Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • Rupee gains 34 paisas on improved investors’ sentiments

    Rupee gains 34 paisas on improved investors’ sentiments

    KARACHI: The Pak Rupee gained 34 paisas against dollar on Thursday owing to improved confidence of investors on the country’s capital market and narrowed current account deficit.

    The rupee ended Rs158.24 to the dollar from previous day’s closing of Rs158.58 in interbank foreign exchange market.

    Currency experts said that the improved sentiments of investors in the stock market also impacted the currency market.

    Besides, the narrowed current account deficit in July 2019 also helped the rupee to improve levels.

    The foreign currency market was opened in the range of Rs 158.40 and Rs158.50. The market recorded day high of Rs158.40 and low of Rs158.15 and closed at Rs158.24.

    The exchange rate in open market also witnessed appreciation of the local unit. The buying and selling of dollar was recorded at Rs158.20/Rs158.70 from previous day’s close of Rs158.50/Rs159.00 in cash ready market.

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  • Stock market sees bullish run for fourth consecutive day

    Stock market sees bullish run for fourth consecutive day

    KARACHI: The stock market witnessed bullish run for the fourth consecutive day and gained 912 points on Thursday.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 31,884 points as against 30,973 points showing an increase of 912 points.

    The market cumulatively gained 3,121 points during last four sessions.

    Analysts at Arif Habib Limited said that for the fourth consecutive session, market went up.

    This time with a jump of 912 points, they said.

    Yesterday’s PIB auction, especially 10Y bond, helped investors take a view on Policy rate, which seems mild and hinting that chances of a rate cut are improving.

    Buying was observed across the board, and major contribution came from Banks, E&P and Power sector scrips.

    Technology sector led the volumes with 41.8 million shares, followed by Cement (34.4 million) and Banks (32.8 million).

    Scrip wise activity shows WTL topping the chart with 22.5 million shares, followed by KEL (17.9 million) and BOP (14.8 million).

    BOP got traction from better result expectation, which is due to be announced tomorrow. Similarly, POL hit upper circuit on account of discovery in Makori field.

    Sectors contributing to the performance include E&P (+212 points), Banks (+181 points), Fertilizer (+92 points), Cement (+86 points), and Power (+81 points).

    Volumes almost doubled from 134.5 million shares to 261.6 million shares (+94 percent DoD). Average traded value also increased by 42 percent to reach US$ 48.1 million as against US$ 33.8 million.

    Stocks that contributed significantly to the volumes include WTL, KEL, BOP, UNITY and TRG, which formed 31 percent of total volumes.

    Stocks that contributed positively include OGDC (+81 points), PPL (+61 points), ENGRO (+58 points), POL (+52 points) and HUBC (+50 points). Stocks that contributed negatively include DAWH (-6 points), ATLH (-2 points), NCPL (-1 point), ICI (-1 point) and SHEL (-0 point).

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  • Pakistan Oilfields announces large oil, gas discovery in Kohat

    Pakistan Oilfields announces large oil, gas discovery in Kohat

    KARACHI: Pakistan Oilfields Limited (POL) on Thursday announced discovery of large deposits of oil and gas at TAL Block, Kohat District, Khyber Pakhtunkhwa.

    According to an information received from POL to Pakistan Stock Exchange (PSX), the operator of TAL Block, hydrocarbons had been encountered in Development Well Makori Deep-02, which had been drilled and was currently under testing phase.

    As a result of Drill Stem Test (DST) conducted at the well to test the potential of Lockhart formation, the well has tested 1,844 barrels per day of oil and 18.25 MMscf of gas per day at 32/64” fixed choke size at the flowing wellhead pressure 3,767 psi.

    Production from the well is expected to start from December 2019, according to the announcement.

    A DST is a procedure for isolating the testing the surrounding geological formations through the drill stem. The test is a measurement of pressure behaviour at the drill stem is a way to obtain important fluid sampling information and to establish the probability of commercial production.

    Accordingly it should be borne in mind that actual production may differ significantly from the test result, it added.

    TAL Block (3370-3) petroleum exploration license was awarded on Feb 11, 1999 to MOL Pakistan Oil and Gas Co.B.V. along with Oil and Gas Development Company limited (OGDCL) Pakistan Petroleum Limited (PPL) and Government Holdings Private Limited (GHPL) over an area of 4643.48 SQ KM. Subsequently, consortium was joined by Pakistan Oilfields Limited (POL) on October 8, 2001.

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  • Ministry extends implementation of SRO 604 related to solar panel import

    Ministry extends implementation of SRO 604 related to solar panel import

    ISLAMABAD: The ministry of commerce has extended the implementation of SRO 604 up to August 31, 2019. The ministry issued the SRO on May 28, 2019 which is related to import of solar panel and related equipments.

    The ministry of commerce issued SRO 947(I)/2019 to extend the date of implementation of the SRO 604(I)/2019 from June 01, 2019 to August 31, 2019.

    Therefore the provisions of the SRO 604 would take effect from September 01, 2019.

    Sources in Pakistan Customs said that the extension of date for implementation of the SRO would help the import to clear their stuck up consignments on the previous terms and conditions.

    Due to changes in the Import Policy Order, 2016 through SRO 604 resulted large amount of stuck up containers at the ports.

    Considering the large number of stuck up containers of solar panels, Model Customs Collectorate (MCC), Appraisement South, allowed shifting of solar panel and related equipments consignments to CPF customs bonded warehouses or pubic bonded warehouses till the requirement of SRO 604 is not fulfilled by the importers.

    The consignments of solar panels, inverters and other equipment used in solar technology were previously imported on the standards and conditions specified by the government as per last import policy order.

    The stakeholders said that the ministry had issued the SRO without consultation with the industry participants and it resulted in this problem.

    The ministry previously issued clarification and mentioned July 4 2019 as the date of implementation of new requirement but still large number of containers were stuck at ports as they were arrived under previous order and were not cleared prior to the said.

  • Tax measures, rupee depreciation adversely hit auto industry

    Tax measures, rupee depreciation adversely hit auto industry

    KARACHI: The revenue measures taken by the government in the budget 2019/2020 and massive depreciation in Pak Rupee value have been major challenges for the auto industry as these factors have already adversely hit the sales volumes in the first half (January – June) 2019, a report said.

    Pak Suzuki Motors Company Limited in its report for the period ended June 30, 2019 (January – June 2019) said that sales volume of auto industry for cars and light commercial vehicles was recorded at 118,519 units compared to 134,494 units in corresponding period of last year, registering decrease of 12 percent.

    Sales volume of the Company during the half year January – June 2019 declined by 11 percent from 76,482 units to 68,147 units, in line with industry trend.

    The total sales volume of the Company represented 56 percent of Pakistan’s total market of cars and light commercial vehicles. The Company operated at 80 percent capacity utilization and achieved production volume of 60,098 units, the report said.

    During the period under review, the organized market (PAMA member companies) for motorcycles and three wheelers decreased from 990,102 units to 855,396 units. Decrease of 134,706 units represents 14 percent decline in sales volume over same period of last year. However, Company sales volume remained consistent and achieved sales volume of 11,600 units as compared to sales volume of 11,292 units in corresponding period of last year.

    The report said that the company incurred net loss of Rs 1,526 million compared to net profit Rs 1,298 million in same period of last year. Net sales revenues increased by Rs 3,145 million from Rs 62,284 million (Jan-Jun 2018) to Rs 65,429 million (Jan-Jun 2019).

    Higher prices in current period contributed in increased sales revenue by 5 percent over the same period of last year. Gross profit decreased in absolute terms by Rs 2,886 million from Rs 4,258 million (Jan-Jun 2018) to Rs 1,372 million (Jan-Jun 2019). Gross profit margins as a percentage of net sales declined from 6.8 percent to 2.1 percent of net sales.

    “Devaluation of Pak Rupee resulted in increase in imported material cost, consequently adversely affecting the gross profit margins.”

    It said that Pakistan’s economy is in difficult situation. “We witnessed sharpest increase in policy rates in recent time by State Bank of Pakistan (SBP).”

    SBP further increased policy rate by 100 basis points to 13.25% in ‘Monetary Policy’ announced in July 2019. Average inflation for fiscal year 2019-20 is expected to remain in the range of 11% to 12% due to higher fiscal deficit, inflation and Pak Rupee depreciation.

    In July 2019, the Executive Board of the IMF program approved a 39-month arrangement under the Extended Fund Facility (EFF) for US$ 6 billion to support the Government of Pakistan’s economic reform program.

    Outlook for external financing has improved with the disbursement of the first IMF tranche associated with IMF EFF, activation of Saudi Oil Facility and other commitments from multilateral and bilateral partners.

    Current Account deficit has continued to fall reducing external pressure.

    The tax measures announced in the Federal Budget 2019-20 have severely hit the auto industry. Additional Customs Duty (ACD) on imported material has been increased by 2 percent to 5 percent. The government also imposed ‘Regulatory Duty’ on import of different kinds of vehicles. The government has enlarged the scope of Federal Excise Duty (FED) and imposed FED on locally assembled cars as well as on imported cars at the rate of 2.5 percent with engine capacity up to 1000cc, 5 percent from 1001cc to 2000cc and 7.5 percent on 2001cc and above.

    Tax credit on investment in Plant & Machinery under section 65B of Income Tax Ordinance 2001 has been reduced from 10 percent to 5 percent for tax year 2019 while no tax credit from tax year 2020 and onwards.

    Further Government withdrew gradual reduction in corporate tax rate from 29 percent to 25 percent and on the other hand increased minimum tax from 1.25 percent to 1.5 percent of turnover.

    “These additional taxes coupled with massive depreciation of Pak Rupee adversely affected the cost of vehicles and it forced the OEMs to increase the prices of their vehicles,” the report said, adding that consequently, higher prices of vehicles will likely affect sales volume of auto industry as price hikes will weaken the purchasing power of costumers.

    According to the report the Company is endeavoring to improve sales, profitability and diversity in its operations by upgrading the existing products and launching new products.

    The company launched the New Alto in June 2019. New Alto harbors contemporary 660cc R-series engine, modern design, spacious interior with great fuel efficiency and Japanese technology.

    New Alto received overwhelming response from customers due to its distinguished features.

    Macroeconomic indicators of the country are challenging for auto industry. Pak Rupee devaluation, rising raw material prices, increase in interest rate and additional taxes and duties imposed through Federal Budget are major challenges for auto industry.

    Variation in forex rates and import duties influenced the pricing of products due to high element of imported components in total cost of products. Your Company has geared up to meet the challenges in future with wide range of quality products at competitive prices through an efficient network of authorized dealers.

  • FBR transfers 80 Customs officers of BS-17-18 in major reshuffle

    FBR transfers 80 Customs officers of BS-17-18 in major reshuffle

    ISLAMABAD: Federal Board of Revenue (FBR) on Thursday notified transfers and posting of 80 Pakistan Customs Service (PCS) officers of BS-17-18 in major reshuffle.

    The FBR said that the transfers and postings have been made with immediate effect and until further orders.

    The following officers have been transferred and posted in major reshuffle:

    01. Muhammad Nauman Tashfeen (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate of Appraisement, Lahore form the post of Deputy Collector, Model Customs Collectorate, Sialkot.

    02. Junaid Usman Akram (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate of Appraisement, Lahore from the post of Deputy Director, Directorate of Post Clearance Audit, Islamabad.

    03. Ms. Ammara Durrani (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate (JIAP), Karachi from the post of Deputy Collector, Model Customs Collectorate of Appraisement (East), Karachi.

    04. Muhammad Qasim Khokhar (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate of Preventive, Quetta from the post of Deputy Collector, Model Customs Collectorate of Appraisement (East), Karachi.

    05. Sabir Jamal (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate (JIAP), Karachi from the post of Deputy Collector, Model Customs Collectorate, Gwadar.

    06. Ms. Asma Bashir (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate (AIIA), Lahore from the post of Deputy Collector, Model Customs Collectorate of Appraisement, Lahore.

    07. Muhammad Moazzam Raza (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Director, Directorate of Customs Valuation, Lahore from the post of Deputy Collector, Model Customs Collectorate of Preventive, Lahore.

    08. Ali Waheed Khan (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Director, Directorate of IOCO (Central), Lahore from the post of Deputy Director, Directorate of Intelligence & Investigation, FBR, Lahore.

    09. Amanullah (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate of Appraisement (East), Karachi from the post of Deputy Collector, Collectorate of Customs (Adjudication), Quetta.

    10. Asim Rehman (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Director, Directorate General of Intelligence & Investigation, FBR, Islamabad from the post of Deputy Collector, Model Customs Collectorate of Preventive, Quetta.

    11. Muhammad Faisal (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Director, Directorate of Reforms and Automation (Customs), Karachi from the post of Deputy Collector, Model Customs Collectorate of JIAP, Karachi.

    12. Shoukat Hayat (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Director, Directorate of Transit Trade, Karachi from the post of Deputy Collector, Model Customs Collectorate of Exports (Port Muhammad Bin Qasim), Karachi.

    13. Shams-ur-Rehman (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate of Appraisement, Quetta from the post of Deputy Collector, Collectorate of Customs (Adjudication), Islamabad.

    14. Iqbal Ahmad Memon (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate, Hyderabad from the post of Deputy Director, Directorate General of Transit Trade, Karachi.

    15. Falik Shair (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate, Gwadar from the post of Deputy Collector, Model Customs Collectorate of Appraisement (West), Karachi.

    16. Yawar Nawaz (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate of Preventive, Peshawar from the post of Deputy Collector, Model Customs Collectorate of Appraisement (West), Karachi.

    17. Ms. Nausheen Riaz Khan (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Director, Directorate of Risk Management, Karachi from the post of Deputy Collector, Model Customs Collectorate of Preventive, Karachi.

    18. Ms. Amna Naeem (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate of Preventive, Karachi from the post of Deputy Director, Directorate of Internal Audit (Customs), Karachi.

    19. Ms. Mariam Mehdi Raja (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate (JIAP), Karachi from the post of Deputy Director, Directorate of Input Output Coefficient Organization (South), Karachi.

    20. Mahmood Ur Rahman Khattak (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Director, Model Customs Collectorate of Preventive, Peshawar from the post of Deputy Director, Directorate of Transit Trade, Quetta.

    21. Abdul Mueed (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Collectorate of Customs (Adjudication), Faisalabad from the post of Deputy Director, Directorate General of Intelligence & Investigation-FBR, Islamabad.

    22. Ms. Palwasha Syed (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Director, Collectorate of Customs (Adjudication), Lahore from the post of Deputy Collector, Model Customs Collectorate of Appraisement, Lahore.

    23. Jahanzeb Abbasi (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate of Appraisement (West), Karachi from the post of Deputy Collector, Model Customs Collectorate of Exports, Custom House, Karachi.

    24. Syed Shoaib Raza (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Director, Directorate of Post Clearance Audit, Karachi from the post of Deputy Collector, Model Customs Collectorate of Preventive, Karachi.

    25 Ms. Hina Gul (Pakistan Customs Service/BS-18)has been transferred and posted as Deputy Director, Directorate of Reforms and Automation (Customs), Karachi from the post of Deputy Collector, Directorate of IPR Enforcement (South), Karachi.

    26. Muhammad Shahzad Khan (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate of Appraisement, Peshawar from the post of Deputy Director, Directorate of Input Output Coefficient Organization (Central), Lahore.

    27. Ms. Sobia Kiran (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Director, Directorate of IOCO (Central), Lahore from the post of Deputy Collector, Model Customs Collectorate of Appraisement, Lahore.

    28. Tausif Aman (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate (JIAP), Karachi from the post of Deputy Collector, Model Customs Collectorate of Appraisement (West), Karachi.

    29. Adnan Rafiq (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Director, Directorate of Intelligence & Investigation, FBR, Karachi from the post of Deputy Director, Directorate of Reforms and Automation (Customs), Karachi.

    30. Junaid Mahmood (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Director, Directorate of Intelligence & Investigation, FBR, Rawalpindi from the post of Deputy Collector, Model Customs Collectorate of Appraisement, Quetta.

    31. Muhammad Aftab (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate of Exports, Custom House, Karachi from the post of Deputy Director, Directorate of Post Clearance Audit, Karachi.

    32. Mrs. Zainab Mahmood (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate (AIIA), Lahore from the post of Deputy Collector, Collectorate of Customs (Adjudication), Lahore.

    33. Naveed-ur-Rehman (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Director, Directorate General of Internal Audit (Customs), Islamabad from the post of Deputy Collector, Model Customs Collectorate of Preventive, Lahore.

    34. Ms. Lubna Shamshad (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate of Exports (Port Muhammad Bin Qasim), Karachi from the post of Deputy Collector, Collectorate of Customs (Adjudication-I), Karachi.

    35. Amjad Hussain Rajper (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Collectorate of Customs (Adjudication), Quetta from the post of Deputy Collector, Model Customs Collectorate of Port Muhammad Bin Qasim, Karachi.

    36. Ms. Sanam Qureshi (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Director, Directorate of IPR Enforcement (South), Karachi from the post of Deputy Director, Directorate of Intelligence & Investigation,FBR, Karachi.

    37 Mr. Waheed Anwar Abro (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Collectorate of Customs (Adjudication-I), Karachi from the post of Deputy Collector, Model Customs Collectorate of Appraisement (West), Karachi.

    38. Sajid Ali Baloch (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Director, Directorate General of Customs Valuation, Karachi from the post of Deputy Collector, Model Customs Collectorate of Exports, Custom House, Karachi.

    39. Ms. Zamzam Aman (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate of Port Muhammad Bin Qasim, Karachi from the post of Deputy Director, Directorate General of Training & Research (Customs), Karachi.

    40. Kaleemullah (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Director, Directorate of Transit Trade, Quetta from the post of Deputy Collector, Model Customs Collectorate, Hyderabad.

    41. Usman Tariq (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate of Appraisement, Faisalabad from the post of Deputy Director, Directorate of Intelligence & Investigation, FBR, Lahore.

    42 Mr. Imran Afzal (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate of Preventive, Quetta from the post of Deputy Collector, Model Customs Collectorate of JIAP, Karachi.

    43 Syed Itrat Hussain (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate of Appraisement, Lahore from the post of Deputy Collector, Model Customs Collectorate of Preventive, Lahore.

    44. Ms. Saima Zaib Butt (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate of Port Muhammad Bin Qasim, Karachi from the post of Deputy Collector, Model Customs Collectorate of Preventive, Lahore.

    45. Muhammad Wasif Malik (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate of Appraisement, Quetta from the post of Deputy Collector, Model Customs Collectorate of Preventive, Karachi.

    46. Amanat Khan (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Director, Directorate of Intelligence & Investigation, FBR, Lahore from the post of Deputy Collector, Model Customs Collectorate of Appraisement (West), Karachi.

    47. Muhammad Adnan Khan (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Director, Directorate of IOCO (South), Karachi from the post of Deputy Collector, Model Customs Collectorate of Port Muhammad Bin Qasim, Karachi.

    48. Muhammad Faizan Badar (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate (AIIA), Lahore from the post of Deputy Collector, Model Customs Collectorate of Appraisement (East), Karachi.

    49. Choudhary Fahad Bashir (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Collectorate of Customs (Adjudication), Islamabad from the post of Deputy Collector, Model Customs Collectorate of Preventive, Lahore.

    50. Muhammad Zohaib (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Director, Directorate of Intelligence & Investigation, FBR, Quetta from the post of Deputy Director, Directorate of Intelligence & Investigation, FBR, Karachi.

    51. Ms. Saiqa Abbas (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Director, Directorate of Training & Research (Customs), Islamabad from the post of Deputy Collector, Model Customs Collectorate, Islamabad.

    52. Muhammad Ikram (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Director, Directorate of Internal Audit (Customs), Lahore from the post of Deputy Collector, Model Customs Collectorate, Multan.

    53. Ali Mohtashim Minhas (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate of Appraisement (West), Karachi from the post of Deputy Collector, Model Customs Collectorate, Sialkot.

    54 Muhammad Hamza Lak (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Director, Directorate of Intelligence & Investigation, FBR, Lahore from the post of Deputy Collector, Model Customs Collectorate of Appraisement (East), Karachi.

    55 Syed Muhammad Raza Naqvi (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Director, Directorate of Intelligence & Investigation, FBR, Hyderabad from the post of Deputy Collector, Model Customs Collectorate of Appraisement (East), Karachi.

    56. Muhammad Asim Awan (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate of Preventive, Karachi from the post of Deputy Collector, Model Customs Collectorate of Appraisement (West), Karachi.

    57. Shah Faisal (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Model Customs Collectorate of Appraisement, Quetta from the post of Assistant Director, Directorate of Intelligence & Investigation-FBR, Hyderabad.

    58 Mr. Omer Bin Zafar Chattha (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Model Customs Collectorate, Islamabad from the psot of Assistant Collector, Model Customs Collectorate, Multan.

    59. Sohaib Anwar Hashmi (Pakistan Customs Service/BS-17) has been transferred and posted as Deputy Director, (OPS) Directorate of Post Clearance Audit, Karachi from the post of Deputy Collector, (OPS) Model Customs Collectorate of Appraisement (East), Karachi.

    60. Maqbool Ahmad (Pakistan Customs Service/BS-17) has been transferred and posted as Deputy Collector, (OPS) Model Customs Collectorate of Preventive, Multan from the post of Deputy Collector, (OPS) Model Customs Collectorate of Appraisement, Quetta.

    61. Najeeb Arjumand (Pakistan Customs Service/BS-17) has been transferred and posted as Deputy Director, (OPS) Directorate of Intelligence & Investigation, FBR, Peshawar from the post of Deputy Collector, (OPS) Model Customs Collectorate of Preventive, Peshawar.

    62. Ms. Arma Hassan (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Model Customs Collectorate of Appraisement (West), Karachi from the p sot of Assistant Director, Directorate General of Customs Valuation, Karachi.

    63. Waseem Feroz (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Model Customs Collectorate of Exports (Port Muhammad Bin Qasim), Karachi from the post of Assistant Collector, Model Customs Collectorate of JIAP, Karachi.

    64. Shah Faisal (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Director, Directorate of Transit Trade, Quetta from the post of Assistant Collector, Model Customs Collectorate of Preventive, Quetta.

    65. Umair Zahid (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Model Customs Collectorate of Preventive, Karachi from the post of Assistant Collector, Model Customs Collectorate of Appraisement (West), Karachi.

    66. Shakeel Ahmed (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Model Customs Collectorate of Appraisement (East), Karachi from the post of Assistant Collector, Model Customs Collectorate of Exports, Custom House, Karachi.

    67. Shah Samad Hamadani (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Model Customs Collectorate of Port Muhammad Bin Qasim, Karachi from the post of Assistant Collector, Model Customs Collectorate, Faisalabad.

    68. Sadaf Noor Elahi (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Model Customs Collectorate of Exports, Custom House, Karachi from the post of Assistant Collector, Model Customs Collectorate of Appraisement (West), Karachi.

    69. Mustafa Zamir (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Model Customs Collectorate of Appraisement, Quetta from the post of Assistant Collector, Model Customs Collectorate of Port Muhammad Bin Qasim, Karachi.

    70. Muhammad Omer Latif (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Model Customs Collectorate of Port Muhammad Bin Qasim, Karachi from the post of Assistant Collector, Model Customs Collectorate of Preventive, Lahore.

    71. Asma Javed Paracha (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector (Prob), Model Customs Collectorate of Appraisement (West), Karachi from the post of Assistant Collector (Prob), Model Customs Collectorate of Appraisement, Peshawar.

    72. Akmal Shahzad (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Model Customs Collectorate of Appraisement (East), Karachi from the post of Assistant Collector, Model Customs Collectorate of Appraisement, Quetta.

    73. Abeer Javaid (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Model Customs Collectorate of Exports, Custom House, Karachi from the post of Assistant Collector, Model Customs Collectorate of Appraisement (East), Karachi.

    74. Riffat Hussain (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Model Customs Collectorate of Port Muhammad Bin Qasim, Karachi from the post of Assistant Collector, Directorate of Intelligence & Investigation-FBR, Gwadar.

    75. Fazal Mahmood (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Model Customs Collectorate (AIIA), Lahore from the post of Assistant Collector, Model Customs Collectorate, Faisalabad.

    76. Arif Raza (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Model Customs Collectorate of Appraisement (West), Karachi from the post of Assistant Director, Directorate General of Transit Trade, Karachi.

    77. Saleem Tahir (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Model Customs Collectorate of Preventive, Quetta from the post of Assistant Director, Directorate of Transit Trade, Quetta.

    78. Ameer Ahmad (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Director, Directorate of Internal Audit (Customs), Lahore from the post of Assistant Collector, Model Customs Collectorate, Faisalabad.

    79. Muhammad Ijaz Shaheen (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Model Customs Collectorate, Sialkot from the post of Assistant Collector, Model Customs Collectorate of Preventive, Lahore.

    80. Saeed Ahmed Khan (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Director, Directorate General of Training & Research (Customs), Karachi from the post of Assistant Director, Directorate of Intelligence & Investigation, FBR, Quetta.

    The FBR said that the officers who are drawing performance allowance prior to issuance of this notification shall continue to draw this allowance on the new place of posting.

  • FBR notifies transfers, postings of 21 BS-19 customs officers

    FBR notifies transfers, postings of 21 BS-19 customs officers

    ISLAMABAD: Federal Board of Revenue (FBR) on Thursday announced transfers and postings of officers of Pakistan Customs Service (PCS) BS-19 with immediate effect and until further orders.

    Transfers and postings of following officers have been notified:

    01. Mr. Sajjad Hyder Jhin Jhin (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Collectorate of Customs (Adjudication-I), Karachi from the post of Additional Director, Directorate of IPR Enforcement (South), Karachi.

    02. Muhammad Amir Thahim (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Appraisement (West), Karachi from the post of Additional Collector, Model Customs Collectorate of Preventive, Karachi.

    03. Muhammad Saeed Watto (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Preventive, Lahore from the post of Additional Collector, Model Customs Collectorate of Appraisement (West), Karachi.

    04. Muhammad Ashfaq (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Preventive, Lahore from the post of Additional Collector, Model Customs Collectorate, Islamabad.

    05. Asdaq Afzal Sensera (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Appraisement, Lahore from the post of Additional Collector, Model Customs Collectorate, Multan.

    06. Junaid Ahmed Memon (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate, Hyderabad from the post of Additional Director, Directorate General of Transit Trade, Karachi.

    07. Ms. Saadia Sheeraz (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate General of Transit Trade, Karachi from the post of Additional Director, Directorate General of Customs Valuation, Karachi.

    08. Sheeraz Ahmad (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate of Intelligence & Investigation, FBR, Karachi from the post of Additional Collector, Model Customs Collectorate of Appraisement (East), Karachi.

    09. Syed Ali Abbas Gardezi (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Preventive, Multan from the post of Additional Collector, Model Customs Collectorate of Appraisement, Lahore.

    10. Rehmatullah Vistro (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate General of Transit Trade, Karachi from the post of Additional Collector, Model Customs Collectorate of Appraisement (West), Karachi.

    11. Ms. Nawabzadi Aliya Dilawar Khanji (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate of Reforms and Automation (Customs), Karachi from the post of Additional Collector, Collectorate of Customs (Adjudication-I), Karachi.

    12. Muhammad Talib Hussain (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate General of Internal Audit (Customs), Islamabad from the post of Additional Collector, Collectorate of Customs(Adjudication), Faisalabad.

    13. Aamer Nawaz Hamid (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate (JIAP), Karachi from the post of Additional Collector, Model Customs Collectorate, Hyderabad.

    14. Abdul Haye Sheikh (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate, Gwadar from the post of Additional Director, Directorate General of Transit Trade, Karachi.

    15. Muhammad Rashid Munir Siddiqui (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate General of Reforms & Automation (Customs), Islamabad from the post of Additional Collector, Model Customs Collectorate of Appraisement, Lahore.

    16. Ms. Shalra Khan (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Appraisement, Lahore from the post of Additional Director, Directorate General of Post Clearance Audit, Islamabad.

    17. Ms. Asma Hameed (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Chief Collector Customs Enforcement (Central), Lahore from the post of Additional Collector, Collectorate of Customs (Adjudication), Faisalabad.

    18. Yasser Wahab Kalwar (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Preventive, Quetta from the post of Additional Director, Directorate of Reforms and Automation (Customs), Karachi.

    19. Ms. Sumaira Omar (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Collectorate of Customs (Adjudication), Faisalabad from the post of Additional Director, Directorate of Post Clearance Audit, Lahore.

    20. Ms. Farhat Ali (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate of Post Clearance Audit, Lahore from the post of Additional Collector, Collectorate of Customs (Adjudication), Lahore.

    21. Wajid Ali (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Appraisement (West), Karachi from the post of Additional Director, Directorate of Intelligence & Investigation, FBR, Peshawar

    The FBR said that the officers who are drawing performance allowance prior to issuance of this notification shall continue to draw this allowance on the new place of posting.

  • KSE-100 index makes gain for third consecutive session

    KSE-100 index makes gain for third consecutive session

    KARACHI: The stock market gained for third consecutive trading session on Wednesday owing to improved confidence of investors.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 30,973 points as against 30,419 points showing an increase of 554 points.

    The market so far gained 2209 points during the past three trading sessions.

    Analysts at Arif Habib Limited said that the market continued the ascent on the third consecutive session today, with an overall increase of 554 points giving confidence to the retail and institutional Investors alike that perhaps the worst is over.

    Index heavy weights such as OGDC, HBL, UBL, ENGRO, LUCK played a major role in pulling up the Index. Buying was observed almost across the board, with major impact coming from Banks and Fertilizer sectors.

    Among scrips, HUBC played a major role in improving the sentiment, whereas TRG and MLCF posted volumes in excess of 10 million each.

    Sectors contributing to the performance include Banks (+122 points), Fertilizer (+87 points), Power (+85 points), Cement (+77 points), E&P (+69 points).

    Volumes slightly declined from 142.6 million shares to 134.5 million shares (-6 percent DoD). Average traded value also declined by 4 percent to reach US$ 33.8 million as against US$ 35.3 million.

    Stocks that contributed significantly to the volumes include TRG, MLCF, BOP, ISL and KEL, which formed 30 percent of total volumes.

    Stocks that contributed positively include HUBC (+69 points), ENGRO (+64 points), UBL (+55 points), LUCK (+41 points) and HBL (+36 points). Stocks that contributed negatively include IGIHL (-6 points), DAWH (-5 points), BAHL (-4 points), SHFA (-4 points) and EFUG (-4 points).

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  • SBP issues Islamic financing scheme for renewable energy projects

    SBP issues Islamic financing scheme for renewable energy projects

    KARACHI: State Bank of Pakistan (SBP) on Wednesday issued a new scheme of Islamic financing for renewable energy power projects.

    The central bank said that it had issued IH&SMEFD Circular No. 01 dated February 22, 2019 introducing Mudarabah based ‘Islamic Financing Facility for Renewable Energy (IFRE)’ for Islamic Banking Institutions (IBIs) and DFIs having authorized Islamic financing operations.

    Now an updated Islamic Financing Facility for Renewable Energy (IFRE) is being issued. This updated IFRE shall supersede and replace the Facility issued vide above-mentioned Circular.

    The financing under IFRE is now available to the customers under three categories, as given below:

    Category I: Prospective sponsors desirous of setting up renewable energy power projects with a capacity ranging from more than 1 MW and up-to 50 MW for their own use, selling electricity to the national grid (including distribution companies) or combination of both.

    Category II: Prospective sponsors desirous of installing renewable energy source based projects/ solutions for generation of electricity up-to 1 MW.

    Category III: Vendors and suppliers certified under AEDB Certification Regulation 2018 for installation of wind and solar systems on lease basis or selling of electricity to ultimate owners/users.

    The SBP shall make Mudarabah investment in general pool of Participating Islamic Financial Institutions (PIFIs) under IFRE. Mudarabah investment of SBP in IFRE shall be available upto maximum financing limit of eligible projects as prescribed under each category of the Scheme.

    IFRE shall be effective immediately and financing shall be available for projects achieving financial close under Category I and new sanctions under Category II or III after date of issuance of this Circular and up-to June 30, 2022 only.

    The IBIs and DFIs having authorized Islamic financing operations under permission of SBP may submit their requests for the status of Participating Islamic Financial Institution (PIFI) keeping in view the criteria given in the facility.

    They may also apply for allocation / assignment of limit for the current financial year. These requests may be submitted latest by 15th May each year. For the financial year 2019-20, these requests may be submitted within 30 days from the date of issuance of this Circular.

    The IBIs and DFIs having authorized Islamic financing operations under permission of SBP which have already submitted their requests for status of PIFI and allocation of limit under earlier version, issued vide IH&SMEFD Circular No. 01 dated February 22, 2019, need not resubmit their requests unless they desire to revise amount of their requested limits.

    However, they will be required to submit their updated operations/process manual aligned with this Scheme.

  • Meezan Bank, CarFirst sign MoU for Islamic financing

    Meezan Bank, CarFirst sign MoU for Islamic financing

    KARACHI: Meezan Bank, Pakistan’s leading Islamic bank has signed a Memorandum of Understanding (MoU) with CarFirst to provide Shariah-compliant financing solutions to customers for the purchase of used cars.

    CarFirst’s online system is backed by network of inspection centers all over Pakistan for purchase and exchange of used vehicles.

    Arshad Majeed, Group Head Consumer Finance – Meezan Bank and Raja Murad Khan – Chief Executive Officer and Co-Founder of CarFirst signed the MOU between the two organizations.

    Under the MoU, Meezan Bank will provide Shariah-compliant financing solutions to customers for the purchase of used cars through CarFirst’s platform.

    CarFirst and Meezan Bank will also jointly work on developing innovative financing products for purchase of used vehicles, that will be offered through CarFirst’s platform.

    Speaking at the occasion, Arshad Majeed expressed his appreciation that this initiative will provide Meezan Bank’s Car Ijarah customers uniquely structured car financing solutions for certified used cars.

    He further added that this alliance will facilitate consumers by making the financing of used cars available to a larger number of customers.

    Commenting on the occasion Raja Murad Khan said, “CarFirst, Pakistan’s most trusted used car trading platform, looks forward to offering tailored solutions to Meezan Bank and its customers for their automotive needs.”