Month: January 2021

Customs officials promoted to post of principal appraisers

ISLAMABAD: Federal Board of Revenue (FBR) on Friday notified promotions of appraising officers and assistant private secretary of Pakistan Customs Department to the post of principal appraisers (BS-16) with immediate effect until further orders.

FBR notified promotions of following officers:

01. Khalid Hassan Awan posted at Directorate General Transit Trade, Karachi.

02. Salman Ahmed posted at Model Customs Collectorate (MCC) Appraisement and Facilitation (East) Karachi.

03. Aijaz Ahmed Butt posted at MCC Appraisement and Facilitation (East), Karachi.

04. Rana Insaram Rabbani posted at MCC Export, Customs House, Karachi.

05. Ejaz Ahmed posted at MCC Appraisement and Facilitation (East), Karachi.

06. Muhammad Khalid posted at MCC Appraisement and Facilitation (West), Karachi.

07. Nasir Ahmed posted at MCC Export, Customs House, Karachi.

08. Mirza Irfan Baig posted at MCC Appraisement and Facilitation (East) Karachi.

09. Zaka ullah posted at MCC Export, Customs House, Karachi

10. Muhammad Zaman Khan Tarar posted at MCC Allama Iqbal International Airport, Lahore.

11. Muhammad Ashfaq Ghouri posted at Post Clearance Audit (Central), Lahore.

12. Arshad Nazir posted at Post Clearance Audit (Central), Lahore.

13. Sarfraz Ahmad posted at MCC Islamabad.

14. Faiz Muhammad Awan posted at MCC Appraisement and Facilitation, Lahore.

15. Syed Muhammad Jaffar posted at Post Clearance Audit (Central) Lahore.

16. Shahzad Malik posted at MCC Appraisement and Facilitation, Lahore.

17. Dost Mohammad posted at Directorate General of Intelligence and Investigation, Customs, Karachi.

18. Naveed Iqbal Cheema posted at MCC Enforcement and Compliance, Lahore.

19. Muhammad Qadeer Khan posted at MCC Export Karachi.

20. Ijaz Ahmed Siddiqui posted at Post Clearance Audit (Central) Lahore.

21. Khurram Rafique posted at MCC Appraisement and Facilitation (East) Karachi.

22. Zia Hassan posted at MCC Islamabad.

23. Miraj Muhammad posted as Assistant Private Secretary, MCC Exports, Karachi.

The FBR said that the promotions of the officers would take effect from the date of their joining, subject to the condition that no disciplinary proceedings/inquiry was pending against them.

The promoted officers will be on probation for a period of one year, extendable for further period, not exceeding one year, provided that if no order is issued by the day following the termination of probationary period, the appointment shall deem to be held until further order.

The officers already drawing performance allowance equal to 100 percent of basic pay will continue to draw it on their promotion.

January 8, 2021
Stock market gains 310 points on improved economic indicators

KARACHI: The stock market gained 310 points on Friday owing to improvement in economic indicators, especially in monthly exports growth that is the highest since September 2013.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,654 points as against previous day’s closing of 45,344 points, showing an increase of 310 points.

Analysts at Arif Habib Limited said that improvement in leading macro indicators such as growth in exports (highest monthly number since Sep 2013) as well as consistent increase in SBP forex reserves had the investors maintain an upbeat sentiment, especially on the banking sector stocks, which were relatively laggard in the previous Bull Run.

Banking sector stocks contributed the most to the Index in terms of points, however, selling pressure was observed in O&GMCs (among which, PSO saw the most attrition in the MoC).

Among textile, ILP performed well on the back of announcement of textile policy in the coming week. Scrips that led the volumes include BYCO (163.4 million shares), followed by HUMNL (44.8 million) and PRL (37.9 million).

Sectors contributing to the performance include Banks (+160 points), Engineering (+25 points), E&P (+21 points), Textile (+21 points) and Fertilizer (+21 points).

Volumes increased from 641.4 million shares to 696.4 million shares (+8 percent DoD). Average traded value however declined by 15 percent to reach US$ 135.1 million as against US$ 159.5 million.

Stocks that contributed significantly to the volumes include BYCO, HUMNL, PRL, KEL and LOTCHEM, which formed 45 percent of total volumes.

Stocks that contributed positively to the index include UBL (+49 points), MCB (+38 points), OGDC (+26 points), BAHL (+25 points) and HBL (+21 points). Stocks that contributed negatively include FFC (-17 points), PSO (-15 points), MARI (-11 points), KOHC (-6 points) and UNITY (-5 points).

January 8, 2021
Remittances grow by 25 percent; half year highest in 14 years

KARACHI: The inflows of workers remittances have registered 25 percent growth during first half of the current fiscal year. This is the highest half yearly growth since FY07, the State Bank of Pakistan (SBP) said on Friday.

On a cumulative basis, workers’ remittances reached an unprecedented level of $14.2 billion during the first half of FY21, 25 percent higher than the same period last year.

Workers’ remittances maintained their strong momentum for the seventh consecutive month in December. Remittances rose further to $2.4 billion, growing by 16.2 percent on a year-on-year basis and 4.2 percent on a month-on-month basis.

Remittance inflows have been well-diversified. Most of the inflows during H1-FY21 were sourced from Saudi Arabia ($4.0 billion), United Arab Emirates ($3.0 billion), United Kingdom ($1.9 billion) and United States ($1.2 billion).

This strong growth in workers’ remittances is attributable to the increased use of formal channels on the back of sustained efforts by the government and SBP to encourage inflows through official channels as well as limited cross-border travel due to the second wave of the COVID-19 pandemic, together with favorable foreign exchange market dynamics.

January 8, 2021
Rupee depreciates by 16 paisas on import, corporate payment demand

KARACHI: The Pak Rupee fell by 16 paisas against the dollar on Friday owing to demand for import and corporate payments ahead of weekly holidays.

The rupee ended Rs160.17 to the dollar from previous day’s closing of Rs160.01 in the interbank foreign exchange market.

Currency dealers said that the demand for the dollar was remained higher during the day due to two weekly holidays ahead.

The dealers said that the market also witnessed inflows for export receipts and workers’ remittances during the day but those were not sufficient to meet the demand.

The dealers hoped that the inflows export receipts and workers’ remittances would help the rupee to make gain.

On January 02, 2021, Adviser to the Prime Minister on Commerce and Investment, Abdul Razaq Dawood has expressed his satisfaction that the exports in December 2020 have increased by 18.3 percent to $ 2,357 million as compared to $ 1,993 million in December 2019, showing an increase of $364 million.

The Adviser said this was the highest export ever in the previous month of December 2020.

He said that the export figures showed the resilience of the economy of Pakistan and was a vindication of the government’s policy to keep the wheels of economy running during COVID-19 pandemic. The 6-months’ performance of exports was also discussed in the meeting.

January 8, 2021
FBR constitutes committee for tax return form simplification

ISLAMABAD: Federal Board of Revenue (FBR) on Friday constituted a committee for simplification of income tax return for Tax Year 2021.

As a part of various reform initiatives and in pursuance to the special instructions of the Prime Minister of Pakistan, FBR chairman has constituted a committee for timely designing/finalization and simplification of Income Tax Return forms for individuals, AOPs and companies for tax Year 2021.

While departing from the previous practice, the FBR aims at designing the return forms in much advance so that forms are available to the taxpayers on the very first day of the tax year.

The committee shall be chaired by Member (IR-Policy) whereas Chief Information Officer, Chiefs of Inland Revenue Operations & Inland Revenue Policy and Second Secretary, Domain Business Team (DBT) of FBR’s Information Technology Wing would be members of the committee.

The committee aims at simplifying the income tax return forms to the best possible extent besides developing the return forms that require least possible interventions on year to year basis. International best practices shall be a guiding principle for the committee.

The idea behind this endeavor is to facilitate the taxpayers’ and make the income tax return form more user-friendly and free from unnecessary complications.

In order to make this initiative more fruit bearing and result oriented, FBR through a separate communication has requested the ICAP, ICMAP, Pakistan Tax Bar Associations and various Chambers of Commerce and Industry to give their input for designing a simplified version of the returns.

January 8, 2021
SBP warns public against dealing with illegal forex operators

KARACHI: State Bank of Pakistan (SBP) has warned general public against sale and purchase through illegal operators and transfer of foreign currency through Hawala and Hundi.

The SBP informed the general public that a person may unknowingly become part of money laundering and terrorism financing offence by dealing with illegal foreign exchange operators.

The money laundering and terrorism financing offences are punishable under Anti Money Laundering (AML) Act 2010 and Anti Terrorism Act (ATA), 1997.

“It is advised in your self-interest to carry foreign currency sale, purchase and remittance transaction with only SBP authorized banks and exchange companies.”

The SBP also advised that do not forget to collect system generated official receipt of transactions. If a person come across any illegal foreign exchange sale/purchase and Hawala/Hundi Operators should report the Federal Investigation Agency.

The SBP said that the business of foreign exchange in Pakistan is regulated under Foreign Exchange Regulation Act 9FERA) 1947.

State Bank of Pakistan issues authorization to banks and exchange companies to conduct foreign exchange business. Any person (individual or entity) other than those authorized by the SBP are doing illegal foreign exchange business which is punishable offence under FERA 1947 and AMLA 2010.

All such operators are informed in their own interest not to indulge in illegal foreign exchange sale/purchase and hawala/hundi business.

“Extensive action against illegal currency exchange and hawala/hundi operators is being carried out by relevant law enforcement agencies,” the SBP said.

January 8, 2021
Customs to confiscate properties acquired through proceeds of smuggling

ISLAMABAD: Customs authorities have been empowered to confiscate properties that are acquired through proceeds of smuggling.
(more…)

January 8, 2021
Customs Rules tightened for International Transshipment

ISLAMABAD: Federal Board of Revenue (FBR) has tightened the monitoring of international transshipment of imported cargo from gateway port to a foreign port.

The FBR issued SRO 03(I)/2021 to amend Customs Rules, 2001.

The FBR amend Rule 510A regarding transshipment of imported cargo from gateway port to a foreign port and made it mandatory the weight, seal number and container number for international transshipment cargo.

The following procedure has been prescribed for the movement of the International Transshipment cargo other than LCL cargo through any sea port in Pakistan, which shall be distinctly manifested as such in the IGM or carrier declaration uploaded electronically in the Customs Computerized System by the shipping line (VOCCs/NVOCCs) having valid shipping agent licenses. Such manifest shall necessarily include the following information, namely:

(a) Port of loading;

(b) Via port (name of the transshipment port of Pakistan);

(c) Port of destination (final port of discharge at foreign destination);

(d) Bill of lading (B/L) No.;

(e) Name of foreign exporter;

(f) Name of foreign importer;

(g) Weight;

(h) Seal No.; and

(i) Container No.

The FBR made amendment to rule 510B and stated that the Terminal Operator (TO) after unloading shall store International Transshipment containers at a place earmarked for them in the notified premises of a seaport. Further, a complete trail of IT containers including the time, location where they are placed and subsequent movements shall be electronically reported and updated in the Customs Computerized System by the Terminal Operator so that the location of the said containers is traceable at any given point in time.

Further, the terminal operator shall deploy enough manpower to verify the shipper seals against the manifested seals and in case, a container is found without seal or with a different seal or any broken seal, such container shall be re-sealed and immediately released with the Customs seal in the presence of the custodian and same shall be recorded. The new seal number will be entered into the system before stacking of the container.

Rule 510D regarding delay in clearance of transshipment goods has been substituted. Following is the text of the substituted rule:

(1) The International Transshipment goods shall not be subject to payment of import or export duties and taxes provided the activities are in conformity with these rules.

(2) If the goods stores for transshipment are not transshipment within thirty days of their arrival, a notice shall be sent to the shipping line or its agent on the address given in the shipping documents for transshipment of goods from the port. An extension of up to thirty days may be granted for the storage of such goods once a written request mentioning the reasons for delay in removal of goods in submitted to the concerned assistant collector of customs and such a request is approved by him.

(3) If goods still remain on the port after sixty days of their arrival, the shipping line shall be responsible to remove them immediately unless the delay is attributed to the port authorities. The goods shall only be allowed for auction or destruction by approval of the concerned collector of customs who shall only allow in extraordinary conditions where the shipping line shows its complete inability to ship them out. The said reasons shall be recorded in writing.

(4) In case of any hazardous material left at the port, the concerned shipping line shall have the responsibility to take the cargo back to the port of origin.

The Rule 510E has also be amended and substituted the following text:

“Execution of bond by shipping line: Shipping lines engaged in the business of international transshipment of containers and bulk cargo shall execute an indemnity bond for ensuring to follow customs rules and regulations.”

January 8, 2021
Pension account to become inoperative on verification failure: Finance Division

ISLAMABAD: Bank account of a pensioner shall become inoperative if the person drawing pension fails to undergo biometric verification or is not drawing pension for consecutive six months.

The Finance Division in a letter to the governor of State Bank of Pakistan (SBP) on Thursday informed that that if a person drawing pension fails to submit a life certificate or fails to undergo biometric verification during the months of March and October or a pensioner does not draw pension for consecutive six months, the account shall become dormant.

The finance division said that following clarification for payment of pension through Direct Credit System (DCS):

(i) The pension shall be paid to a pensioner through a bank account either current or PLS maintained in his own name.

(ii) For payment of pension through bank account as mentioned at (i) above, a joint account shall not be valid.

(iii) Dedicated pension bank account shall not be mandatory for drawl of pension.

(iv) The requirement of indemnity bond from a pensioner, as laid down in para 3(f) and 9(xii) of the Revised SOP 2014 issued on July 14, 2014 is discontinued.

It said that the through a letter September 08, 2020 the finance division had already decided that no separate bank account is required for draw/disbursement of pension for all new retirees and that it may be ensured that the pensioner starts receiving pension payment on the date it falls due, in the same bank account, he or she was receiving the salary before retirement, if he or she desires so.

The finance division said that after necessary amendments in the relevant rules, the federal government is going to launch a system which would cater for all the requirements/documentations digitally to further facilitate the pensioners.

Salient features of the system are as under:

(a) A pensioner drawing pension under clause iii of sub rule (6) of Federal Treasury Rules shall be facilitated to undergo biometric verification from any branch of a bank maintaining his pension account, every year in the months of March and October. If the pensioner is unable to under biometric verification due to incapacitation by bodily illness, infirmity or if his fingerprints do not exist due to old or a genetic condition, he will provide a life certificate signed by a person authorized under rule 343 every six months.

(b) The declaration shall be obtained yearly from pensioner who pension is terminable by their marriage or remarriage and shall be attached to the pension bill paid in September instead of December and June.

(c) Further, submission of declaration regarding marriage or remarriage will be dispensed with after the widow or daughter of the pensioner attains the age of sixty year.

(d) If a person drawing pension fails to submit a life certificate or fails to undergo biometric verification during the months of March and October or a pension does not draw pension for consecutive six months, the account shall become dormant.

January 7, 2021
PTCL signs deal to launch Avaya Spaces

ISLAMABAD: Pakistan Telecommunication Company Limited (PTCL) will launch Avaya Spaces, the all-in-one workstream collaboration app for the digital workplace, for the first time in Pakistan. In this regard the PTCL has signed a partnership agreement with Avaya Holdings Corp (NYSE: AVYA).

The partnership will enable organizations to implement blended and flexible environment for their employees, a statement said on Thursday.

In collaboration with PTCL, Avaya will provide free, full-feature access for a limited time to customers in Pakistan. Avaya Spaces is an all-in-one video meeting and workstream collaboration platform for the digital workplace that changes the way as work gets done in nearly 100 countries.

It helped businesses, schools, governments and other organizations to bring together distributed groups of people instantly with immersive workspaces where they can message, meet, share content, manage tasks and collaborate in the Cloud.

Speaking on the occasion, Chief Business Services Officer, PTCL Zarrar Hasham Khan said, “We are continuously working towards empowering organizations within Pakistan and supporting the vision of a Digital Pakistan.

In the present circumstances, where most of the organizations are offering flexible working environment, our partnership with Avaya is the step in the right direction.

Not only that, such solutions are much needed in the educational sector as it offers a more blended learning and working model.

It will certainly create opportunities to streamline and support schools and universities as it introduces an innovative way to learn and deliver lectures.

Speaking on the collaboration with PTCL, Director, Service Providers, Middle East, Africa & Asia, Avaya, Nour Al Atassi, said, “Globally our customers are leveraging Avaya Spaces to create the future digital workplace and to enable new and innovative education delivery models.

With PTCL introducing solutions such as Avaya Spaces, Pakistan will be well on its way to achieving its digitalization goals.

PTCL has already invested in an innovative and robust telecommunications network that is serving as an enabler of business continuity across the country. Together, we look forward to supporting the blended delivery of essential services with Avaya Spaces.”

Avaya Spaces has seen significant growth since its introduction and has been an especially important solution for organizations addressing the challenges of COVID-19.

At the peak of the pandemic, Avaya Spaces was offered for free to enable companies, schools, governments and organizations of all kinds to adapt to remote work and collaborate, stay connected and be productive while keeping employees safe.

With support being offered by PTCL, one of the country’s leading ICT solution providers, Avaya Spaces will better enable local organizations to choose the right working models for themselves and their customers.

January 7, 2021