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Daily

Vol 1 Issue No. 234

Karachi, Sat November 14, 2015

ISLAMABAD

SHAHID MINHAS

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he Federal Minister for Finance Senator Mohammad Ishaq Dar chaired a meeting here at the Ministry of Finance to review the progress of the Federal Board of Revenue (FBR) in

achieving the revenue target set by the government.

Chairman FBR Tariq Bajwa briefed the minister that there has been 22 percent increase in the revenue collection Pigures for October 2015 as compared to the same period last year. He further informed that all efforts were being made to ensure that the target

Price Rs. 14.00

set for the second quarter of the Pinancial year is achieved.

The minister expressed his satisfaction with the revenue collection during the month of October and directed the FBR officials to further improve the tax collection machinery, so that the necessary resources for the development needs of the country can be ensured.

M/s Feroze 1888 Mills short-paid Rs6m duties, taxes on import of LED

Customs Tribunal orders release of confiscated polyethylene, vehicles

China vows to make CPEC successful with Pakistan help

Collector Asif Jah orders Faisalabad ASO to release confiscated truck

Kuwait offers good potential for export of Pakistani products

M/s Feroze 1888 Mills Limited reportedly evaded around Rs 6m duties, taxes | See pAge 02 |

Customs Appellate Tribunal has issued an Order-in Original for the release | See pAge 03 |

China said on Thursday that together with Pak, it will make the CPEC project | See pAge 04 |

AsifMehmoodJahhasissuedONOagainst theorderofdeputycollectorofCustoms. | See pAge 12 |

Pakistan’s envoy-designate to Kuwait Ghulam Dastgir visited ICCI | See pAge 09 |

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Customs impounds used Mark-X, mobiles Saturday, November 14, 2015

National

LAHORE: Customs Investigation & Intelligence Monday has seized Mark-X from a businessman and used mobiles worth Rs 3 million arresting three. According to details the customs authorities on information raided in Barkat Market and impounded non customs paid car from businessman Salman Wajid Mian. The sources said that the businessman was using the car on fake number palate. Meanwhile sources said that customs authorities arrested an accused who was trying to dumping the used mobile phones worth Rs 3million. The sources told Customs Today that smuggled used mobile phones were illegally brought to the Hall Road for sale in electronics market.

gul rehman’s pcA detects rs 6m duty, tax evasion on import of LeD streetlights

Abolishment of taxes on Lpg import sought LAHORE

M HAYAt

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KARACHI

AftAB cHANNA

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/s Feroze 1888 Mills Limited reportedly evaded around Rs 6 million duties, taxes on import of LED streetlights, LED Ploodlight etc.

The detection has been caught by the Directorate of Post Clearance Audit Karachi and audit observation is also issued.

According to sources, during scrutiny of import data, it is found that M/s Feroze 1888 Mills Limited imported T8 LED tube, LED bulb, LED Ploodlight 100-W, LED streetlights etc through MCC Appraisement West by claiming benePits of Fifth Schedule.

“The Federal Board of Revenue has clariPied that benePits of Fifth Schedule is for renewable energy technologies for LEDs with or without ballast with Pittings. Therefore, the concessions claimed by the importer M/s Feroze 1888 Mills Limited were inadmissible to the importer”, sources added.

In this regard, the importer has been advised to deposit the shortpaid taxes/duties at the earliest Meanwhile, KARACHI: Pakistan Customs Directorate of Post Clearance Audit, Directorate Karachi has detected tax evasion to the tune of Rs 54.196 million by Sui Southern Gas Company Limited by availing in-

admissible exemptions under SRO 678(I)/2004 dated 7.8.2004.

According to details, the PCA while scrutinizing import data of Sui Southern Gas Company Limited observed that the company imported various consignments of components for domestic gas meters and cleared the same from Port

Qasim and Air Freight Unit of Customs Preventive, Karachi, through their clearing agent namely M/s.

Muhammad Amin Muhammad Moqeem by availing inadmissible exemption, concession under Clause (2) and Clause (3) of SRO 678(I)/2004 dated 07.08.2004.

Whereas conditions with refer-

ence to aforesaid clauses of the SRO clearly stipulate that only such goods shall be entitled to the exemption by a company other than an E&P company, for its own use or its contractors, sub-contractors and service companies for its projects of oil and gas exploration and production.

IHc puts off hearing of plea against AtIr ISLAMABAD

NAeeM uLLAH tArIQ www.customsbulletin.com

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he Islamabad High Court (IHC) on Thursday adjourned a writ petition filed against Appellate Tribunal Inland Revenue (ATIR).

Justice Aamer Farooq heard the case filed by commissioner

he Liquefied Petroleum Gas (LPG) Distributors Association has urged the government to abolish taxes on LPG import to ensure adequate stocks for peak winter season. LPG Distributors Association Chairman Irfan Khokhar said that hefty GST and other taxes up to 23 percent on LPG import was an impediment to the government’s efforts to ensure its stocks at an adequate level. Thus the policy-makers should revive matters on this front as well, he said. “The government has to abolish taxes on LPG import for four months of peak winter, at least to overcome supply and demand situation and keep prices at affordable level for consumers,” he said. He said the association was ready to cooperate with the government for extending relief to consumers and had prepared a summary spelling out approach to offset shocks in LPG market and maintain the commodity’s price stable at Rs 80 per kilogram with domestic cylinder at Rs 900, across the country. He said Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi even assured to abolish taxes on LPG import for one year period, but the consensus was evolved over four months.

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Inland Revenue, Islamabad and adjourned hearing till December 7.The judge also directed both counsels to submit comments.

Commissioner Inland Revenue had filed the petition through Advocate Babar Ali, while Munawar us Salam represented ATIR in the court.Meanwhile, The Islamabad High Court (IHC) on Thursday adjourned hearing of eight writ petitions filed against Commissioner Inland Revenue, Islamabad.

A single bench of the IHC comprising Justice Aamer Farooq heard the cases and adjourned further proceedings until December 7.Jaded Feeds (Private) Limited, Cider Feeds Private Limited, Islamabad Feeds Private Limited, MAP Rice Private Limited, Shifa International Hospital Limited, Sadiq Feeds, R Wali and Sons and Quality Feeds (Private) Limited had filed petitions against commissioner Inland Revenue through different counsels.

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Sales tax on services sector challenged in LHC ISLAMABAD: The additional sales tax on services sector imposed by the Punjab government has been challenged in Lahore High Court (LHC) Rawalpindi bench.

According to the details, Adnan Saleem Adovacate, counsel for the business community, has submitted a petition. He has said in the petition that all hotels and small businessmen are registered with the Federal Board of Revenue (FBR) and they are already paying taxes to the FBR. While the government has imposed additional sales tax on service sector, which against the human rights as well as law, the petitioner stated. The counsel pleaded the court to suspend the imposition of tax by the government.

pakistan coast guards recover hashish worth rs 126 million

Saturday November 14, 2015

National

customs tribunal orders release of confiscated polyethylene, vehicles

KARACHI

AftAB cHANNA

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n a major action, the Pakistan Coast Guards foiled a bid to smuggle some 80 kilograms of fine quality hashish worth Rs 126 million on Thursday.

According to a spokesman of coast guards, Major Zafar Ahmed, the Pakistan Coast Guards recovered 80 kilograms of hashish from the hidden cavity of the bus which was coming from KPK to Karachi.

While during snap checking at PCG check point near super highway, the coast guards officials took into the custody the huge quantity of hashish, bus along with driver and conductors, Major Zafar added.

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fBr to impose new taxes to clear refunds ISLAMABAD

SHAHID MINHAS

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he Federal Board of Revenue (FBR) has decided to issue Pakistan Investment Bonds or impose new taxes to clear the pending refunds of taxpayers, it is learnt here.

Sources said that FBR has two options this time to clear the refunds at once. The first option is the imposition of new taxes to cover the revenue shortfall, which would be occurred due to payment of refunds.

And the second option is the issuance of investment bonds, while the money earned from bonds would be utilised to clear refunds.

It is important to mention here that FBR is facing 32 percent shortfall in the sales tax collection from oil refineries and oil marketing companies and 64 percent in wake of sales tax collection from local fertilizers.

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MULTAN

IMrAN ALi

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he Customs Appellate Tribunal has issued an Orderin Original for the release of high density polyethylene after hearing the respondent’s plea.

Directorate of Customs Intelligence and Investigation Multan seized polyethylene from their jurisdiction.

Customs Investigation team seized almost 750 bags of polyethylene containing 25 kilogram bag each. The net weight of seized polyethylene was almost 18750 kilograms. The foreign origin polyethylene captured by Customs was smuggled from Iran.

Customs team also seized 700 bags of rotten apple along with polyethylene during the action .The seized polyethylene was concealed under rotten apple in the truck.

Hino truck bearing registration number TKB-228 which was carrying these rotten apples and polyethylene were also seized along with vehicle during action. The net values of seized polyethylene were Rs 4.5 million, vehicle Rs 3 million and duty tax of Rs 2.5 million were assessed from dry port appraiser during action of Customs team.

Owner of seized goods Fazal Muhammad challenged the judgment of Customs Adjudication for seizing their goods out rightly. Customs Appellate Tribunal issued ver-

dict in the favor of respondent after hearing its point of view. Customs Appellate Tribunal Member Judicial Omer Arshad Hakeem decided seizure case appeal after examining the facts provided during hearing in which he directed to release seized bags of Polyethylene bags after payment of their duty taxes under section 2 (S) & 16 of the Customs act 1969 SRO 499(I) punishable under section [156 (I),89(I),157 and 164.

Meanwhile, The Special Court of

customs team also seized 700 bags of rotten apple along with polyethylene during the action .the seized polyethylene was concealed under rotten apple in the truck.

fBr reinstates three officials at port Qasim KARACHI

wAQAr AHMeD ANSArI

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Ayyan files acquittal appeal in LHc odel Ayyan Ali has filed an appeal in LHC for her acquittal from currency smuggling case.

In her appeal she adopted the stance that customs court while ignoring the facts dismissed her plea. Now she approached LHC for her acquittal. Earlier Ayyan Ali stated in customs court that she was detained at the Islamabad airport on March 14.—CB Report

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he Federal Board of Revenue (FBR) has issued a notiPication to reinstate three BS-16 ofPicials of Port Qasim Collectorate, Customs Today has learnt.

According to the notiPication, the FBR has restored Sarfraz Haider,

Customs Taxation and Anti-Smuggling Multan granted a four day physical remand of seven alleged smugglers who were arrested by the Customs Anti-Smuggling Organization (ASO) in an operation.

As per details, the Customs authorities registered a case against suspects under Pakistan Customs Act and produced them before the court and asked for their additional physical remand for further investigations.

principle appraiser Yaseen Khan and appraiser Mubeen Hussain.

These ofPicials were suspended in January 2015 and investigations were underway against them. Ear-

lier, the FBR reinstated Pive BS-16 ofPicials including Asad Aleem, Principle appraiser, Ghulam, Appriaser, Aness-ur-Rehaman and Qamar Mubeen Appraiser.

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Gold imports up by 84% to $7.089m in Q1 Saturday, November 14, 2015

Business

ISLAMABAD: The gold imports have surged by 83.89 per cent to $7.089 million during the first quarter (July-September) of ongoing fiscal year 201516 as compared to the imports of $3.855 million during the corresponding period of last year.In terms of quantity, the gold imports witnessed positive growth of 112.09 percent during the period under review. Overall 193 kilograms of gold were imported during the first quarter of the current fiscal year compared to the imports of 91 kilograms during last year, the data revealed.

kSe dips 0.32%, losing 108 points to close at 34295 KARACHI

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he Karachi Stock Exchange benchmark KSE-100 index Friday dipped 0.32 per cent, losing 108.11 points to drop to 34156.45 points level at closing.

The market witnessed the highest trading level of 34275.77 points and lowest level of 34133.08 points, with the total volume of 196,338,375 shares, having

oil prices under pressure in Asia SINGAPORE

cuStoMS BuLLetIN report

Rs8,804,547,106 value. As many as 343 companies were active; of which 173 advanced, 158 declined and 12 remained unchanged.

china vows to make cpec successful with pakistan’s help

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ISLAMABAD

il prices remained under pressure in Asia Friday after a huge jump in US crude inventories reinforced projections that a supply glut will persist well into next year. US benchmark West Texas Intermediate (WTI) for delivery in December was down 24 cents to $41.51 and Brent crude for December was trading four cents higher at $44.10 a barrel at around 0330 GMT. Prices were hammered Thursday after the US Department of Energy.

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Miscellaneous sectors were traded with total volume of 49,233,200 shares, while commercial banks were second with a

total traded volume of 14,005,300 shares.The three top traded companies were Pace (Pak) Ltd with a volume of 47,350,000 and price per share of 8.52 (0.21), Byco Petroleum with a volume 8,992,500 of price per share of 24.35 (0.79), PIAC (A) with a volume 7,376,500 of price per share of 8.90 (0.35).

The top three advancers were Nestle Pak XD with price per share 8900 (369) and 1,040 shares; Ferozsons (Lab) XD with price per share of 871.50 (30.07) and 45,350 shares; and Pak Tobacco SPOT share of 1014.90 (24.90) and 200.

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hina said on Thursday that together with Pakistan, it will make the China Pakistan Economic Corridor (CPEC) project successful. A high-level Chinese military delegation headed by General Fan Changlong, Vice Chairman of the Central Military Commission of the People’s Republic of China, called

on Prime Minister Nawaz Sharif and Chief of the Army Staff (COAS) General Raheel Sharif separately.

Prime Minister Nawaz Sharif said during the meeting at the Prime Minister’s House that friendship with China was the cornerstone of Pakistan’s foreign policy, as both the countries enjoyed incomparable relations in the contemporary world.

Nawaz emphasised that the time-tested friendship between the two countries was based on strong mutual trust, cooperation and convergence of views on regional and global issues. He said the ongoing

strategic dialogue, consular consultations and counterterrorism consultations between Pakistan and China provide a good opportunity to further improve their strategic partnership.

General Fan Changlong appreciated Pakistan’s role in the fight against terrorism and said both countries shared a common view on combating the evil of terrorism and extremism. He said mutually supportive cooperation in the field of defence was a critical factor in maintaining peace and stability in the region.

kp govt, fwo agree to initiate mega projects PESHAWAR

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he Khyber Pakhtunkhwa government and Frontier Works Organisation (FWO) have agreed to jointly initiate the mega projects of the province in communication and energy production sectors under Public Private Partnership (PPP) policy of the incumbent government. This was agreed upon at a meeting of the Director General of FWO, Major-General Muhammad Afzal, with Chief Minister Pervez Khattak at the Chief Minister’s Secretariat Thursday, said a handout.

Other relevant officers of FWO and the Communication and Works and Relief and Rehabilitation departments were also present. The chief minister welcomed the offer made by FWO for executing the major infrastructure and energy projects. He said that partnership between KP government and FWO would not only help improve quality of construction works but such venture would also ensure completion of the projects in much lesser time and at reduced cost as well. It was decided during the meeting that a separate agreement between KP government and FWO would be finalised soon for handing over the rehabilitation and ADP schemes to FWO in the flood and earthquake-hit district of Chitral.

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uBL arranges rs 17b for NtDcL NJ transmission line project LAHORE

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ajahat Husain, President & CEO of United Bank Limited (UBL), and Engineer Muhammad Arshad Chaudhry, Managing Director of National Transmission & Despatch Company Limited (NTDCL), attended a formal ceremony marking a major milestone towards facility effec-

tiveness of the syndicated term finance facility of Rs 17 billion for the construction of 500 kV double circuit transmission line of 270 km along with the associated network for the evacuation of power from Neelum–Jhelum hydro power project to Gujranwala/Ghakhar grid station and for construction of 2x500 KV line bays including shunt reactor at 500 kV Gujranwala grid station.

Finance arranged by UBL con-

sists of its own participation of Rs 13 billion and Rs 4 billion from Bank AL Habib. The ceremony held at the head office of UBL in Karachi. Senior executives of both UBL and NTDCL also attended the ceremony.

President & CEO of United Bank Limited (UBL) said this landmark transaction signifies the beginning of large-ticket financings for development of sustainable energy infrastructure in Pakistan. It

reflects UBL’s commitment towards government’s mandate of overcoming energy shortages in the country.Managing Director NTDCL Engineer Muhammad Arshad Chaudhry said that the construction of the transmission line has already been initiated and will be completed in two phases. The first phase consists of 145 km long transmission line from Neelum Jhelum to Domeli (near Rewat) which will be completed before

commissioning of the project and Phase II which shall consist of a 130 km long transmission line from Domeli to Gujranwala. Work on phase one has already started on fast track basis.

He further elaborated that the engineers are working day and night in difficult terrains of Azad Jamu and Kashmir to complete the much needed Neelum Jhelum Transmission line well within planned timelines.

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Saturday, November 14, 2015

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he Model Customs Collectorate (MCC) Preventive confiscated a large number of mobile phones of various brands/names, tablets and mobile accessories worth Rs 239.416 million in October 2015, it is learnt.

The official sources told Customs Today that MCC Preventive staff confiscated some 28,352 cellular phones of Samsung, Huawei, iPhones brands etc worth Rs 205,262,500 in the month of October 2015 alone. While more than 1695 tablets of different brands were also seized in October worth Rs 33,900,000, and 1269 sets containing mobile accessories worth Rs 2 5 3 , 8 0 0 , sources added.

According to sources, the seizure of cellular phones in one month is the biggest achievement of the staff who are always encouraged and supported by energetic and dynamic Collector MCC Preventive Syed Tariq Huda.

Meanwhile, The Model Customs Collectorate (MCC) Preventive staff deputed at the Jinnah International Airport, Karachi has recovered 3.1 kilograms of narcotics from a Dubai-bound flight of PIA PK-211 on Wednesday.

According to details, PK-211 was flying from Islamabad to Dubai and the flight has to land at the Karachi airport for thorough search. Customs authorities with the help of sniff dogs frisked the plane and found 3.1 kilograms of narcotics hidden in secret cavities in bathroom. Narcotics has been handed over to Anti Narcotics Force (ANF) while further investigation was underway to trace out the smugglers.

ventive customs prerge number a la confiscated e phones of of mobil s/names, d various brand mobile tablets an ies. accessor

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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

thar coal project

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he Sindh government successfully generated one megawatt of electricity from the Thar Coal Power Plant in May this year through an underground coal gasification process thanks to the best efforts of Dr Samar Mubarakmand.

Dr Mubarakmand had tried to develop a scientific process to tap vast coal reserves, but he was discouraged on occasions by the red-tape to leave the job. To highlight the hurdles, the world renowned scientist once said that the pen which is authorized to approve funds for the project does not move until it gets the ink of money.

Now the Ministry of Finance has approved a draft to pave the way for foreign currency loans for the Thar Coal Mining Project.

The federal government also wants to give legal cover to the loans for the project, which is a part of China Pakistan Economic Corridor (CPEC).

According to newspaper reports, the money will be provided by a consortium of top Chinese banks, including China Development Bank. The ministry has also given a go-ahead signal to the Sindh Engro Coal Mining Company to obtain local currency loan for the Thar Coal Mining Project.

According to reports, the federal government will also issue sovereign guarantees for the project by a provision of backup guarantee by the Sindh government while Engro Powergen Thar Limited is constructing a power plant, spending around Rs 4 billion to start work before the financial close. The development of mine will hopefully produce around four million tons per annum coal and the power project will produce 660 megawatt in Thar. Both the projects will cost around $2 billion. Another news report says that 180 billion tons coal reserves were discovered in Tharparkar district in the early 1990s, but could not be exploited due to lack of interest of the successive governments in the country. However, now a consortium of local banks has pledged Rs 50 billion to harness the untapped natural resources in Sindh. Once the two projects are completed, it is hoped that not only the quality of life of the local people will improve, the country will also overcome energy crisis to some extent. The most important factors hindering the implementation of the promising projects are red-tape as well as corruption.

Billions of rupees are syphoned off the development schemes, leaving the nation in lurch as the benefit of progress seldom reach common man. It is hoped that the present government, without going into political consideration, will consult Dr Mubarakmand and try to develop indigenous technology.

Moody’s: pakistani banking system stable A

LAHORE

Dr AftAB AfZAL

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t a time when traders have withdrawn billions of rupees from banks on the issue of withholding tax, Moody’s Investors Service has changed the outlook for the Pakistan banking system to stable from negative. The positive outlook shows improvement in economic growth. The government and traders are still negotiating to reach an agreement on the bank transactions as the government has so far showed no leniency to change its decision. However, according to Elena Panayiotou, Moody’s Assistant Vice President, the accommodative monetary policy of the State

Bank will hopefully stimulate lending growth during the next one and half year and support the loan performance in banking sector.

The rating agency projects the real gross domestic product of the country at 4 percent in the current Piscal year due to higher spending on infrastructure projects. The government wants to overcome energy shortage and execute projects associated with the ChinaPakistan Economic Corridor.

According to Panayiotou, the problem loans of the country will decline to around 12 percent at the end of the current Piscal year as compared to 12.4 percent during the previous Piscal year ending June 2015. However, the level of credit risk will remain high as the banks are heavily exposed to the

low-rated Pakistan sovereign through holdings of securities and government-related loans. The agency notes that improvement in domestic economy will improve asset quality of banks and earnings will slightly ease over the outlook period due to various contributing factors. Earlier, the market perception of the country’s risk proPile had been upgraded to B3 from Caa1 on June, 11 this year.

The agency also notes that higher loan volumes and capital gains, which are booked through the sale of government securities, will only partially offset the pressure on proPitability. However, it expects that the banks will maintain ample liquidity and will continue to benePit from the large volumes of lowcost and stable customer deposits.

As a matter of fact, the government will have to reach an agreement with the business community if it wants to keep the banking system in running mode. Better economy ensures strong banking system, but if businesses are under pressure, the banking system will fall.

Moody’s expects that the banking sector should maintain a strong liquidity buffer with core liquid assets. But this can be only possible when business community will be encouraged to use banking channels for their business transactions. The government had imposed the withholding tax to earn revenue and pave the way for documentation of the economy, but blind decision proved to be disastrous for the whole banking industry in the country.

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Chinese imports drop 18.8% to $130.8b in Oct BEIJING: China’s import dropped again in October for the 12th consecutive time, according to official data revealed. BBC News reported that China’s imports on October went down 18.8 percent to $130.8 billion. This is a small improvement to the 20.4 percent drop in September. Meanwhile, exports also declined by 6.9 percent to $192.41 billion. This is the fourth month in a row that exports have fallen. This led to a $61.6 billion trade surplus, which is the highest the world’s second largest economy has ever been. This suggests that China is still struggling to improve domestic demand. According to the Malaysian Insider article, some of the major reasons for the country’s economic meltdown are its slow property market, its manufacturing sector’s overcapacity, and slow spending on infrastructure. The economic slowdown ultimately led to slow demand in commodities such as iron and coal, which are needed in the heavy industry.

pakistani business community urged to explore Mauritius markets igh Commissioner of Mauritius in Pakistan Yusuf Elahee, while discussing matters of mutual interest, has invited the Gujranwala business community to divert its business activities to Mauritius, besides, exploring and capturing the Mauritius and African international trade markets.

He stated this while addressing an important meeting of Gujranwala businessmen held at Gujranwala

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Chamber of Commerce and Industry (GCCI) here. President GCCI Sami Ullah Naeem, Vice President Sheikh Abdul Rauf and Counsel General Mauritius Shahid Sethi were also present on this occasion.

Mauritius High Commissioner said that Mauritius could be the gateway to the African countries for the Asian countries. He agreed with the GCCI proposal regarding regular exchange of mutual trade delegations between Pakistan and Mauritius and early provision of advanced information about Mauritius trade and industrial exhibition. He said that there were bright opportunities of setting the several joint ventures in different trade fields between the Mauritius and Pakistani companies.

He offered some direct trade relations to Gujranwala businessmen. He also visited some leading industrial units in Gujranwala.

While, presenting address of welcome, President of Gujranwala Chamber of Commerce and Industry (GCCI) Sami Ullah Naeem said that Mauritius and Pakistan enjoy most cordial relations, which provide strong ground to strengthen trade economic cooperation. —CB Report

Saturday November 14, 2015

Chambers

kuwait offers good potential for export of pakistani products P

ISLAMABAD

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akistan’s envoy-designate to Kuwait Ghulam Dastgir visited Islamabad Chamber of Commerce and Industry and stressed upon the need of enhancing trade with Kuwait that offered good potential for export of many Pakistani products. He said Kuwait has tremendous potential, especially for Pakistani Halal food products and a serious attention towards this particular sector could give a quantum jump to our exports.

He discussed various options to enhance the level of cooperation between Pakistan and Kuwait in various Pields of mutual interests including agriculture, energy, trade, commerce and investment. He said the share of Pakistan’s export to Muslim countries including Kuwait was not at par with real potential, however, with more focus and efforts by the private sector, it could be improved signiPicantly.

He assured that Pakistan’s embassy in Kuwait would play its role for promoting business linkages and connectivity of Pakistan’s private

sector with Kuwaiti counterparts and share trade related information with Pakistani Chambers so that our entrepreneurs could take advantage of potential opportunities for promoting business.

He said ICCI should take its delegation to Kuwait to explore new avenues of mutual collaborations and his Embassy would facilitate it in B2B meetings with right counter-

parts.

Speaking at the occasion, Atif Ikram Sheikh, president, Islamabad Chamber of Commerce and Industry said that Pakistan and Kuwait enjoyed good relations, but despite great potential, the bilateral trade was not up to the required level. He said a new methodology was needed to increase Pakistan’s trade and exports with Kuwait.

Textile industry flourishing in Faisalabad: Dr Asif

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FAISALABAD

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he prime objective of research is to serve community and in this connection commercialization of new technologies and inventions developed by scientists will be a prerequisite, said Dr Asif Ali, Director OfPice of Research, Innovation and Commercialization (ORIC), University of Agriculture Faisalabad (UAF).

He was addressing a meeting of the businessmen and industrialists in Faisalabad Chamber of Commerce and Industry (FCCI) here.

He paid best tribute to the vision of those who had established Agriculture College in 1906 in Faisalabad. They provided a comprehensive network of irrigation and railway and thus laid down a strong foundation for the future commer-

cialization of the agriculture produce. Substantiating this point, he said that textile industry in now Plourishing in this part as cotton was the main product of this region. He also touched upon the aims and objectives of the universities and said that the main objective is to lay down a strong foundation for economic development. This objective cannot be achieved in isolation and hence a strong link between industry and academia is imperative. He said that the objective of his visit to FCCI is also to convince the business community to play its role in the commercialization of the technologies developed by UAF. He told that Agriculture College was upgraded into a university in 1961 and its growth is still continuing. “It has seven facilities and 500 PhD’s are working round the clock on basic as well as applied sciences”, he added.

He said that the latest facality

added in this university is the faculty of food and nutrition and its objective is value addition and commercialization of the agriculture produce.

Professor Dr. Asif Ali thanked the USAID for extending Pinancial and technical cooperation in the establishment of centre for advanced studies in food, security and agriculture. He said that yet another objective of this facility in the main streaming of female population. He quoted the last visit of Engineer Rizwan Ashraf immediate past president of the FCCI to ORIC and said that he had pin pointed some basic problems confronted by trade and industry and told that ORIC is seriously working on these projects.

He further told that UAF has best and high tech testing laboratories fully equipped with latest gadgets which could also be utilized by local industries.

He said many Pakistani businessmen were interested to explore Kuwait for business prospects, but Kuwait’s strict visa regime for Pakistani nationals was a major hindrance in pursuit of such efforts. He said this issue should be taken up at the higher levels to ensure easy visas for our entrepreneurs so that they could step up efforts for promoting trade with Kuwait.

Establishment of ‘Export Display Centre’ in Gujrat to facilitate exporters ujrat Chamber of Commerce and Industry (GCCI) President Mian Muhammad Ejaz has said that the early establishment of an international standard “Export Display Center”at Gujrat was the top priority , which would provide unique opportunities to the exporters to display their products at one place. He stated this while addressing an important meeting of the Gujrat business community held at Gujrat Chamber of Commerce and Industry (GCCI). He said that the funds were available for the interior construction and decoration of the Export Display Center, saying that the GCCI has sought the formal approval of spending these funds from the Trade Development Authority of Pakistan (TDAP) in this regard.—CB Report

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Chinese police nab smuggler from Hong Kong Saturday November 14, 2015

World

BEIJING: Shenzhen border police have arrested a university student from Hong Kong as he attempted to smuggle 16 replica guns and gun accessories across the border to the mainland, China News Agency (CNA) reported.

The suspect was intercepted last week at the Huanggang border control point after scanners detected metallic, gun-shaped objects in his luggage. The man attempted to flee when officers asked to re-examine his bag. He was later subdued in a parking lot, authorities told CNA. Sixteen replica guns, along with a silencer, a scope and a cartridge clip, were confiscated by customs officers.

Preliminary investigations suggest that the suspect was to be paid RMB$1,000 (HK$1,217) for bringing the weapons across the border.

Saudi customs foils attempt to smuggle alcohol at Jeddah airport

gang trafficking drugs, fake currency busted in B’desh

T DHAKA

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RIYADH

he National Investigating Agency has managed to bust an inter-state racket that involves the circulation of fake currency and also smuggling of drugs.

The two states in question are Punjab and West Bengal and the arrest of these operatives had led to the seizure of opium and high quality fake currency notes.

In a detailed chargesheet Piled by the NIA, it is stated that Sunesh Kumar a resident of Ambala aged 50 and Rajan Chopra (25) from Fatehgarh Sahib, Punjab were involved in a racket involving the circulation of both fake currency and opium.

The said Sunesh Kumar and Rajan Chopra were arrested by a joint

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n Asian woman was arrested for attempting to smuggle alcohol through Jeddah’s main airport.

Abdullah Al-Falai, Custom Control director at King Abdulaziz International Airport, said the woman hid Pive bottles of alcohol underneath her abaya.

The women staff at the Custom Control felt suspicious of the way the woman walked and the way her clothes were worn.

They inspected her and easily found the bottles of alcohol in pockets she had speciPically designed for the smuggling attempt.

Meanwhile, Saudi authorities executed three Iranian men after they were convicted of trying to smuggle a large quantity of drugs into the Gulf Kingdom.

Nabi Baksh, Mohammd Balouh

Malaysian authorities seize counterfeit watches worth of rM56,400 he Johor Domestic Trade, Co-operatives and Consumerism Ministry (KPDNKK) seized RM56,400 worth of counterfeit watches of various brands on Wednesday.

Its director Nor Nekman Jaimom said a team of 15 personnel from the state KPDNKK raided six out seven targeted kiosks in a shopping mall at Jalan Tebrau here the other day. The threehour operation that started at around 11.45am confiscated about 1,750 units of watches from four famous brands including Casio, G-Shock, Baby-G and Edifice. He told reporters this in a press conference held at Menara Ansar here on Wednesday. “The operation was conducted after a one-month investigation by our team and also by collecting information from complainant. —CBReport

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and Omeed Bouledah were executed in the Eastern Saudi port of Dammam said.

Saudi coast guard patrols had arrested the three when they caught them trying to smuggle a large

quantity of hashish in their wooden boat in Saudi waters.

Hundreds of people have been beheaded in Saudi Arabia on charges of smuggling drugs and most of them were Asians.

Iran to double gas exports to Iraq from 2017

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ran will double gas exports to neighboring ally Iraq from 2017 under a contract signed.

The deal, to send 20 to 35 million cubic meters of gas per day to the southern Iraqi city of Basra, follows a Pirst major contract between the countries in 2013 to export gas to the Iraqi capital Baghdad.

“The gas export will begin in a year and a half with new pipelines and facilities,” Iran’s Deputy Oil Min-

ister Hamid Reza Araghi said, before signing the contract with Iraq’s deputy energy minister.

The contract is for six years, he added, without mentioning its total value. “The pricing will be similar to that of the Baghdad contract,” Araghi said. Local media had earlier reported that the Baghdad contract, to export 25 million cubic meters of gas a day, was worth $3.7 billion (3.4 billion euros) a year. —CB Report

team of West Bengal Police and BSF, on May 12 2025 at the Sujapur town under Kaliachak police station limits in Malda district of West Bengal. They were carrying with them High Quality Counterfeit Indian Currency Notes having face value of Rs. 9,00,000 and also 847 grams of opium, in a Maruti Swift Dzire car, which was seized from their possession. In view of the interstate linkages of the smugglers, and probable connections with smugglers from across the border in Bangladesh, NIA took over the investigation as per the orders issued by Ministry of Home Affairs. During investigation by NIA, it was established that the two had driven in the car owned by accused Rajan Chopra, all the way from Punjab to West Bengal only to purchase FICNs and contraband drugs and were found in possession of the same.

Australian coal prices drop to $50 on 1 tonne for first time

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ustralian coal prices have dropped to $50 a tonne for the Pirst time as demand sags and costs fall due to costing cutting and falling producer currencies, but analysts say that the cheap price will keep coal competitive especially in emerging markets.

Coal cargoes for prompt deliveries from Australia’s Newcastle terminal settled at $50 per tonne on Wednesday, the lowest on record. This follows the lead of API2 2016 coal futures, which fell below $50 a tonne for the Pirst time since 2003 in September. The unprecedented rout has seen the value of coal cargoes lose almost 40 percent since the beginning of the year and two-thirds since last peaking in 2011, when prices

were pushed up by Japan’s nuclear reactor meltdowns at Fukushima and because of mine Plooding in Australia. Compared with its all-time high of 2008, coal is now almost 75 percent cheaper. At the heart of the slide is a slowdown in demand from China, which is expected to hit imports well into 2016. The world’s biggest consumer of thermal coal has suffered a sharp slowdown in economic growth, while imports have also been hit by policies favouring local miners as well as targeting rampant pollution. “It is really very difPicult to go long without a structurally fundamental reason,” one coal trader said. A sharp fall in the value of currencies in producer nations like Australia. —CB Report

Judge dismisses illegal import of rosewood case

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HONG KONG

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judge has dismissed the case against a managing director and his Pirm for allegedly importing about 30,000 rosewood logs worth US$50 million (S$71 million) without a permit after she ruled that the goods were in transit here and

Hong Kong-bound.

District Judge Jasvender Kaur held that prosecutors had not made the case to justify the charge under the Endangered Species Act against Mr Wong Wee Keong and his company Kong Hoo. In a rare outcome, she dismissed the case without calling for the defence. Prosecutors had called 10 witnesses to support their case.

“The test for calling the defence at the close of the prosecution’s case is whether the prosecution has led some not inherently incredible evidence, which assuming such evidence to be reliable, would establish the elements of the offence,” she wrote in judgment grounds released on Oct 28. The goods, which were acquired from Madagascar by Kong Hoo, were seized in March last year

when a cargo vessel carrying them berthed at Jurong Port. They were meant to be restuffed into containers and shipped to Hong Kong. It was reported then to be the largest amount of rosewood logs ever seized. Rosewood is a restricted item listed under the Convention on International Trade in Endangered Species of Wild Fauna and Flora (Cites), to which Singapore is a signatory.

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DSD Shipping found guilty of dumping waste in Gulf of Mexico NEW YORK: Norwegian shipping line DSD Shipping – full name Det Stavangerske Dampskibsselskab AS – and three of the company’s employees were convicted in a US court of dumping waste oil and contaminated waste water in the Gulf of Mexico in early 2010.

A federal court in Mobil, Alabama, found the parties in violation of the Act to Prevent Pollution from Ships for knowingly using an inoperable oily-water separator (equipment which, when working properly, prevents the discharge of waste materials) on board the vessel Stavanger Blossom. They also failed to log the discharge in an oil record book as required.

Ship owners shift their attention towards gas carriers PERTH

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hip owners have shifted their attention towards gas carriers during the course of the past week, as a number of deals in the newbuilding market arose. According to the lat-

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est weekly report from Allied Shipbroking, “gas carriers took center stage this week as the emergence of a number of VLGCs increased their orderbook tally while giving an essence of the bullish sentiment being noted in these large LPGs”.

Allied noted that “we also witnessed two orders for MR tankers, one placed

by Stena Bulk at China’s CSSC group while the other being options declared

by Scorpio Tankers which seems to be shifting its focus once again on its MR fleet. Nevertheless, the volume of activity is still marginal and with pressure still mounting on shipbuilders, further price drops were being noted on quoted figures by shipbuilders. It looks as though this slow downward trend will likely continue, especially for dry bulkers were activity this year has been almost negligible. The price gap between a newbuilding and a secondhand continues to remain wide, while the further drop in secondhand prices being noted is preventing any sort of catch up by shipbuilders despite the de-creases already noted since early September”. In a separate weekly report, Clarkson Platou Hellas noted that Scorpio have extended their order at Hyundai Mipo Dockyard by declaring an option for four further 50,000 DWT MR Tankers.

Ports & Shipping

Saturday November 14, 2015

euroseas Ltd reports Diana containerships Inc results for 9 month period and quarter reported net loss ended Sept 30 of $9.1 million for 3rd quarter E LONDON

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iana Containerships Inc., a global shipping company specializing in the ownership of containerships, reported a net loss of $9.1 million for the third quarter of 2015, compared to net income of $1.4 million for the respective period of 2014. The loss for the third quarter was mainly the result of $8.3 million of direct sale and other charges associated with the disposal of the vessel Garnet, without which the result for the third quarter of 2015 would have been a net loss of $0.8 million.

Time charter revenues, net of prepaid charter revenue amortization, were $16.1 million for the third quarter of 2015, compared to $13.0 million for the same period of 2014, mainly due to the enlargement of our Pleet resulting from the acquisition of six vessels from September 2014 to September 2015, partly offset by reduced time charter rates and increased off-hire days.

Net loss for the nine months ended September 30, 2015,

amounted to $8.7 million, compared to net income of $2.4 million for the same period of 2014. The loss for the period ended September 30, 2015, was mainly the result of the direct sale and other charges of $8.3 million for the vessel Garnet, without which the result for the period would have been a net loss of $0.4 million. Time charter revenues, net of prepaid charter revenue amortization, for the

nine months ended September 30, 2015, amounted to $47.3 million, compared to $39.0 million for the same period of 2014. The Company has declared a cash dividend on its common stock of $0.0025 per share with respect to the third quarter of 2015. The cash dividend will be payable on or around December 9, 2015 to all shareholders of record as at November 24, 2015.

port of Dublin wins eSpo Award 2015

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DUBLIN

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he Port of Dublin has been awarded this year’s ESPO Award in recognition of his strategies in making schools and universities aware of their local port and its activities. The jury of the ESPO Award also decided to grant the Port of Guadeloupe with a special mention for the project ‘Discovering my port’.

Dublin and Guadeloupe were presented with the Award at a ceremony in Brussels on.

Opening the ESPO award ceremony, ESPO’s Chairman Santiago Garcia-Mila said: “Today we are liv-

ing in a quickly evolving world.

Business and society changes dramatically. This means that workforce skills and requirements have to adapt accordingly. Jobs that exist today, did not exist ten years ago.

Ports in Europe have to follow this trend: new equipment, changes in volumes, bigger size of vessels, further globalisation, transport digitalisation, new environmental rules, security challenges, the energy transition. All imply new skills, new challenges but also new opportunities. By explaining the wide variety of skills they need, port authorities can help the local youth to prepare for life after school and to succeed in this rapidly evolving world. They can also help schools

and universities to tailor their programmes to the needs on the job market and to deliver more value to their students”.

The theme of this year’s ESPO Award was Engagement with local schools and universities. Dublin Port Company won the 2015 Award for its project, Port Communities Educational Support Programme, which helps increase employment options within the disadvantaged communities that provided the port’s workforce in the past. The programme includes Early Learning Initiatives, Technology in schools, Scholarships Programme and support to sport teams. The educational programme is a response to when port communities in Dublin have been impover-

uroseas Ltd., an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced its results for the three and nine month periods ended September 30, 2015. Third Quarter 2015 Highlights: Total net revenues of $11.3 million.

Net loss of $1.39 million; net loss attributable to common shareholders (after a $0.4 million dividend on Series B Preferred Shares) of $1.8 million or $0.292 loss per share basic and diluted. Adjusted net loss attributable to common shareholders1 for the period was $0.262 per share basic and diluted. Adjusted EBITDA1 was $2.0 million. An average of 15.0 vessels were owned and operated during the third quarter of 2015 earning an average time charter equivalent rate of $8,929 per day. The Company declared its seventh dividend of $0.4 million on its Series B Preferred Shares; the dividend was paid in-kind by issuing additional Series B Preferred Shares.

On October 16, 2015 the Company announced the sale of M/V Tiger Bridge (a 2,228 TEU Container vessel, built in 1990) to an unaffiliated third party for recycling.—CB Report

ished by the great reduction in employment opportunities caused by the industrialisation of cargo handling beginning in the 1960’s with the growth of unitised freight.

“We are delighted in Dublin Port to have our efforts engaging with local schools and universities recognised by ESPO. The ESPO Award is a prestigious recognition by our peers in the port industry across Europe of our efforts in Dublin to achieve a greater unity between the port, the city and local communities through the medium of education. I have always been impressed by the quality and the number of submissions for the ESPO awards and for Dublin to be recognised this year is a tremendous endorsement.

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SHC approves pre-arrest bails of four customs officials KARACHI: The Sindh High Court (SHC) on Thursday granted pre-arrest bail to the four customs officers accused of manhandling lawyers on the premises of the customs court. A single bench of the SHC approved the bail for Pakistan Customs’ I&P Branch’s officers, including Aijaz Ahmed Khoso, Akbar Ahmed Khan, Syed Azhar Mehdi and Zubair, against surety of Rs 50,000 each. Police had registered a case (FIR No.594/2015) against them at the Preedy police station under Sections 147/506-B/392 of Pakistan Penal Code on the directions of District and Sessions Judge South.

Saturday, November 14, 2015

CUSTOMS BULLETIN

collector Asif Jah orders faisalabad ASo to release confiscated truck LAHORE M HAYAt

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ollectorate of Customs Appeals Asif Mehmood Jah has issued ONO against the order of deputy collector of Customs Appeals, ordering the customs authorities to do away with conPiscation of an old truck bearing registration no. TKW-024 held by the collectorate of Customs Faisalabad. The collector of Customs Appeals has issued this order in Urdu.

The collector of Appeals, in his order, said that the vehicle was tested in Islamabad Forensic Laboratory which resulted that the vehicle’s number was not tampered.

The order said that the vehicle was registered with Quetta Excise Department and verified by Sindh Road Transportation Corporation.

The collector ordered the Faisalabad Customs authorities to release the confiscated truck No TKW/042. He ordered that the both sides were duly heard and the collectorate of Appeals was satisfied with the version of the appellant.

Meanwhile, The Collectorate of

Customs Appeal has issued the first Order -in-Original in Urdu language after implementation of Urdu in the

country. Collector Appeal Dr Asif Mehmud Jah also awarded “Pride of Performance” recently by the

government of Pakistan. Collector Dr Asif Mehmud Jah became the first Customs official who imple-

mented the Supreme Court decision by issuing an Order-in Original in Urdu language.

kp NAB arrests Ayazul Haq for depriving people of rs 10m PESHAWAR

NADIr kHAN

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AB Khyber Pakhtunkhwa arrested Ayazul Haq of Battagram for allegedly depriving people of Rs 10 million in the name of Islamic mode of business i.e. Mudaraba.

During the course of inquiry, it was revealed that the accused lured people to invest their money in his fake Muddaraba business,

promising them huge proPit on their investment.

The accused after few months not only stopped paying proPits but also refused to pay back the original invested money and disappeared. The accused is now in the custody of NAB Khyber Pakhtunkhwa. Any person who has any claims against him should consult NAB Khyber Pakhtunkhwa, PDA Complex, Block – III, Phase – V, Hayatabad Peshawar without any delay.

Meanwhile, NAB Khyber Pakhtunkhwa arrested Dr Ambar Ali, Additional Secretary Planning

and Development / Director General Monitoring and Evaluation Khyber Pakhtunkhwa (DMG OfPicer/BPS-19), Zulfaqar Khan, Director General Independent Monitoring Unit (DMG OfPicer/BPS-19) Khyber Pakhtunkhwa, Muhammad Aslam RaPique, Deputy Director Audit, Abdul Mustafa Contractor, Muhammad Bashir Tehsil OfPicer (Infrastructure), Maqbool-urRehman Accountant, Abdul Hameed Assistant Tehsil OfPicer, Muhammad Raziq Sub-Engineer and Azhar Jalil Sub-Engineer for their alleged involvement in misuse of authority and embezzle-

ment of Rs 100 million through fake and sub-standard developmental schemes in Mansehra district and Torghar.

During the course of inquiry, it was revealed that under Prime Minister’s directives, funds were allocated for developmental schemes in NA-21 (Mansehra and Torghar). The government had launched the developmental schemes under People’s Works Programme-II and allocated Rs 225 million for execution of 567 schemes, including construction and rehabilitation of Shingle Roads, PCC Roads, PCC streets,

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Wells etc. The accused Ambar Ali and Zulfaqar Khan, during their tenure as Deputy Commissioners Mansehra in connivance with others, allegedly embezzled more than Rs 100 million through ghost and sub-standard schemes. They approved the schemes and allowed payments to the contractors without any formalities.

The National Accountability Bureau is actively pursuing the case and more alarming facts are expected to come up. The accused persons will be presented before the Honorable Accountability Court for obtaining their physical remand.