ISLAMABAD: Federal Board of Revenue (FBR) on Monday issued draft rules for making recovery from persons holding money on behalf of taxpayers.
(more…)Author: Mrs. Anjum Shahnawaz
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Textile exports increase by 3.68% in seven months
KARACHI: The exports of textile products have recorded increase of 3.68 percent during first seven months (July – January) 2019/2020 on the back of improvement in readymade garments and knitwear.
The exports of textile group were at $8.1 billion during first seven months of current fiscal year as compared with 7.81 billion in the corresponding period of the last fiscal year, according to data released by Pakistan Bureau of Statistics (PBS) on Monday.
The textile sector was facing several issues pertaining to fuel prices and payment of tax refunds.
On the other hand the government allowed many incentives to export sector for encouraging the exporters. The government allowed zero rated of sales tax which is only available to the exporters.
The exports of readymade garments recorded 11 percent increase during the period under review. The exports readymade garments increased to $1.68 billion during first seven months of the current fiscal year as compared with $1.516 billion in the same period of the last fiscal year.
The exports of knitwear recorded 6.27 percent increase to $1.83 billion during July – January 2019/2020 as compared with $1.72 billion in the corresponding period of the last fiscal year.
The exports of bed wear recorded 2.77 percent growth to $1.39 billion during first seven months of the current fiscal year as compared with $1.35 billion in the same period of the last fiscal year.
However, the exports of cotton cloths fell by 3.62 percent to $1.19 billion during the period under review as compared with $1.23 billion in the corresponding period of the last fiscal year.
The exports of towels registered nominal decline to $444 million during first seven months of the current fiscal year as compared with $446.45 million in the corresponding period of the last fiscal year.
The export of cotton yarn was also registered flat growth to $640 million during first seven months of the current fiscal year as compared with $635 million in the same period of the last fiscal year.
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Poisonous gas incident: KCCI criticizes NDMA
KARACHI: Karachi Chamber of Commerce and Industry (KCCI) on Monday criticized the National Disaster Management Authority (NDMA) for not responding to the tragic incident of poisonous gas leakage in Kemari area, which claimed six lives.
Agha Shahab Ahmed Khan, President, KCCI while expressing deep concerns over the death of six people and hospitalization of dozens of others on Sunday night in Kemari area due to diffusion poisonous gas in the air, stated that it was really unfortunate and worrisome to see that the National Disaster Management Authority (NDMA), which was established with a prime objective to respond to such calamities, neither reached the affected area to rescue and find out the causes nor bothered to give any statement over the tragic incident.
“Is NDMA responsible for responding only to those disasters in which more than 100 casualties occur”, he asked, adding that life of a single innocent person in such a calamity is also equally important hence, the NDMA and others must respond as quickly as possible.
Agha Shahab stressed that NDMA should have rapidly responded to this particular incident in Kemari as soon as the first causality was reported but unfortunately, people kept losing their lives and dozens were hospitalized while the disaster management authority was not seen anywhere around and only a handful of the volunteers from Edhi and Chhipa reached the spot to rescue the affectees.
He further urged that the concerned authorities must thoroughly investigate and find out the exact source of poisonous gas and accordingly take strict measures to avoid such incidents in future. “A Rapid Response Force must be established to deal with such calamities in Karachi as it is not the first time when people lost their lives. People are losing their lives in various incidents including fire eruptions, explosions caused by gas cylinders, buildings’ collapse and fatal road accidents etc. but no dedicated and fully equipped Rapid Response Force exists in the city that always results in raising the number of casualties”, he added.
He was of the opinion that all such incidents remain confined to just summoning a report by the Chief Minister but no concrete step has ever been taken to minimize the loss of precious lives which is really worrisome for business community and the citizens of Karachi.
He said that all the financial resources of Karachi are being utilized to run the entire country but a meager amount was hardly being spent on the city’s development. In response to Kemari incident, Federal Minister for Maritime Ali Zaidi stated that KPT has no resources to deal with such tragedies while the Sindh government and Mayor KMC are also complaining about having limited or no resources. It appears that Karachi, which contributes more than 70 percent revenue to the national exchequer is constantly being neglected by all three tiers of the government and continues to receive step motherly treatment, he added.
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Stock market ends up by 34 points in dull trading
KARACHI: The stock market increased by 34 points on Monday amid dull trading activities.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,276 points as against 40,243 points showing an increase of 34 points.
Analysts at Arif Habib Limited said that the market witnessed dull activity today barely trading 100 million shares, even lower than 118 million shares observed on Friday.
E&P, Fertilizer, Cement and OMCs bore selling pressure, and even Banking sector (barring HBL) faced selling pressure.
News related to HBL’s irregularities in New York branch caused panic amongst investors, however, HBL did recover significantly post clarification by Management on the issue.
The Stock, which has financial results due on February 19, traded near upper circuit.
Vanaspati sector ranked top among volume leaders with 16.1 million shares, followed by Cement (15.4 million) and Banks (12 million).
Among scrips, UNITY realized trading volumes of 16.1 million shares, followed by DGKC (9.1 million) and HASCOL (7.9 million).
Sectors contributing to the performance include Banks (+74 points), OMCs (+23 points), E&P (30 points), Power (-29 points), Inv Banks (-13 points).
Volumes declined further from 117.6 million shares to 99.8 million shares (-15 percent DoD).
Average traded value increased by 16 percent to reach US$ 28.4 million as against US$ 24.5 million.
Stocks that contributed significantly to the volumes include UNITY, DGKC, HASCOL, HBL and PIBTL, which formed 42 percent of total volumes.
Stocks that contributed positively include HBL (+108 points), KAPCO (+16 points), PSO (+15 points), JLICL (+7 points) and COLG (+6 points).
Stocks that contributed negatively include HUBC (-48 points), PPL (-17 points), OGDC (-15 points), MCB (-12 points), and DAWH (-12 points).
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Rupee ends down by 11 paisas against dollar
KARACHI: The Pak Rupee ended down by 11 paisas against dollar on Monday owing to demand from importers and corporate buyers.
The rupee ended Rs154.28 to the dollar from last Friday’s closing of Rs154.17 in interbank foreign exchange market.
The currency dealers said that the market witnessed higher demand for dollars after opening two weekly holidays.
The foreign currency market was initiated in the range of Rs154.28 and Rs154.34. The market recorded day high of Rs154.29 and low of Rs154.16 and closed at Rs154.28.
The exchange rate in open market witnessed appreciation in the rupee value. The buying and selling of the dollar recorded at Rs154.00/Rs154.30 from last Friday’s closing of Rs154.20/Rs154.50 in cash ready market.
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Port activity remains normal, no gas leakage reported: KPT chairman
KARACHI: Rear Admiral Jameel Akhtar, Chairman, Karachi Port Trust (KPT) on Monday said that the port activities are remained normal and there is no incident of gas leakage reported in port area.
He was addressing press conference following the poisonous gas claimed five lives last day in Kemari near the Karachi Port.
“I assure all that there is no leakage of any poisonous gas from port area,” he said, adding that the movement to and from city to the port area are remained normal.
He said that handling of containers was normal at all berths of the port. “Nothing was happened at oil insulation area,” he said, adding that if such thing was happened how could it was possible that port staff worked normally.
The chairman said that federal minister for ports and shipping had also visited the affected areas.
The chairman said that the authorities were grieved over human losses.
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Clearance resumes as EPA clears Custom House building
KARACHI: Customs clearance has been resumed after a briefed period of closure as Environment Protection Agency (EPA) cleared the Custom House Karachi from any threat owing to spread of toxic gas.
Wasif Memon, Chief Collector Pakistan Customs, on Monday said that all customs clearance operation had been resumed.
He said that EPA had cleared the building and there was no threat detected.
He said that National Bank branch of Custom House, Karachi was also started receiving duty and taxes for customs clearance.
Earlier in the day the port activities and customs clearance were suspended as precautionary measures in the wake of mysterious toxic gas which claimed at least five lives.
The unidentified leakage of poisonous gas claimed around five lives and around 100 were faint yester day. The authorities have so far unable to find out the root cause of the gas leakage.
An official at Pakistan Customs said that the Custom House Karachi had been evacuated as precautionary measures as officials were facing breathing problems.
“Not a single person at Custom House Karachi was faint,” said Syed Ifran Ali, senior customs official. “However, taking precautionary measures the Custom House has been evacuated,” he added.
He said that customs clearing has also been suspended and main branch of National Bank at Custom House, Karachi was also closed.
The official said that the port activities had also been suspended while taking precautionary measures.
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Customs clearance suspended due to mysterious gas threat
KARACHI: Port activities and customs clearance were suspended on Monday as precautionary measures in the wake of mysterious toxic gas which claimed at least five lives.
The unidentified leakage of poisonous gas claimed around five lives and around 100 were faint yester day. The authorities have so far unable to find out the root cause of the gas leakage.
An official at Pakistan Customs said that the Custom House Karachi had been evacuated as precautionary measures as officials were facing breathing problems.
“Not a single person at Custom House Karachi was faint,” said Syed Ifran Ali, senior customs official. “However, taking precautionary measures the Custom House has been evacuated,” he added.
He said that customs clearing has also been suspended and main branch of National Bank at Custom House, Karachi was also closed.
The official said that the port activities had also been suspended while taking precautionary measures.
A day earlier leakage of poisonous gas from unknown place on Sunday killed at least four people and faint many others.
Sources said that the location of gas leakage was still unknown. At first instance it was assumed that a shipped docked at the Karachi Port was main reason for gas leakage. However, port authorities rejected such claims saying no such ship was arrived at the port.
Faisal Edhi of Edhi Foundation has confirmed four deaths due to the incidents. “Two bodies were at Ziauddin Hospital and other two were at Kutyana Memon Hospital,” he said.
Faisal Edhi further said that the effected persons due to gas leakages were brought at the nearby hospitals of Kharadar and Kemari.
Ali Zaidi, Federal Minister for Ports and Shipping, in a tweet message said that he was shocked on the casualties due to poisonous gas.
“The incident was not occurred at the port. However, officials of Karachi Port Trust (KTP) have been sent to the location for the investigation,” he added.
He requested everyone to refrain from making any comments on the media till the facts are not known.
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HBL to complete New York branch closure by March 31
KARACHI: Habib Bank Limited (HBL) on Monday said that it will complete the closure of its New York Branch by March 31, 2020 in coordination with the New York State banking regulators.
In information shared with the Pakistan Stock Exchange (PSX), the bank said that upon such closure HBL will no longer operate any bank branch in the United States.
The bank said that it wishes to thank the State Bank of Pakistan (SBP), the New York State Department of Financial Services, and the Federal Reserve Bank of New York for their consistent support and cooperation through the process of winding down and closing the New York Branch.
HBL remains committed to engaging in progressive banking practices while ensuring compliance with all international and local laws and regulations across its network, the bank said.
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KPT denies toxic gas leakage from port area
KARACHI: Karachi Port Trust (KPT) has clarified new reports about leakage of toxic gas from inside port area.
KPT spokesman in a statement on late Sunday night said that there has been no leakage of chemical or gases inside the KPT port area and from any berthed vessel/ship.
“All safety precautions remain applied while handling POL or chemicals from ships at Karachi Port,” the spokesman said.
The casualties being admitted in Hospitals are from northern side of keamari town and not from the port or immediate area and their statement was also about presence of chemical gases in air. “Linking the same with handling of chemical and POL ships is not correct and, therefore, denied,” the spokesman added.
The KPT is offering complete support to the Keamari residents falling victim to chemical gas incident. “KPT Hospital located in Keamari area, being within the reach, has been made available to Keamari residents for treatment,” the spokesman added.
Moreover, the Chairman KPT Rear Admiral Jamil Akhtar has also had discussion with Commander Karachi Rear Admiral Zahid Ilyas over the incident and Pakistan Navy is dispatching their Biological and Chemical Damage control Team to the affected area and its vicinity for ascertaining facts behind the incident.