SBP allows import advance payment facility for manufacturers against LCs

KARACHI: State Bank of Pakistan (SBP) has allowed banks to make advance payment up to 50 per cent of the value of imports against letter of credit for manufacturing concerns. Using this facility, manufacturing concerns will be able to import plant, machinery, spare parts and raw material etc. by making… Continue reading

Customs to implement I-form mechanism to track import transactions

KARACHI: Pakistan Customs is preparing a module in the WeBOC system to enable mandatory uploading of import-form i.e. I-Form for recording of the transaction between the importer and exporter.  A module is being developed for web based customs clearing system (WeBOC), which would be implemented into the system within one… Continue reading

Customs recover Rs70 million from M/s Fazal Elahi & Sons

KARACHI: MCC Appraisement West has recovered an amount of Rs63.113 million, which an importer evaded through suppressing actual value of imported consignments. According to details, Model Customs Collectorate of Appraisement West found that importer namely M/s Fazal Elahi & Sons-Lahore is suppressing actual value of imported consignments in order to… Continue reading

MCC Appraisement East detects fiscal fraud involving millions of rupees

KARACHI: The Collector of Customs Adjudication Javed Chaudry has served Show Cause Notice on the importer and clearing agents for evading government revenue through suppressing actual value of imported consignments. According to details, Model Customs Collectorate of Appraisement (East), Karachi found that importer namely M/s S. Fazal Ilahi & Sons… Continue reading