ISLAMABAD: The federal government has announced immediate reduction in prices of drugs up to 75 percent, which were increased since December 2018.
(more…)Author: Faisal Shahnawaz
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FBR imposes ban on transfers and postings
ISLAMABAD: Federal Board of Revenue (FBR) on Friday imposed ban on postings and transfers with immediate effect till June 30, 2019.
The FBR said that the revenue collection had entered the last quarter of the current fiscal year and preparation of federal budget for the year 2019/2020 was in full swing.
Therefore, it has been decided that no further transfer/posting of officers/officials in the field formation of FBR would be made till June 30, 2019.
The FBR further said that in the cases of hardship or of extreme necessity, the concerned heads of the field formations would be requested to seek board’s prior approval for such transfers/postings.
The notification has been sent to all heads of field formations of Inland Revenue Service and Pakistan Customs Service.
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Equity market plunges by 425 points on selling
KARACHI: The equity market plunged by 425 points on Friday owing to across the board selling.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 36,122 points as against 36,547 points showing a decline of 425 points.
Analysts at Arif Habib Limited said that the market opened on a negative note with -3 points and a dull outlook.
After a negligible move of +9 points, the index continued down trodding and by end of first session, the market was down 315 points with a paltry 26 million shares in trading volume.
Second session saw further attrition and the index slid by a total of 476 points and ended -425 points.
Selling was observed across the board and contributed by mainly Banks and E&P sectors. Declining international crude prices caused the onslaught of E&P scrips, with OGDC regressing 1.8 percent with a volume of 2.4 million shares. Amongst Cement sector, FCCL and MLCF contributed in top 10 stocks.
Sectors contributing to the performance include E&P (-128 points), Banks (-95 points), Fertilizer (-60 points), O&GMCs (-30 points), Cement (-24 points).
Volumes remained low at 64 million shares as against 68 million shares yesterday (-5 percent DoD).
Average traded value on the contrary increased by 18 percent to reach US$ 20.7 million as against US$ 17.5 million.
Stocks that contributed significantly to the volumes include UNITY, FCCL, BOP, LOTCHEM and OGDC, which formed 32 percent of total volumes.
Stocks that contributed positively include BAHL (+13 points), PSMC (+6 points), COLG (+6 points), IGIHL (+5 points), and NATF (+4 points). Stocks that contributed negatively include HBL (-57 points), PPL (-55 points), POL (-37 points), OGDC (-33 points) and ENGRO (-29 points).
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IMF, Planning Commission discuss CPEC, PSDP
ISLAMABAD: Ernesto Rigo IMF Mission Chief called on Secretary Planning, Development and Reform Zafar Hasan to discuss Public Sector Development Program (PSDP), China Pakistan Economic Corridor (CPEC) and other aspects of planning including macro-economic policies, a statement said on Friday.
Project Director Hassan Daud, Chief Macroeconomic Zafar-ul-Hassan and senior officials of the Ministry were also present in the meeting.
The two sides exchanged program on the growth targets as well as policy adjustments to keep the growth momentum.
Secretary planning gave a comprehensive overview of the planning process and on CPEC program.
The two sides shared measures to create growth through both external and internal balance.
The role of Pakistan Bureau of statistics was also discussed in the meeting.
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Banks to remain close on 1st Ramazan
KARACHI: State Bank of Pakistan (SBP) on Friday said that it will remain closed for public dealing on 1st Ramadan-ul-Mubarak 1440 A.H., which will be observed as Bank Holiday for deduction of Zakat, as usual.
All banks / development financial institutions / microfinance banks shall, therefore, remain closed for public dealing on 1st Ramadan-ul-Mubarak 1440 A.H.
However, all employees of the banks / DFIs / MFBs will attend the office on Bank Holiday treating it as normal working day (except for public dealing).
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Rupee weakens on scheduled bank holiday
KARACHI: The Pak Rupee fell by three paisas against dollar on Friday due to high demand for advance import payments and expected closure of banks on next Monday for deduction of Zakat.
The rupee ended Rs141.32 to the dollar as compared with Rs141.29 in interbank foreign exchange market.
The interbank foreign exchange market initiated was initiated in the range of Rs141.36 and Rs141.39.
The market recorded day high of Rs141.37 and low of Rs141.32 and closed at Rs141.32.
Currency experts said that the demand was remained high during the day due to expected bank holiday on May 06 if Ramazan starts subject to sight of moon.
The exchange rate however ended with gain in rupee value in open market.
The buying and selling of dollar was recorded at Rs141.50/Rs142.00 from previous day’s closing of Rs141.70/Rs142.20 in cash ready market.
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Nisab of Zakat fixed at Rs44,415 for deduction from bank accounts
KARACHI – The government of Pakistan has officially announced the Nisab of Zakat for the Zakat Year 1439-40 AH, setting the threshold at Rs44,415, according to a statement released by the State Bank of Pakistan (SBP) on Friday.
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FBR updates procedure for mobile device registration
ISLAMABAD: Device Identification Registration and Blocking System (DIRBS) is a system designed to identify non-compliant devices operating on local mobile networks.
It automatically registers compliant devices operating on the mobile networks and eventually blocks non-compliant devices, according to Federal Board of Revenue (FBR).
DIRBS has been launched from December, 2018.
International passengers and Importers are requested to view the following information to confirm the correct procedure for registration of mobile devices.
The FBR said that for further information on the matter kindly visit: Device Verification System – PTA
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FBR penalizes two BS-18 officers for inefficiency, misconduct
ISLAMABAD: Federal Board of Revenue (FBR) on Thursday imposed penalty upon two officers of Inland Revenue Service (IRS) for inefficiency and misconduct.
In two different notices issued by the FBR the penalty has been imposed on the officers of BS-18.
Case 01:
Disciplinary proceedings were initiated against Asad Munir Malik (IRS/BS-18), on recommendations of CCIR, LTU, Lahore vide letter dated 30.03.2016 on account of his unauthorized absence from duty w.e.f. 07.08.2015.
In the meanwhile, Asad Munir Malik (IRS/BS-18) was transferred from LTU, Lahore to RTO-II, Lahore vide Board’s Notification No.0056-IR-I/2016 dated 08.01.2016.
Vide Board’s letter dated 28.04.2016, CCIR, RTO-II, Lahore was requested to inform whether the officer joined his new place of posting or otherwise. CCIR, RTO-II, Lahore vide letter dated 26.04.2016 informed that the officer has not joined duty at RTO-II, Lahore and requested for initiation of disciplinary action against the officer.
The officer was issued Charge Sheet and Statement of Allegations vide letter dated 20.05.2016 and Jehangir Ahmad, the then Commissioner-IR, RTO-II, Lahore was appointed as Inquiry Officer to conduct inquiry on account of acts of omission and commission by the accused officer constituting “Misconduct”.
Whereas, the inquiry officer submitted inquiry report on 18.09.2018, according to which the charge of “Misconduct” was established against the accused officer.
On the basis of inquiry report, the accused officer was issued Show Cause Notice on 26.02.2019. In response to Show Cause Notice, the accused officer vide letter dated 13.03.2019 requested for opportunity of personal hearing before the Authorized Officer i.e. Member (Admn) which was granted for personal hearing on 23.04.2019.
Having gone through the relevant record, report of inquiry officer and verbal explanation during the course of personal hearing of the accused officer, the Authorized Officer opined that although the charges of “Misconduct” leveled against Asad Munir Malik (IRS/BS-18) stood established and found the officer guilty of the said charge.
However, taking into consideration the domestic issues that officer was facing due to illness of his son and could not attend office and because of indecision by LTU, Lahore on the leave application of the officer, the Authorized Officer, therefore, imposed minor penalty of “Withholding of One (01) Annual Increment without cumulative effect falling on December, 2019” as laid down in Rule 4(1)(a)(ii) of the Government Servant (E&D) Rules, 1973 upon Asad Munir Malik (IRS/BS-18), DCIR, RTO-II, Lahore.
Performance Allowance in respect of Asad Munir Malik (IRS/BS-18) shall be stopped for six months from the date of award of the above minor penalty as provided in Para 7(ii) of the Performance Allowance Guidelines, 2015 and he shall have to appear afresh for restoration of the same.
On conclusion of the proceedings, period of unauthorized absence from duty w.e.f. 07.08.2015 to 02.05.2019 shall be treated as leave of kind due as admissible under the rules.
Asad Munir Malik (IRS/BS-18), Deputy Commissioner-IR, Regional Tax Office-II, Lahore shall have the right to appeal to the Appellate Authority under Civil Servants (Appeals) Rules, 1977 as provided under the relevant Rules.
Case 02:
Disciplinary proceedings were initiated against Muhammad Faisal Chaudhary (IRS/BS-18) on account of “Inefficiency”, “Misconduct” and “Corruption” vide Charge Sheet and Statement of Allegations dated 22.04.2016 and Naveed Ahmed Nawab, the then Commissioner-IR, CRTO, Lahore was appointed as Inquiry Officer to conduct inquiry on account of acts of omission and commission by the accused officer constituting “Inefficiency”, “Misconduct” and “Corruption”.
Whereas, the inquiry officer submitted inquiry report on 20.10.2016. Later on fresh allegations against the officer, on account of unauthorized absence from duty w.e.f 01.10.2016 to 31.10.2016, were raised by the then Chief Commissioner-IR, RTO, Faisalabad vide letter dated 03.11.2016. Therefore, Denovo Inquiry was initiated vide Charge Sheet and Statement of Allegations dated 06.02.2017 and Mr. Muhammad Akram Khan, the then, Chief Commissioner-IR, RTO, Faisalabad was appointed as Inquiry Officer. The inquiry officer submitted inquiry report on 20.09.2017.
Member (Administration), being Authorized Officer perused the record and found that Inquiry Officer placed reliance upon the first inquiry dated 16.02.2015 and notification dated 15.07.2015 and ignored the fact that in first inquiry period of absence was different than the period of absence mentioned in Inquiry dated 22.04.2016 and Denovo Inquiry dated 06.02.2017.
Therefore, the accused officer was issued Show Cause Notice on 14.03.2019. In response, the accused officer submitted his reply to the Show Cause Notice vide letter dated 27.03.2019.
The opportunity of personal hearing before the Authorized Officer i.e. Member (Admn) was granted to the accused officer on 29.04.2019.
Having gone through the relevant record, report of inquiry officer and verbal explanation during the course of personal hearing of the accused officer, the Authorized Officer opined that the charges of “Inefficiency” & “Misconduct” leveled against Muhammad Faisal Chaudhary (IRS/BS-18) stand established on account of unauthorized absence w.e.f 01.10.2016 to 31.10.2016 whereas, the charge of corruption was not proved vide inquiry report dated 20.10.2016 and Denovo inquiry report taking a lenient view of the situation, the Authorized Officer imposed minor penalty of “Censure” as laid down in Rule 4(1)(a)(i) of the Government Servant (E&D) Rules, 1973 upon Muhammad Faisal Chaudhary (IRS/BS-18), Deputy Commissioner-IR, Regional Tax Office-II, Lahore.
Performance Allowance in respect of Muhammad Faisal Chaudhary (IRS/BS-18), shall be stopped for six months from the date of award of the above minor penalty as provided in Para 7(ii) of the Performance Allowance Guidelines, 2015 and he shall have to appear afresh for restoration of the same. On conclusion of the proceedings, period of unauthorized absence from duty w.e.f 01.10.2016 to 31.10.2016 shall be treated as leave of kind due as admissible under the rules.
Muhammad Faisal Chaudhary (IRS/BS-18), Deputy Commissioner-IR, Regional Tax Office-II, Lahore shall have the right to appeal to the Appellate Authority under Civil Servants (Appeals) Rules, 1977 as provided under the relevant Rules.
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FBR appoints 49 IR Inspectors to strengthen field force
ISLAMABAD: Federal Board of Revenue (FBR) on Thursday appointed 49 inspectors (BS-16) in Inland Revenue in order to strengthen the field force of tax offices.
The FBR appointed the tax officials on the recommendations of Federal Public Service Commission (FPSC).
The FBR also notified place of posting of those officials.
Following is the list of appointed officials and their place of posting:
1. Muhammad Mehboob-ur-Rehman Sabir, Regional Tax Office, Islamabad.
2. Rana Muhammad Awais, Regional Tax Office-II, Lahore.
3. Salman Munir, Corporate Regional Tax Office, Lahore.
4. Muhammad Kashif Iqbal, Regional Tax Office, Multan.
5. Muhammad Abrar Khan, Regional Tax Office, Gujranwala,
6. Zaighum Waqas, Regional Tax Office, Sargodha.
7. Muhammad Arif, Regional Tax Office, Rawalpindi
8. Waqas Zafar Kurar, Regional Tax Office, Gujranwala.
9. Makwdar Ali, Large Taxpayers Unit, Islamabad.
10. Zeeshan Waheed, Regional Tax Office, Rawalpindi.
11. Mohsin Khan, Regional Tax Office, Faisalabad.
12. Waqas Ali, Regional Tax Office, Islamabad.
13. Kamran Taj, Regional Tax Office-II, Karachi.
14. Yasir Sohu, Regional Tax Office-III, Karachi.
15. Shujah ud din, Regional Tax Office, Sialkot.
16. Nabil ur Rehman, Corporate Regional Tax Office, Lahore.
17. Syed Aijaz Ali Shah, Regional Tax Office-III, Karachi.
18. Muhammad Umair Shaikh, Regional Tax Office-II, Karachi.
19. Muhammad Usman, Regional Tax Office, Abbottabad.
20. Syed Zia ur Rehman, Regional Tax Office, Peshawar.
21. Naveed Ahmad, Regional Tax Office, Peshawar.
22. Suhail Afzal, Regional Tax Offce, Hyderabad.
23. Ahmad Baig, Regional Tax Office, Rawalpindi.
24. Muhammad Kashif, Regional tax Office, Islamabad.
25. Muhammad Irfan, Regional tax Office, Peshawar.
26. Yaqub Shah, Regional Tax Office, Peshawar.
27. Obaid Ullah, Regional Tax Office, Quetta.
28. Muhammad Wasif, Regional Tax Office-II, Karachi.
29. Sohaib Zafar, Regional Tax Office-III, Karachi.
30. Muhammad Ali, Regional tax Office, Quetta.
31. Sovia Mukhtar, Corporate Regional Tax Office, Lahore.
32. Maryam Bibi, Regional Tax Office, Rawalpindi.
33. Maryam Yaqoob, Regional Tax Office, Gujranwala.
34. Nazia Ghazal, Regional Tax Office-II, Lahore.
35. Zareena Bashir, Regional Tax Office, Sahiwal.
36. Makhar, Regional Tax Office, Hyderabad.
37. Shamila Rasool, Regional tax Office-II, Lahore.
38. Zakia Shafi, Regional Tax Office, Gujranwala.
39. Zeenat, Regional Tax Office, Hyderabad.
40. Kiran Shahzadi, Corporate Regional Tax Office, Karachi.
41. Rehan Saleem Ahmed, Regional Tax Office, Sialkot.
42. Raza Inderyas, Regional Tax Office, Sargodha.
43. Raynaud Hayat, Regional Tax Office, Faisalabad.
44. Syeda Tabassum, Regional Tax Office-III, Karachi.
45. Suman, Regional Tax Office-II, Karachi.
46. Subhash, Regional Tax Office-III, Karachi.
47. Sadia Bano, Regional Tax Office, Islamabad.
48. Muhammad Adnan, Regional tax Office, Peshawar.
49. Naveed Yousaf, Large Taxpayers Unit, Islamabad.
The FBR directed the officers to join their duties in the office mentioned against their names by May 20, 2019.