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Tag: import

  • Pakistan imports mobile phones worth Rs26 billion; up 52.4pc in July – August

    Pakistan imports mobile phones worth Rs26 billion; up 52.4pc in July – August

    KARACHI: Pakistan has imported mobile phones worth Rs26 billion during first two months of current fiscal year, which is 52.4 percent higher when compared with Rs16.98 billion in the same period of the last fiscal year.

    The higher import of mobile phones can be attributed to massive depreciation of Pak Rupee during the comparative year and deterrence created against smuggled mobile phones.

    According to Pakistan Bureau of Statistics (PBS) that rupee value converted into US Dollar on average monthly exchange rate provided by State Bank of Pakistan (SBP).

    The PBS said that the exchange rate for import value has been applied as: August 2019 (1$=RS.158.077024 ), July 2019 (1$=Rs.158.829694) and August 2018 (1$=Rs.123.789583).

    On the other hand the mandatory registration through system introduced by Pakistan Telecommunication Authority (PTA) also discouraged the influx of smuggle phones and resulted in high number of clearance through legal channels.

    The PBS said that in terms of dollar the import of mobile phones registered 19.4 percent growth during the period under review.

    The import of mobile phones was $163.484 million during July – August 2019 as compared with $136.91 million in the corresponding period of the last year.

    The country imported mobile phones worth Rs13.47 billion in the month of August 2019, which is 61 percent higher when compared with Rs8.37 billion in the same month of last year.

    The latest figures of August 2019 are also 8.38 percent higher when compared with Rs12.43 billion in July 2019.

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  • Pakistan cuts trade ties with India; notifications issued

    Pakistan cuts trade ties with India; notifications issued

    ISLAMABAD: Pakistan has completely cut trade ties with India as the ministry of commerce issued notification for banning import and exports with the neighboring country.

    The ministry of commerce on Friday issued SRO 927(I)/2019 and SRO 928(I)/2019 to impose ban on trade with India.

    Through SRO 927 (I)/2019, the ministry of commerce amended Import Policy Order, 2016 and included India in the list of countries having not trade links. Earlier, only one country i.e. Israel was on the list.

    With the amendment the goods of Indian or Israeli origin or imported from India or Israel are prohibited.

    Similarly, through SRO 928(I)2019, the ministry of commerce also restricted exports to India.

    The ban has been imposed on trade with India following decision taken at the National Security Committee (NSC) against atrocities of India on Kashmiri people.

    Prime Minister Imran Khan on Wednesday chaired meeting of the National Security Committee at Prime Minister’s Office.

    The meeting was attended by Foreign Minister, Defence Minister, Interior Minister, Minister for Education, Minister for Human Rights, Minister for KA&GB, Law Minister, Adviser Finance, CJCSC, COAS, CAS, CNS, SAPM on Information, DG-ISI, DG-ISPR, Secretary Foreign Affairs and other senior officers.

    The Committee discussed situation arising out of unilateral and illegal actions by the Indian government, situation inside Indian Occupied Jammu and Kashmir and along LOC.

    The Committee decided to take following actions:- 1. Downgrading of diplomatic relations with India. 2. Suspension of bilateral trade with India. 3. Review of bilateral arrangements. 4. Matter to be taken to the United Nations, including the Security Council. 5. Independence Day this 14 August to be observed in solidarity with brave Kashmiris and their just struggle for their right of self-determination. 15th August will be observed as Black Day.

    PM directed that all diplomatic channels be activated to expose brutal Indian racist regime, design and human rights violations. PM directed Armed Forces to continue vigilance.

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  • All Measures Will Be Taken Against Infiltration of Commodity Based Disease Into Pakistan: Quarantine Department

    All Measures Will Be Taken Against Infiltration of Commodity Based Disease Into Pakistan: Quarantine Department

    KARACHI – Dr. Falak Naz, the Director General (Quarantine) of the Department of Plant Protection (DPP), pledged to take all necessary measures to protect Pakistan from the infiltration of diseases through imported commodities.

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  • Collection of Withholding Tax at Import Stage Under Income Tax Ordinance 2001

    Collection of Withholding Tax at Import Stage Under Income Tax Ordinance 2001

    The Income Tax Ordinance, 2001 outlines the collection of withholding tax at the import stage in Pakistan. This is a crucial revenue collection mechanism and is primarily administered by the Collector of Customs.

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