trade.

He told that Customs Multan is striving hard to curb smuggling in the area to maintain a proper balance between control and trade facilitation to ensure speedy Rlow of appropriate trade. He informed that a permanent squad is already posted at Taunsa Barrage to stall any attempt of smuggling through tribal areas of Koh-e-Suleman range. The Collector also informed that similar antismuggling team is also deployed at Dera Ghazi Khan and Rahim Yar Khan for curbing any smuggling activity. However, he warned the anti-smuggling organization staff to avoid any harassment to the carriers of lawfully imported legitimate trade.

Meanwhile, At least 20 probationary ofRicers of 43rd common training programme of the Civil Services Lahore called on Collector Sarfraz Ahmad Warraich in Multan Customs House on Wednesday.

The ofRicers were given detailed presentation on various functions and responsibilities of the collectorate, including clearance of high speed diesel through pipeline PARCO facility via Muzaffargarh. The ofRicers were also briefed on the enforcement activities of the collectorate at Multan In-

ternational Airport, Multan Dry Port and export terminal Muzaffargarh. Additional Collector Ghulam Mustafa, Deputy Collector Headquarter Muhammad Ali Malik, Multan Dry Port Deputy Collector Abdul Mueed Kanjoo and Assistant Collector Fiazan Badar were also there during the visit of the ofRicers.

aid riah s r a w ad lude z Ahm hicles, inc z, a r f r a S ve it seized rs, Toyota V e h t t a tha rs c and Fielde Hino truck a t o y To he e, a Hiac r van etc. T Toyot e d t a Coas of the seize Toyot e n t valu millio marke is rs 13.15 es vehicl

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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

Business with iran

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akistan and Iran have close cultural and religious relations, but the two countries are not too close to establish strong economic relations. Both have failed to reap the benefits of potential trade as well as investment opportunities knocking each other’s doors. The countries are geographically close, but economically apart.

However, illegal trade between the two countries never stopped, rather it flourished during the years of international sanctions on Iran. According to newspaper reports, the State Bank of Pakistan is now willing to allow the country’s banks to resume ties with their Iranian counterparts. Once the financial relations are established, it will definitely curb illegal trade on both sides of the border.

According to an SBP official, central bank-tocentral bank contact is necessary for permissible money transactions and it will help boost trade activities in the region. As Pakistan and China are working on infrastructural projects, Iran can also enhance its trade with China through the economic corridor passing through Pakistan.

Earlier due to international sanctions on Iran, the economic relations between the two countries remained at the lowest ebb. The trade volume fell to $431.76 million in 2010-11 from $1.32 billion in 2008-09 despite the fact both the countries have a preferential trade agreement. However, the time has come not only to revive the economic relations, but also establish close partnership in the areas of mutual trade, investment, technology and energy sectors. It is hoped that strong banking relations will allow importers of Iranian goods to open the letters of credit and lifting of sanctions will pave the way for revival of bilateral and multilateral arrangements to promote investment and cooperation. Pakistan is one of the best rice producers in the world and Iran is the world’s second top importer of this commodity and the mutual trade will be in the best interest of the two nations. The lifting of sanctions will revive the mega projects signed between the two countries such as Pakistan-Iran gas pipeline project and import of 1,000 megawatts electricity from Iran. It seems the government is still unprepared to take prompt action in establishing economic relations with Iran as lethargy will only allow India and other hostile nations to take over the market meant for Pakistan.

Bailout package for leather industry T

LAHORE

Dr AFTAB AFZAL

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he leather industry contributes Rive 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 ofRicial of the Pakistan Tanners Association, leather exports of the country has been hovering around $1.196 billion for the last Rive 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 Rinancial 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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WCCI, TDAP to hold trade exhibition on March 4 PESHAWAR: Women Chamber of Commerce and Industry (WCCI) with collaboration of Trade Development Authority of Pakistan (TDAP) is going to hold a three-day third ‘Women Entrepreneurs Trade Exhibition’ at Peshawar Service Club from March 4. The decision was taken during a meeting between official of TDAP and women chamber. The meeting said that in the event women entrepreneurs from Peshawar, Mardan, Swat, Haripur, Abbotabad, Mansehra, Chitral, Gilgit-Baltistan, Bannu, DI Khan and other cities of county such as Lahore, Multan, Faisalabad, Karachi will display their handmade outfits and other accessories. Talking to media regarding the event, TDAP Director Noman Bashir, WCCI President Nasira Nomani said that the basic purpose of the event is to encourage the women entrepreneurship development from the grassroots level through organizing seminars, workshops and products exhibition both on nation and international level.

Sialkot traders concerned over delay in issuance of refund claims ll trade bodies, including the Sialkot Chamber of Commerce and Industry (SCCI) and Pakistan Ready-made Garments Manufacturers and Exporters Association (PRGMEA), have expressed concern over the inordinate delay in the payment of refunds and duty drawback claims to the exporters.

An important joint meeting of Sialkot’s trade bodies was held at the SCCI and was chaired by SCCI President Mansur Ahmed. Addressing the meeting, PRGMEA Central Chairman Ejaz A. Khokhar said that

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the sales tax, duty drawback and customs rebate claims (worth of Rs. 40 billion) of Sialkot exporters have been lying pending for the last four years. Addressing the meeting, SCCI President Mansur Ahmed said “we have been pleading this burning issue of the Sialkot exporters the government for the payment of the duty drawback claims since long, but unfortunately, this issue has not yet been addressed by the government”. He invited the Federal Minister for Finance Ishaq Dar to visit Sialkot Chamber of Commerce and Industry (SCCI) to hear the problems of the perturbed Sialkot business community. SCCI President revealed that the government should facilitate the export industry of Sialkot as it is the backbone of the national economy. He further said that the news coming from the government regarding the issuance of three year bonds against duty drawbacks are disturbing and unacceptable. —CB Report

Friday March 4, 2016

Chambers

iCCi, ipo organise awareness session on intellectual property rights I

ISLAMABAD

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slamabad Chamber of Commerce and Industry (ICCI) in collaboration with Intellectual Property Organization (IPO) Pakistan organized an awareness session on intellectual property rights (IPRs) including trademarks, patents, industrial designs and copyrights for business community.

Speaking on the occasion, Shahid Rashid, Chairman, IPO-Pakistan said that the protection of intellectual property rights brought many benefits to the economy as strong enforcement of IPRs protected consumers and producers, ensured better economic growth and competitiveness, encouraged innovation, rewarded entrepreneurs, generated breakthrough solutions for various problems, created and supported high paying jobs. He said IPR was accounting for 38% of total GDP of USA. He said IPO-Pakistan was taking many initiatives to ensure better protection of IPRs and was working on developing a web portal to enable businessmen and other stake-

holders to Rile online applications for registration of trademarks, patents and copyrights. He said the facility will enable online application Riling and tracking system, complete validation of trademarks data and online search of trademark database. He said approximate time for registration of patent was 30 months with 20 years of initial protection term, for trademark 18 months with 10 years protection term, for industrial design 10 months with 30 years protection term and for copyright 10 months with lifetime protection term. At this

occasion, detailed presentations were given about patents, trademarks, industrial designs, copyrights, geographical indicators etc. to the business community.

In his welcome address, Atif Ikram Sheikh, President, Islamabad Chamber of Commerce and Industry said that better understanding of various components of intellectual property rights and using them effectively has become very important for Pakistani entrepreneurs to compete successfully in today’s competitive business environment and effective measures should be taken to

pakistan-Thailand FTA likely this year

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KARACHI

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onsul General of Thailand in Karachi, Suwat Kaew Sook has said that Free Trade Agreement (FTA) between Pakistan and Thailand was likely to be concluded by end of 2016 which would facilitate trade and help in furthering the existing trade ties between the two countries.

Exchanging views with KCCI OfRice Bearers and Managing Committee members during his visit to KCCI, Thai Consul General said that the business communities of Pakistan and Thailand will come more close to each other particularly after signing of the FTA. “We want to do business and cooperate with you as there is a lot of room for improving the existing trade volume which is now above US$1 billion”, he added.

President KCCI Younus Muhammad Bashir, Senior Vice President KCCI Zia Ahmed Khan, Vice President KCCI Muhammad Naeem Sharif, Chairman of Diplomatic Mission & Embassies Liaison Sub-Committee KCCI Muhammad Ibrahim Kasumbi, Trade Advisor of Thai Consulate Arif Suleman and KCCI Managing Committee members were also present at the meeting.

Thai Consul General said that Thailand and Pakistan can cooperate in various sectors of the economy particularly in the agriculture and tourism sectors. He invited the business community of Karachi to benefit from the strategic location of Thailand which can act as bridge to access Burma, Vietnam, Cambodia and many other countries in the region while the business community of Thailand can also benefit from Pakistan’s strategic location. Extend-

ing full support and cooperation to the business and industrial community of Karachi, he assured to fully facilitate the businessmen and industrialists who were willing to visit Thailand.

“If anyone has been issues in obtaining Thai visas or any other issue, the same must be promptly conveyed to us so that we could bring these issues to the notice of Thai government with a view to get them resolved”, he added.

Underscoring the need to promote tourism by encouraging maximum visits to both countries, he said that last year a total of 60,000 tourist visas were issued to Pakistanis. To suggestions with regards to promoting Pakistan’s tourism sector in Thailand, he admitted that not much Thai tourists were visiting Pakistan but that does not mean that they were unaware of tourists’ sites in Pakistan.

ensure strong enforcement and full protection to IPRs in Pakistan.

He said to remain ahead of the competitors, business entities have to introduce new products and services and they needed an efRicient and effective intellectual property system for protection of patents, trademarks and manufacturing secrets. He said IPRs would foster business and investment activities in the country and government should take all possible measures to bring further improvements in IPR laws to ensure their strong enforcement.

Association shows concern over decrease in cotton yield entral executive committee of Pakistan Cotton Ginners Association (PCGA) has expressed concern over decrease in cotton yield in the current season of 2015-16.

In this regard, the 278th meeting, presided over by the chairman Shehzad Ali Khan, was held here Saturday. It chalked out recommendations followed by modus operandi to increase cotton crop production for the new cotton season. Senior vice chairman Guru Harri Lahanu (Sindh) and a senior office bearer Malik Sarfraz Nazim Awan were also present in the meeting. The meeting also discussed the launch of campaign ‘grow cotton and save economy’ across the country. —CB Report

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Dubai gold prices up Dh22 per gramme Friday March 4, 2016

World

DUBAI: Those who bought gold jewellery in Dubai about three months ago or last year may have reason to rejoice, with the precious metal posting a whopping Dh22 increase per gram since the beginning of the year. Yellow gold continued its climb this week, as investors flocked to safe-haven assets amid times of uncertainty. The price of 24-carat gold in Dubai reached Dh150.75 per gram as of Tuesday, 12.10pm, up nearly 18 per cent from December 31 prices. Analysts have forecast that, as investors continue to seek refuge in safe-haven assets, gold will likely maintain its upward momentum over the short term.

Nevine Pollini, equity analyst at Union Bancaire Privée, said he expects gold to trade in the $1,100 to $1,400 range for the next couple of years.

Hong kong Customs seizes cocaine, meth HONG KONG

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he day before yesterday, customs arrested a 29-year-old man at the Macau Ferry Terminal after they found 13 grams of suspected cocaine and seven grams of suspected methamphetamine.

Customs ofRicers found the suspected drugs hidden in the man’s sleeves after he was intercepted on his way to board a ferry to Macau.

Our struggling Houdini, who claims to be a casino employee, is scheduled to appear at the Eastern Magistrates’ Court today.

Since last Christmas, customs ofRicers have arrested six departing passengers at the China and Macau ferry terminals as a result of special anti-drug-trafRicking operations.

The maximum penalty for drug trafRicking is life imprisonment and a Rine of HKD5 million.

France’s car sales climb 13% in February rance sold more new cars in February compared to the same month last year, the French car sales federation (CCFA) said on Tuesday. At the end of February, local car manufacturers sold 199,948 units across France, up from 176,993 vehicles sold the same month in 2015.

Sales of French brands grew by 12.1 percent mainly due to growing sales of Renault.

The second largest car maker in France, Dacia, sold 14.9 percent more cars with sales of its low-cost brand rising sharply by 30.1 percent.As for PSA Peugeot Citroen group, the country’s number one car maker, saw its sales increase by 9.8 percent, the CCFA added in a statement. Foreign brands showed a rising trend with sales of 88,040 vehicles to the French market. —CB Report

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Meanwhile, Four suspected drug trafRickers were arrested and more than 4.5kg of illegal drugs with an estimated street value of HK$750,000 conRiscated 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 meth, also known as Ice, and ketamine. The Rirst suspect – a 38-yearold man – was nabbed at about 7.45pm on Wednesday when ofRicers 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 ofRicers 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.

uk Customs seizes £40,000 worth of booze

LONDON

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£40,000 bootleg booze haul linked to a popular Newcastle shop has been smashed

by Customs ofRicers.

Three men have been spared jail after admitting their involvement in

South korea’s industrial output declines in January

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outh Korea’s industrial output dropped even more than estimated in January as a slump in exports and the end of temporary tax beneRits weighed down production.

Falling production is a risk to the government’s target of achieving 3.1 percent growth this year. Overseas shipments dropped for a 14th straight month in February as the export-dependent economy suffered from weaker demand in key markets including China. The won has depreciated, adding to worries about capital

outRlows that are being driven by speculation that U.S. interest rates will rise and risks related to North Korea.

“Its hard to expect a major recovery in production, as output and exports go hand in hand,” said Ma Ju Ok, an economist at Kiwoom Securities Co. in Seoul. “Part of the weakness was also from consumption tax cuts that stopped.” “The slowing growth in Chinese manufacturing production also has had wider transmission effects throughout the Asian manufacturing supply chain.—CB Report

an illegal alcohol ring which led ofRicers to discover thousands of litres of spirits, beer, wine and cider. Kudlip Singh, 34, Sukhwinder Singh, 43, and Abdul Havid, 49, all admitted fraudulent evasion of excise duty after they were arrested in connection to the discoveries. HM Revenue and Customs OfRicers Rirst raided an industrial unit on Nelson Way West, Cramlington, on July 10. 2010 where they found more than 15,000 litres of non-

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duty paid beer, wine, cider and spirits.

Newcastle Crown Court heard how ofRicers extracted Ringerprints belonging to Kuldip Singh from packaging and paperwork, believed to be order books. Two months later, in September 2014, HMRC investigators seized vans driven by shopkeeper Sukhwinder Singh, 43, and associate Abdul Havid, 48, outside VG Stores in Kingston Park, also known as Kingston Park Post OfRice in Windsor Drive, Newcastle, after they were found to contain 709 litres of illicit vodka and whisky. The court was told that further non-duty paid spirits were found on the shop’s shelves, behind the counter. Prosecuting Craig Hassall said that further inquiries revealed the van driven by Havid belonged to Kuldip Singh, whose Ringerprints were found at the Cramlington unit. Mr Hassall said: “The 23, one litre vodka bottles seized had what appeared to be false labels and were stuck to the bottles with irregular glue.”

Swiss Life raises dividends

wiss Life Holding AG, Switzerland’s biggest life insurer, plans to pay dividends above estimates after higher fee income lifted full-year proRit by 7 percent.

Swiss Life proposed a payout of 8.5 Swiss francs per share for last year, up from SF6.50 a year earlier, the company said in a statement yesterday. That beat the Bloomberg Dividend Forecast of SF8. Net income increased to SF878 million (US$877.5 million), compared with an SF824 million average estimate of 14 analysts surveyed by Bloomberg.

The Zurich-based insurer said in November last year that it planned to

pay a dividend of at least SF8 for last year and intends to distribute between 30 percent and 50 percent of proRit in dividends after years of payouts that trailed its peers. Meanwhile, The number of undocumented migrants without the right to stay in Switzerland more than doubled in 2015. The number of people smugglers apprehended increased by almost 20%. According to information released by the Swiss Customs Administration on Tuesday, over 31,000 illegal migrants were identiRied in 2015. This represents an increase of around 118% over the previous year.—CB Report

Customs sets up 24/7 hotline to provide speedy solutions

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COLOMBO

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he Sri Lanka Customs Department has begun operating a 24/7 customer hotline to help solve any customs issues within 8 days. “We want to make Sri Lanka Customs free of any delays or harassments. That’s why we have set

up a 24/7 hotline. Under the new government, our Customs should be friendly,” Finance Minister Ravi Karunanayake said. He said that consignments that do not require inspection must be released within 3 days and those who require inspections must be released within another 5 days.

“If the shipments have not been released within 3 days, please con-

tact us, and we will also work to give you a solution within another 5 days. If there’s no solution then, you can contact the Treasury Secretary or the Finance Minister,” Sri Lanka Customs Director General Chulananda Perera said. He noted that though Customs revenue collection has continued to increase in recent months, there have been some unfortunate incidents with extended

delays to clearance.

The new regime claims that it has increases daily Customs collections to above Rs. 2 billion, compared to half of that collected under the past regime., “You can contact us on 2 470945. For the Rirst couple of weeks of implementation, we may not be able to provide 24/7 support.

We will attempt to answer until 7pm,” Perera added.

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TV shipments down 11.2% in Jan TOKYO: Shipments of flat-panel television sets in Japan in January fell 11.2 percent from a year before to 348,000 units, down for the third month in a row, industry data showed Tuesday. The drop came after demand for small-screen models surged a year before ahead of the end of a cable TV service that allowed analog TVs to show digital terrestrial broadcasting, the Japan Electronics and Information Technology Industries Association said. In value, however, shipments grew for the fourth consecutive month, reflecting robust demand for large-screen and 4K ultrahighresolution TVs. A JEITA official said shipments were weaker than a year earlier, but not bad, compared with the average year.

Turkey’s Yilport closes portugal port group acquisition ilport Holding has finalized the acquisition of Tertir, a Portugal-based port and logistics group with container and bulk terminals in Europe and South America. The Turkish port operator agreed in September to pay 335 million euros ($368.5 million) for 100 percent of Tertir’s stock held by domestic shareholders Mota-Engil group and Novo Banco.

The acquisition adds 10 terminals to Yilport’s fast expanding global portfolio seven in Portugal, two in Spain and one in Peru with a combined annual container capacity of 2.7 million 20-foot-equivalent units and around 4.5 million tonnes (4.96 million tons) of break bulk and grain handling capacity.

The deal increases Yilport’s network to 20 terminals in seven countries including facilities in Turkey, Sweden, Norway and Malta with an an-

Ports & Shipping

Longview port rejects oil refinery proposal

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LONGVIEW

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ort of Longview commissioners voted unanimously Tuesday morning to end talks with an energy company that wants to build the Rirst oil reRinery on the West Coast in more than 25 years. The proposal from Texasbased Waterside Energy touted 700 construction jobs and 180 full-time jobs. Waterside’s plan detailed a facility capable of reRining 30,000 barrels of oil and 15,000 barrels of

nual container capacity of 10 million TEUs and a dry bulk capacity of 22 million tonnes. Yilport is a unit of the privately-held Yildirim Group, a broadly based industrial and transport conglomerate, which has a 24 percent stake in France’s CMA CGM, the world’s third-largest ocean carrier. Yilport is a unit of the privately-held Yildirim Group, a broadly based industrial and transport conglomerate, which has a 24 percent stake in France’s CMA CGM, the world’s third-largest ocean carrier.—CB Report

biofuel each day. The proposed project also included a propane and butane terminal handling 75,000 barrels per day. The plan also called for three additional trains per week carrying crude oil along the Columbia River. The combined crude and biofuels reRinery was an attempt to capitalize on the West Coast’s demand for cleaner-burning fuels.

That clean fuels component initially intrigued many, including some environmental groups and top state ofRicials in Washington, but the Rinancial and environmental fallout at the project backers’ failed biofuels venture in Eastern Washington ultimately raised many doubts about their latest pro-

posal. In its decision to end talks with Waterside, Port commissioners said Tuesday the company missed deadlines and failed to fulRill its obligation to the port. Waterside CEO Lou Soumas said the company had already spent $1.7 million on the project. “We’re disappointed in the commission’s decision,” Soumas said.

He added that he thought port commissioners had made their decision before they voted at Tuesday’s meeting. “They didn’t go into the meeting without a decision in mind,” he said.

“They’re doing this stuff behind closed doors.” Soumas said Waterside was pursuing other ports and landowners in Washington.

Friday March 4, 2016

port Canaveral traffic down almost 10% ruise ship passenger traffic at Port Canaveral is down for the first four months of the port’s budget year. But port officials said Monday that may be a short-term drop because of the temporary dry dock of the Disney Dream ship.

The number of passengers making a port of call at Port Canaveral for the four months from last October to the end of last January was down 9.4 percent compared to the same period a year earlier. The number of cruises dropped 7.4 percent during that same time compared to the previous year.

The port is heavily reliant on cruises since cruise operations make up more than 80 percent of the port’s revenues.

Meanwhile, Shipments of flat-panel television sets in Japan in January fell 11.2 percent from a year before to 348,000 units, down for the third month in a row, industry data showed Tuesday. The drop came after demand for small-screen models surged a year before ahead of the end of a cable TV service that allowed analog TVs to show digital terrestrial broadcasting, the Japan Electronics and Information Technology Industries Association said.

In value, however, shipments grew for the fourth consecutive month, reflecting robust demand for large-screen and 4K ultrahigh-resolution TVs. A JEITA official said shipments were weaker than a year earlier, but not bad, compared with the average year.—CB Report

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ports making news throughout cruise industry

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LONDON

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ruise ports are a hot commodity for discussion these days.

Companies like Carnival Corporation and Norwegian Cruise Lines, along or in conjunction with countries, are expanding and building new ports…or in some cases, closing them down.

The Gruz Port in that city is building a mixed-use infrastructure cruise terminal at the same location.

GPH is the company involved, having built ports in Barcelona, Malaga, Lisbon, Valletta, Singapore and Turkey. The plan calls for a new cruise terminal, a shopping mall, a multi-story garage and a main city and international bus station built as a modern replica of Dubrovnik’s historical city centre, located only a few kilometres away.

Dubrovnik Gruz Port is located three kilometres away from the Old Town and, by the way, you don’t have to buy a tour to get there. You will Rind a public bus right outside

the terminal.

On-site work is planned to start this year, in September or October.

Thousands of miles away, the government of Queensland, Australia is allowing further investigation of a new dedicated cruise terminal in Brisbane. The government has granted an exclusive mandate to Port of Brisbane to investigate the development of a new terminal at Luggage Point.

Carnival Australia Executive Chairman Ann Sherry said Brisbane was one of the country’s main

cruise hubs and the government’s decision meant the proposal could now move to the next phase of development.

“Today’s announcement means we are moving one step closer to a solution that meets the long-term needs of the industry for a modern terminal that can accommodate large ships in Brisbane,” Sherry said. Houston’s desire to be a major cruise hub is all but over. In an ambitious and possibly misguided attempt to lure some of the cruise traffic from Galveston, Houston.

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Sargodha ASO confiscates 660kg smuggled almond FAISALABAD: The Customs Anti-Smuggling Organisation (ASO), Sargodha, has seized 660 kilogram of foreign origin almond worth Rs 924,000, involving customs duty and taxes to the tune of Rs 135,150. The ASO team raided Jutt Goods Transport Company, Sargodha, and recovered the almonds. The officials asked the person concerned to show documents regarding its legal import but he remained failed. Therefore, the goods were seized under Section 168, Import and Export Control Act 1950 punishable under Section 156 (1) 90 (i) of the Custom Act, 1969.

Friday, March 4, 2016

CUSTOMS BULLETIN

multan Customs intelligence impounds vehicle, diesel worth rs 6 million MULTAN imrAN ALi

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he Customs Intelligence and Investigation has seized 35,000 liters of high speed diesel worth Rs 2.5 million, besides impounding an oil tanker worth Rs 3.5 million being used for the transportation of the smuggled diesel.

Additional Director Nisar Ahmad, following credible information, formed a special team to curb smuggling. The ofRicials intercepted an oil tanker near Sakhi Sarwar and recovered the Iranian diesel.

The ofRicials asked the driver to show documents regarding the legal import of the diesel but he could not produce any legal evidence; therefore, the ofRicials impounded the oil tanker along with diesel. The customs formed an advance information report regarding the seizure of the oil tanker and the vehicle. Meanwhile, The Customs Adjudication has issued Orders-in-Original and ordered to conRiscate nine mobile phones as the respondent did not appear before the authority to prove the legal import of phones. The Customs AntiSmuggling Organisation (ASO) Multan had seized nine cell phones of

Samsung brand during the checking of a passenger luggage at Multan airport, while the accused passenger

Rled from the scene. Owner of cell phones, Naeem Sarwar a resident of Kot Addu was served show-cause no-

tice and couple of notices for hearing.

The owners did not attend the hearing of seized mobile phones’ case on

which Deputy Collector Farhat Ali has announced the conRiscation of mobile phones as outright.

NAB re-arrests ex-Dg FDmA over illegal accumulation of assets PESHAWAR

NADir kHAN

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he National Accountability Bureau (NAB) has rearrested Arshad Khan, exDirector General of FATA Disaster Management Authority (FDMA) along with his partner and front man Dr Muhammad Arif. The suspects are allegedly involved in accumulation of assets worth millions of rupees. It is clarified that

the later is real brother of the accused, Arshad Khan.As per details, the matter was brought to the notice of NAB Khyber Pakhtunkhwa authorities. Taking cognizance of the matter, an inquiry was authorized to ascertain the real facts and collect requisite evidence regarding movable and immovable properties owned, controlled and possessed by the accused in his name and in the name of his dependents etc.

During the course of inquiry it was revealed that the accused Arshad Khan was posted on key portfolios i.e. DCO Malakand, DG

FDMA & DG Excise in 2008-2014.

The accused piled assets worth millions of rupees during his tenure as DG FDMA, in his name and in the name of his real brother Dr Muhammad Arif, also a front man and benamindar for his brother.

Their illegal properties, disproportionate to their known sources of income include, 10 marlas House at Askari VI, Nasir Bagh Road Peshawar, 25 Marlas Hujra at Mouza Malakander Peshawar,05 Marlas Awami Villa at Bahria Town Rawalpindi, 43 marlas commercial plot at University

road, Peshawar acquired in 2013 worth of Rs 70 million, 2 expensive plots in Kanjoo Town Swat while Both operating different joint bank accounts wherein transactions of millions of rupees being made.It merits mentioning here that accused Arshad Khan Ex-DG FDMA has already been arrested by NAB Khyber Pakhtunkhwa, involved for fabricating 161 bogus (fake) survey forms in Mohmand Agency. A cash recovery of Rs 31 million has been made by this Bureau in the instant case. A reference of Rs 59.6 million has already been Riled in the Ac-

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

countability Court Peshawar for Mohmand Agency Funds embezzlement and another reference of about Rs 300.00 Million is in the pipeline against the accused Arshad Khan for his involvement in looting of funds meant for compensation of affectees after Operation against the miscreants in Bajaur Agency. NAB Khyber Pakhtunkhwa is actively pursuing the case and more properties are expected to be unearthed.

NAB Khyber Pakhtunkhwa is actively pursuing the case and more properties are expected to be unearthed.